Category: Uncategorized

Vancouver, British Columbia–(Newsfile Corp. – August 15, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2022 (“Q2 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 Q2-2022

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 June 30, 2022 was $8,952,000 including income of $921,000 from the Leeville royalty, which was an increase as production has moved into Four Corners and corridor from Carlin East to Rita K. Adjusted revenue and other income¹ was $12,055,000 including $3,103,000 for the Company’s share of royalty revenue from the effective Caserones copper royalty interest in Chile.

• After recovering $2,570,000 from partners, the Company’s net royalty generation costs totaled $3,944,000.
• General and administrative costs totaled $1,166,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities, including the attendance of trade shows, offset by a decrease in professional fees as no further costs were incurred relating to the Barrick settlement of the Bullion Monarch litigation in the US.
• Share-based payments totaled $2,714,000 for the period compared to $2,845,000 in Q2-2021. 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 $1,756,000 associated with the Sprott Credit Facility and the SSR VTB note. As at June 30, 2022, the Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000.
• For the quarter, the Company had income from operations of $1,285,000 and a net loss of $4,125,000.
• Other significant items affecting income for the three months ended June 30, 2022 included, unrealized fair value losses on investments of $4,390,000, and foreign exchange adjustments of $1,983,000.
• As at June 30, 2022, the Company had unrestricted cash and cash equivalents of $9,862,000, investments, long-term investments and loans receivable valued at $27,452,000, and a loan payable of $51,039,000.

Corporate Updates

Acquisition of Additional Royalty Interest on Caserones
In Q2-2022, EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty.

Appointment of Independent Director
Subsequent to Q2-2022, 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.

Commencement of Commercial Production at Gediktepe
Subsequent to Q2-2022, EMX announced the achievement of commercial production for oxide gold mineralization at its flagship Gediktepe royalty property in western Turkey. The Company holds a 10% NSR royalty on oxide gold production at Gediktepe, and operator Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company, has informed EMX that it has produced over 10,000 gold equivalent ounces², the trigger for commencement of production royalty payments to EMX.

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 Generation Updates

EMX’s royalty and mineral property portfolio consists of 266 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:

Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/133730_figure2.jpg

During Q2-2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,514,000 and recovered $2,570,000 from partners. During the quarter the Company also completed one partnership in the US and continued to grow the portfolio with new mineral property acquisitions.

Highlights from Q2 2022 include the following:

• In the US the Company added to its growing royalty portfolio with the completion of one new royalty agreement, the advancement of twelve partner-funded work programs, including four drill projects, and new generative work leading to the acquisition of a district-wide land position at Tonopah, Nevada as well as expanded royalty footprints in Idaho. Subsequent to Q2 2022, three agreements with Hochschild were terminated and the projects are available for partnership.
• EMX released drill results from its Hardshell royalty property in southern Arizona where operator South32 Limited is advancing a new copper-rich target named Peake, as well as potential extensions of Taylor CRD styles of mineralization.
• In Canada, EMX conducted work programs to advance and delineate targets on recently acquired properties as partners continued to advance the portfolio with multiple field programs, including drill programs, while EMX received $206,000 in cash payments and $45,000 in share equity payments.
• EMX’s South American royalty portfolio advanced through drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd. Q2 drill programs at both Diablillos and Berenguela continue to produce significant results that extend mineralization away from known zones as well as confirming historical drill results. Pampa Metals announced the discovery of a new porphyry target for drill testing later this year at EMX’s Block 4 royalty property.
• EMX continued to expand its portfolio of projects in northern Europe in Q2 by adding several additional “battery metals” projects. EMX continues to seek new acquisition and staking opportunities around the world, and recently established a corporate presence in Morocco and the Balkans region.
• In Sweden, a 750 meter drill program was completed by partner District Metals Corp. at the Tomtebo project in Q2, with analytical results pending.
• Drill programs also commenced at partner Playfair Mining’s RKV project in Norway and on the Norden Crown Metals and Boliden AB joint venture property in Norway. Initial results are anticipated to be received in Q3.
• Work continued to expand the known footprint of cobalt mineralization at EMX’s Yarrol property in Queensland, Australia. Surface sampling of cobalt enriched manganiferous mineralization developed on the north side of the Yarrol project shows cobalt enrichments over broad areas where lenses of manganese-rich conglomerate have been found in the field.

