VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its releases of September 20, 2022, and November 17, 2022, it is pleased to announce that it has now received Toronto Venture Exchange (“TSXV”) approval of its definitive agreement to option a 100% ownership interest in a claystone lithium project (the “Option Agreement”) located in the southwest lithium jurisdiction of the state of Nevada, USA. The Option Agreement is dated with an effective date of November 16, 2022. The land package under option is a district scale lithium claystone deposit situated on Bureau of Land Management land.
Let’s Go Lithium Property, NV, USA The Let’s Go Lithium claystone property is located in Nevada’s famous southwest lithium jurisdiction and is approximately 6,000 acres in size. The Company, through the vendor of the project, and through ALS Laboratories, has verified high-grade lithium surface samples at the project. Highlights of these surface grab samples processed by ALS Laboratories include: Sample# AMZ-8 of 780ppm Li, Sample# AMZ-26 of 910ppm Li, and Sample# AMZ-28 of 710ppm Li. The Company has pulled additional surface grab samples from the project and analysed them with a Handheld Laser Induced Breakdown Spectroscopy (“HH LIBS”). Highlights of the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li.
The project includes green energy infrastructure of hydro power lines, and has direct road access, and a nearby town with a readily available work force.
Later-stage comparable claystone lithium projects include Cypress Development’s Clayton Valley project; American Lithium’s TLC project; Noram Lithium’s Zeus project, and Iconic Minerals’ Bonnie Claire project. All of the aforementioned companies are later-stage mining companies, with a NI 43-101 resource definition. Rover’s Nevada Lithium project is greenfields in nature, with no drilling to date. Historic water well drilling at the Let’s Go Lithium property by the USGS indicates that the claystone is near to surface, and over 90 meters in average thickness.
Summary of Future Commitments Under the Option Agreement To earn a 100% ownership interest in the Let’s Go Lithium project the company is required to compensate the owner of project as follows:
Cash
Common Shares
Exploration Commitments
Year 1
Nil
USD20,000 worth of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2023; or (2) $0.065.
Nil
Year 2
USD20,000
USD100,000 of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2024; or (2) $0.065.
USD200,000
Year 3
USD75,000
USD150,000 of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2025; or (2) $0.065.
Nil
Year 4
USD80,000
USD250,000 of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2026; or (2) $0.065.
Nil
Year 5
USD100,000
Nil
Nil
Year 6
USD150,000
Nil
Nil
Year 7
USD75,000
Nil
Nil
Milestone payment at anytime, including after Year 7, of USD500,000 and Rover Metals’ common shares worth USD500,000 to be issued at the greater of: (1) the 5-day VWAP leading up to the date of issuance; or (2) $0.065.
A 2% net smelter royalty (“NSR”) on the first marketable product from the property, less allowable deductions. The NSR includes a one-mile area of interest surrounding the project.
Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101. ALS Laboratories is ISO/IEC 17025:2017 and ISO 9001:2015 certified.
Judson Culter, CEO at Rover Metals, states, “The Biden Administration’s Bill for Inflation Reduction and Energy puts milestones in place for critical minerals like Lithium to be produced within North America effective January 1, 2023. Given the mining friendly jurisdiction of Nevada, and the nature of claystones, we see the Let’s Go Lithium project as a shovel ready, fast-tracked opportunity for development.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF (temporarily as ROVMD), and on the FSE under symbol 4XO. The Company is now developing both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s existing mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “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 or 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 or 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.
Vancouver, British Columbia–(Newsfile Corp. – November 21, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that it has dramatically extended the limits of silver mineralization at the Wolf Vein through wide-spaced step-out drilling. Mineralization remains wide-open for expansion, with further assays pending from the 2022 season.
Highlights from exploration step-out drilling at Wolf include:
DV22-311: 412 g/t Ag over 12.80 meters (5.38 meters true width) including 2.15 meters (0.90 meters true width) grading 1,646 g/t Ag, 2.38% Pb, 3.10% Zn and 0.10 g/t Au
DV22-316: 551 g/t Ag over 9.80 meters (4.90 meters true width) including 3.60 meters (1.8m true width) grading 1,049 g/t Ag, 1.19% Pb and 0.29% Zn
Drill hole DV22-316 intersected wide, high-grade mineralization in multiple vein and breccia phases at Wolf, over 200 meters down plunge from previously reported drill hole DV22-300 that intersected 19.85m (13.90m true width) averaging 584 g/t Ag, 0.92 %Pb, 0.56% Zn and 0.19 g/t Au (news release dated September 19, 2022). In addition, drill hole DV22-311 intersected similar style mineralization grading 412 g/t Ag, 0.82% Pb and 2.14% Zn over 12.80m (5.38m true width) located 400m down dip of mineralization in DV22-300 (see Figure 1).
“Dolly Varden Silver’s wide-spaced step-out drilling this season has more than doubled the strike length of the Wolf Deposit, as well as extending high-grade silver mineralization to over 750 meters in dip extent. The highest grades are within robust, vein-hosted mineralization that is potentially amenable to underground bulk mining methods. We eagerly anticipate additional drilling results from the 2022 season at Wolf, Homestake Main, Homestake Silver and Red Point”, said Shawn Khunkhun, President and CEO.
