Resource expansion targets identified at the Moss Deposit offer potential to increase the ounce profile above the current resource (1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au), and reduce the overall strip ratio, potentially enhancing project economics.
Vancouver, British Columbia–(Newsfile Corp. – September 17, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to provide an update on resource expansion targets at the Moss Deposit. The identified targets are located within the top 200m from surface and are within, or directly adjacent to, the conceptual open pit shell defined in the Company’s current mineral resource estimate (“MRE“) (Figure 1). Collectively, there are five targets that have been defined that represent three avenues for potential mineral resource expansion (collectively, the “Expansion Targets“):
Strategic infill to increase drill density in locations where mineralized drill intercepts are currently too widely spaced to be included in the inferred mineral resource category;
Extending known mineralized shear zones laterally along strike; and
Extending mineralized shear zones intersected at depth at the Moss Deposit towards surface where no shallow drilling has occurred (Figure 2).
Michael Henrichsen, CEO of Goldshore commented, “We are very pleased with the mineral resource Expansion Targets that have been delineated which represent an opportunity to not only increase the ounce profile of the Moss Deposit, but to also reduce the overall strip ratio in a potential mining scenario. We view the drilling of these targets as a critical step to potentially improving the economic performance of the deposit on the back of the PEA, currently in progress with G Mining Services, being released as we continue to look to add ounces in the top 200m from surface.“
The Company is finalizing a conceptual program of approximately 15,000 meters that would test the Expansion Targets outlined with the combined goals of expanding the MRE within the top 200m through increasing drill density, extending known mineralization, and reducing the strip ratio within the conceptual open pit. A summary of the targets is presented below:
The Superion and QES Up targets represent an opportunity to add ounces by extending mineralization toward surface in the top 200 m over a roughly 1.5 km and 1 km strike length respectively within and immediately adjacent to the conceptual open pit.
The Southern Main target is similar to the QES Up target where drilling in the top 50 – 200 m from surface will aim to extend mineralization over an area of 400 m by 100 m
The Southwest Infill and QES extension targets focus on areas spanning 800 meters and 400 meters, respectively, where drill density was insufficient for inclusion in the current mineral resource estimate.
Figure 1. Proposed winter drill holes within Moss pit.
Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle.
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.
This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, potential mineral resource expansion drill targets, timing and completion of a mineral resource expansion drill program, the impact of an expansion drill program on reducing the strip ratio, the targeted expansion of the deposit along the Superion target, the targeted increase in the ounce profile of the Moss Deposit, and the release of an updated preliminary economic assessment and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the preliminary economic assessment may not be completed on the timetable expected or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The forward-looking information in this news release is based on management’s reasonable expectations and assumptions, including that the Company’s business and financial position and general economic conditions will not be adversely affected; that the expansion drill program will be completed and on the timetable expected; and that the preliminary economic assessment will be completed on the timetable anticipated.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Mineral resource model has been reviewed and confirmed by G Mining Services for use in the PEA study.
The Company share price has outperformed the GDXJ by 155% since the updated MRE was published on February 6, 2024.
Summer drill programs lead to identification of fault along the western edge of the Moss Gold Deposit that will allow the Company to focus its exploration efforts to expand the deposit to the west around the Moss Nose target.
Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce drill results from the summer drill program and provides an update on progress of its Preliminary Economic Assessment (“PEA”).
Scout Drilling Results Overview:
At the Boundary Zone a 6 – 8 meter (true width) shear zone was encountered with nuggety gold mineralization. A best intercept of 13.30m at 1.27g/t gold was encountered.
The Boundary zone is interpreted as a mineralized splay at 30 degrees to the Moss Gold Deposit trend and represents an exploration target as the Company looks to identify additional shear zones with similar orientations as potential drill targets adjacent to the 3.6km long Moss Gold Deposit.
Southwest Extension drilling has identified the location of a significant sinistral NNE-striking fault that is interpreted to offset the Moss Gold Deposit to the southwest. This provides a focus area to develop additional drill targets in the Moss Nose area that has to date been defined by selective rock grab samples and soil samples by the Company.
Intersected mineralization in the Southwest Extension was interpreted to be smaller scale peripheral shears to the main Moss trend.
PEA Progress Overview:
G Mining Services Inc. (“G Mining”) completed a Site visit on July 23, 2024 to evaluate potential infrastructure sites.
Mineral resource model has been reviewed and confirmed by G Mining Services for use in the PEA study.
Currently reviewing high level economics of several mining and milling scenarios to identify the optimal project for PEA study.
Market Overview:
From publishing of the updated MRE on February 6, 2024 until August 31, 2024, the Company share price has outperformed the VanEck Junior Gold Miners ETF (the “GDXJ“) by 155% with the Goldshore share price rising 191% during the period.
The Company has observed strong insider support with roughly 6 million shares acquired in the open market from May 1, 2024 until July 31, 2024, approximately 10% of the total volume during the period.