Financing Updates

Private Placement with Franco-Nevada
EMX completed a $12,580,000 (US$10,000,000) private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) NSR on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).

Franco-Nevada purchased 3,812,121 units of the Company at a price of $3.30 per unit. Each unit consisted of one common share of EMX and one warrant, with each warrant entitling the holder thereof to purchase one common share of EMX for $4.45 for a period of five years. The shares issued upon closing and the shares issuable upon the exercise of the warrants will be subject to a four-month restricted resale (hold) period expiring August 15, 2022. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.

Repayment of Vendor Take Back Note
During Q2-2022, EMX repaid in full the vendor take back note issued to SSR Mining Inc. on October 21, 2021, totaling $10,774,000 including interest owed.

Investment Updates

As at June 30, 2022, the Company had investments totaling $26,082,000 which included $20,583,000 in various public and private entities, and $5,499,000 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
In Q1-2022, EMX completed a strategic investment in Premium Nickel Resources Corporation (“PNR”), a private Canadian company advancing nickel-copper-cobalt and platinum group element (“PGE”) projects in Botswana. EMX now owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR having purchased an additional one million shares in April 2022. This purchase was part of a recent financing completed by PNR at US$2.00 per share.

On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (TSX:”NAN”). This transaction will effectively take PNR public, offering liquidity for shareholders such as EMX. Trading of NAN shares was halted after the announcement, with approval for the transaction and resumption of trading for the resultant issuer expected in Q3. Securityholders of PNR will receive 5.27 shares of the resultant issuer for each share of PNR held (see NAN news release dated April 26, 2022).

PNR subsequently informed EMX that it had commenced an exploration drill program in the Selebi Mine area and will likely continue drilling through the remainder of 2022. Subsequent to period end, NAN and PNR announced that the TSX Venture Exchange has provided conditional approval for the RTO transaction (see NAN news release dated July 21, 2022).

OUTLOOK

This year will see an increase in revenue and other income coming from our cash flowing royalties, including Caserones in Chile, Leeville in Nevada, and potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin). Likewise, Gediktepe and Balya in Turkey have commenced commercial production, and EMX anticipates receipt of production royalty payments from both projects in Q3. 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. The Company plans to give production guidance for 2022 later this year.

So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones and completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada and a strategic investment in PNR.

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.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2022 (the “MD&A”), and the most 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 22 of the Company’s MD&A for the six months ended June 30, 2022 for more information on each non-IFRS financial measure.

² Gold equivalent ounces as referred to in the definition of “Oxide Commercial Production” in the 2019 Gediktepe share purchase agreement between Alacer Gold Madencilik A.S. and Lidya Madencilik.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133730

TORONTO and NEW YORK, Aug. 9, 2022 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVDF) today its financial and operating results for the second quarter (“Q2 2022”) and first half 2021 (“H1 2022”) ended June 30, 2022. All figures are expressed in Canadian dollars unless otherwise noted.

Second Quarter 2022 Key Takeaways

• Record Quarterly Adjusted EBITDA of C$55.1M
  
• Revenue of $97.8M representing the second highest quarterly revenue in the Company’s history and a 16% increase relative to that achieved in Q1 2022
  
• Strong average value per carat of US$130 follows closely to the unprecedented price growth during the Q1/22. The rough diamond market continues to experience strong demand supported by solid US retail results. Further support to the market is anticipated from jewellery retail in China as Covid restrictions ease in that country.
  
• Repurchase for cancellation of approximately US$26.4 million aggregate principal amount of the 8.000% Senior Secured Second Lien Notes following the close of the fiscal quarter
  
• A successful winter exploration program included further drilling of the Hearne Northwest Extension at the Gahcho Kué mine. Results included Kimberlite intersected in 60% of drill holes with mineralization ranging between 24.3 to 114.5 meters (see press release, July 18, 2022).

Mark Wall, the Company’s President and Chief Executive Officer, commented:

“The Company continues its’ strong financial performance through the first half and into Q3 of 2022.  We are pleased with these financial results.  At the same time there remains work to do on the operations side.  There are plans in place to correct the dilution issues seen early in the year, and these are working.  Significant work has recently been completed on the primary crusher and I expect these upgrades to have a positive impact.  There remain other areas of the operational performance that do not meet our expectations and we continue to actively engage with De Beers as the operator around the plan to deliver these improvements.

Together with our increased revenues, our recent repurchasing of Senior Secured Second Lien Notes has strengthened our balance sheet as we move closer to achieving our strategic and financial goals planned for the second half of this year.”

