Bam Bam Resources Corp. (CSE: BBR) (CSE: BBR.WT) has announced a name and symbol change to Majuba Hill Copper Corp. (CSE: JUBA) (CSE: JUBA.WT) and a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidated common share for every ten (10) pre-consolidated common shares.
As a result, the outstanding shares of the company will be reduced to approximately 19,303,881 common shares.
The shares will begin trading on a consolidated basis and with a new name and CUSIP number on May 31, 2022.
Please note that all open orders will be cancelled at the end of business on May 30, 2022. Dealers are reminded to re-enter their orders taking into account the share consolidation.
_________________________________
Bam Bam Resources Corp. (CSE: BBR) (CSE: BBR.WT) a annoncé un changement de nom et de symbole pour Majuba Hill Copper Corp. (CSE: JUBA) (CSE: JUBA.WT) et une consolidation de ses actions ordinaires émises et en circulation sur la base d'une (1) action ordinaire post-consolidée pour dix (10 ) actions ordinaires pré-regroupées.
En conséquent, les actions en circulation de la société seront réduites à environ 19 303 881 actions ordinaires.
Les actions commenceront à être négociées sur une base consolidée et sous un nouveau nom et un nouveau numéro CUSIP le 31 mai 2022.
Veuillez noter que tous les ordres ouverts seront annulés à la fin des activités le 30 mai 2022. Il est rappelé aux concessionnaires de saisir à nouveau leurs ordres en tenant compte du regroupement d'actions.
| Trading on a Consolidated Basis/Négociation sur une base consolidée: | le 31 mai/May 2022 |
| Record Date/Date d'enregistrement: | le 1 juin/June 2022 |
| New Name/ Nouveau nom: | Majuba Hill Copper Corp. |
| New Symbol/ NOUVEAU symbole: | JUBA |
| NEW/NOUVEAU CUSIP: | 56086E 10 8 |
| NEW/NOUVEAU ISIN: | CA 56086E 10 8 8 |
| Old Symbol/Vieux symbole: | BBR |
| Old/Vieux CUSIP & ISIN: | 059359208/CA0593592086 |
| Effective Date/ Date effective : | le 31 mai/May 2022 |
| New Name/ Nouveau nom: | Majuba Hill Copper Corp. 14SEP2023 Warrants |
| New Symbol/ NOUVEAU symbole: | JUBA.WT |
| NEW/NOUVEAU CUSIP: | 56086E 11 6 |
| NEW/NOUVEAU ISIN: | CA 56086E 11 6 1 |
| Old Symbol/Vieux symbole: | BBR.WT |
| Old/Vieux CUSIP & ISIN: | 059359117/CA0593591179 |
If you have any questions or require further information please contact Listings at (416) 367-7340 or E-mail: Listings@thecse.com
Pour toute question ou information complémentaire, veuillez contacter Listings au 416 367-7340 ou par courriel à: Listings@thecse.com
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Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) ("Bam Bam" or the "Company") is pleased to announce that the expanded soil sampling program is underway for the Majuba Hill Project in Pershing County, Nevada. The program is designed to expand on the very encouraging results reported from the 2021 program (see Bam Bam News Release October 14, 2021). The 2021 soil sampling program expanded the DeSoto Copper Oxide Target and the Copper-Gold Target zones, however, the anomalous areas are still open to the northeast at the DeSoto and to the east of the Copper-Gold Target.
Figure 1
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David Greenway, President and CEO, commented: "The very-encouraging results from the newly-discovered DeSoto Copper Oxide and the Copper-Gold Target zones led us to roll out an expanded soil sampling program. The anomalous areas are still open to the northeast at the DeSoto and to the east of the Copper-Gold Target and I look forward to how much further this program will expand the already massive Majuba Hill copper, silver and gold district size asset."
About Majuba Hill
Copper mineralization at Majuba is centered within a large contiguous land position. Bam Bam has 100% control of the emerging Majuba Hill Copper District by private surface and mineral ownership, patented mining claims, and Federal Lode Mining claims. The property is in Nevada, a Tier 1 mining district that is the most mining friendly place in North America with well-developed transportation, power, and workforce infrastructure.
Majuba is easily reached by 23 miles of well-maintained roads leading from U.S. Interstate 80. The existing highways are sufficient for transportation of exploration-size heavy equipment. Development logistics will be able to use the 4 lane Interstate 80 highway, Union Pacific railroad tracks, as well as power, natural gas, and fiber optic transmission lines in the rail - highway corridor.
Qualified Person
The scientific and technical information contained in this news release has been reviewed by E.L. "Buster" Hunsaker III, CPG 8137, a non-independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
About Bam Bam Resources Corp.
Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
On Behalf of the Board of Bam Bam Resources Corp.
"David Greenway"
David C. Greenway
President & CEO
For further information, please contact:
Joel Warawa
VP of Corporate Communications
E: jw@bambamresources.com
P: 1 (855) 475-0745
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Bam Bam Resources Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Bam Bam Resources Corp. management on the date the statements are made. Except as required by law, Bam Bam Resources Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
###
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Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) ("Bam Bam" or the "Company") is pleased to have signed a core drilling contract with Falcon Drilling, Inc. for the Majuba Hill Project in Pershing County Nevada. Falcon drilled at Majuba in 2020 and 2021. Drilling is planned to begin in mid-April.
Figure 1
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Approximately 4,000 meters (13,000 ft) is planned to drill deeper holes below the copper enriched Known Copper Oxide Zone and to extend the granodiorite footprint discovered in the Copper-Gold Target area.
David Greenway, President and CEO, commented: "This is a key development phase for Majuba Hill. I expect these deeper holes to expand the copper mineralization footprint and signify that Majuba can be a very significant source for world copper demands."
Project Infrastructure and Development
Copper mineralization at Majuba is centered within a large contiguous land position. Bam Bam has 100% control of the emerging Majuba Hill Copper District by private surface and mineral ownership, patented mining claims, and Federal Lode Mining claims. The property is in Nevada, a Tier 1 mining district that is the most mining friendly place in North America and has well developed transportation, power, and workforce infrastructure.
Majuba is easily reached by 23 miles of well-maintained roads leading from U.S. Interstate 80. The existing highways are sufficient for transportation of exploration-size heavy equipment. The Company has engaged EM Strategies-A Westland Resources Inc. Company provide long-range environmental planning services. Development logistics can use the 4 lane Interstate 80 highway, Union Pacific railroad tracks and power, natural gas, and fiber optic transmission lines in the rail - highway corridor.
Quality Assurance/Quality Control ("QA/QC") Measures, Chain of Custody
The Company has a QA/QC program using best industry practices in place at the Majuba Hill Project. The samples are transported from the BBR secure warehouse or directly from the project to the ALS Sample Prep Facility in Reno or Elko, Nevada. ALS then transports the prepared pulps to their analytical lab in Reno, Nevada or Vancouver, B.C. Soil and rock chip samples are transported by the company directly to Elko or Reno, Nevada.
Drill core samples are sawn in half lengthwise and one half is placed in labeled cloth sample bags. All samples are analyzed for copper, gold, silver, and 33 other elements. Gold is determined by ALS method Au-AA23 which is a fire assay with an AAS finish on a 30 gram split. Copper, silver and the remaining 31 elements are determined by ALS method ME-ICP61 which is a four acid digestion and ICP-AES assay. Approximately 5% of the submitted samples are drill duplicates and copper-gold-porphyry commercial standard reference material pulps.
Qualified Person
The scientific and technical information contained in this news release has been reviewed by E.L. "Buster" Hunsaker III, CPG 8137, a non-independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
About Bam Bam Resources Corp.
Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
On Behalf of the Board of Bam Bam Resources Corp.
"David Greenway"
David C. Greenway
President & CEO
For further information, please contact:
Joel Warawa
VP of Corporate Communications
E: jw@bambamresources.com
P: 1 (855) 475-0745
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Bam Bam Resources Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Bam Bam Resources Corp. management on the date the statements are made. Except as required by law, Bam Bam Resources Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117129
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Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) ("Bam Bam" or the "Company") is very pleased to have discovered a granodiorite porphyry underlying areas where the Company has drilled significant copper. The discovery strongly supports the large scale copper deposit emerging from the historic mining and recent drilling.
Cross Section 4502840N-Long Section Looking N09E
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Key Highlights:
is just above what is now known to be the same granodiorite making this a good indicator for potential sulfide copper grades.
Oxide copper in the enriched oxide zone are shown below on Section 4503040N.
Cross Section 4503040N Looking N30E
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David Greenway, President and CEO, commented: "We are thrilled about the discovery of granodiorite porphyry underlying areas with drill results of significant copper. This discovery strongly supports that Majuba Hill is a District size copper deposit with a billion-ton potential."
Results
Bam Bam drilled 4,541.4 meters (14,900 ft) in 15 RC holes and 859.4 meters (2,820 ft) in 2 core holes during the 2021 drilling program. All intervals were assayed for total copper that was determined using a four-acid digestion process and analyzed by ALS Method ME-ICP61.
