Lundin Mining Logo (CNW Group/Lundin Mining Corporation)
VANCOUVER, BC, Oct. 2, 2023 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) announced today the Company’s Chief Executive Officer, Peter Rockandel, has informed the Board of Directors he will be stepping down as of December 31, 2023.
The role of President and Chief Executive Officer will be assumed by Jack Lundin, current President and former Director of the Company. Jack Lundin will rejoin the Board of Directors as of January 1, 2024. Jack has served as President during the Company’s acquisition of a majority interest in the Caserones mine in Chile and the advancement of its portfolio of growth projects.
Adam Lundin, Chair of Lundin Mining’s Board of Directors stated, “During the last two years, under Peter’s leadership, we have acquired a cornerstone asset in Caserones and successfully moved our corporate headquarters to Vancouver. We have improved operational and financial performance and set the foundation for future growth. None of this would have been possible without Peter’s tireless efforts. The Board deeply thanks him for his contributions. Looking forward, we are positioned for the next stage of significant future growth with a refreshed leadership team in place, now is the opportune time for succession. Jack brings a combination of strong technical and capital market experience, as well as deep knowledge of our Company’s history and key stakeholders, to execute on our growth plans.”
Mr. Rockandel joined Lundin Mining in 2018 and served as Senior Vice President of Corporate Development and Investor Relations, before being appointed CEO in 2021. Mr. Rockandel will continue to act as an advisor to the Company but will step down from the Board of Directors as of December 31, 2023.
Mr. Rockandel commented, “I would like to thank the Board of Directors for the opportunity to lead Lundin Mining and I am extremely proud of what the team has been able to accomplish. It has been a pleasure working closely with Jack and I look forward to seeing him and the team progress the strategy we have put in place. Our assets are operating well, and we have been able to add considerable growth to our production profile. The move to Vancouver has been completed and all senior executive positions are in place to take the Company through the next phase of growth.”
Prior to joining Lundin Mining, Jack Lundin was involved with several different companies within the Lundin Group. Most notably, at Lundin Gold he was involved in the highly successful construction and operation of the Fruta del Norte Gold Mine in southern Ecuador. Jack holds a Bachelor of Science degree in Business Administration from Chapman University and a Master of Engineering degree in Mineral Resource Engineering from the University of Arizona. He currently sits on the board of Bluestone Resources, Lundin Gold, the Lundin Foundation, as well as the University of Arizona’s School of Mining and Mineral Resources.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on October 2, 2023, at 14:30 Pacific Time.
Lundin Mining Announces CEO Succession (CNW Group/Lundin Mining Corporation)
Vancouver, British Columbia–(Newsfile Corp. – October 2, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to provide an update for EMX’s Hardshell royalty property, which is part of South32 Limited’s (“South32”) Hermosa Project in southeast Arizona. Recent drill results from the Peake prospect, which is partially covered by the Hardshell royalty, include the best intercept to date in hole HDS-813 reported as 139 meters (1302.7-1441.7 m) averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver, with a subinterval of 58.2 meters averaging 3.1% copper, 0.6% lead, 0.24% zinc, 74g/t silver and 0.015% molybdenum (true width not reported)1. EMX retains a 2% net smelter return (“NSR”) royalty on Hardshell that is not capped nor subject to buy down.
South32’s Hermosa Project is comprised of the a) Taylor polymetallic (Zn-Pb-Ag) development project adjacent to the north of Hardshell with carbonate replacement deposit (“CRD”) mineralization that projects towards EMX’s royalty footprint, b) the Peake Cu-Pb-Zn-Ag skarn prospect, which as currently outlined is mostly covered by EMX’s royalty ground, and c) the Clark manganese manto deposit to the east of the royalty footprint.
In addition to the encouraging drill results at Peake, other recent advances reported by South32 include the designation of Hermosa as the first mining project given FAST-41 status by the US Federal Permitting Improvement Steering Council to facilitate the potential to supply designated critical minerals (i.e., zinc and manganese), and an updated JORC mineral resource estimate for Taylor to support ongoing feasibility work. Although Taylor (and Clark) occur outside of EMX’s royalty property boundary, the Hermosa Project’s overall prospectivity is attracting capitalized exploration of US$23 million to test priority targets, including further drilling at Peake and other prospects2.
