Vancouver, British Columbia–(Newsfile Corp. – April 15, 2024) – EMX Royalty Corporation(NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce that it has entered into an automatic share purchase plan (“ASPP“) with its broker in order to facilitate repurchases of EMX’s common shares (the “Shares“) under the Company’s previously announced normal course issuer bid (the “NCIB“).
The Company previously announced that it had received approval from the TSX Venture Exchange (“TSXV“) to purchase up to 5,000,000 Shares for cancellation over a twelve-month period that commenced on February 13, 2024 and terminates no later than February 12, 2025. All purchases made pursuant to the NCIB will be made through the facilities of the TSXV, NYSE American Stock Exchange (“NYSE American“), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. Since the commencement of the NCIB on February 13, 2024, the Company has purchased 17,700 Shares on the TSXV and alternative Canadian trading systems at a weighted average price per Share of $2.62 for an aggregate value of approximately $46,000, and 58,302 Shares on the NYSE American and alternative U.S. trading systems at a weighted average price per Share of US$1.93 for an aggregate value of approximately US$112,000.
EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash. The ASPP will facilitate purchases under the NCIB as it will allow for purchases of Shares to be made at times when the Company would ordinarily not be permitted to make purchases, whether due to regulatory restriction or customary self-imposed blackout periods.
Under the ASPP, the Company’s broker may purchase Shares from the effective date of the ASPP until the end of the NCIB. The ASPP will facilitate purchases of Shares under the NCIB by authorizing the Company’s broker to make purchases at its sole discretion based on parameters set by the Company in accordance with the rules of the TSXV and NYSE American, applicable law and the terms of the ASPP. Outside of periods that the Company is restricted from purchasing Shares pursuant to insider trading rules or its own internal trading blackout policies, Shares may also be purchased at the Company’s discretion, in compliance with the rules of the TSXV and NYSE American and applicable law.
All purchases of Shares made under the ASPP will be included in determining the number of Shares purchased under the NCIB. Any Shares purchased by the Company pursuant to the ASPP will be cancelled. The Company is not currently in possession of any material undisclosed information in relation to the Company, the Shares or any of the Company’s other securities. The ASPP constitutes a “written automatic purchase plan” for purposes of applicable Canadian securities legislation and the ASPP has been pre-cleared by the TSXV and will be effective on April 12, 2024.
The ASPP will terminate on the earliest of the date on which: (a) the maximum purchase limit under the NCIB has been reached; (b) the NCIB expires; or (c) the ASPP otherwise terminates in accordance with its terms.
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 the policies of the TSX Venture Exchange) accepts responsibility of 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 EMX’s normal course issuer bid, the Company’s pre-defined plan with its broker to allow for the repurchase of Shares and the timing, number and price of Shares that may be purchased under the normal course issuer bid, 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 the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2023 (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.
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, 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, 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, February 7, 2024 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) — EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce that it has received approval from the TSX Venture Exchange (“TSXV”) of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”).
Under the NCIB, the Company may purchase for cancellation up to 5,000,000 common shares (the “Shares”) (representing approximately 4.45% of its issued and outstanding Shares, being 112,234,040 Shares, as of January 24, 2024) over a twelve-month period commencing on February 13, 2024. The NCIB will expire no later than February 12, 2025.
EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash.
All purchases made pursuant to the NCIB will be made through the facilities of the TSXV, NYSE American Stock Exchange (“NYSE American”), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The NCIB will be made in accordance with the applicable rules and policies of the TSXV, NYSE American and applicable Canadian and United States securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. The actual number of Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The Company is not obligated to purchase any particular number of Shares under the NCIB and the NCIB may be modified or suspended at the Company’s discretion.
EMX has appointed National Bank Financial Inc. to make purchases under the NCIB on its own behalf.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the TSXV and the NYSE American under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of 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 EMX’s proposed normal course issuer bid and the timing, number and price of Shares that may be purchased under the normal course issuer bid, 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 the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, 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 September 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov
Vancouver, British Columbia–(Newsfile Corp. – January 30, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of a purchase agreement with Aurora Exploration OY (“Aurora”), a private Finish company, for Aurora’s royalty interest covering the Mustajärvi gold project in Finland (the “Project”). The Mustajärvi project is located in the prolific Central Lapland Greenstone Belt in northern Finland, which hosts several recent gold discoveries as well as the Kittila Gold Mine, operated by Agnico Eagle Mines Ltd. The Mustajärvi project is currently being advanced by Firefox Gold Corporation (“Firefox”).
The Mustajärvi project was originally acquired by Aurora in 2017 and subsequently sold to Firefox. Further exploration and drilling by Firefox led to the discovery of significant gold mineralization within the Project area (see various news releases by Firefox between 2018 and 2023). As part of the transaction with Firefox, Aurora retained a 1% NSR royalty, to be acquired by EMX. Half of the NSR royalty (0.5%) can be repurchased by Firefox for US$500,000 upon receipt of a positive feasibility study. Further information on the project can be found at Firefox’s website (www.firefoxgold.com) and in the Project’s 2018 NI-43-101 Technical Report, which has been filed on SEDAR.
