Kelowna, British Columbia–(Newsfile Corp. – April 5, 2024) – Diamcor Mining Inc. (TSXV: DMI) (OTCQB: DMIFF) (FSE: DC3A), (“Diamcor” or the “Company”), an established diamond mining company focused on building a supply of ethically sourced, non-conflict, natural rough diamonds to select diamantaires and luxury retailers, announces today it will be presenting at the 14th Annual LD Micro Invitational at the Sofitel Hotel, New York City on Tuesday, April 9th, at 5;30 PM ET and will be available for private 1 vs 1 meetings.
Diamcor’s CEO, Mr. Dean Taylor will be providing an overview of the significant changes in the diamond industry in 2024, an update on the Company’s Krone-Endora at Venetia Project, and the Company’s strategy for growth moving forward. “The new sanctions imposed on over 30% of the world’s rough diamond supply in 2024 will have a major impact on the supply of high-end natural diamonds, and companies with the ability to adapt to these changes will be very well positioned for the long-term,” noted Diamcor’s CEO, Mr. Dean Taylor, “The future direction of the diamond industry and growing complexities of securing supplies of non-conflict natural rough diamonds for many of the Luxury Retailers allows us to now expand on our existing key relationships and position ourselves as an important source of rough diamonds to select, reputable diamantaires and luxury retailers for the long-term,” added Mr. Taylor.
Event: LD Micro Invitational XIV, Sofitel Hotel, New York
Date: Tuesday, April 9thTime: 5:30 PM ET
We invite interested parties to register to watch the presentation virtually here
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded diamond mining company with a proven history, which is focused on building a growing supply of ethically sourced, non-conflict, natural rough diamonds to some of the world’s most reputable diamantaire’s and luxury retailers. The Company has a long-term strategic alliance with world famous Tiffany & Co, and currently, its primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly related to De Beers’ flagship Venetia Diamond Mine in South Africa. The Venetia diamond mine is long recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Company’s Krone-Endora Project have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company is also focused on the acquisition and development of additional mid-tier projects with near-term production capabilities to allow the Company to position itself as a growing supplier of ethically and responsibly mined non-conflict natural rough diamonds to reputable diamantaires and select luxury retailers. The Company has a strong commitment to junior mining, social responsibility, women in mining, supporting local communities, and to protecting the environment.
About the Tiffany & Co. Alliance
The Company has an established long-term strategic alliance with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About LD Micro
LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies.
Please reach out to the company representative below or Dean Summers (dean@ldmicro.com) to register for the event and schedule a meeting with the company.
Mr. Dean H. Taylor Diamcor Mining Inc DeanT@Diamcor.com +1 250 862-3212
For Investor Relations contact: Mr. Rich Matthews Integrous Communications rmatthews@integcom.us +1 (604) 355-7179
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Edmonton, Alberta–(Newsfile Corp. – April 4, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce all assay results for the 2023 rock and soil samples collected from the Company’s 172,000 acre Greenwood District including newly acquired and staked mineral claims in the Westbridge and Beaverdell areas, have been received. Significant and important high grade results for gold (Au), silver (Ag), copper (Cu), lead (Pb) and zinc (Zn) have been received from a number of important target areas explored during 2023 and prior to that 2022. The priority list of targets includes Midway (including the Midway Mine and the Lois area), Imperial, Crown Point, Copper Mountain (Mabel Jenny and Coronation), Sappho, Marshall Lake, Motherlode, Colby and Enterprise. A number of these targets are new through acquisition and/or staking and have not been drill tested in decades if ever, including the Midway Mine, Lois, Imperial, Crown Point, Marshall Lake, Colby and Enterprise (Figure 1).
Brian Testo, President and CEO of Grizzly Discoveries, stated, “We are excited with the new results to date from the Greenwood District area and we are planning follow-up exploration including extensive soil and rock sampling along with ground geophysical surveys to be followed by drilling. Much of the newly acquired ground has seen little exploration and evaluation since the 1980’s. We also are looking forward to pursuing a number of high grade gold – silver – copper showings and historical mines with drilling in 2024 along with additional exploration for significant battery metals in our current 170,000+ acre land holdings in the Greenwood District. We have barely scratched the surface in terms of exploration!“
The Company currently has active drilling permits for the Ket 28, Dayton and the Motherlode areas. The Company is awaiting permits for drilling +/- trenching at the Midway, Imperial, Sappho and Copper Mountain target areas. Depending upon funding, the Company is planning for an aggressive drilling campaign for 2024 in order to take advantage of the outstanding metal prices.
The focus of the 2023 program was ground work for assessment and follow up work on a number of targets that returned excellent results during prior years including 2022. In addition, work was also conducted on a number of new targets acquired by staking and/or acquisition in the area while the Company waits for drilling and trenching permits. Highlights of the 2023 work are as follows:
Highlights:
The 2023 program saw the collection of a total of 755 rock grab or rock chip samples across the property from May to November, 2023 along with a total of 4,065 soil samples, mostly split between the Midway and Imperial target areas, with some sampling at Beaverdell.
