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HIGHLIGHTS
Charger Zone: A significant gold target in Awalé's portfolio, marking a transformative achievement in 2024 with some of the highest-grade intercepts in Africa in the last 12 months.
Awalé Resources (TSX:ARIC) has a major foothold in the promising gold province of Cote d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali. Awalé's Odienné Project spans over 2,462 sq. km in area with seven permits and is located in a region that boasts over 300 million ounces (Moz) of gold deposits.
Cote d’lvoire has earned a reputation as an attractive investment destination for mining due to its stable regulatory framework excellent infrastructure comprising road networks, ports, airports and electricity networks.
The Odienné Project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. Three major discoveries Empire, Charger and Sceptre East were made and in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné Project by funding US$15 million in exploration expenditures.
Company Highlights
- Awalé Resources is a mineral exploration company focused on discovering gold and copper-gold deposits in Côte d’Ivoire (Ivory Coast).
- The company’s flagship Odienné project is located in the northwest Denguèlé Region of Côte d’Ivoire in West Africa.
- The project spans over 2,462 sq. km in area with seven permits and is located in a region that boasts over 300 million ounces (Moz) of gold deposits. The geological setting of the Odienné district is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, increasing the chances of the Odienné Project becoming the first major IOCG deposit in West Africa.
- The project has made three significant discoveries in 2023 – Empire, Charger and Sceptre East. Moreover, in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
- A key positive for the company is its relationship with Newmont, the world’s leading gold mining company. Newmont increased its stake to around 15.48 percent (previously 5.94 percent) in the company and holds a joint venture agreement on two of the seven permits at Odienné Project.
- Awalé underwent a major overhaul in May 2023, including the appointment of a new CEO and new board. Under the new management led by CEO Andrew Chubb, the company has achieved significant milestones including four new discoveries. The management team is well positioned to steer the company along its growth journey.
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With several significant gold and copper discoveries in recent years, Awalé Resources has built a compelling value proposition that allows investors exposure to West Africa’s rich mineral resource.
Overview
Awalé Resources (TSX:ARIC) is a mineral exploration company focused on high-quality gold and copper-gold deposits. The company’s Odienné project is located in Côte d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali.
Côte d’lvoire has earned a reputation as an attractive investment destination for mining, based on several factors. First, its stable regulatory framework mirrors French civil law, and the government has reduced bureaucracy and established transparency. Second, the region has excellent infrastructure comprising road networks, ports, airports, and electricity networks. Third, the country’s attractive geological profile is rich in several minerals including gold, copper, manganese, bauxite and iron. West Africa is widely regarded as a promising gold-producing region with 300 Moz of gold resources. Fourth, its socio-economic environment reflects its diverse economy with a substantial labor force. Lastly, the country offers several tax incentives to attract foreign investors.
Why Awalé Resources is a brand new opportunity
The Odienné project offers Awalé Resources a major foothold in this promising gold province. The project area spans 2,462 sq km over seven permits and is home to several gold and copper-gold discoveries.
The project has seen four significant discoveries, including three in 2023 (Empire, Charger, and Sceptre East) and one in early 2024 (BBM). Empire returned high-grade gold intercepts, while Charger and Sceptre East returned iron oxide copper gold (IOCG) style mineralization.
The BBM target, discovered in January 2024, is a new gold-copper discovery with significant scope for rapid expansion. In addition to the new discovery, further significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of BBM.
Another important feature of the company’s bright prospects is its relationship with Newmont, the world’s leading gold company. Newmont increased its stake in Awalé to 15.48 percent in December 2023 following a private placement of nearly C$1 million. This investment will enable Awalé to accelerate the exploration of its wholly owned permits and signals a vote of confidence in the significant potential of Awalé.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné project by funding US$15 million in exploration expenditures and defining a gold resource of 2 million ounces.
Under the initial phase, Newmont invested US$5 million in exploration expenditure which will allow it to earn 51 percent interest in the Odienné project. With successful Phase 1 results, including positive drill results and four discoveries, Newmont has progressed to Phase 2 of the earn-in agreement. This is a significant milestone that underscores the ongoing success and potential of the Odienné gold-copper project through which Newmont could earn a further 14 percent interest (for a total 65 percent interest) by spending $10 million in exploration and defining a minimum 2-million-ounce gold resource.
Awalé underwent a major overhaul in May 2023, appointing a new CEO and board. Under the new management, led by CEO Andrew Chubb, the Awalé team is well positioned to lead the company in its future growth endeavors.
Company Highlights
- Awalé Resources is a mineral exploration company focused on discovering gold and copper-gold deposits in Côte d’Ivoire (Ivory Coast).
- The company’s flagship Odienné project is located in the northwest Denguélé Region of Côte d’Ivoire in West Africa.
- The project spans over 2,462 sq. km in area with seven permits and is in a region that boasts over 300 million ounces (Moz) of gold deposits. The geological setting of the Odienné district is comparable to that of other significant iron oxide copper gold (IOCG) provinces globally, increasing the chances of the Odienné Project becoming the first major IOCG deposit in West Africa.
- The project yielded three significant discoveries in 2023 – Empire, Charger, and Sceptre East. Moreover, in January 2024, the company announced a new discovery in BBM and encouraging results for the Lando target.
- A key positive for the company is its relationship with Newmont, the world’s leading gold mining company. Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is a significant shareholder, owning 11.2 percent of the company.
- Under the leadership of CEO Andrew Chubb, the company has achieved significant milestones, including four discoveries, and is well positioned on its growth journey.
Key Project
Odienné Project
The Odienné project is the company’s flagship asset. The project spans over 2,462 sq km and comprises seven permits, of which two are under a JV agreement with Newmont. These permits hold great promise for gold and copper-gold deposits.
The project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. It is in West Africa, which boasts over 300 Moz of gold deposits. There are several +10 Moz deposits adjacent to the project’s boundaries. Other adjacent gold resources include Predictive’s deposit in Guinea, and Centamin’s deposit which is roughly 50 kilometres south of the Odienné project.
The project is characterized by several high-potential targets and discoveries. These include: 1) Empire discovery located along the 20-kilometre Empire Gold Corridor; 2) Sceptre East and Main copper-gold targets; 3) Charger, a high-grade gold-copper discovery; 4) Lando, a 4-kilometre-long copper-gold target; 5) and BBM, a 3.5-kilometre-long copper-gold target.
The first discovery was at Empire, a high-potential gold prospect located around 5 kilometres from Sceptre and other copper-gold targets on the 20-kilometre-long Empire structural corridor.
So far, only five kilometres of this trend have been drilled. The key results for this target include - 1) Hole OEDD-2: 27 metres at 3.1 grams per ton (g/t) gold from 43.2 metres, and 2) Hole OEDD-24: 15 metres at 13.1 g/t gold from 69 metres. Beyond this main target, there is potential for discovering large gold deposits along the east-west corridor.
The second discovery was at Charger, where several phases of drilling have been completed. A total of 11 holes were drilled at Charger with Hole OEDD-45 containing three high-grade intervals within a 65-metre-wide zone of mineralization, including 12 metres at 4.9 g/t gold. Some of the key results at Charger include 32 metres @ 3.0 g/t gold, 0.17 percent copper, and 6.6 g/t silver, including 4 metres @ 12.4 g/t gold, 0.7 percent copper, and 30 g/t silver from 78 metres.
The third discovery was at the Sceptre East target that spans around a 1.5-kilometere-long copper-gold-molybdenum-silver anomaly. Sceptre East is part of the large 20 sq km gold/copper/silver/molybdenum bearing mineralized system, called Sceptre. Discovery drilling commenced at Sceptre East in Q4 2022, and the initial phase comprised a total of seven holes totaling 1,092.2 metres. Follow-up drilling in Q2 2023 consisted of nine reverse circulation (RC) and three diamond drill holes for a total of 1,730 metres. The key results in the follow-up program include hole OEDD-43, which returned 358.5 metres at 0.34 percent copper equivalent from 6.5 metres downhole.
Besides these three discoveries, the company announced a new gold-copper discovery in January 2024 at the BBM target. A total of four holes were drilled at BBM, all of which intersected high-grade gold. The key results were:
- Hole OEDD-59: 44 metres at 1.1 g/t gold and 0.2 percent copper
- Hole OEDD-61: 51.9 metres @ 0.5 g/t gold, 0.27 percent copper and 1.5 g/t silver from 25 metres
- Hole OEDD-62: 18.25 metres at 1.8 g/t gold, 0.3 percent copper and 1.4 g/t silver from 156 metres
Furthermore, significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of the new BBM discovery. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target.
Management Team
Andrew Chubb – CEO
Andre Chubb holds a BSc degree from the University of New England, Australia, and is a member of the Australian Institute of Geologists and the Society of Economic Geologists. He is a geologist with more than two decades of experience in exploration and mining in different geographies, including Africa, Europe and Australia. His experience spans different domains including leading large teams, operations and advisory roles. He was involved in leading the Mantra Resources’ Mkuju Project in Tanzania, from exploration through to feasibility and finally to takeover by ARMZ/Uranium One for AU$1.02 billion.
Andrew Smith - VP Exploration
Andrew Smith is an accomplished economic geologist with over 14 years of exploration and mining experience. Smith has proven discovery success in both greenfield and near-mine gold exploration. He has well-developed skills in both technical and management roles for exploration and development projects across West Africa and Canada. More recently, this has included roles as director of exploration geology for Coeur Mining, chief geologist for Awalé Resources, and exploration manager for Randgold Resources in Senegal. Smith has an Honours Degree in Geology and Petroleum Geology from the University of Aberdeen in Scotland, is a fellow of the Geological Society of London, and member of the Society of Exploration Geologists.
Ardem Keshishian - VP Corporate Development and Investor Relations
Ardem Keshishian brings over 15 years of progressive experience in corporate development, investor relations, finance, and capital markets, specializing in the mining sector. Most recently, Ardem served as VP of corporate development and investor relations at Moneta Gold, a Canadian gold developer with assets in the Timmins Gold Camp, Ontario, until its merger with Nighthawk Gold. Prior to Moneta Gold, he held roles at Royal Road Minerals, Pollitt & Co., Haywood Securities, and Van Berkom & Associates. He is a CFA charter holder and holds a Bachelor of Science from Concordia University and a Master of Business Administration from the John Molson School of Business.
Stephen Stewart - Chair of the Board of Directors
Stephen Stewart holds a BA degree from Western University in London, Ontario, an MBA from the University of Toronto, and an MSc degree from the University of Florida. He has more than 18 years of senior leadership experience with several Canadian companies, including Orecap, QC Copper & Gold, Mistango River Resources and Baselode Energy. He is also the founder and chairman of the largest mining-focused charitable organization and fund in Canada, the Young Mining Professionals Scholarship Fund.
Anthony Moreau – Director
Anthony Moreau is the CEO and Director of American Eagle Gold and also serves as a Director of QC Copper & Gold, Orecap Invest, and Mistango River Resources. He was formerly with IAMGOLD, where he held various roles in Business Development and Innovation. Anthony is also the leader of the Young Mining Professionals Toronto. He also co-founded the YMP Scholarship Fund, which has raised over $1.25 million since its inception seven years ago. Anthony‎ is a Queen's School of Business graduate and a Chartered Financial Analyst (CFA).
Karl Akueson – Director
Karl Akueson is an Ivorian born natural resources entrepreneur who co-founded Awalé Resources following a career in metals and mining investment banking at BMO Capital Markets in London. He recently founded and is the current CEO of Switch Metals, a private exploration company focused on technology metals in Cote d'Ivoire. Karl is based in Abidjan. He is a graduate from Imperial College Royal School of Mines - MSc Metals and Energy Finance, and the University of Manchester - MEng Chemical Engineering.
Charles Beaudry – Director
Charles Beaudry holds a BSc degree in geology from the University of Ottawa and a master's degree in geology from McGill University. He has three decades of experience in business development, exploration, and project management. Previously, he has been associated with IAMGOLD and Noranda-Falconbridge-Xstrata.
John Scott - Principal Geologist
Dr. John Scott is a results-focused exploration geologist, with more than 27 years of experience within teams that have delivered numerous discoveries and significant business growth in both near-mine and greenfield settings internationally. John's career as a seasoned technical lead has spanned North America, Sub-Saharan Africa, the Middle East, Southeast Asia and Australasia. Scott specializes in practical mentorship to upskill field teams, target generation, identifying mineralization controls, and developing robust geologic models at deposit, district and country scales. He holds a Bachelor of Science with Honors (First Class) from the University of Adelaide, Australia, as well as a PhD in Structural Geology from the University of Otago, New Zealand. Scott is also a fellow of the Society of Economic Geologists and a member of both the Australasian Institute of Mining and Metallurgy, and the Society for Geology Applied to Mineral Deposits.
Kirmat Noormohamed - Exploration Manager
Kirmat Noormohamed is an exploration geologist with technical and operational skills developed through more than 25 years in company and consulting roles within the mining and exploration industry across multiple countries in Africa. She has extensive experience from greenfield exploration to feasibility studies as part of diverse teams within multinational companies such as Anglo American, AngloGold Ashanti, Falconbridge, Redback Mining, Kinross Gold and Teranga Gold, where she has led and been part of teams discovering over 2.5 million ounces of gold. She holds a BSc from Abilene Christian University in the US, and is currently completing her MBA at University of Illinois.
Sharon Cooper - CFO
Sharon Cooper is qualified as a chartered accountant, with over 10 years of experience in accounting and auditing roles for mining and mining-related companies. Before Awalé, she was associated with Ernst and Young and several junior exploration and mining companies.
Karl Akueson – Local Advisor
Karl Akueson holds an MSc degree in chemical engineering from the University of Manchester and MSc in metals and energy finance from the Royal School of Mines. He is a co-founder of the company and has served as an advisor since listing. He has also worked with BMO Capital Markets in London.
Awalé's Transformative 2024 Sets the Stage for an Ambitious 2025
BBM Zone and Trend: Successful delineation and expansion of a significant gold and copper target with district scale potential for growth.
Financial Strength: Well-funded with nearly $10M on hand for 100%-owned property exploration and a robust partnership with Newmont.
Strengthened Leadership: New additions to the Board and Management bring aligned focus, driving Awalé's strategic growth and long-term shareholder value.
District-Scale Potential: Awalé's extensive land package is primed for discovery, supported by our iron oxide copper gold (IOCG) geological model, unlocking untapped opportunities across the region.
2025 Exploration Plan: Robust and comprehensive plan to continue de-risking BBM and Charger targets, and expand exploration focus across a broader regional scale to unlock the full potential of the Odienné project.
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to provide a review of its achievements in 2024 and share its outlook for the first half of 2025. This exciting phase includes commencing drilling on our 100%-owned Fremen property, continuing to de-risk the BBM and Charger targets, and expanding our exploration focus across a broader regional scale to unlock the full potential of the Odienné project. A follow-up update will be provided later in the year to review full-year progress and outline plans for the remainder of 2025.
"On behalf of the Awalé team, I want to thank our investors for their support over the past year. With a solid balance sheet, a valued joint venture partner, and significant milestones achieved in 2024, we have established a strong foundation for an ambitious year ahead. Driven by a disciplined approach to exploration and discovery, we remain confident in our strategy and are steadfast in our commitment to unlocking the full potential of the Odienné project, delivering sustained value to our shareholders. Moreover, we take pride in fostering sustainable development and building meaningful partnerships in the communities where we operate, creating a lasting positive impact in the region," Commented Andrew Chubb, CEO of Awalé Resources.
View video of CEO Andrew Chubb and VP Exploration Andrew Smith discussing upcoming plans
2025 H1 Outlook
Awalé is committed to providing consistent and transparent updates throughout 2025. Our exploration efforts will prioritize key zones, leveraging innovative strategies to drive discovery and advance resource delineation, adding value to our shareholders and local stakeholders.
Key Zones and Targets
Fremen Target (100% Awalé)
- Overview: A new 3.5km-long target, 4km on strike from BBM discovery.
- Induced Polarisation ("IP") geophysics to commence in January 2025, with the aim to further delineate the BBM trend.
- 2000m of maiden reverse circulation (RC) drilling planned, with results expected from March 2025.
100% Awalé Permits
- Overview: 1,693km2 untested ground, in the same geology as the four major Awalé discoveries.
- Activities: 2025 will see initial drilling on the Fremen target along with systematic early-stage target generation with mapping and geochemistry surveys and with airborne programs, including magnetic and radiometric surveys.
BBM Zone
- Overview: Drill, develop, and expand the higher-grade shoots within structurally controlled gold-copper mineralization. A broad IP survey to be completed over the BBM zone, targeting strike extents of the initial discovery zone.
- Diamond Drilling Plan: 7000m planned for the BBM zone, including 3000m within the discovery area.
- Timeframe: Diamond drilling started in Q4 2024 and is ongoing, with a regular flow of results expected from January 2025.
BBM Trend
- Overview: Newly identified targets, Boba and Fett, highlight the strike potential of the BBM trend.
- Activities: 150 line-km of IP geophysics is planned to cover over 10km of the BBM trend, followed by up to 7000m of RC drilling.
- Timeframe: IP survey scheduled for completion in January 2025, with RC drilling to follow in February 2025.
- Initial drill results are expected from April 2025.
Charger Zone
- Overview: Following up on the spectacular 2024 gold results; diamond drilling is planned to further delineate and expand this promising zone.
- Diamond Drilling Plan: 2000m planned to test the continuity of a new geology fold model and rapidly advance the volume potential of this target.
- Timeframe: Initial drilling has commenced in early January 2025, with results expected from February 2025.
- Drilling success will drive further diamond drilling in Q1.
Empire Zone
- Overview: Awalé's first and significant gold discovery. Infill diamond drilling is planned, with the aim to bring the target back online for further expansion drilling and development.
- Drill results expected from March 2025.
Lando Target
- Overview: System drilling aims to test the full potential of the largest copper-gold-in-soil anomaly in the joint venture permit.
- Work Plan: Following an orientation pitting program in January 2025, a combination of reverse circulation and diamond drilling will commence in February 2025, with results expected from April 2025.
Odienné West Permit
- Overview: Known mineralized trends and geology are modelled to extend into the Odienné West permit, with early phase greenfield work expected to unlock exploration potential in an underexplored area.
- Activities: 2025 will see early-stage target generation, with mapping and geochemistry surveys along with airborne programs including magnetic, radiometric, and gravity gradient surveys. All exploration is fully funded by Newmont.
Technological and Operational Enhancements
- Portable PPB Lab: On-site deployment to accelerate assay turnaround times and improve decision-making efficiency.
- Geophysics: Comprehensive airborne and ground geophysical surveys to refine targeting across all key zones.
Other Initiatives
- Educational Content: Rolling out materials to explain the geology of Odienné, our targeting methodology, and broader district context.
- Stakeholder Engagement: Maintaining first-mover advantage by building trust and showcasing Awale's vision for the region.
2024 HIGHLIGHTS
2024 was a pivotal year for Awalé marked by key leadership changes that aligned the Company with its strategic vision, efforts to strengthen the balance sheet and ensure financial stability, and significant progress at the Odienné project. These achievements have positioned Awalé as a leader in district-scale exploration, with a clear path toward resource delineation and new discoveries. Key highlights include:
BBM Discovery - 4th discovery at Odienné announced in January. BBM was a significant new greenfield discovery for the Company with excellent scope for rapid expansion.
