Burlington, Ontario–(Newsfile Corp. – April 8, 2024) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it is entering into a strategic business agreement (the “Agreement”) with Countryman Investments Limited of British Columbia, Canada (“Countryman”). The Agreement provides that Countryman will provide financial, business development and mining opportunities to the Company. Countryman is an existing SBMI shareholder.
Mr. Dave Richardson, a principal of Countryman, has agreed to join SBMI’s advisory board. Mr. Richardson has a long history in finance and business management, and will assist SBMI in implementing its business plan and expanding its business operations.
As the first phase in the implementation of the Agreement, SBMI intends to issue a convertible debenture (the “Debenture”) in an amount up to $1,000,000.00 to willing investors (“Investors”), issuable in tranches of $1,000.00 with each tranche having 10,000 detachable warrants. Each warrant has a term of three years and is exercisable at $0.12, $0.14, and $0.16 for years 1, 2, and 3 respectively following the issuance of the Debenture. The Debenture will have a three year term and interest will run at a rate of 12% per annum, payable semi-annually in arrears during year one and quarterly in arrears during years two and three. Interest will be paid to Investors in cash or in common shares of the Company, at SBMI’s option.
Each Investor at any time can convert its portion of the Debenture, in whole or in part, into common shares of the Company. The conversion price shall be $0.08 during the first twelve months following issuance of the Debenture, $0.10 during the next twelve months of the term of the Debenture, and $0.12 during the final twelve months of the term of the Debenture (the “Conversion Price”).
SBMI can force conversion of the Debenture, in whole or in part, if SBMI’s closing price for its common shares exceeds $0.25 for a period of ten days. The Debenture can be prepaid by SBMI any time after twelve months from the issuance of the Debenture.
Countryman is a subscriber to the Debenture.
The Debenture is subject to regulatory and board approval.
The Agreement and the Debenture provide further financial stability to SBMI. They will enable the Company to complete work required by MSHA at the Buckeye Silver Mine in Arizona, to further work at the Washington Mine in Idaho this year, and to address other corporate matters.
In Arizona, the mill is MSHA approved and functioning properly. Mineralized material which had been stockpiled at the Buckeye Silver Mine is being transported to the mill and stockpiled material at the mill is being processed. The field team is carrying out the work required by MSHA at the Buckeye Silver Mine, which should take between one and three months to complete. Timber has been delivered to the Buckeye Mine Site for timbering. No new material can be extracted from the mine until the work is complete.
SBMI believes the Agreement and the Financing show that the value the Company has created is being recognized by significant stakeholders. It also gives increased depth to the company’s strategic vision for the future.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
Kelowna, British Columbia–(Newsfile Corp. – April 5, 2024) – Diamcor Mining Inc. (TSXV: DMI) (OTCQB: DMIFF) (FSE: DC3A), (“Diamcor” or the “Company”), an established diamond mining company focused on building a supply of ethically sourced, non-conflict, natural rough diamonds to select diamantaires and luxury retailers, announces today it will be presenting at the 14th Annual LD Micro Invitational at the Sofitel Hotel, New York City on Tuesday, April 9th, at 5;30 PM ET and will be available for private 1 vs 1 meetings.
Diamcor’s CEO, Mr. Dean Taylor will be providing an overview of the significant changes in the diamond industry in 2024, an update on the Company’s Krone-Endora at Venetia Project, and the Company’s strategy for growth moving forward. “The new sanctions imposed on over 30% of the world’s rough diamond supply in 2024 will have a major impact on the supply of high-end natural diamonds, and companies with the ability to adapt to these changes will be very well positioned for the long-term,” noted Diamcor’s CEO, Mr. Dean Taylor, “The future direction of the diamond industry and growing complexities of securing supplies of non-conflict natural rough diamonds for many of the Luxury Retailers allows us to now expand on our existing key relationships and position ourselves as an important source of rough diamonds to select, reputable diamantaires and luxury retailers for the long-term,” added Mr. Taylor.
Event: LD Micro Invitational XIV, Sofitel Hotel, New York
Date: Tuesday, April 9thTime: 5:30 PM ET
We invite interested parties to register to watch the presentation virtually here
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded diamond mining company with a proven history, which is focused on building a growing supply of ethically sourced, non-conflict, natural rough diamonds to some of the world’s most reputable diamantaire’s and luxury retailers. The Company has a long-term strategic alliance with world famous Tiffany & Co, and currently, its primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly related to De Beers’ flagship Venetia Diamond Mine in South Africa. The Venetia diamond mine is long recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Company’s Krone-Endora Project have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company is also focused on the acquisition and development of additional mid-tier projects with near-term production capabilities to allow the Company to position itself as a growing supplier of ethically and responsibly mined non-conflict natural rough diamonds to reputable diamantaires and select luxury retailers. The Company has a strong commitment to junior mining, social responsibility, women in mining, supporting local communities, and to protecting the environment.
