Vancouver, British Columbia–(Newsfile Corp. – November 14, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce the completed transfer of its three key Ontario gold properties: Pichette, Oakes, and Duc to its wholly-owned subsidiary, Blue Jay Resources Inc (“Blue Jay”). This move lays the groundwork for Riverside’s strategic plan to advance its Ontario portfolio by establishing Blue Jay as a standalone exploration company. Blue Jay can fully focus on the exploration, discovery, and value-creation potential that these assets deserve. This structure provides Riverside shareholders with exposure to potential gains, while also paving the way for capital investment aimed at unlocking value in these properties.
This approach is similar to Riverside’s past strategy with Capitan Silver Corp. (“CAPT”), where Riverside shareholders received shares of CAPT, which gained value as exploration progressed successfully. Now, Blue Jay offers another opportunity to further unlock shareholder value, while Riverside retains a 2% NSR on each project.
Blue Jay is led by Geordie Mark as Chief Executive Officer, with the company in the final stages of appointing its Chairman, John-Mark Staude, along with a strong lineup of board of directors. Geordie brings extensive experience in the mining industry, with leadership roles spanning exploration, academia, and financial markets. He has spent over 15 years as a mining analyst on both the buy and sell sides in North American equity markets. Under Geordie’s leadership, Blue Jay will leverage Riverside’s Ontario-based gold assets and is already working on an exploration strategy, with plans to initiate a targeted drill campaign during H1 2025.
“We are excited to see Blue Jay Resources rapidly progress towards becoming a focused exploration company, dedicated to advancing this quality portfolio of Ontario gold assets. This spinout provides our shareholders with exposure to a new vehicle for value creation, while Riverside retains upside through a 2% net smelter royalty (NSR) on the projects,” said Dr. John-Mark Staude, CEO of Riverside Resources. “Our goal is to unlock the inherent value of these properties for our shareholders through the potential share spinout.”
Geordie Mark, CEO of Blue Jay Resources, stated, “I’m thrilled by the opportunity to lead Blue Jay as we explore Ontario’s well-established Beardmore-Geraldton greenstone belt, especially in such a proactive mining jurisdiction. Both the Pichette and Oakes projects are strategically positioned near the Equinox Gold Greenstone Gold project, Canada’s 4th largest open pit gold mine, which emphasizes the potential of this area. Our team is committed to realizing the value of these assets through a focused exploration strategy, and we’re eager to expand our work.”
The proposed spinout structure includes Riverside potentially issuing shares of Blue Jay to Riverside shareholders, allowing them direct ownership in the new exploration-focused entity. While terms of the spinout are under consideration and have not been finalized, Riverside’s intention is to ensure shareholders can benefit from the success of both Riverside and Blue Jay Resources and provide positive upside for the growth of both companies.
About the Projects:
Pichette Project The Pichette Gold Project, covering approximately 1190 hectares, is situated in the prolific Geraldton-Beardmore Greenstone Belt of Northwestern Ontario, a renowned gold-producing region in Canada. This 100%-owned project is strategically positioned near Equinox Gold’s Greenstone Gold Project, Canada’s newest large-scale mine and immediately east of Beardmore mining camp that produced from high grade veins similar to some of the targets found at Pichette.
Historical drilling at Pichette, primarily conducted in the 1950s, intersected shallow high-grade gold mineralization, including notable intercepts such as 3.4 meters at 16.7 g/t Au and 3.2 meters at 4.8 g/t Au, associated with banded iron formations (“BIF”). These BIF structures, which span over 15 kilometers of interpreted trend across the project, remain largely untested at depth, with gold mineralization open along strike. Positioned for efficient exploration, Pichette has road access via the Trans-Canada Highway and benefits from existing regional infrastructure. The assay information is historic in nature and will be retested as part of the planned work for Blue Jay to carry out in 2025.
Oakes Project The Oakes Gold Project, located within the productive Geraldton-Beardmore Greenstone Belt in Northwestern Ontario, sits 20km east of the Equinox Gold’s Greenstone Gold Mine. The project is approximately 5200 hectares in size and hosts a series of parallel favorable geology and shear zones with gold mineralization identified along its length. Historical drilling and recent surface sampling have returned high-grade gold values, with drill intercepts of up to 8 g/t Au and surface assays over 30 g/t Au. Geophysical surveys, including magnetics and induced polarization, have mapped several fault zones and structural features aligned with known geological units, offering significant exploration potential.
The project is accessible with robust local infrastructure, including roads, train line and power, which supports low-cost exploration efforts. The future exploration program could expand on previous findings by further testing mineralized zones along strike and at depth, positioning Oakes as a strong candidate for additional high-grade gold discoveries in a historically productive district.
Duc Project The Duc Project is located in the Porcupine Mining Division, approximately 50 km southwest of Kapuskasing, Ontario. Covering 580 hectares, it sits within the highly prospective Kapuskasing Structural Zone, near the open-pit phosphate mine of Agrium Ltd. The property is underlain by a mix of metasedimentary and metavolcanic rocks, with potential for gold and rare earth element (REE) mineralization. Recent exploration, including a 2023 helicopter magnetics survey, has confirmed key structural elements and identified promising areas for follow-up targeting work.
The Company is leading exploration efforts at Duc, focusing on gold mineralization and potential platinum group metals (PGMs). Historical drilling and geophysical data suggest significant gold and nickel potential, while current geophysical surveys have highlighted new targets. Planned work includes further integration of the new geophysical surveys, geochemical analysis, and then drilling to refine these targets and advance the project towards more detailed exploration.
Qualified Person & QA/QC: The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources 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.
October’s Consumer Price Index (CPI) will serve as the latest test of whether an inflation resurgence is a risk to the US economy as the Federal Reserve debates its next interest rate decision after cutting rates by a quarter percentage point last week.
The report, set for release at 8:30 a.m. ET on Wednesday, is expected to show headline inflation of 2.6%, a slight uptick from September’s 2.4% annual gain in prices, which marked the lowest annual headline reading since February 2021. Consumer prices are expected to have risen 0.2% over the prior month, matching the monthly increase seen in September.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in October are expected to have risen 3.3% over last year for the third consecutive month. Economists expect monthly core price increases to also match the prior month’s reading of 0.3%, according to Bloomberg data.
