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EMX Royalty Announces Q2 2024 Results; Adjusted Royalty Revenue up 49% YoY

Vancouver, British Columbia–(Newsfile Corp. – August 12, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the three and six months ended June 30, 2024 (in U.S. dollars unless otherwise noted).

In Q2 2024, EMX continued on a strong uptrend in revenue due to robust royalty production and strong metal prices. Strong performance during the quarter was marked from Timok, Gediktepe, and Leeville. EMX continued to invest capital generating and acquiring royalties around the world while our partners invested significant capital to expand operations at existing mines, advance towards the development of new mines, and explore for new opportunities.

Summary of Financial Highlights for the Quarter Ended June 30, 2024 and 2023:1

Three months ended June 30,Six months ended June 30,
(In thousands of dollars)2024202320242023 
Statement of Loss
Revenue and other income$6,005$3,408$12,245$6,150
General and administrative costs(1,694)(1,576)(3,842)(3,298)
Royalty generation and project evaluation costs, net(2,907)(2,200)(5,841)(5,022)
Net loss$(4,022)$(4,722)$(6,249)$(8,448)
Statement of Cash Flows    
Cash flows from operating activities$(514)$(1,002)$513$(4,335)
Non-IFRS Financial Measures1    
Adjusted revenue and other income$8,758$6,614$17,051$11,582
Adjusted royalty revenue$7,836$5,265$15,493$9,208
GEOs sold3,3522,6627,0474,750
Adjusted cash flows from operating activities$1,341$1,452$4,002$(983)
Adjusted EBITDA$4,639 $2,848 $7,862 $3,222 
Strong Revenue Growth
Adjusted revenue and other income1 increased by 32% compared to Q2 2023•Adjusted royalty revenue1 increased by 49% compared to Q2 2023		Development of Flagship Assets
Significant investment by Zijin Mining Group at Timok through continued development of upper and lower zonesLundin Mining increased its ownership percentage in Caserones to 70%
Record Quarterly Revenue from Flagship Asset
Timok generated royalty revenue of $1,586,000 in Q2 2024 for a second consecutive quarter of record production from the upper zone		Consistent and Steady Cash Flows
Fifth consecutive quarter with positive adjusted cash flows from operating activities1

Outlook

The Company is maintaining its 2024 guidance of GEOs sales of 11,000 to 14,000, adjusted royalty revenue of $22,000,000 to $27,500,000 and option and other property income of $2,000,000 to $3,000,000. The Company is currently on pace to achieve the upper end of its annual guidance for GEOs sold and adjusted royalty revenue, while aiming for the lower end of our option and other property income guidance.

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 increase its production rates in the upper zone copper-gold deposit while developing the lower zone, which we believe will be one of the more important block cave development projects in the world.

In terms of other production royalty assets, the Company expects Gediktepe, Leeville, and Gold Bar South to mirror what occurred in 2023. In Türkiye, Gediktepe continues to perform well and is ahead of its production forecast for 2024 (as of the end of Q2) and production rates and grades at Balya North ramped up again in Q2. We are also excited about the advancement of Diablillos in Argentina by AbraSilver Resource Corp. where the company continues to expand the mineral resource.

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, producing 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.

As part of the Company’s effort to continue to strengthen its balance sheet, subsequent to the end of the period, the Company has closed the refinancing of its outstanding debt with Sprott Private Resource Lending II of $34,660,000, with a new $35,000,000 credit agreement with Franco-Nevada Corporation (“Franco”), previously announced on June 20, 2024. This refinancing extends the maturity date of the Company’s debt facility from December 31, 2024 to July 1, 2029.

Second Quarter Results for 2024

In Q2 2024, the Company recognized $8,758,000 and $7,836,000 in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 32% and 49% increase, respectively, compared to Q2 2023. The significant increase is due to the commencement of royalty payments in Q3 2023 from the Timok royalty property, as well as a 54% increase in royalty revenue from Gediktepe and a 79% increase in royalty revenue from Leeville when compared to Q2 2023.

The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the three months ended June 30, 2024 and 2023:

20242023
GEOs Sold  Revenue
(in thousands)		 GEOs Sold  Revenue
(in thousands)		 
Caserones1,178 $2,7531,621 $3,206
Timok678 1,586– –
Gediktepe772 1,806594 1,175
Leeville508 1,187336 664
Balya133 3115 9
Gold Bar South71 16768 134
Advanced royalty payments11  26  39  77 
Adjusted royalty revenue3,352 $7,836  2,662 $5,265 

Included in the quarterly revenue for Caserones was a true up of $493,000 (Q2 2023 – $1,153,000) due to a higher than expected revenue in the prior quarter. The true up in the current period was mainly driven by higher than anticipated copper and molybdenum sales in Q1 2024.

The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the six months ended June 30, 2024 and 2023:

20242023
GEOs Sold  Revenue
(in thousands)		  GEOs Sold  Revenue
(in thousands)		 
 
Caserones2,168 $4,8062,800$5,432
Timok1,290 2,853––
Gediktepe2,216 4,7961,0842,101
Leeville925 2,0516181,198
Balya228 50886162
Gold Bar South108 24268134
Advanced royalty payments113  237  94  181 
Adjusted royalty revenue7,047 $15,493  4,750 $9,208 

Net royalty generation and project evaluation costs increased from $2,200,000 in Q2 2023 to $2,907,000 in Q2 2024. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. The increase in net royalty generation and project evaluation costs was predominately attributable to the timing of the 2024 and 2023 annual share-based compensation grants. The 2024 annual grant occurred in Q2 2024 while the 2023 grant occurred in Q3 2023. This timing difference generated a $472,000 increase in costs when compared to Q2 2023. The remaining increase can be attributed to an increase in property costs in Fennoscandia and South America, a decrease in recoveries in Fennoscandia and an increase in overall costs in Eastern Europe and Morocco.

These cost increases were offset by a $203,000 decrease in net expenditures in the USA. The decrease was primarily related to drilling costs that were incurred in 2023, through a former subsidiary of the Company, Scout Drilling LLC., in exchange for future royalty opportunities.