About the Tiffany & Co. Alliance
The Company has an established long-term strategic alliance with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About LD Micro
LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies.
Please reach out to the company representative below or Dean Summers (dean@ldmicro.com) to register for the event and schedule a meeting with the company.
Mr. Dean H. Taylor Diamcor Mining Inc DeanT@Diamcor.com +1 250 862-3212
For Investor Relations contact: Mr. Rich Matthews Integrous Communications rmatthews@integcom.us +1 (604) 355-7179
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / April 2, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that further to its release of December 11, 2023, management of the Company are still working to finalize the technical report for the Cabin Gold project. An updated timeline for completion is anticipated to be mid-Q2-2024.
Judson Culter, CEO at Rover, states: “We are completing two technical reports for the Cabin Gold project. One report for the North American market, which will fall under NI 43-101 standards, and a second report is for the Australian market that will comply with JORC standards. We are seeking to sell an option to own for the Cabin Gold project. Under Rover’s management, the project has only seen approximately 4,500 meters of drilling. The project still has tremendous high-grade gold blue sky exploration potential. We’re interested in doing a deal that sees significant capital invested into drilling.”
Paddy Moylan, Rover’s President comments: “Cabin Gold has potential written all over it and the proof is coming! Our drilling has advanced the project with some big hits like 32m @ 14 g/t which was one of the biggest hits of the year in 2020. We are now focused on critical minerals. A new owner like a private equity group or a serious gold player will be able to focus on the Cabin Gold project and take it to a new level. We will retain an ownership interest so it’s a win for our holders in the short and long term.”
Technical information in this news release has been approved by Raul Sanabria, M.Sc., P.Geo., a Qualified Person for the purposes of National Instrument 43-101.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
Vancouver, British Columbia–(Newsfile Corp. – March 25, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9)(the “Company” or “EMX”) is pleased to report results for the fourth quarter and year ended December 31, 2023 (in U.S. dollars unless otherwise noted).
The 2023 year was a pivotal one for EMX as we amicably resolved the issues with the Timok royalty; increased our (effective) net smelter return (“NSR”) royalty in the Caserones property to 0.7775% and subsequent to year end to 0.8306%; saw strong performance from our gold royalty portfolio anchored by Leeville and Gediktepe; continued to invest capital generating and acquiring royalties around the world while our partners continued to invest significant capital to expand operations at existing mines, advance new mines, and explore for new opportunities.
As previously announced, the Company is providing guidance for 2024 (see below). In conjunction with providing guidance, the Company has adopted the use of Gold Equivalent Ounces1 (“GEOs”) as a metric to better understand our business. GEOs is a non-IFRS financial measure that is based on our adjusted royalty revenue and does not include Option payments and Other Income coming from our royalty generation activities.
Summary of Financial Highlightsfor the Fourth Quarter and Year EndedDecember 31, 2023:
For the three months ended December 31,
For the year ended December 31,
2023
2022
2023
2022
Statement of Income
Revenue and other income
$
7,546
$
2,288
$
26,621
$
18,277
General and administrative costs
$
1,272
$
1,682
$
5,606
$
6,149
Royalty generation and project evaluation costs, net
$
2,392
$
1,610
$
11,245
$
8,636
Net income (loss)
$
1,374
$
950
$
(4,633
)
$
3,349
Statement of Cash Flows
Cash flows from operating activities
$
4,273
$
3,357
$
7,059
$
16,487
Non-IFRS Financial Measures1
Adjusted revenue and other income
$
10,921
$
3,535
$
37,028
$
25,397
Adjusted royalty revenue
$
8,744
$
2,793
$
30,694
$
14,033
GEOs Sold
4,425
1,615
15,784
7,875
Adjusted cash flows from operating activities
$
5,444
$
4,093
$
14,072
$
21,711
Strong Revenue Growth Adjusted revenue and other income1 increased by 46% in 2023Adjusted royalty revenue increased by 119% in 2023Development of Flagship Assets Significant investment by Zijin Mining Group at Timok through continued development of upper and lower zones
Sufficient and Available Capital Strong and consistent operating cash flows enabled the early repayment of $10,000,000 of debtContinued Optionality with Generative Business Generated $5,462,000 in revenue and other incomeEntered into 20 new partnerships agreements in 2023Over $39,000,000 in partnership expenditures in 2023
1 Refer to the “Non-IFRS financial measures” section below or on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
2024 Guidance
Please see our MD&A for the year ended December 31, 2023 for more details on our guidance and see “Forward-Looking Statements” and “Future-Oriented Financial Information” below.