Core holes MHB-20 and MHB-22 discovered the widespread extent of the granodiorite intrusive. The core holes were located to drill into the Copper-Gold soils Target which is coincident with a large remanently magnetic zone that surrounds the Rhyolite Intrusive Assemblage Rocks at Majuba Hill. A deep, northeast-trending Induced Polarization (IP) high also crosses the Copper-Gold Target.
Multiple overlapping porphyry alteration events that were identified throughout the previous drilling and historical work were noted also noted throughout the granodiorite core. In addition to widespread propylitic and phyllic alteration their appears to be extensive potassic alteration and magnetite bearing quartz veining. A second type of tourmaline has also been noted.
These all indicate the granodiorite is probably related to the magma chamber that produced the copper at Majuba Hill. The cross-cutting relationship of the granodiorite and the rhyolite intrusive rocks combined with the magnetic anomalies and the widespread IP geophysics indicate very high potential for a large, copper porphyry at Majuba Hill.
MHB-22 807 ft (245.9 m)
Left: Quartz-Pyrite/Pyrrhotite. Right: Dark zones with Secondary Biotite
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Development and Infrastructure
Copper mineralization at Majuba is centered within a large contiguous land position. Bam Bam has 100% control of the emerging Majuba Hill Copper District by private surface and mineral ownership, patented mining claims, and Federal Lode Mining claims. The Company has engaged EM Strategies-A Westland Resources Inc. Company provide long-range environmental planning services.
The property is in Nevada, a Tier 1 mining district that is the most mining friendly place in North America and has well developed transportation, power, and workforce infrastructure. Majuba is easily reached by 23 miles of well-maintained roads leading from U.S. Interstate 80. The existing highways are sufficient for transportation of exploration-size heavy equipment. Development logistics would use the 4 lane Interstate 80 highway, Union Pacific railroad tracks and power, natural gas, and fiber optic transmission lines in the rail - highway corridor.
Quality Assurance/Quality Control ("QA/QC") Measures, Chain of Custody
The Company has implemented a QA/QC program using best industry practices at the Majuba Hill Project. The samples are transported from the BBR secure warehouse or directly from the project to the ALS Sample Prep Facility in Reno or Elko, Nevada. ALS then transports the prepared pulps to their analytical lab in Reno, Nevada or Vancouver, B.C. Soil and rock chip samples are transported by the company directly to Elko or Reno, Nevada.
Drill core samples are sawn in half lengthwise and one half is placed in labeled cloth sample bags. All samples are analyzed for copper, gold, silver, and 33 other elements. Gold is determined by ALS method Au-AA23 which is a fire assay with an AAS finish on a 30 gram split. Copper, silver and the remaining 31 elements are determined by ALS method ME-ICP61 which is a four acid digestion and ICP-AES assay. Approximately 5% of the submitted samples are drill duplicates and copper-gold-porphyry commercial standard reference material pulps.
Qualified Person
The scientific and technical information contained in this news release has been reviewed by E.L. "Buster" Hunsaker III, CPG 8137, a non-independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
About Bam Bam Resources Corp.
Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Bam Bam Resources Corp.
"David Greenway"
David C. Greenway
President & CEO
For further information, please contact:
Joel Warawa
VP of Corporate Communications
E: jw@bambamresources.com
P: 1 (855) 475-0745
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Bam Bam Resources Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Bam Bam Resources Corp. management on the date the statements are made. Except as required by law, Bam Bam Resources Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116240
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Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) ("Bam Bam" or the "Company") is pleased to announce that all results have been received for the 2021 reverse circulation ("RC") and core holes. Copper, silver, molybdenum, zinc, and gold assays are very encouraging because they support the porphyry copper model that the Company has been developing.
Majuba Hill - Looking North
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Key Highlights:
Significant copper results are shown below on Cross Section 4503040N. It is oriented with the same view as the photo shown above and has a similar scale.
Cross Section 4503040N Looking N30E
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Bam Bam drilled 4,541.4 meters (14,900 ft) in 15 RC holes and 859.4 meters (2,820 ft) in 2 core holes. Results are listed for copper, silver, gold, molybdenum, and zinc on the table at the end of this news release. For each drill hole, the total, length-weighted average values of each element is shown. Significant intervals are also listed. These are based on zones with a minimum of 4.6 m (15 ft) with a minimum of 0.16% Cu. All assays are total copper and were determined using a four-acid digestion process and analyzed by ALS Method ME-ICP61.
Significant Results
The 2021 RC drilling program was designed to in-fill and extend the 2020 Bam Bam drilling and historic holes. Using 3D modeling and cross-sectional evaluation the company focused in the mineralized zones including MHB-2 with:
CuEq=Length-weighted silver converted to copper using US$17/oz Ag & US$2.50/lb. Cu
in the copper-enriched oxide zone. And historic drill hole MMX-24 with:
in the copper-enriched oxide and sulfide zone.
The total contained copper values for all the significant holes is very encouraging because everything drilled had copper. Pending future metallurgical work and resource modeling considerations these data will be parsed out using rigorous evaluation parameters.
MHB-10, and -24
Holes MHB-10 and MHB-24 returned results that are encouraging because the significant intervals filled in and tied together two 0.3% Cu grade shells constructed in 2020. The holes also outline a much larger plus 0.16% Cu zone (see Section 4503040N).
Significant gold from MHB-10 includes:
MHB-14, -15, -18, -21, and -23
Holes MHB-14, -15, -18, -21, and -23 are significant extension drill holes.
MHB-15 and MHB-21 extend the copper mineralization deeper (MHB-21) and northward (MHB-15). MHB-21 had some very high copper within a zone that returned:
MHB-14 and MHB-18 intersected mineralization shallower and west of the middle 0.3% Cu grade shell that the holes were targeting. These results outline more mineralization which will be included in the modeling and appear to tie together the middle copper zone with the historically mined mineral zones.
MHB-14 returned:
MHB-18 is within the high gold corridor and returned:
MHB-23 extended the 2020 0.3% Cu shell northward where it intersected:
MHB-17
Hole MHB-17 did not intersect the expected subvolcanic intrusive rock outcropping at the surface. However, the hole intersected significant intervals of copper and gold which may be pointing towards an additional near-surface zone of copper as well as a second gold corridor. MHB-17 results include:
MHB-20 and -22
Core holes MHB-20 and MHB-22 discovered the previously unknown intrusive. The holes were located to drill into the Copper-Gold soils Target which is coincident with a much larger anomalous remanent magnetic zone identified from the drone magnetic survey in 2021. A deep, northeast-trending Induced Polarization (IP) high also crosses the zone.
Initial reporting identified the intrusive as diorite intrusive. Detailed logging on sawn core clearly indicates that it is granodiorite intrusive. The rhyolite intrusive, which hosts mineralization in the historic mine areas at Majuba and drilled by the RC during 2021, have been logged in a cross-cutting relationship with the granodiorite. Ongoing-detailed logging, thin-section work, and detailed slab-core examination is in-progress to determine the exact relationship between the two intrusive types.
Multiple overlapping porphyry alteration events that have been identified throughout the previous drilling and historical work were noted throughout the granodiorite core. In addition to widespread propylitic and phyllic alteration their appears to be extensive potassic alteration and magnetite bearing quartz veining. Additionally, a second type of tourmaline has been noted. These all indicate the granodiorite is probably related to the magma chamber that produced the copper at Majuba Hill.
The relationship of the granodiorite and the rhyolite intrusives combined with the widespread IP geophysics indicate very high potential for a large, copper porphyry at Majuba Hill.
MHB-22 807 ft (245.9 m)
Left: Quartz-Pyrite/Pyrrhotite. Right: Dark zones with Secondary Biotite
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Summary Discussion of Results
The 2021 drilling results continue to expand on previous Bam Bam drilling and historic drill results. The zones of widespread copper oxide and sulfide enrichment combined with the newly discovered, underlying porphyry-altered granodiorite intrusive strongly outline the potential for Majuba Hill to be a billion ton copper, silver, gold porphyry deposit.
Mineralization is centered within a large contiguous land position. Bam Bam has 100% control of the emerging Majuba Hill Copper District by private ownership, patented mining claims, and Federal Lode Mining claims.
The property is in Nevada, a Tier 1 mining district that is the most mining friendly place in North America and has well developed transportation, power, and workforce infrastructure. Majuba is easily reached by 23 miles of well-maintained roads leading from U.S. Interstate 80. The existing highways are sufficient for transportation of exploration-size heavy equipment. Development logistics would use the 4 lane Interstate 80 highway, Union Pacific railroad tracks and power, natural gas, and fiber optic transmission lines in the rail - highway corridor.
David Greenway, President and CEO, commented: "With copper at all-time highs, Bam Bam anticipates growing into a mid-tier with Majuba moving from a discovery play into a resource development project. Copper use continues to grow and projects the size of Majuba in safe jurisdictions are needed to meet world demands."