Not inclusive of the net royalty generation and project evaluation cost, EMX earned $555,000 in royalty generation revenue in Q2 2024 (Q2 2023 – $1,088,000).

Second Quarter Corporate Updates

Appointment of Two New Members to the Board of Directors

In Q2 2024, the Company announced the appointment of Dawson Brisco and Chris Wright to the Board of Directors.

Credit Agreement with Franco-Nevada Corporation

In June 2024, the Company announced that it had entered into a $35,000,000 credit agreement with Franco-Nevada Corporation with a maturity date of July 1, 2029. Once received, the Company will use the proceeds of the loan to repay the outstanding balance of the Sprott Credit Facility and for general working capital purposes. Subsequent to the end of the period, the Company closed its credit agreement with Franco.

Inaugural Sustainability Report

The Company is also pleased to announce the publication of its inaugural Sustainability Report for 2023. This report marks a milestone in the Company’s journey with respect to its sustainable and ethical business practices and sets a foundational baseline for the Company’s Environmental, Social and Governance (ESG) efforts moving forward. The report provides information on the Company’s key ESG initiatives, reviews performance metrics, identifies improvement areas, and sets future targets.

Commencement of Normal Course Issuer Bid

During the three months ended June 30, 2024 (“Q2 2024”) the Company purchased 106,276 common shares at a cost of $206,000 which were returned to treasury pursuant to the Company’s Normal Course Issuer Bid. Subsequent the period end, the Company repurchased 167,199 shares for a total cost of $305,000.

Cyber Event Update

In April 2024, the Company became aware that one of the Company’s subsidiaries in Türkiye was the subject of a cyber event resulting in a potential loss of up to $2,326,000. The Company has launched a full investigation of the event which remains ongoing and is pursuing recovery of its funds through all legally available means as appropriate, in order to mitigate the loss amount to the fullest extent possible. A criminal complaint has been filed with the public prosecutor’s office in Türkiye which is the first step to recovery whether it be through a criminal or civil process, or both. EMX is also working with its attorneys in Mexico and is currently preparing a civil complaint in the jurisdiction in which the funds were received and withdrawn. An extensive investigation by a reputable third party security firm yielded that there was no intrusion into EMX systems nor its network in its findings. EMX continues to vigorously pursue all remedies available to it in pursuit of recovery all or a part of the funds.

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.

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.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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 the CIBC 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 quarter ended June 30, 2024, 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

The Company has included certain non-IFRS financial measures in this press release, as discussed below. EMX believes 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 the Company 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 incomeDefined 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 incomeThe Company believes 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 revenueDefined 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 activitiesDefined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.Cash flows from operating activitiesThe Company believes 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 revenueThe Company uses 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.
Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDAEBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, finance costs. Adjusted EBITDA adds all revenue from the Caserones Royalty less any equity income from the equity investment in the Caserones Royalty. Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries.Earnings or loss before income taxThe Company believes EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric.

Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:

During the three months ended June 30, 2024 and 2023, the Company had the following sources of revenue and other income:

(In thousands of dollars)Three months ended June 30,Six months ended June 30,
 2024  2023  2024  2023 
Royalty revenue$5,083$2,059$10,687$3,776
Option and other property income4921,0116801,700
Interest income 430  338  878  674 
Total revenue and other income$6,005 $3,408 $12,245 $6,150 

The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:

Three months ended June 30,Six months ended June 30,
(In thousands of dollars) 2024  2023  2024  2023 
Revenue and other income$6,005 $3,408 $12,245 $6,150 
SLM California royalty revenue$6,442$7,685$11,247$13,584
The Company’s ownership % 42.7  40.0  42.7  40.0 
The Company’s share of royalty revenue$2,753$3,206$4,806$5,432 
Adjusted revenue and other income$8,758 $6,614 $17,051 $11,582 
    
Royalty Revenue$5,083 $2,059 $10,687 $3,776 
The Company’s share of royalty revenue2,7533,2064,8065,432
Adjusted royalty revenue$7,836 $5,265 $15,493 $9,208 

Reconciliation of GEOs:

Three months ended June 30,Six months ended June 30,
(In thousands of dollars) 2024  2023  2024  2023 
Adjusted Royalty Revenue$7,836$5,265$15,493$9,208
Average gold price per ounce$2,338$1,978$2,198$1,939 
Total GEOs 3,352  2,662  7,047  4,750 

Reconciliation of Adjusted Cash Flows from Operating Activities:

Three months ended June 30,Six months ended June 30,
(In thousands of dollars) 2024  2023  2024  2023 
Cash provided by operating activities$(514)$(1,002)$513$(4,335)
Caserones royalty distributions 1,855  2,454  3,489  3,352 
Adjusted cash flows from operating activities$1,341 $1,452 $4,002 $(983)

Reconciliation of EBITDA and Adjusted EBITDA:

Three months ended June 30,Six months ended June 30,
(In thousands of dollars) 2024 2023  2024  2023 
Income (loss) before income taxes$(3,430)$(3,095)$(5,665)$(6,740)
Finance expense1,0801,2702,1452,511
Depletion, depreciation, and direct royalty taxes 1,369  790  3,788  1,642 
EBITDA$(981)$(1,035)$268 $(2,587)
Attributable revenue from Caserones royalty2,7533,2064,8065,432
Equity income from investment in Caserones royalty(1,411)(1,340)(2,208)(2,255)
Share-based payments1,3541321,543225
Loss (gain) on revaluation of investments(1,142)1,383(1,226)709
Loss (gain) on sale of marketable securities1,535171,946459
Foreign exchange loss (gain)139797255965
Gain on revaluation of derivative liabilities66(188)107398
Loss on revaluation of receivables–(124)–(124)
Other losses2,326–2,326–
Impairment –  –  45  – 
Adjusted EBITDA$4,639$2,848$7,862$3,222