Highest-Grade Gold Intercepts in Africa - During the year, Charger delivered some of highest-grade intercepts in West Africa over the past 12 months, including 45.7 g/t Au over 32m in hole OEDD-83, 20 g/t Au over 29m in hole OEDD-88, and 14.7 g/t Au over 59m in OEDD-100. Ongoing drill program aims to test new hinge fold thesis, targeting extensions to both grade and volume.
BBM Growing and Remains Open - 6,808m in 28 holes have confirmed the system is open at depth with the higher-grade core growing to 600m and remaining open. The BBM trend has now been expanded to over 15km, from 100%-owned Fremen target in the south to the newly identified Boba and Fett targets in the north.
New Gold Footprint Discovery at 100%-Owned Fremen Target - In October, the Company announced that it uncovered a new and open 3.5km long > 37 parts per billion gold in termitaria footprint with a peak value of 1.3 g/t Au. The program was completed within Awalé's 100%-owned Sienso permit next door to the BBM discovery, which lies 4km along strike to the northwest.
Financial Strength - The Company is well-funded with $10 million in cash, following an $11.5 million capital raise in April 2024, allocated to advance 100%-owned properties and partnership with Newmont, which is funding all exploration work on joint venture claims.
Strengthened Leadership Team - Additions of Anthony Moreau and Karl Akueson to the Board of Directors, along with the appointment of Stephen Stewart as Chairman, as part of a strategic leadership transition. The management team further bolstered with the additions of Andrew Smith as VP Exploration, Ardem Keshishian as VP Corporate Development, and John Scott as Principal Geologist. At the request of the TSXV, the Company is clarifying Ardem Keshishian's role as VP Corporate Development and not VP Corporate Development and Investor Relations.
New Exploration Permit - In Q4, the Company was granted an exploration permit for PR-904 ("Odienné West"), unlocking expanded opportunities within the emerging gold and copper district.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont").
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for geochemistry samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are prepared and stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Côte d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 25 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com
Ardem Keshishian, VP Corporate Development
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236945
News Provided by Newsfile via QuoteMedia
Awalé Expands BBM Trend to Over 15km with Additional Newly Defined Targets Boba and Fett
HIGHLIGHTS
- BBM trend now extends over 15km, from Awalé's 100%-owned Fremen target in the south to the Boba and Fett targets in the north.
- Boba and Fett have been defined along strike from BBM, highlighting the fertile and open BBM trend.
- 150 line-km of Induced Polarization ("IP") geophysics is planned to cover the entire BBM trend and is scheduled for completion in January.
- An additional up to 7,000 metre drill program will begin in February following the completion of these IP surveys.
Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce a significant expansion of the BBM gold trend to over 15 kilometres ("km"). This underscores the potential of the BBM trend, which now extends from the 100%-owned Fremen target in the south to the newly defined Boba and Fett targets in the north. These newly identified targets highlight the potential of this highly prospective region, and with active drilling underway and a large-scale IP geophysical survey planned, the Company is on the path of defining this new district. The upcoming survey aims to refine targets for a 7,000-metre reverse circulation drill campaign, setting the stage for optimized exploration on the BBM trend.
"The new Boba and Fett targets complement the recently announced Fremen footprint on our 100%-owned Awalé permit - The fertile BBM structure continues to reveal multiple gold-in-soil anomalies, with the trend now extending over 15 kilometres. The upcoming IP survey will help refine drill targets and guide the design of a focused drill program for the new year, with up to 7,000 metres of reverse circulation drilling along this highly prospective structure. We are thrilled to begin drilling on our 100%-owned property, a much-anticipated milestone for Awalé, as we simultaneously continue to progress the BBM and Charger targets," commented Andrew Chubb, CEO of Awalé Resources.
View Video of CEO Andrew Chubb's discussion of these new targets
Figure 1: The 15km-Long BBM Shear - A 15km trend with Fremen to the south, BBM, and the new Boba and Fett targets to the north. See Figure 2 for Inset A.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/234447_f34bfc702420da9e_002full.jpg
Figure 2: The Boba and Fett Targets - Gold in soil and termite mound sampling combined.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/234447_f34bfc702420da9e_003full.jpg
Detailed soil and termitaria sampling over the Boba and Fett targets defined two > 15 parts per billion ("ppb") gold-in-soil anomalies, with high-order core anomalies at > 41ppb gold and peak values of 655 parts per million ("ppm") and 1350ppm respectively. Lines are now being cleared for commencement of an IP geophysics survey, which when complete will cover the entirety of the trend from the 100%-owned Fremen target (see October 22, 2024 news release) through to the Boba and Fett targets.
A change in the regolith regime moving northward from BBM has been observed, where outcrop diminishes, and laterite starts to form a thin veneer over the underlying geology. This veneer is variable and is reflected in the tenor of the anomalies. This also results in a smaller number of termite mounds to sample and a significant portion of these anomalies are from soil sampling (Table 1).
Table 1: Summary Statistics for Gold in Geochemistry by Sample Type
| Count | Min | Max | Mean | Med. | SD | 25th | 50th | 75th | 90th | 95th | 98th | |
| Fett | ||||||||||||
| Soil | 867 | -1 | 655 | 16.8 | 5 | 48.2 | 1.0 | 5.0 | 15.0 | 32.4 | 54.7 | 123.4 |
| Termite | 168 | -1 | 196 | 8.2 | 4 | 19.4 | 2.0 | 4.0 | 7.0 | 13.0 | 22.3 | 54.6 |
| Boba | ||||||||||||
| Soil | 845 | -1 | 1350 | 18.0 | 10 | 56.4 | 6.0 | 10.0 | 16.0 | 29.0 | 45.8 | 97.7 |
| Termite | 174 | 0 | 412 | 7.9 | 3 | 32.4 | 2.0 | 3.0 | 7.0 | 11.0 | 19.4 | 31.0 |
| Fremen | ||||||||||||
| Soil | 623 | 0.5 | 465 | 12.1 | 2 | 28.9 | 0.5 | 2.0 | 14.0 | 32.0 | 53.0 | 92.1 |
| Termite | 320 | 0 | 1180 | 10.8 | 1 | 67.6 | 0.5 | 1.0 | 4.0 | 25.0 | 48.1 | 66.0 |
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About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for geochemistry samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are prepared and stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Côte d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 25 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com
Ardem Keshishian, VP Corporate Development
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234447
News Provided by Newsfile via QuoteMedia
Awalé Commences 4000-Metre Diamond Drilling Program at the BBM and Charger Zones, Odienné JV Project
HIGHLIGHTS
Awalé has commenced a 4000m diamond drill program at the BBM and Charger Zones.
BBM drilling to focus on both expanding and confirming the 600m mineralized core toward the NW and SE.
Charger drilling will test the new high-grade model for continuity and expansion.
Drilling is fully funded by Newmont.
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2024) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce the commencement of drilling at the BBM and Charger Zones within the Odienné Joint Venture ("OJV") in Côte d'Ivoire. The 4000-metre ("m") diamond drilling program is the final phase of 2024 and is fully funded by Newmont. Drilling is expected to continue into 2025, with both diamond and reverse circulation drilling.
Highlighted results from the previous program included:
59m @ 14.7 grams per tonne ("g/t") gold ("Au") from 96m downhole in OEDD-100 at Charger (see November 11, 2024 news release)
29m @ 20 g/t Au from 149m downhole in OEDD-88 at Charger (see July 31, 2024 news release)
35m @ 2.2 g/t Au, 0.48% copper ("Cu"), 567 part per million ("ppm") molybdenum ("Mo"), and 1.9 g/t silver ("Ag") in OEDD-89 from 318m downhole at BBM (see September 9, 2024 news release)
"This program is anticipated to build on the success of the most recent phase of drilling, where BBM continues to demonstrate robust grade continuity and Charger delivers some of highest-grade intercepts in West Africa over the past 12 months. Both these Zones are interpreted to have significant expansion potential and drilling is expected to continue throughout the 2025 dry season. We anticipate other high priority drill ready targets such as Lando, Empire, and the BBM satellites to come into play during the 2025 field season. In addition to the JV drill program, we aim to drill the first holes on our 100%-owned Fremen target in Q1 2025 and commence exploration activities on our other 100%-owned permits. The Awalé team is excited to move forward on what we believe will be another successful field season," Andrew Chubb, CEO of Awalé Resources, commented today.
Three thousand metres (3000m) are planned to test the continuity of the BBM zone as well as expand the 600m defined panel to the northwest and southeast, with one thousand metres (1000m) allocated for Charger to test the new geology fold model where the broad high-grade intercepts are hosted within fold hinges (see November 11, 2024 news release) and rapidly advance the volume potential of this target.
About the Charger Zone
The Charger Zone is one of four grassroots discoveries made by Awalé at Odienné. Charger is a discovery that has delivered multiple high-grade results from drilling which includes the following high-grade intercepts in a breccia to the south of that intercepted in OEDD-83 and OEDD-100 (see news releases from March 29, 2023, August 21, 2023, March 25, 2024, July 31, 2024, and November 11, 2024):
OEDD-83: 57m @ 26 g/t Au from 164m downhole
Including 32m @ 45.7 g/t Au from 165m downhole
OEDD-88: 29m @ 20 g/t Au from 149m downhole
Including 8m @ 39.5 g/t Au from 149m downhole
OEDD-84: 70m @ 1.2 g/t Au from 143m downhole
OEDD-100: 59m @ 14.7 g/t Au from 140m downhole
OEDD-85: 21m @ 1.7 g/t Au from 177m downhole and 10m @ 7.8 g/t Au from 202m downhole
OERC-132: 32m @ 3.0 g/t Au from 74m downhole 
Including 4m @ 12.4 g/t Au from 78m downhole
OEDD-45 (step back from OERC 132) contains 3 high-grade intervals within a 65m wide zone of mineralization which included
12m @ 4.9 g/t Au from 89m downhole,
13m @ 1.3 g/t Au from 114m downhole, and
21m @ 1.3 g/t Au from 133m downhole
Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5 g/t Au from 215m downhole
Including 3m @ 5.2g/t Au from 77m downhole
The company has also determined the true width of the breccia between holes OEDD-83 and OEDD-100 to be over 30 metres, and the intercept in OEDD-88 being a further 25 metres away from OEDD-100. This drilling has established a 200-metre corridor of breccia mineralization where high-grade mineralization is thought to be controlled by folding and hosted in the hinge zone of these folds. Moreover, the Company has gained a clearer understanding of the unique and complex characteristics of the Charger target, presenting an opportunity to test the fold model within the current corridor as well as step-out and test for other parallel zones.
About the BBM Zone
BBM is an Awalé grassroots discovery (see January 11, 2024 news release). Gold and copper mineralization and alteration in the BBM system are controlled by a northwest striking shear zone that follows an intrusive/sedimentary contact. This shear zone lies parallel to an interpreted major crustal boundary and forms an 8-kilometre-long geochemical gold trend in termitaria and soil. The 6,808 metres of drilling in 28 holes completed to date have intercepted the target shear zone and covers only 2 kilometres of an 8-kilometre trend. Awalé has continued to expand the potential of the BBM discovery with further intersections along strike from the initial discovery holes. Results also show there is increasing grade with depth. The Company has completed 3 phases of drilling (see news releases from March 18, 2024, September 9, 2024, and November 18, 2024).
Mineralization at BBM is steeply dipping (70 to 80 degrees) with a gentle plunge (45 to 55 degrees) toward the northwest. Recent interpretation suggests this plunge is controlled by isoclinal folding withing the BBM shear. This fold geometry, along with the frequency of the folds, can have a significant impact on the grade and volume of mineralization.
Alteration at BBM is dominated by silica and biotite with pyrite, chalcopyrite, and molybdenite as the main sulphide species. Recently, a fold model for control on the plunging mineralization has taken precedence over the footwall splay model previously discussed. What were previously considered as mineralized fingers of granodiorite are now interpreted to be fold hinges or 'knuckles'. Current drilling will test this hypothesis and understanding the fold geometry and the controls on higher grade gold can have a positive effect on both the grade and volume of mineralization at BBM.
Drilling completed to date has consistently confirmed grade continuity within the distinct silica-biotite alteration system. The fold model suggests the potential for parallel shoots within a core zone of robust mineralization that now exceeds 600m in length with an open vertical depth of 330m, true widths of the mineralized envelope are up to 50m. Mineralization also remains open outside the BBM discovery zone, with potential for other plunging shoots within the initial 2-kilometre discovery as well as satellite discoveries along strike. The Company will continue with further step-out and infill drilling throughout the 2024-2025 field season. Prior to drilling the extension targets, an Induced Polarization ("IP") program is planned to aid in drill targeting in the satellite areas northwest of the BBM zone. This IP survey on the Joint Venture permits will complement and be completed alongside the IP planned over the 100%-owned Awalé 'Sienso' permit which abuts the BBM discovery zone (see October 22, 2024 news release).
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
Awalé's Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Côte d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis. All fire assay samples returning greater than 5 g/t gold are routinely Screen Fire Assayed. In the special high-grade cases at Charger lower than 5g samples up and down hole from the high-grade interval in OEDD-88, OEDD-83 and OEDD-100 were also subject to Screen Fire Assays. As a further QC precaution at Charger due to visible gold presence, Intertek was requested to insert a quartz wash between each sample in the mineralized interval, ensuring no sample contamination in the preparation process.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts.
For the BBM target initial mineralized are calculated at a 0.2 g/t trigger and include up to 5 metres internal waste for of delineation mineralized zones. Included intervals are at 0.5 g/t, 1 g/t, and 2 g/t trigger values with 3m of internal waste only. For the Charger target initial mineralized are calculated at a 0.5 g/t trigger and include internal waste of 3m for delineation mineralized zones.
Abbreviations Used in this Release
| Ag | Silver |
| Au | Gold |
| Cu | Copper |
| g/t | Grams per tonne |
| km | Kilometres |
| m | Metres |
| Mo | Molybdenum |
| ppm | Part per Million |
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Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 20 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com
Ardem Keshishian, VP Corporate Development
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232527
News Provided by Newsfile via QuoteMedia
Awalé Hits 2.7 g/t Gold Eq. over 27 Metres at the BBM Zone, Odienné Project
HIGHLIGHTS
27m @ 2.7 grams per tonne ("g/t") gold equivalent (AuEq.), including 12m @ 3.9 g/t AuEq. from 435m downhole in OEDD-98.
10m @ 2.8 g/t AuEq. within 22m @ 2 g/t AuEq. from 454m downhole in OEDD-97.
Deeper drilling shows the BBM system remains open at depth and down plunge, with mineralization defined from surface to over 330 metres vertical depth.
Awalé has recently commenced a 4000m diamond drill program, fully funded by Newmont as part of a broader campaign that will continue throughout 2024 and into 2025.
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce results from the final two 525-metre ("m") deep holes of a 6,808-metres in 28 holes follow-up drilling program at the BBM Zone within the Odienné Joint Venture ("OJV") in Côte d'Ivoire. These holes have intercepted mineralization at a planned depth exceeding 330m below surface (see Figure 1 - Drill Plan View, Figure 2 - Cross Section, and Figure 3 - Cross Section).
"The BBM drill program has exceeded our expectations as we report the final two holes, which test the down-plunge continuity of this discovery. The highlighted intercept of 27 metres at 2.7 g/t AuEq. including 12m at 3.9 g/t AuEq. in hole OOEDD-98 is significant, and confirms the system is open at depth with the higher-grade core of BBM growing to 600 metres and remaining open.
A new interpretation of the drill data has introduced a fold model within the BBM mineralized shear, this can have a meaningful impact on grade and volume within the core zone of this discovery. We are still learning about BBM as drilling has been broadly spaced with only 6,808m drilled in 28 holes. We are excited to see drilling resume as we continue to explore the potential scale and significance of the BBM target." commented Andrew Chubb, CEO of Awalé Resources.
LINK TO BBM's OEDD-98 Drill Core Photos
About the BBM Zone
BBM is an Awalé grassroots discovery (see January 11, 2024 news release). Gold and copper mineralization and alteration in the BBM system are controlled by a northwest striking shear zone that follows an intrusive/sedimentary contact. This shear zone lies parallel to an interpreted major crustal boundary and forms an 8-kilometre-long geochemical gold trend in termitaria and soil. The 6,808 metres of drilling in 28 holes completed to date have intercepted the target shear zone and covers only 2 kilometres of an 8-kilometre trend (see Figure 5). Awalé has continued to expand the potential of the BBM discovery with further intersections along strike from the initial discovery holes. The included interval of 12m at 3.9 g/t AuEq. (see Core Photos) continues to show there is increasing grade with depth. The Company has now completed 3 phases of drilling and has just commenced the fourth this drill season (see March 18, 2024 news release and September 9, 2024 news release).
Mineralization at BBM is steeply dipping (70 to 80 degrees) with a gentle plunge (45 to 55 degrees) toward the northwest. Recent interpretation suggests this plunge is controlled by isoclinal folding withing the BBM shear (see Cross Sections in Figure 2 and Figure 3 and Long Section in Figure 4). This fold geometry, along with the frequency of the folds, can have a significant impact on the grade and volume of mineralization.
The final two holes reported in this release were part of a program which consisted of 3,627 metres drilled across 10 diamond holes and 2 diamond tails (hole extensions from previous drilling, targeting footwall mineralization).
Alteration at BBM is dominated by silica and biotite with pyrite, chalcopyrite, and molybdenite as the main sulphide species. Recently, a fold model for control on the plunging mineralization has taken precedence over the footwall splay model previously discussed. What were previously considered as mineralized fingers of granodiorite are now interpreted to be fold hinges or 'knuckles'. Current drilling will test this hypothesis and understanding the fold geometry and the controls on higher grade gold can have a positive effect on both the grade and volume of mineralization at BBM.
Drilling completed to date has consistently confirmed strong grade continuity within the distinct silica-biotite alteration system. The fold model suggests the potential for parallel higher-grade shoots within a core zone of robust mineralization that now exceeds 600m in length with an open vertical depth of 330m, true widths of the mineralized envelope are up to 50m. Mineralization also remains open outside the BBM discovery zone, with potential for other plunging shoots within the initial 2 km discovery as well as satellite discoveries along strike. The Company will continue with further step-out and infill drilling throughout the 2024-2025 field season. Prior to drilling the extension targets, an Induced Polarization ("IP") program is planned to aid in drill targeting in the satellite areas northwest of the BBM zone. This IP survey on the Joint Venture permits will complement and be completed alongside the IP planned over the 100%-owned Awalé 'Sienso' permit which abuts the BBM discovery zone (see October 22, 2024 news release).
Drill collar locations and full table of significant intercepts for the program are provided in Table 1 and Table 2 below.
