Vancouver, British Columbia–(Newsfile Corp. – October 4, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce it has recently repurchased shares in a block trade from an undisclosed seller via its existing Normal Course Issuer Bid (“NCIB”) in the amount of two million shares at a price of C$2.05, totaling C$4.1 million or approximately US$3.0M. Since the NCIB was announced on February 7, 2024, EMX has purchased a total of 2,805,346 shares at an average price of C$2.15, totaling approximately C$6.0M. EMX may purchase a remaining 2,194,654 shares under the current NCIB program expiring February 13, 2025.
EMX CEO Dave Cole commented “EMX is committed to astute allocation of capital. We believe EMX shares are undervalued. Buybacks at these levels should provide exceptional risk-adjusted returns on capital.”
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results, but which are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.caand on the SEC’s EDGAR website atwww.sec.gov.
People are often not aware of where their most prized devices really come from.
Phones, cars, and computers might not seem like the most natural objects. But the metals that make them come from natural processes deep in the earth’s crust – processes that have been going on for 3.4 billion years, and continue to this day.
Today’s visualization comes to us from Foran Mining Corp. and goes in depth to show how one type of mineral deposit, Volcanogenic Massive Sulphide or “VMS”, forms and is the primary source for many of the materials that make the modern world.
What is a VMS Deposit?
Volcanogenic Massive Sulphide (VMS) deposits are one of the richest sources of metals such as copper, lead, and zinc globally. VMS deposits can also produce economic amounts of gold and silver as byproducts of mining these deposits.
Currently, global metal production from VMS deposits account for 22% of zinc, 9.7% of lead, 6% of copper, 8.7% of silver and 2.2% of gold.
Where are VMS deposits found?
VMS deposits occur around the globe and often form in clusters or camps, following the tectonic plate boundaries in areas of ancient underwater volcanic activity.
Natural processes underway today are forming the VMS deposits of tomorrow. This gives scientists an incredible advantage in witnessing how VMS deposits form and gives a special advantage to geologists for what to look for.
Mineralization and Formation
The geological processes that form VMS deposits occur at the depths of the ocean and are associated with volcanic and/or sedimentary rocks.
At sections where the Earth’s crust is thin due to faulting or separation of tectonic plates, the magma heats up the ocean floor.
As the Earth’s crust heats up, the ground softens and allows heated magma to escape towards the ocean or crust contact, the early beginning of a volcano and the deposition of minerals into the ocean floor from magma. Also, the heated ground cracks and begins a process that draws in sea water into the crust which becomes super-heated and imbued with minerals. Black and white smokers expel this seawater back to the surface.
Black and white smokers exhale a mineral rich-plume that spreads out over the ocean floor. As it moves farther and farther away from its heat source, the plume precipitates minerals onto the ocean floor. Over time, the continual activity of the smokers and their mineral rich plumes create mineralized beds that become VMS deposits.
With the movement of the Earth’s tectonic plates, these mineral rich beds are transposed and can be found on land that was once underwater.
How Big Can VMS Deposits Get?
Current resource and historical production figures from 904 VMS deposits around the world average roughly 17 million tonnes (“Mt”), of which is approximately 1.7% copper, 3.1% zinc, and 0.7% lead.
A few giant mineral deposits (greater than 30 Mt) and several copper-rich and zinc-rich deposits of median tonnage (~2 Mt) skew the averages.
Several large VMS camps are known in Canada, including the Flin Flon, Bathurst and Noranda camps. The high-grade deposits within these camps are often in the range of five to 20 million tonnes of ore and can be much larger.
Meanwhile, approximately 90 VMS deposits have been discovered in the Iberian Pyrite Belt which runs through Portugal and Spain. Several of these are larger than 100 million tonnes, making this region one of the most significant hosts to VMS deposits in the world.
We believe the stage is set for a powerful advance in gold mining equities. While the 27.96% year-to-date advance in the bullion price could (but won’t necessarily) take a breather for the rest of 2024, significant catch-up potential for deeply undervalued gold miners has been barely exploited.
With gold trading at all-time highs, precious metals mining shares are just beginning to stir. GDX (VanEck Vectors Gold Miners ETF1 and a proxy for gold mining shares) has increased 30.30% year-to-date, only slightly more than the metal’s year-to-date gain of 27.96% (as of 9/30/2024). Looking at the five-year return comparison (10/1/2019 to 9/30/2024), mining stocks gained 47.91%, distantly lagging gold’s 78.11% rise.
We have addressed the disconnect between gold bullion and gold equities in previous commentaries. Gold stocks, in our opinion, are coiling for a sharp advance during the remainder of 2024. At the time of writing, GDX is breaking out above a five-year trading range that looks very similar, with a six-month lag, to gold’s breakout earlier this year.