Table of Significant Intercepts
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Quality Assurance/Quality Control ("QA/QC") Measures, Chain of Custody
The Company has implemented a QA/QC program using best industry practices at the Majuba Hill Project. The samples are transported from the BBR secure warehouse or directly from the project to the ALS Sample Prep Facility in Reno or Elko, Nevada. ALS then transports the prepared pulps to their analytical lab in Reno, Nevada or Vancouver, B.C. Soil and rock chip samples are transported by the company directly to Elko or Reno, Nevada.
Drill core samples are sawn in half lengthwise and one half is placed in labeled cloth sample bags. All samples are analyzed for copper, gold, silver, and 33 other elements. Gold is determined by ALS method Au-AA23 which is a fire assay with an AAS finish on a 30 gram split. Copper, silver and the remaining 31 elements are determined by ALS method ME-ICP61 which is a four acid digestion and ICP-AES assay. Approximately 5% of the submitted samples are drill duplicates and copper-gold-porphyry commercial standard reference material pulps.
Qualified Person
The scientific and technical information contained in this news release has been reviewed by E.L. "Buster" Hunsaker III, CPG 8137, a non-independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").
About Bam Bam Resources Corp.
Bam Bam Resources Corp. (CSE: BBR) (OTC Pink: NPEZF) (FSE: 4NPB) is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
On Behalf of the Board of Bam Bam Resources Corp.
"David Greenway"
David C. Greenway
President & CEO
For further information, please contact:
Joel Warawa
VP of Corporate Communications
E: jw@bambamresources.com
P: 1 (855) 475-0745
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Bam Bam Resources Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Bam Bam Resources Corp. management on the date the statements are made. Except as required by law, Bam Bam Resources Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115886
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TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.
Jack Lundin , President and CEO commented, "2024 was highlighted by three transformative transactions, along with achieving record copper and zinc production which generated strong revenue and operating cashflow for the Company. Among these deals, the formation of Vicuña Corp. has positioned the Company on a clear path to becoming a top-tier copper producer. Vicuña is targeting a new and updated mineral resource estimate at Filo del Sol and Josemaria within the second quarter of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district in Argentina .
"Operationally, we met copper guidance for the second consecutive year, translating to over $870 million in annual free cash flow from operations 1 . Notwithstanding the $350 million purchase of an additional 19% at Caserones to bring our overall ownership to 70%, our net debt 1 position at year end was just over $1.3 billion . Our debt is expected to be reduced significantly within the first half of this year pending the finalization of the sale of our European assets, Zinkgruvan and Neves-Corvo, making the Company net-debt free on a pro-forma basis. With our strong financial standing and well-positioned asset base, our operations will continue to drive returns, fueling the growth opportunities within our current portfolio of assets.
"Lastly, in 2024 we celebrated our 30 th anniversary, reflecting our longstanding legacy of creating value in the base metals sector. We believe we are well positioned for the future at Lundin Mining and remain committed to executing within our targeted guidance ranges, enhancing margins through sustainable cost control, while upholding the highest health and safety standards to protect our workforce."
Fourth Quarter and Full Year Operational and Financial Highlights
On December 9th, 2024 , the Company announced the sale of its European assets, Zinkgruvan and Neves Corvo, to Boliden. As a result of this, the financial results from these assets are reported as "discontinued operations" in the Company's financial statements and met the criteria to be classified as held-for-sale. The transaction is expected to close at the latest by mid-year 2025, subject to the completion of customary conditions and regulatory approvals.
Fourth Quarter Highlights
__________________ |
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. |
Full Year 2024 Highlights
Total assets of $1,389.7 million and liabilities of $393.1 million have been classified as held for sale for this purpose. A net loss from discontinued operations of $214 .7 million represents the loss after tax of $278.6 million and earnings after tax of $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024 .
___________________ |
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. |
2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the year ended December 31, 2024. |
Summary Financial Results
Three months ended December 31, | Year ended December 31, | ||||
(US$ millions continuing operations except where noted, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |
Revenue | 858.9 | 893.4 | 3,422.6 | 2,743.4 | |
Gross profit | 250.6 | 177.8 | 942.9 | 601.5 | |
Attributable net earnings a | (195.3) | 12.5 | 11.1 | 203.2 | |
Net earnings | (159.6) | 40.4 | 153.4 | 276.9 | |
Adjusted earnings a,b (all operations) | 119.2 | 79.7 | 358.9 | 336.2 | |
Adjusted earnings a,b — continuing operations | 94.8 | 72.4 | 291.7 | 287.5 | |
Adjusted earnings a,b — discontinued operations | 24.4 | 7.3 | 67.2 | 48.7 | |
Adjusted EBITDA b (all operations) | 425.6 | 419.7 | 1,707.0 | 1,363.5 | |
Adjusted EBITDA b — continuing operations | 368.2 | 367.6 | 1,461.8 | 1,145.6 | |
Adjusted EBITDA b — discontinued operations | 57.4 | 52.1 | 245.2 | 217.9 | |
Basic earnings per share ("EPS") a (all operations) | (0.57) | 0.05 | (0.26) | 0.31 | |
Basic earnings per share ("EPS") a — continuing operations | (0.25) | 0.02 | 0.01 | 0.26 | |
Basic earnings per share ("EPS") a — discontinued operations | (0.32) | 0.03 | (0.27) | 0.05 | |
Adjusted EPS a,b (all operations) | 0.15 | 0.10 | 0.46 | 0.44 | |
Adjusted EPS a,b — continuing operations | 0.12 | 0.09 | 0.38 | 0.37 | |
Adjusted EPS a,b — discontinued operations | 0.03 | 0.01 | 0.09 | 0.06 | |
Cash provided by operating activities (all operations) | 620.3 | 306.1 | 1,518.9 | 1,016.6 | |
Cash provided by operating activities related to continuing operations | 547.3 | 249.9 | 1,300.8 | 827.2 | |
Cash provided by operating activities related to discontinued operations | 73.0 | 56.2 | 218.0 | 189.4 | |
Adjusted operating cash flow b (all operations) | 313.9 | 362.0 | 1,302.6 | 1,024.2 | |
Adjusted operating cash flow b — continuing operations | 251.8 | 305.4 | 1,080.0 | 847.3 | |
Adjusted operating cash flow b — discontinued operations | 62.1 | 56.7 | 222.6 | 176.9 | |
Adjusted operating cash flow per share b (all operations) | 0.40 | 0.47 | 1.68 | 1.33 | |
Adjusted operating cash flow per share b — continuing operations | 0.32 | 0.39 | 1.39 | 1.10 | |
Adjusted operating cash flow per share b — discontinued operations | 0.08 | 0.08 | 0.29 | 0.23 | |
Free cash flow b (all operations) | 397.9 | 61.2 | 571.2 | 13.5 | |
Free cash flow b — continuing operations | 360.0 | 43.6 | 508.2 | (19.9) | |
Free cash flow b — discontinued operations | 37.9 | 17.6 | 63.0 | 33.4 | |
Free cash flow from operations b (all operations) | 466.0 | 116.8 | 873.0 | 345.1 | |
Free cash flow from operations b — continuing operations | 423.6 | 95.7 | 797.1 | 300.0 | |
Free cash flow from operations b — discontinued operations | 42.5 | 21.0 | 75.9 | 45.1 | |
Cash and cash equivalents | 357.5 | 268.8 | 357.5 | 268.8 | |
Net debt excluding lease liabilities b | (1,332.3) | (946.2) | (1,332.3) | (946.2) | |
Net debt b | (1,597.8) | (1,223.4) | (1,597.8) | (1,223.4) | |
a Attributable to shareholders of Lundin Mining Corporation. | |||||
b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. |
Operational Performance
Total Production
(Contained metal) a | 2024 | 2023 | ||||||||
YTD | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |
Copper (t) b | 369,067 | 101,491 | 99,855 | 79,708 | 88,013 | 314,798 | 103,337 | 89,942 | 60,057 | 61,462 |
Zinc (t) | 191,704 | 51,946 | 46,610 | 47,460 | 45,688 | 185,161 | 50,719 | 49,774 | 36,115 | 48,553 |
Nickel (t) | 7,486 | 1,617 | 893 | 1,721 | 3,255 | 16,429 | 3,729 | 4,290 | 4,686 | 3,724 |
Gold (koz) b | 158 | 46 | 47 | 32 | 33 | 149 | 44 | 35 | 34 | 36 |
Molybdenum (t) b | 3,183 | 912 | 693 | 714 | 864 | 2,024 | 928 | 1,096 | — | — |
a. Tonnes (t) and thousands of ounces (koz) | ||||||||||
b. Candelaria and Caserones production is on a 100% basis. Caserones results are from July 13, 2023. | ||||||||||
Candelaria (80% owned): Candelaria produced, on a 100% basis, 162,487 tonnes of copper, approximately 93,000 ounces of gold and 2.0 million ounces of silver during the year. Copper and gold production benefited from planned higher grade ore from Phase 11 and in the second half of the year, the operation produced 98,970 tonnes of copper which was one of its best second-half performances in its 30-year history. In late 2024, production from Phase 11 shifted to lower average grades, resulting in annual copper production slightly below the most recently published guidance range. In 2025, production will continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those realized in the second half of 2024. Annual gold production was within the most recently disclosed annual guidance range. Copper cash cost 2 of $1.73 /lb was within the most recently disclosed 2024 cash cost guidance range and benefitted from higher sales volumes, favourable foreign exchange, and higher by-product credits.