Table 1: BBM Drilling Collar Cable - (from this program)
| HOLEID | EASTING | NORTHING | RL_M | AZIM_TRUE | DIP | EOH_M | Comments |
| OEDD0065 | 655949.04 | 1048015.91 | 450.19 | 35.00 | -55.00 | 209.51 | DD Tail from 66m (NSV) |
| OEDD0073 | 655796.27 | 1048113.92 | 448.95 | 35.00 | -55.00 | 107.30 | DD Tail from 209m |
| OEDD0089 | 655813.07 | 1047963.67 | 445.71 | 31.20 | -57.47 | 410.00 | |
| OEDD0090 | 655993.81 | 1047946.69 | 450.68 | 35.00 | -55.00 | 317.27 | |
| OEDD0091 | 656138.39 | 1047853.14 | 455.30 | 35.00 | -55.00 | 194.20 | |
| OEDD0092 | 655702.70 | 1048073.71 | 451.07 | 35.00 | -55.00 | 335.30 | |
| OEDD0093 | 655379.89 | 1048249.71 | 458.08 | 35.00 | -55.00 | 278.27 | |
| OEDD0094 | 655518.24 | 1048148.92 | 457.56 | 35.00 | -55.00 | 398.30 | |
| OEDD0095 | 655305.16 | 1048288.12 | 458.20 | 35.00 | -55.00 | 284.15 | |
| OEDD0096 | 656212.45 | 1047770.64 | 460.13 | 35.00 | -55.00 | 191.18 | |
| OEDD0097 | 655771.52 | 1047907.10 | 448.81 | 35.00 | -55.00 | 524.00 | |
| OEDD0098 | 655709.29 | 1047942.84 | 451.40 | 35.00 | -55.00 | 525.92 |
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Table 2: Significant Intercepts - (from this program)
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Cu (%) | Ag (g/t) | Mo (ppm) | AuEq. (g/t) | Au gm | AuEq. gm | Comp Trigger (g/t) |
| OEDD0073 | 147.00 | 173.00 | 26 | 0.6 | 0.16 | 0.5 | 131 | 0.9 | 15 | 23 | 0.2 |
| including | 150.00 | 152.00 | 2 | 0.9 | 0.14 | 0.6 | 14 | 1.1 | 2 | 2 | 0.5 |
| including | 160.00 | 173.00 | 13 | 0.8 | 0.24 | 0.8 | 230 | 1.3 | 11 | 17 | 0.5 |
| OEDD0089 | 318.00 | 353.00 | 35 | 2.2 | 0.48 | 1.9 | 567 | 3.3 | 77 | 114 | 0.5 |
| Including | 319.00 | 325.00 | 6 | 2.3 | 0.27 | 1.0 | 1071 | 3.5 | 14 | 21 | 2 |
| Including | 330.00 | 353.00 | 23 | 2.5 | 0.60 | 2.3 | 365 | 3.6 | 59 | 83 | 1 |
| and | 377.00 | 394.00 | 17 | 1.8 | 0.30 | 0.9 | 195 | 2.4 | 31 | 41 | 0.5 |
| Including | 384.00 | 390.00 | 6 | 3.1 | 0.55 | 1.6 | 353 | 4.1 | 19 | 25 | 2 |
| OEDD0090 | 181.00 | 233.00 | 52 | 1.5 | 0.21 | 0.9 | 234 | 2.0 | 80 | 104 | 0.2 |
| Including | 212.00 | 231.00 | 19 | 2.6 | 0.31 | 1.1 | 246 | 3.2 | 50 | 62 | 2 |
| OEDD0091 | 120.00 | 173.00 | 53 | 0.6 | 0.13 | 0.6 | 130 | 0.9 | 34 | 48 | 0.2 |
| and | 134.00 | 169.00 | 35 | 0.8 | 0.14 | 0.6 | 158 | 1.1 | 28 | 39 | 0.5 |
| OEDD0092 | 84.00 | 89.00 | 5 | 0.7 | 0.46 | 1.5 | 18 | 1.3 | 4 | 7 | 0.5 |
| Including | 84.00 | 85.00 | 1 | 2.7 | 1.82 | 6.1 | 38 | 5.2 | 3 | 7 | 1 |
| and | 278.00 | 310.00 | 32 | 1.5 | 0.36 | 1.3 | 138 | 2.1 | 48 | 67 | 0.50 |
| Including | 287.00 | 302.00 | 15 | 2.4 | 0.38 | 1.3 | 181 | 3.0 | 35 | 45 | 1.00 |
| OEDD0093 | 199.00 | 233.00 | 34 | 0.6 | 0.59 | 3.0 | 40 | 1.5 | 22 | 51 | 0.20 |
| Including | 180.00 | 182.00 | 2 | 2.5 | 1.16 | 4.8 | 36 | 4.1 | 5 | 8 | 1.00 |
| and | 211.00 | 232.00 | 21 | 0.8 | 0.74 | 3.9 | 40 | 1.9 | 17 | 40 | 0.50 |
| Including | 215.00 | 216.00 | 1 | 1.4 | 0.94 | 3.8 | 27 | 2.8 | 1 | 3 | 1.00 |
| Including | 220.00 | 221.00 | 1 | 3.8 | 1.02 | 6.4 | 132 | 5.3 | 4 | 5 | 1.00 |
| Including | 228.00 | 229.00 | 1 | 1.5 | 0.33 | 2.6 | 18 | 2.0 | 2 | 2 | 1.00 |
| OEDD0094 | 241.00 | 257.00 | 16 | 0.7 | 0.37 | 0.9 | 146 | 1.3 | 12 | 21 | 0.50 |
| Including | 245.00 | 246.00 | 1 | 1.9 | 0.21 | 0.6 | 93 | 2.3 | 2 | 2 | 1.00 |
| Including | 252.00 | 253.00 | 1 | 1.1 | 0.54 | 1.0 | 99 | 1.9 | 1 | 2 | 1.00 |
| Including | 256.00 | 257.00 | 1 | 1.2 | 1.03 | 3.3 | 85 | 2.7 | 1 | 3 | 1.00 |
| and | 298.00 | 317.00 | 19 | 0.8 | 0.14 | 0.5 | 69 | 1.0 | 15 | 19 | 0.50 |
| Including | 298.00 | 303.00 | 5 | 1.1 | 0.20 | 0.6 | 146 | 1.5 | 6 | 8 | 1.00 |
| Including | 307.00 | 311.00 | 4 | 1.1 | 0.20 | 0.5 | 30 | 1.4 | 4 | 6 | 1.00 |
| and | 333.00 | 354.00 | 21 | 0.9 | 0.28 | 0.9 | 196 | 1.4 | 18 | 29 | 0.50 |
| Including | 337.00 | 349.00 | 12 | 1.1 | 0.32 | 1.0 | 231 | 1.7 | 13 | 21 | 1.00 |
| and | 353.00 | 354.00 | 1 | 1.8 | 0.35 | 1.3 | 43 | 2.3 | 2 | 2 | 1.00 |
| OEDD0095 | 185.00 | 204.00 | 19 | 0.3 | 0.36 | 1.4 | 24 | 15.5 | 6 | 16 | 0.20 |
| Including | 192.00 | 193.00 | 1 | 0.6 | 0.81 | 3.5 | 63 | 1.7 | 1 | 2 | 0.50 |
| Including | 203.00 | 204.00 | 1 | 1.2 | 0.36 | 1.5 | 7 | 1.7 | 1 | 2 | 0.50 |
| and | 212.00 | 213.00 | 1 | 0.6 | 1.11 | 3.8 | 35 | 2.2 | 1 | 2 | 0.50 |
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Cu (%) | Ag g/t) | Mo (ppm) | AuEq. (g/t) | Au gm | AuEq. gm | Comp Trigger (g/t) |
| and | 217.00 | 218.00 | 1 | 0.6 | 0.72 | 2.9 | 46 | 1.6 | 1 | 2 | 0.50 |
| and | 238.00 | 239.00 | 1 | 0.6 | 0.22 | 2.4 | 5 | 1.0 | 1 | 1 | 0.50 |
| OEDD0096 | 126.00 | 137.00 | 11 | 0.3 | 0.15 | 0.4 | 178 | 7.0 | 3 | 7 | 0.20 |
| Including | 132.00 | 133.00 | 1 | 0.5 | 0.25 | 0.7 | 68 | 0.9 | 1 | 1 | 0.50 |
| and | 141.00 | 162.00 | 21 | 0.9 | 0.17 | 0.8 | 114 | 26.2 | 20 | 26 | 0.20 |
| Including | 144.00 | 146.00 | 2 | 2.2 | 0.38 | 1.5 | 227 | 5.8 | 4 | 6 | 1.00 |
| Including | 152.00 | 161.00 | 9 | 1.4 | 0.17 | 0.9 | 95 | 15.2 | 12 | 15 | 0.50 |
| Including | 156.00 | 159.00 | 3 | 2.9 | 0.32 | 1.6 | 112 | 10.4 | 9 | 10 | 2.00 |
| OEDD0097 | 446.00 | 476.00 | 30 | 1.1 | 0.28 | 0.7 | 83 | 1.5 | 33 | 46 | 0.2 |
| including | 454.00 | 476.00 | 22 | 1.4 | 0.35 | 0.9 | 107 | 2.0 | 31 | 44 | 0.5 |
| including | 461.00 | 471.00 | 10 | 2.1 | 0.46 | 1.2 | 137 | 2.8 | 21 | 28 | 2 |
| and | 519.00 | 524.00 | 5 | 1.3 | 0.00 | 0.2 | 6 | 1.4 | 7 | 7 | 0.5 |
| OEDD0098 | 435.00 | 462.00 | 27 | 1.9 | 0.40 | 1.4 | 279 | 2.7 | 52 | 72 | 0.5 |
| including | 435.00 | 445.00 | 10 | 1.34 | 0.25 | 0.92 | 241 | 1.9 | 13 | 19 | 1 |
| including | 449.00 | 461.00 | 12 | 2.86 | 0.59 | 1.95 | 338 | 3.9 | 34 | 47 | 1 |
| and | 482.00 | 498.00 | 16 | 1.0 | 0.23 | 0.8 | 129 | 1.4 | 16 | 23 | 0.5 |
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About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Côte d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis. All fire assay samples returning greater than 5 g/t gold are routinely Screen Fire Assayed, in this special case lower than 5g samples up and down hole from the high-grade interval in OEDD-88 were also subject to Screen Fire Assays. As a further QC precaution due to visible gold presence, Intertek was requested to insert a quartz wash between each sample in the mineralized interval, ensuring no sample contamination in the preparation process.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the BBM target initial mineralized are calculated at a 0.2 g/t trigger and include up to 5 metres internal waste for of delineation mineralized zones. Included intervals are at 0.5 g/t, 1 g/t, and 2 g/t trigger values with 3m of internal waste only. Table 1 Contains a list of all BBM holes drilled this program - including extensions to OEDD-65 and OEDD-73 which contain mineralized intervals at less than the 0.2 g/t Au trigger value. True Widths are estimated to be 70% of the downhole widths.
Au Equivalent Calculations
Au Equivalent is calculated using the following parameters in USD: Au - 1910/Oz (Troy), Cu 3.80/lb, Mo 40,000/Tonne, and Ag 23.40/Oz (Troy). Prices are 12 month average for 2023 closing price, and the Formula AuEq = Au (g/t) + ((Cu (ppm) * 0.00014) + (Mo (ppm) * 0.00065) + (Ag (g/t)*0.01225)) assuming 100% recovery rates.
Abbreviations Used in this Release
| Ag | Silver | Â |
| Au | Gold | Â |
| AuEq. | Gold Equivalent | Â |
| Cu | Copper | Â |
| Cu Eq. | Copper Equivalent | Â |
| g/t | Grams per tonne | Â |
| km | Kilometres | Â |
| m | Metres | Â |
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Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr. Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG), and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 20 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com
Ardem Keshishian, VP Corporate Development & Investor Relations
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230353
News Provided by Newsfile via QuoteMedia
Awalé Hits 14.7 g/t Gold over 59 Metres at the Charger Zone, Odienné Project
HIGHLIGHTS
14.7 g/t gold ("Au") over 59 metres ("m"), or 868-gram-metres gold, from 96m downhole, including 22.4 g/t Au over 21m from 143m downhole in Hole OEDD-100.
OEDD-100 is a 'scissor' hole collared:
200m southwest of hole OEDD-83, which previously returned 26 g/t Au over 57m; and
25m east of OEDD-88, which previously returned 20 g/t Au over 29m.
Awalé has reported three of the highest-grade intercepts in West Africa over the past 12 months.
Uniform mineralization across reported intersection, with no nugget effect.
Results confirm a very high-grade gold zone with strong continuity and significant resource potential, with a 200m-long corridor identified.
Vancouver, British Columbia--(Newsfile Corp. - November 11, 2024) - Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to report the final four holes from the Charger target at the Odienné Project, including 14.7 g/t Au over 59m in drill hole OEDD-100. Today's results mark the culmination of a successful drilling campaign, highlighted by the previously reported intercept of 26 g/t Au over 57 metres in hole OEDD-83 and 20 g/t Au over 29m in hole OEDD-88.
"We have now established the breccia's true width at over 30 metres, within a 200-metre strike length of breccia mineralization, and the very high-grade gold is concentrated in fold hinges within this corridor. Importantly, our understanding of Charger's structure has evolved, allowing us to test our new fold model within the current corridor and step out to explore potential parallel zones. With this refined structural model, we're confident in continuing our success at Charger.
We are very pleased with the latest results and the successful outcome of this drill campaign, which delivered multiple high-grade hits at Charger and drilling through 100m of the target breccia body at depth. These holes established both grade and geological continuity of the breccia mineralization. The 14 g/t Au over 59m in hole OEDD-100 has exhibited the same grade consistency across the reported interval as the previous high-grade hits. We have also ramped up our new field season last week, commencing a 4000m diamond drill program at BBM and Charger," commented Andrew Chubb, CEO of Awalé Resources.
LINK TO Charger's Drill Core Photos with Gold Grade on OEDD-100
LINK TO Charger Hi-res Figures
Uniform Mineralization
As with drill holes OEDD-83 and OEDD-88, OEDD-100 delivered consistently high-grade gold mineralization throughout the reported interval. The Core Photos show the gold grade consistency within the 1-metre assays from the reported interval in OEDD-100, reinforcing the consistent and robust mineralization in this hole along with the previously reported high-grade intervals in OEDD-83 and OEDD-88.
Figure 1: 3D Plan View for the Charger Zone; showing logged breccia distribution in red, and the corridor of breccia mineralization trending from southwest to northeast. Red lines highlight a 200m mineralized Corridor, folding has been identified in drilling both within and outside this corridor, there is opportunity to find parallel corridors, and multiple fold hinges within each corridor.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_002full.jpg
New Charger Structural Interpretation: A Folded Model
The high-grade breccias are now understood to be controlled by folding within the Charger Intrusive, with very high-gold grades developing in the fold hinge(s). The Company has now separated gold results pertaining to interpreted hinge and limb zones, with interpreted fold hinges displaying significantly higher gold results than the limb zones (see Table 1) with average gold grade in the hinge zone at 735-gram x metres versus 38-gram x metres in the limbs. The Company will be drill testing the fold model within the current corridor as well as step-out and test for other parallel zones starting in late Q4 2024 into Q1 2025.
Figure 2: 3D Long Section looking northwest through the Charger breccia mineralization, again the red zones are breccia intercepted in drilling, along with OEDD-99 which has intercepted 100m of breccia - the system is open at depth as well as along strike.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_003full.jpg
Table 1: Weighted-Average Gold Grades in Interpreted Hinges and Limbs*.
| Hole ID | From (m) | To (m) | Interval (m) | Gold g/t | GxM | Fold Geometry |
| OEDD0083 | 165 | 205 | 56 | 26.00 | 1456 | Hinge |
| OEDD0085 | 177 | 196 | 21 | 1.70 | 36 | Hinge |
| OEDD0088 | 149 | 178 | 29 | 20.00 | 580 | Hinge |
| OEDD0100 | 143 | 199 | 59 | 14.70 | 867 | Hinge |
| Average | 735 | |||||
| OEDD0045 | 89 | 100 | 11 | 5.41 | 59.51 | Limb |
| OEDD0045 | 117 | 127 | 10 | 1.86 | 18.60 | Limb |
| OEDD0083 | 210 | 219 | 9 | 1.56 | 14.04 | Limb |
| OEDD0083 | 232 | 236 | 4 | 1.77 | 7.08 | Limb |
| OEDD0085 | 203 | 212 | 9 | 8.68 | 78.12 | Limb |
| OERC0132 | 74 | 82 | 8 | 7.29 | 58.32 | Limb |
| OERC0132 | 96 | 107 | 11 | 2.63 | 28.93 | Limb |
| Average | 38 | |||||
| *The intercepts reported in the Table 1 may not be the same as previously reported, as they have been selected based on geology and broken down to 'Hinge' or 'Limb' zones. | ||||||
Figure 3: Cross Section showing inferred fold hinge controlling high-grade gold mineralization in drill holes OEDD-83 and OEDD-100. Note the lower grade sections in the limbs from the deeper mineralization in OEDD-83 - See the 'limb' intercepts shown in Table 1 with 56m at 26 g/t Au in the hinge and 9m at 1.6 g/t Au and 4m at 1.8 g/t Au in the limbs.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_004full.jpg
Figure 4: 2D Plan View, Charger drill collars over simplified geology, drill holes from this release highlighted in red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10016/229444_176619bed46f5a33_005full.jpg
Table 2: All Significant Intercepts from this Phase of Drilling at the Charger Zone.