Land acquisition during 2023 included new mineral claims at Beaverdell, Westbridge and in the Greenwood area at Midway, north of Midway, east of the town of Greenwood in the Marshall Lake area adjacent to the historical Phoenix Mine.
Marshall Lake
A total of 103 rock grab samples were collected from outcrop and mineralized dump material across the new Marshall Lake mineral claims staked in August (Figure 1. See Company News Release dated November 22, 2023) yielding 24 samples with >0.5 grams per tonne (g/t) gold (Au) (0.015 ounces per ton [opt]) up to 154.5 g/t (4.51 opt) Au (including 15 samples >1 g/t Au), along with high silver (Ag) up to 205 g/t (5.98 opt) Ag and high copper up to 8.44 percent (%) Cu (Figures 1 and 2).
The high gold values are often accompanied by high copper in the 0.1 to 0.6% range. The anomalous values are associated with high sulphide (pyrite and chalcopyrite) material in what appears to be gossanous skarnified sedimentary rocks.
Figure 1: Land position and targets of interest for future exploration, Greenwood Project.
Two new showings identified in 2023 near the historical Midway Mine including up 5.64 g/t Au (0.165 opt) from a showing 400 m to the north of Midway and up to 4.19 g/t Au (0.122 opt) from a grab sample collected about 375 m to the west of the Midway Mine (Figure 3).
At least 6 new areas with anomalous gold (> 100 ppb), copper (>200 ppm) and silver in soils have been identified at Midway (Figure 3).
The Midway area is being targeted for copper-gold skarn and epithermal gold-silver.
At Midway, selective rock grab and composite rock grab samples collected during 2022 from outcrop at the Midway Mine-Picturestone area, yielded a range of 12.05 g/t Au (or 0.351 opt) up to 70.8 g/t Au (2.065 opt) (See Company news release dated October 17, 2022).
Three (3) of the 7 selective rock grab samples from the Midway Mine yielded from 1,360 g/t Ag (39.7 opt) up to 2,140 g/t Ag (62.4 opt) (see the Company news release dated October 17, 2022).
All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of Pb, Zn, Cu, arsenic (As) and antimony (Sb) and are likely epithermal in nature.
A selective rock grab sample from outcrop 200 m west of the main Midway Mine yielded 15.85 g/t Au (0.462 opt) and 1,530 g/t Ag (44.6 opt), illustrating that there is potential for additional high-grade mineralization in the area (Figure 3).
Figure 2: Initial 2023 Gold Results from Rock Sampling – Marshall Lake Area, Greenwood Project.
A new showing at the western edge of the Mabel Jenny Trend at the Copper Mountain area continues to yield excellent results including 9 of 14 rock grab and chip samples collected during 2023 from the new zone yielding greater than 1 g/t Au (0.029 opt) up to 13.75 g/t Au (0.401 opt) along with up to 61.9 g/t Ag (1.805 opt), and up to 0.475% Cu and 2.93% Zn.
The strike length of the new zone is more than 400 m along a new logging road cut when combined with anomalous samples from 2022 (See Company News Release dated October 12, 2023).
The showings are related to pyrite and chalcopyrite in quartz veins, breccia and stockwork associated with an altered (likely Jurassic?) diorite.
Figure 4. Copper Mountain, Colby, Imperial Showings with Gold in Soils and Rocks.
A total of 51 rock grab samples were collected from outcrop and mineralized dump material across the Colby and Enterprise claims acquired in early 2023 (Figure 4).
Rock grab samples (40) from showings and mineralized dumps in the Colby area returned 13 samples with >1.0 g/t Au (0.029 opt) and 8 samples with >5.0 g/t Au up to 26.2 g/t Au (0.764 opt) including 12 grab samples with >30.0 g/t Ag (0.875 opt) up to 460 g/t Ag (13.42 opt).
The high Au and Ag values are often accompanied by high lead and zinc in the 0.1 – 1% range. The high values are associated with gossanous pyritic material in quartz veins and breccia in what appears to be quartzite in contact with a diorite or felsic porphyry (Figure 4).
A total of 11 selected rock grab samples from the Enterprise showing and historical workings yielded 3 grab samples with >1.0 g/t Au (0.029 opt) up to 32.0 g/t Au (0.933 opt) including 3 grab samples with >30.0 g/t Ag (0.875 opt) up to 187 g/t Ag (13.42 opt).
Sulphide mineralization at the Colby and Enterprise historical workings is associated with quartz veins, breccia and skarnified/silicified sedimentary rocks and intrusions. The alteration patterns are consistent with intermediate sulphidation epithermal mineralization.
Imperial Mine Area
A total of 50 new rock grab and rock chip samples collected from the historical Imperial Mine area, with 6 samples returning greater than 1 g/t Au (0.029 opt) up to 12.1 g/t Au (0.353 opt) and 8 samples returning greater than 40 g/t Ag (1.167 opt) up to 469 g/t Ag (13.68 opt). The samples define a targeted strike length of over 170 m for future drilling. The samples yield significant amounts of lead, zinc and copper with several samples yielding greater than 2% combined base metals.