The Wolf Vein is interpreted as a wide, multi-phase epithermal vein and breccia system. Mineralization consists of pyrargerite (ruby silver), argentite, native silver, argentiferous galena and sphalerite in a silica breccia vein system (see Figure 2). At depth, as seen in drill hole DV22-316, the system appears to widen to a 143m (71m true width) package that consists of three distinct veins within an alteration zone that averages 0.48% Zn over its width (see table 1). The northeast/southwest orientation of the Wolf vein system and nature of the plunge directions of high-grade silver mineralization is similar to what is seen at the Kitsol deposit, located approximately 1.4km to the south (see Figure 3).
Figure 1. Wolf vein longitudinal section looking Northwest.
Drilling during the 2022 season at Wolf has significantly expanded the wide, high-grade silver mineralization, which occurs in wide, as well as localized shoots hosted within silica vein and breccia sets. Drill intercepts outside of the high-grade shoots encountered anomalous silver mineralization within broad potassic alteration halos underneath a cap of sedimentary rocks. The continuity of silver mineralization underneath the sedimentary cover near the bottom of the Kitsault Valley is resulting in new, blind silver discoveries within the 100 year old Dolly Varden silver mining camp, a result of innovative exploration and modelling techniques. Additional results from step-out drill holes testing for deeper, down plunge mineralization from DV22-316 at the Wolf Vein are currently pending.
Figure 2. Drill hole DV22-316 from >200m step out at the Wolf Deposit, core interval from within Vein 1 of the multi-phase epithermal breccia vein system.
Complete Drill Results from recently received assays at Wolf are as follows;
Table 1. Drill hole assays for Wolf Deposit Extension drilling
Hole ID
From
To
Core Length (m)
True Width (m)*
Ag (g/t)
Pb (%)
Zn (%)
Au (ppm)
AgEq** (g/t)
DV22-302
397.05
415.85
18.8
11.28
17
0.36
0.63
NSV
52
DV22-304
396.50
413.50
17.00
11.56
48
0.33
0.51
NSV
79
DV22-307
NSV
DV22-311
699.90
712.7
12.80
5.38
412
0.82
2.14
NSV
522
including
706.00
708.15
2.15
0.90
1646
2.38
3.10
0.10
1845
DV22-314
NSV
DV22-316
449.50
592.85
143.35
71.65
–
–
0.48
–
–
Vein 1
466.80
484.70
17.90
8.95
315
0.48
0.23
NSV
340
including
466.80
476.60
9.80
4.90
551
0.81
0.30
NSV
584
including
472.50
476.10
3.60
1.80
1049
1.73
0.29
NSV
1117
including
474.80
475.60
0.80
0.40
2080
4.10
0.21
0.10
2224
Vein 2
501.25
538.00
36.75
18.37
78
0.24
0.75
NSV
118
Including
513.80
527.00
13.20
6.60
111
0.51
1.37
0.08
185
Vein 3
567.54
572.15
4.61
2.30
29
0.13
0.47
NSV
52
*Calculated true widths vary depending on intersection angles and range from 42% to 68% of core lengths **AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 2. Wolf Deposit Drill Hole Collar Information
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV22-302
467089
6173630
388
129
-68
573.00
DV22-304
467089
6173630
388
140
-62
570.00
DV22-307
467089
6173630
388
140
-72
723.00
DV22-311
467089
6173630
388
140
-80
739.70
DV22-314
467003
6173509
390
125
-68
662.10
DV22-316
467003
6173509
390
125
-75
630.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.
Qualified Person
Rob van Egmond, P.Geo. Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Highlights: Treasure Creek project NW Array prospect drill results: Hole 22TCRC078: 89.9 meters grading 0.97 grams per tonne gold from 45.7 meters, including 41.1 meters grading 1.72 grams per tonne gold from 59.4 meters. The mineralized area now measures 400 meters by 750 meters and is open in four directions.
Treasure Creek project Eastgate–Scrafford prospect drill results: Hole 22TCRC036: 7.6 meters grading 6.48 grams per tonne gold from 50.3 meters, including 1.5 meters grading 31.4 grams per tonne gold from 50.3 meters.
Results pending: Assays from a further 90 holes drilled on various project areas on the Fairbanks Gold District properties are still pending from the assay laboratory.
VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to provide an update on Fairbanks Gold District exploration being carried out by Felix Gold Limited (ASX: FXG, “Felix Gold” or “Felix”). Millrock owns 9,957,157 shares of Felix Gold and holds royalties ranging from 1.0% to 2.0% Net Smelter Returns (“NSR”) on all claims currently held by Felix in the Fairbanks District. The claims cover close to 400 square kilometers of prospective lands.
Felix Gold has recently reported the following significant near-surface gold intercepts from drilling done on the NW Array prospect on the Treasure Creek gold project.
NW Array prospect gold intercepts include:
Hole 22TCRC071: 38.12 meters (m) grading 1.1 grams (g) / tonne (t) gold (Au) from 1.5 m downhole, including 7.6 m grading 4.13 g/t Au from 6.1 m downhole
Hole 22TCRC073: 41.1m grading 0.37 g/t Au from 1.5 m downhole, including 6.1 m grading 1.15 g/t Au from 21.3 m downhole
Hole 22TCRC075: 9.1 m grading 0.44 g/t Au from 1.5 m downhole and 35.1 m grading 1.8 g/t Au from 16.8 m downhole, including 1.5 m grading 27.2 g/t Au from 35.1 m downhole
Hole 22TCRC076: 18.3 m grading 1.02 g/t Au from 42.7 m downhole and 1.5 m grading 7.42 g/t Au from 45.7 m downhole
Hole 22TCRC078: 30.5 m grading 0.40 g/t Au from 1.5 m and 89.9 m grading 0.97 g/t Au from 45.7 m, including 41.1 m @ 1.72 g/t Au from 59.4 m
Hole 22TCRC083: 38.1 m grading 0.75 g/t Au from 51.8m, including 24.4m grading 1.08 g/t Au from 51.8 m
Felix Gold indicates that the drilling results show bulk tonnage gold mineralization distributed over an area measuring 400 m by 750 m at the NW Array Southern Zone. The mineralization is open to depth and to the north, south, and east, as per the Felix Gold press releases dated October 5, 2022, and October 18, 2022. The Treasure Creek prospect is road accessible. The claim block is traversed by a power line, which leads approximately 20 kilometers southeast to the Fort Knox Gold Mine, operated by a subsidiary of Kinross Gold Corporation.