| Hole | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Cu (ppm) | Mo (ppm) | GxM Au | Depth (m) | Easting | Northing | RL | Azi. | Dip |
| OEDD0084 | 64.0 | 65.0 | 1.0 | 0.7 | 1.9 | 425 | 2 | 1 | 179.2 | 647690 | 1032316 | 472 | 155 | -55 |
| OEDD0084 | 69.0 | 139.0 | 70.0 | 1.2 | 2.3 | 611 | 2 | 84 | ||||||
| including | 118.0 | 119.0 | 1.0 | 5.4 | 2.0 | 568 | 1 | 5 | ||||||
| and | 143.0 | 144.0 | 1.0 | 1.0 | 0.5 | 42 | 1 | 1 | ||||||
| OEDD0085 | 55.0 | 56.0 | 1.0 | 0.8 | 0.8 | 117 | 1 | 1 | 260.0 | 647759 | 1032374 | 471 | 186 | -55 |
| and | 64.0 | 69.0 | 5.0 | 0.4 | 0.5 | 274 | 8 | 2 | ||||||
| and | 117.0 | 118.0 | 1.0 | 1.9 | 0.2 | 82 | 2 | 2 | ||||||
| and | 137.0 | 138.0 | 1.0 | 1.3 | 0.3 | 121 | 14 | 1 | ||||||
| and | 149.0 | 152.0 | 3.0 | 0.4 | 0.1 | 90 | 15 | 1 | ||||||
| and | 163.0 | 164.0 | 1.0 | 0.7 | 0.4 | 102 | 8 | 1 | ||||||
| and | 177.0 | 198.0 | 21.0 | 1.7 | 2.2 | 122 | 2 | 36 | ||||||
| Including | 178.0 | 179.0 | 1.0 | 5.6 | 2.8 | 144 | 2 | 6 | ||||||
| and | 202.0 | 212.0 | 10.0 | 7.8 | 4.8 | 144 | 3 | 78 | ||||||
| Including | 207.0 | 211.0 | 4.0 | 16.8 | 8.7 | 219 | 3 | 67 | ||||||
| and | 222.0 | 223.0 | 1.0 | 1.5 | 1.3 | 299 | 2 | 2 | ||||||
| and | 242.0 | 243.0 | 1.0 | 0.5 | 0.2 | 95 | 1 | 1 | ||||||
| and | 248.0 | 249.0 | 1.0 | 0.4 | 0.2 | 126 | 1 | 0 | ||||||
| OEDD0086 | 81.0 | 82.0 | 1.0 | 0.4 | 0.1 | 58 | 2 | 0 | 293.0 | 647818 | 1032414 | 474 | 190 | -55 |
| and | 111.0 | 112.0 | 1.0 | 1.5 | 0.2 | 143 | 3 | 2 | ||||||
| OEDD0087 | 125.0 | 126.0 | 1.0 | 0.7 | 0.1 | 28 | 3 | 1 | 344.3 | 647796 | 1032437 | 476 | 193 | -55 |
| and | 145.0 | 146.0 | 1.0 | 0.5 | 0.3 | 128 | 1 | 1 | ||||||
| and | 222.0 | 223.0 | 1.0 | 0.6 | 0.1 | 45 | 1 | 1 | ||||||
| and | 149.0 | 178.0 | 29.0 | 20.0 | 6.7 | 635 | 2 | 580 | 218.2 | 647710 | 1032176 | 473 | 13 | -55 |
| Including | 149.0 | 157.0 | 8.0 | 39.5 | 20.5 | 2210 | 3 | 316 | ||||||
| OEDD0099 | 306.0 | 307.0 | 1.0 | 0.7 | 0.1 | 55 | 1 | 1 | 554.4 | 647597 | 1031979 | 471 | 13 | -55 |
| and | 343.0 | 344.0 | 1.0 | 0.7 | 0.2 | 49 | 2 | 1 | ||||||
| and | 349.0 | 354.0 | 5.0 | 0.5 | 0.4 | 112 | 2 | 3 | ||||||
| and | 372.0 | 373.0 | 1.0 | 0.9 | 0.3 | 160 | 2 | 1 | ||||||
| and | 422.0 | 425.0 | 3.0 | 0.8 | 1.7 | 50 | 2 | 2 | ||||||
| OEDD0100 | 96.0 | 97.0 | 1.0 | 0.8 | 0.9 | 777 | 1 | 1 | 233.2 | 647735 | 1032201 | 474 | 13 | -55 |
| and | 140.0 | 199.0 | 59.0 | 14.7 | 5.2 | 219 | 4 | 868 | ||||||
| Including | 143.0 | 164.0 | 21.0 | 22.4 | 7.5 | 123 | 2 | 470 | ||||||
| OEDD0101 | 1.50 | 3.0 | 1.5 | 0.7 | 0.2 | 92 | 6 | 1 | 370.9 | 647514 | 1031999 | 473 | 13 | -55 |
| OEDD0102 | 4.0 | 5.0 | 1.0 | 0.6 | 0.2 | 53 | 1 | 1 | 500.3 | 647675 | 1032344 | 477 | 155 | -55 |
| and | 186.0 | 187.0 | 1.0 | 3.8 | 4 | |||||||||
| and | 194.0 | 207.0 | 13.0 | 2.7 | 35 | |||||||||
| and | 211.0 | 219.0 | 8.0 | 13.3 | 106 | |||||||||
| and | 230.0 | 231.0 | 1.0 | 0.7 | 1 |
Background on the Charger Zone
The Charger Zone is one of four grassroots discoveries Awalé has made on its Odienné project. Charger is a discovery that has delivered multiple high-grade results from drilling which includes the following high-grade intercepts in a breccia to the south of that intercepted in OEDD-83 and now OEDD-100 (see news releases January 11, 2023, March 29, 2023, August 21, 2023, March 25, 2024 and July 31, 2024):
OEDD-83: 57m @ 26 g/t Au from 164m downhole
Including 32m @ 45.7 g/t Au from 165m downhole
OEDD-88: 29m @ 20 g/t Au from 149m downhole
Including 8m @ 39.5 g/t Au from 149m downhole
OEDD-84: 70m @ 1.2 g/t Au from 143m downhole
OEDD-100: 59m @ 14.7 g/t Au from 140m downhole
OEDD-85: 21m @ 1.7 g/t Au from 177m and 10m @ 7.8 g/t Au from 202m downhole
OERC-132: 32m @ 3.0 g/t Au from 74m downhole 
Including 4m @ 12.4 g/t Au from 78m downhole
OEDD-45 (step back from OERC 132) contains 3 high-grade intervals within a 65m wide zone of mineralization which included
12m @ 4.9 g/t Au from 89m downhole,
13m @ 1.3 g/t Au from 114m downhole, and
21m @ 1.3 g/t Au from 133m downhole
Hole OEDD-53 (50m step back from OEDD-45): 32m @ 1.5 g/t Au from 215m downhole
Including 3m @ 5.2g/t Au from 77m downhole
The company has also determined the true width of the breccia between holes OEDD-83 and OEDD-100 to be over 30 metres, and the intercept in OEDD-88 being a further 25 metres away from OEDD-100. This drilling has established a 200-metre corridor of breccia mineralization where high-grade mineralisation is thought to be controlled by folding and hosted in the hinge zone of these folds. Moreover, the Company has gained a clearer understanding of the unique and complex characteristics of the Charger target, presenting an opportunity to test the fold model within the current corridor as well as step-out and test for other parallel zones.
About Awalé Resources
Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is focused on the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,489 km2 across seven permits. This includes 796 km2 in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont") (see May 31, 2022 news release).
Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum discoveries within the OJV and has recently commenced exploration on its 100%-owned properties following an $11.5 million capital raise in April 2024.
The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.
Quality Control and Assurance
Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Cote d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis. All fire assay samples returning greater than 5 g/t gold are routinely Screen Fire Assayed, in this special case lower than 5g samples up and down hole from the high-grade interval in OEDD-88 were also subject to Screen Fire Assays. As a further QC precaution due to visible gold presence, Intertek was requested to insert a quartz wash between each sample in the mineralized interval, ensuring no sample contamination in the preparation process.
Mineralized Interval Calculations
Significant intervals reported in this news release are calculated downhole length weighted intercepts. For the Charger target initial mineralized are calculated at a 0.3 g/t trigger and include internal waste of 3m for delineation mineralized zones.
Abbreviations Used in this Release
| Au | Gold | |
| g/t | Grams per tonne | |
| km | Kilometres | |
| m | Metres |
Qualified Person
The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG) and is a Member of the Society of Economic Geologists (SEG). Mr. Chubb has over 20 years of experience in international mineral exploration and mining project evaluation.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
a.chubb@awaleresources.com
Ardem Keshishian, VP Corporate Development & Investor Relations
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.com. For further information on the Company, please visit our website at www.awaleresources.com.
Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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.
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Heliostar Files Technical Reports on Mines and Development Project Recently Acquired in Mexico
Company Overview on La Colorada:
- La Colorada Operations show US$25.9M NPV5, 11.9% IRR, US$53.9M CAPEX and 287k total ounces produced at a US$2,000/oz gold price
- New mineral reserve at Junkyard Stockpile supports restart of mining at La Colorada that has commenced this month
- El Crestón expansion at La Colorada is expected to produce over 50,000 ounces of gold per year
- Current drill program (five drill rigs) is targeting lower CAPEX and increased production for updated technical report planned for mid-2025
| Au Price (US$/oz Au) | Net Cash Flow (US$M) | After-Tax NPV @ 5.0% Discount Rate (US$M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 2,000 1 | 54.92 | 25.93 | 11.9 | 2.2 | 1.4 |
| 2,600 2 | 158.32 | 110.03 | 34.7 | 1.4 | 2.3 |
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- Base Gold Price assumption used in the La Colorada technical report.
- Comparison gold price.
Company Overview on San Agustin:
- San Agustin Operations show US$12.7M NPV5, 156.1% IRR, US$4.2M CAPEX and 45k total ounces produced at a US$2,100/oz gold price
- Receiving the Phase 4 Permit will allow for strong cash flow generation from San Agustin including funding San Agustin rehabilitation costs
- Upon receipt of permit, expected in 2025, the Company will undertake drilling to potentially extend the mine life from oxide gold production and is reviewing the projects sulphide potential
| Au Price (US$/oz Au) | Net Cash Flow (US$M) | After-Tax NPV @ 5.0% Discount Rate (US$M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 2,100 1 | 14.83 | 12.67 | 156.1 | 0.8 | 1.1 |
| 2,600 2 | 28.84 | 25.22 | 365.0 | 0.3 | 2.2 |
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- Base Gold Price assumption used in the San Agustin technical report..
- Comparison gold price.
Company Overview on San Antonio:
- San Antonio Project Preliminary Economic Assessment( PEA) shows US$398.7M NPV5, 40.7% IRR, US$131.3M CAPEX and 1.1 million total ounces produced at a US$1,900/oz gold price
- Mineral resource of 1.6 million ounces of gold at San Antonio project creates attractive optionality with high grade, low CAPEX, sub-US$1,100/oz ASIC and long mine life
| Au Price (US$/oz Au) | Net Cash Flow (US$M) | After-Tax NPV @ 5% Discount Rate (US$M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,900 1 | 651.21 | 398.66 | 40.7 | 2.0 | 5.2 |
| 2,600 2 | 1,135.42 | 715.05 | 58.8 | 1.5 | 8.3 |
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- Base Gold Price assumption used in the San Antonio technical report..
- Comparison gold price.
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") advises that it has filed technical reports on the La Colorada Operations, the San Agustin Operations and the San Antonio Project. The technical reports were prepared on material projects acquired in 2024.
The technical reports are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.heliostarmetals.com).
Heliostar CEO, Charles Funk, commented "Heliostar has filed technical reports for three of its recently acquired Mexican projects. At La Colorada, we have restarted production this month with 2025 focused on the newly defined Junkyard Stockpile and then expanding to over 50,000 ounces of gold per year with the El Crestón expansion. At San Agustin, the Phase 4 Permit area can generate strong cash flow and reduce closure costs. More importantly receiving expansion permits will provide the trigger to restart drilling, targeting further mine life expansion at the mine which has upside oxide and sulphide potential. The PEA at San Antonio demonstrates a rare, 1.0 Au g/t heap leach deposit with low CAPEX, low ASIC and a long mine life. It provides attractive optionality for our long-term growth. The combined projects have positive economics at conservative gold prices and significantly stronger returns at today's gold prices. In 2025, the Company will focus on reducing front-end capital requirements for El Crestón to improve the project economics for the expansion decision and will continue to advance Ana Paula through its Feasibility Study."
LA COLORADA MINE
Mineral Resource and Mineral Reserve estimates and a life-of-mine (LOM) plan were completed for the 100% owned La Colorada Operations (La Colorada) located in the state of Sonora, Mexico. The LOM plan in the La Colorada technical report is based on continued production from three sequentially-staged deposits: the Junkyard Stockpile (La Chatarrera), the El Crestón pit expansion (El Crestón), and the Veta Madre pit expansion (Veta Madre). The La Colorada technical report that is the subject of this news release supersedes a technical report that was prepared on the La Colorada Mine by Argonaut Gold Inc., which had an effective date of October 1, 2021.
The La Colorada technical report includes first-time disclosure of a Mineral Resource and Mineral Reserve estimate for the Junkyard and updated Mineral Resource and Mineral Reserve estimates for El Crestón and Veta Madre. The LOM plan indicates a Probable Mineral Reserve of 377k ounces of gold exploited with two years of pre-strip and 4.1 years of mine life, from the effective date of the La Colorada technical report, at production rates up to the 13,000 t/d nameplate throughput capacity of the mine at an all-in sustaining capital cost of US$1,763/oz Au.
Key Highlights
| La Colorada - Mineral Reserve & Production Highlights | |
| Mineral Reserves (kt) 1 | 18,159 |
| Gold Grade (g/t Au) | 0.65 |
| Contained Gold (koz Au) | 377 |
| Processing Rate (t/d average) 2 | 8,292 |
| Life of Mine (years) 3 | 4.1 |
| Annual Production (oz Au per year, 2026) | 14,564 |
| Annual Production (oz Au per year, average 2027-2030) | 64,309 |
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- Probable Mineral Reserve.
- Processing throughput rates vary over the Life of Mine, up to the nameplate capacity of about 13,000 t/d.
- Excludes 2 years of metals production from the Junkyard (2025) and from near-surface ore extracted during pre-stripping (2026).
| La Colorada - Financial Highlights | |
| Average Cash Costs (US$ per oz AuEq) 1 | 1,549 |
| Average AISC (US$ per oz AuEq) 1 | 1,763 |
| Total Initial Capital Cost (US$M) 2 | 53.9 |
| Total Sustainable Capital Cost (US$M) | 9.8 |
| Total LOM Capital Cost (US$M ) | 63.7 |
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- Non-International Financial Reporting Standards (IFRS) measures. All-in sustaining costs (AISC) were first issued by the World Gold Council (WGC) in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance note in 2018.
- Reflects capital investment before first metals production from El Crestón. Further expenditure will be required after first metals production for pre-stripping. A maximum negative cash flow of US$139 million is projected at the base assumptions used in the La Colorada technical report.
| Â La Colorada Return Estimates based on Gold Price1 | ||
| Â | Â US$2,000/oz 2 | Â US$2,600/oz 3 |
| Â IRR (%) | Â 11.9 | Â 34.7 |
| Â NPV @ 5.0% discount (US$M) | Â 25.9 | Â 110.0 |
| Â NPV @ 7.5% discount (US$M) | Â 15.0 | Â 91.2 |
| Â Payback (years) | Â 2.2 | Â 1.4 |
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- All other key parameters set at base assumptions, including the 5% discount rate used. More detailed analysis is presented in the La Colorada technical report.
- Base Gold Price assumption used in the La Colorada technical report.
- Comparison gold price with reference to US$2,687.45 London Bullion Market Association (LBMA) PM gold price on trading day January 10, 2025.
La Colorada Mineral Resource Estimates
Mineral Resources were estimated at La Colorada for three deposits: El Crestón, Veta Madre and the Junkyard, and are summarized in the following tables by deposit.
El Crestón Mineral Resource Statement
| Category | Tonnes (kt) | Gold Grade (g/t) | Silver Grade (g/t) | Gold Contained Metal (koz) | Silver Contained Metal (koz) |
| Indicated | 12,393 | 0.91 | 11.94 | 364 | 4,758 |
| Inferred | 202 | 0.70 | 6.07 | 5 | 39 |
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Notes to accompany El Crestón Mineral Resource table:
- Mineral Resources are reported insitu, using the 2014 CIM Definition Standards, and have an effective date of 31 October 2024. The Qualified Person for the estimate is Mr. David Thomas, P.Geo., Associate Mineral Resource Estimator with Mine Technical Services.
- Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resource estimates use the end of month October 2024 topography.
- Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26/oz Ag; rock mining cost of US$2.66/t mined; backfill mining cost of US$2.0/t mined; crushing and conveying cost of US$1.33/t processed; process and leaching cost of US$4.54/t processed; general and administrative cost of US$1.15/t processed; selling cost of US$0.66/t processed; gold metallurgical recovery of 79%; silver metallurgical recovery of 13%; and pit slope angles from 22º (pad), 35-42º (pit).
- Mineral Resources are reported at a gold equivalent cut-off of 0.14 g/t AuEq, using AuEq = (Au + Ag/equivalency factor), where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)). This results in a Au:Ag ratio of 1:502.51.
- Totals may not sum due to rounding.
Veta Madre Mineral Resource Statement
| Category | Tonnes (kt) | Gold Grade (g/t) | Silver Grade (g/t) | Gold Contained Metal (koz) | Silver Contained Metal (koz) |
| Indicated | 2,724 | 0.73 | 3.5 | 64 | 309 |
| Inferred | 77 | 0.53 | 2.5 | 1 | 6 |
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Notes to accompany Veta Madre Mineral Resource table:
- Mineral Resources are reported insitu, using the 2014 CIM Definition Standards, and have an effective date of 31 October, 2024. The Qualified Person for the estimate is Mr. David Thomas, P.Geo., Associate Mineral Resource Estimator with Mine Technical Services.
- Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resource estimates use the end of month October 2024 topography.
- Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26/oz Ag; mining rock costs of US$2.55/t mined; crushing and conveying cost of US$1.33/t processed; process and leaching cost of US$4.54/t processed; general and administrative cost of US$1.15/t processed; selling cost of US$0.66/t processed; gold metallurgical recovery of 72%; silver metallurgical recovery 9.0%; and pit slope angles averaging 45º.
- Mineral Resources are reported at a gold equivalent cut-off of 0.15 g/t AuEq, using AuEq = (Au + Ag/equivalency factor), where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)). This results in a Au:Ag ratio of 1:661.54.
- Totals may not sum due to rounding.
La Chatarrera Mineral Resource Statement
| Category | Tonnes (kt) | Gold Grade (g/t) | Silver Grade (g/t) | Gold Contained Metal (koz) | Silver Contained Metal (koz) |
| Indicated | 3,504 | 0.20 | 6.8 | 23 | 763 |
| Inferred | 1,220 | 0.41 | 33.29 | 16 | 1,305 |
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Notes to accompany the Junkyard Stockpile Mineral Resource table:
- Mineral Resources are reported in stockpiles, using the 2014 CIM Definition Standards, and have an effective date of 31 October, 2024. The Qualified Person for the estimate is Mr. David Thomas, P.Geo., of Mine Technical Services.
- Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resource estimates use the end of month October 2024 topography.
- Mineral Resources are reported using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26/oz Ag; a stockpile rehandle cost of US$1.30/t mined; crushing and conveying cost of US$1.72/t processed; process and leaching cost of US$3.10/t processed; general and administrative cost of US$1.15/t processed; selling cost of US$0.66/t processed; gold metallurgical recovery of 66%; and a silver metallurgical recovery of 27%.
- Mineral Resources are reported at a gold equivalent cut-off of 0.17 g/t AuEq, using AuEq = (Au + Ag/equivalency factor), where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)). This results in a Au:Ag ratio of 1:202.14.
- Totals may not sum due to rounding.
La Colorada Mineral Reserve Estimates
Mineral Resources were converted to Mineral Reserves for El Crestón, Veta Madre and the Junkyard.
The Mineral Reserve estimate is based on operation of the existing crusher and conveyor system having a nameplate throughput capacity of about 13,000 t/d, and continued operation of the heap leach and carbon-in-circuit (CIC) process circuit and refinery to process ore from the three deposits. The Mineral Reserve estimate is presented in the following table.
Mineral Reserves Statement
| Classification | Zone | AuEq Cut-off (g/t) | Tonnes (kt) | Gold Grade (g/t Au) | Silver Grade (g/t Ag) | Contained Gold (koz) | Contained Silver (koz) |
| Probable | El Crestón | 0.160 | 12,841 | 0.76 | 10.1 | 312 | 4,181 |
| Veta Madre | 0.175 | 1,905 | 0.70 | 3.1 | 43 | 189 | |
| La Chatarrera | 0.164 | 3,413 | 0.20 | 6.4 | 22 | 704 | |
| Total | 18,159 | 0.65 | 8.69 | 377 | 5,074 |
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Notes to accompany Mineral Reserves table:
- Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards.
- Mineral Reserves have an effective date of 30 November 2024. The Qualified Person for the estimate is Mr. Jeffrey Choquette, P.E., of Hard Rock Consulting.
- A 0.16 g/t AuEq cut-off is used for reporting the Mineral Reserves at El Crestón, and a 0.175 g/t AuEq cut-off is used for reporting Mineral Reserves at Veta Madre. Cut-offs were calculated based on a gold price of US$1,900/oz Au, silver price of US$23/oz Ag, processing costs of US$5.87/t, general and administrative costs of US$1.15/t, refining and selling costs of US$0.66/t, gold recovery of 79% for El Crestón and 72% for Veta Madre and a silver recovery of 13% for El Crestón and 9% for Veta Madre. The AuEq cut-off for the Junkyard Stockpile is 0.164 g/t AuEq based on metal prices of US$1,900/oz Au, and US$23/oz Ag, processing costs of US$4.82/t, general and administrative costs of US$1.15/t, refining and selling costs of US$0.66/t, gold recovery of 66% and a silver recovery of 27%. The AuEq calculation uses the formula AuEq = (Au + Ag/equivalency factor) where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)).