Based on the Company’s existing royalties and information available from its counterparties, we expect GEO1 sales to range between 11,000 and 14,000 GEOs1 in 2024 compared to 15,784 in 2023. Timok royalty revenue for 2023 included 2,483 GEOs1 sold for 2021 and 2022 production.
2024 GuidanceA
GEOs sales1
11,000 to 14,000
Adjusted royalty revenue1
$22,000,000 to $27,500,000
Option and other property income
$2,000,000 to $3,000,000
A. Assumed commodity prices of $1,939/oz gold and $3.89/lb copper based on CIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024.
Guidance in 2024 is based on public forecasts, other disclosure by the owners and operators of our assets, historical performance and management’s understanding of the underlying producing assets. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information has not been prepared in accordance with Canadian disclosure standards, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
More specifically, Leeville’s guidance is based on historical performance as the Company has no rights to data and must rely on publicly available information delivered by Nevada Gold Mines. Gediktepe’s guidance contribution is based partly on 2023 actual results, as well as a confidential 3-year mine plan provided by the operator for the 2024 year. Timok’s guidance contribution is based on 2023 actual results only given the limited access to operational data and forward-looking plans. Caserones’ guidance is based on 2023 actual results and guidance disclosed by the operator, which has been increased slightly by EMX due to the higher percentage ownership of our effective royalty. Balya and Gold Bar South are based on 2023 historical performance only, given limited access to information.
Outlook
The Company is excited about the prospect for continued growth in the portfolio for 2024 and the coming years. The driver for near and long term growth in cash flow will come from the large deposits of Caserones in Chile and Timok in Serbia. At Caserones, Lundin has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. continues to advance the upper zones while developing the lower zone, which we believe will be one of the more important block cave development projects in the world.
Regarding the gold royalty portfolio, we expect Gediktepe, Leeville, and Gold Bar to mirror what occurred in 2023. In Türkiye, the operator of Sisorta is nearing completion of construction of the mine and we look forward to seeing the plant commissioned. We are excited about the advancement of Diablillos in Argentina by AbraSilver Resource Corp. where the company continues to expand the mineral resource. In Sweden the Viscaria copper-gold deposit (operated by Copperstone Resources AB) continues to advance through the environmental permitting process with a final decision expected by mid-year 2024. Pending approval, Copperstone expects to commence development with initial production from Viscaria slated for 2026.
The Company will continue to evaluate and work to acquire mineral rights and royalties in 2024. The Company expects it will invest similar amounts as in 2023 towards the royalty generation business. As in previous years, production royalties will continue to be supplemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. Efforts and programs are underway to optimize and control costs as the Company continues to grow. EMX believes it is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
1 Refer to the “Non-IFRS financial measures” section below and on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure. With respect to forward-looking non-IFRS financial measures, there are no significant differences with the calculation of historical non-IFRS financial measures.
The Company will also strive towards continuing to strengthen its balance sheet over the course of the year. As part of this effort we will look to refinance our outstanding debt of $34,660,000, which comes due at the end of 2024. The Company has actively been engaged with several parties and believes that it will be in a position to provide an update to this process in Q2 2024.
Assumed commodity prices are from CIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024, which the Company believes to be reliable for the purposes of guidance.
