Astral Resources presents a compelling investment case as an ASX-listed gold explorer with a 1.46 Moz resource base in Western Australia's premier Kalgoorlie region, anchored by its flagship Mandilla project which demonstrates robust economics with an AU$442 million NPV and 11-year mine life.
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated Mineral Resource Estimate (MRE) of 5.0 Mt at 1.2g/t gold for 196 koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining.
The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company recently completed a four-hole 1,762-metre in-fill diamond drilling program at the Theia deposit late last year. Best results included: 28 metres at 2.63 g/t gold, 15.5 metres at 1.81 g/t gold, 9.6 metres at 27.6 g/t gold, 2.4 metres at 169.1 g/t gold, 24.9 metres at 4.14 g/t gold and 72.2 metres at 1.15 g/t gold.
Astral has commenced work on a pre-feasibility study at Mandilla, which is due in the June quarter 2025.
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 MRE indicates 5.0 Mt at 1.2 g/t gold for 196 koz of contained gold. Including the Mandilla MRE of 37 Mt at 1.1 g/t gold for 1.27 Moz of contained gold, Astral’s total gold MRE is now calculated to be 42 Mt at 1.1 g/t gold for 1.46 Moz of contained gold (group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 31-hole (3,834 m) reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program returned best assay results of 33 metres at 3.75 g/t gold, 22 metres at 5.21 g/t gold, and 22 metres at 4.44 g/t gold. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant.
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Steve Lampron is a mining engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
Gold exploration with highly prospective assets in Western Australia
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June 30, 2025 TheNewswire - Vancouver, British Columbia Blue Lagoon Resources Inc. (the " Company ") (CSE: BLLG; OTCQB: BLAGF; FSE: 7BL) is pleased to provide a corporate update highlighting significant progress at its Dome Mountain Gold Project as it prepares to enter production in a strong gold market.
"We are fully funded, fully permitted, and now entering the final stages of mine readiness — with no short-term debt, multiple successful government inspections, and a water treatment plant that has now been completed," said Rana Vig, President and CEO. "The confidence shown by our institutional investors, along with new strategic backing and the recently signed $2 million line of credit — not secured against our property — from Nicola Mining, gives us the flexibility to fund mining and development without delay. We're ready — and we're moving quickly toward cash flow."
FULLY FUNDED WITH STRONG BACKING AND NO DEBT
Blue Lagoon recently completed a successful non-brokered financing, fully subscribed by existing long-term shareholders including Crescat Capital, Phoenix Gold Fund, and Nicola Mining, alongside a small group of new strategic investors. In addition, CEO Rana Vig and Board Member Gurdeep Bains both increased their personal stakes in the Company.
The Company currently carries no short-term debt and has in-the-money warrants valued at over $3.6 million. As further validation of the project, Blue Lagoon has secured a $2 million line of credit from Nicola Mining, which can be drawn in $500,000 tranches — without any encumbrance on the Company's mineral property. While the Company may ultimately never need to draw on this facility, having access to it provides an important financial backstop. It ensures capital is available if needed to support production ramp-up, seize opportunity, or manage any unforeseen short-term needs — all without causing further dilution to existing shareholders.
SENIOR UNDERGROUND GEOLOGIST HIRED TO
The Company is also pleased to welcome Michael McCardal as Senior Underground Geologist. Mr. McCardal brings three decades of underground gold mining experience with producers including Ascot Resources, Barkerville Gold Mines, Pure Gold Mining, and Kirkland Lake Gold.
At Ascot's Big Missouri deposit, he led underground sampling protocols, grade tracking, and stope planning. At Kirkland Lake's Macassa and Taylor Mines, he was instrumental in ore control, face mapping, and production reconciliation.
"Mike's experience will be very helpful in establishing best-in-class grade control and optimizing early stopes as we move into production this summer," said Vig.
INSPECTIONS PASSED WITH FLYING COLOURS
As part of its final mine preparation, the Company successfully passed three separate government inspections, confirming operational readiness across critical areas:
• Electrical Inspection – Verifying compliance with site-wide above and underground power systems.
• Reclamation & Geoscience Inspection – Reviewing on-going geological reporting and reclamation progress.
• Ground Control & Health and Safety Inspection – Ensuring safe above and underground conditions and mining procedures.
"These clean inspections are a testament to the strength of our team and the standard of work being done at Dome Mountain," said Yannis Tsitos, Chair of the Company's mining committee.
 CONSTRUCTOIN OF WATER TREATMENT PLANT COMPLETE
Construction of Blue Lagoon's water treatment system — a critical component of the Company's environmental compliance plan — is now complete and partially commissioned, as required under the Company's Mines Act permit.
