A gold-focused emerging gold producer with a clear pathway to production growth, Brightstar Resources presents a compelling investment case driven by its mining and development hubs strategy and a district-scale resource opportunity.
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 1,200 square kilometers in the Sandstone Greenstone Belt, 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration. Brightstar also recently announced the results from DFS-level metallurgical testwork programs at Cork Tree Well with returned recoveries over 90 percent, including a high gravity gold content, ranging from 25 percent - 60 percent.
The company has also acquired 100 percent of the shares and options of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals (ASX:AME), which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz gold to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
The acquisition of the MGEP from Gateway Mining and 100 percent of Alto’s shares creates a third district-scale resource base for the company called the Sandstone Hub. Upon consolidation of the Laverton, Menzies and Sandstone hubs, Brightstar’s mineral resources would reach 3 Moz at 1.5g/t gold.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies, Laverton and Sandstone hubs.
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Beta and Alpha project areas with the addition of the Second Fortune gold mine and the Jasper Hills projects.
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to Goldfields Highway in Menzies (130km north of Kalgoorlie).
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Brightstar aims to fast-track the development timetable through:
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
(TheNewswire)
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Vancouver TheNewswire February 28, 2025 Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold", the "Company") a mining company focused on gold and silver, announces that it has recently leveraged its Crescita Equity Investment Facility ("Crescita Capital"), details of the Facility Agreement can be found in out original announcement on February 12, 2022. The Company has recently drawn CA$185,000 from this new facility.
The Company has further issued an aggregate total of 10,062,500 shares to Crescita pursuant to the terms of the Facility Agreement (the "Agreement") , as well as  a total of 13,002,465 Share purchase Warrants (the "Warrants")  to Crescita per the terms of the Agreement, the Warrants are exercisable for a period of five years at an Price of $0.05 per share.
Proceeds from the above-mentioned draw from Crescita Capital will be used for operations including legal fees. accounting audits, annual project claim lease fees and the advancement of the social contract development in Peru to allow the Lucero work plan to unfold.
About Crescita Capital
Crescita Capital is an investment and consultancy group that provides alternative financing and corporate development services for seed to growth-stage companies in emerging markets around the world. www.Crescita.capital Between 2021 and 2023, the Company worked with Crescita, drawing  $7,104,500 to support its operations and develop its portfolio of mining assets.
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company's performance or events as of the date hereof. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Acquires Mineral Claims Contiguous to the Swanson Gold Project, Québec
LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) ("LaFleur Minerals" or the "Company") is pleased to provide an update on its plans to restart production activities at its 100%-owned Beacon Gold Mill in Val-d'Or, Québec, Canada (Figure 1 and Figure 2). The Beacon Gold Mill is located in a highly prospective mining region for gold exploration on the mineral-rich greenstone Abitibi Belt, an area with over 100 historical and currently operating mines.
BEACON GOLD MILL IS FULLY PERMITTED
The entirely refurbished Beacon Gold Mill was last fully operational in early 2023 when the price of gold was USD$1,800 per ounce and has been under care and maintenance since that time. As gold approaches a record price of USD$3,000 per ounce, the goal of restarting the Beacon Gold Mill in the coming months is an exceptional opportunity for LaFleur Minerals to also target the custom milling of mineralized material from nearby gold deposits that surround the Beacon Mill. LaFleur Minerals demonstrates significant upside potential by ultimately generating revenue at the current elevated gold prices, with the restart of the Beacon Mill targeting a potential annual production scenario of approximately 30,000 to 40,000 ounces of gold based on the current mill capacity. The Company is currently finalizing the restart costs for the Beacon Mill and expects to have all permits and updates completed by the end of Q2 2025.
The entire LaFleur Minerals team has been collectively working toward a successful restart of the Beacon Mill. With the current increase in the price of gold and the fully-permitted Beacon Mill that lies within the prolific Abitibi Gold Belt in the Tier 1 mining district of Val-d'Or, Québec, LaFleur Minerals has a great opportunity to eventually produce gold at Beacon with gold prices at record levels. LaFleur Minerals is now approaching the finish line on many of the fundamental pieces that support this goal including assessing nearby advanced gold deposits and initiating discussions with neighbouring mining companies that could utilize the Beacon Mill to process their bulk samples and future mineralized material through a custom milling agreement for numerous gold deposits in the Val-d'Or region surrounding the Beacon Mill (Figure 3).