1 Refer to the “Non-IFRS financial measures” section below or on page 29 of the Q2 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.
2 Refer to the “Non-IFRS financial measures” section below and on page 29 of the Q2 2024 MD&A for more information on each non-IFRS financial measure.
3 Refer to the “Non-IFRS financial measures” section below and on page 29 of the Q2 2024 MD&A for more information on each non-IFRS financial measure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219519

Categories
Base Metals Emx Royalty Energy Precious Metals Project Generators

EMX Royalty Announces Closing of Its Previously Announced Credit Agreement for a $35 Million Loan with Franco-Nevada Corporation

Vancouver, British Columbia–(Newsfile Corp. – August 9, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce that it has completed the closing and drawn down the $35 million loan (the “Loan“) contemplated in the credit agreement (the “Credit Agreement“) between the Company, its subsidiary, EMX Chile SpA (“EMX Chile“), and a wholly-owned subsidiary (the “Lender“) of Franco-Nevada Corporation (“Franco-Nevada“) (NYSE and TSX:FNV), which was previously announced in the Company’s news release dated June 20, 2024. The Company used the proceeds of the Loan to repay the $34.42 million outstanding balance of the loan owed to a Fund managed by Sprott Resource Lending Corp. (“Sprott“), to pay the Lender a commitment fee equal to 1% of the principal amount of the Loan and for general working capital purposes.

The Company is pleased to further develop its working relationship with Franco-Nevada, a key EMX shareholder. In addition to the Loan arrangement, EMX and Franco-Nevada have jointly syndicated royalty purchases (e.g., Caserones) and are actively engaged in a joint venture seeking new royalty financing opportunities.

Credit Agreement – The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (i.e., Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company’s net debt to adjusted EBITDA (see table below), adjusted quarterly.

Ratio of Net Debt / Adjusted EBITDA:Applicable Interest Rate (per annum):
< 1.00:1Term SOFR plus 300 basis points
>= 1.00:1 and <1.50:1Term SOFR plus 325 basis points
>= 1.50:1 and <2.00:1Term SOFR plus 350 basis points
>= 2.00:1 and <3.00:1Term SOFR plus 375 basis points
>= 3.00:1Term SOFR plus 425 basis points

During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis.

The Loan is secured by a general security agreement over the assets of EMX and share pledges by EMX and EMX Chile of certain of their subsidiaries or other equity interests, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries.

All amounts referred to herein are to United States dollars.

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.

About Franco-Nevada – Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol “FNV” on both the Toronto and New York stock exchanges.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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 statements” that reflect the Company’s current expectations and projections about its future results, but which are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2024 (the “MD&A”), 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219316

Categories
Base Metals Energy Junior Mining

F3 Shareholders to Receive a Free Dividend F4 Share

Kelowna, British Columbia–(Newsfile Corp. – August 12, 2024) – F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce the distribution of common shares of F4 Uranium Corp. to F3 shareholders of record as of August 14, 2024, based on one F4 common share for each common share of F3 held. The F4 shares will then be rolled back at a rate of 10 to 1.
The distribution will be considered a dividend for tax purposes.

The Arrangement remains subject to final approval of the Supreme Court of British Columbia (the “Court”) scheduled for August 13, 2024, and acceptance from the TSX Venture Exchange, and is expected to be completed on or about August 15, 2024. F4 will apply to list its common shares on the TSX Venture Exchange and the OTC.

About F3 Uranium Corp.:

F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discoveries. F3 Uranium currently has 20 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane. F3 has announced a transaction pursuant to which it will transfer 17 of its prospective uranium exploration properties to F4 in exchange for common shares of F4 which will be distributed to F3 shareholders based on one F4 Share for every common share of F3 held; the F4 shares will then be rolled back at a rate of 10 to 1. F3 will retain the PLN Project consisting of the PLN, Misto and Broach properties. The Broach property incorporates the PW property which it obtained from CanAlaska as the result of a property swap.

Forward-Looking Statements:

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of the management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219549

Categories
Base Metals Breaking Junior Mining

F3 Shareholders Approve F4 Spin Out

Kelowna, British Columbia–(Newsfile Corp. – August 9, 2024) – F3 Uranium Corp (TSV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce the outcome of the Special Meeting of F3 Securityholders held on Thursday August 8, 2024, at 10am PT in Kelowna BC at 750 1620 Dickson Avenue, V1Y 9Y2. At the meeting, shareholders voted in favor of the spin-out of F4 Uranium Corp. (‘F4”) pursuant to the statutory plan of arrangement (the “Arrangement”) under Section 192 of the Canada Business Corporations Act.

The total number of eligible votes was 493,352,709 and the total number voted was 177,908,715 being 36.06% of the total number of eligible votes. Three resolutions were voted upon by F3 Securityholders. The Arrangement Resolution involves, among other things, the distribution of common shares of F4 Uranium Corp. to shareholders of F3 Uranium Corp. based on one F4 common share for each common share of F3 held on the effective date of the Arrangement.  The F4 shares will then be rolled back at a rate of 10 to 1. The Arrangement Resolution was approved without variation with 79.81% voting FOR. The F4 Option Plan Resolution was not approved with 53.64% voting AGAINST, and the F4 Equity Incentive Plan was approved with 78.41% voting FOR.

The Arrangement remains subject to final approval of the Supreme Court of British Columbia (the “Court”) scheduled for August 13, 2024, and acceptance from the TSX Venture Exchange, and is expected to be completed on or about August 15, 2024. F4 has applied to list its common shares on the TSX Venture Exchange.

About F3 Uranium Corp.:

F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discoveries. F3 Uranium currently has 20 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane. F3 has announced a transaction pursuant to which it will transfer 17 of its prospective uranium exploration properties to F4 in exchange for common shares of F4 which will be distributed to F3 shareholders based on one F4 Share for every common share of F3 held; the F4 shares will then be rolled back at a rate of 10 to 1. F3 will retain the PLN Project consisting of the PLN, Misto and Broach properties. The Broach property incorporates the PW property which it obtained from CanAlaska as the result of a property swap.