“The October CPI report will likely support the notion that the last mile of inflation’s journey back to target will be the hardest,” Wells Fargo’s lead economist Jay Bryson wrote in a note to clients on Friday.
Bank of America economists Stephen Juneau and Jeseo Park agreed, writing in a preview note on Monday that “inflation [is] unlikely to show much progress” and that the upcoming CPI print will likely show inflation “moving sideways after a period of substantial disinflation.”
Although inflation has been slowing, it has remained above the Federal Reserve’s 2% target on an annual basis.
Compared to the current Biden administration, Trump and his proposed policies have been viewed as potentially more inflationary due to the president-elect’s campaign promises of high tariffs on imported goods, tax cuts for corporations, and curbs on immigration.
In a press conference following the latest rate cut, Federal Reserve Chair Jerome Powell said the central bank does not and will not make decisions based on expected policy changes from a new administration.
“In the near term, the election will have no effect on our policy decisions,” he said at the time. “We don’t know what the timing and substance of any policy changes will be. We, therefore, don’t know what the effects on the economy would be, specifically whether and to what extent those policies would matter for the achievement of our goal variables: maximum employment and price stability.”
Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve in Washington, Thursday, Nov. 7, 2024. (AP Photo/Mark Schiefelbein) · ASSOCIATED PRESS
As of Tuesday, markets continued to price in another 25 basis point cut in December, although the probability investors put on the central bank holding rates steady increased to roughly 35% compared to 22% one week ago, per the CME FedWatch Tool.
“Given Chair Powell’s remarks last week, we believe that would keep the Fed on track to cut rates again by 25 basis points at its December meeting,” BofA’s Juneau and Park wrote. “That said, the shift in risks around inflation, coupled with the resilience of the US economy, has increased uncertainty over the medium-term policy outlook.”
“While economic fundamentals suggest inflation should continue to moderate, policy changes pose an upside risk to the outlook,” the duo added.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
Vancouver, British Columbia–(Newsfile Corp. – November 12, 2024) – Silver47 Exploration Corp. (TSXV: AGA) (“Silver47” or the “Company), is pleased to announce the commencement of trading on the TSX Venture Exchange (the “TSXV“) under the new symbol “AGA“, effective at the open of trading on November 14, 2024.
Silver47’s listing on the TSXV marks a major milestone for the Company as it advances its strategy to continue to develop its exploration projects, including its flagship Red Mountain VMS project located in central Alaska, USA. The Red Mountain VMS project is detailed in the technical report titled “Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA” commissioned by the Company and completed by Apex Geoscience Ltd. and has been filed on the Company’s SEDAR+ profile at www.sedarplus.ca and is available on the Company’s website www.silver47.ca . Additional information about the Company can be found in Silver47’s long form prospectus dated October 25, 2024 available at www.sedarplus.ca.
Gary R. Thompson, Chief Executive Officer, commented:“We are excited to bring Silver47 to the market at a time when silver and gold prices have made tremendous moves higher this year. Silver47 is well positioned to capitalize on this rising demand trend in metals. The objective of the Company is to rapidly grow its resource base toward a milestone development decision while generating new discoveries.”
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Silver47 Exploration Corp. Silver47 is a Canadian exploration company focused on advancing its mining projects. Silver47 wholly-owns three exploration projects: the flagship Red Mountain VMS silver-zinc-lead-copper-gold project located in south central Alaska, USA; the Adams Plateau silver-zinc-lead-copper Project located in southern British Columbia; and the Michelle silver-lead-zinc-gallium-antimony Project located in the Yukon Territory. For more information about Silver47, please visit our website at www.silver47.ca.
On Behalf of the Board of Directors Mr. Gary R. Thompson, Director and CEO info@silver47.ca
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements relating to the Company, its future plans and strategy relating to its properties or other similar expressions, the market for gold and silver and the Company’s ability to capitalize on same, the Company’s objectives, and all statements, other than statements of historical fact included herein including, without limitation, statements regarding the securities herein. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; regulatory risks; fluctuations in commodity prices; title matters; and the additional risks identified in the Company’s disclosure filed under its issuer profile on SEDAR+ or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION OR DISSEMINATION IN OR INTO THE U.S.
Bolivia’s central bank ditched new rules on reporting its gold reserves which it had published just two days earlier.
The bank said in a statement Friday that it wouldn’t implement the resolution to avoid “speculation that seeks to damage the economic stability of the country.”
The resolution would have allowed the bank to report its gold holdings twice a year: on Nov. 5 and May 5. That could potentially have allowed it to access more liquidity to pay for imports and address a crippling fuel shortage.
By law, the institution must keep at least 22 tons of the metal, but the change might have allowed it to drop below this level between the reporting dates.
Bolivia needs “flexibility” in the management of its gold holdings in order to maintain “the normal functioning of international payments in the country”, the bank said in the original resolution posted on its website.
On Friday, the bank’s president Edwin Rojas told reporters in La Paz that as of Nov. 7 the bank had $121 million in cash and about $1.9 billion in gold. The bank has more than 22 tons of the metal, he said.
Bolivia is undergoing an economic crisis as a shortage of foreign currency causes scarcity of fuel and other key goods as well as accelerating inflation. The crisis is being aggravated by clashes between supporters of President Luis Arce and former President Evo Morales.