Paul Ténière, CEO of LaFleur Minerals, stated, "We continue to make great progress in achieving key operational readiness milestones at the Beacon Mill, including ongoing inspections of all equipment and systems and ensuring an adequate supply of spare parts. The highly experienced team at ABF Mines has been diligently working to finalize a detailed plan and the cost to restart the mill with results expected within the next few weeks. We also continue to meet our environmental monitoring and sampling requirements under our permit to operate, which includes completion of fish and wildlife studies within the tailings storage facility (TSF) as required under both provincial and federal environmental regulations. Our consultants are also working with us to evaluate required upgrades to the TSF as we move towards restarting production at the Beacon Mill."
SWANSON GOLD PROJECT UPDATE
The Swanson gold project is over 15,000 hectares in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines and Globex Mining. The consolidated Swanson Gold Project covers a major structural break that hosts the Swanson, Bartec, and Jolin gold targets and numerous other showings which make up the Swanson gold project. The Swanson gold project is easily accessible by road with a rail line running through the property, allowing direct access to several nearby gold mills and further enhancing its development potential. The Swanson gold project has had in excess of 36,000m of drilling.
The Swanson Gold Deposit hosts:
Indicated Mineral Resource:
2,113,000 t with an average grade of 1.8 g/t gold, containing 123,400 oz of gold.
Inferred Mineral Resource Estimate:
872,000 t with an average grade of 2.3 g/t gold, containing 64,500 oz of gold.
(MRE source: NI 43-101 technical report, effective September 17, 2024, filed on the Company's SEDAR+ profile).
The Swanson Gold Project is located within 50 km of the Company's fully-permitted Beacon Gold Mill, and includes:
A mining lease which can be permitted for bulk sampling and future mining scenario.
Jolin target (Au): Historical Mineral Resource Estimate
(source: GESTIM -1996, GM62629 - historical estimate not compliant with NI 43-101)
Recent Exploration Activities:
High-resolution airborne magnetics and VLF-EM geophysics program:
Completed over the entire Swanson Gold Deposit.
Oriented soil geochemistry and prospecting program:
Conducted by IOS Géosciences (IOS), with final assay results pending.
Induced Polarization (IP) - Resistivity Ground Geophysics Survey:
A total of 166 line-km will be surveyed in February 2025 at 200 m line spacings.
This will cover the Swanson, Bartec, and Jolin deposits, all of which are advanced gold targets with current and historical mineral resources.
LaFleur Minerals is currently working with its consultants to expedite permitting of the Swanson Gold Project with a focus on evaluating its potential to supply mineralized material to the Beacon Gold Mill.
LaFleur Minerals is also completing an IP ground geophysics survey on its Swanson Gold Project and is planning an aggressive drilling program for this spring and summer to increase the existing mineral resource for the project including incorporating the Bartec, Jolin, and other gold targets. Other ongoing work includes evaluating the open-pit mining potential of the mining lease at the Swanson gold deposit and planning to advance to a Pre-Feasibility Study and mine permitting.
ACQUIRES ADDITIONAL CLAIMS ADJOINING THE SWANSON GOLD PROJECT
The Company is also pleased to announce that it has entered into a Property Purchase Agreement with third-party arm's length vendors (the "Vendors") dated February 28, 2025 (the "Agreement"). Under the terms of the Agreement, the Company is entitled to acquire 100% interest to 17 mining claims covering approximately 699 hectares (the "Claims") contiguous with the Company's Swanson Gold Project ("Swanson") in the Barraute region, north of Val-d'Or, Québec. These Claims are located east of the Swanson gold deposit and mining lease held by LaFleur Minerals.
The acquisition terms for the Claims consists of a cash payment totaling $15,000 and the issuance of 150,000 common shares of the Company to the Vendors within 7 business days of approval of the Agreement by the Canadian Securities Exchange ("CSE"). The common shares issued under the Agreement are subject to a statutory hold period in Canada expiring four (4) months and one day from the closing date.