Figure 1a./b. Gold Bullion vs. Gold Mining Stock Prices (2019-2024)
Source: Bloomberg. Data as of 9/30/2024.
Favorable Fundamentals for Gold Miners
The investment fundamentals for miners have rarely been so favorable against a backdrop of such disinterest. The Q3 2024 average gold price (the most important single variable for miners’ earnings and cash flow) will exceed Q2 by 5.2% sequentially, and 2023 by 18.8% year-over-year. For many companies, production is weighted toward the second half; we believe we may see blockbuster Q3 earnings reports later in October and early November.
Looking ahead to 2025, we expect production costs to remain stable or even decline in the event of a recession. Profit margins could expand even if the U.S. dollar gold price marks time (which we don’t expect). Figure 2 depicts the relationship between gold and commodity prices (CRB Index2). A rising trend line tends to be exceptionally bullish for the earnings of gold miners.
Figure 2. Ratio of Gold Price to CRB Index (2022-2024)
Source: StockCharts.com. Data as of 8/30/2024.
Gold Is Still Underpriced
A key factor in the underperformance of mining shares is general disbelief that current gold bullion prices are sustainable or capable of further increase. In our view, the breakout in the gold price is not a fluke. The many contributing factors include (but are not limited to) de-dollarization, central bank buying, seemingly intractable U.S. fiscal issues, a possible recession, further monetary malpractice by the Federal Reserve (and other central banks) and the worrisome geopolitical landscape. Still, gold skeptics far outnumber believers. Proof can be seen in the forecasts for future gold prices from a broad array of financial firms (compiled by Beacon Securities; individual estimates by firm in Appendix A).
Figure 3. Gold Price Forecast
Who would invest in a gold mining stock with such a negative price outlook? While there are a few outliers, the consensus does not regard current prices as sustainable. We attribute collective bearishness to inattentiveness, lack of understanding, intellectual laziness, disinterest, and incompatibility with the groupthink underpinning mainstream financial market positioning.
For the sake of brevity, we will not elaborate here on the multiple forces (some admittedly speculative) that could power the further gains in monetary metals that we expect. Extensive commentary on our rationale can be found in our previous commentaries, as well as from many other observers.
Western Investors Continue to Ignore Gold
For now, it is enough to note that gold’s 78.12% five-year advance has occurred with almost no participation from U.S. and European investors. Negative investment flows have persisted in both ETFs backed by physical gold and mining stocks, as shown in Figures 4 and 5.
Figure 4. SPDR Gold Shares ETF (GLD) Change in Holdings by Year (2005-2024)
Source: Meridian Macro Research. Data as of 6/30/2024.
Figure 5. Current Shares Outstanding for GDX (2019-2024)
Source: Bloomberg. Data as of 9/30/2024.
Figure 6 shows that the positioning of financial advisors to precious metals is at a five-year low.
Figure 6. Advisors Hold Little Gold (2017-2024)
Source: BofA Global Research. Data as of 2/26/2024.
When Western capital market investors decide to reallocate a small portion of their capital to gold, and there are multiple reasons why they might, the metal’s price will likely move higher. The impact on mining company shares, which collectively have a market capitalization approximately equal to Home Depot or Costco’s, would, in our opinion, substantially exceed the percentage increase in the metal’s price.
It is worth noting that following the launch of GLD (SPDR Gold Shares ETF)3 in 2004, inflows of approximately 38 million ounces were sufficient to help fuel a 300% rise in the gold price from slightly less than $600 to $1,900 in August 2011, a seven-year span. Since 2010, the quantity of money (M2)4 has increased 248% while the quantity of gold has increased (through mine output) only 22.2%. The quantity of U.S. dollars that could be exchanged for gold has increased 10x relative to the quantity of physical gold over the past 15 years.
Measured against the ratio of U.S. dollars to gold creation, the five-year 70% increase in the U.S. dollar gold price seems both sustainable and probably inadequate. Liquidity created by the Fed’s decade-long policy of ultra-low interest rates and QE (quantitative easing) initially found its way into overvalued equities and assorted other financial assets. A small leakage from those positions would represent enormous buying power relative to available metal.
Early-Stage Bull Market for Gold
The current bull market for gold is embryonic, in our opinion. The classic hallmarks of an early-stage bull market include widespread skepticism and general underpositioning. The inevitable transition of investor psychology from pessimism to exuberance takes several years. Long-term investors in mining stocks are beginning to experience a small amount of daylight with the year-to-date rally.