Felix Gold has also reported the following significant, near-surface gold intercepts from drilling done on the Eastgate – Scrafford prospect on the Treasure Creek gold project over the past month. The following are highlights from 13 reverse circulation holes drilled in the Eastgate Central Zone. The results expand near-surface, high-grade gold mineralization over an approximate one-kilometer strike length. (Felix Gold press release dated September 28, 2022, and November 1, 2022).
Hole 22TCRC113: 6.1 m grading 3.74 g/t Au from 13.7m downhole, including 1.5 m grading 8.73 g/t Au from 15.2 m downhole and 3.0 m grading 1.16 g/t Au from 36.6 m downhole
Hole 22TCRC022: 6.1 m grading 3.22 g/t Au from 62.5 m downhole, including 1.5 m grading 11.4 g/t Au from 64.0 m downhole
Hole 22TCRC014: 4.6 m grading 1.90 g/t Au from 21.3 m downhole
Hole 22TCRC122: 41.1 m grading 0.31 g/t Au from 79.2 m downhole and 53.3 m grading 0.47 g/t Au from 129.5 m downhole
Hole 22TCRC029: 4.6 m grading 0.76 g/t Au from 91.4 m downhole
Hole 22TCRC036: 7.6 m grading 6.48 g/t Au from 50.3 m, including 1.5m grading 31.4 g/t Au from 50.3 m
Hole 22TCRC038: 4.6 m grading 0.78 g/t Au from 27.4 m and 9.2 m grading 0.43 g/t Au from 93.0 m, including 1.5 m grading 1.76 g/t Au from 93.0 m and 18.3 m grading 0.40 g/t Au from 126.5 m, including 1.5 m grading 1.19 g/t Au from 129.5 m
The Eastgate – Scrafford prospect is located approximately three kilometers southeast of the NW Array Southern Zone. Assays are pending for a further 50 reverse circulation drill holes completed in the Phase 1 program at Treasure Creek. Assay results from a further 40 holes drilled on prospects on various other claim blocks in the Northeast Fairbanks area are also pending.
Felix Gold and Millrock have now ended the Strategic Alliance relationship between the companies. Each party is free to use the information generated during the alliance period for their own purposes. As a result of the strategic alliance, Millrock owns royalties on all of the claims that have so far been sold to Felix or subsequently acquired by Felix through staking or third-party agreement in the Fairbanks district. The royalties feature advanced minimum royalty payments. The royalties range from 1.0% NSR to 2.0% NSR and cover 41,800 hectares of prospective lands in the Fairbanks Gold District. Millrock also owns 9,957,157 shares of Felix Gold valued today at approximately AUD$1,195,000.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person, as defined in NI 43-101. Note: Mr. Beischer has not independently verified the assay results reported by Felix Gold. However, Mr. Beischer inspected several drill sites and sample processing methods during Summer 2022 operations, and can confirm that the assay work was done by a qualified laboratory with stringent quality controls in place at the laboratory and at Felix Gold. The quality assurance and quality control protocols of Felix Gold are as stringent as Millrock would use in its own exploration work.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Gregory A. Beischer, President & CEO Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation receipt of further drill results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
Vancouver, British Columbia – (November 17, 2022) – Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its release of September 20, 2022, it is pleased to announce that it has now signed the definitive agreement to option a 100% ownership interest in a claystone lithium project (the “Option Agreement”) located in the southwest lithium jurisdiction of the state of Nevada, USA. The Option Agreement is dated with an effective date of November 16, 2022. The land package under option is a district scale lithium claystone deposit situated on Bureau of Land Management land. The Option Agreement is subject to final approval by the Toronto Venture Exchange (the “TSXV”). An updating release will be provided once the Company has received TSXV approval.
On November 26, 2022, the Company also announced the first closing of $376,000 under its current financing. The use of proceeds of which will include furthering the development of our new Nevada Lithium project.
Let’s Go Lithium Property The Let’s Go Lithium property is located in Nevada’s famous southwest lithium jurisdiction and is approximately 6,000 acres in size. The Company, through the vendor of the project, and through ALS Laboratories, has verified high-grade lithium surface samples at the project. Highlights of these surface grab samples processed by ALS Laboratories include: Sample# AMZ-8 of 780ppm Li, Sample# AMZ-26 of 910ppm Li, and Sample# AMZ-28 of 710ppm Li. The Company has pulled additional surface grab samples from the project and analysed them with a Handheld Laser Induced Breakdown Spectroscopy (“HH LIBS”). Highlights of the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li.
The project includes green energy infrastructure of hydro power lines, and has direct road access, and a nearby town with a readily available work force.