Vancouver, British Columbia–(Newsfile Corp. – October 31, 2024) – Silver47 Exploration Corp. (“Silver47” or the “Company), is pleased to announce that it has received a receipt for the Company’s final long form prospectus dated October 25, 2024 (the “Prospectus“), filed with the securities regulatory authorities in the provinces of British Columbia, Alberta, and Ontario. The Prospectus qualifies the distribution of 6,297,393 units of the Company (“Units“) issuable for no additional consideration on the automatic exercise of 6,297,393 special warrants (the “Special Warrants“) issued by the Company between April 2, 2024 to July 31, 2024. The Company also announces that it received the conditional acceptance from the TSX Venture Exchange (“TSXV“) on October 22, 2024 to list (the “Listing“), subject to customary conditions. In accordance with the terms of the certificates representing the Special Warrants, each Special Warrant automatically converted into a Unit comprised of one common share of the Company (a “Share“) and one half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant“) on filing and being receipted for the Prospectus and receipt of conditional acceptance for the Listing. Each Warrant is exercisable for one Share at a price of $1.00 per Share and is exercisable until the date that is 24 months from the Listing of the Shares on the TSXV. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Silver47 Exploration Corp. Silver47 is a Canadian exploration company focused on the advancement of its mining projects. Silver47 wholly owns three exploration projects: Silver47’s flagship Red Mountain VMS silver-zinc-lead-copper-gold project located in central Alaska, USA; the Adams Plateau silver-zinc-lead-copper project located in southern British Columbia; and the Michelle silver-lead-zinc Project located in the Yukon Territory. Silver47 has received conditional acceptance from the TSXV for the Listing of its Shares and intends to complete the Listing under the ticker symbol AGA. For more information about Silver47, please visit our website at www.silver47.ca. On Behalf of the Board of Directors Mr. Gary R. Thompson, Director and CEO info@silver47.ca No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. FORWARD-LOOKING STATEMENTS Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-Looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements relating to the issuance of securities and their characteristics described herein, approval of the Company’s Listing application, or other similar expressions, all statements, other than statements of historical fact included herein including, without limitation, statements regarding the securities herein. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; the satisfaction of the conditions imposed by the TSXV on the Listing; operational risks associated with mineral exploration; regulatory risks; fluctuations in commodity prices; title matters; and the additional risks identified in the Prospectus filed under its issuer profile on SEDAR+ or other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-Looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Sergio Mendoza Fri, November 8, 2024 at 3:05 PM EST
(Bloomberg) — Bolivia’s central bank is easing its rules on national gold reserves, potentially allowing it to access more liquidity to pay for imports and address a crippling fuel shortage.
The resolution, issued by the board this week, allows the bank to report its gold holdings twice a year: on Nov. 5 and May 5. By law, the institution must keep at least 22 tons of the metal, but the change could potentially allow it to drop below this level between the reporting dates.
Bolivia needs “flexibility” in the management of its gold holdings in order to maintain “the normal functioning of international payments in the country”, according to the resolution posted on its website.
The bank didn’t say it if plans to sell some of its holdings in the short term, and didn’t immediately reply to a written request for comment.
The bank reported 22.37 tons of gold holdings at the end of August, with a value of $1.8 billion.
Bolivia is undergoing an economic crisis as a shortage of foreign currency causes scarcity of fuel and other key goods as well as accelerating inflation. The crisis is being aggravated by clashes between supporters of President Luis Arce and former President Evo Morales.
Vancouver, British Columbia–(Newsfile Corp. – November 7, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9)(the “Company” or “EMX”) is pleased to report results for the three and nine months ended September 30, 2024 (in U.S. dollars unless otherwise noted).
In Q3 2024, EMX continued on a strong uptrend due to robust royalty production and strong metal prices. Strong performance during the quarter was marked from Caserones, 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 Highlightsfor the Quarter Ended September 30, 2024 and 2023:
Three months ended September 30,
Nine months ended September 30,
(In thousands of U.S. dollars)
2024
2023
2024
2023
Statement of Income (Loss)
Revenue and other income2
$
7,027
$
12,925
$
19,272
$
19,075
General and administrative costs
(1,537)
(1,364)
(5,379)
(4,662)
Royalty generation and project evaluation costs, net
(3,090)
(3,505)
(8,931)
(8,527)
Net income (loss)
$
1,194
$
2,441
$
(5,055)
$
(6,007)
Statement of Cash Flows
Cash flows from operating activities
$
(187)
$
7,122
$
326
$
2,787
Non-IFRS Financial Measures1,2
Adjusted revenue and other income
$
9,660
$
14,527
$
26,711
$
26,108
Adjusted royalty revenue
$
8,817
$
12,744
$
24,310
$
21,951
GEOs sold
3,560
6,608
10,607
11,358
Adjusted cash flows from operating activities
$
1,760
$
8,863
$
5,762
$
7,880
Adjusted EBITDA
$
5,071
$
10,168
$
12,933
$
13,390
Strong Revenue Growth Excluding $6,676,000 in catch-up payments received in Q3 2023 related to the Timok royalty, adjusted revenue and other income1 increased by 23%3 and adjusted royalty revenue1 increased by 45%3 compared to Q3 2023.
Development of Flagship Assets Significant investment by Zijin Mining Group at Timok through continued development of upper and lower zonesIncreased exploration activity by Zijin Mining Group and Lundin Mining within EMX’s existing royalty footprints.
Exceeding Adjusted Royalty Revenue1 Guidance The Company expects to exceed its 2024 adjusted royalty revenue1 guidance range of $22,000,000 to $27,500,000.
Other Q3 2024 Highlights Excluding catch-up payments received in Q3 2023, adjusted EBITDA1 increased 45%3 compared to Q3 2023.Working capital of $41,825,000 as at September 30, 2024.
Outlook
The Company previously announced 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 exceed 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 at 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. Zijin also highlighted a recently discovered exploration target south of the Cukaru Peki mine and within EMX’s royalty footprint. Analysis of recent satellite imagery over the Brestovac license, which contains the Cukaru Peki Mine and is covered by EMX’s royalty, shows substantial development of new drill pads with numerous drill rigs visible in the images in the southeast corner of the license.
In terms of other producing 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 Q3) and production rates at Balya North continued to increase in Q3. New and compelling exploration results were announced at the Viscaria copper-iron-silver development project in Q3 and the new owner/operator of Gediktepe highlighted potential for additional oxide gold and polymetallic sulfide mineralization beyond the currently defined resources. We are also excited about the advancement of Diablillos in Argentina by AbraSilver Resource Corp. where the company continues to expand the mineral resource. These developments are all examples of the remarkable optionality that exists through EMX’s global royalty portfolio.
EMX believes it is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties heading into 2025. As the Company continues to generate revenues from its producing royalty assets and from other option, advance royalty and pre-production payments across its global asset portfolio, various opportunities for capital redeployment will be evaluated. Such opportunities may include the direct acquisition of royalties, continued organic generation of royalties through partner funded projects, purchase of strategic investments, share buybacks through the Normal Course Issuer Bid or debt repayment. Through the astute allocation of capital, EMX will seek to build upon its recent years of success and continue creating value for shareholders into the future.
Third Quarter Results for 2024
In Q3 2024, the Company recognized $9,660,000 and $8,817,000 in adjusted revenue and other income4 and adjusted royalty revenue4, respectively, which represented a 23%5 and 45%5 increase, respectively, compared to Q3 2023. The increase is largely due to a 72% increase in royalty revenue from Gediktepe and a 44% increase in royalty revenue from Leeville when compared to Q3 2023.