Annual Results for 2023:
In 2023, the Company recognized $37,028,000 and $30,694,000 in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 46% and 119% increase, respectively, compared to 2022. The significant increase is due to the commencement of royalty payments from the Timok royalty property, which resulted in $8,632,000 in royalty revenue in 2023, as well as an 80% increase in royalty revenue from Gediktepe and 46% increase in attributed royalty revenue from Caserones. Timok royalty revenue for 2023 included $4,790,000 in revenue (2,483 GEOs1 sold) for 2021 and 2022 production.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the year ended December 31, 2023 and 2022:
2023
2022
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
5,352
$
10,407
3,995
$
7,120
Timok
4,439
8,632
–
–
Gediktepe
3,442
6,694
2,081
3,709
Leeville
1,612
3,135
1,318
2,348
Balya
498
968
–
–
Gold Bar South
139
270
–
–
Advanced royalty payments
302
588
480
856
Adjusted royalty revenue
15,784
$
30,694
7,875
$
14,033
Net royalty generation and project evaluation costs increased from $8,636,000 in 2022 to $11,245,000 in 2023, while executing 20 new royalty partnerships (2022 – 10 new royalty partnerships). The increase in costs was due to increases in the USA, Eastern Europe and Morocco. In the USA, the Company executed drilling activities through its wholly owned subsidiary Scout Drilling LLC on partnered projects in exchange for future reimbursement or royalty opportunities. Scout Drilling LLC was sold during the year along with certain mineral properties to Scout Discoveries Corp (“Scout”) in exchange for deferred compensation payments, shares in Scout and royalty rights on the properties, which exceeded the costs incurred. The increase in Eastern Europe and Morocco was attributed to the expansion of the generative business into Morocco and the Balkan region. EMX expects the costs in Morocco and the Balkan region to decrease in the coming years once it solidifies partnerships within the regions. Not inclusive of the net royalty generation and project evaluation cost, EMX earned $5,462,000 in royalty generation revenue in 2023 (2022 – $6,447,000).
1Refer to the “Non-IFRS financial measures” section below and on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure.
Fourth Quarter Adjusted Royalty Revenue and GEOs Sold by Asset:
For the fourth quarter of 2023, the Company recognized $8,744,000 in adjusted royalty revenue, which represented a 213% increase compared to Q4 2022. The significant increase is due to the commencement of royalty payments from Timok, Balya and Gold Bar South in 2023, combined with significant increases from Caserones, Gediktepe and Leeville. Revenue in Q4 2023 at Caserones included a year-to-date true-up of revenue due to higher than expected performance in Q3 2023.
The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the fourth quarter of 2023 and 2022:
2023
2022
GEOs Sold
Revenue (in thousands)
GEOs Sold
Revenue (in thousands)
Caserones
1,708
$
3,375
721
$
1,247
Timok
477
943
–
–
Gediktepe
1,335
2,638
341
590
Leeville
589
1,164
343
593
Balya
120
238
–
–
Gold Bar South
39
77
–
–
Advanced royalty payments
156
309
210
363
Adjusted royalty revenue
4,425
$
8,744
1,615
$
2,793
Fourth Quarter Corporate Updates
Early Repayment of US$10M of the Sprott Credit Facility
In Q4 2023, EMX made an early repayment of $10,000,000 toward the principal amount of the Senior Secured Credit Facility (the “Sprott Credit Facility”) held by a fund managed by Sprott Resource Lending Corp. The remaining principal amount of $34,660,000 of the Sprott Credit Facility is due to be repaid by December 31, 2024. The Company has actively been evaluating alternatives to refinance some or all of the debt. It should be noted that the Company can repay the entire debt without penalties after June 30, 2024.
Acquisition of Additional Royalty Interest on Caserones
Subsequent to December 31, 2023, EMX acquired an additional 0.0531% (effective) NSR royalty interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.8306%, for cash consideration of $4,742,000 pursuant to an agreement with Franco Nevada Corporation.
Commencement of Normal Course Issuer Bid
Subsequent to December 31, 2023, EMX announced that it has received approval from the TSX Venture Exchange of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”). Under the NCIB, EMX may purchase for cancellation up to 5,000,000 common shares over a twelve-month period commencing on February 13, 2024. The NCIB will expire no later than February 12, 2025.
Qualified Persons
Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America, except for Caserones. Consulting Chief Mining Engineer Mark S. Ramirez, SME Registered Member #04039495, a Qualified Person as defined by NI 43-101 and consultant to the Company, has reviewed, verified and approved the above technical disclosure with respect to the Caserones Mine. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Türkiye and Australia.
1 Refer to the “Non-IFRS financial measures” section below and on page 53 of the Q4 2024 MD&A for more information on each non-IFRS financial measure.
Shareholder Information
The Company’s filings for the year are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking information” or “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2024 and future outlook, including revenue and GEO estimates, refinancing outstanding debt and the timing thereof, the acquisition of additional royalty interests and partnerships, the purchase of securities pursuant to the Company’s NCIB or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from theCIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the year ended December 31, 2023, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.
Future-Oriented Financial Information
This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “2024 Guidance”, “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.
Non-IFRS Financial Measures
We have included certain non-IFRS financial measures in this press release, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements. The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why we use these measures.