EMX’s Hardshell royalty was organically generated by the Company’s wholly-owned subsidiary Bronco Creek Exploration Inc. (“BCE”). BCE recognized the alteration and mineralization zoning patterns within the district, and staked prospective open ground. Hardshell was optioned in 2015 for a 2% NSR retained royalty interest. The Hermosa Project, including Hardshell, was acquired by South32 in 2018. Since then, South32 has steadily advanced Hermosa, which includes the step-out exploration drilling that continues to delineate mineralization at Peake. The recognition of mineralization at Peake highlights the discovery optionality of EMX’s Hardshell royalty property.
Discussion of Drill Results. South32’s drilling at Peake is delineating a series of stacked horizons that have a general north-westerly dip of 30 degrees and host disseminated to semi-massive sulphide mineralization. According to South32 “the upper and lower extents of the horizons tend to have polymetallic mineralisation with the central component dominated by copper sulphides, predominantly chalcopyrite. Mineralisation within the stacked profile is approximately 130 m thick, for an approximate 450 m strike and 300 m width.”
The Peake prospect is currently characterized by 17 diamond drill holes, with intercepts from the most recent four holes summarized in Table 1, and the previous 13 holes reported in EMX’s news release dated June 21, 2022. The recent intercepts in Table 1 have been reported at a 0.2% copper cutoff by South32, reflecting the early-stage nature of exploration and evaluation of the Peake prospect.
Intercepts reported by South32 at a 0.2% Cu cutoff, as summarized by EMX. True widths not reported. CuEq (%) = Cu% + 0.3965*Zn% + 0.2331*Pb% + 0.0068*Ag g/t. Average payable metallurgical recovery assumptions are 90% for Zn, 91% for Pb, 81% for Ag and 80% for Cu. Metals pricing assumptions are South32’s long-term consensus prices as at the April 2023 quarter. See South32 news release dated July 24, 2023.
Figure 1. Peake drilling and mineralized domain with EMX Hardshell royalty boundary as well as Taylor & Clark mineralized domains. Figure modified from figure 5 of South32 news release dated July 24, 2023.
Figure 2. Cross section looking east (2000 m wide) showing South32’s Peake drilling and mineralized domains as well as Taylor and Clark mineralized domains (see Figure 1 for A-A’ cross section line). Figure modified from figure 6 of South32 news release dated July 24, 2023.
Hermosa Project and Hardshell Royalty Property Overview. South32’s Hermosa Project, located in the Patagonia mining district of southeastern Arizona, includes CRD sulfide (i.e., Taylor) and oxide manto (i.e., Clark) deposits (which are not covered by EMX’s Hardshell royalty), as well as the Peake skarn prospect (partially covered by EMX’s Hardshell royalty). EMX’s Hardshell 2% NSR royalty property consists of 16 unpatented federal lode mining claims. South32 has stated that it (refer to FY 2023 Financial Results and Outlook and July 24, 2023 news release) is continuing to follow up on Peake’s exploration potential, which is open in several directions.
The ongoing delineation of the Peake prospect by South32 represents the potential to create significant value for the Company’s Hardshell royalty property. EMX looks forward to South32’s continued exploration success at Hardshell, as well as from the greater Hermosa Project.
Comments on Adjacent and Nearby Projects. The adjacent and nearby projects, which include the Taylor and Clark deposits, provide geological context for the Peake prospect, which is partially covered by EMX’s Hardshell royalty claim block. However, this is not necessarily indicative that the Hardshell royalty claim block represents similar styles or tonnages of mineralization as the Taylor deposit, nor a similar style of mineralization as the Clark deposit.
Qualified Person. Michael P. Sheehan, 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, base and battery 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”, and also trade on the Frankfurt exchange under the symbol “6E9”. 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, 2023 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, 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.
1 See South32 news release dated July 24, 2023. 2 See South32 “Financial Results and Outlook Year Ended 30 June 2023” dated August 24, 2023.
Vancouver, British Columbia–(Newsfile Corp. – September 13, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an option agreement for EMX’s Copperhole Creek polymetallic project in Queensland, Australia (the “Project”) (see Figure 1) to Lumira Energy Ltd. (“Lumira“), a private Australian Company. The agreement provides EMX with a 2.5% Net Smelter Return (“NSR”) royalty interest, cash and equity payments, work commitments and other considerations. In conjunction with this transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) in mid-year 2024.