- Mineral Reserves are reported within the ultimate reserve pit design. An external dilution factor of 10% and a metal loss of 5% were factored into the Mineral Reserves estimates.
- Tonnage and grade estimates are in metric units.
- Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
The LOM plan outlines sequential exploitation of the three deposits with two years of pre-production from the Junkyard (2025) and from near-surface ore extracted during pre-stripping (2026), before a production LOM of 4.1 years.
Figure 1 - Ore Mined by Pit Phase
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/237102_heliostar1.jpg
Note: Figure prepared by Hard Rock Consulting, 2024
La Colorada Operating Cost Estimates
The existing mining and process circuit at the La Colorada Mine remains unchanged for the proposed LOM plan in the La Colorada technical report, with exploitation of the three deposits benefitting from the installed capacity. The expected operating performance and operating cost forecasts were compiled with the benefit of benchmarking historical performance at La Colorada and the input of seasoned professionals knowledgeable of the conventional technologies being used at La Colorada, the expected consumption quantities of key supplies, and commercial pricing for goods and services in Mexico.
Total Operating Cost Summary
| Operating Costs | Operating Cost ($/oz AuEq) | Operating Cost ($/t ore) | Operating Cost ($/t mined) |
| Total mining | 1,038.63 | 17.02 | 2.06 |
| Total processing | 368.21 | 6.04 | |
| Total site general and administrative | 68.40 | 1.12 | |
| Refinery and transport | 26.37 | 0.43 | |
| Cash operating costs | 1,501.61 | 24.61 | |
| Production taxes | 27.14 | 0.44 | |
| Royalties | 20.00 | 0.33 | |
| Total cash costs | 1,548.74 | 25.39 | |
| Capital costs | 214.11 | 3.51 | |
| Total AISC | 1,762.86 | 28.90 |
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La Colorada Capital Cost Estimates
The Junkyard only requires working capital to bring the deposit into production.
The initial capital cost for El Crestón is estimated at US$54.0M, including US$9.0M capital for pad expansion and US$43.4M mining pre-stripping costs until first production. A significant pre-strip is required to fully exploit the El Crestón deposit, comprising both capitalized and expensed pre-stripping costs.
The LOM plan includes US$6.8M for reclamation work at the end of the mine life.
Capital Cost Summary
| Capital Costs | Initial (US$ M) | Sustaining (US$ M) | Total LOM (US$ M) |
| Mine pre-production development | 43.40 | 0.00 | 43.40 |
| Contractor mobilization | 0.21 | 0.00 | 0.21 |
| Slope radar system | 0.00 | 0.50 | 0.50 |
| Leach pad expansion | 8.97 | 2.13 | 11.10 |
| Total direct costs | 52.58 | 2.63 | 55.21 |
| Owner costs and reclamation | 0.00 | 6.80 | 6.80 |
| Indirects and contingency | 1.35 | 0.37 | 1.72 |
| Total indirect costs | 1.35 | 7.17 | 8.52 |
| Total | 53.93 | 9.80 | 63.73 |
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La Colorada Economic Analysis
The financial analysis shows an after-tax net present value at a discount rate of 5% of US$25.9 M, an after-tax internal rate of return of 11.9%, and a payback period of 2.2 years. The forecast total lifespan of the Project is 4.1 years with two years of pre-production, although some metals production is planned in these two years. Approximately 377,000 oz of gold is projected to be mined, with 287,000 oz of gold recovered and produced for sale.
Summary Economic Results
| Project Valuation Overview | Units | After Tax | Before Tax |
| Total cashflow | US$ M | 54.92 | 86.51 |
| NPV @ 5.0% (base case) | US$ M | 25.93 | 49.77 |
| NPV @ 7.5%; | US$ M | 14.99 | 35.82 |
| NPV @ 10.0%; | US$ M | 5.90 | 24.14 |
| Internal rate of return | % | 11.9 | 17.2 |
| Payback period | Years | 2.15 | 2.04 |
| Payback multiple | 1.35 | 1.55 | |
| Total initial capital | US$ M | 53.93 | 53.93 |
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Metal Prices
The La Colorada technical report includes a sensitivity analysis for key parameters impacting the forecast economic returns for La Colorada. The LOM plan and Mineral Reserves estimates are most sensitive to changes in the gold price, and gold grade. Since silver is projected to contribute only about 4% to the revenues. LOM variations in the silver price have limited impact on the cashflow forecast. The LOM plan and Mineral Reserves estimates are less sensitive to operating cost changes, and least sensitive to changes in capital costs.
Gold Price Sensitivity Analysis
| Au Price (US$/oz Au) | Net Cash Flow (US$ M) | After-Tax NPV @ 5.0% Discount Rate (US$ M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,000 | -235.88 | -203.08 | - | 0.0 | 0.0 |
| 1,200 | -167.30 | -149.64 | - | 0.0 | 0.2 |
| 1,400 | -99.10 | -96.46 | -31.1 | 0.0 | 0.5 |
| 1,600 | -30.90 | -43.29 | -7.0 | 0.0 | 0.8 |
| 1,800 | 19.43 | -3.17 | 4.2 | 2.7 | 1.1 |
| 2,000 | 54.92 | 25.93 | 11.9 | 2.2 | 1.4 |
| 2,200 | 89.39 | 53.96 | 19.4 | 1.8 | 1.6 |
| 2,400 | 123.85 | 82.00 | 27.0 | 1.6 | 1.9 |
| 2,600 | 158.32 | 110.03 | 34.7 | 1.4 | 2.3 |
| 2,800 | 192.79 | 137.88 | 42.3 | 1.2 | 2.7 |
| 3,000 | 227.26 | 165.60 | 49.7 | 1.1 | 3.2 |
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Commentary by the Company on Relevant Matters
The results from ongoing drilling and other technical studies being performed at El Crestón are excluded from the La Colorada technical report but will be incorporated into a mineral resource model and will support a Mineral Reserve update that will be published with an updated technical report in mid-2025.
A total initial capital of $53.9M is a required, predominantly from waste stripping prior to the reaching the life-of-mine strip ratio. Further stripping is required after reaching the life-of-mine strip ratio and a maximum negative cash flow of US$139 million is projected at the base assumptions used in the La Colorada technical report (US$117M at US$2,600 gold).
The La Colorada technical report presents cash flows based on the base gold price used. With exploitation of the Junkyard starting this month, the project will generate revenues from sales based on current gold prices which are expected to be higher than the base gold price used in the La Colorada technical report.
The gold market has experienced significant upward price movement in the past few years and, considering that the gold price at the effective date of the La Colorada technical report is about 34% above the base gold price used in the La Colorada technical report. The sensitivity analysis presents gold price scenarios up to US$3,000/oz Au to understand the potential impact. From the base case price of $2,000/oz (years 2026-2031), a change in the average gold price of US$200/oz Au would change the NPV at a 5% discount rate by 108%, or approximately $28.0 M
Commentary by the Company on Next Steps and Permitting
Restart of mining activities at La Colorada has commenced at the Junkyard this month. The Company will provide production and cost guidance for 2025 later in January.
The Company will be continuing the current drill program and conducting other technical programs at El Crestón and plans to complete updated technical study in mid-2025.
The drill program includes shallow infill drilling designed to support short-term mine planning, and a program of infill and expansion drilling deeper in the pit to include in the future update to Mineral Resource and Mineral Reserve estimate.
Some ancillary permitting work is planned at El Crestón and is expected to be completed by mid-2025. A change of land use permit is required to enable exploitation of Veta Madre.
Since the development plan for La Colorada represents a continuation of the historical operations, minimal capital investment is required for new equipment and facilities; however, pre-stripping at El Crestón and Veta Madre will need to be financed. Subject to satisfactory conclusion of the planned work programs and arranging financing, the Company is anticipating making an investment decision at El Crestón in 2H 2025.
Qualified Persons
The technical report for the La Colorado Mine was prepared for Heliostar Metals Inc. by Mr. Todd Wakefield, RM SME, Mr. David Thomas, P.Geo., Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that was abstracted from the La Colorada technical report in their area of expertise and are independent of the Company.
SAN AGUSTIN MINE
Mineral Resource and Mineral Reserve estimates and a LOM plan were completed for the 100% owned San Agustin Operations (San Agustin) located in the state of Durango, Mexico. The LOM plan in the San Agustin technical report is based on an expansion of the existing open pit. The San Agustin technical report that is the subject of this news release supersedes a technical report that was prepared on the San Agustin Mine by Florida Canyon Gold Inc., which had an effective date of June 20, 2024.
The San Agustin technical report includes an updated Mineral Resource and Mineral Reserve estimate. The LOM plan indicates that a Probable Mineral Reserve of 68k ounces of gold can be exploited based on 1.2 years of mine life at an all-in sustaining capital cost of US$1,990/oz Au.
Key Highlights
| San Agustin - Mineral Reserve & Production Highlights | |
| Mineral Reserves (kt) 1 | 7,358 |
| Grade (g/t Au) | 0.29 |
| Contained Gold (koz Au) | 68 |
| Processing Rate (t/d) 2 | 17,100 |
| Life of Mine (years) 3 | 1.2 |
| Annual Production (oz Au per year, average 2026-2027) 4 | 19,091 |
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- Probable Mineral Reserve.
- Processing throughput rates will vary over the Life of Mine, up to the nameplate capacity of about 30,000 t/d.
- Excludes one year of metals production from ongoing re-leaching of heap leach piles.
- Gold production in 2026 is 32,625 ounces.
| San Agustin - Financial Highlights | |
| Average Unit Costs (US$ per oz AuEq) 1 | 1,605 |
| Average AISC (US$ per oz AuEq) 1, 2 | 1,990 |
| Total Initial Capital Cost (US$M) | 4.2 |
| Total Sustainable Capital Cost (US$M) 2 | 14.3 |
| Total LOM Capital Cost (US$M) | 18.5 |
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- Non-IFRS measures. AISC were first issued by the WGC in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance note in 2018.
- Includes reclamation costs for San Agustin mine.
| San Agustin Return Estimates based on Gold Price 1 | ||
| US$2,100/oz 2 | US$2,600/oz 3 | |
| IRR (%) | 156.1 | 365.0 |
| NPV @ 5.0% discount (US$M) | 12.7 | 25.2 |
| NPV @ 7.5% discount (US$M) | 11.7 | 23.6 |
| Payback (years) | 0.8 | 0.3 |
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- All other key parameters set at base assumptions, including the 5% discount rate used. More detailed analysis is presented in the LSan Agustin technical report.
- Base Gold Price assumption used in the San Agustin technical report.
- Comparison gold price with reference to US$2,687.45 LBMA PM gold price on trading day January 10, 2025.
San Agustin Mineral Resource Estimates
Mineral Resources were estimated for San Agustin as summarized in the following table.
Mineral Resource Statement
| Material Type | AuEq Cutoff (g/t AuEq) | Confidence Classification | Tonnes (kt) | Gold Grade (g/t Au) | Silver Grade (g/t Ag) | Contained Gold (koz) | Contained Silver (koz) |
| Oxide | 0.14 | Indicated | 17,154 | 0.30 | 11.5 | 165 | 6,333 |
| Transitional | 0.27 | 700 | 0.44 | 17.4 | 10 | 391 | |
| Sulphide argillic | 0.41 | 5,348 | 0.80 | 14.0 | 138 | 2,403 | |
| Sulphide silicified | 0.60 | 427 | 0.90 | 7.4 | 12 | 102 | |
| Total | 23,629 | 0.43 | 12.2 | 325 | 9,229 | ||
| Oxide | 0.14 | Inferred | 1,273 | 0.29 | 9.2 | 12 | 378 |
| Transitional | 0.27 | 5 | 0.32 | 25.6 | 0 | 4 | |
| Sulphide argillic | 0.41 | 121 | 0.64 | 9.6 | 2 | 38 | |
| Sulphide silicified | 0.60 | 2 | 0.68 | 6.0 | 0 | 0 | |
| Total | 1,401 | 0.32 | 9.4 | 14 | 421 | ||
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Notes to accompany San Agustin Mineral Resource table:
- Mineral Resources are reported insitu, using the 2014 CIM Definition Standards, and have an effective date of 30 November, 2024. The Qualified Person for the estimate is Mr. David Thomas, PGeo., Associate Mineral Resource Estimator with Mine Technical Services.
- Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resource estimates are defined by end of month July 2024 topography.
- Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of $2,150/oz Au; a silver price of $26.0/oz Ag; mining cost of $2.0/t mined; oxide process and leaching cost of $4.23/t processed; transition process and leaching cost of $5.14/t processed; sulphide argillic process and leaching cost of $5.36/t processed; sulphide silicic process and leaching cost of $4.94/t processed; general and administrative cost of $1.4/t processed; selling cost of $0.66/t processed; gold metallurgical recoveries from 17-66%; silver metallurgical recoveries from 9-10%; and pit slope angles of 45º.
- Totals may not sum due to rounding.
San Agustin Mineral Reserve Estimates
The Mineral Reserve estimate at San Agustin is based on operation of the existing crusher and conveyor system having a nameplate throughput capacity of about 30,000 t/d and continued operation of the heap leach and CIC process circuit to processing ore from the expanded open pit. The Mineral Reserve estimate is presented in the following table.
Mineral Reserve Statement
| Classification | Material Type | AuEq Cut-off (g/t AuEq) | Tonnes (kt) | Gold Grade (Au g/t) | Silver Grade (Ag g/t) | Contained Gold (koz) | Contained Silver (koz) |
| Probable | Oxide | 0.156 | 7,281 | 0.29 | 16.24 | 67 | 3,803 |
| Transition | 0.310 | 77 | 0.39 | 31.39 | 1 | 77 | |
| Total | 7,358 | 0.29 | 16.40 | 68 | 3,880 |
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Notes to accompany Mineral Reserves table:
- Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards.
- Mineral Reserves have an effective date of 30 November 2024. The Qualified Person for the estimate is Mr. Jeffrey Choquette, PE, of Hard Rock Consulting, LLC.
- A 0.156 g/t AuEq cut-off is used for reporting the Mineral Reserves in oxide, and a 0.310 g/t AuEq cut-off is used for reporting Mineral Reserves in transitional material. Cut-offs were calculated based on a gold price of US$1,900/oz Au, silver price of US$23/oz Ag, processing costs of US$4.23/t for oxide, processing costs of US$5.14/t for transitional, general and administrative costs of US$1.40/t, refining and selling costs of US$0.66/t, gold recovery of 66% for oxide and 38% for transitional and a silver recovery of 10% for oxide and transitional. The AuEq calculation uses the formula AuEq = (Au + Ag/equivalency factor) where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)).
- Mineral Reserves are reported within the ultimate reserve pit design. An external dilution factor of 5% and a metal loss of 3% have been factored into the Mineral Reserve estimate.
- Tonnage and grade estimates are in metric units.
- Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding
Figure 2 - Ore Mined by Pit Phase
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Note: Figure prepared by Hard Rock Consulting, 2024
San Agustin Operating Cost Estimates
The existing mining and process circuit at San Agustin remains unchanged for the proposed LOM plan in the San Agustin technical report, with exploitation of the ore from the expanded open pit benefitting from the installed capacity. The expected operating performance and operating cost forecasts were compiled with the benefit of benchmarking historical performance at San Agustin and the input of seasoned professionals knowledgeable of the conventional technologies being used at San Agustin, the expected consumption quantities of key supplies, and commercial pricing for goods and services in Mexico.
Total Operating Cost Summary
| Operating Costs | Operating Cost (US$/oz AuEq) | Operating Cost (US$/t ore) | Operating Cost (US$/t mined) |
| Total mining | 681.41 | 4.44 | 2.36 |
| Total processing | 699.96 | 4.56 | |
| Total site general and administrative | 123.57 | 0.80 | |
| Refinery and transport | 38.47 | 0.25 | |
| Cash operating costs | 1,543.41 | 10.05 | |
| Production taxes | 40.10 | 0.26 | |
| Royalties | 21.00 | 0.14 | |
| Total cash costs | 1,604.51 | 10.45 | |
| Capital costs | 385.59 | 2.51 | |
| Total AISC | 1,990.09 | 12.96 |
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San Agustin Capital Cost Estimates
The initial capital cost is estimated at US$4.2M, including US$2.7M capital for Owner's costs and US$0.6M for an in-fill drill program.
The LOM plan includes US$13.6M for reclamation work at the end of the mine life.
Capital Cost Summary
| Capital Costs | Initial (US$ M) | Sustaining (US$ M) | Total LOM (US$ M) |
| Definition drilling Phase 4 Pit | 0.60 | 0.00 | 0.60 |
| Mine contractor mobilization and demobilization | 0.15 | 0.05 | 0.20 |
| Leach pad expansion | 0.00 | 0.61 | 0.61 |
| Total direct costs | 0.75 | 0.66 | 1.41 |
| Owner Costs and reclamation | 3.40 | 13.57 | 16.97 |
| Indirects and contingency | 0.00 | 0.09 | 0.09 |
| Total indirect costs | 3.40 | 13.67 | 17.07 |
| Total | 4.15 | 14.33 | 18.48 |
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San Agustin Economic Analysis
The financial analysis in the San Agustin technical report shows an after-tax net present value at a discount rate of 5% of US$12.7 million, an after-tax internal rate of return of 156%, and a payback period of 0.8 years. The forecast total lifespan of the Project is 1.2 years with 0.8 years of residual leaching. Approximately 67,800 oz of gold is projected to be mined, with 44,500 oz of gold recovered and produced for sale.
Summary Economic Results
| Project Valuation Overview | Units | After Tax | Before Tax |
| Total cashflow | US$ M | 14.83 | 19.69 |
| NPV @ 5.0% (base case) | US$ M | 12.67 | 19.46 |
| NPV @ 7.5% | US$ M | 11.74 | 18.10 |
| NPV @ 10.0% | US$ M | 10.88 | 16.86 |
| Internal rate of return | % | 156.1 | 218.9 |
| Payback period | Years | 0.79 | 0.59 |
| Payback multiple | 1.09 | 1.66 | |
| Total initial capital | US$ M | 4.15 | 4.15 |
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Metal Prices
The San Agustin technical report includes a sensitivity analysis for key parameters impacting the forecast economic returns for San Agustin. The LOM plan and Mineral Reserves estimates are most sensitive to gold price and gold grade. Since silver is projected to contribute only about 9% to the San Agustin revenues, variations in the silver price have a small impact on the cashflow forecast. The LOM plan and Mineral Reserves estimates are less sensitive to operating cost changes, and least sensitive to changes in capital costs.