Extensive soil sampling utilizing a conventional soil sampling methodology and a test of ionic leach soil sampling has yielded a number of new additional targets to follow up outside of the Imperial Mine area to the north in the area of the historical Riverside and Commonwealth showings (about 750 m north of the Imperial mine) along with a new area about 3 km to the north.
Plans For 2024 Exploration at Greenwood:
An extensive rock and soil sampling program along with new geological mapping during 2023 has been completed in preparation for drilling at a number of locations in the Greenwood Area in 2024. Drilling is warranted at all of the targets described above. As well, a number of targets that warrant drilling based upon prior work are described in highlight form below.
The Company currently has active drilling permits for Ket 28, Dayton and the Motherlode target areas. The Company is awaiting permits for drilling +/- trenching at the Midway, Imperial, Sappho and the Copper Mountain target areas. Depending upon funding the Company is planning for an aggressive drilling campaign for 2024 in order to take advantage of the outstanding metal prices.
Motherlode Area
Results received for drilling at the Motherlode North polymetallic and skarn targets are comprised of copper-gold-silver +/- lead-zinc (Cu-Au-Ag +/- Pb-Zn) targets 500 to 750 m north and northeast of the historical Motherlode Mine (not owned by the Company), which produced significant amounts of Cu, Au and Ag including 173,000 ounces (oz) of Au, 688,000 oz of Ag and 77 million lbs of Cu between 1896 and 1918 and 1956 to 1963 (BC Minfile 082ESE034).
Prior drilling by Grizzly intersected up 17.15 g/t Au, 41.7 g/t Ag, along with 0.56% Pb and 1.51% Zn over 1.5 m core length at one of the skarn targets north of the Motherlode Pit (Table 1).
Skarn and sulphide rich mineralization, along with widespread hornfels and propylitic alteration have been intersected in most of the 2022 Motherlode North (22ML07 to 15) and the two (22MR01 & 02) Marguerite core holes (Figure 4).
Follow-up drilling is being planned for 2024 for the Motherlode area.
Sappho Area
The Sappho area is being targeted for copper-gold-PGEs skarn and porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the US border.
At least five new showings of copper oxide/sulphide mineralization were found during the 2022 program at the Sappho Target.
Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant anomalous copper, gold, silver along with platinum and palladium.
Numerous rock grab samples have yielded greater than 1% copper, 1 g/t gold, 1 g/t platinum and 1 g/t palladium (see Company news release dated November 3, 2022).
Historical drilling (by the Company) has yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho in 2010.
Further drilling is warranted and has been applied for at Sappho for 2024.
Dayton Area
The Company completed 4 core holes for 1,014 m at the copper-gold Dayton Skarn/Porphyry Prospect in 2022 (Figure 1).
The Dayton IP2 target (an induced polarization chargeability anomaly) was tested by the Company with a single hole in 2011 and intersected potassic altered volcanics and intrusives with a near surface intersection (11DA-009) of 0.15% Cu and 0.43 g/t Au (or 0.46% CuEq*) over 51 m core length starting at a depth of 3 m Table 1).
Comparable sulphide zones, skarn and potassic alteration were intersected in the 2022 drilling at the Dayton IP2 target.
New intersections at Dayton include hole 22DA-016 with 0.062% Cu, 0.221 g/t Au and 1.89 g/t Ag (0.221% CuEq*) over 180 m core length, 22DA-017 with 0.057% Cu, 0.149 g/t Au and 1.76 g/t Ag (0.177% CuEq*) over 184 m core length, and 22DA-015 with 0.033% Cu, 0.155 g/t Au and 2.06 g/t Ag (0.162% CuEq*) over 44.5 m core length.
Intercepts are all associated with an Induced Polarization (IP) Chargeability anomaly (IP2) and mineralization appears to plunge and thicken to the north down plunge in conjunction with an apparent plunge of the IP Chargeability anomaly.
Further drilling is planned for the Dayton IP2 anomaly. Permits are already in place to conduct further drilling.
*CuEq calculated using ratios of Au:Cu 1:7,080 and Ag:Cu 1:88.5.
Quality Assurance and Control
Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
GRANT OF STOCK OPTIONS
The Board of Directors of Grizzly have authorized the issuance of an aggregate 3,000,000 stock options to Officers, Directors, and Consultants of Grizzly with an exercise price of $0.05 and expiring on April 2, 2029, or earlier in accordance with the Company’s Stock Option Plan. 2,500,000 of the options authorized for issuance will be issued to insiders of Grizzly. All of the options will vest immediately upon issuance. The grant of stock options is subject to the approval of the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Vancouver, British Columbia, April 03, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1), a multi-jurisdictional exploration company focused on supporting the global transition to clean energy, is pleased to announce that it has entered into a non-binding Letter of Intent (the “Agreement”) with a wholly owned subsidiary of Fulcrum Metals Plc., (“Fulcrum”, AIM:FMET). Pursuant to the Agreement, Terra will have an option (the “Option Agreement”) to acquire a 100% interest in Fulcrum’s Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton uranium licences (the “Licences”) located in northern Saskatchewan, Canada and collectively encompassing 596.71 km2 of highly prospective ground for a uranium discovery.