Later-stage comparable claystone lithium projects include Cypress Development’s Clayton Valley project; American Lithium’s TLC project; Noram Lithium’s Zeus project, and Iconic Minerals’ Bonnie Claire project. All of the aforementioned companies are later-stage mining companies, with a NI 43-101 resource definition. Rover’s Nevada Lithium project is greenfields in nature, with no drilling to date. Historic water well drilling at the Let’s Go Lithium property by the USGS indicates that the claystone is near to surface, and over 90 meters in average thickness.
Summary of First Year Commitments Under the Option Agreement The Company’s earn-in to a 100% ownership of the claystone lithium project calls for USD200,000 in exploration expenditures within 24 months of the signing of a definitive agreement and a common share payment of USD25,000 worth of the Company’s common shares to be made on January 31, 2023.
Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101. ALS Laboratories is ISO/IEC 17025:2017 and ISO 9001:2015 certified.
Judson Culter, CEO at Rover Metals, states, “The Biden Administration’s Bill for Inflation Reduction and Energy puts milestones in place for critical minerals like Lithium to be produced within North America effective January 1, 2023. Given the mining friendly jurisdiction of Nevada, and the nature of claystones, we see the Let’s Go Lithium project as a shovel ready, fast-tracked opportunity for development.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF (temporarily as ROVMD), and on the FSE under symbol 4XO. The Company is now developing both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s existing mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “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 or 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 or 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.
VANCOUVER, British Columbia, Nov. 16, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce a non-brokered private placement financing for a minimum of $350,000 and a maximum of $800,000. The Company will issue $0.08 units. Each unit is priced at $0.08 and is comprised of one common share and one common share purchase warrant (the “Units”). The warrants on the Units have an exercise price of $0.12 per warrant share, and a life of two and half (2 ½) years. Assuming the financing is fully subscribed, there will be up to 10,000,000 common shares and 10,000,000 common share purchase warrants issued in connection with this financing, plus any finder’s commission warrants.
Further to the above announcement, Rover has also now received approval from the Toronto Venture Exchange (TSXV) to close the first tranche of the Unit financing for gross proceeds of $376,000 (the “First Closing”). The Company will issue of 4,700,000 common shares and 4,700,000 warrants. Finders’ commissions are being paid in connection with the First Closing in the amount of cash commissions of $13,312.50 and finders’ warrants of 266,250. The finder’s warrants will have an exercise price of $0.12 and a useful life of two and half (2 ½) years. The shares and warrants issued under the First Closing will bear the minimum four-month regulatory hold period from the date of issuance.
An updating release will be provided once the Company has completed the Unit financing.
Shares for Services Agreement The TSXV has also approved a common shares for services issuance pursuant to a previously approved consulting agreement with one of the Company’s former arm’s length advisors. Services in the amount of $22,500 for the three-month period from July 1, 2022 to September 30, 2022 will be paid through the issuance of 187,500 common shares at a deemed price of $0.12 per share. The arm’s length advisory agreement expired effective September 30, 2022. The shares will bear the minimum four-month regulatory hold period from the date of issuance.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF (temporarily trading as ROVMD), and on the FSE under symbol 4XO. The Company is now developing a diverse portfolio of mineral resource projects: (1) Nevada Claystone Lithium; (2) Zinc-Copper-Lead-Silver in NT, Canada; as well as (3) Gold in NT, Canada. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “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 or 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 or 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.
Vancouver, British Columbia–(Newsfile Corp. – November 14, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended September 30, 2022 (“Q3-2022”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
HIGHLIGHTS FOR Q3-2022
Financial Update
All dollar amounts in this news release are Canadian dollars (CDN) unless otherwise noted.
Revenue and other income for the three months ended September 30, 2022 was $9,338,000 which includes continuing royalty income from the Leeville, Gediktepe, and Balya royalty interests totaling $4,881,000. Other income of $4,113,000 relates to other property payments from partnered properties. Adjusted revenue and other income1 was $12,105,000 which included $2,767,000 for the Company’s share of royalty revenue from its effective Caserones copper royalty interest in Chile.
After recovering $4,210,000 from partners, the Company’s net royalty generation costs totaled $2,652,000.
General and administrative costs totaled $1,644,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities offset by a reduction in fees paid to consultants during the period.
Share-based payments totaled $481,000 for the period compared to $1,206,000 in Q3-2021. The aggregate share-based payments relate mainly to the fair value of stock options and restricted share units (“RSUs”) granted and vested during the period.
Finance expenses of $1,579,000 associated with the Sprott Credit Facility. The Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000 in the previous quarter.
For the quarter, the Company had income from operations of $1,311,000 and a net loss of $16,346,000.
Other significant items affecting income for the three months ended September 30, 2022 included unrealized fair value losses on investments of $7,241,000, impairment charges of $7,130,000 primarily related to the Gediktepe royalty in Turkey, and foreign exchange adjustments of $518,000.
As at September 30, 2022, the Company had unrestricted cash and cash equivalents of $14,297,000, investments and long-term investments valued at $19,877,000, and a loan payable of $54,961,000.
Corporate Updates
Appointment of Independent Director In Q3-2022, EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.
Purchase of Royalty Portfolio from Nevada Exploration In Q3-2022, EMX announced it had executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties, with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”) for US$500,000. The portfolio consists of a 2% net smelter return royalty (“NSR”) on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles in Nevada and includes four district-scale land positions as well as certain other interests. In addition, if NGE options, farms out, or sells a project, beginning on the first anniversary of the third-party agreement, EMX will receive AARs of US$20,000 that escalate US$10,000 per year and are capped at US$50,000. NGE has the right to buy back half of EMX’s 2% NSR by purchasing a 0.5% NSR interest for US$1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest is purchased, purchasing the second 0.5% NSR interest any time prior to production for US$1,500,000.