Caserones (70% owned): Caserones produced, on a 100% basis, 124,761 tonnes of copper and 3,183 tonnes of molybdenum, both within the most recently disclosed 2024 annual production guidance ranges. Production during the year was impacted by labour action in August which reduced throughput to approximately 50% capacity over a 14-day period. Mine sequencing changes as a result of hydrogeologic conditions in Phase 5 reduced grades and impacted recoveries in the mill during the quarter. Copper cathode production was positively impacted by increased irrigation pattern on the dump leach pad. Copper cash cost 2 of $2.51 /lb was below the low end of the most recently disclosed cash cost guidance range and benefitted from higher by-product credits and favourable foreign exchange.
______________________ |
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. |
2 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of the MD&A for discussion and the Reconciliation of Non-GAAP measures section at the end of this news release. |
Chapada (100% owned): Chapada produced 43,261 tonnes of copper and approximately 65,000 ounces of gold during the year, both metals were within the most recently disclosed 2024 production guidance ranges. An optimized mine plan led to a significant reduction in overall material movement, including waste and ore, and contributed to lower production costs. Increased processing of ore from the older low-grade stockpile and North pit resulted in lower copper production due to lower grades and recoveries. Gold production benefited from higher grades and throughput as emphasis was placed on gold in the current elevated gold price environment. Production costs during the year also benefited from a weakening of the BRL against the USD. Copper cash cost 1 of $1.58 /lb was within the most recently disclosed 2024 cash cost guidance range and benefited from higher by-product credits and favourable foreign exchange.
Eagle (100% owned): Eagle produced 7,486 tonnes of nickel and 6,366 tonnes of copper during the year. Production was impacted by reduced mining rates following a fall of ground in the lower ramp in May, which limited access to Eagle East while ramp rehabilitation was completed. During the quarter mining re-commenced at Eagle East and normal throughput is expected to resume in Q1 2025. Both metals were within the most recently disclosed 2024 production guidance ranges. Production costs decreased in line with lower production and sales. Nickel cash cost 1 of $4.20 /lb was above the most recently disclosed 2024 cash cost guidance range due to mining rates not recovering as quickly as expected in the quarter.
Neves-Corvo (100% owned): Neves-Corvo produced 28,228 tonnes of copper and a record 109,571 tonnes of zinc during the year. Copper production was within the most recently disclosed production guidance range and zinc production benefited from higher throughput as a result of the zinc expansion project, although was slightly below the most recently disclosed annual production guidance range. Production costs during the year decreased in line with sales volumes. Annual copper cash cost 1 of $2.19 /lb benefited from higher by-product credits but exceeded the most recently disclosed 2024 cash cost guidance range as a result of lower than expected sales volumes.
Zinkgruvan (100% owned): Record zinc production of 82,133 tonnes and lead production of 30,888 tonnes during the year were driven by higher throughput, grades and recoveries. Annual zinc production was within the most recently disclosed 2024 production guidance range. Production costs during the year increased in line with higher zinc and lead production and sales volumes. Zinc cash cost 1 of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.
___________________ |
1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. |
Outlook
On January 16, 2025 , the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2025.
2025 Production and Cash Cost Guidance a
Revised Guidance | ||||
(contained metal) | Production | Cash Cost ($/lb) b | ||
Copper (t) | Candelaria (100%) | 140,000 – 150,000 | 1.80 – 2.00 c | |
Caserones (100%) | 115,000 – 125,000 | 2.40 – 2.60 | ||
Chapada | 40,000 – 45,000 | 1.80 – 2.00 d | ||
Eagle | 8,000 – 10,000 | |||
Total | 303,000 – 330,000 | 2.05 – 2.30 | ||
Gold (koz) | Candelaria (100%) | 78 – 88 | ||
Chapada | 57 – 62 | |||
Total | 135 – 150 | |||
Nickel (t) | Eagle | 8,000 – 11,000 | 3.05 – 3.25 | |
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025. b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $2,500/oz, Mo: $17.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:900, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based on receipt of approximately $433/oz gold and $4.32/oz silver. d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. |
2025 Capital Expenditure Guidance a
($ millions) | Guidance b | ||
Candelaria (100% basis) | 205 | ||
Caserones (100% basis) | 215 | ||
Chapada | 85 | ||
Eagle | 25 | ||
Total Sustaining | 530 | ||
Expansionary - Candelaria (100% basis) | 50 | ||
Expansionary - Vicuña Joint Arrangement (50% basis) | 155 | ||
Total Capital Expenditures | 735 |
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025. b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. | |||
2025 Exploration Investment Guidance
Total exploration expenditure guidance for 2025 is $40 million .
Exploration
During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Candelaria was focused on Candelaria South , La Portuguesa and La Espanola.
At Caserones, exploration drilling was completed in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource and potentially expand it. The drilling program at Angelica, in search of copper sulphides, was also completed during the quarter.
Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical anomalies.
At Josemaria, the drilling campaign restarted at Cumbre Verde.
Drilling continued at Eagle during the quarter with one surface hole targeting a geophysical anomaly east of Eagle East. At Neves-Corvo, the 2024 drilling program focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest concluded at the end of the quarter. Drilling at Zinkgruvan was focused on resource expansion.
All 2024 drilling campaigns were successfully completed by the end of the quarter.
Vicuña
During the quarter, the Company focused on preparing for the completion of the acquisition of Filo and formation of the 50/50 Joint Arrangement with BHP, initially announced on July 29, 2024 . The work plan associated with the transaction with BHP progressed as expected. Subsequent to year-end on January 15, 2025 , the Company completed the Filo acquisition and the Joint Arrangement with BHP, resulting in the Company indirectly holding a 50% interest in Vicuña Corp. ("Vicuña"), which owns the FDS project and Josemaria project. BHP indirectly owns the remaining 50% interest in Vicuña.
As part of the Joint Arrangement, the 2024 work scope was changed to include incorporation of new studies and preparation of a resource model relating to FDS, a joint development concept pertaining to the Josemaria and FDS ore bodies as well as processing facilities and infrastructure. An action plan was developed for the combined project, including a 2025 budget that included advancement of studies associated with the synergies between the FDS and Josemaria projects, continuation of the drilling program and advancing the Josemaria project.
Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated project plan for development and operation.
Vicuña is targeting a new mineral resource estimate at FDS and an update to the resource estimate at Josemaria within the first half of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district.
Drilling is currently underway at FDS and Cumbre Verde. Drilling at FDS will continue throughout the year. The drill program at FDS will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.
During the quarter, Josemaria activities were focused on continuing the Environmental Impact Assessment ("EIA") update and maintaining progress on the water program. Field activities continued with the water program, geotechnical studies, road maintenance, wetlands biodiversity offset and exploration drilling at Cumbre Verde.
Senior Leadership Appointments
The Company would also like to announce the executive appointments of Eduardo Cortes as Vice President, Mining & Mineral Resources and Andre Gagnon as Vice President, Geotechnics & Water.
Eduardo Cortes
Eduardo Cortés is the Vice President, Mining & Resources at Lundin Mining Corporate, leading mine planning, reserves, geology, and metallurgy across the company's global operations. With more than 12 years of experience across the Americas, he has a strong track record of mine optimization, cost reduction, and strategic growth.
Previously, at Lundin Mining Corporate, he served as Director, Reserves & Mine Planning, overseeing reserve estimation and technical assurance, and before that, as Senior Mining Engineer, leading high-impact optimization projects at Candelaria, Caserones, and Chapada.
Before joining Lundin Mining, Eduardo was a core member of the Fruta del Norte project at Lundin Gold, developing the mine from feasibility through commercial production. Following this, he served as Chief Engineer at Bluestone Resources, overseeing mine planning efforts. Earlier, at NCL SPA, he worked on major underground projects for Codelco and Anglo American .
Eduardo holds a Mining Engineering degree from Universidad de Santiago de Chile and is fluent in Spanish and English, with intermediate Portuguese.
Andre Gagnon
Andre Gagnon was appointed Vice President, Geotechnics & Water. Mr. Gagnon joined Lundin Mining in 2017 and has served in increasingly senior roles, starting as Senior Tailings & Geotechnical Engineer before progressing to Director, Tailings. Mr. Gagnon is responsible for leading a team of functional experts focused on tailings, water, geotechnical engineering, and hydrogeology. Mr. Gagnon has more than 18 years of experience in the mining industry.
Prior to joining Lundin Mining, he served as Manager, Tailings at Goldcorp and as a consultant focused on tailings and geotechnical engineering, and water management.
Mr. Gagnon holds a B.A.Sc. in Geological Engineering from Queen's University, and an M.Sc. in Engineering Geology from Imperial College London. He is a registered Professional Engineer in Ontario and British Columbia .
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in the Americas and primarily producing copper, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Vancouver Time.
Technical Information
The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Patrick Merrin , P.Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process.