The following table is a summary of GEOs4 sold and adjusted royalty revenue4 for the three months ended September 30, 2024 and 2023:
2024
2023
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
1,063
$
2,633
831
$
1,602
Timok6
499
1,236
3,987
7,689
Gediktepe
1,354
3,353
1,014
1,955
Leeville
449
1,112
401
773
Balya
139
344
295
568
Gold Bar South
42
104
31
59
Advanced royalty payments
14
35
51
98
Adjusted royalty revenue
3,560
$
8,817
6,608
$
12,744
Included in the quarterly revenue for Caserones was a true up of $412,500 (Q3 2023 – $111,000) due to a higher than expected revenue in the prior quarter. The true up in the current period was mainly driven by positive provisional pricing adjustments on prior period concentrate sales, higher than estimated sales and higher than estimate realized copper prices.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the nine months ended September 30, 2024 and 2023:
2024
2023
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
3,232
$
7,439
3,630
$
7,033
Timok6
1,789
4,089
3,987
7,689
Gediktepe
3,569
8,149
2,098
4,056
Leeville
1,374
3,163
1,019
1,971
Balya
367
852
380
730
Gold Bar South
150
346
98
193
Advanced royalty payments
127
272
145
279
Adjusted royalty revenue
10,607
$
24,310
11,358
$
21,951
Net royalty generation and project evaluation costs decreased from $3,505,000 in Q3 2023 to $3,090,000 in Q3 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 decrease 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 decrease in costs when compared to Q3 2023.
Not inclusive of the net royalty generation and project evaluation cost, EMX earned $345,000 in royalty generation revenue in Q3 2024 (Q3 2023 – $1,507,000).
Third Quarter Corporate Updates
Appointment of Stefan Wenger as Chief Financial Officer
During the three months ended September 30, 2024, the Company announced the appointment of Mr. Stefan L. Wenger as Chief Financial Officer effective October 1, 2024. Mr. Wenger was previously the Chief Financial Officer and Treasurer of Royal Gold, Inc., one of the mining industry’s leading royalty companies, from 2006 to 2018.
Credit Agreement with Franco-Nevada Corporation
In August 2024, the Company entered into a $35,000,000 credit agreement with Franco Nevada Corporation with a maturity date of July 1, 2029. Upon closing, the Company used the proceeds of the loan to repay the outstanding balance of the Sprott Credit Facility and for general working capital purposes.
Normal Course Issuer Bid
During Q3 2024 the Company repurchased and returned to treasury 692,189 common shares at a cost of $1,223,000. The Company then cancelled, pursuant to the Company’s Normal Course Issuer Bid, 684,253 common shares. Subsequent to period end, the Company repurchased 2,156,754 shares for a total cost of $3,322,000.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking information” or “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2024 and future outlook, including revenue and GEO estimates, refinancing outstanding debt and the timing thereof, the acquisition of additional royalty interests and partnerships, the purchase of securities pursuant to the Company’s NCIB or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from theCIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended September 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 income
Defined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Revenue and other income
The 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 revenue
Defined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Royalty revenue
Adjusted cash flows from operating activities
Defined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.
Cash flows from operating activities
The 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 revenue
The 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 EBITDA
EBITDA 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 SLM California (Caserones Royalty holder). 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 tax
The 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 September 30, 2024 and 2023, the Company had the following sources of revenue and other income:
(In thousands of dollars)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Royalty revenue
$
6,184
$
11,142
$
16,871
$
14,918
Option and other property income
310
1,409
990
3,109
Interest income
533
374
1,411
1,048
Total revenue and other income
$
7,027
$
12,925
$
19,272
$
19,075
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2024
2023
2024
2023
Revenue and other income
$
7,027
$
12,925
$
19,272
$
19,075
SLM California royalty revenue
$
6,162
$
4,002
$
17,409
$
17,586
The Company’s ownership %
42.7
40.0
42.7
40.0
The Company’s share of royalty revenue
$
2,633
$
1,602
$
7,439
$
7,033
Adjusted revenue and other income
$
9,660
$
14,527
$
26,711
$
26,108
Royalty revenue
$
6,184
$
11,142
$
16,871
$
14,918
The Company’s share of royalty revenue
2,633
1,602
7,439
7,033
Adjusted royalty revenue
$
8,817
$
12,744
$
24,310
$
21,951
Reconciliation of GEOs:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2024
2023
2024
2023
Adjusted royalty revenue
$
8,817
$
12,744
$
24,310
$
21,951
Average gold price per ounce
$
2,477
$
1,929
$
2,292
$
1,933
Total GEOs
3,560
6,608
10,607
11,358
Reconciliation of Adjusted Cash Flows from Operating Activities:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2024
2023
2024
2023
Cash provided by (used in) operating activities
$
(187)
$
7,122
$
326
$
2,787
Caserones royalty distributions
1,947
1,741
5,436
5,093
Adjusted cash flows from operating activities
$
1,760
$
8,863
$
5,762
$
7,880
Reconciliation of EBITDA and Adjusted EBITDA:
Three months ended September 30,
Nine months ended September 30,
(In thousands of dollars)
2024
2023
2024
2023
Income (loss) before income taxes
$
1,226
$
4,515
$
(4,439)
$
(2,225)
Finance expense
921
1,298
3,066
3,809
Depletion, depreciation, and direct royalty taxes
2,230
1,595
6,018
3,237
EBITDA
$
4,377
$
7,408
$
4,645
$
4,821
Attributable revenue from Caserones royalty
2,633
1,602
7,439
7,034
Equity income from investment in SLM California
(1,276)
(733)
(3,484)
(2,988)
Share-based payments
359
1,538
1,902
1,763
Loss (gain) on revaluation of investments
(1,778)
160
(3,004)
869
Loss (gain) on sale of marketable securities
307
(39)
2,253
420
Foreign exchange (gain) loss
(51)
401
204
1,366
Loss (gain) on revaluation of derivative liabilities
(283)
(336)
(176)
62
Loss on revaluation of receivables
–
124
–
–
Other losses
–
–
2,326
–
Loss on debt settlement
783
–
783
–
Impairment charges
–
43
45
43
Adjusted EBITDA
$
5,071
$
10,168
$
12,933
$
13,390