As of August 31, 2024, 6.4% of the Company stock is held by board and management with an additional 35.0% held by strategic shareholders which includes Brian Paes-Braga, Lutry Investments, members of the SAF group and close associates.
Michael Henrichsen, CEO of Goldshore commented, “The Company is pleased to provide an update as we continue to execute on our strategic plan. From a growth perspective we tested two important targets and gained valuable information to continue to explore in and around the Moss Gold Deposit. Of note to the technical team is the identification of a fault along the western edge of Moss that offsets the deposit to the south-southwest and will allow the Company to focus its exploration efforts to expand the deposit to the west along the Moss Nose target. In addition, solid progress has been made on the PEA study, the Company’s largest catalyst in the next 6 – 7 months with G Mining Services. A site visit and a validation of the mineral resource model have been completed and the study is currently focusing on identifying the optimal mining and milling scenario for a phased production approach that will form the basis of the PEA study moving forward. We are encouraged by the strong performance of our share price, underpinned by the steadfast support of our strategic shareholders, who have consistently demonstrated their commitment through substantial open market purchases. This support has enabled us to continue transitioning shares into the hands of long-term shareholders, aligning our ownership structure with our long-term growth strategy.”
Figure 1: Moss geology maps with location of recent drilling
The Boundary Zone program was designed to evaluate, and expand upon, historical drilling results to define the full extent of the high-grade shear zone. Drilling intersected broad zones of intense, strongly sericitized and sheared intermediate volcanics containing disseminated pyrite and pyrite-chalcopyrite stringers with narrow moderately sheared diorite dykes similar to what was recorded by Tamavack Resources Inc. in the historical core logs. The main mineralized shear is approximately 6 – 8 meters wide and strikes 030°, approximately 30 degrees away from the 060° regional foliation and dominant trend of shearing at Moss. Assay results confirmed the width of the mineralization reported in the historical drilling but failed to replicate the individual high-grade samples, suggesting a strong nugget effect in the zone, amplified by the historical drilling using BQ core which provides a smaller sample size.
Hole MBD-24-123, which intersected 13.30m at 1.27 g/t Au from 131.5m depth, was a near twin of the historical hole TML-87-04 which intersected 21.49m at 2.26 g/t Au (cut) from 148.5m. The latter was biased by a single 59 g/t gold sample, highlighting the impact of sample size on reported grades. The Company does not treat the historical estimates disclosed in this news release as current mineral resources.
Further regional exploration is being conducted along similar oblique structures to identify additional zones of mineralization. Significant results of the Boundary Zone scout drill program are summarized below in Table 1.
Table 1: Significant results of the 2024 Boundary zone drill program
Drilling at the Southwest Extension targeted 300m and 600m step outs to the two mineralized zones associated with the Southwest Zone of the Moss Gold Deposit. Drilling intersected a foliated diorite intrusion complex containing the signature interchanging Moss alteration suite of sericite, silica, chlorite, hematite, albite, epidote, and carbonate. Minor (2-3%) sulphide mineralization, as is typical of the Moss deposit, was characterized by disseminated pyrite, with pyrite-chalcopyrite-molybdenite mineralization hosted in occasional quartz-carbonate veins.
Assay results showed wide intersections of anomalous gold mineralization containing sporadic multi-gram assays, but these assays do not cluster together to develop significant mineralized intercepts. A review of the trace element geochemistry noted an abrupt change in the chemistry of the host diorites at the Moss Gold Deposit suggesting a fault offset along the NNE trending Till Groove Fault shown to offset the nearby Moss stock by ~ 1km (Figure 1). A similar offset would align the extension of the Moss Gold Deposit with the Moss Nose prospect, which is being actively explored as part of the 2024 summer field program. Significant results of the Southwest Extension scout drillholes are outlined below in Table 2.
Table 2: Significant results of the 2024 Southwest Extension drill program
Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
PEA Update
G Mining continues to advance the PEA for the Moss Gold Project. G Mining has completed its review of the MRE, finding it acceptable for use in the PEA, while providing several recommendations on opportunities for further enhancement and improvement which are actively being incorporated into Goldshore’s ongoing site programs. The G Mining team conducted a site visit on July 23, 2024 along with select Goldshore and CSL Environmental & Geotechnical Ltd. personnel, to evaluate opportunities for the placement of potential key site infrastructure. G Mining is currently reviewing a series of high level scenarios involving a variety of mining and milling options to identify the optimal project for PEA study. Importantly, Goldshore has elected to exclude the small gold resource at East Coldstream to focus on the larger part of the mineral resource at Moss and a smaller project footprint.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit the Company’s profile at SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).
For More Information – Please Contact:
Michael Henrichsen President, Chief Executive Officer and Director Goldshore Resources Inc.