The temptation to cash in gains that are paltry relative to years of unproductive returns is difficult to resist. We advise further patience. In our view, valuations remain exceptionally attractive assuming only the continuation of spot pricing for precious metals. Inflows into the tiny precious metals mining universe have barely started. The upside potential that likely lies ahead may be well worth any additional wait.
Vancouver, British Columbia–(Newsfile Corp. – September 18, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce the appointment of Mr. Stefan L. Wenger as Chief Financial Officer effective October 1, 2024. Mr. Wenger was previously the Chief Financial Officer and Treasurer of Royal Gold, Inc., one of the mining industry’s leading royalty companies, from 2006 to 2018. Prior to becoming Royal Gold’s CFO, Mr. Wenger was the Chief Accounting Officer from 2003 to 2006. During his tenure, Royal Gold grew its portfolio from 14 to 188 royalties, while annual revenues increased from US$15 million to US$459 million. Before Royal Gold, Mr. Wenger had begun his career as an auditor with Arthur Andersen. Mr. Wenger holds a Bachelor of Science degree in Business Administration from Colorado State University, has completed the General Management Program at the Harvard Business School, and is a Certified Public Accountant.
In addition to Mr. Wenger’s new role as CFO, and as part of the Company’s optimization of corporate responsibilities, Mr. Douglas Reed has transitioned from CFO to become EMX’s Chief Accounting Officer and Mr. Ryan Hindmarch, currently Corporate Controller, has been appointed as the Director of Finance. The Company is excited to have Mr. Wenger onboard, as well as for the appointment of Mr. Reed and Mr. Hindmarch to their new positions, and looks forward to their collective contributions fostering EMX’s growth and shareholder value creation.
On the effective date, as part of his appointment Mr. Wenger will receive 50,000 incentive stock options and 50,000 restricted shares units (RSUs) as part of his CFO compensation package. The options vest on the date of grant, will have a term of 5 years to expiry, and will have an exercise price equal to the closing price of the Company’s common shares on the TSX-Venture Exchange as of the day prior October 1, 2024; and the RSUs will vest after 12 months from the grant date.
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results, but which are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.caand on the SEC’s EDGAR website atwww.sec.gov.
Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce the core drilling company and related equipment has arrived at the Cecilia Project (“Project”) in Sonora, Mexico. Drilling will commence for the planned 2,500m, 8 drill hole program and will initially test 3 target areas at the Project. All funding with partner Fortuna Mining is in place and permits are in hand to carry forward this next phase of gold – silver exploration.
Drill Program Highlights
2,500m planned drill program for a total of 8 holes
Drilling Cerro Magallanes breccia and dome margin with the potential to drill through the dome if warranted
Drilling East target where former small scale mine workings and adits move along 4 sub-parallel vein structures of quartz containing silver grades up to over 250 g/t Ag (June 6, 2017 press release)
Myra vein targets will be the first of several Mesa targets to be drilled and tested beneath an area that returned surface channel vein samples of up to 3 g/t Au (October 2, 2018 press release)
If meters allow, to drill the Mesa Fault target along the southeast portion of the Cecilia district tenure where past chip sampling has returned gold values up to 4 g/t Au (September 21, 2020 press release)
Budget of USD$800,000 for this phase of drilling
“We are excited to begin the drill program at the Cecilia project with our partner Fortuna Mining,” stated John-Mark Stude, CEO of Riverside Resources. “We announced the agreement with Fortuna Mining in March and have spent the past six months incorporating the results from a recent airborne magnetic survey and extensive geochemistry and mapping into our past project databases and have designed an initial drill program to test three of the highly prospective targets for the project. Concurrent to the commencement of this drill campaign, our teams will collaborate on a plan to define at least four other targets in anticipation of a follow-on drill campaign as well as potential follow up drilling on these initial three. The team at Riverside has spent several years methodically advancing exploration programs at the Cecilia Project and working with a strong partner like Fortuna Mining helps take this project through the next stage of exploration and hopefully towards a major discovery.”
During the recent summer field season the exploration targets were advanced with the results from a broader property-wide airborne magnetic survey which covered the complete property being integrated with an earlier detailed magnetic survey of the central Cerro Magallanes putting it into context with the full 80 km² project area. The drill program will begin with core drill testing of the Agua Prieta Breccia target on the east side of the Magallanes Dome along the contact zone of the rhyodacite dome and volcanic tuffs. The plan is to drill an angle hole up to 800m to cross the breccia features where surface gold mineralization has returned up to > 1 ounce / ton gold (September 21, 2020 press release) and shallow drill holes of 24.2m @ 1.51 g/t Au (April 15, 2021 press release) (Riverside, CED-21-005, 2021) have been intersected.