1 Refer to the “Non-IFRS financial measures” section below and on page 29 of the Q3 2024 MD&A for more information on each non-IFRS financial measure. 2 Included in Q3 2023 and Q3 YTD 2023 was $6,676,000 (3,462 GEOs sold) and $4,783,000 (2,480 GEOs sold) respectively, in catch-up payments from the Timok royalty that relate to prior periods (2021 – $1,587,000, 2022 – $3,196,000, Q2 YTD 2023 – $1,893,000) 3 Excluding $6,676,000 in catch-up payments received in Q3 2023 from the Timok royalty that relate to prior periods (2021 – $1,587,000, 2022 – $3,196,000, Q2 YTD 2023 – $1,893,000) 4 Refer to the “Non-IFRS financial measures” section below and on page 29 of the Q3 2024 MD&A for more information on each non-IFRS financial measure. 5 Excluding $6,676,000 in catch-up payments in Q3 2023 from the Timok royalty that relate to prior periods. 6 Included in Q3 2023 and Q3 YTD 2023 was $6,676,000 (3,462 GEOs sold) and $4,783,000 (2,480 GEOs sold), respectively, in catch-up payments from the Timok royalty that relate to prior periods (2021 – $1,587,000, 2022 – $3,196,000, Q2 YTD 2023 – $1,893,000)
Vancouver, British Columbia–(Newsfile Corp. – November 4, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from its 2024 program at the Homestake Silver deposit in BC’s Golden Triangle. The five (5) drillholes reported in this release, targeted the plunge of a wide, high-grade zone within the Homestake Silver Deposit within a wide gap of previous drilling. The 2024 Kitsault Valley Project drill program is finished for the season, with 69 drill holes completed for a total of 31,726m; 41 holes totalling 15,5467 meters were drilled at the Dolly Varden area and 28 holes totalling 16,181 meters were drilled at Homestake Ridge. Results are pending on an additional 23 drill holes from Homestake Silver and property wide exploration drilling.
Highlights from the Homestake Silver Deposit (*intervals shown are core length):
HR24-432: Mineralized envelope including veins: 8.85 g/t Au and 5 g/t Ag over 48.23 meters, including an internal zone of stronger breccia vein intervals grading 29.24 g/t Au and 16 g/t Ag over 13.94 meters, including one breccia vein grading 701 g/t Au and 184 g/t Ag over 0.54 meters.
HR24-435: Mineralized envelope including veins: 4.64 g/t Au and 38 g/t Ag over 100.80 meters, including an internal interval of stronger breccia vein mineralization grading 12.23 g/t Au and 84 g/t Ag over 34.93 meters. High grade breccia veins include 166 g/t Au and 675 g/t Ag over 0.97 meters.
HR24-442: Vein breccia zone: 4.58 g/t Au over 9.95 meters including 14.96 g/t Au over 1.69 meters.
*Estimated true widths vary depending on intersection angles and range from 70% to 85% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated **Assay results reported are uncapped
“The identification of a gold-rich, wide and high-grade area within the Homestake Silver Deposit is highly encouraging,” said Shawn Khunkhun, CEO of Dolly Varden Silver. “Our geological team is encouraged by overlapping mineralizing phases of silver and gold rich veins and breccias; the deposit remains open for expansion.”
Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits
Drill hole HR24-432 and drill holes HR24-434 + 435 were completed on vertical sections 65 meters apart along strike and targeted an area within the shallow, northerly plunging zone of wide and high-grade gold and silver mineralization in a sparsely drilled area. Results from the five holes in this release suggest that the plunge of mineralization at Homestake Silver has a similar orientation as the Homestake Main Deposit, located 300m to the northwest. The average grades within these core areas are higher, on a precious metal silver equivalent basis, than the average grade of the silver deposits at the Dolly Varden property further south, due to the increased gold content at the Homestake Ridge Deposits.
Figure 2. Drill hole HR24-435 targeting the central portion of the Homestake Silver deposit. Vein and vein breccias with strong pyrite mineralization and visible gold are associated with higher grade gold and silver.
Drill holes HR24-442 and HR24-445 are step outs targeting approximately 250m vertically below the upper portion of the main plunge zone and encountered the mineralized and altered structural corridor of Homestake Silver (figure 5 and 6). Drill hole HR24-442 intersected a mineralized vein breccia stockwork zone grading 4.58 g/t Au over 9.95m, including individual breccias with stronger pyrite mineralization grading 14.96 g/t Au over 1.69m.
The Homestake Ridge deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton volcanic rocks. Mineralization consists of pyrite, +/-galena and sphalerite with visible gold in a breccia matrix within a silica breccia vein system (see Figure 2). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold and silver shoots within a broader Mineralized envelope at the Homestake Silver deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to vertical or steeply southwest at Homestake Silver (see Figure 5).
Figure 4. Plan View of the Homestake Silver and Main Deposits; 2024 drilling in bold lithology and red outline of mineralized zones.
Table 1. Completed Drill Hole Assays from the Homestake Silver Deposit central mineralized zone
Hole ID
From (m)
To (m)
Length* (m)
Au** (g/t)
Ag (g/t)
Base Metals (%)
Section A-A’
HR24-432
entire zone
313.77
362.00
48.23
8.85
5
vein zone
338.75
352.69
13.94
29.24
16
including
352.15
352.69
0.54
701.00
184
HR24-442
entire zone
660.75
682.40
21.65
2.60
4
vein zone
664.54
674.49
9.95
4.58
6
including
672.80
674.49
1.69
14.96
14
Section B-B’
HR24-434
entire zone
291.97
301.33
9.36
1.55
154
0.46%Pb
including
294.00
295.00
1.00
12.47
1374
2.77%Pb, 0.81%Zn
and
310.55
396.21
85.66
0.76
8
HR24-435
entire zone
287.50
388.30
100.80
4.64
38
including
329.74
364.67
34.93
12.23
84
including
344.11
345.54
1.43
74.15
376
including
344.11
345.08
0.97
166
675
including
350.02
352.45
2.43
34.98
75
including
357.96
358.96
1.00
54.40
346
5.38%Pb, 11.90%Zn
HR24-445
entire zone
629.37
643.48
14.11
2.18
5.25
including
630.95
631.65
0.70
12.64
10.1
including
635.00
635.50
0.50
8.75
28.2
1.60%Pb, 4.46%Zn
*Estimated true widths vary depending on intersection angles and range from 70% to 85% of core lengths **Assay results reported are uncapped
Table 2. Drill Hole Collar Data for 2024 Homestake Silver Deposit Drilling Reported in this release
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR24-432
463637
6178878
831
239
-45
510.00
HR24-434
463637
6178878
831
220
-50
489.00
HR24-435
463637
6178878
831
220
-45
444.00
HR24-442
463795
6179008
778
235
-48
738.30
HR24-445
463795
6179008
778
226
-45
705.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen assays may be completed on very high grade samples.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2024 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) dated August 22, 2024 and management information circular dated August 22, 2024 (the “Circular“), both of which are available on SEDAR at www.sedarplus.ca. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
VANCOUVER, BC / ACCESSWIRE / November 4, 2024 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the “Company” or “Stillwater”) is pleased to announce results of rhodium (“Rh”) assays conducted on core from resource expansion drilling on its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA, adjacent to Sibanye-Stillwater’s world-class critical minerals mining operations.