For further background information on the Beacon Gold Mill and Swanson Gold Project please refer to the Company's website and recent videos at the following link: https://lafleurminerals.com/valdor.
LAFLEUR MINERALS ATTENDING PDAC CONFERENCE IN TORONTO - MARCH 2 TO 5
Connect with LaFleur Minerals CEO, Paul Ténière, Technical Advisor/Exploration Manager, Louis Martin, and Senior Advisor, Jean LaFleur, March 2 to 5 at the Toronto Metro Convention Centre for a 1-on-1 meeting to discuss the Company's recent developments and plans moving forward for its Swanson Gold Project and Beacon Gold Mill. Contact info@lafleurminerals.com to book in advance.
Figure 1: Photo of interior of Beacon Mill currently undergoing detailed inspections for restart
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6526/242940_2cb6b54a047c48d9_001full.jpg
Figure 2: Photo of exterior of Beacon Mill in Val-d'Or, Québec
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6526/242940_2cb6b54a047c48d9_002full.jpg
Figure 3: Map of nearby gold deposits within a 50 km radius of the Beacon Gold Mill
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6526/242940_2cb6b54a047c48d9_003full.jpg
Qualified Person Statement
All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo., Technical Advisor to the Company and considered a Qualified Person for the purposes of NI 43-101.
About LaFleur Minerals Inc.
LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) is focused on the development of district-scale gold Deposits in the Abitibi Gold Belt near Val-d'Or, Québec. Our mission is to advance mining Deposits with a laser focus on our resource-stage Swanson Gold Deposit and the Beacon Gold Mill and Property, which have significant potential to deliver long-term value. The Swanson Gold Deposit is over 15,000 hectares (150 km2) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings that make up the Swanson Gold Deposit. The Swanson Gold Deposit is easily accessible by road with a rail line running through the property allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Minerals' fully-refurbished and permitted Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material at Swanson and for custom milling operations for other nearby gold Deposits.
ON BEHALF OF LAFLEUR MINERALS INC.
Paul Ténière, P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com
LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements in this news release include, but are not limited to, statements about the Offering and the Company's expectations with respect to the foregoing. Factors that could cause future results to differ materially from those anticipated in forward-looking statements in this news release include the tax treatment of the FT Shares. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, political and regulatory risks associated with mining and exploration, risks related to environmental regulation and liability. the potential for delays in exploration or development activities or the completion of feasibility studies, risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits, risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, results of prefeasibility and feasibility studies, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's 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/242940
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~Confirms receipt of the Interim Order, files Meeting Materials, and announces another round of Blue Jay financing~
Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company") is pleased to announce that its management information circular (the "Information Circular"), form of proxy and letter of transmittal, (together with the Information Circular, the "Meeting Materials") in respect of its annual and special meeting (the "Meeting") of Riverside shareholders (the "Riverside Shareholders") to approve various matters in connection with the previously announced plan of arrangement (the "Arrangement") on January 28, 2025 involving Blue Jay Gold Corp. ("Blue Jay") are being filed today on Riverside's SEDAR+ profile at www.sedarplus.ca. and provided on Riverside's website at www.rivres.com. Riverside is using the notice and access provisions under applicable securities laws to provide Riverside Shareholders with easy electronic access to the Information Circular and other Meeting Materials.
If the Arrangement is approved at the Meeting, Riverside will distribute its common shares (each, a "Blue Jay Share") in Blue Jay to the Riverside Shareholders by way of a statutory plan of arrangement (the "Plan of Arrangement") under section 288 of the Business Corporations Act (British Columbia) (the "Transaction"). Following the Arrangement, Riverside Shareholders will hold shares in two reporting issuers: Riverside and Blue Jay. Blue Jay is expected to make an application to list the Blue Jay Shares on the TSX Venture Exchange ("TSXV").
Blue Jay currently holds all right and title to the Pichette-Clist Gold Project, the Oakes Gold Project and the Duc Gold Project in Northwestern, Ontario (the "Ontario Properties").