Non-IFRS financial measure
Definition
Most directly comparable IFRS measure
Why we use the measure and why it is useful to investors
Adjusted revenue and other income
Defined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Revenue and other income
We believe these measures more accurately depict the Company’s revenue related to operations as the adjustment is to account for revenue from a material asset.
Adjusted royalty revenue
Defined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.
Royalty revenue
Adjusted cash flows from operating activities
Defined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.
Cash flows from operating activities
We believe this measure more accurately depicts the Company’s cash flows from operations as the adjustment is to account for cash flows from a material asset.
Gold equivalent ounces (GEOs)
GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period.
Royalty revenue
We use this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:
During the three months and years ended December 31, 2023 and 2022, the Company had the following sources of revenue and other income:
For the three months ended December 31,
For the year ended December 31,
2023
2022
2023
2022
Royalty revenue
$
5,369
$
1,546
$
20,287
$
6,913
Option and other property income
1,676
411
4,785
9,591
Interest income
501
331
1,549
1,773
Total revenue and other income
$
7,546
$
2,288
$
26,621
$
18,277
The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:
For the three months ended December 31,
For the year ended December 31,
(In thousands of dollars)
2023
2022
2023
2022
SLM California royalty revenue
$
8,438
$
3,308
$
26,024
$
18,887
The Company’s ownership %
40.0
37.7
40.0
37.7
The Company’s share of royalty revenue
$
3,375
$
1,247
$
10,407
$
7,120
Adjusted revenue and other income
$
10,921
$
3,535
$
37,028
$
25,397
Royalty Revenue
$
5,369
$
1,546
$
20,287
$
6,913
The Company’s share of royalty revenue
3,375
1,247
10,407
7,120
Adjusted royalty revenue
$
8,744
$
2,793
$
30,694
$
14,033
Reconciliation of Adjusted Cash Flows from Operating Activities:
During the three months and years ended December 31, 2023 and 2022, the Company had the following adjusted cash flows from operating activities:
For the three months ended December 31,
For the year ended December 31,
(In thousands of dollars)
2023
2022
2023
2022
Cash provided by operating activities
$
3,524
$
3,629
$
7,059
$
16,487
Caserones royalty distributions
1,920
464
7,013
5,224
Adjusted cash flows from operating activities
$
5,444
$
4,093
$
14,072
$
21,711
Quarterly reconciliation of GEOs:
(in thousands, except average gold price and GEOs information)
Q4 2023
Q3 2023
Q2 2023
Q1 2023
FY 2023
Adjusted Royalty Revenue
$
8,744
$
12,875
$
5,132
$
3,943
$
30,694
Average gold price per ounce
1,976
1,929
1,978
1,889
1,945
Total GEOs
4,425
6,676
2,595
2,088
15,784
(in thousands, except average gold price and GEOs information)
KELOWNA, BC / ACCESSWIRE / March 18, 2024 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), an established diamond mining company focused on building a supply of ethically sourced, non-conflict, natural rough diamonds to some of the world’s most reputable diamantaires and luxury retailers, announces today that recently retired Tiffany & Co. executive, Mr. D. Wayne Howard, has joined the Company’s Board as an Independent Director.
“I am very pleased to announce the addition of Mr. Howard to our Company’s board as an Independent Director”, noted Diamcor’s CEO, Mr. Dean Taylor, “Having collaborated with Wayne at Tiffany & Co. over the years on the current and future direction of the diamond industry, and the growing complexities of securing supplies of non-conflict natural rough diamonds, I could not think of a better person to assist our Company at a time when our desire is to grow our business and position ourselves as a key additional source of rough diamonds to reputable diamantaires and luxury retailers” added Mr. Taylor.
“I look forward to working with Mr. Taylor, and to providing him with the insight, experience, and knowledge I have gained over the years to successfully grow businesses into larger entities”, commented Mr. Howard, “Dean and I share many of the same visions on the past, present, and future direction of the diamond industry, and we both believe that the opportunity exists to now position Diamcor for the future”.