The system consists of two integrated technologies: a High-Density Sludge (HDS) circuit, which is fully installed and operational, and a Moving Bed Biofilm Reactor (MBBR) , designed to treat ammonia and nitrates from blasting residues using a microbial process. The MBBR circuit has also been fully constructed and is about to undergo microbial activation — a biological ramp-up that typically takes 2 to 4 weeks.
Designed to meet all regulatory discharge standards, the plant is engineered to treat mine water efficiently and in full alignment with the Company's permit conditions. Blue Lagoon worked closely with Soren Jensen , the Company's principal environmental consultant from SRK Consulting. Mr. Jensen holds a master's degree in chemical engineering and has developed, designed, commissioned, and operated mine water treatment systems for mining operations for over 20 years, including similar treatment plants at other underground gold mines in Northern Canada.
Just as importantly, the Company collaborated closely with regulatory agencies and the Lake Babine Nation throughout the design and construction process to ensure the system meets both technical and community expectations.
With the construction of the water treatment system complete and regulatory milestones achieved, the Company is advancing mine development activities in accordance with its permit. Â Environmental monitoring will continue during the MBBR activation phase to ensure ongoing compliance as the system reaches full operational capacity.
This milestone represents a major step toward production readiness and reinforces Blue Lagoon's commitment to responsible, permit-driven development. The official mine opening is scheduled for July 9, 2025.
About Blue Lagoon Resources Inc.
Blue Lagoon Resources is a Canadian based publicly listed mining company (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) focused on building shareholder value through the aggressive development of its 100% owned Dome Mountain Gold project. The Company is run by professionals with significant finance and mining experience and operates within a prime mining jurisdiction in British Columbia, Canada. With the granting of a full mining permit, a key milestone achieved in February 2025 - one of only nine such permits issued in British Columbia since 2015 - Blue Lagoon is now focused on last preparatory activities and tasks related to the safe and secure opening of the Dome Mountain Gold Mine, targeting Q3 2025 as the start of gold production . The Company's primary objective has always been to become a cash-flowing mining company, to ultimately deliver tangible monetary value to shareholders, state, and local communities.
The Company is not basing its production decision at Dome Mountain on a feasibility study of mineral reserves demonstrating economic and technical viability. The production decision is based on having existing mining infrastructure, past bulk sampling and processing activity, and the established mineral resource. Â The Company understands that there is increased uncertainty, and consequently a higher risk of failure, when production is undertaken in advance of a feasibility study.
For further information, please contact:
Rana Vig
President and CEO
Telephone: 604-218-4766
Email: ranavig@bluelagoonresources.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "targets", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "mine", "production" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, delays in mine development activities, future cash flow expectations and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Â Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management, contractors and consultants on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's, contractor's and consultants' beliefs, estimates or opinions, or other factors, should change.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Vancouver, BC TheNewswire June 30, 2025 - Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF) ("Element79" or the "Company") announces its forward corporate guidance for the remainder of 2025, outlines recent strategic developments regarding its Lucero Project in Peru, and reaffirms its operational focus on its advanced-stage projects in Nevada, USA.
Force Majeure Declared on Lucero Project
The Company formally invoked the force majeure clause under its agreement with Condor Resources Inc. with respect to the Lucero Project due to a combination of social, regulatory, and political barriers which have effectively prevented the Company from lawfully executing planned exploration and development activities, despite holding full mineral rights.
A force majeure event refers to unforeseen circumstances beyond a party's control—such as acts of government, social unrest, or natural disasters—that prevent contractual obligations from being fulfilled. In the case of Lucero, the following factors have contributed to the declaration:
Evolving and inconsistent Peruvian federal policies on small-scale mining formalization, creating uncertainty in legal enforceability and timelines.
Political instability and leadership vacuums , with current municipal governance in Chachas in transition and the outgoing mayor largely absent from the community.
Legacy community mistrust and unmet promises from prior owners, complicating local engagement efforts.
Ongoing unauthorized artisanal mining by community members operating outside legal frameworks and without formalized agreements.
Element79 has spent two and a half years of extensive, evolving efforts to foster community relationships and negotiate access agreements in good faith, and the Company believes in developing a win-win solution with the Chachas community for the restart of the past-producing Lucero mine, the tailings and development of a regional processing plant, and exploring the geological assets inside the Lucero concessions. Â The Company and its contracted financial consultants remain staunchly optimistic to fund future development at Lucero as agreements for surface rights agreements are reached. Â In the short-term, internal reports and formal feedback from its social engagement team (GAE Peru) and regional mining authorities (DREM Arequipa) suggest that no material progress toward surface rights agreements is likely for the remainder of 2025.
Path Toward Resolution and Reworking Terms with Condor Resources
Over the next 12 months, Element79 will:
Continue monitoring regulatory developments, particularly the anticipated implementation of MAPE legislation , which may clarify formalization mechanisms between artisanal miners and mineral right holders.