Highlights
Proximal to northern and southeastern edges of the Athabasca Basin (“Basin”) in northern Saskatchewan, a premium mining district and leading global source of high-grade uranium;
Charlot-Neely is located within the emerging Uranium City district on the northwestern margin of the Basin
Historical work at the projects has demonstrated evidence of uranium mineralization along favourable structural trends with prospective target horizons based on electromagnetic conductors;
Future exploration requires the undertaking of a modern systematic geologic fieldwork to determine the uranium potential.
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “In our pursuit of high-quality assets worldwide, Terra Balcanica has secured an option to acquire a Canadian uranium portfolio covering close to 600 km2 with tremendous potential for discovery. In a world transitioning to green energy solutions, the acquisition of these assets provides a more robust and diverse exploration portfolio for Terra. Although there has been an increase in activity in the uranium sector, we are at the early stages of a commodity super-cycle and being able to acquire such a large, advanced uranium portfolio on favourable terms was a clear opportunity for our shareholders. It is the right time, jurisdiction, and commodity to augment our advanced Balkan portfolio and to further participate in the changing energy landscape. We look forward to working with Fulcrum to apply their technical and jurisdictional expertise to advance these Saskatchewan uranium projects, and we are excited by the addition of a strategic commodity to Terra’s existing polymetallic portfolio.”
Portfolio Overview and Discovery Opportunity
The licence portfolio totals 596.71 km2 targeting major NE-SW trending structures along strike from historic uranium mines and projects that have attracted significant investment. Discoveries such as the Arrow (4.3Mt at 0.83% U3O8; https://www.nexgenenergy.ca/exploration/overview) and Triple R (2.7Mt at 1.94% U3O8 https://fissionuranium.com/projects/triple-r-deposit/project-overview/) have proved the concept of exploring along structures outside of the Athabasca basin.
Figure 1. Regional map of northern Saskatchewan, Canada which is one of the world’s leading sources of high-grade uranium and supplies about 20% of the world’s uranium. The blue symbols illustrate locations of the four optioned exploration properties totalling 596 km2 in the context of the world-famous Athabasca Basin, a Paleoproterozoic siliciclastic depo-centre (click here to view image).
Key Terms of Agreement
On closing of the transaction, Terra will have a four-year option to acquire 100% of Fulcrum’s owned uranium licences.
In consideration for the four-year option and at the time a definitive agreement is announced by way of news release and subject to a CSE approval, Terra shall pay Fulcrum C$7,500 for exclusivity on execution of signing of the Letter and pay Fulcrum C$25,000 less the C$7,500 exclusivity payment on execution of closing of the Option Agreement.
Additionally, Terra shall pay Fulcrum cash according to the schedule below:
C$50,000 on the first anniversary of closing of the Option Agreement;
C$75,000 on the second anniversary of closing of the Option Agreement;
C$75,000 on the third anniversary of closing of the Option Agreement;
C$75,000 on the fourth anniversary of closing of the Option Agreement;
and issue Fulcrum shares of TERA at the 10-Day Volume Weighted Average Price (“VWAP”) prior to the date of issuance as per the following schedule:
C$250,000 on closing of the Option Agreement with the initial share payments capped at C$0.065/share, pre-consolidation;
C$350,000 on the first anniversary of closing of the Option Agreement;
C$500,000 on the second anniversary of closing of the Option Agreement;
C$650,000 on the third anniversary of closing of the Option Agreement;
C$1,250,000 on the fourth anniversary of closing of the Option Agreement;
Terra will also complete minimum work expenditures totalling $3,250,000 prior to the fourth anniversary of the Option Agreement and grant Fulcrum a 1.0% Net Smelter Return (“NSR”) on all claims with buydown option of 0.5% NSR for C$1,000,000.
As part of the Option Agreement and for terminating the existing prior agreement (the “Prior Agreement”) between Fulcrum and Global Energy Metals Corp. (“Global Energy”), Global Energy will be compensated with C$150,000 in shares in TERA on closing of the Option Agreement and a 0.5% NSR on all claims.
The transaction contemplated above is an “Arms’ Length” in accordance with applicable securities legislation. The CSE has not passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Restructuring Board of Directors
Mr. Steven Latimer, ICD.D, CFA, MBA, has stepped down as a director of the Company to focus on his other business interests but he will continue to act as a Strategic Advisor to the Company. Giulio T. Bonifacio, Terra’s Non-Executive Chairman of the Board commented: “We are very thankful for Steve’s involvement to date while looking forward to his future role and contributions as key strategic advisor and shareholder of the Company.”
Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Mišković has reviewed and validated the information contained in this news release as factual and accurate.
About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
Joining us for a conversation is John Dejoia of Strathmore Plus Uranium, a man with over 50 year experience in the Uranium Sector, and is responsible for almost 10% of all the Uranium ever produced in the United States, sharing his insights on opportunities that are being overlooked by Uranium speculators.