Mr. Howard is a leadership expert and results-oriented executive with a creative, entrepreneurial approach to business issues and extensive experience as an international board member, with global experience with several NYSE listed companies. He has a demonstrated ability to improve profitability for companies by developing new strategies for growing revenues, reducing costs and improving operations. Wayne has held various senior executive positions over his extensive career including VP Finance, Executive Vice President Global Operations, Director of Marketing and Sales and business owner. Mr. Howard has extensive knowledge of the diamond industry and well-established relationships with key industry players. Most recently and prior to his recent retirement, Mr. Howard held various executive level positions at Tiffany & Co., including Divisional Vice President Diamond Supply – Operations Officer, Divisional Vice President Jewelry Supply – Operations Officer, and Vice President of Manufacturing. He is also currently Managing Director for NY based Peale Davies, an independent advisory firm that provides strategic and financial advice on acquisitions, private capital solutions, restructurings, M&A, and growth initiatives. His extensive career has also included positions as Vice President of sourcing and logistics with Cerberus Capital Management Portfolio Company, Profit Improvement consultant with DWH Solutions, as well as Executive Vice President of Global Operations for New York based International Flavors & Fragrances where he successfully improved return on invested capital, lowered costs, and successfully integrated the operations of a $1.0B acquisition. He has also served as Vice President of other NYSE listed companies including luxury retailer Nordstrom, and Unilever – Lipton. Mr. Howard has an Honours degree in Business Administration from Ivey Business School at Western University and has completed PMD at Harvard Business School.
Diamcor has agreed to grant Mr. Howard options to purchase 3,000,000 shares to be priced at $0.10 per share. The options will vest in accordance with the TSX Venture Exchange vesting requirements. All options will expire five years from the date of issue, and all options exercised will be subject to the required hold periods pursuant to applicable securities laws and TSX Venture Exchange policies.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded diamond mining company with a proven history, which is focused on building a growing supply of ethically sourced, non-conflict, natural rough diamonds to some of the world’s most reputable diamantaire’s and luxury retailers. The Company has a long-term strategic alliance with world famous Tiffany & Co, and currently, its primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly related to De Beers’ flagship Venetia Diamond Mine in South Africa. The Venetia diamond mine is long recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Company’s Krone-Endora Project have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company is also focused on the acquisition and development of additional mid-tier projects with near-term production capabilities to allow the Company to position itself as a growing supplier of ethically and responsibly mined non-conflict natural rough diamonds to reputable diamantaires and select luxury retailers. The Company has a strong commitment to junior mining, social responsibility, women in mining, supporting local communities, and to protecting the environment.
About the Tiffany & Co. Alliance
The Company has an established long-term strategic alliance with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / March 11, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“ Rover ” or the “ Company “) is pleased to announce the appointment of Gunnar Pedersen to the Company’s Board of Directors. Salim Tharani has tendered his resignation as Director to accommodate the appointment of Mr. Pedersen. The Board of Directors of the Company wish to thank Mr. Tharani for his services. Mr. Tharani will be retained as a consultant to the Company on an as-needed basis.
Gunnar Pedersen, Director
Mr. Pedersen holds a Graduate degree in Financial Economics from the Norwegian School of Economics and is a CFA charter holder. He has absolute return investing and portfolio management experience since 1996, specializing in thematic global macro investing, fixed income and FX. His more recent research interests include socially responsible investments, the battery materials value chain, and renewable / traditional energy. During his career, Mr. Pedersen has co-founded and founded two absolute return focused investment funds. Currently he is self employed at his firm Asymmetric Asset Management, where he focuses on portfolio management and thematic investing, consultancy engagements and directorships. Pursuant to Mr. Pedersen’s appointment as Director, he has been granted 500,000 incentive stock options from Rover’s rolling 10% stock option plan. The stock options have an exercise price of $0.05 and a useful life of four years.
Judson Culter, CEO at Rover, states “Appointing Gunnar to our Board of Directors is part of our one-two punch strategy of bolstering our ranks. Gunnar joins Paddy Moylan as a new incoming Director. Both Gunnar and Paddy manage family offices that are focussed on critical minerals resource investing.”
Paddy Moylan, Rover’s President comments “Gunnar’s appointment continues our laser like focus on critical minerals. The team are working really hard. I look forward to positive news flow hitting the market. Gunnar will be a great help with his fund involvement and connections. Stay tuned!”
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
“Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
North Vancouver, British Columbia–(Newsfile Corp. – March 4, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)(“Lion One” or the “Company”) is pleased to provide an update on ongoing operations at the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.
Highlights:
Mechanized mining commencing on Zone 2 stopes in the URW1 stockwork vein system.
Airleg mining commencing on Zone 5 stopes at the UR2 and URW3 lode systems.
Limited mechanized mining in Zone 5 scheduled to commence in April.
Stope mining at Tuvatu scheduled to increase throughout March and April.
Continuous gravity concentrator is commissioned and in operation.
Intensive leach reactor is commissioned and in operation.
First long hole drill is in operation conducting sludge hole drilling.