Forward Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of the management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2

Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219283

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Executes Agreement to Sell Its Sulitjelma Project to Alpha Future Funds

Vancouver, British Columbia–(Newsfile Corp. – August 8, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce the execution of an exploration and option agreement for its Sulitjelma Project in Norway to Alpha Future Funds S.C.S, a private Luxembourg based company (“Alpha”). The agreement provides EMX with a cash payment and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional deferred option payments, advance royalty payments, milestone payments and a 2% NSR royalty.

The Sulitjelma project is a past producer of copper-rich polymetallic mineralization from a cluster of volcanogenic massive sulfide (“VMS”) style deposits in the greater Sulitjelma district of north-central Norway. Alpha is a well-capitalized investment fund with its own technical team that seeks to revitalize the Sulitjelma district through additional investment and exploration. Alpha is also reviewing other EMX projects throughout the region for additional acquisition opportunities.

Commercial Terms Overview. EMX will receive US$50,000 upon execution of the agreement, and Alpha can acquire a 100% interest in the project by satisfying specified work commitments by the end of the first anniversary of the agreement. Upon exercising the option Alpha will:

  • Make additional cash payments to EMX as deferred option payments.
  • Spend a cumulative of $4,000,000 on the project by the 5th anniversary of the agreement.
  • Pay annual advance royalty payments commencing after the deferred option payments are complete.
  • Grant EMX an uncapped 2% NSR royalty on the project.
  • Deliver certain milestone payments tied to anniversary dates and the commencement of commercial production.

Overviews of the project. The Sulitjelma polymetallic project in Norway is located in the early Paleozoic VMS belt in north-central Norway, which saw numerous districts and mines in operation from the 1600’s through the 1990’s.

Sulitjelma District, Central Norway: The Sulitjelma VMS district was discovered in 1858 and was mined continuously from 1891-1991. The Sulitjelma mines were some of the last operating base metal mines in Norway and one of its most significant historic mining areas. VMS style mineralization occurs along a trend that extends for over 20 kilometers and is developed along multiple stratigraphic horizons and structurally repeated sections. The district produced over 25 million tonnes averaging 1.84% copper, 0.86% zinc, 10 grams per tonne silver and 0.25 grams per tonne gold1. Significant historical resources were left unmined at the time of closure in the early 1990’s.

The district has seen very little work since the mines closed. Reinterpretation of airborne geophysical surveys, including a Versatile Time Domain Electromagnetics (VTEM) survey collected in 2014, highlighted multiple conductive anomalies along the main trend of mineralization that have not yet been drill tested, and EMX geologists have found outcropping expressions of VMS style mineralization, also along trend, that have not been developed or drill tested.

Over the past few years EMX has compiled and digitized the available historical data to create 3D models of the historical mine workings on the property. EMX also conducted extensive soil sampling campaigns and identified drill targets for the next phase of exploration. These targets include projections of mineralization down dip and along strike of the historic mine workings as well as newly identified electromagnetic (“EM”) anomalies. Additionally, EMX recognized that the VMS horizon appears to be repeated in fold limbs to the west of the original property position, which has since been expanded.

This transaction is another example of the execution of EMX’s business model in providing turn-key and drill ready exploration projects to its partner companies in exchange for royalty interests.

More information on the Projects can be found at www.EMXroyalty.com.

Nearby Mines and Deposits. The mines and deposits discussed in this news release provide context for EMX’s projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company’s projects host similar tonnages or grades of mineralization.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

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.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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 statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2024 (the “MD&A”), 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.

Figure 1. Location map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/219173_497e9a07947df961_002full.jpg

Figure 2. Mines and Trends of Mineralization

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/219173_497e9a07947df961_003full.jpg

1Historical production data from the Geological Survey of Norway (NGU) Ore Database, Deposit Area 1841-024, updated Dec 18, 2017.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219173

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

Riverside Completes Acquisition and Interpretation of Aeromagnetic Drone Survey at the Cecilia Project in Sonora, Mexico

Upcoming exploration to focus on new magnetic anomaly.

Vancouver, British Columbia–(Newsfile Corp. – August 7, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to update progress on the Cecilia project where Riverside is working with Fortuna Mining Corp (TSX: FVI) (see March 13, 2024 press release). The Company has completed detailed magnetic susceptibility data acquisition for the entire project area and identified a new magnetic anomaly area of 6 x 2 km² in the southwest part of the project. The company believes this area displays many classic structural controls similar to the mineralization found at the main Cerro Magallanes target area of the project and can become an additional focus of the upcoming exploration activities as well as the already permitted and planned upcoming drill program that is fully funded and scheduled to start in early Q4, 2024.

The current technical work program is completing now as the project moves next to drill testing. The work that has been completed for evaluating and improving drill targets includes geophysics, geochemistry and geology being integrated. The Cecilia Project has good road access with the project located 40 km southwest of Agua Prieta (Mexico-USA border) and 250 km northeast of the capital city of Hermosillo. The project is a titled and 100% Riverside-owned, with drill permits and the ability to progress the drilling in the coming months. The property is a district-scale gold and silver, low-sulfidation epithermal system and is currently optioned with Fortuna Mining earning an initial ownership position through a series of payments and work commitments where Riverside remains as the operator of the exploration program as disclosed in March. The project covers over 60 km² and has over 10 different exploration targets, with at least two nested dome complexes similar to those in Peru at the Yanacocha Mining District and in Bolivia at the Korri Kollo Mine, which have produced well over 25M and 5M oz of gold respectively. The use of aeromagnetics helps further distinguish these targets.

John-Mark Staude, CEO of Riverside, states, “We are delighted to receive this excellent and detailed aeromagnetic survey for the entire 60 km² area from our work with Fortuna Mining on the Cecilia district exploration. We had full access to the surface for conducting field follow-up allowing the project to progress significantly over the past 6 months. Further, the discovery of a new anomaly is an exciting development and we look forward to undertaking additional exploration work on this discovery over the coming months as well as the fully funded drilling. Having the drill permit, mineral title and funding with a partner aligned in our exploration creates the platform for potential success with drilling activities proceeding in the near term. We look forward to the drill turning and having results from this project as well as updates on other activities that are underway into the fourth quarter of 2024.”