VANCOUVER, BC / ACCESSWIRE / April 2, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that further to its release of December 11, 2023, management of the Company are still working to finalize the technical report for the Cabin Gold project. An updated timeline for completion is anticipated to be mid-Q2-2024.
Judson Culter, CEO at Rover, states: “We are completing two technical reports for the Cabin Gold project. One report for the North American market, which will fall under NI 43-101 standards, and a second report is for the Australian market that will comply with JORC standards. We are seeking to sell an option to own for the Cabin Gold project. Under Rover’s management, the project has only seen approximately 4,500 meters of drilling. The project still has tremendous high-grade gold blue sky exploration potential. We’re interested in doing a deal that sees significant capital invested into drilling.”
Paddy Moylan, Rover’s President comments: “Cabin Gold has potential written all over it and the proof is coming! Our drilling has advanced the project with some big hits like 32m @ 14 g/t which was one of the biggest hits of the year in 2020. We are now focused on critical minerals. A new owner like a private equity group or a serious gold player will be able to focus on the Cabin Gold project and take it to a new level. We will retain an ownership interest so it’s a win for our holders in the short and long term.”
Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., a Qualified Person for the purposes of National Instrument 43-101.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Genesis AI is revolutionizing natural resource management and protection through artificial intelligence.
The company is developing real-world applications using AI and machine learning to address environmental and sustainability issues in mining.
The carbon module of Genesis AI is used by auditors and verifiers to ensure investments make sense and verify the existence of forests.
By turning data into intelligence, Genesis AI aims to improve efficiency, targeting, and information use in mining operations.
The company has digitized close to three terabytes of data, equivalent to about a quarter billion pages of documentation, to provide stratified tools for exploration companies.
Vancouver, British Columbia–(Newsfile Corp. – March 26, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce the closing of its previously announced bought deal public offering for gross proceeds to the Company of $14,999,985 (the “Offering“). Pursuant to the Offering, Dolly Varden sold 14,285,700 shares of the Company on a charitable basis (each, a “CharityFT Share“) that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) at a price of $1.05 per Charity FT Share.
The Offering was completed by a syndicate of underwriters co-led by Research Capital Corporation, as co-lead underwriter and sole bookrunner, and Haywood Securities Inc., as co-lead underwriter, and including Raymond James Ltd. (collectively, the “Underwriters“). Mr. Eric Sprott, through 2176423 Ontario Ltd., participated in the Offering.
“We are grateful for the continued support from key shareholders including Eric Sprott. Having already established one of the richest undeveloped high-grade silver and gold projects in Western Canada, these funds will enable the Company to continue to follow up on the newly discovered high-grade gold at Homestake and the wide and high-grade silver deposits at Wolf and the past producing Torbrit mine,” commented Shawn Khunkhun, CEO.
The gross proceeds from the sale of Charity FT Shares will be used for further exploration, mineral resource expansion and drilling in the combined Kitsault Valley project, located in northwestern British Columbia, Canada, as well as for working capital as permitted, as Canadian Exploration Expenses as defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Income Tax Act (Canada) and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada) that will qualify as “flow-through mining expenditures” and “BC flow-through mining expenditures” as defined in subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before December 31, 2025 and renounced with an effective date no later than December 31, 2024 to the initial purchasers of Charity FT Shares.
The Charity FT Shares were issued by way of a prospectus supplement dated March 6, 2024 (the “Supplement“) to the Company’s short form base shelf prospectus dated April 25, 2023 (the “Shelf Prospectus“), filed with the securities regulatory authorities in all provinces of Canada, except Quebec. Copies of the Supplement and Shelf Prospectus are available on SEDAR+ at www.sedarplus.ca.
Eventus Capital Corp. is a special advisor to the Company.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. These forward‐looking statements or information relate to, among other things the expected use of proceeds from the Offering.
Forward-looking statements in this news release include, among others, statements relating to the use of proceeds of the Offering, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – March 25, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9)(the “Company” or “EMX”) is pleased to report results for the fourth quarter and year ended December 31, 2023 (in U.S. dollars unless otherwise noted).
The 2023 year was a pivotal one for EMX as we amicably resolved the issues with the Timok royalty; increased our (effective) net smelter return (“NSR”) royalty in the Caserones property to 0.7775% and subsequent to year end to 0.8306%; saw strong performance from our gold royalty portfolio anchored by Leeville and Gediktepe; continued to invest capital generating and acquiring royalties around the world while our partners continued to invest significant capital to expand operations at existing mines, advance new mines, and explore for new opportunities.
As previously announced, the Company is providing guidance for 2024 (see below). In conjunction with providing guidance, the Company has adopted the use of Gold Equivalent Ounces1 (“GEOs”) as a metric to better understand our business. GEOs is a non-IFRS financial measure that is based on our adjusted royalty revenue and does not include Option payments and Other Income coming from our royalty generation activities.