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A the year ended ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca .
Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows:
Three months ended December 31, 2024 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 49,052 | 26,750 | 10,200 | 1,088 | 5,230 | 18,627 | ||
Pounds (000s) | 108,141 | 58,973 | 22,487 | 2,399 | 11,531 | 41,066 | ||
Production costs | 486,877 | 102,300 | ||||||
Less: Royalties and other | (27,839) | (20) | ||||||
459,038 | 102,280 | |||||||
Deduct: By-product credits | (137,021) | (75,716) | ||||||
Add: Treatment and refining | 27,483 | 12,128 | ||||||
Cash cost | 165,039 | 147,826 | 24,107 | 12,528 | 349,500 | 21,230 | 17,462 | 38,692 |
Cash cost per pound ($/lb) | 1.53 | 2.51 | 1.07 | 5.22 | 1.84 | 0.43 | ||
Add: Sustaining capital | 55,526 | 42,988 | 32,916 | 5,224 | 12,680 | 22,470 | ||
Royalties | 4,692 | 7,663 | 2,689 | 696 | 793 | — | ||
Reclamation and other closure accretion and depreciation | 2,129 | (4,457) | 2,373 | 1,734 | 1,184 | 747 | ||
Leases & other | 1,449 | 17,229 | 1,080 | 2,691 | 2,917 | 74 | ||
All-in sustaining cost | 228,835 | 211,249 | 63,165 | 22,873 | 38,804 | 40,753 | ||
AISC per pound ($/lb) | 2.12 | 3.58 | 2.81 | 9.53 | 3.37 | 0.99 | ||
Three months ended December 31, 2023 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 38,888 | 35,690 | 13,080 | 3,105 | 9,054 | 17,316 | ||
Pounds (000s) | 85,733 | 78,683 | 28,836 | 6,845 | 19,961 | 38,176 | ||
Production costs | 533,783 | 114,254 | ||||||
Less: Royalties and other | (22,221) | (2,299) | ||||||
Inventory fair value adjustment | (7,760) | — | ||||||
503,802 | 111,955 | |||||||
Deduct: By-product credits | (136,641) | (67,523) | ||||||
Add: Treatment and refining | 39,139 | 18,799 | ||||||
Cash cost | 152,276 | 183,687 | 54,108 | 16,229 | 406,300 | 39,218 | 24,013 | 63,231 |
Cash cost per pound ($/lb) | 1.78 | 2.33 | 1.88 | 2.37 | 1.96 | 0.63 | ||
Add: Sustaining capital | 79,316 | 55,031 | 19,858 | 6,548 | 28,070 | 10,546 | ||
Royalties | — | 8,270 | 2,174 | 5,003 | 1,081 | — | ||
Reclamation and other closure accretion and depreciation | 2,158 | 1,427 | 2,047 | 2,620 | 1,305 | 933 | ||
Leases & other | 2,901 | 25,715 | 1,131 | 1,101 | 106 | 103 | ||
All-in sustaining cost | 236,651 | 274,130 | 79,318 | 31,501 | 69,780 | 35,595 | ||
AISC per pound ($/lb) | 2.76 | 3.48 | 2.75 | 4.60 | 3.50 | 0.93 | ||
Year ended December 31, 2024 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 158,017 | 113,867 | 39,615 | 5,662 | 26,721 | 68,086 | ||
Pounds (000s) | 348,367 | 251,033 | 87,336 | 12,483 | 58,910 | 150,104 | ||
Production costs | 1,898,627 | 445,227 | ||||||
Less: Royalties and other | (84,501) | (4,785) | ||||||
1,814,126 | 440,442 | |||||||
Deduct: By-product credits | (504,431) | (305,479) | ||||||
Add: Treatment and refining | 113,565 | 55,407 | ||||||
Cash cost | 603,533 | 629,582 | 137,714 | 52,431 | 1,423,260 | 129,128 | 61,242 | 190,370 |
Cash cost per pound ($/lb) | 1.73 | 2.51 | 1.58 | 4.20 | 2.19 | 0.41 | ||
Add: Sustaining capital | 275,720 | 143,965 | 107,843 | 21,222 | 89,302 | 65,658 | ||
Royalties | 15,730 | 32,106 | 8,580 | 7,442 | 3,961 | — | ||
Reclamation and other closure accretion and depreciation | 8,570 | (1,262) | 10,153 | 6,767 | 5,220 | 4,033 | ||
Leases & other | 9,133 | 69,002 | 3,576 | 6,949 | 3,322 | 309 | ||
All-in sustaining cost | 912,686 | 873,393 | 267,866 | 94,811 | 230,933 | 131,242 | ||
AISC per pound ($/lb) | 2.62 | 3.48 | 3.07 | 7.60 | 3.92 | 0.87 | ||
Year ended December 31, 2023 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 144,473 | 66,075 | 43,761 | 13,339 | 32,054 | 65,344 | ||
Pounds (000s) | 318,508 | 145,670 | 96,476 | 29,407 | 70,667 | 144,059 | ||
Production costs | 1,644,037 | 442,071 | ||||||
Less: Royalties and other | (60,916) | (5,321) | ||||||
Inventory fair value adjustment | (39,945) | — | ||||||
1,543,176 | 436,750 | |||||||
Deduct: By-product credits | (428,208) | (271,707) | ||||||
Add: Treatment and refining | 118,480 | 64,848 | ||||||
Cash cost | 660,160 | 290,553 | 219,278 | 63,457 | 1,233,448 | 167,424 | 62,467 | 229,891 |
Cash cost per pound ($/lb) | 2.07 | 1.99 | 2.27 | 2.16 | 2.37 | 0.43 | ||
Add: Sustaining capital | 380,112 | 83,880 | 72,291 | 22,201 | 102,621 | 53,358 | ||
Royalties | — | 15,820 | 8,568 | 22,994 | 3,949 | — | ||
Reclamation and other closure accretion and depreciation | 9,258 | 2,560 | 7,836 | 11,331 | 5,387 | 3,744 | ||
Leases & other | 13,325 | 47,944 | 4,999 | 4,100 | 553 | 427 | ||
All-in sustaining cost | 1,062,855 | 440,757 | 312,972 | 124,083 | 279,934 | 119,996 | ||
AISC per pound ($/lb) | 3.34 | 3.03 | 3.24 | 4.22 | 3.96 | 0.83 | ||
Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Net earnings (loss) — continuing operations | (159,618) | 40,444 | 153,354 | 276,850 | 316,772 | |
Add back: | ||||||
Depreciation, depletion and amortization | 148,033 | 181,865 | 607,744 | 497,873 | 416,204 | |
Finance costs, net | 38,282 | 32,023 | 141,455 | 91,429 | 51,317 | |
Income taxes expense | 34,767 | 101,858 | 229,973 | 214,366 | 104,113 | |
EBITDA — continuing operations | 61,464 | 356,190 | 1,132,526 | 1,080,518 | 888,406 | |
Unrealized foreign exchange loss (gain) | (10,808) | 2,693 | (10,994) | 1,804 | 16,491 | |
Unrealized losses (gains) on derivative contracts | 85,986 | (2,592) | 85,168 | 8,464 | (62,971) | |
Ojos del Salado sinkhole expenses (recoveries) | (10,042) | 1,687 | (9,492) | 16,922 | 63,271 | |
Revaluation loss (gain) on marketable securities | (911) | (1,393) | (7,383) | (1,846) | (5,201) | |
Caserones inventory fair value adjustment | — | 7,760 | — | 39,945 | — | |
Partial suspension of underground operations at Eagle | 11,436 | — | 36,073 | — | — | |
Revaluation of Caserones purchase option | — | 2,556 | (11,728) | 2,556 | — | |
Write-down of assets | 4,160 | — | 22,129 | — | 5,783 | |
Goodwill and asset impairment | 254,218 | — | 254,218 | — | 4,280 | |
Inventory write-down (reversal) | (26,626) | — | (26,626) | — | 62,546 | |
Gain on disposal of subsidiary | — | — | — | (5,718) | (16,828) | |
Other | (637) | 732 | (2,085) | 2,958 | (2,133) | |
Total adjustments — EBITDA | 306,776 | 11,443 | 329,280 | 65,085 | 65,238 | |
Adjusted EBITDA — continuing operations | 368,240 | 367,633 | 1,461,806 | 1,145,603 | 953,644 | |
Including discontinued operations: | ||||||
Net earnings (loss) — discontinued operations | (244,816) | 26,309 | (214,671) | 38,399 | 146,761 | |
Add back: | ||||||
Depreciation, depletion and amortization | 32,831 | 41,191 | 155,344 | 155,723 | 138,546 | |
Finance costs, net | 1,813 | 2,868 | 9,793 | 11,270 | 12,868 | |
Income taxes expense | (22,173) | 758 | (13,711) | 2,233 | 30,515 | |
EBITDA — discontinued operations | (232,345) | 71,126 | (63,245) | 207,625 | 328,690 | |
Unrealized foreign exchange loss (gain) | (960) | 76 | (200) | (580) | 4,673 | |
Unrealized losses (gains) on derivative contracts | (466) | (16,717) | 18,597 | 13,468 | — | |
Goodwill and asset Impairment | 291,178 | — | 291,178 | — | (19) | |
Other | (22) | (2,388) | (1,114) | (2,568) | 5,518 | |
Total adjustments — EBITDA discontinued operations | 289,730 | (19,029) | 308,461 | 10,320 | 10,172 | |
Adjusted EBITDA — discontinued operations | 57,385 | 52,097 | 245,216 | 217,945 | 338,862 | |
Adjusted EBITDA (all operations) | 425,625 | 419,730 | 1,707,022 | 1,363,548 | 1,292,506 | |
Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands, except share and per share amounts) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Net (loss) earnings attributable to Lundin Mining shareholders — continuing operations | (195,343) | 12,488 | 11,144 | 203,163 | 277,198 | |