Operational Highlights for Second Quarter 2022 (“Q2 2022”)

• 749,000 ore tonnes treated, a 6% increase relative to Q1 2022, and an 8% decrease relative to Q2 2021 (Q1 2022, 707,553 ore tonnes treated; Q2 2021: 811,171 ore tonnes treated).
  
• 1,043,000 ore tonnes mined, a 2% increase relative to 1,019,000 tonnes mined in Q1 2022 and a 5% increase relative to the 993,000 tonnes mined in Q2 2021
  
• 1,261,000 carats recovered at an average grade of 1.68 carats per tonne, a 6% increase relative to Q1 2022 and a 29% decrease compared to the 1,764,000 carats recovered at 2.18 carats per tonne in Q2 2021 (Q2 2021: 1,763,556 carats recovered, Q1 2022: 1,185,156 carats recovered).
  
• 7,881,000 total tonnes mined, a 6% increase relative to Q1 2022 and a 10% decrease from 8,749,000 total tonnes mined in Q2 2021.

Financial Highlights for Second Quarter 2022 (“Q2 2022”)

• Revenue from 587,000 carats sold at $97.8 million (US$76.0 million) at an average realised value of $167 per carat (US$130) compared to $64.7 million from 719,000 carats sold in Q2 2021 (US$52.6 million) at an average realized value of $90 per carat (US$73).
  
• Adjusted EBITDA¹ of a record $55.1 million compared to $37.9 million in Q2 2021.
  
• Earnings from mine operations $51.4 million compared to $32.8 million in Q2 2021.
  
• Cash costs of production, including capitalized stripping costs¹ of $126 per tonne treated (2021: $97 per tonne) and $75 per carat recovered (2021: $45 per carat).
  
• Net income at June 30, 2022 was $22.6 million or $0.11 earnings per share (2021: $22.5 million or $0.11 earnings per share). Included in the determination of the net income at June 30, 2022 are unrealized foreign exchange losses of $11.7 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.

Operational Highlights for H1 2022

• 16.0 million total tonnes mined in H1 2022, a 12% increase from the 14.3 million total tonnes mined in H1 2021.
  
• 1,457,000 tonnes of ore treated in H1 2022; a 1% increase compared to the 1,437,000 tonnes treated in H1 2021.
  
• 2,446,000 carats recovered at an average grade of 1.68 carats per tonne, 22% lower than the 3,156,000 carats, 2.20 carats per tonne, recovered in H1 2021.

Financial Highlights for H1 2022

• Total sales revenue of $182.4 million (US$142.7 million) at an average realised value of $167 per carat (US$130) compared to $119 million in 2021 (US$95.3 million) at an average realized value of $90 per carat (US$72).
  
• Half year Adjusted EBITDA² of $99.7 million compared to $57.1 million in H1 2021.
  
• Earnings from mine operations of $94.2 million (2021: $46.5 million).
  
• Cash costs of production, including capitalized stripping costs², of $136 per tonne treated (2021: $115 per tonne) and $81 per carat recovered (2021: $53 per carat).
  
• Net income for half year 2022 at June 30, 2022 was $47 million or $0.22 earnings per share (2021: net income $29.8 million or $0.14 earnings per share). Included in the determination of the net income for the half year at June 30, 2022 are unrealized foreign exchange losses of $7.4 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.
  
• Capital expenditures in H1 2022 were $24.2 million, $18.5 million of which were deferred stripping costs, with the remaining $5.7 million accounting for sustaining capital expenditures related to mine operations.

Market Highlights for Q2 & H1 2022

In Q2 2022, 587,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $97.8 million (US$76.0 million) in comparison to 719,00 carats sold at an average value of $90 per carat (US$73 per carat) for total proceeds of $64.7 million (US$52.6 million) in Q2 2021.

During H1 2022, 1,094,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $182.4 million (US$142.7 million) in comparison to 1,322,000 carats sold at an average value of $90 per carat (US$72 per carat) for total proceeds of $119.0 million (US$74.2 million) in H1 2021.

Gahcho Kué Mine Operations

The following table summarizes key operating statistics for the Gahcho Kué Mine in the three and six months ended June 30, 2022 and 2021.

Financial Performance

Conference Call

The Company will host its quarterly conference call on Wednesday, August 10^th, 2022 at 11:00am ET.