Figure 1: Geologic map with targets for Cecilia Project
Figure 2:Assay samples from this current summer 2024 field program with purple >1g up to 13 g/t Au. Labeled samples selected higher grade assays clustering in target areas shown on geologic map Figure 1.
Riverside Resources has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 24.2m @ 1.51 g/t Au (April 15, 2021 press release) within the rhyodacite dome, showcasing the property’s gold at shallow depths which also has been mined in over a dozen locations including some substantial small scale underground prospect mining. Further drill planning will look to explore for potential larger high grade targets at depths along these intercepts.
One distinguishing aspect of this project is the potential to preserve a fertile dome system. The Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style mineralization and breccias at the margin of the dome and potentially inside feeder structures as breccia pipes in the dome. This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite systems, like the La Pitarrilla Ag-Pb-Zn project (~800M oz AgEq*) and Fresnillo’s San Julian Ag-Au Mine (~350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic Province to Cecilia.
*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023. **Obtained from Fresnillo public presentation, Hermosillo, October, 2016.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource information for SSR Mining and Fresnillo is from their corporate public disclosure and has not been reviewed by Riverside Qualified Person.
Samples from the exploration program discussed above at the Cecilia Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Kelowna, British Columbia–(Newsfile Corp. – September 10, 2024) – F3 Uranium Corp(TSV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce scintillometer results from the current summer drill program, including PLN24-176 which was cored in the JR Zone and which returned mineralization over 11.0m, including 5.40m of high grade (>10,000 cps) containing 4.35m of composite off-scale mineralization(>65,535 cps).
Sam Hartmann, Vice President Exploration, commented:
“PLN24-176 was planned to increase confidence and high-grade continuity in the heart of the JR Zone, approximately 15m in the up-dip direction of PLN24-137 (see NR April 1, 2024 and July 20, 2024). Based on total radioactivity and the intercepted width of high grade, we expect this hole to rank near the top of all drillholes at JR. Exploration remains the focus of the program; previously (see NR August 13, 2024) we announced PLN24-168, which stepped out 700m along strike and encountered the altered and strongly graphitic B1 shear well below the Athabasca Unconformity. PLN24-175 was a follow up, testing the same structure 110m up-dip targeting its intersection with the unconformity. This hole intersected strong alteration in the basement; coupled with intense silicification and brecciation observed in the lower Athabasca Sandstone and the lack of graphitic structure in the basement, indications are that the structure dips steeper than presumed. This reveals a new target down-dip from PLN24-175 and an additional hole is planned to test the structure in this area with these prospective signs for nearby mineralization.”
Summer 2024 JR Zone Handheld Spectrometer Highlights:
PLN24-176 (line 035S):
11.0m interval with mineralization between 186.0 and 206.5m, including
4.35m composite off-scale radioactivity (> 65,535 cps) between 197.40m and 202.15m
PLN24-177 (line 070S):
13.0 interval with mineralization between 199.0 and 214.5m, including
0.20m high-grade radioactivity (> 10,000 cps) between 211.0 and 211.2m
Handheld spectrometer composite parameters: 1: Minimum Thickness of 0.5m 2: CPS Cut-Off of 300 counts per second 3: Maximum Internal Dilution of 2.0m
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. Samples from the drill core are split in half on site and are standardized at 0.5m lengths. One half of the split sample will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. for lithogeochemical analysis using their “Uranium Package”.
All depth measurements reported are down-hole and true thickness are yet to be determined.
About Patterson Lake North:
The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.
Qualified Person:
The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.:
F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2 Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that on September 4, 2024, it entered into a Letter of Intent with Questcorp Mining Inc. (CSE: QQQ) (“Questcorp”), whereby the Company will grant an option (the “Transaction”) to Questcorp for the acquisition of a one-hundred percent (100%) interest in the La Union project (the “Project”) located in Sonora, Mexico. Riverside will receive $100,000 and 19.9% in the ownership of Questcorp upon Questcorp investing $5,500,000 into the Project over a period of 4 years from the date of completing the Definitive Agreement.
Union is a large, carbonate-hosted gold district with high grade gold-zinc and a former mining operation of the Penoles Mining Company of Mexico. The Project has drive up access, private ranch surface ownership, and geologic features similar to the major carbonate replacement deposits located in Arizona and further east in Mexico. Union has past drilling and mining at multiple production centers which have been consolidated over the past 5 years by Riverside. Riverside now controls over 22 sq km with favorable limestone host rocks, large alteration footprint and many small mine workings which provide more than 8 drill ready target areas with the central former Union Mine and the Famosa Mine as two key immediate target areas.