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.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, including identifying additional shear zones as potential drill targets, the evaluation of potential infrastructure sites, the review of high level economics of mining and milling scenarios, and the targeted expansion of the deposit to the west along the Moss Nose target; the release of an updated preliminary economic assessment and the expected timing thereof; and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the preliminary economic assessment may not be completed on the timetable expected or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The forward-looking information in this news release is based on management’s reasonable expectations and assumptions, including that the Company’s business and financial position and general economic conditions will not be adversely affected; that the Company’s exploration and development goals will be met and on the timetable expected; and that the preliminary economic assessment will be completed on the timetable anticipated.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Lundin Mining logo (CNW Group/Lundin Mining Corporation)
VANCOUVER, BC, Aug. 24, 2024 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pleased to announce today that an agreement has been reached with the union at Caserones and accepted by the majority of the union members through a vote. Further to the press release dated August 12, 2024 entitled “Lundin Mining Provides Update on Labour Negotiations at its Caserones Mine”, a new collective bargaining agreement will be signed imminently. The Company will now focus on a safe back-to-work plan and an efficient ramp-up of operations which has been running at approximately 50% capacity during the labour action. View PDF version
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 was submitted for publication, through the agency of the contact persons set out below on August 24, 2024 at 17:00 Vancouver Time.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects and business strategies; the Company’s approach to resolution and procedures regarding the strike and its expectations regarding the return to normal operations; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company’s projects; expansion projects and the realization of additional value; expectations regarding, and ability to complete, the acquisition of Filo Corp. and the 50/50 joint venture with BHP; the anticipated development and other plans with respect to the acquisition and joint venture; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, zinc, gold, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: the inability to resolve labour disruptions; global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company’s operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; the inability to currently control Filo Corp. and the ability to satisfy the conditions and consummate the acquisition of Filo Corp. and the joint venture transaction with BHP on the proposed terms and expected schedule; risks associated with acquisitions, expansions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; mining rates and rehabilitation projects; mill shut downs; and other risks and uncertainties, including but not limited to those described in the “Risks and Uncertainties” section of the Company’s MD&A for the three and six months ended June 30, 2024 and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company’s profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
Lundin Mining Announces Labour Agreement at Caserones Mine (CNW Group/Lundin Mining Corporation)
Vancouver, British Columbia–(Newsfile Corp. – August 12, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the three and six months ended June 30, 2024 (in U.S. dollars unless otherwise noted).
In Q2 2024, EMX continued on a strong uptrend in revenue due to robust royalty production and strong metal prices. Strong performance during the quarter was marked from Timok, Gediktepe, and Leeville. EMX continued to invest capital generating and acquiring royalties around the world while our partners invested significant capital to expand operations at existing mines, advance towards the development of new mines, and explore for new opportunities.
Summary of Financial Highlightsfor the Quarter Ended June 30, 2024 and 2023:1
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2024
2023
2024
2023
Statement of Loss
Revenue and other income
$
6,005
$
3,408
$
12,245
$
6,150
General and administrative costs
(1,694
)
(1,576
)
(3,842
)
(3,298
)
Royalty generation and project evaluation costs, net
(2,907
)
(2,200
)
(5,841
)
(5,022
)
Net loss
$
(4,022
)
$
(4,722
)
$
(6,249
)
$
(8,448
)
Statement of Cash Flows
Cash flows from operating activities
$
(514
)
$
(1,002
)
$
513
$
(4,335
)
Non-IFRS Financial Measures1
Adjusted revenue and other income
$
8,758
$
6,614
$
17,051
$
11,582
Adjusted royalty revenue
$
7,836
$
5,265
$
15,493
$
9,208
GEOs sold
3,352
2,662
7,047
4,750
Adjusted cash flows from operating activities
$
1,341
$
1,452
$
4,002
$
(983
)
Adjusted EBITDA
$
4,639
$
2,848
$
7,862
$
3,222
Strong Revenue Growth Adjusted revenue and other income1 increased by 32% compared to Q2 2023•Adjusted royalty revenue1 increased by 49% compared to Q2 2023
Development of Flagship Assets Significant investment by Zijin Mining Group at Timok through continued development of upper and lower zonesLundin Mining increased its ownership percentage in Caserones to 70%
Record Quarterly Revenue from Flagship Asset Timok generated royalty revenue of $1,586,000 in Q2 2024 for a second consecutive quarter of record production from the upper zone
Consistent and Steady Cash Flows Fifth consecutive quarter with positive adjusted cash flows from operating activities1
Outlook
The Company is maintaining its 2024 guidance of GEOs sales of 11,000 to 14,000, adjusted royalty revenue of $22,000,000 to $27,500,000 and option and other property income of $2,000,000 to $3,000,000. The Company is currently on pace to achieve the upper end of its annual guidance for GEOs sold and adjusted royalty revenue, while aiming for the lower end of our option and other property income guidance.
The Company is excited about the prospect for continued growth in the portfolio for 2024 and the coming years. The driver for near and long term growth in cash flow will come from the large deposits of Caserones in Chile and Timok in Serbia. At Caserones, Lundin has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. continues to increase its production rates in the upper zone copper-gold deposit while developing the lower zone, which we believe will be one of the more important block cave development projects in the world.