Riverside has completed the acquisition of aeromagnetic data expanding on an earlier and more focused survey where Riverside drilled and intersected gold mineralization. The new UAV magnetic data now covers the entire Cecilia project area of 60 km² with Riverside having full access to the entire property featuring a total flying of 658 line kilometers. Using this new, higher resolution magnetic data aids in interpreting and refining previous targets identified by Riverside. The results identified strong NW-trending magnetic lineaments in the southwestern corner of the project area (Figure 1). This data was not available in earlier results whereby the Company now has access to this region for the first time. This new magnetic anomalous area reflects a strong NW-trend which is similar to the main previously mined and drilled Au-mineralization structural trends like the San Jose Structural trend and Mesa Target (Figure 1A). Additionally, these lineaments bound the Magallancito dome and may be related to sharp contacts or fault-related contacts of intrusions around this target. Such strong structural features are typical of other major mining dome districts including Yanacocha, Peru and Mulatos, Sonora.

Some perpendicular magnetic lineaments in the project appear to define NE-trending zones along strike that generally serve as the main mineralization controls in the district and at surface have associated occurrences of Au-Ag mineralization (e.g. Agua Prieta Trend, Figure 1B). The new areas provide additional future focuses further expanding the planned program and continuing to grow the targeting of the project. Structural intersections in the mineralized dome districts of Mexico and other countries such as in Peru, Bolivia and USA often define focused locations of geologic faults which can provide fluid pathways for higher grade hydrothermal breccias and mineralization.

The acquisition and processing of the magnetic data were completed by Zonge International, Inc. This resulted in the merging and leveling of the historic UAV databases acquired recently by Riverside in the Magallanes Target, producing various merged data interpretations including; total magnetic intensity, reduction to the pole, 1st vertical derivative, and tilt derivative of the reduction to the pole processing’s. The updated 3D inversion model helps delineate the targets at depth and is being used for modeling drill collars and plans for upcoming drilling. This drilling is expected to start in the fourth quarter of 2024, with Fortuna Mining as the funding partner.

Figure 1.
A. Updated 1:10.000 geological map of the Cecilia project.
B. New target area at Magallancito over Total Magnetic Intensity (TMI) Reduced to North Pole map. The target areas dashed with scales of multiple kilometers.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/219104_17c80cf5a451ea58_002full.jpg

About the Cecilia Project:

Riverside Resources owns the project and has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 24.2 meters at 1.51 grams per ton of gold (April 15, 2021 press release) within the rhyodacite dome, showcasing the property’s gold at shallow depths which also has been mined in over a dozen locations including some substantial small scale underground prospect mining. The project has potential to follow these intercepts and go for larger targets at depth is the next planned drilling activity.

One distinguishing aspect of this project is the potential to preserve a fertile dome system. The Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style mineralization. This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite systems, like the La Pitarrilla Ag-Pb-Zn project (~800M oz AgEq*) and Fresnillo’s San Julian Ag-Au Mine (~350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic Province to Cecilia.

*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023.

**Obtained from Fresnillo public presentation, Hermosillo, October, 2016

Qualified Person & QA/QC:

The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Julian Manco, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

Eric Negraeff
Investor Relations
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219104

Categories
Base Metals Energy Junior Mining Precious Metals Uncategorized

Grizzly Announces Closing of Initial Tranche of Private Placement

Edmonton, Alberta–(Newsfile Corp. – July 31, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) announces that it has closed on an initial tranche of the private placement (the “Offering”) of Units and Flow-Through Units originally announced on June 20, 2024 and extended on July 19, 2024.

The Company issued a total of 6,157,668 Units and 700,000 FT Units, each at a price of $0.03, for aggregate gross proceeds of $205,730.

Each Unit consists of one common share of the Company (“Common Share”) and one non-transferrable common share purchase warrant (“Warrant”) entitling the warrant holder to purchase an additional Common Share for $0.05 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.10 per Common Share for 10 consecutive trading days; and (b) 24 months from the date of issuance. Each Flow-Through Unit consists of one Common Share and one half of one Warrant, each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). The Offering is being offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.

The proceeds of $184,730 from the sale of Units in this tranche are intended to be used for general working capital and corporate overhead, including the payment of management fees to officers of the Company, and the proceeds of $21,000 from the sale of FT Units will be reserved for mineral property exploration.

No commissions or finder’s fees were paid with respect to this tranche of the Offering.

The Offering remains open, with 10,509,000 Units and 16,966,668 FT Units remaining under the maximum Offering, until August 18, 2024.

The Offering is subject to final approval from 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

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.com

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 under the Company’s SEDAR+ profile 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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218450View Comments

Categories
Base Metals Energy Junior Mining

US must expand nuclear arsenal in face of Russia and China threat, warns top Obama defense adviser

Security officials are sounding the alarm that the U.S.’s post-Cold War approach to countering a nuclear Russia is no longer enough as China, North Korea and Iran look to bolster their nuclear capabilities. 

Related to this article is our interview regarding Nuclear/Uranium.

“For far too long, the United States has ignored revitalizing its nuclear arsenal. China and Russia have expanded their nuclear arsenals to achieve nuclear parity – if not advantage – over the United States by the 2030s,” Robert Peters, former special adviser for countering weapons of mass destruction within the Obama administration’s Office of the Secretary of Defense told Fox News Digital.

“Inaction is not an option. A world where the United States suffers nuclear disadvantage, while our adversaries enjoy nuclear advantage, is a world where nuclear war is more likely.”

In the Heritage Foundation report titled “Building the Nuclear Arsenal of the 21st Century,” first obtained by Fox News Digital before its release Tuesday, Peters highlights the dangers the U.S. faces in the wake of failed nuclear agreements and the increasingly tense geopolitical reality that Washington and its Western allies must confront.