The polymetallic Copperhole Creek Project is located 20 km east of the Georgetown-Forsayth Metallogenic District in Queensland, with mineralization developed in the same host rocks as the Georgetown-Forsayth District. There are two main styles of mineralization recognized on the Copperhole Creek property, (1) tin-copper-molybdenum mineralization developed in zones of greisen-style alteration and (2) shear zone hosted copper-silver mineralized veins and breccias. Numerous occurrences, historical mines and prospects with either or both styles of mineralization occur on EMX’s land position (see Figure 2). Although the nearby Georgetown-Forsayth Metallogenic District is well known for its historical gold production, only a few of the occurrences at Copperhole Creek have been assayed for gold, adding further upside to the Project.
This transaction will provide Lumira with a flagship asset in Australia in advance of its proposed ASX listing. EMX and Lumira will apply modern exploration methods and deposit models to identify and prioritize additional targets within the project area.
Commercial Terms Overview: All terms in Australian Dollars (AUD) unless otherwise indicated. Upon execution, Lumira will make a cash payment of $20,000 to EMX to commence an exclusive two-month option period. Pursuant to the agreement, Lumira can acquire a 100% interest in the Project by paying EMX an additional $30,000 prior to the end of the two-month option period. Upon a successful listing on the ASX, Lumira will issue shares of Lumira equivalent to $100,000 to EMX and a further 500,000 shares 12 months after listing. Furthermore, upon listing Lumira will also issue to EMX 1,000,000 options with 500,000 options being exercisable for one share of Lumira at a price of $0.30 for 24 months and 500,000 options being exercisable for one share of Lumira at a price of $0.40 for 36 months.
Upon completing the option period requirements, Lumira will earn a 100% interest in the Project with EMX retaining:
A 2.5% NSR royalty interest.
Annual advance royalty (“AAR”) payments of $30,000 per year commencing upon the third anniversary of the initial public offering, with the AAR payment escalating by 15% per year until reaching a maximum of $75,000 per year.
Milestone payments as follows:
$250,000 in cash or Lumira shares upon publication of a maiden JORC complaint resource;
$250,000 in cash or Lumira shares upon publication of a scoping study or a Preliminary Economic Assessment;
$500,000 in cash upon publication of a Definitive Feasibility Study; and
$1 million in cash upon commencement of commercial production.
To maintain its interest in the projects, Lumira will also:
Spend $50,000 in exploration expenditures before the date of the initial public offering (“IPO”);
Spend an additional $250,000 by the first anniversary of the IPO;
Spend an additional $200,000 by the second anniversary of the IPO; and
Complete a minimum of 1,000 m of drilling each year from the third to the eighth anniversary of the IPO.
Within 96 months of executing the agreement, Lumira will have the right to re-purchase 0.5% of the NSR Royalty on the Project for $1.2 million.
Copperhole Creek Project. Although located within a prospective geologic belt, with the historical Einasleigh Copper Mine located 25 km along trend to the southeast, the Copperhole Creek project has not seen systematic exploration in the past 30 years. Production from various historical mines took place in the early 20th century, with limited exploration taking place in the 1970’s and 1980’s. The Questend prospect was drilled by BP Minerals in 1978 with two shallow reverse circulation drill holes, with a reported intercept of 12 meters of 3.27% Cu, 0.66% Zn, 0.26% Sn and 51 ppm Ag from 36 meters1 (true width not reported). The mineralization was hosted within a quartz-sulfide breccia body that appears to project from mineralization exposed in nearby prospect pits.
In a broad sense, mineralization appears to be zoned with Cu-Mo-Sn mineralization developed in the northeastern portion of the property to more copper-silver mineralization developed in the southwest. Prioritized exploration targets include mineralized shear zones and breccias that were targeted by the historical mining operations. The project also contains potential for Cu-Mo-Sn porphyry style mineralization in the zones of greisen style alteration and mineralization.
Comments on Nearby and Adjacent Properties. The deposits, projects and mines discussed in this news release provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Project hosts similar quantities, grades or styles 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, base and battery 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 the TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt Exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve 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, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Location Map of the Copperhole Creek Project
1 Drilling was conducted by BP Mining Development Australia Pty Ltd in 1978 with results reported to the Queensland Geologic Survey in 1979 in a report titled Final Report on A.TO P.1806 (cr_7585.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
2 Underground sampling was completed by Bridge Minerals in 1971 and reported to Queensland Geologic Survey that year in a report titled Annual Report Georgetown District Eveleigh Block (cr_3533.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
3 Surface rock chip sampling was completed by Battle Mountain Gold Company in 1989 and reported to the Queensland Geologic Survey that year in a report titled Authority to Prospect 5855M (Copperhole Creek) (CR_20492.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
Vancouver, British Columbia–(Newsfile Corp. – September 12, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the receipt of $6,675,947 in royalty proceeds from its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin recently agreed to an amended and restated royalty agreement that covers Zijin’s Brestovac exploration permit area (including the active Cukaru Peki copper and gold mine), as well as portions of Zijin’s Jasikovo-Durlan Potok exploration license (see EMX News Release dated September 5, 2023). EMX now owns a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced.