Receipt of Initial Production Royalty Payments from Gediktepe In Q3-2022, EMX announced the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% NSR on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company. EMX has received payments for production from the months of June and July totaling US$1,842,452, inclusive of US$281,052 in Value Added Tax (“VAT”) for which EMX has credits to recover. These represent the first royalty production payments received from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June.
The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July. The payment for June was pro-rated for the portion of the month’s sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8th.
The Company has also taken an impairment in Q3-2022 against the carrying value of Gediktepe. While assessing whether any indications of impairment exist, consideration is given to external and internal sources of information. While the operation has only been in production for less than year, review of the oxide operation to date, potential for delay of the sulfide circuit along with revisions to metal pricing and Turkish royalty rates, the Company has reduced the value of Gediktepe by $7,092,000. Please refer to the Company’s interim financial statements for the nine months ended September 30, 2022 for additional information.
Receipt of Initial Production Royalty Payments from Balya North In Q3-2022, EMX announced the receipt of initial royalty production payments from its Balya North royalty property in western Turkey. EMX holds an uncapped 4% NSR royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (“Esan”), a private Turkish company.
In the first half of 2022, Esan’s advancement of the Balya North asset consisted of mine development and opening of production headings and faces for exploitation in Q3 and Q4 of 2022. Production and processing of materials from Balya North in the first half of 2022 largely consisted of material stockpiled during the construction process. EMX received payments from the processing of this material totaling US$98,787, inclusive of US$15,069 in VAT. These royalty payments are from 30,223 tonnes of processed material averaging 1.68% lead, 1.34% zinc, and 39.9 g/t silver.
Receipt of Milestone Payment for the Parks-Salyer Royalty Property Subsequent to Q3-2022, EMX received a US$3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) for the Parks-Salyer royalty property (the “Royalty Property”) in Arizona. The Royalty Property was held under a lease arrangement by EMX’s wholly owned subsidiary Bronco Creek Exploration Inc. and was transferred to ASCU via Assignment and Royalty Agreements (the “Agreements”) executed earlier this year. EMX’s Royalty Property covers 158 acres of ASCU’s Parks-Salyer copper project. The milestone payment results from ASCU’s maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX’s Royalty Property footprint. The Company also retains a 1.5% NSR covering the Royalty Property.
Impact of Covid 19 EMX continues to monitor developments regarding the ongoing coronavirus pandemic (“COVID-19”), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX’s priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity.
Royalty and Royalty Generation Updates
EMX’s royalty and mineral property portfolio consists of 265 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:
Producing Royalties
5
Advanced Royalties
9
Exploration Royalties
152
Royalty Generation Properties
99
Figure 1. EMX’s royalty and mineral property portfolio.
During Q3-2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,862,000 and recovered $4,210,000 from partners. During the quarter the Company completed two new property agreements in Northern Europe and one new partnership in the US, and continued to grow the portfolio with new mineral property acquisitions.
Highlights from Q3-2022 include the following:
In the US the Company added to its growing royalty portfolio with the completion of one new royalty agreement on a copper project in Arizona, the advancement of ten partner-funded work programs, including five drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a large (i.e., greater than 1950 hectares), prospective land position in the Silver Valley district in Idaho.
US highlights also include Arizona Sonoran Copper Company’s (“ASCU”) announcement of a maiden resource at the Parks-Salyer deposit (see ASCU news release dated September 28, 2022) and key drill intercepts within the EMX royalty footprint which include 162 meters at 1.10% copper in drill hole ECP-084 and 68.3 meters at 2.24% copper in drill hole ECP-086 (true widths unknown) (see ASCU news release dated September 7, 2022). As noted earlier, subsequent to Q3-2022, EMX received a US$3,000,000 Milestone Payment from ASCU resulting from the announced resource exceeding 200 million pounds of contained copper within the royalty footprint (see EMX new release dated October 4, 2022).
In Canada, EMX continued its summer work programs to advance and delineate targets on available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received $63,000 in cash payments and $4,000 in share equity payments during the quarter.
EMX’s Latin American royalty portfolio advanced through field programs at Morros Blancos and Morros Colorado by Austral Gold Limited, Block 4 by Pampa Metals Corporation, and drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd. Q3 drill programs at San Marcial, as well as Diablillos and Berenguela continue to produce significant results that expand known resources and add new discoveries at nearby targets. Highlights at San Marcial include the discovery of a new silver zone by GR Silver with a 250 meter step out drill hole intersecting 101.6 meters at 308 g/t silver with multiple higher grade sub-intervals (true width unknown) (see GR Silver news release dated August 8, 2022). An updated resource estimation for San Marcial is scheduled for Q1-2023.
As a subsequent event, AbraSilver announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit reported as measured and indicated of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is focused on the near surface, high-grade Southwest Zone discovery.
In Northern Europe the Company continued to expand its portfolio of projects, acquiring a gold-copper project in Sweden and a gold-cobalt project in Finland totaling nearly 20,000 hectares. Two Norwegian polymetallic projects were sold to Minco Silver in Q3 and eight partner funded projects advanced EMX royalty assets, including three drill programs. Overall, approximately US$2.3 million was spent by partners on EMX royalty properties in Northern Europe in Q3.