Putin Biden nuclear

Peace activists wearing masks of Russian President Vladimir Putin and President Biden pose with mock nuclear missiles in front of Berlin’s Brandenburg Gate on Jan. 29, 2021.  (John MacDougall/AFP via Getty Images)

RARE DISPUTE REVEALS CHINA AND NORTH KOREA’S ONGOING DISCORD OVER NUCLEAR WEAPONS

Peters, now a research fellow for nuclear deterrence with Heritage, argued the U.S. needs to abandon its long sought after policy of global nuclear disarmament, and instead Washington needs to “expand and diversify” its strategic arsenal.

The nuclear expert said expansions to the U.S.’s nuclear force posture should include creating a larger ballistic missile submarine force and increasing warheads on ground-based strategic deterrents.

Peters also said Washington should immediately “upload non-strategic nuclear warheads” from its ready reserve stockpiles for “existing theater capabilities.”

The U.S. has over 1,300 “retired” warheads that have been removed from the active stockpile, but which have not yet been dismantled, according to the Arms Control Association. Russia has 1,200 “retired” warheads. 

“These immediate steps are stopgap measures until the nuclear enterprise is able to produce plutonium pits and nuclear warheads at scale – at a rate of 80 per year by 2030 and 200 per year by 2035 – for the next generation of non-strategic nuclear weapons that are fit to purpose and meet military requirements,” Peters detailed in his report

Nuclear mushroom cloud

A mushroom cloud rises during a nuclear weapons test on Bikini Atoll, Marshall Islands, in 1946. (U.S. Library of Congress/Handout via Reuters)

The report also encouraged updates to U.S. force posture by “potentially” stationing additional U.S. nuclear weapons across Europe, as well as introducing them to the Western Pacific. 

Concerns over nuclear security have been mounting for more than a year after Moscow pulled out of the 2010 New START treaty signed by President Obama and Russian President Vladimir Putin in 2023.

The 2010 treaty expanded the original Strategic Arms Reduction Treaty (START) signed in 1991 by President George H. W. Bush and Soviet Union leader Mikhail Gorbachev – which began clearing out nuclear stockpiles.

The treaty signed in 2010 limited the number of warheads the U.S. and Russia could have deployed on delivery systems like intercontinental ballistic missiles, submarine-launched ballistic missiles or heavy bombers to no more than 1,550. 

Putin’s decision to pull out of the nuclear agreement came after security officials had been flagging Moscow’s failure to adhere to the deal and coincided with a visit from Chinese President Xi Jinping, who has repeatedly refused to engage in any nuclear negotiations with the U.S.

RUSSIA’S KREMLIN URGES ‘IN-DEPTH DIALOGUE’ TO EASE RISING NUCLEAR TENSIONS WITH THE WEST

Russian missile test

This photo taken from video provided by the Russian Defense Ministry Press Service on Feb. 19, 2022, shows a Yars intercontinental ballistic missile being launched from an air field during military drills in Russia.

The U.S. and Russia still account for 90% of the world’s nuclear stockpiles, with Washington accounting for 5,044 warheads while Russia has 5,580. 

China’s unchecked nuclear expansion has been drawing concern for years, though for now Beijing is still believed to have just 500 warheads in its stockpiles.

North Korea is reported to have 50 nuclear warheads.

France, the U.K., India, Pakistan and Israel all reportedly contribute to the more than 12,100 warheads worldwide. 

The strategy of deterrence was established during the Cold War between Washington and Moscow due to the threat of mutually assured destruction should there ever be a nuclear conflict.

This strategy still persists today, but thanks to technological advances of low-yield nuclear weapons, other strategic factors now affect nuclear force posture. 

“Deterrence through threats of punishment is necessary, but not sufficient for the threats the United States faces,” the report said, arguing a new approach will strengthen U.S. deterrence by also eliminating potential “escalation pathways” for Washington’s adversaries. 

Since the end of the Cold War, American leaders on both sides of the political spectrum have sought nuclear disarmament with Russia and other nations as the safest path forward in preventing a catastrophic nuclear event. 

But Peters argued this strategy is no longer viable given an increasingly hostile international reality. 

Vladimir Putin and Kim Jong Un

Russia’s President Vladimir Putin and North Korea’s leader Kim Jong Un visit the Vostochny Сosmodrome in the far eastern Amur region, Russia, Sept. 13, 2023. (Sputnik/Mikhail Metzel/Kremlin via Reuters/File Photo)

“The United States will not abandon arms control or nonproliferation goals – but it must recognize that for the time being, the global security environment does not lend itself to treaty-based arms control or other non-treaty-based risk reduction or confidence building measures,” the report said. 

The report, which is intended to be shared with the incoming administration following the November election no matter who is the victor, acknowledges that nuclear deterrence is an expensive aspect of U.S. national security, but one that is far more affordable than countering a nuclear war. 

CLICK HERE TO GET THE FOX NEWS APP 

“None of this will be inexpensive. Nuclear weapons currently account for between 5 and 6% of the Department of Defense budget,” the report said, detailing that the proposed changes would likely add another 1% to 2% to total defense budget.

“Ultimately, deterring great power war – particularly nuclear war – is far less expensive than actually fighting one.,” the report said. “To prevent a war and ultimately prevent strategic attack… the United States must build and field a nuclear arsenal that is credible.”

Original Source: https://www.foxnews.com/world/us-must-expand-nuclear-arsenal-face-russia-china-warns-obama-wmd-advisor

Categories
Base Metals Energy Junior Mining Precious Metals

Nations Royalty Provides Update on Royalty Interest: The KSM Deposit Receives “Substantially Started” Designation

VANCOUVER, BC, July 30, 2024 /CNW/ – Nations Royalty Corp. (“Nations Royalty” or the “Company“) (TSXV: NRC) is pleased to be informed that the British Columbia Provincial Government has granted ‘Substantially Started’ designation for Seabridge Gold Inc.’s (“Seabridge“) KSM Project, located in the Golden Triangle of northwest British Columbia.