The approximately $6.68 million royalty payment consisted of $1.59 million from July-December, 2021, payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023.
Various news media reports recently highlighted Zijin’s planned expansion of the Cukaru Peki operation. As reported by Bloomberg News on August 28, 2023, Branko Rakocevic, Assistant General Manager at Serbia Zijin Mining d.o.o. Bor, commented: “These are vast reserves, which require additional infrastructure, additional investment of around $3.5 to $3.8 billion.” This would represent a substantial further investment in the Cukaru Peki project. Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone porphyry copper and gold deposit.
The Cukaru Peki deposits and operations are summarized in Zijin’s annual reports and in various Zijin disclosures. An NI-43-101 technical report for the Timok royalty was filed by EMX on SEDAR on March 31, 2022.
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, base and battery 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 the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve 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, 2023 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, 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.
Vancouver, British Columbia–(Newsfile Corp. – September 11, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) announces that pursuant to the Company’s Stock Option Plan, incentive stock options (the “Options“) to purchase an aggregate of 1,464,000 common shares, exercisable at a price of C$2.55 per share for a period of five years, has been granted to officers, directors, employees and consultants of the Company.
In addition, the Company has granted an aggregate of 562,000 restricted shares units (“RSU“) with a 3-year cliff vesting provision to officers, directors, and key employees, subject to any applicable stock exchange approvals and vesting requirements. Each RSU will entitle the holder to acquire, for nil cost, between zero and 1.5 common shares of the Company, subject to the achievement of performance conditions relating to the Company’s total shareholder return, and certain operational milestones.
About EMX. EMX is a precious, base and battery 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 the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The excavated terrain of the Veliki Krivelj open pit copper mine, operated by Zijin Mining Group Co., in the Bor Region, Serbia. Photographer: Oliver Bunic/Bloomberg , Bloomberg
(Bloomberg) — China’s Zijin Mining Group Co. is developing plans to expand its copper mine in eastern Serbia due to demand for the metal considered vital to the global energy transition — an effort that could cost billions of dollars.
The company opened the Cukaru Peki copper and gold mine almost two years ago, with a $678 million investment allowing it to reach reserves a few hundred meters deep. Now it wants to drill down almost 2 kilometers (1.25 miles) to make the most of assets acquired in a takeover spree.
“These are vast reserves, which require additional infrastructure, additional investment of around $3.5 billion to $3.8 billion,” said Branko Rakocevic, the top Serbian official at the mine, whom the Chinese company authorized to speak with reporters.
Across the globe, companies and governments are racing to produce materials considered key to the shift toward a greener economy. Copper in particular is used in wind turbines, power grids and electric vehicles. China is the world’s top-supplier of so-called critical minerals, but the European Union and US are seeking to boost domestic supplies to ensure that they don’t fall further behind in the transition.
Read more: Why the Fight for ‘Critical Minerals’ Is Heating Up: QuickTake
Serbia, a candidate for EU membership, has embraced foreign investors including China as it looks to revitalize an ailing sector of its economy. Australia-based BHP Group, the world’s biggest mining company, is also looking more closely, signing an agreement earlier this year to explore for new copper deposits in the country.
Cukaru Peki is located in the town of Bor, where copper, gold and silver have been mined for over a century. The mine’s lower zone, at depths of more than 460 meters (1,508 feet), is believed to hold 2.2 million tons of copper, more than in the upper zone. Its gold content is thought to be lower at the deeper depths.
The upper zone may be exhausted of its deposits around 2034, while deeper operations could start in 7 to 10 years, according to Rakocevic. Zijin’s long-term plans for the site include building roads, and expanding power supply and flotation facilities, he said.
Zijin’s Expansion
Zijin bought Serbia’s sole copper and gold complex in 2018, when the government auctioned off the debt-laden business in an effort to save thousands of jobs in an impoverished mining region. Following a string of takeovers, the Chinese company developed full control of what is now Cukaru Peki.