In terms of other production royalty assets, the Company expects Gediktepe, Leeville, and Gold Bar South to mirror what occurred in 2023. In Türkiye, Gediktepe continues to perform well and is ahead of its production forecast for 2024 (as of the end of Q2) and production rates and grades at Balya North ramped up again in Q2. We are also excited about the advancement of Diablillos in Argentina by AbraSilver Resource Corp. where the company continues to expand the mineral resource.
The Company will continue to evaluate and work to acquire mineral rights and royalties in 2024. The Company expects it will invest similar amounts as in 2023 towards the royalty generation business. As in previous years, producing royalties will continue to be supplemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. Efforts and programs are underway to optimize and control costs as the Company continues to grow. EMX believes it is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
As part of the Company’s effort to continue to strengthen its balance sheet, subsequent to the end of the period, the Company has closed the refinancing of its outstanding debt with Sprott Private Resource Lending II of $34,660,000, with a new $35,000,000 credit agreement with Franco-Nevada Corporation (“Franco”), previously announced on June 20, 2024. This refinancing extends the maturity date of the Company’s debt facility from December 31, 2024 to July 1, 2029.
Second Quarter Results for 2024
In Q2 2024, the Company recognized $8,758,000 and $7,836,000 in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 32% and 49% increase, respectively, compared to Q2 2023. The significant increase is due to the commencement of royalty payments in Q3 2023 from the Timok royalty property, as well as a 54% increase in royalty revenue from Gediktepe and a 79% increase in royalty revenue from Leeville when compared to Q2 2023.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the three months ended June 30, 2024 and 2023:
2024
2023
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
1,178
$
2,753
1,621
$
3,206
Timok
678
1,586
–
–
Gediktepe
772
1,806
594
1,175
Leeville
508
1,187
336
664
Balya
133
311
5
9
Gold Bar South
71
167
68
134
Advanced royalty payments
11
26
39
77
Adjusted royalty revenue
3,352
$
7,836
2,662
$
5,265
Included in the quarterly revenue for Caserones was a true up of $493,000 (Q2 2023 – $1,153,000) due to a higher than expected revenue in the prior quarter. The true up in the current period was mainly driven by higher than anticipated copper and molybdenum sales in Q1 2024.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the six months ended June 30, 2024 and 2023:
2024
2023
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
2,168
$
4,806
2,800
$
5,432
Timok
1,290
2,853
–
–
Gediktepe
2,216
4,796
1,084
2,101
Leeville
925
2,051
618
1,198
Balya
228
508
86
162
Gold Bar South
108
242
68
134
Advanced royalty payments
113
237
94
181
Adjusted royalty revenue
7,047
$
15,493
4,750
$
9,208
Net royalty generation and project evaluation costs increased from $2,200,000 in Q2 2023 to $2,907,000 in Q2 2024. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. The increase in net royalty generation and project evaluation costs was predominately attributable to the timing of the 2024 and 2023 annual share-based compensation grants. The 2024 annual grant occurred in Q2 2024 while the 2023 grant occurred in Q3 2023. This timing difference generated a $472,000 increase in costs when compared to Q2 2023. The remaining increase can be attributed to an increase in property costs in Fennoscandia and South America, a decrease in recoveries in Fennoscandia and an increase in overall costs in Eastern Europe and Morocco.
These cost increases were offset by a $203,000 decrease in net expenditures in the USA. The decrease was primarily related to drilling costs that were incurred in 2023, through a former subsidiary of the Company, Scout Drilling LLC., in exchange for future royalty opportunities.
Not inclusive of the net royalty generation and project evaluation cost, EMX earned $555,000 in royalty generation revenue in Q2 2024 (Q2 2023 – $1,088,000).
Second Quarter Corporate Updates
Appointment of Two New Members to the Board of Directors
In Q2 2024, the Company announced the appointment of Dawson Brisco and Chris Wright to the Board of Directors.
Credit Agreement with Franco-Nevada Corporation
In June 2024, the Company announced that it had entered into a $35,000,000 credit agreement with Franco-Nevada Corporation with a maturity date of July 1, 2029. Once received, the Company will use the proceeds of the loan to repay the outstanding balance of the Sprott Credit Facility and for general working capital purposes. Subsequent to the end of the period, the Company closed its credit agreement with Franco.
Inaugural Sustainability Report
The Company is also pleased to announce the publication of its inaugural Sustainability Report for 2023. This report marks a milestone in the Company’s journey with respect to its sustainable and ethical business practices and sets a foundational baseline for the Company’s Environmental, Social and Governance (ESG) efforts moving forward. The report provides information on the Company’s key ESG initiatives, reviews performance metrics, identifies improvement areas, and sets future targets.
Commencement of Normal Course Issuer Bid
During the three months ended June 30, 2024 (“Q2 2024”) the Company purchased 106,276 common shares at a cost of $206,000 which were returned to treasury pursuant to the Company’s Normal Course Issuer Bid. Subsequent the period end, the Company repurchased 167,199 shares for a total cost of $305,000.