Gold Price Sensitivity Analysis
| Au Price (US$/oz Au) | Net Cash Flow (US$ M) | After-Tax NPV @ 5% (US$ M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,000 | -34.64 | -31.50 | - | - | - |
| 1,200 | -24.16 | -22.18 | - | - | - |
| 1,400 | -13.69 | -12.86 | - | - | - |
| 1,600 | -3.22 | -3.53 | -19.6 | - | - |
| 1,800 | 4.75 | 3.62 | 38.2 | 1.6 | 0.4 |
| 2,000 | 12.03 | 10.16 | 119.8 | 1.1 | 0.9 |
| 2,100 | 14.83 | 12.67 | 156.1 | 0.8 | 1.1 |
| 2,200 | 17.63 | 15.18 | 194.8 | 0.6 | 1.3 |
| 2,400 | 23.23 | 20.20 | 277.4 | 0.4 | 1.8 |
| 2,600 | 28.84 | 25.22 | 365.0 | 0.3 | 2.2 |
| 2,800 | 34.44 | 30.23 | 455.6 | 0.2 | 2.7 |
| 3,000 | 40.05 | 35.25 | 548.3 | 0.2 | 3.2 |
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Commentary by the Company on Relevant Matters
The San Agustin technical report presents cash flows based on the base gold price used. With exploitation of the Mineral Reserve as presented in the San Agustin technical report, the project will generate revenues from sales which may be higher than the base gold price used in the San Agustin technical report.
The gold market has experienced significant upward price movement in the past few years and, considering the gold price at the effective date of the San Agustin technical report is about 34% above the base gold price used in the San Agustin technical report. The sensitivity analysis presents gold price scenarios up to US$3,000 per ounce to understand the potential impact. From the base case price of $2,100/oz, a 10% change in the average gold price (or US$210/oz Au) would change the NPV at a 5% discount rate by 42%, or approximately $5.3 M.
Commentary by the Company on Next Steps and Permitting
Although mining activities at San Agustin ceased in August 2024, the Company is continuing re-leaching activities. The Company will provide production and cost guidance for 2025 later in January.
A change of land use permit is required to enable exploitation of the Mineral Reserve at San Agustin. Subject to obtaining the permit, the Company plans to conduct a small, in-fill drill program to provide geotechnical information and support short-term mine planning, and to complete other preparation work needed to restart the mining activities. These activities are expected to require 4-6 months to complete from permit approval.
Qualified Persons
The technical report for the San Agustin Mine was prepared for Heliostar Metals Inc. by Mr. Todd Wakefield, RM SME, Mr. David Thomas, P.Geo., Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that was abstracted from the San Agustin technical report in their area of expertise and are independent of the Company.
SAN ANTONIO PRELIMINARY ECONOMIC ASSESSMENT
A Preliminary Economic Assessment (PEA) based on Mineral Resource estimates was completed for the 100% owned San Antonio Project (San Antonio Project technical report) located in the state of Baja California Sur, Mexico. The study considers construction and operation of a greenfield open pit and heap leach-CIC mine operation. The San Antonio Project technical report that is the subject of this news release supersedes a technical report that was prepared on the San Antonio Project by Argonaut Gold Inc., which had an effective date of 1 September, 2012.
The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized.
Key Highlights
| San Antonio PEA - Resource & Production Highlights | |
| Mineral Resource within PEA mine plan | |
| Indicated Mineral Resources (kt) | 49,410 |
| Grade (g/t Au) | 1.00 |
| Contained Gold (koz Au) | 1,590 |
| Inferred Mineral Resources (kt) | 5,397 |
| Grade (g/t Au) | 0.47 |
| Contained Gold (koz Au) | 82 |
| Processing Rate (t/d) | 10,960 |
| Life of Mine (years) | 13.7 |
| Average recovery rate (% Au) | 65.8 |
| Annual Production (oz Au per year, average) | 80,268 |
| Life of Mine Production (Moz Au) | 1.10 |
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| Â San Antonio PEA - Financial Highlights | |
| Â Average Unit Cash Costs (US$ per oz Au)1 | Â 898 |
| Â Average AISC (US$ per oz Au)1 | Â 1,063 |
| Â Total Initial Capital Cost (US$M) | Â 131.3 |
| Â Total Sustainable Capital Cost (US$M) | Â 48.6 |
| Â Total LOM Capital Cost (US$M) | Â 179.9 |
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- Non-IFRS measures. AISC were first issued by the WGC in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance note in 2018. Gold Price used in La Colorada technical report
| San Antonio Return Estimates based on Gold Price 1 | ||
| US$1,900/oz 2 | US$2,600/oz 3 | |
| IRR (%) | 40.7 | 58.8 |
| NPV @ 5.0% discount (US$M) | 398.7 | 715.1 |
| NPV @ 7.5% discount (US$M) | 315.1 | 575.9 |
| Payback (years) | 2.0 | 1.5 |
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- All other key parameters set at base assumptions, including the 5% discount rate used. More detailed analysis is presented in the San Antonio technical report.
- Base Gold Price assumption used in Technical Report.
- Comparison gold price with reference to US$2,687.45 LBMA PM gold price on trading day January 10, 2025.
San Antonio Mineral Resource Estimates
Mineral Resources were estimated for San Antonio Project as summarized in the following table.
Mineral Resource Statement
| Confidence Classification | Area | Oxidation State | Cut-off Grade (g/t Au) | Tonnage (kt) | Gold Grade (g/t Au) | Contained Metal (koz Au) |
| Indicated | Los Planes | Oxide and transition | 0.095 | 15,839 | 0.91 | 461.2 |
| Sulphide | 0.156 | 26,607 | 1.10 | 943.7 | ||
| Intermediate | Oxide, transition, and sulphide | 0.150 | 5,239 | 0.87 | 146.3 | |
| Las Colinas | Oxide and transition | 0.184 | 1,430 | 0.69 | 31.9 | |
| Sulphide | 0.199 | 6,407 | 0.77 | 158.1 | ||
| Total | Oxide, transition, and sulphide | 0.095-1.99 | 55,522 | 0.98 | 1,741.3 | |
| Inferred | Los Planes | Oxide and transition | 0.095 | 5,479 | 0.34 | 59.1 |
| Sulphide | 0.156 | 1,319 | 0.71 | 30.2 | ||
| Intermediate | Alluvium, oxide, transition, and sulphide | 0.150 | 660 | 0.43 | 9.2 | |
| Las Colinas | Alluvium, oxide, and transition | 0.184 | 689 | 0.49 | 10.9 | |
| Sulphide | 0.199 | 579 | 0.59 | 11.0 | ||
| La Colpa | Alluvium, oxide, and transition | 0.120 | 4,635 | 0.29 | 43.9 | |
| Sulphide | 0.194 | 1,597 | 0.39 | 19.9 | ||
| Total | Alluvium, oxide, transition, and sulphide | 0.095-1.99 | 14,957 | 0.38 | 184.4 |
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Notes to Accompany Mineral Resource Table:
- Mineral Resources are reported insitu, using the 2014 CIM Definition Standards.
- Mineral Resources have an effective date of 30 November, 2024. The Qualified Person for the estimate is Mr. Richard Schwering, RM SME, a Hard Rock Consulting employee.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are constrained within a conceptual open pit shell that used the following input parameters: gold price of US$2,150/oz; a mining cost of US$2/t mined, incremental mining cost of US$0.017/t mined for each 6 m depth; variable processing costs by oxidation state, ranging from US$3.84-5.26/t processed; general and administrative costs of US$1.00/t processed; finishing and selling costs of US$0.75/t processed; variable metallurgical recoveries by oxidation state, ranging from 44-86%; and variable pit slope angles ranging from 35-45º. Mineral Resources are reported above variable cut-off grades, ranging from 0.095-1.99 g/t Au.
- Numbers have been rounded.
San Antonio Mineral Resources Scheduled Within PEA Mine Plan
A mine plan was prepared based on an open pit and heap leach-CIC mine operation, with mineralized material processed sequentially and concurrently from three distinct mineral zones within the San Antonio deposit.
Mineral Resource Scheduled Within PEA Mine Plan
| Material Type | Indicated | Inferred | ||||
| Tonnes (kt) | Gold Grade (g/t Au) | Contained Gold (koz Au) | Tonnes (kt) | Gold Grade (g/t Au) | Contained Gold (koz Au) | |
| Los Planes; oxide, mixed | 15,566 | 0.92 | 458.0 | 3,569 | 0.40 | 46.3 |
| Los Planes; sulphide | 25,276 | 1.13 | 918.9 | 968 | 0.76 | 23.7 |
| Intermediate; oxide, mixed | 478 | 0.58 | 8.9 | 204 | 0.40 | 2.6 |
| Intermediate; sulphide | 3,242 | 0.88 | 91.3 | 120 | 0.44 | 1.7 |
| Las Colinas; oxide, mixed | 1,275 | 0.69 | 28.3 | 313 | 0.42 | 4.2 |
| Las Colinas; sulphide | 3,574 | 0.74 | 84.8 | 223 | 0.42 | 3.0 |
| Total | 49,410 | 1.00 | 1,590.2 | 5,397 | 0.47 | 81.6 |
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Figure 3 - Mineralization Mined by Pit Phase
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San Antonio Operating Cost Estimates
The operating costs in the San Antonio Project technical report were estimated for mining, processing, and general administration activities for an open pit and heap leach-CIC mine operation.
Total Operating Cost Estimate
| Operating Costs | Operating Cost (US$/oz Au) | Operating Cost (US$/t mineralized material) | Operating Cost (US$/t mined) |
| Total mining | 522.78 | 10.40 | 2.06 |
| Total processing | 204.24 | 4.06 | |
| Total site general and administrative | 59.26 | 1.18 | |
| Refinery and transport | 16.85 | 0.34 | |
| Cash operating costs | 803.13 | 15.97 | |
| Production taxes | 76.22 | 1.52 | |
| Royalties | 19.00 | 0.38 | |
| Total cash costs | 898.34 | 17.87 | |
| Capital costs | 165.04 | 3.28 | |
| Total AISC | 1,063.39 | 21.15 |
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San Antonio Capital Cost Estimates
The initial capital cost including contingency was estimated at US$131.8M, with a 2-year pre-production phase for construction of the greenfield mine.
Total LOM Capital Costs
| LOM Capital Costs | Initial (US$M) | Sustaining (US$M) | Total LOM (US$M) |
| Mine area | 4.36 | 5.00 | 9.36 |
| General and administrative infrastructure | 72.26 | 20.50 | 92.76 |
| Processing | 12.81 | 0.00 | 12.81 |
| Total direct costs | 89.43 | 25.50 | 114.93 |
| Owner costs and reclamation | 5.00 | 17.31 | 22.31 |
| Project indirect costs | 16.51 | 0.00 | 16.51 |
| Contingency | 20.35 | 5.80 | 26.16 |
| Total indirect costs | 41.86 | 23.11 | 64.97 |
| Total | 131.28 | 48.62 | 179.90 |
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San Antonio Economic Analysis
The financial analysis in the San Antonio Project technical report shows an after-tax net present value at a discount rate of 5% of US$399M, an after-tax internal rate of return of 40.7%, and a payback period of 2.1 years. The forecast total lifespan is 14 years. Approximately 1.67 M ounces of gold is projected to be mined, with 1.10 M ounces of gold forecast to be recovered and produced for sale.
Summary Economic Results
| Project Valuation Overview | Units | After Tax | Before Tax |
| Total cashflow | US$ M | 651.21 | 1,013.36 |
| NPV @ 5.0% (base case) | US$ M | 398.66 | 635.33 |
| NPV @ 7.5% | US$ M | 315.09 | 509.96 |
| NPV @ 10.0% | US$ M | 250.14 | 412.36 |
| Internal rate of return | % | 40.7 | 53.7 |
| Payback period | Years | 2.05 | 1.71 |
| Payback multiple | 5.24 | 7.65 | |
| Total initial capital | US$ M | 138.59 | 138.59 |
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Metal Prices
The San Antonio Project technical report includes a sensitivity analysis for key parameters impacting the cashflow forecast. The PEA LOM plan that is based on Mineral Resources is most sensitive to gold price and gold grade. It is less sensitive to operating cost changes, and least sensitive to changes in capital costs.
Gold Price Sensitivity Analysis
| Au Price (US$/oz Au) | Net Cash Flow (US$ M) | After-Tax NPV @ 5% (US$ M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,000 | 11.34 | -20.14 | 1.5 | 5.3 | 1.1 |
| 1,200 | 162.93 | 78.70 | 15.0 | 3.5 | 2.0 |
| 1,400 | 303.75 | 171.10 | 23.8 | 2.8 | 3.0 |
| 1,600 | 443.11 | 262.51 | 31.2 | 2.4 | 3.9 |
| 1,800 | 582.04 | 353.46 | 37.7 | 2.2 | 4.8 |
| 1,900 | 651.21 | 398.66 | 40.7 | 2.0 | 5.2 |
| 2,000 | 720.38 | 443.86 | 43.5 | 2.0 | 5.7 |
| 2,200 | 858.73 | 534.26 | 49.0 | 1.8 | 6.6 |
| 2,400 | 997.07 | 624.66 | 54.0 | 1.7 | 7.5 |
| 2,600 | 1,135.42 | 715.05 | 58.8 | 1.5 | 8.3 |
| 2,800 | 1,273.76 | 805.45 | 63.4 | 1.5 | 9.2 |
| 3,000 | 1,412.10 | 895.85 | 67.8 | 1.4 | 10.1 |
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Commentary by the Company on Relevant Matters
The gold market has experienced significant upward price movement in the past few years and considering gold price at the effective date of the San Antonio technical report is about 41% above the base gold price used in the San Agustin Project technical report. The sensitivity analysis presents gold price scenarios up to US$3,000 per ounce to understand the potential impact. From the base case price of US$1,900/oz Au, a change in the average gold price of US$200/oz Au would change the NPV at a 5% discount rate by 22.7%, or approximately $90.4 M.
Commentary by the Company on Next Steps and Permitting
The Project requires further development planning and engineering. All major environmental and other permits will need to be obtained before an investment decision can be considered by Heliostar.
Based on the results from the San Antonio Project technical report, the Company will conduct a strategic Project review with the objective of identifying and evaluating the next development steps and challenges. The Company will also consider additional work programs and alternative business possibilities to potentially add Project value to the San Antonio Project as presented in the PEA. This strategic review is expected to require 3-4 months to complete.
Qualified Persons
The technical report for the San Antonio Project was prepared for Heliostar Metals Inc. by Mr. Todd Wakefield, RM SME, Mr. Richard Schwering RM SME, Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that was abstracted from the San Antonio Project technical report in their area of expertise and are independent of the Company.
With respect to this News Release:
Qualified Persons for News Release
Sam Anderson, CPG, Gregg Bush, P.Eng. and Mike Gingles, MBA, the Company's Qualified Persons, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information not derived from the technical reports and included in this news release in the Company Overview, Commentary by the Company on Relevant Matters and Commentary by the Company on Next Steps and Permitting sections for each property and have approved the disclosure herein.
Data Verification
In addition, the Qualified Persons for each of the technical reports verified the data in the reports in their areas of expertise, and concluded that the information supported Mineral Resource and Mineral Reserve estimation, and could be used in mine planning and economic analysis. The verification completed by each Qualified Person is discussed in each technical report and included site visits, and could include data audits, suitability of data for use in estimation and mine planning, quality assurance and quality control checks, review of available technical and economic study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts.
The Company's Qualified persons verified the information that was not derived from the technical reports. The data verification included site visits, data audits, review of available study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts, and consideration of the Company's plans for the projects.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the recently acquired La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045
Neither 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.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, El Crestón expansion at La Colorada is expected to produce over 50,000 ounces of gold per year, Current drill program (five drill rigs) is targeting lower CAPEX and increased production for an updated technical report planned for mid-2025, Receiving the Corner Permit allow for strong cash flow generation from San Agustin including funding San Agustin rehabilitation costs, Upon receipt of permit, expected in 2025, the Company will undertake drilling to potentially extend mine life from oxide gold production and is reviewing the projects sulphide potential, Mineral resource of 1.6 million ounces of gold at San Antonio project creates attractive optionality with high grade, low CAPEX, sub-US$1,100/oz ASIC and long mine life, the combined projects have positive economics at conservative gold prices and significantly stronger returns at today's gold prices and In 2025, the Company will focus on reducing front-end capital requirements for El Crestón to improve the project economics for the expansion decision and will continue to advance Ana Paula through its Feasibility Study.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
This news release includes certain non-International Financial Reporting Standards (IFRS) measures. The Company has included these measures, in addition to conventional measures conforming with IFRS, to provide investors with an improved ability to evaluate the project and provide comparability between projects. The non-IFRS measures, which are generally considered standard measures within the mining industry albeit with non-standard definitions, are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Cash costs (Cash Costs) are a common financial performance measure in the gold mining industry but with no standard meaning under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate each project's economic results in the technical reports and each project's potential to generate operating earnings and cash flow. All-in Sustaining Costs (AISC) more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237102
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B2Gold Announces Amended Shareholder Return Strategy, including New Dividend Framework and Intention to Implement a Normal Course Issuer Bid
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") announces amendments to its shareholder returns strategy to increase financial flexibility as it completes its current phase of organic growth, including the anticipated commencement of initial production from Fekola Regional in Mali, the completion of construction of the Goose Mine in Nunavut, Canada, the development of the Antelope deposit at the Otjikoto Mine in Namibia, and de-risking activities at the Gramalote Project in Colombia. All dollar figures are in United States dollars unless otherwise indicated.
New Dividend Framework
Management and the Board of Directors (the "Board") of B2Gold have completed a comprehensive review of its existing dividend level and approved a change in its intended quarterly dividend rate from $0.04 per common share ($0.16 per common share on an annualized basis) to $0.02 per common share ($0.08 per common share on an annualized basis).
Since payment of its inaugural dividend in 2020, B2Gold has paid a sector-leading dividend, principally funded through the strong free cash flow generation from its three existing operating mines. Upon acquiring Sabina Gold & Silver Corp. in April 2023 (and the associated increase in B2Gold shares outstanding), the Company continued its quarterly dividend at the same $0.04 per common share level while investing significantly in organic production growth opportunities, primarily advancing construction of the Goose Mine and developing the infrastructure for Fekola Regional. In total, B2Gold has paid approximately $870 million in dividends to shareholders since 2020.
Based on the Company's funding requirements, including completing construction of the Goose Mine (which remains on schedule and on budget to the current timeline and total construction cost estimate as outlined in B2Gold's September 12, 2024 news release), advancing development of the Antelope deposit at the Otjikoto Mine, de-risking activities at the Gramalote Project in Colombia, combined with the upcoming delivery of approximately 265,000 gold ounces from July 2025 to June 2026 to satisfy its gold prepayment arrangement entered into in January 2024, the Company determined that modifying the quarterly dividend level to $0.02 per common share is commensurate to the current growth phase of the Company and provides additional financial flexibility to advance and complete its organic growth opportunities, while still providing shareholders with a sustainable dividend moving forward.
Returning capital to shareholders remains a foundational element of B2Gold's capital allocation philosophy. Under the amended dividend framework, the pro forma dividend yield as of December 31, 2024, would be 3.3%, remaining one of the highest dividend yields amongst the global precious metal producers.
Clive Johnson, President and Chief Executive Officer of B2Gold stated, "Since inception of our first common share dividend in 2020, B2Gold has paid approximately $870 million in dividends to shareholders, reflecting the strong free cash flow generation of our portfolio of operating assets over the past four years. As we enter an organic production growth phase, starting shortly with the anticipated commencement of gold production from both Fekola Regional and the Goose Mine, it is important to maintain our strong financial position as well as flexibility for internal growth projects moving forward. In conjunction with the revised dividend framework, we are announcing the intent to implement a normal course issuer bid, which will allow the Company to have increased flexibility with respect to returning capital to shareholders, as well as take advantage of periods of time when the market value of our shares do not properly reflect the underlying value of our business."
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the revised intended rate or at all in the future.