The acquisition — and further investments to expand mines in Congo and Tibet — are helping to transform Zijin into one of the world’s largest copper miners, leapfrogging western producers like Rio Tinto, Anglo American and Antofagasta. By 2025, it expects to produce about 1.2 million tons of copper, a six-fold increase over levels seen in 2017.
Zijin now runs two units in Serbia. One produces copper cathodes, gold, silver and sulfuric acid at facilities co-owned with the government. The other, Serbia Zijin Mining — which operates the Cukaru Peki mine — exports copper concentrate to China, Canada, Bulgaria, Spain and Korea.
The companies have been among Serbia’s top exporters for the last two years, riding a wave of demand for metals. Benchmark copper futures soared earlier this year, though prices have cooled in recent months, largely over concerns about the health of China’s economy.
“Still, copper is in demand always and everywhere” which justifies the long-term investment, Rakocevic said. “The market is stable enough. Prices declined from last year, but we don’t expect much volatility.”
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce the staking of an additional one hundred and forty-one (“141”) Bureau of Land Management (“BLM“) lode claims (2,913 acres) at the Big Blue project (“Big Blue” or “Project”) in Elko County, Nevada. Big Blue now comprises 502 contiguous lode claims totaling 10,168 acres or 41 square kilometers (“km”) (Figure 1), and is 100% owned by the Company with no underlying work commitments or royalty obligations. The property includes the past producing Delker Mine and Skarn Hill Adit, which collectively produced a reported 94,434 pounds of copper (“Cu”) at an average grade of 6.2% Cu between 1916-19171 (Figure 1). The Project has not seen a sustained exploration effort in decades and exhibits excellent potential to make new porphyry copper and Carbonate Replacement (“CRD”) style polymetallic discoveries.
The property expansion followed the Company’s recently announced acquisition of an extensive historical database for Big Bluesee (August 24, 2023 press release HERE), which has highlighted additional geophysical targets located to the northwest of the original claim block. This kilometer-scale target exhibits overlapping gravity and magnetic geophysics anomalies and is interpreted as a potential porphyry signature that may be the deeper source to the known Cu-skarn mineralization outcropping at the historical Delker Mine (Figure 2). As a result, Ridgeline staked all open and locatable claims surrounding the porphyry target and will continue advancing Big Blue towards a maiden drill program in 2024.
Chad Peters, President & CEO, commented, “Big Blue continues to be a rapidly evolving project in our exploration pipeline. Our team is very encouraged by the scale of the geophysical anomaly’s located on our new claim block, which suggests potential for a blind porphyry copper target at depth and distal CRD targets along strike. Until now, the Delker area has never been explored as a consolidated porphyry district and with this expansion we now control a target-rich land position with a robust geologic dataset to support our exploration model. We will continue to advance low-cost targeting and permitting initiatives through the remainder of this year while we prepare for a maiden drill campaign in 2024.”
Big Blue Project
Big Blue is located in Elko County, Nevada, approximately seventy-five kilometers (“km”) southeast of the city of Elko, NV. The Project includes the past producing Delker Mine, which produced a reported 94,434 pounds of copper at an average grade of 6.2% Cu between 1916-19171 and shares its southern boundary with Reyna Silver’s Medicine Springs Ag-Pb-Zn Carbonate Replacement (“CRD”) project. Mineralization occurs as outcropping, high-grade Cu occurrences located proximal to northeast trending felsic dikes that are interpreted as the zoned manifestations off a potential porphyry source, located in the northwest corner of the Big Blue property. Importantly, this target has never been drill-tested. The primary target at Big Blue is porphyry-skarn Cu ± Au-Ag mineralization, with potential to discover polymetallic, carbonate replacement deposit (CRD) style mineralization as the system zones outward over 6 kilometers of strike towards the Medicine Springs project. This target model is analogous to the Butte Valley porphyry Cu-Au system, which is inferred to be the source of CRD mineralization at the Company’s nearby Selena project. Big Blue is 100% owned by the Company and is comprised of a total of 41 square kilometers of highly prospective exploration ground that has seen limited exploration since the early 1900’s and will benefit from Ridgeline’s systematic approach to discovery (view Ridgeline’s Corporate Deck HERE).
Figure 1: Plan view map showing the location of the 141 new claims (shaded blue) staked by Ridgeline to increase claims by ~33% to 502 contiguous lode claims.