Highlights include:
As shown in Table 1, widespread rhodium was returned in drill results at potentially significant co-product grades including:
1.13 g/t Rh in an interval that totaled 7.96 g/t Pt+Pd+Au+Rh (“4E”) over 1.2 meters in CM2023-03, starting at 308.8 meters and set within 14.6 meters of1.38 g/t 4E including 0.118 g/t Rh; and
0.162 g/t Rh over 3.7 meters in CM2023-01 starting at 407.8 meters within an interval of 0.99 g/t 4E.
Supply constraints have resulted in elevated rhodium prices since 2017. At its current two-year average price of USD 6,500/oz, and three-year year average price of USD 9,500/oz, rhodium equates to more than five times the current value of palladium or platinum.
Results are expected to expand upon the 115,000 ounces of rhodium defined in the January 2023 Mineral Resource Estimate (“MRE”) and are similar to results from past campaigns which returned 0.103 g/t Rh over 7.9 meters in hole CM2020-05, and 0.100 g/t Rh over 6.1 meters in hole CM2007-02.
Rhodium is mined solely as a co-product at grades that are often below 0.1 g/t. South Africa dominates global production, and there is very little mine supply in North America.
Sibanye-Stillwater, adjacent to Stillwater’s Stillwater West project across 32 kilometers in the Stillwater Igneous Complex, is the primary US producer of Rh, mining the highest-grade PGE deposit in the world, the J-M Reef deposit.
Recent announcements concerning lay-offs and reduced production at Sibanye-Stillwater (as a result of depressed global palladium prices) have brought bipartisan support for mining jobs in Montana and US critical mineral supply from Senators Jon Tester (D) and Steve Daines (R), both of Montana, in addition to support from other local, state, and federal officials.
Rhodium has a high melting point, is highly corrosion resistant, and is critical in catalytic converters, along with platinum and palladium, for cleaner vehicle emissions.
Complete results from the expansion drill campaign, which focused on the west side of the DR and Hybrid deposits at Chrome Mountain, are being incorporated into updated block models driven by an updated 3D geologic model as announced October 16, 2024. Figure 1, updated from that release, demonstrates the impressive grade and scale of mineralization at the Stillwater West project with wide intervals at successively higher grades contained within very wide bulk-tonnage grade intervals across the 9.5-kilometer-long area that contains the current deposits, including:
13.2 meters of 2.31% Ni, 0.35% Cu, 0.115% Co, and 1.51 g/t 4E starting at 37.6 meters and within 400.8 meters of continuous mineralization in hole CM2021-05;
50.2 meters of 1.05 g/t 4E plus 0.19% Ni and other values within 728.1 meters of continuous mineralization in hole CM2021-01; and
44.1 meters of 0.57% Ni, 0.34% Cu, 0.045% Co, and 0.74 g/t 4E starting at 32.8 meters and within 367.6 meters of continuous mineralization in hole CZ2021-01.
Metallurgical testing completed by AMAX confirmed recovery of rhodium along with palladium and platinum in preliminary bench-scale flotation testing at the CZ deposit area in the early 1970s.
Past work previously reported by the Company included surface sample results of up to 5.78 g/t Rh at the HGR target in the Iron Mountain area, and 1.07 g/t Rh at Chrome Mountain in reconnaissance-scale rock sample programs (see June 11, 2020, news release).
Early results for other rare PGEs show potential for additional value from iridium, osmium, and ruthenium which often occur along with platinum, palladium, and rhodium at Stillwater West.
Table 1 – Final results from resource expansion drilling including recent rhodium assay results.
Highlighted significant intercepts with grade-thickness values over 7 percent-meter recovered NiEq are presented above, except as noted. Recovered Nickel Equivalents (“NiEq”) are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $22.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,950/oz palladium (Pd), $1,850/oz gold (Au), and $10,000/oz rhodium (Rh). NiEq is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t. The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations. Total metal equivalent values include both base and precious metals. In terms of dollar value, 0.20% nickel equates to a copper value of 0.40%, or a palladium value of 0.48 g/t, using the above metal values. Intervals are reported as drilled widths and are believed to be representative of the actual width of mineralization.
Table 2 – Drill Hole Location and Depths
Michael Rowley, President and CEO, commented, “The strength and sheer scale of mineralization at Stillwater West continues to impress us as we add mineralization at several grade cut-offs, providing us with excellent optionality on potential mine methods as we advance towards our vision of becoming a primary source of critical minerals in the US. The polymetallic nature of our deposits is also strongly in our favor as the longest lived and most profitable mines in the world are almost without exception large and polymetallic. Anglo American’s Mogalakwena mines and Ivanhoe’s Platreef mine – our geologic parallels in South Africa’s Bushveld Complex – are excellent examples of large-scale polymetallic critical minerals mines in similar geology. Armed with these drill results and our new understanding of the layered geology of the Stillwater Complex per our updated 3D geologic model as announced recently, we now have the components necessary to update our current resource estimate. We look forward to further announcements from our flagship asset in addition to updates from our non-core assets.”