Add back: | ||||||
Total adjustments - EBITDA | 306,776 | 11,443 | 329,280 | 65,085 | 65,238 | |
Tax effect on adjustments | (57,600) | (2,987) | (59,519) | (26,925) | 2,882 | |
Deferred tax expense due to change in tax rate | — | 14,500 | — | 40,200 | — | |
Deferred tax arising from foreign exchange translation | 45,065 | 41,168 | 12,712 | 28,841 | (20,733) | |
Non-controlling interest on adjustments | (4,077) | (4,221) | (1,912) | (22,886) | 2,026 | |
Total adjustments | 290,164 | 59,903 | 280,560 | 84,315 | 49,413 | |
Adjusted earnings — continuing operations | 94,821 | 72,391 | 291,704 | 287,478 | 326,611 | |
Including discontinued operations: | ||||||
Net earnings attributable to Lundin Mining shareholders - discontinued operations 1 | (244,816) | 26,309 | (214,671) | 38,399 | 149,652 | |
Add back: | ||||||
Total adjustments - EBITDA - discontinued operations | 289,730 | (19,029) | 308,461 | 10,320 | 10,172 | |
Tax effect on adjustments | (20,544) | — | (26,547) | — | (3,679) | |
Total adjustments | 269,186 | (19,029) | 281,914 | 10,320 | 6,493 | |
Adjusted earnings — discontinued operations | 24,370 | 7,280 | 67,243 | 48,719 | 156,145 | |
Adjusted earnings (all operations) | 119,191 | 79,671 | 358,947 | 336,197 | 482,756 | |
Basic weighted average number of shares outstanding | 776,720,828 | 773,476,216 | 774,825,230 | 772,532,260 | 762,518,753 | |
Net (loss) earnings attributable to Lundin Mining shareholders - continuing operations | (0.25) | 0.02 | 0.01 | 0.26 | 0.36 | |
Total adjustments | 0.37 | 0.08 | 0.36 | 0.11 | 0.06 | |
Adjusted EPS — continuing operations | 0.12 | 0.09 | 0.38 | 0.37 | 0.43 | |
Net (loss) earnings attributable to Lundin Mining shareholders - discontinued operations | (0.32) | 0.03 | (0.28) | 0.05 | 0.20 | |
Total adjustments | 0.35 | (0.03) | 0.36 | 0.01 | 0.01 | |
Adjusted EPS — discontinued operations | 0.03 | 0.01 | 0.09 | 0.06 | 0.20 | |
Net (loss) earnings attributable to Lundin Mining shareholders | (0.57) | 0.05 | (0.26) | 0.31 | 0.56 | |
Total adjustments | 0.72 | 0.05 | 0.73 | 0.12 | 0.07 | |
Adjusted EPS (all operations) | 0.15 | 0.10 | 0.46 | 0.44 | 0.63 | |
1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders. |
Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Cash provided by operating activities related to continuing operations | 547,267 | 249,875 | 1,300,848 | 827,244 | 615,986 | |
Sustaining capital expenditures | (136,674) | (165,211) | (549,100) | (571,245) | (520,465) | |
General exploration and business development | 12,974 | 11,062 | 45,352 | 44,010 | 135,213 | |
Free cash flow from operations — continuing operations | 423,567 | 95,726 | 797,100 | 300,009 | 230,734 | |
General exploration and business development | (12,974) | (11,062) | (45,352) | (44,010) | (135,213) | |
Expansionary capital expenditures | (50,607) | (41,082) | (243,566) | (275,913) | (171,094) | |
Free cash flow — continuing operations | 359,986 | 43,582 | 508,182 | (19,914) | (75,573) | |
Cash provided by operating activities related to discontinued operations | 73,014 | 56,206 | 218,009 | 189,368 | 260,903 | |
Sustaining capital expenditures | (35,150) | (38,616) | (154,960) | (155,979) | (119,366) | |
General exploration and business development | 4,614 | 3,438 | 12,843 | 11,682 | 9,140 | |
Free cash flow from operations — discontinued operations | 42,478 | 21,028 | 75,892 | 45,071 | 150,677 | |
General exploration and business development | (4,614) | (3,438) | (12,843) | (11,682) | (9,140) | |
Expansionary capital expenditures | — | — | — | — | (31,899) | |
Free cash flow — discontinued operations | 37,864 | 17,590 | 63,049 | 33,389 | 109,638 | |
Free cash flow from operations (all operations) | 466,045 | 116,754 | 872,992 | 345,080 | 381,411 | |
Free cash flow (all operations) | 397,850 | 61,172 | 571,231 | 13,475 | 34,065 | |
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands, except share and per share amounts) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Cash provided by operating activities related to continuing operations | 547,267 | 249,875 | 1,300,848 | 827,244 | 615,986 | |
Changes in non-cash working capital items | (295,508) | 55,518 | (220,880) | 20,032 | 124,087 | |
Adjusted operating cash flow — continuing operations | 251,759 | 305,393 | 1,079,968 | 847,276 | 740,073 | |
Cash provided by operating activities related to discontinued operations | 73,014 | 56,206 | 218,009 | 189,368 | 260,903 | |
Changes in non-cash working capital items | (10,895) | 447 | 4,615 | (12,427) | (8,031) | |
Adjusted operating cash flow — discontinued operations | 62,119 | 56,653 | 222,624 | 176,941 | 252,872 | |
Adjusted operating cash flow (all operations) | 313,878 | 362,046 | 1,302,592 | 1,024,217 | 992,945 | |
Basic weighted average number of shares outstanding | 776,720,828 | 773,476,216 | 774,825,230 | 772,532,260 | 762,518,753 | |
Adjusted operating cash flow per share — continuing operations | $ 0.32 | 0.39 | 1.39 | 1.10 | 1.00 | |
Adjusted operating cash flow per share — discontinued operations | $ 0.08 | 0.08 | 0.29 | 0.23 | 0.30 | |
Adjusted operating cash flow per share (all operations) | $ 0.40 | 0.47 | 1.68 | 1.33 | 1.30 | |
Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Balance Sheets as follows:
($ thousands), continuing operations | December 31, 2024 | December 31, 2023 | December 31, 2022 |
Debt and lease liabilities | (1,610,925) | (1,273,162) | (27,179) |
Current portion of debt and lease liabilities | (395,232) | (212,646) | (170,149) |
Less deferred financing fees (netted in above) | (7,656) | (6,374) | (4,926) |
Add debt and lease liabilities related to liabilities classified as held-for-sale | (16,266) | - | - |
(2,030,079) | (1,492,182) | (202,254) | |
Cash and cash equivalents | 357,478 | 268,793 | 191,387 |
Add cash and cash equivalents related to assets classified as held-for-sale | 74,801 | - | - |
Net debt | (1,597,800) | (1,223,389) | (10,867) |
Lease liabilities | 249,185 | 277,208 | 27,166 |
Lease liabilities related to liabilities classified as held-for-sale | 16,266 | - | - |
Net debt excluding lease liabilities | (1,332,349) | (946,181) | 16,299 |
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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(TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the appointment of Ms. Victoria McMillan to the Company's Board of Directors (the "Board") effective today. The Company also announces that Director Ms. Juliana (Julie) Lam had advised us of her personal retirement decision and will not stand for re-election at the 2025 Annual Meeting.
Adam Lundin , Chair of Lundin Mining's Board of Directors, commented "On behalf of the Board and the Company's management team we wish to thank Ms. Lam for her service and contributions to the Company. We wish her all the best as she focuses her energy on her family and health."
"We are excited to welcome Victoria to the Lundin Mining Board" commented Adam Lundin . "Victoria's extensive finance knowledge, and recognized contributions make her an ideal addition to our Board. Her financial expertise and strategic leadership will be invaluable in guiding our Company's growth and financial stewardship in the future. We look forward to benefiting from her insights and experience to create long-term value for our stakeholders."
Ms. McMillan is a Chartered Professional Accountant (CPA, CA) and currently serves as the CFO of Versamet Royalties Corporation, a private company. Ms. McMillan also recently completed a 4-year term from 2021-2024 as a director on the board of BC Hydro, where she chaired the Audit and Finance Committee.