Cyber Event Update
In April 2024, the Company became aware that one of the Company’s subsidiaries in Türkiye was the subject of a cyber event resulting in a potential loss of up to $2,326,000. The Company has launched a full investigation of the event which remains ongoing and is pursuing recovery of its funds through all legally available means as appropriate, in order to mitigate the loss amount to the fullest extent possible. A criminal complaint has been filed with the public prosecutor’s office in Türkiye which is the first step to recovery whether it be through a criminal or civil process, or both. EMX is also working with its attorneys in Mexico and is currently preparing a civil complaint in the jurisdiction in which the funds were received and withdrawn. An extensive investigation by a reputable third party security firm yielded that there was no intrusion into EMX systems nor its network in its findings. EMX continues to vigorously pursue all remedies available to it in pursuit of recovery all or a part of the funds.
Qualified Persons
Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America, except for Caserones. Consulting Chief Mining Engineer Mark S. Ramirez, SME Registered Member #04039495, a Qualified Person as defined by NI 43-101 and consultant to the Company, has reviewed, verified and approved the above technical disclosure with respect to the Caserones Mine. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Türkiye and Australia.
Shareholder Information – The Company’s filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
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 June 30, 2024, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
Future-Oriented Financial Information
This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “2024 Guidance”, “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this press release, as discussed below. EMX believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why the Company use these measures.
Non-IFRS financial measure
Definition
Most directly comparable IFRS measure
Why we use the measure and why it is useful to investors
Adjusted revenue and other 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 the Caserones Royalty. Additionally, it removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; unrealized and realized gains and losses on investments; write-downs of assets; impairments or reversals of impairments; foreign exchange gains or losses; and other non-cash or non-recurring expenses or recoveries.
Earnings or loss before income 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 June 30, 2024 and 2023, the Company had the following sources of revenue and other income:
(In thousands of dollars)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Royalty revenue
$
5,083
$
2,059
$
10,687
$
3,776
Option and other property income
492
1,011
680
1,700
Interest income
430
338
878
674
Total revenue and other income
$
6,005
$
3,408
$
12,245
$
6,150
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2024
2023
2024
2023
Revenue and other income
$
6,005
$
3,408
$
12,245
$
6,150
SLM California royalty revenue
$
6,442
$
7,685
$
11,247
$
13,584
The Company’s ownership %
42.7
40.0
42.7
40.0
The Company’s share of royalty revenue
$
2,753
$
3,206
$
4,806
$
5,432
Adjusted revenue and other income
$
8,758
$
6,614
$
17,051
$
11,582
Royalty Revenue
$
5,083
$
2,059
$
10,687
$
3,776
The Company’s share of royalty revenue
2,753
3,206
4,806
5,432
Adjusted royalty revenue
$
7,836
$
5,265
$
15,493
$
9,208
Reconciliation of GEOs:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2024
2023
2024
2023
Adjusted Royalty Revenue
$
7,836
$
5,265
$
15,493
$
9,208
Average gold price per ounce
$
2,338
$
1,978
$
2,198
$
1,939
Total GEOs
3,352
2,662
7,047
4,750
Reconciliation of Adjusted Cash Flows from Operating Activities:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2024
2023
2024
2023
Cash provided by operating activities
$
(514
)
$
(1,002
)
$
513
$
(4,335
)
Caserones royalty distributions
1,855
2,454
3,489
3,352
Adjusted cash flows from operating activities
$
1,341
$
1,452
$
4,002
$
(983
)
Reconciliation of EBITDA and Adjusted EBITDA:
Three months ended June 30,
Six months ended June 30,
(In thousands of dollars)
2024
2023
2024
2023
Income (loss) before income taxes
$
(3,430
)
$
(3,095
)
$
(5,665
)
$
(6,740
)
Finance expense
1,080
1,270
2,145
2,511
Depletion, depreciation, and direct royalty taxes
1,369
790
3,788
1,642
EBITDA
$
(981
)
$
(1,035
)
$
268
$
(2,587
)
Attributable revenue from Caserones royalty
2,753
3,206
4,806
5,432
Equity income from investment in Caserones royalty
(1,411
)
(1,340
)
(2,208
)
(2,255
)
Share-based payments
1,354
132
1,543
225
Loss (gain) on revaluation of investments
(1,142
)
1,383
(1,226
)
709
Loss (gain) on sale of marketable securities
1,535
17
1,946
459
Foreign exchange loss (gain)
139
797
255
965
Gain on revaluation of derivative liabilities
66
(188
)
107
398
Loss on revaluation of receivables
–
(124
)
–
(124
)
Other losses
2,326
–
2,326
–
Impairment
–
–
45
–
Adjusted EBITDA
$
4,639
$
2,848
$
7,862
$
3,222
1 Refer to the “Non-IFRS financial measures” section below or on page 29 of the Q2 2024 MD&A for more information on each non-IFRS financial measure. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. 2 Refer to the “Non-IFRS financial measures” section below and on page 29 of the Q2 2024 MD&A for more information on each non-IFRS financial measure. 3 Refer to the “Non-IFRS financial measures” section below and on page 29 of the Q2 2024 MD&A for more information on each non-IFRS financial measure.