Figure 2: Plan view map on the left showing reduced to pole (“RTP”) airborne magnetics highlighting kilometer scale magnetic “highs” at both the Delker Mineand to the northwest on Ridgeline’s new claims. The map on the right shows Residual Gravity with a coincident high over proposed porphyry centers. Gravity also highlights a lower amplitude anomaly interpreted as a northeast trending structural corridor that trends southwest to the historical Golden Pipe mine (Ag-Pb-Zn) owned by Reyna Silver.
To view X-Section A-A’ showing magnetics anomaly beneath the Delker Mine, click HERE.
To view plan view maps showing Total Horizontal Gradient Magnetics and Residual gravity, click HERE.
QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Ridgeline’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed by the Company’s Qualified Person, Michael T. Harp, Vice President, Exploration.
Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 204km² exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.
On behalf of the Board “Chad Peters” President & CEO
Further Information: Chad Peters, P.Geo. President & CEO Ridgeline Minerals Corp. (775) 304-9773 | info@ridgelineminerals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Sources
1Delker Mine Historic Production (Page 57): Smith, R.M., 1976, Mineral resources of Elko County, Nevada: U.S. Geological Survey Open-File Report 76-56, 201 p.
Vancouver, British Columbia–(Newsfile Corp. – September 5, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an amended and restated royalty agreement on September 1, 2023 for its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine (Figure 1).
EMX’s Timok royalty property is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposits which have recently been put into production by Zijin. Cukaru Peki represents one of the premier copper and gold discoveries in the world in the past 10 years and is a top tier royalty asset for EMX. The Cukaru Peki deposits consist of a high-level body of high-grade, epithermal-style copper-gold mineralization referred to as the “Upper Zone”, and a deeper body of porphyry-style copper-gold mineralization known as the “Lower Zone”.
Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone. The Cukaru Peki deposits and operations are summarized in Zijin’s annual reports and in various Zijin disclosures. An NI-43-101 technical report for the Timok royalty was filed by EMX on SEDAR on March 31, 2022.
As part of the execution of the revised royalty agreement, EMX will receive approximately US$6.68 million. This includes royalty payments of $1.59 million from July-December, 2021, royalty payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023. From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis. EMX is appreciative of Zijin’s cooperative and amicable approach throughout the process of achieving this resolution and looks forward to working with Zijin as the projects advance.
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, base and battery 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 the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve 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, 2023 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, 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.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Locations of EMX royalty interests and key geological features in the Timok Magmatic Complex in the Bor Mining District of Serbia.
Vancouver, British Columbia–(Newsfile Corp. – August 14, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2023 (“Q2-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s 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. All dollar amounts in this news release are in USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Three Months Ended June 30, 2023
Revenue and other income for the three months ended June 30, 2023 was $3,408,000 compared to $7,034,000 for the three months ended June 30, 2022 (“Q2-2022”). Adjusted revenue and other income1 of $6,481,000 (Q2-2022 – $9,465,000) included $3,073,000 (Q2-2022 – $2,431,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile. Revenue and other income and adjusted revenue and other income1 for Q2-2022 included the accrual of a $4,000,000 milestone payment related to Gediktepe.
Net loss for the three months ended June 30, 2023 was $4,722,000 (Q2-2022 – $3,315,000).
Cash used in operating activities for the three months ended June 30, 2023 was $1,160,000 (Q2-2022 – $4,152,000). Adjusted cash1 provided by operating activities for the three months ended June 30, 2023 was $1,294,000 (Q2-2022 – adjusted cash used in operating activities of $3,254,000). Operating cash flows for Q2-2023 include an accelerated $2,500,000 option payment by Aftermath Silver for the Berenguela property.
As at June 30, 2023, EMX had cash of $9,980,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $14,346,000 (December 31, 2022 – $14,561,000) and loans payable of $41,428,000 (December 31, 2022 – $40,489,000).
Corporate Updates
Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive and continued through Q2 2023. Both companies are expecting to execute a modified royalty agreement in 2023.
Acquisition of Additional Royalty Interest on Caserones
During Q2 2023, EMX acquired an additional 2.263% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.044% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7775%.
Acquisition Agreement for New Royalties with Franco-Nevada
During Q2 2023, EMX executed a term sheet with Franco-Nevada Corporation (“Franco-Nevada”) (NYSE: FNV) (TSX: FNV) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to $5.5 million) and EMX will contribute 45% (up to $4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e., 50/50). The initial term of the Agreement is for three years, or until the maximum contributions totaling $10 million from both companies have been met, and may be extended if mutually agreed by both companies.