Ms. McMillan has over 20 years of financial experience working across a variety of sectors with a focus on mining and the royalty industry. During her career, Ms. McMillan has led financial reporting, regulatory, treasury, tax and risk management functions. Ms. McMillan has also held various other finance roles within the mining sector including at two mid-tier gold mining companies where she was involved in the execution of mergers and acquisitions, a U.S. listing, as well as the establishment and management of a gold sales function.
Ms. McMillan's experience includes eight years with a large global accounting firm in both London, United Kingdom , and Vancouver , where she was a senior manager within the assurance practice. Ms. McMillan holds a Bachelor of Management Studies from the University of Nottingham, England .
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina , Brazil , Chile , and the United States of America , primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Pacific Time .
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars ("CAD") $0.09 per share, payable on April 9, 2025 to shareholders of record at the close of business on March 21, 2025 . This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount, and payment of future dividends remain at the discretion of the Board of Directors. View PDF
Dividends on shares traded on the Toronto Stock Exchange ("TSX") will be paid in CAD on April 9, 2024 . Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on April 14, 2024 . To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from March 19, 2024 , up to and including March 21, 2024 , during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.
During the fourth quarter 2024, the Company purchased 3,245,000 common shares under its normal course issuer bid ("NCIB") representing approximately C$40 million . The Company will continue to monitor market activity and potentially make further purchases based on market conditions, share price and best use of available cash. Any common shares that are purchased under the NCIB will be cancelled.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina , Brazil , Chile , and the United States of America , primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:30 Pacific Time .
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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Quetzal Copper has a copper-focused exploration strategy and North American assets. The company is in an excellent position to capitalize on rising domestic copper demand, with a plan to play a key role in the critical minerals race.
Quetzal Copper (TSXV:Q) is a copper exploration company focused on three drill-ready copper projects in British Columbia, Canada: Princeton, Big Kidd and DOT. All three projects are situated in the copper-rich jurisdiction of British Columbia between the Highland Valley copper mine and the Copper Mountain mine. This is a highly prospective area that historically produced millions of pounds of copper.
All three BC projects are easily accessible by road and close to infrastructure. The area is mining-friendly as evidenced from the multiple active and retired mines in the region.
The company’s flagship is the Princeton copper project, which abuts the north side of the Copper Mountain mine property. The project had limited historical drilling. However, modern geophysics and soil samples identified prospective copper targets. Quetzal plans to begin drilling at the Princeton project in 2025. The company received its drill permit for four targets: Bud South, Knob Hill, Aura and Contact.
The Dot copper project is located just 25 km northwest of Merritt, B.C. Mining on the property goes back to 1887. The area hosts four significant target areas: the Northwest, Southeast, Copper and Lower Vimy Zones.
In 2010, Aurora Geosciences published a non-compliant historic resource estimate for the Dot project (calculated at $3 per pound of copper and $1,200 per ounce of gold). According to the report, Dot contains 6.5 million tonnes of indicated resources at 0.5 percent copper equivalent and 6.6 million tonnes at 0.38 percent copper equivalent.
In 2025, Quetzal Copper plans to evaluate that historic resource and follow up on the recommendations from the report. That includes drilling to connect existing mineralization and testing additional geophysical anomalies outside the known zones to expand the resource base.
The Big Kidd project is located approximately 20 km southeast of Merritt, BC. The project saw extensive drilling by previous operators including Xstrata. Quetzal geologists, along with Dr. Alan Wilson, reviewed all available core and compiled a new understanding of the geology.
In his 2024 report, Dr. Wilson laid out a series of field work recommendations for the project. He identified high-priority drill targets associated with chlorite-magnetite alteration. Due to the sulfide-poor nature of the system at Big Kidd, he believes that IP Chargeability geophysics should highlight targets.
The company’s focus on copper is attractive given current supply and demand dynamics.
The supply of copper is far more concentrated than oil. While three countries account for 40 percent of the oil supply, only two countries – Chile and Peru, contribute 38 percent of the copper supply. Given the history of political instability in these countries, a supply source from North America, with its stable policy environment, makes it very attractive.
Government-supported tailwinds also encourage domestic copper supply, with Canada and the US promoting copper production through tax breaks and incentives.
The demand scenario for copper looks attractive given expectations of rapid growth. According to Nornickel, global copper demand is estimated to rise by 20 percent to 30 million metric tons (MT) per year by 2035, from around 24.8 million MT per year in 2022. This growth in demand will be led by applications such as electric transport, power transmission grids and renewable electricity generation.
Quetzal Copper is likely to be a beneficiary of Western countries trying to realign their supply chain of critical minerals by sourcing them domestically or from friendly countries. Quetzal, with its portfolio of copper projects in tier 1 mining jurisdictions, is well positioned to offer domestically sourced copper to fill any supply gap.
The Princeton copper project spans an area of 11,500 hectares and is approximately 5 kilometers from Princeton town in British Columbia. The project is located to the north of Copper Mountain mine. The project represents an ideal location and favorable geology for copper exploration, located between the Copper Mountain mine and the Miner Mountain properties. Several operators have conducted various property surveys over the past 60 years. The geophysical and geochemistry surveys conducted in 2020 and 2021 have identified multiple drill targets. The project has three key targets: Bud South, Knob Hill and Aura.
The company has an option to acquire 100 percent interest in this project. The Big Kidd copper project spans an area of 4,055 hectares in southern British Columbia. It is located just 20 kilometers from the city of Merritt, and benefits from excellent infrastructure in terms of accessibility by a network of roads. The region hosts several copper and gold deposits, such as the Copper Mountain mine and the Craigmont mine.
The historic exploration dates back to the 1890s. In 1916, 10 tons of ore was extracted with 1,000 lbs of copper. Moreover, in 1918, a mine produced 44 tons of ore with 12 percent copper, 68 g/t silver, and 0.57 g/t gold. In 2019, Jiulian Resources completed a drill program on the project. A 2004 resource estimate has identified a non-compliant resource of 122.4 Mt at 0.33 g/t gold and 0.15 percent copper. Additional drilling has expanded the footprint of the mineralization beyond the 2004 estimate.
The project has three important targets for 2024. 1) Target 1 – a narrow target spanning 100 m x 400 m; 2) Target 2 – that spans an area of 200 m x 350 m; 3) Target 3 – this opportunity is in the Dago zone.
The company has an option to acquire 100 percent interest in this project. The DOT copper project spans 846 hectares and is located in the southern portion of the Guichon Creek batholith. The project is located just 25 kilometers away from Merritt, and enjoys excellent accessibility by roads. DOT is located in a region with a history of copper exploration for more than 130 years. Moreover, the project is adjacent to Highland Valley mine (20 km) and Craigmont mine (12 km). In 2008, Aurora Geosciences estimated a non-compliant indicated resource of 5.3 Mt at 0.49 percent copper equivalent and 2.9 Mt of non-compliant indicated resource 0.45 percent copper equivalent.
Moreover, in 2010, a resource report identified the following grades: 30.2 meters @ 1.32 percent copper, 27.4 meters @ 2.58 percent copper, and 76.2 meters @ 0.91 percent copper. These grades and thicknesses indicate a robust copper system on the property.
The project covers five zones of copper-gold-silver-molybdenum mineralization: southeast, northwest, west, east and copper zones. All five zones remain open. The company is planning an exploration program at DOT, which will include a comprehensive IP survey across the property, drilling at the east zone and northwest zone, trench and drilling at the southeast zone, and metallurgical testing.
Matthew Badiali holds an M.Sc. degree in geology from Florida Atlantic University. He is a geologist and has over 18 years of experience as a financial analyst covering the natural resources sector with Stansberry Research. He is also a founder of Mangrove Investor Media, a publishing company.
Chris Lloyd is a geologist with over 35 years of experience, working in Canada and Mexico. He is a co-founder of Soltoro, which discovered the El Rayo silver deposit and was acquired by Agnico Eagle. He was also associated with the Panuco Project of Vizsla Silver.
Charles Funk is a geologist with experience in gold, silver and copper projects, and is associated with multiple deposit discoveries in Australia and Mexico. He has more than 14 years of experience with several mining companies, including Evrim Resources and Newcrest. He is also the CEO of Heliostar Metals.
Dr. Roy Grieg is a geologist highly experienced in advancing copper projects. He served for over two years as vice-president of exploration for Amarc Resources, where he advanced their district-scale porphyry copper-gold-molybdenum projects in British Columbia in collaboration with major partners Freeport McMoRan and Boliden. Greig holds a Ph.D. from the University of Arizona.
Golden Mile Resources is a mineral exploration and project development company focused on growth through a multi-asset, multi-commodity strategy. With a proven leadership team, it advances core projects, acquires high-quality assets, and forms strategic joint ventures to maximize value.
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical and precious metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent).
Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well-positioned to execute its strategy moving forward.
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
Golden Mile will initially focus on the Odyssey and Ford prospects within the Pearl project area which present immediate, highly prospective, exploration drill targets. The Odyssey prospect is a multi-vein polymetallic target that has never been drilled.Rock chip sampling conducted by the company in 2024 indicated assays of up to 312 g/t silver, 15.2 percent copper, and 24.8 percent zinc, and 12.65 percent lead.