The Substantially Started designation allows for the KSM Project’s Provincial Environmental Assessment Certificate (“EAC“) to be valid in perpetuity over the life of the KSM Project and is no longer subject to expiry. With this designation, KSM is the largest, permitted copper-gold development project in the world. The deposit hosts 47.3M ounces of Au and 7.3B pounds of Cu in Proven and Probable Reserves1. According to Seabridge’s news release dated July 26, 2024, Seabridge has spent over $800 million to advance the KSM Project since the EAC was issued. Development completed to date includes significant work such as road and power infrastructure, as well as camp construction.

Nations Royalty holds the right to receive an annual benefit payment entitlement on the KSM Project that is calculated by reference to the amount of tax payable by the project operator under the Mineral Tax Act (British Columbia) for the life of the KSM Project (the “KSM Payment Entitlement“). The KSM Payment Entitlement was negotiated by the Nisga’a Nation and recently contributed to Nations Royalty as part of a royalty portfolio (see the Company’s news release dated June 20, 2024). The Nisga’a Nation is a founder and the major shareholder of Nations Royalty.

“Nations Royalty wishes to congratulate Seabridge and acknowledge the work completed by the Government of British Columbia, as well as the thorough consultation with Indigenous Groups and nearby communities, including Nisga’a and Tahltan,” said Kody Penner, Vice President of Corporate Development for Nations Royalty. “We look forward to all groups continuing to work together to advance the KSM Project and fruitful outcomes to Seabridge’s joint venture discussions. Our Payment Entitlement, on the large, long-life copper-gold-silver-molybdenum Deposit, is a core piece of the foundation for the future success of Nations Royalty.”

KSM Project Proven and Probable Mineral Reserves as of May 26, 20221

Diluted GradesContained Metal
Ore
(Mt)		Au(g/t)Cu
(%)		Ag
(g/t)		Mo
(ppm)		Au
(Moz)		Cu
(Mlb)		Ag
(Moz)		Mo
(Mlb)
Proven1,2970.710.152.47529.64,20398215
Probable9950.550.141.97717.73,11662170
Total Proven & Probable2,2920.640.142.27647.37,320160385
1.Source KSM (Kerr-Sulphurets-Mitchell) Prefeasibility Study and Preliminary Economic Assessment, Prepared for Seabridge Gold Inc. August 8, 2022. The Mineral Reserve Estimates were reviewed by Jim Gray, P.Eng. (who is also the Independent Qualified Person for these Mineral Reserve Estimates) reported using the 2014 CIM Definition Standards and 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and have an effective date of May 26, 2022.


About Nations Royalty Corp.

The Company’s vision is to unite First Nations and Indigenous groups across Canada, welcoming external investors to join the Company as shareholders. Together, they will combine royalties, income and commodity streams and annual benefit payment entitlements from resource projects, tapping into the growth, diversification and value potential typical of publicly traded royalty companies. As a leader in the spirit of economic reconciliation, Nations Royalty’s mission includes capacity building of Indigenous People in public companies and capital markets.

Nations Royalty’s foundation begins with the right to receive five annual payment entitlements in place in respect of the following properties in Canada:

  • The high-grade Brucejack gold mine operated by Pretium Resources Inc., a wholly-owned indirect subsidiary of Newmont Corporation, a large underground gold mine;
  • The KSM Copper-Gold-Silver-Molybdenum deposit, currently in development by Seabridge Gold Inc.;
  • The Premier Gold Project, currently being commissioned by Ascot Resources Ltd. with first gold pour completed in April 2024;
  • The Red Mountain Gold Deposit, owned by Ascot Resources Ltd.; and
  • The Kitsault Molybdenum Deposit, a large, fully permitted brownfield site owned and being actively advanced by New Moly LLC, majority-owned by Resource Capital Fund VI L.P.

Qualified Person

Andrew Hamilton, P.Geo, a “qualified person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the technical disclosure in this press release.

On behalf of the Board of Directors of Nations Royalty Corp.

“Robert McLeod”
Chief Executive Officer

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.

Technical and Third-Party Information

Except where otherwise stated, the disclosure in this news release relating to the KSM Project is based on information publicly disclosed by the owners or operators of this property and information/data available in the public domain as at the date hereof and none of this information has been independently verified by Nations Royalty or its qualified person. Specifically, as the holder of the KSM Payment Entitlement, Nations Royalty has limited, if any, access to the KSM Project. Although Nations Royalty does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Cautionary Statement Regarding Forward-Looking Information

Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. When used in this news release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words, or variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release include information relating to: the business plans, mineral reserves, objectives and expected outcomes of Nations Royalty and the projects in which Nations’ Royalty holds an interest, including the advancement of the KSM Project. Such forward-looking information is based on the Company’s expectations, estimates and projections as at the date of this news release.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern, risks associated with potential governmental and/or regulatory action with respect to the Company’s operations and the potential inability of the Company to implement its business plan going forward, risks of mineral reserve estimates not being accurate, risks related to the absence of control over mining operations from which Nations Royalty will receive annual benefit payments and risks related to those mining operations, with respect to the KSM Project, the risk that the opportunities for the advancement of the KSM Project may not materialize, the KSM Project does not ultimately go into production, and potential joint venture partners not favourably concluding joint venture discussions, and the other risks and uncertainties applicable to the Company’s business as set forth in the Company’s management discussion and analysis and its Filing Statement dated June 14, 2024, both of which are available for viewing under the Company’s profile at www.sedarplus.ca. Such statements and information reflect the current view of the Company and are based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the advancement of the KSM Project and receipt of the annual benefit payment. The Company has also assumed that no significant events will occur outside the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

SOURCE Nations Royalty Corp.

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/July2024/30/c8230.html

Categories
Base Metals Energy Junior Mining

F3 Hits 2.5m of 18.6% U3O8 within 3.2% over 15.0m at JR Zone

Kelowna, British Columbia–(Newsfile Corp. – July 30, 2024) – F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce final assay results from the winter 2024 drill program, including PLN24-137 which was cored in the JR Zone (see NR April 16, 2024) and which returned 15.0m of 3.2% U3O8, including a high grade 2.5m interval averaging 18.6% U3O8, further including the ultra-high grade core with 1.5m of 30.3% U3O8.