Drill results were announced at the Tomtebo Project in Sweden by District Metals in Q3. Highlights included 25.5 meters averaging 2.4% zinc, 2.05% lead and 65 ppm silver in drill hole TOM22-38 starting at 249 meters (true width unknown) (see District Metals news release dated August 17, 2022)2.
Drill programs were also completed in Norway at Playfair Mining’s RKV project and at Norden Crown Metals’s Burfjord project. Nineteen diamond drill holes totaling 1,107 meters were drilled at Playfair’s RKV Project and 18 diamond drill holes totaling 3,500 meters were drilled at Burfjord.
EMX continued to advance its understanding of the newly discovered cobalt enriched manganese mineralization at its 100% owned Yarrol Project in Australia. Soil sampling grids continued to expand the footprint of cobalt-rich mineralization and preparations for an upcoming drill program commenced in Q3.
Work also proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company, and new areas are being assessed for further acquisitions.
Financing Updates
Exercise of Stock Options granted by EMX Ending Q3-2022, 1,045,000 stock options were exercised at $1.20 per share pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,254,000 to EMX.
Investment Updates As at September 30, 2022, the Company had investments totaling $19,877,000 which included $13,651,000 in various public and private entities, and $6,226,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
Strategic Investment in Premium Nickel Resources Between 2020 and 2022, EMX acquired 5,412,702 shares of Premium Nickel Resources Corporation, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.
Subsequent to the listing transaction, PNRL announced initial results from its ongoing diamond drilling program at its 100% owned Selebi nickel-copper-cobalt project in Botswana (see PNRL news release dated August 17, 2022). Highlights included an intercept of 25.65 meters of 0.95% nickel, 2.03% copper and 0.04 % cobalt in drill hole SMD-22-001 starting at 1,374.5 meters (true width estimated to be 70-80% of drilled interval). This was the first hole drilled in the 2022 program, and on September 13, 2022, PNRL announced further intercepts from a wedge drilled off hole SMD-22-001 (hole SMD-22-001-W1) of 4.35 meters averaging 0.98% nickel, 1.61% copper and 0.02% cobalt starting at 1,363 meters and 12.55 meters of 0.39% nickel, 1.99% copper and 0.02% cobalt starting at 1,385.65 meters (true thicknesses estimated to be 70-80% of the drilled interval) (see PNRL news release dated September 13, 2022). Assay results from other holes are pending3.
OUTLOOK
This year will see an increase in revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.
So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones, completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada, made a strategic investment in PNR, and repaid in full the vendor take back note issued to SSR Mining Inc.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of its long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company’s marketable securities.
EMX is well funded to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
QUALIFIED 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, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 24 of the Company’s MD&A for the period ended September 30, 2022 for more information on each non-IFRS financial measure. 2 EMX has not done independent and sufficient to work verify the drill results as published by District Metals, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant. 3 EMX has not done independent and sufficient to work verify the drill results as published by Premium Nickel Resources Ltd, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions
Files Third Quarter 2022 Financial Statements and MD&A
YERINGTON, Nev., Nov. 14, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to announce the appointment of Mr. Greg Martin as Executive Vice President and Chief Financial Officer of the Company, effective November 21, 2022. In leading the Company’s financial functions, Mr. Martin will be integral to building fiscal discipline and structures to support the restart and ramp-up of the Company’s underground mine. In addition, he will oversee concentrate marketing, and generally assist with leading the team through the restart and ramp-up process.
Randy Buffington, President & CEO of Nevada Copper, stated, “We are very pleased that Greg will be joining the Company and taking on such a critical role in leading the finance group. His experience and leadership in mining, and specifically in Nevada operations, will be crucial in reinforcing the financial rigor needed as we transition through the capital development projects phase of the operational restart at Pumpkin Hollow to mining and milling over the next year. Looking forward, we are making good progress with the open pit prefeasibility study and look forward to Greg’s input at this key stage of development.”
Mr. Martin has nearly 30 years of experience in various financial and business development roles, primarily in the mining sector. He has held senior finance roles in several multi-national mining and mining-related companies including SSR Mining Inc. (where he was CFO from 2012 to 2021), NovaGold Resources Inc., Finning International Inc., Zincore Metals Inc. and Placer Dome Inc. He has a proven track record of providing leadership through company transitions, growth and development while implementing the fiscal discipline and structure to support sustainable operations. Mr. Martin is a Certified Professional Accountant (C.G.A.), holds an MBA from the University of Western Ontario and a Bachelor of Applied Science from the University of British Columbia.
Filing of Third Quarter 2022 Financial Statements and Management’s Discussion and Analysis (“MD&A”) of Financial Results
The Company has filed its unaudited condensed consolidated interim financial statements and the related MD&A for the third quarter and year to date periods ended September 30, 2022. These filings can be found at www.sedar.com.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to Mr. Martin’s role with the Company.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with vendors; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
U.S. Bonds (Bloomberg Barclays US Agg Total Return Value Unhedged USD Index) 5
-1.30%
-8.23%
-15.72%
-15.68%
Sources: Bloomberg and Sprott Asset Management LP. Data as of October 31, 2022. *Performance for periods under one year not annualized.