The Ford Prospect is a polymetallic target with a history of copper, lead and gold. Ford was mined to a depth of 55 m and historical records indicate grades of up to 10.6 percent copper, 31.3 percent lead and 0.54oz (16.7g/t) gold.
In 2025, Golden Mile completed reconnaissance mapping and rock chip sampling which identified a promising new gold target – the Aurora Prospect. The reconnaissance rock chip sampling returned high-grade values of up to 10.8 g/t gold and 33.9 g/t silver.
The company has awarded the reverse circulation (RC) drilling contract for the Odyssey and Ford prospects at its Pearl Copper Project to Alford Drilling. The program will consist of 14 to 16 RC drill holes, totaling up to 2,000 metres, marking Pearl’s maiden drilling campaign and the first-ever exploration at the Odyssey and Ford targets. These targets are situated within historical mine workings active between 1915 and 1942, where significant mineral grades were previously reported.
In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Justyn Stedwell has over 17 years of experience as a company secretary of ASX listed companies and has also served as a non-executive director on several ASX listed company Boards. He holds a Bachelor of Commerce from Monash University, a graduate diploma in accounting from Deakin University and a graduate diploma in applied corporate governance from the Governance Institute of Australia.
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.
Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) (FSE:FW0) ("Abitibi" or the "Company") is pleased to announce the identification of new exploration targets at the B26 Project, achieved through the application of advanced gravimetric surveying. The Company recently received an updated inversion model, which has revealed high-priority exploration targets. These targets present opportunities for exploration and resource development, including: 1) better defining the B26 signature along strike, and 2) testing a high priority anomaly at the down-dip extension of the B26 Deposit. On November 16th, 2023, the Company entered into an option agreement on the B26 Polymetallic Deposit to earn 80% over 7 years from SOQUEM Inc. ("SOQUEM"), a subsidiary of Investissement Québec (see news release dated November 16, 2023).
Highlights:
Figure 1: Property Wide Targets (CNW Group/Abitibi Metals Corp.)
Figure 2: Gravity Anomaly 5513300N (CNW Group/Abitibi Metals Corp.)
Figure 3: Gravity Anomaly 5513400N (CNW Group/Abitibi Metals Corp.)
A strong gravity contrast was modeled along the down-dip extension of the B26 deposit that was based on: 1) Soquem's 2017 Gravilog survey, 2) density measurements from drill holes, and 3) a 2024 surface gravimetry survey. Abitibi Geophysics reinterpreted the Gravilog data with new inversion software that takes into account the variation in gravity along the drill holes. The interpretation was developed collaboratively by Abitibi Geophysics and Abitibi Metals geologists, to ensure that each anomaly corresponded to an area that was prospective geologically.
The survey was composed of 1466 stations distributed on 26 lines; 250 to 500 metres spaced, completed in June 2024 by Geophysics TMC. Abitibi Geophysics personnel conducted a survey analysis and reinterpreted the borehole Gravilog data, combining it with the surface gravity lines survey.
Down Dip Target
The modeled target has a diameter of 400–500 metres. Surrounding drill holes, such as 1274-17-255 W1, indicate strong sulfide content, with semi-massive intervals hosting copper-zinc mineralization over metric intervals near the upper limit of the gravity anomaly. Only the boundaries of this new target were covered with limited drilling and can be considered open. The majority of the target is located outside of the interpreted outline of the mineralized system and elevated copper equivalent grades have been observed in historical drill assays on the target's boundary. Highlights include: 1) 1.2% CuEQ over 10.5m starting from 767.1m (1274-16-231), 2) 2.4% CuEQ over 11.8m starting from 1,111m including 36.5% CuEQ over 0.7m (1274-16-239), and 3) 2.7% CuEQ over 10.5m starting from 990m including 15.1% CuEQ over 1.1m (1274-17-248) (see figures 2 and 3).
Along Strike and Northwest Targets
TMC Geophysics discriminated a series of positive gravity anomalies along strike, expending up to 6km west of B26 and also north-west of the deposit. The targets consist of vertical lenses with varying dimensions, as defined by the inversion model generated by Seequent Voxi-GRAV-3D Software. These targets were identified based on modeled density contrasts, including a 3 km-long elongated low density contrast aligned with the B26 system, as well as additional anomalies in the central area of the property, likely associated with sulfide-bearing volcanic contacts. A modeled low gravity anomaly may correspond to the contact at depth with the Brouillan intrusion. Abitibi Geophysics generated a model that focused on a gravity contrast of a few hundred meters south of the B26 zone. The inversion model was based on density measurements taken on drill core.
The surface gravity anomaly revealed a continuous gravimetry contrast covering the entire strike length of the Enjalran-Brouillan contact south of the B26 mineralized trend. The inversion model showed eight distinct high gravity anomalies. The eastern one corresponds to the position of the B26 mineralization. Going westward, the environment north of anomalies are not drill tested. Different interpretations suggest the anomalies may be related to the presence of mafic dyke swarms observed in the hanging wall of the VMS mineralization. AMQ intends to use these anomalies as a foundation for exploration, investigating their potential as proximity indicators for locating additional polymetallic mineralized systems.
These geophysical methods, integrated into the exploration strategy to locate additional mineralization at depth and along strike, are continuously evolving. Historically, the deposit was investigated using electrical methods, which were unable to effectively distinguish and clearly highlight the polymetallic stringers and vein systems from the strongly pyritic and locally graphitic units surrounding the deposit. By incorporating new analysis tools, the downhole gravity survey using system will enable Abitibi's technical team to better discriminate targets at depth with much greater detail. Moving forward, the Company will couple this approach with other geophysical methods that are specifically tailored to the B26 deposit and its unique geological characteristics.
Note 1: Targets identified consist of vertical lenses with varying dimensions, with a density of 3.0 g/cm³, and the inversion was based on deviations from a 2.67 g/cm³ density model. Shallow targets were identified based on a density contrast of up to 0.15 g/cm³.The local density model outlined below in figures 2 and 3 was established for the B26 deposit based on surface gravity. A depth response calculated using Gravilog measurements revealed a positive gravity contrast of 0.5 mGal, centered on section 652700 at approximately 800 metres vertical depth. |
Qualified Person
Information contained in this press release was reviewed and approved by Martin Demers, P.Geo., OGQ No. 770, a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.
References:
Simard, J. (2024). Report on a Ground Gravity Survey Completed on the B-26 Project, Brouillan Township, James Bay, Quebec. Submitted to Abitibi Metals Corporation, London, Ontario. Ref.: 24C-685.
Young, N. (2025). Borehole Gravity 3D Modelling Gravilog Inversion Memo. Prepared for Abitibi Metals Corp. by Abitibi Geophysics, Head Office 1740, Sullivan road, suite 1400, Val-d'Or, Canada, J9P 7H1.
About Abitibi Metals Corp:
Abitibi Metals Corp. is a Quebec-focused mineral acquisition and exploration company focused on the development of quality base and precious metal properties that are drill-ready with high-upside and expansion potential. Abitibi's portfolio of strategic properties provides target-rich diversification and includes the option to earn 80% of the high-grade B26 Polymetallic Deposit, which hosts a resource estimate of 11.3MT @ 2.13% Cu Eq (Ind) & 7.2MT @ 2.21% Cu Eq (Inf), and the Beschefer Gold Project, where historical drilling has identified 4 historical intercepts with a metal factor of over 100 g/t gold highlighted by 55.63 g/t gold over 5.57 metres and 13.07 g/t gold over 8.75 metres amongst four modeled zones.
About SOQUEM:
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
ON BEHALF OF THE BOARD
Jonathon Deluce, Chief Executive Officer
The Company also maintains an active presence on various social media platforms to keep stakeholders and the general public informed and encourages shareholders and interested parties to follow and engage with the Company through the following channels to stay updated with the latest news, industry insights, and corporate announcements:
Twitter: https://twitter.com/AbitibiMetals
LinkedIn: https://www.linkedin.com/company/abitibi-metals-corp-amq-c/
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Note 1: Copper equivalent values calculated using metal prices of $4.00/lb Cu, $1.50/lb Zn, $20.00/ounce Ag and $1,800/ounce Au. Recovery factors were applied according to SGS CACGS-P2017-047 metallurgical test: 98.3% for copper, 90% for gold, 96.1% for zinc, 72.1% for silver.
Forward-looking statement:
This news release contains certain statements, which may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves statements that are not based on historical information but rather relate to future operations, strategies, financial results or other developments on the B26 Project or otherwise. Forward-looking information is necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by or on the Company's behalf. Although Abitibi has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. All factors should be considered carefully, and readers should not place undue reliance on Abitibi's forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects," "estimates," "anticipates," or variations of such words and phrases (including negative and grammatical variations) or statements that certain actions, events or results "may," "could," "might" or "occur. Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability of the Company to successfully develop current or proposed projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons, among others. There is no assurance that the Company will be successful in achieving commercial mineral production and the likelihood of success must be considered in light of the stage of operations.