Dr. Danie Grobler, Vice-President of Exploration, commented, “The wealth of exploration drilling and assay data available on the Stillwater West project area greatly advanced our understanding of the mineralization controls and detailed geological interpretation. Recent drill results further support our geological models and understanding of mineralization controls within the main target areas. The current models now confirm continuity of the mineralized zones and their correlation with the A and B Chromitite horizons within the lower part of the Peridotite Zone. Both these chromite-rich horizons, viewed as thick stratiform ‘reef’- type horizons, are PGE-enriched and particularly rich in rhodium. More importantly, the reported high-grade rhodium results have now been confirmed to correlate with these two specific chromitite units and correspond to geochemical and geophysical anomalies associated with our existing resource areas defined during 2023. This largely confirms our understanding of their occurrence, and our ability to effectively target extensions and new areas”.
Recent Events in Global Platinum Group Elements Markets, Including US Government Support In September 2024, Sibanye-Stillwater announced a substantial reduction in operations at the mines beside Stillwater West, primarily as a result of low global palladium prices. The response from the community and also local, state and federal governments was swift and supportive, with Senators Tester and Daines for example announcing bipartisan support for Montana mining jobs and US critical mineral production to bolster domestic supplies and counter foreign dumping with the intent to drive prices down. These actions were focused on palladium but similar comments and lobby efforts have been applied to nickel, cobalt, and other critical minerals in recent years, as a result of a flood of cheaper metal from Russia and Chinese-funded operations in Indonesia, the DRC, and other locations.
In October 2024, the US government approached the G-7 nations with a proposal for sanctions on Russian palladium in a further demonstration of the US’ desire to counter foreign supplies and allow its domestic resources to advance.
Most recently, Sibanye-Stillwater celebrated the publication of the final regulations for Section 45X of the Inflation Reduction Act from the US Department of the Treasury which clarified important points that will likely result in significant tax credits for production of critical minerals from their US operations.
The importance of having proactive and supportive government cannot be understated as the US looks to expand its supply chains of critical minerals.
The Company has been working with the US Geological Survey for over six years, is the industry partner on Department of Energy grants totaling USD 2.75M to date, and is actively pursuing additional government funding for critical mineral supply.
Figure 2 – Stillwater Critical Minerals President and CEO Michael Rowley with Federal politicians from Montana in May 2024 at the Hart Senate Office Building, Washington, DC. From L-R: Senator Jon Tester (D), Representative Matt Rosendale (R), Michael Rowley, Representative Ryan Zinke (R), and Senator Steve Daines (R).
Upcoming Events
Stillwater’s President and CEO, Michael Rowley, will be available for meetings and presenting at the following events:
Precious Metals Summit – Zurich, CH, November 11-12, 2024. For more information, click here.
121 Mining Events – London, UK, November 14-15. For more information, click here.
About Stillwater Critical Minerals Corp. Stillwater Critical Minerals (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and strategic investments by Glencore plc, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group, nickel, and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, positions Stillwater West with the largest nickel resource in an active US mining district as part of a compelling suite of nine minerals now listed as critical in the USA.
Stillwater also holds the high-grade Drayton-Black Lake- gold project adjacent to Nexgold Mining’s development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory. The Company also holds the Duke Island Cu-Ni-PGE property in Alaska, now subject to an LOI towards an earn-in agreement with Granite Creek Copper, and maintains a back-in right on the high-grade past-producing Yankee-Dundee in BC, following its sale in 2013.
FOR FURTHER INFORMATION, PLEASE CONTACT: Michael Rowley, President, CEO & Director – Stillwater Critical Minerals Email: info@criticalminerals.com Phone: (604) 357 4790 Web: http://criticalminerals.com Toll Free: (888) 432 0075
Quality Control and Quality Assurance 2023 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.
Mr. Mike Ostenson, P.Geo., Managing Geologist at Stillwater, is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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.
Vancouver, British Columbia–(Newsfile Corp. – November 1, 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 Yarrol, Mt Steadman and Queensland Gold projects to Mila Resources PLC (“Mila”, LSE:MILA). Mila is a well-capitalized London Stock Exchange listed company seeking to broaden its exploration portfolio in Australia. The agreement provides EMX with a cash payment, warrants and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional cash payments, equity in Mila, advance royalty payments, milestone payments and a 2.5% NSR royalty.
The Yarrol and Mt Steadman projects both contain historically defined gold resources in addition to sites of historic gold mining activities (see notes regarding the historical mineral resources below). The Yarrol project also contains areas with cobalt-enriched manganese oxide mineralization and heavy mineral sands deposits. The nearby Queensland Gold project lies to the north of Yarrol and Mt Steadman (see Figure 1) and contains multiple historic gold mines, gold occurrences, drill defined zones of gold mineralization, and numerous additional geochemical anomalies enriched in gold and copper.
EMX looks forward to working with Mila to commence work on the projects and to follow up on recent drill and sampling programs. 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 and other considerations.
Commercial Terms Overview. EMX will receive AUD $25,000 upon execution of the agreement, along with 16 million purchase warrants of Mila Resources stock with a strike price of £0.01. Mila can acquire a 100% interest in the project by completing AUD$450,000 in work commitments by the end of the first anniversary of the agreement. Upon exercising the option Mila will:
Issue the equivalent of £110,000 in shares of Mila (with certain escalation clauses) and make an initial advance royalty payment equivalent to 20 ounces of gold in cash, shares or bullion.
Grant EMX an uncapped 2.5% NSR royalty and make annual advance royalty (“AAR”) payments commencing at 20 ounces of gold until the fifth anniversary of the agreement, at which time the AAR’s will increase to 35 ounces of gold until the completion of a Preliminary Economic Assessment, at which time the AAR’s will increase to 50 ounces of gold. The AARs can be paid in cash, shares or bullion.
Upon the second anniversary of the agreement, pay EMX an additional AUD$125,000 in cash or shares of Mila, and commit to completing a JORC Code or NI-43-101 compliant resource estimate on at least one of the project areas.
By the fifth anniversary of the agreement, complete a cumulative of 30,000 meters of drilling and/or define a resource of at least 400,000 ounces of gold with at least 40% of those ounces defined as “indicated” resources.
Deliver certain milestone payments.
For each project, upon delivery of a feasibility study Mila can repurchase 1.25% of the EMX royalty for a payment equating to 65% of the post-tax royalty net present value (NPV) as defined in the feasibility study.
Overviews of the projects. Each of the projects lie within the Tasman Orogenic Zone of eastern Australia, which hosts significant gold mines and deposits including Cracow, Mount Morgan and Mount Rawdon (see Figure 1).