Intention to Implement Normal Course Issuer Bid
B2Gold intends to implement a normal course issuer bid (the "NCIB") to purchase, on the open market through the facilities of the Toronto Stock Exchange ("TSX"), NYSE American ("NYSE American"), other designated exchanges and/or alternative Canadian and U.S. trading systems or by such other means as may be permitted by applicable Canadian and U.S. securities laws, up to 5% of the outstanding common shares of the Company ("Shares"), subject to the approval of the TSX. As at January 13, 2025, the Company had 1,318,040,605 Shares outstanding. The Company intends to file a notice of intention with the TSX in this regard.
Subject to the approval of the TSX, it is expected that the NCIB will begin later in the first quarter of 2025 and will end at the latest 12 months from the date of the implementation of the NCIB. Purchases made on the open market through the facilities of the TSX, the NYSE American and alternative trading systems will be made at the prevailing market price at the time of purchase, or such other price as may be permitted by the TSX and applicable U.S. securities laws. The Company may also purchase Shares pursuant to exemption orders from applicable securities regulatory authorities, and such purchases will be at a discount to the prevailing market price. The Shares purchased by B2Gold under the NCIB will be cancelled. The Company will only make purchases under the NCIB once all regulatory approvals are obtained.
The Company will retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX, NYSE American and other regulatory requirements. However, the Company may enter into a pre-defined plan (a "Purchase Plan") on occasion with its broker to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its pre-scheduled blackout periods. Such form of a Purchase Plan will be adopted in accordance with Canadian and U.S. securities laws and is subject to the approval of the TSX.
The Company's decision to approve the NCIB is consistent with its amended shareholder return strategy outlined in detail above, and reflective of the Company's belief that the market may undervalue the Shares of B2Gold from time to time and that the Shares may trade in a price range which may not adequately reflect the value of the Shares in relation to the business, assets, and prospects of B2Gold from time to time and that purchases of Shares pursuant to the NCIB may represent an appropriate and desirable use of the Company's capital.
The Company intends to announce when the NCIB has been approved by the TSX with additional details regarding the time frame allowed for the NCIB and details around the number of Shares available for the Company to purchase under the NCIB, in the aggregate and per trading day.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025; and certain statements related to the Company's intention to implement the NCIB, and the proposed terms thereof. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
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B2Gold Announces Amended Shareholder Return Strategy, including New Dividend Framework and Intention to Implement a Normal Course Issuer Bid
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") announces amendments to its shareholder returns strategy to increase financial flexibility as it completes its current phase of organic growth, including the anticipated commencement of initial production from Fekola Regional in Mali, the completion of construction of the Goose Mine in Nunavut, Canada, the development of the Antelope deposit at the Otjikoto Mine in Namibia, and de-risking activities at the Gramalote Project in Colombia. All dollar figures are in United States dollars unless otherwise indicated.
New Dividend Framework
Management and the Board of Directors (the "Board") of B2Gold have completed a comprehensive review of its existing dividend level and approved a change in its intended quarterly dividend rate from $0.04 per common share ($0.16 per common share on an annualized basis) to $0.02 per common share ($0.08 per common share on an annualized basis).
Since payment of its inaugural dividend in 2020, B2Gold has paid a sector-leading dividend, principally funded through the strong free cash flow generation from its three existing operating mines. Upon acquiring Sabina Gold & Silver Corp. in April 2023 (and the associated increase in B2Gold shares outstanding), the Company continued its quarterly dividend at the same $0.04 per common share level while investing significantly in organic production growth opportunities, primarily advancing construction of the Goose Mine and developing the infrastructure for Fekola Regional. In total, B2Gold has paid approximately $870 million in dividends to shareholders since 2020.
Based on the Company's funding requirements, including completing construction of the Goose Mine (which remains on schedule and on budget to the current timeline and total construction cost estimate as outlined in B2Gold's September 12, 2024 news release), advancing development of the Antelope deposit at the Otjikoto Mine, de-risking activities at the Gramalote Project in Colombia, combined with the upcoming delivery of approximately 265,000 gold ounces from July 2025 to June 2026 to satisfy its gold prepayment arrangement entered into in January 2024, the Company determined that modifying the quarterly dividend level to $0.02 per common share is commensurate to the current growth phase of the Company and provides additional financial flexibility to advance and complete its organic growth opportunities, while still providing shareholders with a sustainable dividend moving forward.
Returning capital to shareholders remains a foundational element of B2Gold's capital allocation philosophy. Under the amended dividend framework, the pro forma dividend yield as of December 31, 2024, would be 3.3%, remaining one of the highest dividend yields amongst the global precious metal producers.
Clive Johnson, President and Chief Executive Officer of B2Gold stated, "Since inception of our first common share dividend in 2020, B2Gold has paid approximately $870 million in dividends to shareholders, reflecting the strong free cash flow generation of our portfolio of operating assets over the past four years. As we enter an organic production growth phase, starting shortly with the anticipated commencement of gold production from both Fekola Regional and the Goose Mine, it is important to maintain our strong financial position as well as flexibility for internal growth projects moving forward. In conjunction with the revised dividend framework, we are announcing the intent to implement a normal course issuer bid, which will allow the Company to have increased flexibility with respect to returning capital to shareholders, as well as take advantage of periods of time when the market value of our shares do not properly reflect the underlying value of our business."
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the revised intended rate or at all in the future.
Intention to Implement Normal Course Issuer Bid
B2Gold intends to implement a normal course issuer bid (the "NCIB") to purchase, on the open market through the facilities of the Toronto Stock Exchange ("TSX"), NYSE American ("NYSE American"), other designated exchanges and/or alternative Canadian and U.S. trading systems or by such other means as may be permitted by applicable Canadian and U.S. securities laws, up to 5% of the outstanding common shares of the Company ("Shares"), subject to the approval of the TSX. As at January 13, 2025, the Company had 1,318,040,605 Shares outstanding. The Company intends to file a notice of intention with the TSX in this regard.
Subject to the approval of the TSX, it is expected that the NCIB will begin later in the first quarter of 2025 and will end at the latest 12 months from the date of the implementation of the NCIB. Purchases made on the open market through the facilities of the TSX, the NYSE American and alternative trading systems will be made at the prevailing market price at the time of purchase, or such other price as may be permitted by the TSX and applicable U.S. securities laws. The Company may also purchase Shares pursuant to exemption orders from applicable securities regulatory authorities, and such purchases will be at a discount to the prevailing market price. The Shares purchased by B2Gold under the NCIB will be cancelled. The Company will only make purchases under the NCIB once all regulatory approvals are obtained.
The Company will retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX, NYSE American and other regulatory requirements. However, the Company may enter into a pre-defined plan (a "Purchase Plan") on occasion with its broker to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its pre-scheduled blackout periods. Such form of a Purchase Plan will be adopted in accordance with Canadian and U.S. securities laws and is subject to the approval of the TSX.
The Company's decision to approve the NCIB is consistent with its amended shareholder return strategy outlined in detail above, and reflective of the Company's belief that the market may undervalue the Shares of B2Gold from time to time and that the Shares may trade in a price range which may not adequately reflect the value of the Shares in relation to the business, assets, and prospects of B2Gold from time to time and that purchases of Shares pursuant to the NCIB may represent an appropriate and desirable use of the Company's capital.
The Company intends to announce when the NCIB has been approved by the TSX with additional details regarding the time frame allowed for the NCIB and details around the number of Shares available for the Company to purchase under the NCIB, in the aggregate and per trading day.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025; and certain statements related to the Company's intention to implement the NCIB, and the proposed terms thereof. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
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B2Gold Announces Total Consolidated Gold Production for 2024 of 804,778 oz, Within the Revised 2024 Guidance Range; Total Gold Production for 2025 Anticipated to be Between 970,000 and 1,075,000 oz; Goose Project Remains On Track for First Gold in Q2 2025 and Total Capital Estimate Remains at C$1,540 Million
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its gold production and revenue results for the fourth quarter and full year 2024, as well as its 2025 total gold production guidance and 2025 cost guidance for its current operating mines. All dollar figures are in United States dollars unless otherwise indicated.
Q4 and Full Year 2024 Highlights
- Total gold production of 186,001 ounces in Q4 2024: Total gold production in the fourth quarter of 2024 was 186,001 ounces. At the Fekola Mine, production was lower than expected due to the continued delays in accessing higher-grade ore from Fekola Phase 7, a result of lower realized mine production from the Fekola Phase 7 and Cardinal pits during the period. Mining and processing of these higher-grade tonnes is now expected in 2025 as equipment availability had returned to full capacity and mining rates were at expected levels at the end of 2024. The Fekola Mine and mill are operating without limitations and gold production is being exported for refining as per its regular planned schedule. Masbate and Otjikoto both continued to outperform expectations in the fourth quarter of 2024, which partially offset a portion of the lower than expected production levels at Fekola during the fourth quarter.
- Total annual consolidated gold production of 804,778 ounces: Total consolidated gold production for 2024 was 804,778 ounces (including 19,644 ounces of attributable production from Calibre Mining Corp. ("Calibre")), at the low end of the Company's revised 2024 guidance range.
- Strong quarterly gold revenue to finish 2024: Consolidated gold revenue in the fourth quarter of 2024 was $500 million on sales of 187,793 ounces at an average realized gold price of $2,661 per gold ounce. For the full year 2024, consolidated gold revenue was $1.90 billion on sales of 801,524 ounces at an average realized gold price of $2,373 per gold ounce.
- Re-affirm full year 2024 total consolidated cost guidance: Total consolidated cash operating costs ( see "Non-IFRS Measures") for the year (including attributable results for Calibre) are still expected to be at the upper end of the guidance range of between $835 and $895 per ounce and total consolidated all-in sustaining costs ("AISC") ( see "Non-IFRS Measures") for the year (including attributable results for Calibre) are still forecast to be at the upper end of the revised guidance range of between $1,420 and $1,480 per ounce.
- Achieved significant safety milestone of 6 years without a Lost Time Injury at Masbate: On November 17, 2024, the Masbate Mine, located in the Philippines, achieved a major safety milestone, six years without a Lost Time Injury ("LTI"). Further, Masbate has only seen one LTI in approximately the last ten years. B2Gold has a longstanding commitment to continuous safety improvement at all of its sites, and its goal of sending everyone home safe at each of its operations and projects.
- Renewed revolving credit facility in December 2024, increasing the total borrowing capacity to $800 million: On December 17, 2024, B2Gold completed the renewal of its revolving credit facility, increasing the total available amount from $700 million to $800 million, plus a $200 million accordion feature. The new revolving credit facility has a term until December 17, 2028. The revolving credit facility was completed with a syndicate of banks: Canadian Imperial Bank of Commerce, ING Bank N.V., The Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, HSBC Bank USA, National Association and Citibank N.A., Canadian Branch.
2025 Guidance Highlights
- Total gold production is anticipated to be between 970,000 and 1,075,000 ounces: Total gold production for 2025 is expected to be between 970,000 and 1,075,000 ounces. The expected increase in gold production relative to 2024 is predominantly due to the scheduled mining and processing of higher-grade ore from the Fekola Phase 7 and Cardinal pits made accessible by the meaningful deferred stripping campaign that was undertaken throughout 2024, the expected contribution from Fekola Regional starting in mid-2025, the commencement of mining of higher-grade ore at Fekola underground, and the commencement of gold production at the Goose Project by the end of the second quarter of 2025, partially offset by the scheduled conclusion of open pit mining activities at the Otjikoto Mine in the third quarter of 2025.
- Total consolidated cash operating costs and all-in sustaining costs remain stable: Total consolidated cash operating cost guidance ( see "Non-IFRS Measures") for the Fekola Complex, Masbate Mine, and Otjikoto Mine for 2025 of between $835 and $895 per gold ounce. Total all-in sustaining cost guidance ( see "Non-IFRS Measures") for the Fekola Complex, Masbate Mine, and Otjikoto Mine for 2025 of between $1,460 and $1,520 per gold ounce. Operating cost guidance for the Goose Project will be released in the second quarter of 2025 (prior to the commencement of initial production), after publication in the first quarter of 2025 of B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves.
- B2Gold's initial Goose Project life of mine plan to be released at the end of the first quarter of 2025 based on updated Mineral Reserves: The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031.
- Total Goose Project construction and mine development cash expenditure estimate before first production remains at C$1,540 million: As of September 30, 2024, C$1,176 million of construction and mine development cash expenditures (or 76% of the total estimated cash expenditures) had been incurred. Based on its unaudited November 2024 cost report, the Company estimates that approximately 83% of the total estimated cash expenditures to first gold had been incurred as of November 30, 2024. Reconciled total cash expenditures as of December 31, 2024, will be published with the Company's year-end financial statements to be released in February 2025. Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to the first gold pour in the second quarter of 2025, the Company reiterates the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million.
- Goose Project construction and development remains on schedule for first gold pour in the second quarter of 2025: All planned construction activities for 2024 were completed and project construction and development continue to progress on track to achieve first gold pour at the Goose Project in the second quarter of 2025. Following the successful completion of the 2024 sea lift, the construction of the 163 kilometer ("km") Winter Ice Road ("WIR") is well underway and expected to be completed on schedule and fully operational before March 2025, allowing for the transportation of all materials from the Marine Laydown Area ("MLA") to the Goose Project site by the end of May 2025.
- Mining and trucking operations anticipated to commence at Fekola Regional in 2025, with first gold production expected in mid-2025; initial gold production at Fekola underground also expected in mid-2025: Following the expected receipt of the exploitation license for Fekola Regional in the first quarter of 2025, mining and trucking operations will commence, with gold production expected in mid-2025. The contribution of higher-grade open pit ore from Fekola Regional, to be trucked to the Fekola mill, is anticipated to contribute between 20,000 and 25,000 ounces in 2025 with average contribution of approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029. The approval of the exploitation phase to mine the higher-grade ore at Fekola underground is expected to be received in the second quarter of 2025 with initial gold production from Fekola underground expected in mid-2025. Significant exploration potential remains across the Fekola Complex to further extend mine life.
- Preliminary economic assessment(" PEA") on the Antelope deposit at Otjikoto expected early in the first quarter of 2025: Following the successful completion in 2024 of an initial Inferred Mineral Resource Estimate for the Springbok Zone, which is the southernmost shoot of the recently discovered Antelope deposit located approximately three km south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia, the Company commenced a PEA which is expected to be completed early in the first quarter of 2025. Subject to receipt of a positive PEA and necessary permits and approvals, mining of the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028. An initial budget of up to $10 million has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits and long lead orders. Exploration of the greater Antelope deposit has the potential to supplement the processing of low-grade stockpiles at Otjikoto, with an initial goal of adding between 80,000Â and 90,000 ounces of additional gold production per year from 2029 through 2032, with potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit.
- Feasibility Study on the Gramalote Project in Colombia targeted for completion in mid-2025: The positive PEA results on the Company's 100% owned Gramalote Project, completed in the second quarter of 2024, outlined a significant production profile with average annual gold production of 234,000 ounces per year for the first five years of production, and strong project economics over a 12.5 year project life. As a result, B2Gold commenced work on a feasibility study with the goal of completion in mid-2025. Feasibility work including geotechnical investigation, processing design and site infrastructure design is underway and the study remains on schedule.
- Continued focus on exploration investment across B2Gold's prospective land packages: $61 million is budgeted for exploration in 2025 to support organic growth by advancing the Company's pipeline of development, brownfield and greenfield exploration projects, with a considerable portion allocated to continue the significant exploration campaign at the Back River Gold District.
Fourth Quarter and Full Year 2024 Gold Production
Mine-by-mine production in the fourth quarter and full year 2024 was as follows:
| Gold Production (ounces) | |||
| Mine | Q4 2024 | FY 2024 | FY 2024 Revised Guidance |
| Fekola | 84,015 | 392,946 | 420,000 - 450,000 |
| Masbate | 49,534 | 194,046 | 175,000 - 195,000 |
| Otjikoto | 52,452 | 198,142 | 185,000 - 205,000 |
| Equity interest in Calibre ( 1 ) | - | 19,644 | 20,000 |
| Total | 186,001 | 804,778 | 800,000 – 870,000 |
(1 ) Subsequent to June 20, 2024, B2Gold no longer recorded attributable production for Calibre.
Fekola Mine – Mali
| Q4 2024 | |
| Tonnes of ore milled | 2,442,390 |
| Grade (grams/tonne) | 1.17 |
| Recovery (%) | 91.9 |
| Gold production (ounces) | 84,015 |
| Gold sold (ounces) | 86,453 |
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 84,015 ounces in the fourth quarter, lower than anticipated largely due to delays experienced in accessing higher-grade ore in Fekola Phase 7, a result of lower realized mine production from the Fekola Phase 7 and Cardinal pits during the period. Damage to an excavator and the subsequent need for replacement equipment impacted equipment availability for the first nine months of 2024, reducing tonnes mined, which continued to affect the availability of higher-grade ore of Fekola Phase 7 during the fourth quarter of 2024 resulting in less higher-grade ore processed. Mining and processing of these higher-grade tonnes is now expected in 2025 as equipment availability had returned to full capacity and mining rates were at expected levels at the end of 2024. Despite short term variations, overall mined ore volumes and grades continue to reconcile relatively well with modelled values. The Fekola processing facilities continued to perform as expected with 2.4 million tonnes processed during the fourth quarter of 2024.
For the full year 2024, the Fekola Mine produced 392,946 ounces of gold, below the low-end of its revised annual guidance range of between 420,000 and 450,000 ounces due to the significant delays in accessing the higher-grade ore from Fekola Phase 7. At the end of 2024, equipment availability was at full capacity and mining rates were as expected, positioning Fekola for strong operational performance in 2025. The Fekola Mine and mill are operating without limitations and gold production is being exported for refining as per its regular planned schedule.
Masbate Mine – The Philippines
| Q4 2024 | |
| Tonnes of ore milled | 2,190,610 |
| Grade (grams/tonne) | 0.95 |
| Recovery (%) | 74.1 |
| Gold production (ounces) | 49,534 |
| Gold sold (ounces) | 51,010 |
The Masbate Mine in the Philippines continued its strong performance in the fourth quarter of 2024, producing 49,534 ounces of gold, ahead of expectations, as a result of higher than anticipated mill throughput and slightly higher ore grade than budgeted, partially offset by slightly lower than expected gold recovery.
For the full year 2024, the Masbate Mine produced 194,046 ounces of gold, at the upper end of its revised guidance range of between 175,000 and 195,000 ounces.
Otjikoto Mine – Namibia
| Q4 2024 | |
| Tonnes of ore milled | 788,536 |
| Grade (grams/tonne) | 2.10 |
| Recovery (%) | 98.6 |
| Gold production (ounces) | 52,452 |
| Gold sold (ounces) | 50,330 |
The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, also had a strong performance, producing 52,452 ounces of gold in the fourth quarter of 2024, with production from the Wolfshag underground mine remaining consistent through the quarter.
For the full year 2024, the Otjikoto Mine produced 198,142 ounces of gold, near the mid-point of its revised guidance range of between 185,000 and 205,000 ounces.
Fourth Quarter and Full Year 2024 Gold Revenue / Year-End 2024 Cash and Revolving Credit Facility Balance
For the fourth quarter of 2024, consolidated gold revenue was $500 million on sales of 187,793 ounces at an average realized gold price of $2,661 per ounce. For the full year 2024, consolidated gold revenue was $1.90 billion on sales of 801,524 ounces at an average realized gold price of $2,373 per ounce.