Information about the Meeting and Receipt of Interim Court Order
On February 14, 2025, Riverside obtained an interim order (the "Interim Order") from the British Columbia Supreme Court (the "Court") in connection with the Arrangement, authorizing the calling and holding of the Meeting and other matters related to the conduct of the Meeting. At the Meeting, the Riverside Shareholders will be asked to consider and, if deemed advisable, pass a special resolution (the "Arrangement Resolution") to approve Arrangement, in accordance with the terms of an arrangement agreement (the "Arrangement Agreement") entered into by the Company and Blue Jay on January 27, 2025.
The Meeting is scheduled to be held on March 31, 2025 at 11:00 A.M. (Vancouver time) at Suite 550, 800 West Pender Street, Vancouver, British Columbia. At the Meeting, Riverside Shareholders will be asked to approve the Arrangement Resolution.
The Meeting Materials contain important information regarding the Transaction, how Riverside Shareholders can participate and vote at the Meeting, the background that led to the Transaction and the reasons for the unanimous determinations of the board of directors of the Company (the "Riverside Board") that the Transaction is in the best interests of the Company and is fair to Riverside Shareholders. Shareholders should carefully review all of the Meeting Materials as they contain important information concerning the Transaction and the rights and entitlements of Shareholders thereunder.
Reasons for the Arrangement
Riverside believes that the Arrangement is in the best interests of Riverside for numerous reasons, including:
In the course of its deliberations, the Riverside Board also identified and considered a variety of risks and potentially negative factors, including, but not limited to, the risks factors set out in the Information Circular and the documents incorporated by reference therein.
The foregoing discussion summarizes the material information and factors considered by the Riverside Board in their consideration of the Plan of Arrangement. The Riverside Board collectively reached its unanimous decision with respect to the Plan of Arrangement in light of the factors described above and other factors that each member of the Riverside Board felt were appropriate. In view of the wide variety of factors and the quality and amount of information considered, the Riverside Board did not find it useful or practicable to, and did not make specific assessments of, quantify, rank or otherwise assign relative weights to the specific factors considered in reaching its determination. Individual members of the Riverside Board may have given different weight to different factors.
Recommendation of the Directors
After careful consideration, the Riverside Board, after receiving legal, tax and financial advice, has unanimously determined that the Arrangement is in the best interests of Riverside and is fair to the Shareholders. Accordingly, the Riverside Board unanimously recommends that Shareholders vote FOR the Arrangement Resolution.
In order to become effective, the Arrangement must be approved by at least 66â…”% of the votes cast by the Riverside Shareholders present or represented by proxy at the Meeting. Subject to obtaining approval of the Transaction at the Meeting, and the satisfaction of the other customary conditions to completion of the Transaction contained in the Arrangement Agreement, including final approval of the Court and certain regulatory approvals, all as more particular described in the Meeting Materials, the Transaction is expected to close in the second quarter of 2025.
Filing of New Technical Report
Riverside also announces today that it will file a new technical report under National Instrument 43-101 - Standards of Disclosure for Mineral Projects titled, "Technical Report on the Pichette-Clist Property, Jellicoe Area, Northwestern Ontario" prepared by Locke B. Goldsmith, P. Eng, P.Geo, dated January 29, 2025. The Pichette-Clist Property will be Blue Jay's material property once the Arrangement is effective. Such report will be available on Riverside's SEDAR+ profile at https://www.sedarplus.ca/.
Blue Jay to Complete Another Round of Financing
In anticipation of making an application to list the Blue Jay Shares on the TSXV and in order to satisfy the TSXV listing requirements, Blue Jay expects to complete two further rounds of financing in connection with the Arrangement, being (a) a private placement of 2,000,000 Blue Jay Shares at an issue price of $0.40 per Blue Jay Share for gross proceeds of $800,000; and (b) a private placement of 2,000,000 Blue Jay Shares at an issue price of $0.50 for total gross proceeds of $1,000,000 and 1,428,571 Blue Jay Shares issued as "flow-through shares" (the "Flow Through Shares") within the meaning of the Income Tax Act at an issue price of $0.70 per Flow Through Share. Each such private placement is subject to the approval by the TSXV.
About Riverside Resources Inc.