Summary of Financial Highlightsfor the Fourth Quarter and Year EndedDecember 31, 2023:
For the three months ended December 31,
For the year ended December 31,
2023
2022
2023
2022
Statement of Income
Revenue and other income
$
7,546
$
2,288
$
26,621
$
18,277
General and administrative costs
$
1,272
$
1,682
$
5,606
$
6,149
Royalty generation and project evaluation costs, net
$
2,392
$
1,610
$
11,245
$
8,636
Net income (loss)
$
1,374
$
950
$
(4,633
)
$
3,349
Statement of Cash Flows
Cash flows from operating activities
$
4,273
$
3,357
$
7,059
$
16,487
Non-IFRS Financial Measures1
Adjusted revenue and other income
$
10,921
$
3,535
$
37,028
$
25,397
Adjusted royalty revenue
$
8,744
$
2,793
$
30,694
$
14,033
GEOs Sold
4,425
1,615
15,784
7,875
Adjusted cash flows from operating activities
$
5,444
$
4,093
$
14,072
$
21,711
Strong Revenue Growth Adjusted revenue and other income1 increased by 46% in 2023Adjusted royalty revenue increased by 119% in 2023Development of Flagship Assets Significant investment by Zijin Mining Group at Timok through continued development of upper and lower zones
Sufficient and Available Capital Strong and consistent operating cash flows enabled the early repayment of $10,000,000 of debtContinued Optionality with Generative Business Generated $5,462,000 in revenue and other incomeEntered into 20 new partnerships agreements in 2023Over $39,000,000 in partnership expenditures in 2023
1 Refer to the “Non-IFRS financial measures” section below or on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
2024 Guidance
Please see our MD&A for the year ended December 31, 2023 for more details on our guidance and see “Forward-Looking Statements” and “Future-Oriented Financial Information” below.
Based on the Company’s existing royalties and information available from its counterparties, we expect GEO1 sales to range between 11,000 and 14,000 GEOs1 in 2024 compared to 15,784 in 2023. Timok royalty revenue for 2023 included 2,483 GEOs1 sold for 2021 and 2022 production.
2024 GuidanceA
GEOs sales1
11,000 to 14,000
Adjusted royalty revenue1
$22,000,000 to $27,500,000
Option and other property income
$2,000,000 to $3,000,000
A. Assumed commodity prices of $1,939/oz gold and $3.89/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024.
Guidance in 2024 is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance and management’s understanding of the underlying producing assets. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information has not been prepared in accordance with Canadian disclosure standards, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
More specifically, Leeville’s guidance is based on historical performance as the Company has no rights to data and must rely on publicly available information delivered by Nevada Gold Mines. Gediktepe’s guidance contribution is based partly on 2023 actual results, as well as a confidential 3-year mine plan provided by the operator for the 2024 year. Timok’s guidance contribution is based on 2023 actual results only given the limited access to operational data and forward-looking plans. Caserones’ guidance is based on 2023 actual results and guidance disclosed by the operator, which has been increased slightly by EMX due to the higher percentage ownership of our effective royalty. Balya and Gold Bar South are based on 2023 historical performance only, given limited access to information.
Outlook
The Company is excited about the prospect for continued growth in the portfolio for 2024 and the coming years. The driver for near and long term growth in cash flow will come from the large deposits of Caserones in Chile and Timok in Serbia. At Caserones, Lundin has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. continues to advance the upper zones while developing the lower zone, which we believe will be one of the more important block cave development projects in the world.
Regarding the gold royalty portfolio, we expect Gediktepe, Leeville, and Gold Bar to mirror what occurred in 2023. In Türkiye, the operator of Sisorta is nearing completion of construction of the mine and we look forward to seeing the plant commissioned. We are excited about the advancement of Diablillos in Argentina by AbraSilver Resource Corp. where the company continues to expand the mineral resource. In Sweden the Viscaria copper-gold deposit (operated by Copperstone Resources AB) continues to advance through the environmental permitting process with a final decision expected by mid-year 2024. Pending approval, Copperstone expects to commence development with initial production from Viscaria slated for 2026.
The Company will continue to evaluate and work to acquire mineral rights and royalties in 2024. The Company expects it will invest similar amounts as in 2023 towards the royalty generation business. As in previous years, production royalties will continue to be supplemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. Efforts and programs are underway to optimize and control costs as the Company continues to grow. EMX believes it is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
1 Refer to the “Non-IFRS financial measures” section below and on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure. With respect to forward-looking non-IFRS financial measures, there are no significant differences with the calculation of historical non-IFRS financial measures.
The Company will also strive towards continuing to strengthen its balance sheet over the course of the year. As part of this effort we will look to refinance our outstanding debt of $34,660,000, which comes due at the end of 2024. The Company has actively been engaged with several parties and believes that it will be in a position to provide an update to this process in Q2 2024.
Assumed commodity prices are from CIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024, which the Company believes to be reliable for the purposes of guidance.