Vancouver, British Columbia–(Newsfile Corp. – August 9, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce that it has completed the closing and drawn down the $35 million loan (the “Loan“) contemplated in the credit agreement (the “Credit Agreement“) between the Company, its subsidiary, EMX Chile SpA (“EMX Chile“), and a wholly-owned subsidiary (the “Lender“) of Franco-Nevada Corporation (“Franco-Nevada“) (NYSE and TSX:FNV), which was previously announced in the Company’s news release dated June 20, 2024. The Company used the proceeds of the Loan to repay the $34.42 million outstanding balance of the loan owed to a Fund managed by Sprott Resource Lending Corp. (“Sprott“), to pay the Lender a commitment fee equal to 1% of the principal amount of the Loan and for general working capital purposes.
The Company is pleased to further develop its working relationship with Franco-Nevada, a key EMX shareholder. In addition to the Loan arrangement, EMX and Franco-Nevada have jointly syndicated royalty purchases (e.g., Caserones) and are actively engaged in a joint venture seeking new royalty financing opportunities.
Credit Agreement – The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (i.e., Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company’s net debt to adjusted EBITDA (see table below), adjusted quarterly.
Ratio of Net Debt / AdjustedEBITDA:
Applicable Interest Rate (per annum):
< 1.00:1
Term SOFR plus 300 basis points
>= 1.00:1 and <1.50:1
Term SOFR plus 325 basis points
>= 1.50:1 and <2.00:1
Term SOFR plus 350 basis points
>= 2.00:1 and <3.00:1
Term SOFR plus 375 basis points
>= 3.00:1
Term SOFR plus 425 basis points
During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis.
The Loan is secured by a general security agreement over the assets of EMX and share pledges by EMX and EMX Chile of certain of their subsidiaries or other equity interests, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries.
All amounts referred to herein are to United States dollars.
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
About Franco-Nevada – Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol “FNV” on both the Toronto and New York stock exchanges.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results, but which are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.caand on the SEC’s EDGAR website atwww.sec.gov.
Vancouver, British Columbia–(Newsfile Corp. – August 8, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce the execution of an exploration and option agreement for its Sulitjelma Project in Norway to Alpha Future Funds S.C.S, a private Luxembourg based company (“Alpha”). The agreement provides EMX with a cash payment and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional deferred option payments, advance royalty payments, milestone payments and a 2% NSR royalty.
The Sulitjelma project is a past producer of copper-rich polymetallic mineralization from a cluster of volcanogenic massive sulfide (“VMS”) style deposits in the greater Sulitjelma district of north-central Norway. Alpha is a well-capitalized investment fund with its own technical team that seeks to revitalize the Sulitjelma district through additional investment and exploration. Alpha is also reviewing other EMX projects throughout the region for additional acquisition opportunities.
Commercial Terms Overview. EMX will receive US$50,000 upon execution of the agreement, and Alpha can acquire a 100% interest in the project by satisfying specified work commitments by the end of the first anniversary of the agreement. Upon exercising the option Alpha will:
Make additional cash payments to EMX as deferred option payments.
Spend a cumulative of $4,000,000 on the project by the 5th anniversary of the agreement.
Pay annual advance royalty payments commencing after the deferred option payments are complete.
Grant EMX an uncapped 2% NSR royalty on the project.
Deliver certain milestone payments tied to anniversary dates and the commencement of commercial production.
Overviews of the project. The Sulitjelma polymetallic project in Norway is located in the early Paleozoic VMS belt in north-central Norway, which saw numerous districts and mines in operation from the 1600’s through the 1990’s.
Sulitjelma District, Central Norway: The Sulitjelma VMS district was discovered in 1858 and was mined continuously from 1891-1991. The Sulitjelma mines were some of the last operating base metal mines in Norway and one of its most significant historic mining areas. VMS style mineralization occurs along a trend that extends for over 20 kilometers and is developed along multiple stratigraphic horizons and structurally repeated sections. The district produced over 25 million tonnes averaging 1.84% copper, 0.86% zinc, 10 grams per tonne silver and 0.25 grams per tonne gold1. Significant historical resources were left unmined at the time of closure in the early 1990’s.
The district has seen very little work since the mines closed. Reinterpretation of airborne geophysical surveys, including a Versatile Time Domain Electromagnetics (VTEM) survey collected in 2014, highlighted multiple conductive anomalies along the main trend of mineralization that have not yet been drill tested, and EMX geologists have found outcropping expressions of VMS style mineralization, also along trend, that have not been developed or drill tested.