“We are excited to partner this top-quality Project, consolidated and worked up by Riverside. To now work with Questcorp to go forward with the exploration program and continued development is an excellent collaboration and fits both companies’ business models.” said John Mark Staude, President and CEO of Riverside. “Riverside has extensive operational capacity in Mexico and can rapidly move ahead with Questcorp to unlock the value of La Union Project. Riverside being a significant shareholder of Questcorp with an initial 9.9% on signing the Definitive Agreement aligns our interests to see success for Union and the companies.”
Transaction Details:
In accordance with the terms of the Transaction, Questcorp can acquire a one-hundred percent (100%) interest in the Project in consideration for completion of a series of cash payments totaling $100,000, the issuance of 19.9% of the outstanding common shares of the Questcorp, and the incurrence of no less than $5,500,000 of exploration expenditures on the Project by Questcorp, as follows:
Deadline
Cash Payment
Share Issuance
Exploration Expenditures
Entering into Letter of Intent
(Paid) $12,500
Nil
N/A
Closing of the Transaction (Signing of the Definitive Agreement and conditions)
$12,500
*9.9%
N/A
First Anniversary of Closing
Nil
*14.9%
$1,000,000
Second Anniversary of Closing
$25,000
*19.9%
$1,250,000
Third Anniversary of Closing
$25,000
*19.9%
$1,500,000
Fourth Anniversary of Closing
$25,000
*19.9%
$1,750,000
Total
$100,000
*19.9%
$5,500,000
*Expressed as a cumulative total percentage of the undiluted issued and outstanding common shares of the Company
as of the applicable payment date, and assuming Riverside has not previously disposed of any common shares
**All dollar amounts in this news release are in Canadian dollars
Riverside will remain the program operator for the Project during the term of the option using its local team based in Hermosillo, Sonora and with support from the Vancouver, Canada exploration office. Following exercise of the option, Riverside will retain a two-and-one-half percent (2.5%) net smelter returns royalty on commercial production from the Project.
Exploration work by Riverside over the past 12 months has improved the geologic and structural contextual understanding of the past mines and overall potential areas of mineralization including possibilities for a deeper Laramide age porphyry Cu-Au target as found to the north at Ajo and eastward along the abundant Cu porphyry belt of Sonora- Arizona. Surface sampling recently completed by Riverside has continued to find gold and the tailings from the past mine operators, located in a number of locations on the property, have shown extensive gold zones in oxide ores.
Completion of the Transaction remains subject to a number of conditions, including the finalization of definitive documentation, completion of the Concurrent Financing by Questcorp for gross proceeds of no less than $1,500,000, receipt of any required regulatory, shareholder and third-party consents, approval of the Canadian Securities Exchange, and the satisfaction of other customary closing conditions. Riverside has been paid the initial $12,500 and will be paid the second $12,500 upon signing the Definitive Agreement.
Readers are cautioned that the Letter of Intent does not bind Questcorp to complete the Transaction. Should the Definitive Agreement not be done then the Letter of Intent will automatically terminate after forty-five days. The Transaction cannot close until the required approvals are obtained and the foregoing conditions satisfied. There can be no assurance that the Transaction will be completed as proposed or at all.
Qualified Person:
This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5 million in cash, no debt and less than 75 million shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Over the years as an advisor and investor, I’ve spoken to hundreds of mainly natural resource investors. A topic I’ve always found difficult to explain, which is vitally important to understanding a stock, is the different between ‘share price’ and ‘market capitalization’ (also known as ‘market cap’).
In this article we’ll discuss why these two items are important and different from each other, and explore how knowing the difference will allow one to determine the true ‘price paid’ for a stock (or business). Knowing the true price of a business will provide one with a competitive edge, which is particularly important when investing in natural resource shares.
Countless times we’ve been part of investment discussions, where the question of buying a stock comes up. Invariably, the question “How much did you pay?” is asked. Ten out of ten investors will tell you, “I paid $100 per share for Apple (or Barrick Gold)”.
If we then ask, “How much did you pay for the business”? Ninety-nine out of one hundred investors will repeat themselves, and say, “I paid $100 per share.” The odd man out, or the 100th investor would instead say, “I paid $100 per share, at a market capitalization of $100 billion”. In other words, this rare fellow understands that while he paid $100 per share, he actually paid $100 billion, notionally, for the business itself.
How does this compute?
The share price represents the price of a single fractional share of a business. If we wanted to purchase the entire business, we would need to purchase every share issued by the company. If the company has issued 100 million shares (referred to as ‘shares outstanding’) – we would need to purchase all 100 million, in order to purchase the business in its entirety.
How do we calculate how much money is needed to purchase an entire business?