Yarrol Project: The 59,520 Ha Yarrol Project is located between the Queensland Gold project and Evolution Mining’s Mt Rawdon gold mine and is positioned along the regional scale Yarrol Fault zone. Several other historical mines and active exploration projects also lie along the Yarrol Fault structural trend.
Yarrol was the site of historical gold mining activities in the 1800’s through the 1930’s, with historical gold production averaging ~10 g/t.1 Further exploration and assessments conducted in the 1980’s and 1990’s led to the definition of two historical gold resources (see notes regarding the historical mineral resources below). Gold mineralization at Yarrol is present as quartz sulfide veins and zones of silicification developed in and around Permian-aged dioritic intrusions. EMX conducted a two-hole confirmation drill program in late 2022, resulting in the intersection of 17.8 meters averaging 4.01 grams per tonne (g/t) gold from 61 meters in drill hole DD22-YA187, and 12 meters at 0.91 g/t gold from 92 meters in drill hole DD22-YA188 (see EMX News Release dated November 14, 2022)2.
Many Peaks Gold Ltd (now Many Peaks Minerals Ltd or “Many Peaks”, ASX:MPK) optioned the project from EMX in 2023 and conducted various exploration programs before changing its strategy to focus on western African projects in early 2024. In addition to other programs, Many Peaks drilled six reconnaissance diamond drill holes at Yarrol totaling 1,210 meters that included a drill intercept of 16 meters averaging 0.75 g/t gold from 42 meters in hole YAD-189 (see Many Peaks news releases dated January 29 and 30, 2024)3. The project was returned to EMX in mid-2024.
Mt Steadman Project: The 5,760 hectare Mt Steadman project is an intrusion-related gold system (“IRGS”) located along the Perry Fault system, a major structural feature in the region that also hosts the nearby Mt Rawdon Mine. The Mt Steadman project was the focus of exploration in the 1990’s when shallow reconnaissance drilling programs led to the recognition and definition of historical gold resources (see notes regarding the historical mineral resources below). Several historic mines are also located on the Mt Steadman project (Mt Steadman, Venus and London), and were initially worked in the 1880’s with periodic production continuing into the 1940’s.
In the 1990’s mineralized sheeted vein swarms (IRGS-style mineralization) were recognized at the Fitzroy prospect, where over 4,000 meters of shallow drilling led to the definition of historic gold resources1. Examples of historical drill intercepts at Mt Steadman’s Fitzroy prospect include reverse circulation drill holes with intercepts that include 23 meters from surface averaging 1.04 g/t gold in drill hole RC95MS7, 24 meters from surface averaging 1.13 g/t gold in RC85MS10, and 26 meters from surface averaging 1.00 g/t in RC95MS44 (true widths unknown)4.
1 Independent Geological Report for MGT Mining Ltd, 2010. https://www.nsx.com.au/ftp/news/021723444.PDF. EMX has not performed sufficient work to verify historical sample results and production figures, however, from EMX’s field reviews of the Yarrol and Mt Steadman properties, these data are considered to be reliable and relevant.
2 True widths remain unknown but are estimated to be in the 50-75% range of the reported drilled interval. The interval was calculated assuming a cutoff of 0.5 g/t gold.
3 True widths not reported.
4 The historical drilling was completed by Probe Resources in 1995 and 1996 and reported to Queensland Geologic Survey. EMX has not done sufficient work to classify these results as compliant with NI 43-101 regulation, these results should not be relied upon until they are confirmed. However, EMX believes these results are reliable and relevant.
Many Peaks also optioned the Mt Steadman project from EMX in 2023 and drilled two reverse circulation (“RC”) drill holes on the property totaling 205 meters. Many Peaks reported an intercept of 8 meters averaging 2.63 g/t gold from 8 meters in RC drill hole MS041 (see Many Peaks news releases dated January 29 and 30, 2024). Many Peaks also completed additional soil sampling surveys, but identified gold anomalies were not followed up and the project was returned to EMX in mid-2024.
Queensland Gold Project: The 47,680 Ha Queensland Gold Project has been the site of historical mining and exploration activities for over a century. In the mid-1990’s, the Boggy Creek gold prospect was explored by CRA Exploration and North Ltd (both precursor companies to what is now Rio Tinto Exploration Pty Limited (“RTZ”). Drilling by CRA and North Ltd intercepted long intervals (i.e., >25 meters) of gold mineralization associated with quartz vein stockworks in rhyolitic-dacitic intrusions, typical of IRGS systems. Several of the historic CRA and North Ltd holes ended in mineralization.
In terms of historical production, gold was discovered at Monal Creek in 1891, leading to the development of the Monal Goldfields in the northwest portion of the EMX license. This area is marked by historical shafts, adits, mine dumps and processing sites, where gold mineralization was present in multiple parallel quartz vein reefs. Eight reef deposits were discovered and mined, with the gold mineralization appearing to extend for several kilometers along strike.
Many Peaks optioned the Queensland Gold project from EMX in 2020 and executed several exploration programs on the project. Many Peaks drilled twelve RC holes at Boggy Creek totaling 1,806 meters, and six additional reconnaissance drill holes elsewhere on the property (totaling 531 meters). Many Peaks also conducted various rock-chip, soil, auger and air core sampling programs at various locations on the property. On June 7, 2022, Many Peaks announced drill results from the Boggy Creek program that included intercepts of 7 meters averaging 2.04 g/t from 13 meters in drill hole BCRC003, 17 meters averaging 0.75 g/t from 10 meters in drill hole BCRC005 and 11 meters averaging 0.53 g/t from 73 meters in drill hole BCRC0073 (see Many Peaks news release dated June 7, 2022).
Comments on Historical Mineral Resources. The historical mineral resources at Yarrol and Mt Steadman were reported in 2010 by MGT Mining Ltd, which was a publicly traded Australian company (ASX: MGT) at the time of publication. Discussions of the projects and historic resources can be found at: https://www.nsx.com.au/ftp/news/021723444.PDF. EMX has not done sufficient work to verify the historical resources and is not considering these resources to be current or compliant with NI43-101 standards. Additional drilling and sampling would be required to confirm the resources, but EMX considers the published historical estimates to be relevant and reliable.
Comments on 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 styles, 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.
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 June 30, 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.