Over the past few years EMX has compiled and digitized the available historical data to create 3D models of the historical mine workings on the property. EMX also conducted extensive soil sampling campaigns and identified drill targets for the next phase of exploration. These targets include projections of mineralization down dip and along strike of the historic mine workings as well as newly identified electromagnetic (“EM”) anomalies. Additionally, EMX recognized that the VMS horizon appears to be repeated in fold limbs to the west of the original property position, which has since been expanded.
This transaction is another example of the execution of EMX’s business model in providing turn-key and drill ready exploration projects to its partner companies in exchange for royalty interests.
Nearby Mines and Deposits. The mines and deposits discussed in this news release provide context for EMX’s projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company’s projects host similar tonnages or grades of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Vancouver, British Columbia–(Newsfile Corp. – July 30, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce that it has secured funding of CAD $4,875,000 through the 100% early exercise of 37,500,000 common share purchase warrants. These warrants were issued at an exercise price of CAD $0.13 per share, with a 36 month term, in connection with the Company’s non-brokered private placement, which closed on November 17, 2023.
Michael Henrichsen, CEO of Goldshore commented, “The exercise of these warrants provides a significant boost to our treasury, securing funding through the completion of the Preliminary Economic Assessment (“PEA”) expected in Q1 2025 and supporting the acceleration of our strategic plan to unlock the full value and potential of the Moss Gold Deposit. I would like to extend my sincere thanks to members of the SAF Group, insiders, and all close associates that participated in this warrant exercise for their continued support.”
Issuance of RSUs
The Company has also issued 150,000 restricted share units (“RSUs“) to Shawn Khunkhun, a director of the Company. The RSUs will fully vest on July 29, 2025, one year from the date of grant. Once vested, each RSU represents the right to receive one Common Share, the equivalent cash value thereof, or a combination of the two, at the Company’s discretion. The issuance of RSUs have been made in accordance with the Company’s Omnibus Incentive Plan (the “Plan“) that was approved by the Company’s shareholders on January 23, 2024.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).
For More Information – Please Contact:
Michael Henrichsen President, Chief Executive Officer and Director Goldshore Resources Inc.
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.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the timing of completion and release of an updated preliminary economic assessment, the timing and completion of a strategic permitting plan and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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VANCOUVER, BC / ACCESSWIRE / July 29, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce a non-brokered private placement financing for a minimum of $175,000 and a maximum of $500,000. The Company will issue $0.03 units. Each unit is priced at $0.03 and is comprised of one common share and one common share purchase warrant (the “$.03 Units“). The warrants on the Units have an exercise price of $0.05 per warrant share, with a life of two years. Assuming the financing is fully subscribed, there will be up to 16,666,667 common shares and 16,666,667 common share purchase warrants issued in connection with this financing, plus any finder’s commission warrants.
The Company anticipates multiple closings of the $0.03 Unit financing. An updating release will be provided once the Company has completed any future closings of the $0.03 Unit financing.
Use of Proceeds
The proceeds from the first closing of the $0.03 Unit financing will be used to finance ongoing permitting work, claim renewal fees, and exploration work at the Company’s Let’s Go Lithium project located in the Amargosa Valley of Nevada, USA. Additional secondary, and future closings, will go towards general and administrative expenses, as well as towards the closing costs related to the Company’s recently announced letter of intent to acquire the new Silicon Valley project in Golden, BC, Canada.
Judson Culter, CEO at Rover, states: “Please reach out to me if you have interest in participating on our $0.03 Unit financing. My contact details are below.”
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is focussed on the permitting and exploration of the LGL project, a claystone lithium project in the Amargosa Valley of Nevada, USA, as well as the acquisition of the Silicon Valley project, located in Golden, BC, Canada.
You can follow Rover on its social media channels:
In this interview, Maurice Jackson of Proven and Probable talks with Judson Coulter from Rover Critical Minerals about their recent Letter of Intent (LOI) to acquire a high purity silica asset, the Silicon Valley Silica Project near Golden, British Columbia. Coulter provides an overview of Rover Critical Minerals, a publicly traded junior mining company listed on the Toronto Venture Exchange (ticker RV) and co-listed on the OTCQB (ticker ROVMF). The discussion primarily focuses on the significance of high purity silica, its applications, and Rover’s strategic plans.
Rumble
Importance of Silicon Metal: Coulter explains that high purity silica, also known as silicon metal, is crucial for various industries, including computer chips, semiconductors, mobile screens, and solar panels. He highlights the escalating demand for silicon metal driven by technological advancements and the shift towards renewable energy. The project aligns with the future energy landscape, positioning Rover for the next 10 to 15 years. Globally, silicon metal is mined in regions like Sri Lanka, East Asia, and Western Australia, although the latter typically produces lower-grade silica. High purity silica commands a significantly higher price, reflecting its value and rarity.