Second long hole drill is on site undergoing commissioning.
Tuvatu Operations Update
The Tuvatu project is currently in the pilot plant stage of operations. The focus of mining operations to date has been on the development of underground access. Open stope mining is starting in March and is set to increase throughout April and May with the introduction of mechanized mining.
Mechanized mining at Tuvatu will consist of long hole open stoping. The first long hole drill is in operation on site and is conducting sludge hole drilling to confirm stope boundaries at the URW1 stockwork vein system in advance of blasting and extraction. The first stopes to be extracted through long hole open stoping will be at the URW1 stockwork vein system in Zone 2. The second long hole drill is undergoing commissioning on site at Tuvatu and will commence sludge hole drilling in the Murau stockwork vein system in Zone 2 once commissioning is complete.
Open stope mining in Zone 5 will initially consist of airleg stoping in March before the introduction of limited long hole open stoping in April. Airleg stoping has started in Zone 5 at the UR2 lode system and will be initiated at the URW3 lode system in late March. Limited long hole open stoping is scheduled to commence in Zone 5 in April before increasing throughout May and June.
The continuous gravity concentrator and intensive leach reactor were commissioned at the end of January and are in operation. New blowers have been ordered for the CIL tanks and are anticipated to be installed by mid-April. Mill throughput of approximately 26,000 tons is anticipated for the three-month period from March to May. Gold production is anticipated to increase during this period as a result of the commencement of open stope mining and full commissioning of the processing plant.
Qualified Person (NI43-101)
In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of 7 diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 0.50 g/t Au are re-assayed three times to get two assays within 10% of each other. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of all samples with grades above 0.5 g/t Au are also delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 33 important pathfinder elements.
The Lion One lab has implemented the Laboratory Information Management System (LIMS) to automate workflows, integrate instruments, and effectively manage samples and associated data across all analyses conducted in the lab.
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.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited 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, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Vancouver, British Columbia–(Newsfile Corp. – February 29, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce preliminary, unaudited, fourth quarter and annual revenue for the year ended December 31, 2023 (all figures in U.S. dollars).
Annual Results
The Company earned preliminary revenue and other income and adjusted revenue and other income1 of $26,621,000 and $37,028,000, respectively, for the year ended December 31, 2023 (2022 – $18,277,000 and $25,397,000, respectively), which represented a 46% and 46% increase, respectively, in comparison to the prior year. The significant increase is due to the commencement of royalty payments from the Timok Royalty Property, which resulted in $8,632,000 in royalty revenue in 2023, as well as an 80% increase in royalty revenue from Gediktepe and 46% increase in attributed royalty revenue from Caserones. In 2023, the Company recognized revenue from the Timok Royalty Property that was partially related to 2021 and 2022 sales. The portion attributed to Timok production in 2021 and 2022 amounted to $4,790,000.
Fourth Quarter Results
The Company earned preliminary revenue and other income and adjusted revenue and other income1 of $7,546,000 and $10,921,000, respectively, for the three months ended December 31, 2023 (2022 – $2,288,000 and $3,535,000, respectively), which represented a 230% and 209% increase, respectively, in comparison to Q4 2022.
“2023 was an unprecedented year for EMX. We achieved record revenues with the commencement of royalty payments from our flagship Timok Royalty Property combined with solid growth from our stable of quality cash flowing royalties,” commented Dave Cole, CEO. “We expect to continue to grow the Company in 2024 and continue to deliver shareholder value through our royalty generation business model.”
2024 Guidance
The Company is expected to file financial statements for the year ended December 31, 2023 before the end of Q1 2024. As part of this filing the Company anticipates providing revenue guidance for 2024.
Caserones Update
In January 2024, EMX acquired an additional 2.737% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM California”), for cash consideration of $4,742,000 pursuant to an agreement with Franco Nevada Corporation. The acquisition provides EMX with a further 0.0531% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.8306%.
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.
Note 1
Reconciliation of Non-IFRS Measures
This news release contains certain financial performance measures that are not recognized or defined under IFRS (termed “non-IFRS measures”). As a result, this data may not be comparable to data presented by other issuers. For an explanation of these measures to related comparable financial information presented in the Financial Statements of the Company prepared in accordance with IFRS, refer to the discussion below. The Company believes that these non-IFRS measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. Accordingly, these non-IFRS 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.