As of December 31, 2024, unaudited cash and cash equivalents totaled approximately $340 million and $400 million had been drawn on the Company's revolving credit facility, leaving $400 million available for future drawdowns, plus a $200 million accordion feature.
2025 Production and Cost Guidance
| Guidance (100% Basis) (1) | Fekola Complex (2) | Masbate | Otjikoto | Existing Operations Total | Goose | Other | Operations & Projects Total | |
| Period | Full Year | Full Year | Full Year | Full Year | H1 | H2 (3) | Full Year | Full Year |
| Gold Production (koz) | 515 – 550 | 170 - 190 | 165 – 185 | 850 - 925 | - | 120 - 150 | - | 970 – 1,075 |
| Cash Operating Costs  ($/oz produced) | 845 - 905 | 955 – 1,015 | 695 – 755 | 835 – 895 (4) | - | - | - | - |
| Sustaining Capital Expenditures ($M) | 77 | 22 | 13 | 112 | 8 | - | - | 120 |
| Deferred Stripping / Underground Development ($M) | 120 | 8 | 16 | 144 | - | - | - | 144 |
| Sustaining Mine Exploration Expenditures ($M) | 4 | - | - | 4 | - | 10 | - | 14 |
| General & Administrative (incl. Stock Based Compensation) ($M) | 15 | 7 | 6 | 28 | - | - | 66 | 94 |
| All-In Sustaining Costs ($/oz sold) | 1,550 – 1,610 | 1,310 – 1,370 | 980 – 1,040 | 1,460 – 1,520 (4) | - | - | - | - |
| Growth / Construction Capital Expenditures ($M) | 16 | 17 | - | 33 | 101 | - | 28 | 162 |
| Deferred Stripping / Underground Development ($M) | 21 | - | 10 | 31 | 69 | - | - | 100 |
| Growth Exploration Expenditures ($M) | 5 | 3 | 7 | 15 | 15 | 7 | 11 | 48 |
| Total Growth / Non-Sustaining Capital Expenditures ($M) | 42 | 20 | 17 | 79 | 185 | 7 | 39 | 310 |
(  1  )  Totals may not add due to rounding  . Estimates are based on a $2,250 gold price assumption for 2025.
 (2) The Fekola Complex comprises of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and the Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto and Bakolobi permits) and the Dandoko permit).
 (3) Goose Mine operating cash costs, all-in sustaining costs, and capital expenditures estimates for the second half of 2025 will be released in Q2 2025 after the release of  B2Gold's initial  Goose life of mine plan.
 (  4  ) Total cash operating costs and all-in sustaining costs do not include estimates for the Goose Mine, which will be updated in Q2 2025 prior to commencement of initial  gold production at the Goose Mine  .
In 2025, B2Gold expects total gold production to be between 970,000 and 1,075,000 ounces, a significant increase from 2024 production levels primarily due to the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that was undertaken throughout 2024, the expected contribution from Fekola Regional, the commencement of mining of higher-grade ore at Fekola underground, and the commencement of gold production at the Goose Project by the end of the second quarter of 2025.
The Company's full year total cash operating costs for the Fekola Complex, Masbate, and Otjikoto are forecast to be between $835 and $895 per ounce and total AISC are forecast to be between $1,460 and $1,520 per ounce. Operating cost guidance for the Goose Project will be released in the second quarter of 2025 (prior to the commencement of initial production), after publication in the first quarter of 2025 of B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves.
The Company's total gold production is expected to be significantly higher in the second half of 2025, with the commencement of gold production from Fekola Regional and Fekola underground in mid-2025, and the commencement of gold production at the Goose Project expected by the end of the second quarter of 2025.
Fekola Complex – Mali
The Fekola Complex comprises of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits) and the Dandoko permit). The Fekola Complex's total 2025 gold production is anticipated to increase significantly relative to 2024, predominantly due to the contribution of higher-grade ore from Fekola Regional and Fekola underground in mid-2025. Fekola Regional is anticipated to contribute between 20,000 and 25,000 ounces of additional gold production in 2025 through the trucking of open pit ore to the Fekola mill, and between 25,000 and 35,000 ounces of gold production is expected from the mining of higher-grade ore at Fekola underground, with production expected to commence in mid-2025.
The development of Fekola Regional will enhance the overall Fekola Complex life of mine production profile and is expected to extend the mine life of the Fekola Complex. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029. Significant exploration potential remains across the Fekola Complex to further extend mine life.
At the Fekola Mine, ore will continue to be mined from the Fekola and Cardinal pits with production of higher-grade ore at Fekola underground expected to commence in mid-2025. Mining and trucking operations at Fekola Regional will commence following the expected receipt of the exploitation license in the first quarter of 2025, with initial gold production expected in mid-2025.
The Fekola Complex is projected to process 9.56 million tonnes of ore during 2025 at an average grade of 1.84 grams per tonne ("g/t") gold with a process gold recovery of 93.4%. Gold production is expected to be weighted approximately 40% to the first half of 2025 and 60% to the second half of 2025.
Capital expenditures in 2025 at Fekola are expected to total approximately $234 million, nearly a $75 million reduction from total estimated capital expenditures in 2024. Approximately $197 million would be classified as sustaining capital expenditures and $37 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected to include approximately:
- $106 million for deferred stripping;
- $44 million for new and replacement Fekola mining equipment;
- $15 million for tailings storage facility construction;
- $14 million for underground development;
- $7 million for other mining costs;
- $5 million for general site expenses;
- $4 million for powerhouse; and
- $2 million for process plant.
Growth capital expenditures are expected to include approximately:
- $21 million for underground development;
- $14 million for regional development; and
- $2 million for mining equipment.
Masbate Mine – The Philippines
Gold production at Masbate is expected to be relatively consistent throughout 2025. Masbate is projected to process 8.0 million tonnes of ore at an average grade of 0.88 g/t gold with a process gold recovery of 79.9%. Mill feed will be a blend of mined fresh ore from the Main Vein pit and low-grade ore stockpiles.
Capital expenditures for 2025 at Masbate are expected to total $47 million, similar to total estimated capital expenditures in 2024. Approximately $30 million would be classified as sustaining capital expenditures and $17 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected to include approximately:
- $8 million for deferred stripping;
- $7 million for mining equipment rebuilds and replacements;
- $6 million for construction of a new solar plant;
- $5 million for tailings storage facility construction;
- $3 million for processing; and
- $1 million for general site expenses.
Growth capital expenditures are expected to include approximately $13 million for Pajo pit land acquisition and $4 million for Pajo development.
Otjikoto Mine – Namibia
Gold production at Otjikoto will be weighted towards the first half of 2025 due to the conclusion of open pit mining activities in the third quarter of 2025. For the full year 2025, Otjikoto is projected to process a total of 3.4 million tonnes of ore at an average grade of 1.63 g/t gold with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles. Open pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027. Exploration results received to date indicate the potential to extend underground production at Wolfshag past 2027, supplementing the processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.
Following the 2024 release of an initial Inferred Mineral Resource Estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit, located approximately three km south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia, the Company commenced a PEA which is expected to be completed early in the first quarter of 2025. Subject to receipt of a positive PEA and necessary permits and approvals, mining of the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028. An initial budget of up to $10 million has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits and long lead orders. Exploration of the greater Antelope deposit has the potential to supplement the processing of ore stockpiles at the Otjikoto Mine, with an initial goal of adding between 80,000Â and 90,000 ounces of additional gold production per year from 2029 through 2032, with potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit.
Capital expenditures in 2025 at Otjikoto are expected to total $39 million, a small increase from total estimated capital expenditures in 2024. Approximately $29 million would be classified as sustaining capital expenditures and $10 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected to include approximately:
- $16 million for underground development;
- $7 million for tailings storage facility construction; and
- $6 million for mining equipment replacement and rebuilds.
Growth capital expenditures are expected to include approximately $10 million to initiate Antelope deposit development.
Goose Project – Canada
The Back River Gold District consists of eight mineral claims blocks along an 80 km belt. Construction is underway at the most advanced project in the district, the Goose Project, and has been de-risked with significant infrastructure currently in place.
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association ("KIA") is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.
All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031. The Company remains on track to complete B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves by the end of the first quarter of 2025.
Following the successful completion of the 2024 sea lift, the construction of the WIR is well underway and expected to be completed on schedule and fully operational before March 2025, allowing for the transportation of all materials from the MLA to the Goose Project site by the end of May 2025.
Development of the open pit and underground remain the Company's primary focus to ensure that adequate material is available for mill startup and that the Echo pit is available for tailings placement. Mining of the Echo pit continues to meet production targets and is anticipated to be ready to receive tailings when the mill starts. The Umwelt underground development remains on schedule for commencement of production by the end of the second quarter of 2025.
As of September 30, 2024, C$1,176 million of construction and mine development cash expenditures (or 76% of the total estimated cash expenditures) had been incurred. Based on its unaudited November 2024 cost report, the Company estimates that approximately 83% of the total estimated cash expenditures to first gold had been incurred as of November 30, 2024. Reconciled total cash expenditures as of December 31, 2024, will be published with the Company's year-end financial statements to be released in February 2025. Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to the first gold pour in the second quarter of 2025, the Company reiterates the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million, as announced on September 12, 2024.
Gramalote Project – Colombia
On June 18, 2024, the Company announced the results of a positive PEA on its 100% owned Gramalote Project located in the Department of Antioquia, Colombia. The PEA outlines a significant production profile of 234,000 ounces of annual gold production for the first five years, with average annual gold production of 185,000 ounces over a 12.5 year project life with a low-cost structure and favorable metallurgical characteristics. Additionally, the PEA outlines strong project economics with an after-tax NPV 5% of $778 million and an after-tax internal rate of return of 20.6%, with a project payback on pre-production capital of 3.1 years at a long-term gold price of $2,000 per ounce.
The pre-production capital cost for the project was estimated to be $807 million (including approximately $93 million for mining equipment and $63 million for contingency). A robust amount of historical drilling and engineering studies have been completed on the Gramalote Project, which significantly de-risks future project development. Based on the positive results from the PEA, B2Gold believes that the Gramalote Project has the potential to become a medium-scale, low-cost open pit gold mine.
B2Gold has commenced feasibility work with the goal of completing a feasibility study in mid-2025. Due to the work completed for previous studies, the work remaining to finalize a feasibility study for the updated medium-scale project is not expected to be extensive. The main work programs for the feasibility study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates. Those work programs, as well as processing engineering and site infrastructure design, are underway and the study is on schedule.
The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.
Due to the desired modifications to the processing plant and infrastructure locations, a Modified Environment Impact Study is required. B2Gold has commenced work on the modifications to the Environment Impact Study and expect it to be completed and submitted shortly following the completion of the feasibility study. If the final economics of the feasibility study are positive and B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.
Capital expenditures in 2025 at Gramalote are expected to be relatively stable throughout the year, totaling $28 million related primarily to feasibility study costs and ongoing care and maintenance.
Exploration
B2Gold is planning another year of extensive exploration in 2025 with a budget of approximately $61 million. A significant focus will be on exploration at the Back River Gold District, with the goal of enhancing and growing the significant resource base at the Goose Project and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine will be focused on enhancing and increasing the resources at the Antelope deposit. In Mali, an ongoing focus will be on discovery of additional high-grade, sulphide mineralization across the Fekola Complex. In the Philippines, the exploration program at Masbate will continue to focus on new targets located south of the Masbate Mine infrastructure. Early stage exploration programs will continue in the Philippines, Cote d'Ivoire and Kazakhstan in 2025. Finally, the search for new joint ventures and strategic investment opportunities will continue, building on existing equity investments in Snowline Gold Corp., Founders Metals Inc., AuMEGA Metals Ltd., and Prospector Metals Corp.
Canada Exploration
A total of $32 million is budgeted for exploration at the Back River Gold District in 2025, of which $21 million is planned for the more advanced Goose Project. A total of 12,000 meters ("m") of drilling will target extensions of the Llama and Umwelt deposits, the largest and highest-grade resources at the Goose Project. In addition, follow up drilling of significant results returned at the Nuvuyak, Mammoth and Hook targets are planned.
Regional exploration including geophysics, mapping, prospecting and till sampling will be undertaken on the George, Boot, Boulder, Del, Beech and Needle projects. This regional work will also include an estimated 13,000 m of diamond drilling to follow up drill ready targets defined during the 2024 summer regional exploration program. A significantly increased budget of $11 million is being allocated for the regional projects.
Mali Exploration
A total of $9 million is budgeted for exploration in Mali in 2025 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. A total of 16,000 m of diamond and reverse circulation drilling is planned for Mali in 2025.
Namibia Exploration
A total of $7 million is budgeted for exploration at Otjikoto in 2025. The focus of the exploration program will be drilling to expand and refine the recently discovered Antelope deposit, located approximately 3 km south of Phase 5 of the Otjikoto open pit, with a total of 44,000 m of drilling planned.
The Philippines Exploration
The total budget for the Philippines in 2025 is approximately $5 million, of which the Masbate exploration budget is $3 million, including approximately 4,200 m of drilling. The 2025 exploration program will continue to focus on exploration of new regional targets located south of the main mine infrastructure at Masbate.
An additional $2 million will be allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold's presence and operational experience in the country. A total of 2,000 m is allocated to testing new projects.
Grassroots Exploration
B2Gold has allocated approximately $9 million to other grassroots exploration projects in 2025. This includes $2 million (7,200 m) in Kazakhstan, $2 million in Finland, and $1 million (1,000 m) in Cote d'Ivoire. In addition to the defined programs noted above, the Company has allocated approximately $4 million for the generation and evaluation of new greenfield targets.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.
Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; projected gold production, cash operating costs and all-in sustaining costs ("AISC") on a consolidated and mine by mine basis in 2025 for the Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Goose Project; total consolidated cash operating costs of between $835 and $895 per ounce and AISC of between $1,420 and $1,480 per ounce in 2024; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025, with cash operating costs of between $835 and $895 per ounce and AISC of between $1,460 and $1,520 per ounce; B2Gold's continued prioritization of developing the Goose Project in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Project capital cost being approximately C$1,190 million and the net cost of open pit and underground development, deferred stripping, and sustaining capital expenditures to be incurred prior to first gold production being approximately C$350 million and the cost for reagents and other working capital items being C$330 million; the Goose Project producing approximately 310,000 ounces of gold per year for the first six years; the potential for first gold production in the second quarter of 2025 from the Goose Project and the estimates of such production; trucking of selective higher-grade saprolite material from the Anaconda Area to the Fekola mill having the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola Regional sources; the receipt of the exploitation permit for Fekola Regional and Fekola Regional production expected to commence in the second quarter of 2025; the receipt of a permit for Fekola underground and Fekola underground commencing operation in mid-2025; the potential for the Antelope deposit to be developed as an underground operation and contribute gold during the low-grade stockpile processing in 2029 through 2032; the results and estimates in the Gramalote PEA, including the project life, average annual gold production, processing rate, capital cost, net present value, after-tax net cash flow, after-tax internal rate of return and payback; the timing and results of a feasibility study on the Gramalote Project; the potential to develop the Gramalote Project as an open pit gold mine; and planned 2025 exploration budgets for Canada, Mali, Namibia, The Philippines, Finland, Cote D'Ivoire and other grassroots projects. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected AISC to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold's operational performance and ability to generate cash flows. AISC, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this prospectus, any prospectus supplement and the documents incorporated by reference herein or therein are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC's disclosure rules the SEC for domestic United States Issuers (the "SEC Rules"), (the "Exchange Act"). Accordingly, mineral reserve and mineral resource information and other technical information contained in this news release may not be comparable to similar information disclosed by United States companies subject to the SEC's reporting and disclosure requirements for domestic United States issuers.
Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold's measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry De Geer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
News Provided by GlobeNewswire via QuoteMedia
Kinross to announce 2024 Q4/full-year results and 2025 guidance on February 12, 2025
Kinross Gold Corporation (TSX: K; NYSE: KGC) (the "Company") will release its 2024 fourth-quarter and full-year financial statements and operating results on Wednesday, February 12, 2025, after market close. The Company will also provide its full-year 2025 guidance, mineral reserve, and mineral resource statement as of December 31, 2024, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 13, 2025, at 8 a.m. ET to present the results, followed by a question-and-answer session.
The call-in numbers for the conference call on Thursday, February 13, 2025, at 8 a.m. ET are as follows:
Canada & US toll-free – +1 (888) 596-4144; Passcode: 8057299
Outside of Canada & US – +1 (646) 968-2525; Passcode: 8057299
Replay (available up to 14 days after the call):
Canada & US toll-free – +1 (800) 770-2030; Passcode: 8057299
Outside of Canada & US – +1 (647) 362-9199; Passcode: 8057299
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com . The audio webcast will be archived on www.kinross.com .
Kinross' quarterly reporting schedule for the remainder of 2025 will be as follows:
- Q1 2025 – Tuesday, May 6, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Wednesday, May 7, 2025, at 7:45 a.m. ET.
- Annual Meeting of Shareholders – Wednesday, May 7, 2025; the meeting will be held at 10 a.m. ET.
- Q2 2025 – Wednesday, July 30, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Thursday, July 31, 2025, at 8 a.m. ET.
- Q3 2025 – Tuesday, November 4, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Wednesday, November 5, 2025, at 8 a.m. ET.
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 289-455-1950
victoria.barrington@kinross.com
Investor Relations Contact
David Shaver
Senior Vice-President
phone: 416-365-2761
InvestorRelations@kinross.com
Source: Kinross Gold Corp.
News Provided by GlobeNewswire via QuoteMedia
Kinross to announce 2024 Q4/full-year results and 2025 guidance on February 12, 2025
Kinross Gold Corporation (TSX: K; NYSE: KGC) (the "Company") will release its 2024 fourth-quarter and full-year financial statements and operating results on Wednesday, February 12, 2025, after market close. The Company will also provide its full-year 2025 guidance, mineral reserve, and mineral resource statement as of December 31, 2024, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 13, 2025, at 8 a.m. ET to present the results, followed by a question-and-answer session.
The call-in numbers for the conference call on Thursday, February 13, 2025, at 8 a.m. ET are as follows:
Canada & US toll-free – +1 (888) 596-4144; Passcode: 8057299
Outside of Canada & US – +1 (646) 968-2525; Passcode: 8057299
Replay (available up to 14 days after the call):
Canada & US toll-free – +1 (800) 770-2030; Passcode: 8057299
Outside of Canada & US – +1 (647) 362-9199; Passcode: 8057299
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com . The audio webcast will be archived on www.kinross.com .
Kinross' quarterly reporting schedule for the remainder of 2025 will be as follows:
- Q1 2025 – Tuesday, May 6, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Wednesday, May 7, 2025, at 7:45 a.m. ET.
- Annual Meeting of Shareholders – Wednesday, May 7, 2025; the meeting will be held at 10 a.m. ET.
- Q2 2025 – Wednesday, July 30, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Thursday, July 31, 2025, at 8 a.m. ET.
- Q3 2025 – Tuesday, November 4, 2025; financial statements and operating results will be released after market close. A conference call and audio webcast will be held on Wednesday, November 5, 2025, at 8 a.m. ET.
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 289-455-1950
victoria.barrington@kinross.com
Investor Relations Contact
David Shaver
Senior Vice-President
phone: 416-365-2761
InvestorRelations@kinross.com
Source: Kinross Gold Corp.
News Provided by GlobeNewswire via QuoteMedia
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