October: Uranium Markets Brighten
Many asset classes rebounded in October following painful September drawdowns. The U3O8 uranium spot price climbed 8.32% in October, rising from $48.25 to $52.27 per pound. By comparison, the broader commodity markets gained just 1.67%. Among other asset classes, U.S. equity markets gained 8.10% as measured by the S&P 500 Index, and U.S. bond markets (Bloomberg US Agg Bond Index) lost ground on the back of rising inflation and the hawkish Federal Reserve. On a year-to-date basis, as of October 31, 2022, the uranium spot price climbed by 24.12%, making it one of the best-performing asset classes.
Uranium mining equities also posted positive results in October, with the Northshore Global Uranium Mining Index gaining 3.11% for the month. Miners’ overall results were impacted by the weakness in the stock price of index heavyweight Cameco Corp. (Cameco) following its announcement of a $US748 million stock sale to raise capital for its planned acquisition of Westinghouse Electric Company (Westinghouse) in partnership with Brookfield Renewable Partners (Brookfield Renewable). Year to date, uranium miners have lost 6.38%, which compares favorably to the year-to-date 17.72% drop in the S&P 500 Index.
Figure 1. Uranium Continues to Outperform in the Short Term (2020-2022) This chart shows the relative outperformance of physical uranium and uranium mining equities over the past two years.
Sources: Bloomberg and Sprott Asset Management. Data as of 10/31/2022. Uranium miners are measured by the Northshore Global Uranium Mining Index; the U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from TradeTech LLC; commodities are measured by the Bloomberg Commodity Index (BCOM); U.S. equities are measured by the S&P 500 TR (SPX); U.S. bonds are measured by the Bloomberg Barclays US Agg Total Return Value Unhedged USD (LBUSTRUU Index); the U.S. dollar is measured by DXY Currency. Included for illustrative purposes only. Past performance is no guarantee of future results.
Energy Transition Gains Momentum
The International Energy Agency (IEA) released its 2022 World Energy Outlook in October, further underscoring the importance of nuclear energy and uranium in supporting the world’s energy transition away from its dependence on fossil fuels and in ensuring higher energy security. According to the IEA, “Russia’s invasion of Ukraine has sparked a global energy crisis”. Russian sanctions and geopolitical maneuvering have tightened the world’s energy supply and caused energy prices to spike, stoking inflationary pressures and heightening the risk of recession. This energy deficit has created an urgent catalyst to embrace alternatives to fossil fuels and supports our thesis that nuclear power will likely be pivotal to the global energy transition.
The IEA has increased its forecasts of nuclear power, reporting that it expects nuclear energy generation to grow 53% from 2021 to 2050 based on current stated government policies in place, 84% based on announced government targets and 109% on its net zero emissions by 2050 scenario. With nuclear energy’s generation potential to double by 2050, the uranium sector is likely poised to benefit.
Figure 2. Global Electricity Nuclear Supply by Scenario (TWh; Terawatt Hours)
Source: 2022 World Energy Outlook, International Energy Agency.
Positive Developments for Uranium Miners
On October 11, Cameco Corporation announced that it would form a strategic partnership with Brookfield Renewable Partners to acquire Westinghouse Electric Company.6 Brookfield Renewable will own a 51% interest and Cameco 49%. This acquisition marks the largest in recent history, with Westinghouse’s market capitalization of US$4.5 billion, not including debt, being nearly half of Cameco’s $9.8 billion market capitalization.7 Westinghouse operates as a downstream company providing nuclear operating plant services, designing and engineering new nuclear reactors and providing nuclear fuel services. The initial market reaction to the deal was negative, as Cameco’s stock slid 14% in response to the pricing terms of the bought deal stock sale. Cameco’s stock price recovered somewhat but remained down for the month. In our view, the acquisition is a healthy sign that the uranium industry is moving forward and is a vote of confidence from Cameco in the nuclear industry. The partnership represents a vertical integration across the uranium fuel supply chain that is likely to enhance Cameco’s ability to win new business.
The market reacted more favorably to Uranium Energy Corp’s completed acquisition of the Roughrider uranium development project from a subsidiary of Rio Tinto PLC, and Uranium Energy was the top-performing holding in the Northshore Global Uranium Mining Index for the month.8 Denison Mines Corp. (Denison) filed its environmental impact statement (EIS) on October 26.9 For Denison, this represents a crucial step in the permitting process to develop its Wheeler River uranium mine. NexGen Energy Ltd., another late-stage uranium developer, filed its EIS earlier this year.10
Energy Shortages and Rocketing Prices Support Uranium’s Bullish Outlook
In our view, the October performance of uranium mining equities does not reflect the sector’s strong underlying fundamentals. Year-to-date as of October 31, U3O8 spot, conversion and enriched uranium prices have all significantly appreciated for both short- and long-term purchase contracts. By contrast, uranium miners remain in negative territory, as they have been impacted by weakness in broad equity markets and rising interest rates. Despite this, we believe that strong demand for uranium conversion and enrichment, coupled with a shift away from Russian suppliers, supports a further increase in the U3O8 uranium spot price, which is ultimately supportive of uranium miners.
Cameco, for example, continues to report strong growth in its portfolio of long-term uranium contracts as utilities are accelerating uranium purchases. In 2019, pre-COVID, Cameco estimated that, from 2020 through 2024, it had commitments to deliver an average of 19 million pounds per year.11 In 2021, Cameco added 30 million pounds in contracts. This year, Cameco is projected to add 77 million pounds in contracts. In its recent Q3 earning report, Cameco announced it has “advanced contracting discussions for about 27 million pounds of long-term uranium business and 7.5 million kgU (kilograms of uranium) of conversion services from initiation to accepted.” This is in addition to Cameco’s uranium year-to-date contracts of 50 million pounds of U3O8 and 7 million kgU of conversion. The uranium contracts are expected to be finalized over the next few months, underscoring Cameco’s belief that the uranium sector is in the early stages of the contracting cycle.