The Silicon Valley Silica Project: Rover’s project, adjacent to the Sova Quartz Project, is poised to benefit from its high purity and strategic location. Coulter emphasizes the geopolitical importance of securing a domestic supply of critical minerals, especially considering military applications for computer chips and potential geopolitical risks, such as tensions over Taiwan. The proximity to the US, specifically the massive Intel chip manufacturing facility in Ohio, underscores the project’s strategic value. Rover’s project could supply Intel via rail, mitigating reliance on international shipping.
Geopolitical Context and Future Prospects: The discussion delves into the broader geopolitical landscape, noting the importance of having secure, domestic supplies of critical minerals like silicon metal. The Intel facility in Ohio, set to be the world’s largest chip manufacturing site, exemplifies the shift towards domestic production. Coulter suggests that this facility’s scale and the anticipated demand for AI and mobile applications highlight the need for reliable silicon metal sources.
Permitting and Development Cycle: Coulter outlines the permitting process in Canada, noting exemptions for industrial mineral projects like Rover’s, which streamline the path to production. The project’s location, near the rail line in Golden, BC, offers logistical advantages. He discusses the project development cycle, including securing financing, initiating drilling, and the potential for government support. The timeline to permitting is estimated at six months, with resource definition drilling expected to follow, positioning the project for rapid advancement.
Comparative Analysis with Nevada Project: The conversation shifts to Rover’s lithium project in Nevada, highlighting the challenges and long-term horizon for lithium development. Environmental considerations and regulatory compliance are emphasized, with ongoing baseline studies to ensure responsible development. Coulter notes the slower-than-expected adoption of electric vehicles but remains optimistic about lithium’s future, particularly for hybrid vehicles.
Strategic Positioning: Coulter concludes by emphasizing the strategic value of the Silicon Valley Silica Project, its proximity to his home in Kelowna, BC, and the broader portfolio of Rover Critical Minerals. The project’s potential to secure a domestic supply of high purity silica aligns with national and geopolitical interests, positioning Rover as a key player in the critical minerals sector.
North Vancouver, British Columbia–(Newsfile Corp. – July 26, 2024) – Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) (“Lion One” or the “Company“), is pleased to announce that the Company has closed the fully-subscribed upsized brokered private placement financing (the “LIFE Offering“) previously announced on July 18, 2024 and July 19, 2024 by issuing 27,027,027 units of the Company (the “Units“) at a price of C$0.37 per Unit (the “Offering Price“) for aggregate gross proceeds of C$10,000,000, pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “LIFE Exemption“) in each of the Provinces of Canada other than Quebec, pursuant to the terms of the agency agreement (the “Agency Agreement“) dated as of July 26, 2024, among the Company, Eight Capital, and Canaccord Genuity Corp. (collectively, the “Agents“).
Each Unit consists of one common share (a “Common Share“) in the capital of the Company and one common share purchase warrant (a “Warrant“) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price per Warrant Share of C$0.50 for a period of 36 months from the closing date of the LIFE Offering.
Concurrently with the LIFE Offering, the Company completed, a non-brokered private placement of 4,458,352 Units on the same terms as the LIFE Offering, for gross proceeds of C$1,649,590.24 (the “Sidecar Private Placement“, and together with the LIFE Offering, the “Offering“) pursuant to applicable exemptions under NI 45-106 other than the listed issuer financing exemption. In aggregate, under the Offering the Company issued 31,485,379 Units for gross proceeds of C$11,649,590.24.
In connection with the LIFE Offering, the Company (i) paid to the Agents a cash commission of C$700,000, which was equal to 7.0% of the gross proceeds from the LIFE Offering; and (ii) issued an aggregate of 1,891,891 compensation warrants (“Compensation Warrants“), equal to 7.0% of the number of Units sold pursuant to the LIFE Offering. Each Compensation Warrant is exercisable for one Common Share at a price of C$0.37 for a period of 24 months from the closing date of the LIFE Offering.
In connection with the Sidecar Private Placement, the Company (i) paid a cash commission to a finder (the “Finder“) in the aggregate of C$38,850, which was equal to 5% of the gross proceeds in respect of subscribers introduced to the Company by the Finder; and (ii) issued an aggregate of 105,000 Compensation Warrants, equal to 5% of the number of Units sold to subscribers introduced to the Company pursuant to the Sidecar Private Placement. Each Compensation Warrant is exercisable for one Common Share at a price of C$0.37 for a period of 24 months from the closing date of the Sidecar Private Placement.
The net proceeds received by the Company from the sale of the Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes.
The LIFE Offering was completed pursuant to the LIFE Exemption, and accordingly, the securities issued in the LIFE Offering are not subject to a hold period in accordance with applicable Canadian securities laws. The securities issued under the Sidecar Private Placement are subject to a hold period expiring on November 27, 2024 pursuant to applicable Canadian securities laws.
Certain subscribers under the Sidecar Private Placement are directors and management of the Company. The issuance of Units to directors and management of the Company constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101“). The transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.
The securities referred to herein 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 U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward-looking statements or information. Forward-Looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-Looking statements made in this news release include statements regarding anticipated completion of the Offering and debt settlement, and the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-Looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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