Maintain social outreach campaigns in Chachas through the Company's social engagement team, GAE Peru, preparing the groundwork for ongoing engagement pre- and post-municipal elections in early 2026
Continue ongoing dialogue with Condor Resources to explore restructuring the terms of the original Lucero agreement, with the goal of establishing a more reasonable, flexible and mutually beneficial framework as on-the-ground conditions allow for meaningful work to resume at Lucero.
Strategic Focus Shift to Nevada Projects
In line with this operational pivot, Element79 is reaffirming its near-term focus on its U.S.-based assets:
The Company will retain and advance development at the Elephant Project in Nevada. A technical report to formally organize historical work under the 43-101 framework, upcoming work plan and exploration campaign are currently being finalized and will be publicly disclosed shortly.
The acquisition of the Gold Mountain Project , a drill-ready asset also located in Nevada, is expected to close as soon as possible, pending administrative timelines surrounding Canada Day and U.S. Independence Day holidays. A comprehensive development plan will be issued thereafter.
As Element79 aligns its capital and human resources to near-term executable projects, the Company remains committed to:
Unlocking shareholder value through strategic asset optimization.
De-risking its project portfolio by prioritizing jurisdictions with clear permitting paths.
Continuing stakeholder engagement to support long-term success at Lucero when conditions become viable.
Changes to the board of directors and management to reflect the evolving business model
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on the exploration and development of high-grade gold and silver assets. Its principal asset is the past-producing Lucero Project in Arequipa, Peru, where it aims to resume operations through both conventional mining and tailings reprocessing. In the United States, the Company holds interests in multiple projects along Nevada's Battle Mountain Trend. Â Additionally, Element79 Gold has completed the transfer of its Dale Property in Ontario to its wholly owned subsidiary, Synergy Metals Corp., and is progressing through the Plan of Arrangement spin-out process.
For further information, please visit: www.element79.gold
On Behalf of the Board of Directors
James C. Tworek
Chief Executive Officer, Director
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate," "plan," "continue," "expect," "estimate," "objective," "may," "will," "project," "should," "predict," "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans, development plans and the Force Majeure Event. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on these statements because the Company cannot provide assurance that they will prove correct. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those anticipated. Factors that could cause actual results to differ include conditions in the duration of the Force Majeure Event, and receipt of regulatory and shareholder approvals. These forward-looking statements are made as of the date of this press release, and, except as required by law, the Company disclaims any intent or obligation to update publicly any forward-looking statements.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company ") is pleased to announce that all matters set out in the Management Information Circular dated May 26 2025Â for the 2025 Annual General and Special Meeting of Shareholders held on June 27, 2025 (the "Meeting") were approved by the shareholders holding 98,154,137 shares were voted representing approximately ~ 18.56% of the outstanding shares of the Company.
The following nine nominees were elected as directors of Freegold. The detailed results of the vote for the election of directors are set out below:
MOTIONS | NUMBER OF SHARES | PERCENTAGE OF VOTES CAST | ||||
FOR | AGAINST | WITHHELD/ | FOR | AGAINST | WITHHELD/ | |
To elect as Director :Kristina Walcott | 96,353,303 | 1,800,834 | 98.165Â % | 1.835Â % | ||
To Elect as Director: Alvin Jackson | 97,016,593 | 1,137,544 | 98.841Â % | 1.159Â % | ||
To Elect as Director: David Knight | 85,790,018 | 12,364,119 | 87.403Â % | 12.597Â % | ||
To Elect as Director: Garnet Dawson | 97,308,977 | 845,160 | 99.139Â % | 0.861Â % | ||
To Elect as Director: Ron Ewing | 96,839,477 | 1,314,660 | 98.661Â % | 1.339Â % | ||
To Elect as Director: Glen Dickson | 85,396,927 | 12,757,210 | 87.003Â % | 12.997Â % | ||
To Elect as Director: Reagan Glazier | 79,513,338 | 18,640,799 | 81.009Â % | 18.991Â % | ||
To Elect as Director: Maurice Tagami | 97,900,807 | 253,330 | 99.742Â % | 0.258Â % | ||
To Elect as Director: Vivienne Artz | 93,614,569 | 4,539,568 | 95.375Â % | 4.625Â % | ||
The Company's shareholders approved the appointment of Davidson & Company LLP, Chartered Professional Accountants, as the Company's auditors, as set forth in the management information circular.
The Company's shareholders approved the Company's new omnibus equity incentive plan.
Each of the matters voted upon at the Meeting is discussed in detail in the Company's Information Circular dated May 26 th, 2025, which is filed under the Company's profile at www.sedarplus.com.
Golden Summit Project Update:
Drilling at Golden Summit is progressing well. Drilling is focused on resource definition, which includes both expansion and infill drilling, as well as geotechnical and metallurgical holes. Like the 2024 drill program, the current efforts aim to upgrade inferred resources to indicated status in preparation for the upcoming pre-feasibility study, which is expected to commence later this year. An updated mineral resource estimate is expected to be finalised soon, and the initial assay results from the 2025 drill program are also anticipated shortly.