Exploration geochemistry for the continuing summer drill program has also been received up to hole PLN24-152 which focused on drill testing both the A1 main shear, as well as a related fault splay termed the “North Horse” grid south of the cross-cutting Harrison Fault, a significant structure corresponding to a vertical offset of approximately 130m. Two radioactive intervals (see NR June 12, 2024) corresponding to the main A1 and North Horse structures respectively yielded the strongest exploration geochemistry results outside of JR Zone to date, with the main A1 intersect assaying 0.045% U3O8, and the North Horse intersect assaying 0.014% U3O8 over 7 meters including 0.051% U3O8 over 0.5m (see Photo 1).

A series of shorter exploration drill holes have been completed on the main A1 shear infilling gaps, and although there are multiple areas warranting follow up, exploration drilling in the near term will focus on the areas near Harrison Fault, and to the southeast.

Sam Hartmann, Vice President Exploration, commented:

“We are very pleased with these ongoing results. Drillhole PLN24-152 stands out with the strongest geochemistry signatures to date outside of the JR Zone and represents one of the highest priority exploration targets for follow up. This hole targeted the intersect of the Harrison Fault and the A1 Main shear zone just south of the Harrison Fault. Targeting in this area now includes the Harrison Fault itself, and the areas of shear intersections with it. We are persistent in our efforts to hone in on potential high-grade mineralization indicated by encouraging results from our systematic drilling in this area.”

Figure 1

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Winter 2024 JR Zone Assay Highlight:

PLN24-137 (line 040S):

  • 15.0m @ 3.2% U3O8 (202.5m to 217.5m), including:
    • 2.5m @ 18.6% U3O8 (214.0 to 216.5m), further including:
    • 1.5m @ 30.3% U3O8 (214.5 to 216.0m)

Summer 2024 Exploration Geochemistry Highlights:

PLN24-152 (line 2850S) A1 Exploration, south of Harrison Fault:

  • 2.0m @216 ppm U, 0.024% U3O8 (351.0m to 353.0m), including
    • 0.5m@ 409 ppm U, 0.045% U3O8 (352.0m to 352.5m), and
  • 7.0m @ 107 ppm U, 0.014% U3O8 (434.5m to 441.5m), including
    • 0.5m @ 412 ppm U, 0.051% U3O8 (440.5m to 441.0m)

Photo 1. PLN24-152 Mineralized Intervals

To view an enhanced version of this graphic, please visit:
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Table 1. Drill Hole Summary and Uranium Assay Results

Collar InformationAssay Results
Hole IDGrid LineEastingNorthingElevationAzDipFrom
(m)		To
 (m)		Interval
(m)		U3O8 weight %
PLN24-132090S587708.06410637.5545.655.0-58.1no mineralization >0.05
PLN24-1332850S589506.96408515.5529.355.0-71.7B1 Exploration; no mineralization >0.05
PLN24-134435S587868.16410326.1530.753.6-64.6B1 Exploration; no mineralization >0.05
PLN24-1353240S589630.46408142.8535.452.1-70.3B1 Exploration; no mineralization >0.05
PLN24-136630S588165.66410302.3536.354.4-58.7A1 Exploration; no mineralization >0.05
PLN24-137040S587780.26410753.3545.655.4-75.0202.50214.0011.500.13
214.00216.502.5018.61
incl214.50216.001.5030.27
216.50217.501.500.26
PLN24-1382850S589493.86408505.0530.151.8-76B1 Exploration; no mineralization >0.05
PLN24-139795S588289.36410186.5532.654-59A1 Exploration; no mineralization >0.05
PLN24-1402325S589060.26408857.6543.955.7-60A1 Exploration; no mineralization >0.05
PLN24-1413240S589622.46408136.8535.557.7-73B1 Exploration; no mineralization >0.05
PLN24-1422850S589560.66408554.7530.553.5-76B1 Exploration; no mineralization >0.05
PLN24-1432325S589059.06408856.8543.954.7-67B1 Exploration; no mineralization >0.05
PLN24-1442820S589485.36408554.4529.654.1-75B1 Exploration; no mineralization >0.05
PLN24-1452325S589095.36408883.2543.952.9-66A1 Exploration; no mineralization >0.05
PLN24-1462850S589424.56408454.7533.350.7-78B1 Exploration; no mineralization >0.05
PLN24-1472370S589105.96408835.4543.756.9-70A1 Exploration; no mineralization >0.05
PLN24-1482280S589072.16408921.7543.955.5-74A1 Exploration; no mineralization >0.05
PLN24-149795S588316.16410208.7530.853.9-59A1 Exploration; no mineralization >0.05
PLN24-1501125S588460.16409904.8533.358.1-70A1 Exploration; no mineralization >0.05
PLN24-1511530S588676.06409561.0544.554.1-70A1 Exploration; no mineralization >0.05
PLN24-1522850S589259.26408356.8537.253.1-68440.54410.50.051

Assay composite parameters:

1: Minimum Thickness of 0.5 m
2: Assay Grade Cut-Off: 0.05% U3O8 (weight %)
3. Maximum Internal Dilution: 2.0 m

Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.

Composited weight % U3O8 mineralized intervals are summarized in Table 1. Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.

The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade”.

All depth measurements reported are down-hole and true thickness are yet to be determined.

About Patterson Lake North:

The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.

Qualified Person:

The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp.:

F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discoveries. F3 Uranium currently has 20 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane. F3 has announced a transaction pursuant to which it will transfer 17 of its prospective uranium exploration properties to F4 in exchange for common shares of F4 which will be distributed to F3 shareholders on the basis of one F4 Share for every common share of F3 held; the F4 shares will then be rolled back at a rate of 10 to 1. F3 will retain the PLN Project consisting of the PLN, Misto and Broach properties. The Broach property incorporates the PW property which it obtained from CanAlaska as the result of a property swap.

Figure 2

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Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2

Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218187