Annual Results for 2023:
In 2023, the Company recognized $37,028,000 and $30,694,000 in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 46% and 119% increase, respectively, compared to 2022. The significant increase is due to the commencement of royalty payments from the Timok royalty property, which resulted in $8,632,000 in royalty revenue in 2023, as well as an 80% increase in royalty revenue from Gediktepe and 46% increase in attributed royalty revenue from Caserones. Timok royalty revenue for 2023 included $4,790,000 in revenue (2,483 GEOs1 sold) for 2021 and 2022 production.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the year ended December 31, 2023 and 2022:
2023
2022
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
5,352
$
10,407
3,995
$
7,120
Timok
4,439
8,632
–
–
Gediktepe
3,442
6,694
2,081
3,709
Leeville
1,612
3,135
1,318
2,348
Balya
498
968
–
–
Gold Bar South
139
270
–
–
Advanced royalty payments
302
588
480
856
Adjusted royalty revenue
15,784
$
30,694
7,875
$
14,033
Net royalty generation and project evaluation costs increased from $8,636,000 in 2022 to $11,245,000 in 2023, while executing 20 new royalty partnerships (2022 – 10 new royalty partnerships). The increase in costs was due to increases in the USA, Eastern Europe and Morocco. In the USA, the Company executed drilling activities through its wholly owned subsidiary Scout Drilling LLC on partnered projects in exchange for future reimbursement or royalty opportunities. Scout Drilling LLC was sold during the year along with certain mineral properties to Scout Discoveries Corp (“Scout”) in exchange for deferred compensation payments, shares in Scout and royalty rights on the properties, which exceeded the costs incurred. The increase in Eastern Europe and Morocco was attributed to the expansion of the generative business into Morocco and the Balkan region. EMX expects the costs in Morocco and the Balkan region to decrease in the coming years once it solidifies partnerships within the regions. Not inclusive of the net royalty generation and project evaluation cost, EMX earned $5,462,000 in royalty generation revenue in 2023 (2022 – $6,447,000).
1Refer to the “Non-IFRS financial measures” section below and on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure.
Fourth Quarter Adjusted Royalty Revenue and GEOs Sold by Asset:
For the fourth quarter of 2023, the Company recognized $8,744,000 in adjusted royalty revenue, which represented a 213% increase compared to Q4 2022. The significant increase is due to the commencement of royalty payments from Timok, Balya and Gold Bar South in 2023, combined with significant increases from Caserones, Gediktepe and Leeville. Revenue in Q4 2023 at Caserones included a year-to-date true-up of revenue due to higher than expected performance in Q3 2023.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the fourth quarter of 2023 and 2022:
2023
2022
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
1,708
$
3,375
721
$
1,247
Timok
477
943
–
–
Gediktepe
1,335
2,638
341
590
Leeville
589
1,164
343
593
Balya
120
238
–
–
Gold Bar South
39
77
–
–
Advanced royalty payments
156
309
210
363
Adjusted royalty revenue
4,425
$
8,744
1,615
$
2,793
Fourth Quarter Corporate Updates
Early Repayment of US$10M of the Sprott Credit Facility
In Q4 2023, EMX made an early repayment of $10,000,000 toward the principal amount of the Senior Secured Credit Facility (the “Sprott Credit Facility”) held by a fund managed by Sprott Resource Lending Corp. The remaining principal amount of $34,660,000 of the Sprott Credit Facility is due to be repaid by December 31, 2024. The Company has actively been evaluating alternatives to refinance some or all of the debt. It should be noted that the Company can repay the entire debt without penalties after June 30, 2024.
Acquisition of Additional Royalty Interest on Caserones
Subsequent to December 31, 2023, EMX acquired an additional 0.0531% (effective) NSR royalty interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.8306%, for cash consideration of $4,742,000 pursuant to an agreement with Franco Nevada Corporation.
Commencement of Normal Course Issuer Bid
Subsequent to December 31, 2023, EMX announced that it has received approval from the TSX Venture Exchange of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”). Under the NCIB, EMX may purchase for cancellation up to 5,000,000 common shares over a twelve-month period commencing on February 13, 2024. The NCIB will expire no later than February 12, 2025.
Qualified Persons
Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America, except for Caserones. Consulting Chief Mining Engineer Mark S. Ramirez, SME Registered Member #04039495, a Qualified Person as defined by NI 43-101 and consultant to the Company, has reviewed, verified and approved the above technical disclosure with respect to the Caserones Mine. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Türkiye and Australia.
1 Refer to the “Non-IFRS financial measures” section below and on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure.
Shareholder Information
The Company’s filings for the year are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking information” or “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2024 and future outlook, including revenue and GEO estimates, refinancing outstanding debt and the timing thereof, the acquisition of additional royalty interests and partnerships, the purchase of securities pursuant to the Company’s NCIB or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from theCIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the year ended December 31, 2023, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
Future-Oriented Financial Information
This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “2024 Guidance”, “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.
Non-IFRS Financial Measures
We have included certain non-IFRS financial measures in this press release, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements. The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why we use these measures.
Non-IFRS financial measure
Definition
Most directly comparable IFRS measure
Why we use the measure and why it is useful to investors
Adjusted revenue and other income
Defined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Revenue and other income
We believe these measures more accurately depict the Company’s revenue related to operations as the adjustment is to account for revenue from a material asset.