Firefox recently announced a partnership with Agnico Eagle Mines Ltd, including a private placement into Firefox (see Firefox News Release dated December 20, 2023). In its announcement, Firefox reported that proceeds from the private placement will be used to further advance and drill the Mustajärvi project.
Commercial Terms Overview: As consideration for the royalty interest, EMX has paid Aurora US$80,000 and will issue 30,000 common shares of the Company to Aurora, subject to receiving final acceptance from the TSX Venture Exchange. These are the sole considerations for the purchase of the royalty.
Overview of the Project. The Mustajärvi project is located in Northen Finland in the Central Lapland Greenstone Belt and is hosted within the Mustajärvi shear-zone (MSZ). The MSZ lies between the regional Venejoki and Sirkka shear zones, which host numerous gold occurrences and deposits including Rupert Resources’ recent Ikkari gold discovery.
Gold mineralization at Mustajärvi appears to be developed within “dilational jogs” along the MSZ. Drill defined zones of mineralization have now been reported over a 2.1km trend. The mineralization chiefly occurs as quartz-carbonate-tourmaline veins along contacts between intercalated siliciclastic meta-sediments and mafic-ultramafic volcanic rocks, a common control of gold mineralization in the region. The currently defined zones of mineralization remain open along strike at both ends of the trend as well as at depth.
Recent exploration activities concentrated on the “East Target”, where Firefox reported the discovery of a new zone of gold mineralization in 2022-2023. Drill intercepts in the East Target include hole 22MJ006 with 13.85 meters of 28.74 g/t Au from an in-hole depth of 24.15 meters, 22MJ021 with 15.5 meters of 13.09g/t Au from an in-hole depth of 11 meters and hole 23MJ004 with 20.45 meters of 5.14 g/t Au from an in-hole depth of 12 meters1. Elsewhere on the property, significant intercepts include drill hole 21MJ010 with 16.45 meters at 7.69 g/t Au from an in-hole depth of 154.15 meters1. Firefox and previous explorers have drilled a combined total of 14,158 meters on the property so far.
Comments on Nearby and Adjacent Properties. The deposits, projects and mines discussed in this news release provide context for the Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Project hosts similar quantities, grades or styles of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company that specializes in generating and acquiring royalty interests. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral 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 September 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov
1 In its news releases dated September 9, 2021, September 6, 2022, January 18, 2023 and July 18, 2023 Firefox has reported that “drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geologic modelling.” Although these results were reported in compliance with NI43-101 protocols and are believed to be reliable and relevant, EMX has not performed sufficient work to verify the published assay results.
Gold79 believes that the Tyro Main Zone has the potential for 15.6 to 31.2 Mt grading 1.5 to 2.5 g/t Au. This is based on previous exploration on the property, including 685.7 metres of drilling along with surface sampling (95 samples), sampling of historical underground workings (56 samples) and detailed mapping.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.
For further information regarding this press release contact: Derek Macpherson, President & CEO Phone: 416-294-6713 Email: dm@gold79mines.com Website: www.gold79mines.com
KELOWNA, BC / ACCESSWIRE / January 18, 2024 / Diamcor Mining Inc. (TSX-V.DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds announces that the Company intends to complete a convertible loan financing (the “Financing”) of up to CDN$2,000,000.00, and anticipates that an aggregate of approximately CDN$1,250,000.00 of the Financing will be subscribed to by existing larger shareholders and management of the Company. The financing will consist of unsecured convertible promissory notes (the “Notes”) having a term of two (2) years from the closing date and bearing interest at the rate of 15% per annum. During the first year, interest will accrue and be payable 12 months from the date of closing. No principal payments will be required until maturity. The principal amount of the Notes will be convertible at the election of the noteholder into Common Shares of the Company at any time up to the maturity date at the rate of CND$0.10 per share. As provided in Policy 5.2 of the TSX Venture Exchange Corporate Finance Policy Manual, interest will be convertible at the election of the noteholder into Common Shares of the Company at the Market Price as at the time of conversion of the interest.
In addition, subject to the exceptions noted below, the Company will issue non-transferable share purchase warrants to eligible participating investors, with each share purchase warrant entitling the holder thereof to purchase one (1) Common share of the Company at a price of CND$0.15 for a period of two (2) years from the date of issuance (the “Warrants”). The number of Warrants issuable to the eligible participating investors will be equal to the number of Common Shares into which the principal amount of the investor’s Note is convertible.
The proceeds from the Financing will be used for the continued advancement of efforts to increase processing volumes at the Company’s Krone-Endora at Venetia Project (the “Project”), the work programmes previously underway, the announced efforts surrounding drilling and bulk sampling on the greater portions of the Project, and for general corporate purposes. While the Company plans to continue ongoing discussions with financiers and industry-related parties on additional funding scenarios which may be beneficial in increasing long-term shareholder value and added growth, the Company will not be proceeding with the term loan financing of up to CND$5.0M previously announced on October 2, 2023.
For further detail on the Company’s future plans and its perspective on the diamond industry, please see the following in depth interview with Dean Taylor, chief executive officer of Diamcor.
The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora 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 focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal 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.
SOURCE: Diamcor Mining Inc.
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