This is where market capitalization comes into play. Market cap is simply the total number of shares issued, multiplied by the share price.
To use our earlier example – if we bought Apple stock at $100 per share, and if (hypothetically speaking) there were 100 million shares outstanding – that would imply a market cap of $10 billion. Therefore, $10 billion would be needed to ‘notionally’ purchase the entire company.
In reality, there are other moving parts involved in purchasing an entire company, but this is a simplified explanation of ‘market cap’.
The best place to find the outstanding share count of a company is the most recent quarterly or annual report. This report can usually be found on the investor relations page of the company’s website, or through the stock exchange or regulatory filing website for the country in question.
When investing in natural resource shares, one must pay extra close attention to market capitalization and outstanding share count. The reason is that outstanding share count can change rapidly over time, and in most cases the number only grows in size.
In the natural resource and mining sector, there are four asset categories: 1. Major producers, 2. Junior producers, 3. Development stage companies, and 4. Exploration stage companies.
Most companies in the bottom three asset categories are ‘negative cash flowing.’ Meaning, they lose money from year to year just staying in business. “How can a company remain in business if it loses money?” you might ask.
Well, the approach taken for most natural resource companies is to issue more stock (shares) and sell it to investors privately in the form of a private placement, or ‘equity offering’.
(Side note: Some investors jokingly refer to profligate junior resource issuers who ‘over-issue’ shares, as “Mining the Stock Market” as opposed to mining anything from the ground.)
When the process of share issuance continues over time, it causes outstanding share count to grow, and when multiplied by the market price – causes market cap to continually grow. Therefore, while the share price of a company may remain the same or decline over time, the expansion or contraction of outstanding share count may cause the market cap (or ‘price paid for the business’) to increase or decrease.
Given that most companies in the bottom three asset classes of the natural resource space are negative cash-flowing, investors need to anticipate share count expansion over time.
The brutal fact, is that each additional share issued by the company represents a ‘slice of the pie’ taken from your plate, as the investor. Your interest in the company is diluted, unless you continue to purchase additional shares, as they are issued.
Why would a company issue more shares – isn’t that a form of theft, and are they cheating me out of my investment?
In defense of management teams, there are many ways in which a share issuance may be helpful to investors (the term we might use is ‘accretive’). For example, let’s say a management team wishes to purchase a strip of property adjacent to their own company’s operating gold mine.
If they issue shares and exchange them for the strip of property, the transaction may be deemed beneficial to shareholders, despite the share dilution. Whether or not the transaction is beneficial would be a separate set of calculations – namely, deciding what the shares exchanged are ‘worth’, and what the strip of property is worth – and whether there is a reasonable rate of return, on the ‘notional’ value spent on the property.
A company may also issue additional shares, with the intended use of funds going toward purchasing complimentary assets which may reduce the cost of operations. As an example – purchasing a fleet of vehicles or other machinery, versus leasing the same. Whether or not the transaction is beneficial would be determined by the details – comparing the value of the shares issued, versus the cost savings gained.
Quite often in the natural resource space, and nearly always by the exploration stage companies – share issuances generate funds to pay employee salaries and ‘keep the lights on’ (also known as general & administrative expense). Many exploration companies survive by continuous financings, year after year, without assurance of continued survival – throughout which, share count continually grows.
A common term for describing the rate of annual consumption of funds of negative cash flowing resource companies, is called ‘Burn Rate’. As an example, a company may have a $2 million cash balance on hand, with an expected expense or Burn Rate of $2 million per annum. Therefore, we know the company will run out of money within 12 months or less, and will need to conduct a financing.
The odds of an exploration company exploring a project on their own, funded solely by their shareholders, and discovering a Tier 1 (highly profitable) deposit, is akin to the odds of winning the lottery. When such a remote set of survival odds are combined with a negative cash flowing business model, it becomes clear, that ‘sole-funded’ exploration companies are among the riskiest market sectors on the planet.
Let’s take a look at a hypothetical example of market cap expansion, via share count:
Beaverbrook Gold Exploration Company (a fictitious company) – has an outstanding share count of 100,000,000 as of its most recent annual report. The market price is $.10 per share. If we multiply this share price against the outstanding share count, we arrive at a market cap (or price to buy the business as a whole), of $10,000,000.00.
The company has $2 million cash on hand, which they estimate will cover exploration expenditures and general & administrative expense for 1 year – a $2 million per annum Burn Rate, in other words.
With that knowledge, we know the company will need to raise additional funds within 12 months or less, and if they expect another year of $2 million in expenditures – then we know it will likely be a $2 million financing (assuming they wish to ask the market for that amount).