Adjusted royalty revenue
Defined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Royalty revenue
Adjusted cash flows from operating activities
Defined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.
Cash flows from operating activities
We believe this measure more accurately depicts the Company’s cash flows from operations as the adjustment is to account for cash flows from a material asset.
Gold equivalent ounces (GEOs)
GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period.
Royalty revenue
We use this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:
During the three months and years ended December 31, 2023 and 2022, the Company had the following sources of revenue and other income:
For the three months ended December 31,
For the year ended December 31,
2023
2022
2023
2022
Royalty revenue
$
5,369
$
1,546
$
20,287
$
6,913
Option and other property income
1,676
411
4,785
9,591
Interest income
501
331
1,549
1,773
Total revenue and other income
$
7,546
$
2,288
$
26,621
$
18,277
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
For the three months ended December 31,
For the year ended December 31,
(In thousands of dollars)
2023
2022
2023
2022
SLM California royalty revenue
$
8,438
$
3,308
$
26,024
$
18,887
The Company’s ownership %
40.0
37.7
40.0
37.7
The Company’s share of royalty revenue
$
3,375
$
1,247
$
10,407
$
7,120
Adjusted revenue and other income
$
10,921
$
3,535
$
37,028
$
25,397
Royalty Revenue
$
5,369
$
1,546
$
20,287
$
6,913
The Company’s share of royalty revenue
3,375
1,247
10,407
7,120
Adjusted royalty revenue
$
8,744
$
2,793
$
30,694
$
14,033
Reconciliation of Adjusted Cash Flows from Operating Activities:
During the three months and years ended December 31, 2023 and 2022, the Company had the following adjusted cash flows from operating activities:
For the three months ended December 31,
For the year ended December 31,
(In thousands of dollars)
2023
2022
2023
2022
Cash provided by operating activities
$
3,524
$
3,629
$
7,059
$
16,487
Caserones royalty distributions
1,920
464
7,013
5,224
Adjusted cash flows from operating activities
$
5,444
$
4,093
$
14,072
$
21,711
Quarterly reconciliation of GEOs:
(in thousands, except average gold price and GEOs information)
Q4 2023
Q3 2023
Q2 2023
Q1 2023
FY 2023
Adjusted Royalty Revenue
$
8,744
$
12,875
$
5,132
$
3,943
$
30,694
Average gold price per ounce
1,976
1,929
1,978
1,889
1,945
Total GEOs
4,425
6,676
2,595
2,088
15,784
(in thousands, except average gold price and GEOs information)
Vancouver, British Columbia–(Newsfile Corp. – March 21, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor” or the “Company“) proposes to complete a non-brokered private placement financing of up to 17,064,000 million units (“Units“) at a price of $0.125 per Unit for gross proceeds of up to $2,133,000 (the “Offering“). Each Unit will consist of one (1) common share (a “Share“) and one-half (1/2) of a common share purchase warrant (a “Warrant“). Each whole Warrant will entitle the holder to purchase one additional Share of the Company at an exercise price of $0.25 for a period of two years from the date or dates of closing of the Offering (a “Closing Date“). The gross proceeds from the sale of the Units will be utilized to fund exploration and development of the Company’s Duquesne West Gold Project, and for general working capital.
The Company may pay finder’s fees to arm’s length finders (each a “Finder“) in connection with this placement, which are expected to be up to 6.0% of the gross proceeds raised by such Finder, in cash, and non-transferable share purchase warrants to acquire common shares of the Company of up to 6.0% of the number of Units sold to a purchaser or purchasers introduced by the Finder(s), and exercisable by the Finder(s) at $0.25 per share for a period of up to two years from a Closing Date. The Offering is subject to the approval of the Canadian Securities Exchange (“CSE“) and any finder’s fees payable will be issued in accordance with the policies of the CSE and applicable securities laws.
Evanachan Limited (“EL“; 150 King St. West, Suite 2800, Toronto, ON, M5H 1J9, Tel. (647) 258-0395), a private company controlled by Robert McEwen, will acquire 8,000,000 Units under the Offering, representing 46.9% of the total Offering. Prior to the Offering, EL did not hold any securities of the Company. Following the closing of the Offering, EL will hold 8,000,000 Shares and 4,000,000 Warrants of the Company, which will represent 8.0% of the then total number of issued and outstanding Shares on a non-diluted basis, or 11.6% on a partially diluted basis (assuming exercise of its Warrants). The Units are being acquired by EL for long-term investment purposes. EL may acquire additional securities of Emperor, including on the open market or through private acquisitions, or sell securities of Emperor in accordance with applicable securities laws, including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans, and/or other factors that EL considers relevant from time to time.
John Florek, President and CEO, commented, “We would like to welcome Rob McEwen as a shareholder in our Company. His significant investment in Emperor Metals is a ringing endorsement of our aligned vision for growth, value, and success in the heart of Quebec’s Abitibi mining district.”
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Alexander Horsley” Alexander Horsley, Director
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
Not for distribution to United States newswire services or for dissemination in the United States.