Title: Mountain Province Diamonds Inc Q2 2022 Earnings Conference Call

Conference ID: 56265156 
Date of call: August 10, 2022 
Time of call: 11:00 Eastern Time 
Expected Duration: 60 minutes

Webcast Link: 
https://app.webinar.net/EjQrB08Bd0K

Participant Toll-Free Dial-In Number:             (+1) 888-390-0546 
Participant International Dial-In Number:       (+1) 416-764-8688

A replay of the webcast and audio call will be available on the Company’s website.

About the Company

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Caution Regarding Forward Looking Information

This news release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province’s business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province’s most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.

Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to the limitations under the Company’s debt facilities, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board

View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-second-quarter-and-half-year-2022-results-301602918.html

SOURCE Mountain Province Diamonds Inc.

Figure 1

VANCOUVER, British Columbia, July 14, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR; OTCQB: HAMRF) (the “Company” or “Silver Hammer”) is pleased to announce that it has commenced an induced polarization (“IP”) resistivity survey at its past-producing Silver Strand Project in Idaho.

The IP/Resistivity technology can identify silicified quartz-hosted, sulfide-rich silver and gold mineralization up to 200 metres depth. The survey is intended to track the known mineralized zone laterally, as well as to search for parallel mineralized zones and will run concurrent with the upcoming drill program, which is expected to commence before the end of July.

The survey lines will extend 1.3 kilometres in length and data will be collected at 100 metre spaced stations with survey lines spaced 200 metres apart.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Electrical_resistance_survey%253BBritish_Columbia%253BIdaho%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%25221c4e1ebc-6e17-3d1a-b6f3-760b074bfe72%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The survey will be conducted by Big Sky Geophysics, and the data collected from the survey will be used in concert with data collected from a recent drone-supported magnetic survey to assess and enhance both underground and surface targets.

“The IP survey is yet another low-cost surface exploration method we are using to better understand the potential for a district-scale mineralized system at Silver Strand,” stated President and CEO Morgan Lekstrom. “The IP survey results will be analyzed together with our magnetics data to further refine surface drill targets as we work to ascertain the potential for mineralization along the 5.5 kilometre strike extent of the prospective Revett formation on the property, which is located within Idaho’s Silver Valley.”

Qualified Person

Technical aspects of this press release have been reviewed and approved by Philip Mulholland, a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists, a contractor of the Company and the designated Qualified Person (QP) under National Instrument 43-101.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.

Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s projects.

On Behalf of the Board of Silver Hammer Mining Corp.

Morgan Lekstrom
President and CEO

Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

For investor relations inquiries, contact:

Kristina Pillon, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact:

Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad8e0454-d4ee-4f3a-a1f4-d252a5c6ecd5

KELOWNA, BC / ACCESSWIRE / July 14, 2022 / Diamcor Mining Inc. (TSX-V.DMI), (OTCQB-DMIFF), (FRA:DC3A), (“Diamcor” or, the “Company”) announces today the results of its first tender and sale of rough diamonds recovered from the processing of quarry material from the Company’s Krone-Endora at Venetia Project (the “Project”) in the Company’s fiscal second quarter (“Fiscal Q2”) ending September 30, 2022. In this initial tender, the Company sold a total of 1,939.81 carats of rough diamonds, generating gross revenues of USD $478,391.90, resulting in an average price of USD $246.62 per carat.

The Company is also pleased to report the recovery of two gem quality rough diamonds in the specials category, a 59.25 carat and a 21.85 carat diamond, which have been delivered and are expected to be tendered in August of 2022.

We are very pleased with the results of this first tender and sale early in the current quarter and continue to see strong demand for our rough diamonds given their overall quality”, stated Mr. Dean Taylor, Diamcor CEO. “Our efforts continue to focus on increasing processing volumes, and the recovery of two large gem quality rough diamonds in the specials category from our recently upgraded facilities at this point is yet further confirmation of the Project’s potential for large high value gem quality rough diamonds”.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522TSX_Venture_Exchange%253BTiffany_%2526_Co.%253BCompany%253BThe_Project_(Australian_TV_program)%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25222ab8513b-82cb-3ae3-b1e5-1b1fbcf4b204%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.

View source version on accesswire.com:
https://www.accesswire.com/708548/Diamcor-Reports-Initial-Tender-and-Sale-Results-for-Quarter-and-The-Recovery-of-Two-Gem-Quality-Special-Diamonds