A common financing practice to attract investors is to offer shares at a discount to the market price. If our hypothetical company offers a $2mm share issuance, let’s assume they offer the shares at a price of $.08 per share – a 20% discount to market. This would imply issuance of an additional 25,000,000 shares, bringing the total share count up to 125,000,000 – diluting existing shareholders’ interests by 20%.
In response to seeing the offering, some shareholders decide to sell their shares, and the market price drops to $.08, matching the recent offering price. However, since the share count grew – the market cap, using the new share price of $.08 – comes out to $10,000,000 – matching precisely the prior market cap, when there were fewer shares outstanding priced at $.10.
In this circumstance the share price dropped by 20%, but the ‘price of the business’ – market cap in other words, stayed the same. This is an incredibly important dynamic to keep track of when investing in the junior resource space, or any negative cash flowing sectors for that matter. The negative cash flows, year after year, accumulate in the form of ballooning share structures (rising share counts), diluting one’s interest in the underlying company fairly quickly.
The process resembles a musical accordion, expanding to enormous proportions as the music is played:
For many ‘sole-funded’ exploration companies, the speed of annual share issuance is so rapid, that within just a few years – say 3-5 – hundreds of millions of additional shares are issued. The speed and size of share issuance may cause the ‘accordion’ share structure to bloat beyond recognition.
After blowing out the share structure, many companies carry out share consolidations (also known as ‘rollbacks’ or ‘reverse share splits’). A share consolidation might entail 10, 20, 50, or even 100 shares, being condensed and replaced by as few as 1 single post-consolidation share.
Other instances may see shareholders completely wiped out through bankruptcy or other reorganization, with subsequent launching of a new separate company under a different name (in order to shed stigma associated with the prior corporate failure).
There are however a few segments of the junior resource space which generate mildly lower speeds of share dilution. Conservatively run ‘Prospect Generator’ and ‘Optionality Deposit’ companies may meet this criterion. We will discuss ‘Prospect Generator’ model companies at a later date.
Optionality companies typically possess one or more large resource deposits that exhibit ‘leverage’ to a higher commodity price. In simple terms, this means a deposit that is not economic to extract at today’s commodity pricing, but could potentially become economic should the price of a commodity such as gold, silver or copper, double or triple in price – with assumed production costs remaining the same.
The hoped-for strategic intent (from an investor’s viewpoint) of optionality strategy company management teams, is to spend as little money as possible on development, and general & administrative expense, while preserving the deposit’s good & marketable condition. Preserving capital helps preserve the share structure of the company – ie. decelerating share expansion as much as possible.
There are a few optionality companies that engage in exploratory drilling to increase the resource base of an existing deposit, advance feasibility study work, and/or acquire additional optionality deposits over time. ‘Active’ optionality deposit companies of this type will consequently produce share expansion at a faster speed.
Let’s take a look at a few examples of optionality companies, and inspect share price, share count, and market cap over time, of each.
Please note however – this exercise is meant to observe changes over time related to share price, share count, and market cap only. The examples used here do not represent an endorsement of quality or investment ‘attraction’.
For a snapshot of corporate development changes over time, and changes to what a business is ‘worth’ from an intrinsic standpoint – that would be a separate exercise outside the scope of this article.
The following statistical displays are one of many information gathering processes. Inspection of corporate developments over time would require review of the balance sheet, asset and resource base of the company, and income (or loss) statement.
The first company we’ll look at is Chesapeake Gold. As illustrated by the red line below – the share price declined from CAD $4.60 to approximately CAD $1.82 over the last 20 year period, from January 2004 to September 2024. This is over a 50% decline:
As illustrated by the blue line above, the outstanding share count increased from about 17 million to over 67 million during the same 20 year period; nearly a 4x increase.
This resulted in a market cap (price of the business) increase, as illustrated by the green line, which over the same 20 year period grew from about CAD $81 million to over CAD $122 million – an increase of over 50%.
In this example, over the 20 year period, shareholders experienced a 50%+ share price decline, while the price of the business itself rose by over 50% – due to expansion of share count, and consequently, market cap.
The second company we’ll look at is Seabridge Gold. As illustrated by the red line below – the share price increased from CAD $4.75 to approximately CAD $23.71 over the last 20 year period, from January 2004 to September 2024. This is roughly a 5x move higher:
As illustrated by the blue line above, the outstanding share count increased from about 26 million to over 87 million during the same 20 year period; over a 3x increase.
This resulted in a market cap (price of the business) increase, as illustrated by the green line, which over the same 20 year period grew from about CAD $124 million to a recent high over CAD $2.08 billion – an increase of over 16x.
In this example, over the 20 year period, shareholders experienced nearly a 400% gain on their shares, while the price of the business itself rose by over 16x – due to expansion of share count, and consequently, market cap.