Adjusted Revenue and Other Income
“Adjusted revenue and other income” is a non-IFRS financial measure, which is defined by EMX by taking total revenue and adding the Company’s share of royalty revenue related to the Company’s interest in SLM California. SLM California is the royalty holder of Caserones. The Company presents this non-IFRS measure as it believes that certain investors use this information to evaluate the Company’s performance and ability to generate cash flow in comparison to other royalty companies in the precious metals mining industry.
The following table reconciles “adjusted revenue and other income” to revenue and other income, the most directly comparable IFRS measure:
For the three months ended December 31,
For the year ended December 31,
(In thousands of US dollars)
2023
2022
2023
2022
Total revenue and other income
$
7,546
$
2,288
$
26,621
$
18,277
SLM California royalty revenue
8,438
3,308
26,024
18,887
The Company’s ownership %
40.0
37.7
40.0
37.7
The Company’s share of royalty revenue in Caserones
$
3,375
$
1,247
$
10,407
$
7,120
Adjusted revenue and other income
$
10,921
$
3,535
$
37,028
$
25,397
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 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 inclusion of revenue guidance for 2024 as part of the Company’s filing of its financial statements for the year ended December 31, 2023, 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, 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 be obtained; 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 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. Readers are cautioned that the figures presented herein have not been audited and are subject to change. As the Company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary, subject to final quarter and year-end closing adjustments, and may change materially.
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 purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended September 30, 2023, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. 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.
Vancouver, British Columbia–(Newsfile Corp. – February 22, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) announces that Brett A. Richards, the Company’s President, Chief Executive Officer (“CEO“) and Director, is transitioning to Interim CEO and Director.
As part of an ongoing commitment to Goldshore, Mr. Richards has decided to transition to Interim CEO and maintain his board seat, ensuring the Company has adequate leadership and working capital for the next twenty-four (24) months.
Goldshore continues to be committed to managing the risk(s) of operating in the current capital market environment while demonstrating the resiliency of its board and management team to make difficult decisions to protect and manage the best interest of shareholders. The Goldshore board will regularly review its management structure and make adjustments as necessary in the future.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. The Company is led and supported by an industry-leading management group, board of directors and advisory personnel. Goldshore is well-positioned and well financed to advance the Moss Gold Project through the next stages of exploration and development.
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.
For More Information – Please Contact:
Brett A. Richards Interim Chief Executive Officer and Director Goldshore Resources Inc.
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, future changes to the Company’s management structure, 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; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
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.
North Vancouver, British Columbia–(Newsfile Corp. – February 14, 2024) – Lion One Metals Limited (TSXV: LIO)(OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that the Company has closed the underwritten offering (the “Offering“) previously announced on February 7, 2024 by issuing 24,150,000 units of the Company (the “Units“) at a price of $0.50 per Unit (the “Offering Price“) for aggregate gross proceeds of $12,075,000, which includes the exercise, in full, by the Underwriters (as defined below) of the over-allotment option granted by the Company to purchase up to an additional 3,150,000 Units at the Offering Price pursuant to the terms of an underwriting agreement (the “Underwriting Agreement“) dated as of February 8, 2024, among the Company, Cantor Fitzgerald Canada Corporation (the “Lead Underwriter“), Canaccord Genuity Corp., Eight Capital, and Raymond James Ltd. (together with the Lead Underwriter, the “Underwriters“).
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$0.65 for a period of 36 months from the closing date of the Offering.
In connection with the Offering and the Concurrent Private Placement, the Company paid to the Underwriters a cash commission of $724,500, which was equal to 6.0% of the gross proceeds from the Offering, and issued an aggregate of 1,449,000 broker warrants, equal to 6.0% of the number of Units sold pursuant to the Offering. Each broker warrant is exercisable for one Common Share at a price of C$0.65 for a period of 36 months from the closing date of the Offering.
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 Units issued pursuant to the Offering were qualified for distribution by way of a prospectus supplement of the Company dated February 9, 2024 (the “Prospectus Supplement“) to the Company’s existing short form base shelf prospectus dated May 13, 2022 (the “Base Shelf Prospectus“) filed in the Provinces of British Columbia, Alberta and Ontario, and offered and sold to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The Base Shelf Prospectus, the Prospectus Supplement, the documents incorporated by reference therein and the Underwriting Agreement are available on the Company’s profile on SEDAR+ at www.sedar.com.
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 is an emerging Canadian gold producer headquartered in North Vancouver, B.C., 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.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
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 press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the results of the Offering and associated marketing efforts, the use of proceeds of the Offering, actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results., and results of ongoing production operations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: prevailing capital markets conditions, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited 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, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO US NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