Uranium Demand is Strong
We believe that uranium demand will continue to gain momentum, as many countries are seeing record-high electricity prices going into high-demand seasons. In addition, the security of the supply of nuclear fuel is paramount, as national grids rely on baseload nuclear power for stability, utilities are focused on replenishing inventory levels to ensure access to fuel and fuel costs have a relatively small impact on the overall profitability of nuclear power plants; historically, uranium demand has not been price sensitive.
We believe the uranium bull market remains intact despite the negative macroeconomic environment. There has been an unprecedented number of announcements for nuclear power plant restarts, life extensions and new builds that are all creating incremental demand for uranium. However, the current uranium price remains below incentive levels to restart tier 2 production and greenfield development. Over the long term, increased demand in the face of an uncertain uranium supply may likely support a sustained bull market. For investors, uranium miners have historically exhibited low/moderate correlation to many major asset classes, potentially providing portfolio diversification.
Click to enlarge this chart. Note: A “bull market” refers to a condition of financial markets where prices are generally rising. A “bear market” refers to a condition in financial markets when prices are generally falling. Source: TradeTech data as of 10/31/2022.
In closing, we continue to believe that physical uranium and uranium miners are well positioned to take share within the energy sector as energy security and decarbonization increase in importance. With the number of nuclear reactors planned to increase by 35%, governments are signaling the need to embrace the reliable, efficient, clean and safe energy produced by nuclear to meet ambitious decarbonization goals. At the same time, a uranium supply deficit remains entrenched and uranium miners may be the recipients of increased investment, which may in turn bring the market back into balance.
1
The U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from UxC, S&P Platts and Numerco.
2
The North Shore Global Uranium Mining Index (URNMX) was created by North Shore Indices, Inc. (the “Index Provider”). The Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index. The Index is calculated by Indxx, LLC, which is not affiliated with the North Shore Global Uranium Miners Fund (“Existing Fund”), ALPS Advisors, Inc. (the “Sub-Adviser”) or Sprott Asset Management LP (the “Adviser”).
3
The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
4
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
5
The Bloomberg USAgg Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.
Jacob White Senior Analyst, Sprott Asset Management LP
“The global energy crisis provides a short‐term boost to demand for oil and coal as consumers scramble for alternatives to high-priced gas. But the lasting gains from the crisis accrue to low‐emissions sources, mainly renewables, but also nuclear, alongside faster progress with efficiency and electrification, e.g., electric vehicles.”
Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary and statements are that of the author and may not be reflective of investments and commentary in other strategies managed by Sprott Asset Management USA, Inc., Sprott Asset Management LP, Sprott Inc., or any other Sprott entity or affiliate. Opinions expressed in this commentary are those of the author and may vary widely from opinions of other Sprott affiliated Portfolio Managers or investment professionals.
The information contained herein does not constitute an offer or solicitation to anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada or the United States should contact their financial advisor to determine whether securities of the Funds may be lawfully sold in their jurisdiction.
The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on their specific circumstances before taking any action.
TORONTO, Nov. 14, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that the Mayor’s office of Marmato has formally acknowledged Collective Mining’s social activities and efforts within the municipality. Known as “Resolution 520, 2022”, the municipality expresses its gratitude for the contributions to the development of social, economic and governance matters since the Company’s arrival in 2020.
(CNW Group/Collective Mining Ltd.)
The township of Marmato, which is located in the department of Caldas, is one of the most historic and significant gold and silver mining regions in the western hemisphere of the world with continuous production beginning more than 500 years ago. Collective Mining’s Guayabales project is located in the heart of this long-established mining camp which has 10 fully permitted and operating mines located within a three kilometres radius of the project.
Since Collective Mining’s arrival to Marmato in 2020, the Company has focused on aligning itself with the municipality’s “Development Plan” by cooperating with initiatives that are relevant for the community and region. These efforts have included the improvement of rural roads, providing technical proficiency to Marmato’s coffee growers, protecting local water sources, monitoring and improvement of the aqueducts in the municipality and establishing beekeeping projects.
“Collective is a company that listens to the communities and embraces the needs of our municipality. From day one, they have supported us in our Development Plan. We wish to highlight that the Company always brings with it great respect for our communities. That is why, today, we can ratify this formal recognition proving it is possible to work hand in hand with a private company,” said Yesid Castro, Mayor of Marmato.
“Since our arrival to the region, our goal was to add value to local communities while advancing our efforts in making the next major discovery in Colombia. Since inception, our Company has been committed to a “Collective” approach to the development of projects, working alongside local government and communities to help develop our ESG initiatives. This recognition, coupled with our multiple geological discoveries are evidence that we are on the right track. We wish to express our gratitude to the local communities and to the Mayor and his team for allowing us to bring value and work alongside the citizens of Marmato,” commented Omar Ossma, President and CEO of Collective Mining.
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the discovery of the “Main Breccia” at the Apollo target in June 2022, which is a large bulk-tonnage, and high-grade copper, silver and gold porphyry-related hydrothermal breccia system. The Company’s near-term objective is to continue expanding the size of the Main Breccia discovery through step-out drilling while simultaneously increasing confidence in the highest-grade portions of the system.
Management and insiders own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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 news release.