Royalty and Royalty Generation Updates
During Q2 2023, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,255,000 (Q2-2022 – $5,108,000) on royalty generation costs and recovered $1,811,000 (Q2-2022 – $2,014,000) from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $807,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of the royalty generating activities. During Q2 2023, the Company also completed two new partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.
Producing Royalties
6
Advanced Royalties
11
Exploration Royalties
152
Royalty Generation Properties
105
Figure 1. EMX’s royalty and mineral property portfolio.
EMX earned over $1,175,000 in royalty revenue from the Gediktepe mine. Mine operator Lidya advised EMX that Oxide Zone gold production will increase during the summer months of 2023.
The Caserones (effective) royalty distribution for Q1 was received in Q2 and totaled approximately $2,454,000. Lundin Mining completed the acquisition of fifty-one percent (51%) of the issued and outstanding equity of MLCC, the Caserones mine operator, from JX Nippon (see Lundin news release dated June 13, 2023). In connection with the acquisition, Lundin filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Leeville payments to EMX totaled approximately $664,000 from royalty production that totaled 338 ounces of gold. Q2 marked another strong quarter of Leeville royalty production along with robust gold prices.
EMX earned, and subsequently received in Q3-2023 Gold Bar South royalty revenue of $54,000 from Q1 production of 2,966 gold ounces and $80,000 from Q2 production of 3,984 gold ounces. The receipt of initial royalty revenue from Gold Bar South now establishes the operation as a paying royalty for EMX.
Arizona Sonoran Copper released results of the Parks-Sayler infill drill program in preparation for a PFS planned for 2024, which included enriched (secondary sulfide) copper intercepts from EMX’s royalty property. Arizona Sonoran also provided an update on metallurgical programs being conducted in preparation for the PFS, which included recoveries of ~80% after 160 days from Parks-Sayler enriched copper mineralization (secondary sulfide).
Exploration drilling by South32 at the Hermosa property’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
In Canada, EMX programs advanced available properties in the portfolio as partners conducted summer field programs on EMX royalty properties. EMX received $45,000 in cash payments and $Nil in share equity payments during the quarter from partnered projects.
EMX’s Latin American royalty portfolio was advanced with work programs that included drilling and metallurgical test work conducted by AbraSilver at the Diablillos project’s JAC Zone silver-gold discovery. GR Silver Mining Ltd (“GR Silver”) reported on successful exploration step-out drilling at the San Marcial epithermal silver project. Aftermath Silver made an accelerated $2,500,000 option payment to EMX for the Berenguela polymetallic CRD project.
The Company’s U.S. royalty generation portfolio progressed with ongoing partner-funded work programs, as well by the expansion of properties through the staking of new claims and permitting at key projects. EMX currently has 43 projects in partnership with other companies in the western U.S.
In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs commencing on numerous properties in Q2. EMX has 37 projects in partnership with other companies in Northern Europe and partner funded drill programs were completed in Q2 by Mahvie Minerals AB, a private Swedish corporation, at the Mo-I-Rana royalty property in Norway, and by Bayrock Resources, a private Australian company, at EMX’s Vuostok battery metals royalty property in Northern Sweden.
Kendrick Resources PLC (LSE: KEN) announced drill results from EMX’s Espedalen royalty property in Norway, including an intercept of 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08 (see Kendrick news release dated May 4, 2023). This hole was drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections). Kendrick plans to expand its exploration programs at Espedalen in the second half of 2023.
The Company optioned the Yarrol gold-copper (+ Co-Mn) project and the Mt Steadman gold project to Many Peaks Gold (“MPG”) during Q2. The agreement provides EMX with cash payments, equity interests in MPG, and work commitments during a fifteen month option period. Upon exercise of the option, EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other consideration.
Royalty generation programs proceeded in the Balkans and in Morocco in Q2, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Investment Updates
As at June 30, 2023, the Company had marketable securities of $8,626,000 (December 31, 2022 – $9,966,000), and $4,688,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. 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. 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, Turkey, and Australia.
About EMX. EMX is a precious, base and battery 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”, and also trade on the Frankfurt exchange under the symbol “6E9”. 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 year ended December 31, 2022 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, 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.
_________________________ 1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 26 of the Q2-2023 MD&A for more information on each non-IFRS financial measure.