The last company we’ll look at is Northern Dynasty. As illustrated by the red line below – the share price decreased from USD $6.15 to approximately USD $0.35 over the last 20 year period, from January 2004 to September 2024. This is nearly a 95% decline:
As illustrated by the blue line above, the outstanding share count increased from about 23 million to over 537 million during the same 20 year period; over a 23x increase.
This resulted in a market cap (price of the business) increase, as illustrated by the green line, which over the same 20 year period grew from about USD $143 million to over USD $186 million – an increase of over 30%.
In this example, over the 20 year period, shareholders experienced nearly a 95% share price decline, while the price of the business itself rose by over 30% – due to expansion of share count, and consequently, market cap.
To further dampen this picture – a common assumption made by nonprofessional investors when looking at a 20-year price chart of Northern Dynasty – is that the USD $18.00 per share price peak generated in 2011, as a matter of course, should be recovered during the next precious metal equity ‘bull market’. From the current USD $.35 share price this would imply a 50x move higher.
When looking at the price of the business – the 2011 market cap peaked around USD $1.7 billion. The current market cap is roughly USD $186 million. Recovering the prior market cap high from here, would imply a 9x move higher – not a 50x move. A 9x move higher in the share price and market cap from here (assuming no further expansion of share count), would imply a share price of USD $3.15 – a far cry, from the majestic heights of USD $18.00 per share, exhibited at the 2011 peak.
The reason the market cap revisitation multiple is lower than some expect, is explained by the blue line in the Northern Dynasty chart above – outstanding share count ballooned by over 23x, during the 20 year period.
A counterargument for a higher Northern Dynasty (or any other company) market cap might rest in the real fact that ‘2011’ US dollars are not the same as ‘2024’ US dollars. The US dollar has weakened to the extent that in January 2011 only 1,360 US dollars were required to purchase an ounce of gold, whereas in September 2024 it takes 2,513 US dollars to purchase an ounce of gold – nearly a 50% loss of purchasing power, during the period.
If we measure Northern Dynasty’s January 2011 market cap peak in gold terms – it would indicate an approximate 1,266,705 gold ounce market cap. If Northern Dynasty today revisited that same market cap peak, in gold ounce terms – at USD $2513 per oz. gold, it would imply a USD market cap of $3.183 billion. A market cap increase to that size would imply about a 17x move higher, from here.
There is speculative prospect of further USD devaluation, which offers the potential of driving market caps higher for all ‘hard asset’ businesses. It is up to individual investors and speculators, to decide if they wish to factor currency devaluation into their approach.
The difference between ‘share price’ and ‘market capitalization’ is stark. Without knowing the quantity and difference between the two, an investor will not know how much he or she is paying for a business.
Many investors discuss share price, but not many engage market cap discussions. Market cap is determined by outstanding share count, which like a musical accordion, can expand and contract greatly over time.
To increase survival odds, investors and speculators should consider visiting with company financial statements over time. The statements will indicate whether share count has been expanding or contracting. It is an especially important metric to follow in the junior natural resource space.
This tool (market cap monitoring) will contribute to your competitive edge. And most investors are unaware of it.
To reach or follow the author, Tekoa Da Silva, visit:
Edmonton, Alberta–(Newsfile Corp. – September 3, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) Is pleased to announce the appointment of Mr. Phil B. Acton of Hayward, CA as an Advisor to the Board of Directors.
Mr. Acton is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants and the Utah Association of Certified Public Accountants and has extensive business experience in various industries. This includes ownership of multiple businesses, providing tax, audit and other attestation services, portfolio and cash management for a Private Trust, and co-managing 20-80 trucks transporting uranium ore in Utah. Since 2000, Mr. Acton has been a shareholder and General Manager of East Bay Motorsports, Inc. in Hayward, California, guiding significant growth of the business through acquisitions and marketing and increasing sales from US$8.0 million to over US$26 million.
Brian Testo, President and CEO of Grizzly Discoveries, stated, “We continue to strengthen our Advisory Board with motivated and qualified individuals with diverse skillsets. We are thrilled to welcome Mr. Acton to the Grizzly team as his business acumen and strategic insight will be instrumental as we position ourselves for the inevitable improvement in market conditions for the junior mineral exploration industry in Canada.”
In conjunction with his appointment, the Board has authorized the grant of 1,000,000 stock options of Grizzly with an exercise price of $0.05 per option to Mr. Acton, expiring on September 3, 2029 or earlier in accordance with the Company’s stock option plan. The grant of options is subject to acceptance by the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available under the Company’s SEDAR+ profile at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.