The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.
About Freegold Ventures Limited Â
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2024 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect  on Freegold's business, results of operations, and financial condition.
SOURCE Freegold Ventures Limited
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Rio Silver Inc. (the "Company" or "Rio Silver") (TSX.V: RYO) (OTC: RYOOF) announces that, further to the announcement on May 1, 2025, it will consolidate (the "Consolidation") its common shares on the basis of five pre-Consolidation common shares for one post-Consolidation share.
The Company expects that the TSX Venture Exchange (the "Exchange") will issue a bulletin in short order, confirming that the Company's common shares will then commence trading on a post-Consolidation basis effective on or about the opening of trading on Thursday, July 3, 2025. There will be no change to the Company's name or trading symbol. The new CUSIP and ISIN numbers for the post-Consolidation shares are 76721A113 and CA76721A1131, respectively.
No fractional common shares will be issued, and fractions of less than one-half of a common share will be cancelled and fractions of at least one-half of a common share will be converted to a whole common share. Outstanding options, warrants and other convertible securities will likewise be adjusted for the Consolidation, with the number of underlying common shares and exercise prices being adjusted accordingly.
The Company currently has 84,832,845 common shares issued and outstanding, and immediately following the Consolidation the Company expects to have, subject to rounding adjustment, approximately 16,966,572 common shares issued and outstanding, none of which are subject to escrow.
Letters of Transmittal will be mailed shortly to registered shareholders who hold share certificates, with instructions for the exchange of existing share certificates for new share certificates. Shareholders holding uncertificated shares (such as BEO, NCI and DRS positions) will have their holdings adjusted electronically by the Company's transfer agent and need not take any further action to exchange their pre-Consolidation shares for post-Consolidation shares.
The Company expects that the Consolidation will provide the Company with increased flexibility in structuring and completing financings and potential business transactions. Shareholder approval for the Consolidation was received at the Company's Annual General and Special Meeting of Shareholders held on June 12, 2025, as previously announced on June 25, 2025.
ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.
Chris Verrico
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information,
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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VANCOUVER, BC TheNewswire - June 27, 2025 Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF) (" Element79 Gold ", the " Company ") today announced that it has provided a notice of force majeure (" Notice ") to Condor Resources Inc. (" Condor ") to temporarily suspend payment obligations under the Lucero Project Agreement entered into between Calipuy Resources Inc. (" Calipuy "), a wholly owned subsidiary of the Company, and Condor on December 21, 2020 (the " Lucero Agreement ").
The Company has faced significant difficulties in advancing the Lucero Project since the acquisition of Calipuy on June 19, 2022. As a result of conflicts with the local community, significant delays of relevant governmental authorities to act on necessary legislation and policies, and municipal inaction preventing the enforcement of mineral claims, Element79 has been unable to access the Lucero Project and perform exploration or commercial mining operations (" Force Majeure Event "). As such, the Company provided the Notice to Condor today to suspend payment obligations until the sooner of the end of the Force Majeure Event or twenty-four (24) months from the date of the Notice. At this time, the Company is uncertain as to when the Force Majeure Event will cease.
Element79 remains committed to advancing the Lucero Project and developing the Lucero Project into a commercially viable mining operation. The Company is currently in the process of pursuing alternatives to push the Project forward and work collaboratively with stakeholders to end the Force Majeure Event. The Company will continue to update stakeholders as the situation develops, as and when appropriate.
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on the exploration and development of high-grade gold and silver assets. Its principal asset is the past-producing Lucero Project in Arequipa, Peru, where it aims to resume operations through both conventional mining and tailings reprocessing. In the United States, the Company holds interests in multiple projects along Nevada's Battle Mountain Trend. Â Additionally, Element79 Gold has completed the transfer of its Dale Property in Ontario to its wholly owned subsidiary, Synergy Metals Corp., and is progressing through the Plan of Arrangement spin-out process.
For more information about the Company, please visit www.element79.gold
For Further Information, Please Contact:
James C. Tworek
Chief Executive Officer
E-mail: jt@element79gold.com
Investor Relations Department
Phone: +1 (403.850.8050
E-mail: investors@element79gold.com
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate," "plan," "continue," "expect," "estimate," "objective," "may," "will," "project," "should," "predict," "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans, development plans and the Force Majeure Event. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on these statements because the Company cannot provide assurance that they will prove correct. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those anticipated. Factors that could cause actual results to differ include conditions in the duration of the Force Majeure Event, and receipt of regulatory and shareholder approvals. These forward-looking statements are made as of the date of this press release, and, except as required by law, the Company disclaims any intent or obligation to update publicly any forward-looking statements.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
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