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company's website at www.rivres.com.
ON BEHALF OF Riverside Resources Inc.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
| John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com | Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com |
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Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242747
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Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") today reported financial results for the three months ended December 31, 2024 ("Q4 2024"), which corresponds to the third quarter of Heliostar's fiscal reporting year 2025. The Company previously released its gold production for Q4 2024 (see News Release dated February 4, 2025)
Heliostar CEO, Charles Funk, commented, "Q4 2024 was a strong start to production for Heliostar. From the close of the transaction on November 7, 2024, to the quarter end, our operating mines generated over C$9.5M in cash flow. The Company's cash position grew to C$7.7M, and we made the first repayment of our acquisition debt, which has now been fully paid down. The Company also recognized a C$90.5M accounting gain on the independent valuation of our Mexican assets, demonstrating the accretive nature of the transaction. We proceed into 2025 with a strengthened balance sheet, growing production and high-grade exploration results from Ana Paula and La Colorada. We are well set to build Heliostar further in 2025."
Q4 2024 Operational and Financial Highlights
Acquisition of Mexican Gold Assets. On July 17, 2024, the Company entered into a binding agreement with Florida Canyon Gold Inc. ("FCGI") to acquire (the "Acquisition") a 100% interest in FCGI's mining assets in Mexico ("Mexican Gold Assets") for a consideration of US$5 million. The acquired Mexican Gold Assets had recently been spun out from Argonaut Gold Inc. and included the La Colorada mine, the San Agustin mine, the El Castillo mine, and the Cerro de Gallo Project. In addition, as a consequence of the Acquisition, conditional option payments and commercial obligations of the Company for the Ana Paula Project and the San Antonio Project were extinguished. The closing of the transaction was subject to certain conditions, including approval of the TSX Venture Exchange and other consents and regulatory approvals, including approval from the Mexican Federal Economic Competition Commission. On November 7, 2024, the Company announced the successful fulfillment of the conditions precedent and completion of the Acquisition. The Acquisition transformed the Company from an exploration and development company into a gold production company with operating mines and a portfolio of mining development projects.
Total gold production of 5,429 ounces in Q4 2024. Following the Acquisition, between November 7, 2024, and December 31, 2024, the Company produced 5,429 ounces of gold. The gold production was realized from re-leaching of the heap leach piles at La Colorada and San Agustin mines, with some additional contribution from residual production from the leach pads at the El Castillo mine, which is currently in care and maintenance. The mining of new ore restarted at the La Colorada mine in January 2025, and, subject to regulatory approval of a change of land use permit, the mining of new ore at the San Agustin mine will begin in 2025.
Total Cash Costs of US$1,241 per gold equivalent ounce ("GEO") produced in Q4 2024. Following the Acquisition, between November 7, 2024, and December 31, 2024, the combined cash costs (see "Non-IFRS Measures") for the three producing operations was C$1,755 per GEO sold (US$1,241 per GEO sold). These unit operating costs were an improvement on the 2024 Guidance issued by the Company on November 14, 2024 ("2024 Guidance") and resulted from higher gold production at La Colorada mine and operating cost reductions implemented by the Company.
Total all-in-sustaining costs ("AISC") of US$1,477 per GEO sold in Q4 2024. Following the Acquisition, between November 7, 2024, and December 31, 2024, the combined AISC (see "Non-IFRS Measures") for the three producing mines was C$2,089 per GEO sold (US$1,477 per GEO sold), lower than the 2024 Guidance and resulted from improved gold production at the La Colorada mine and operating cost reductions implemented by the Company.
Mine Operating Earnings of C$9,562,172 in Q4 2024. This was the Company's first reporting period with metals production and the positive results reflected strong operational performance for the period between November 7, 2024, and December 31, 2024, as well as the Company benefiting from selling into a rising gold market.
Net income attributable to shareholders of C$84,442,649, or C$0.41 per share, for Q4 2024. Net income of C$84,442,649 (C$0.41 per share) for Q4 2024 compared to a net loss attributable to shareholders of C$4,592,823 (-C$0.03 per share) for Q4 2023. The results in Q4 2024 included a Gain on a Bargain Purchase of C$90,453,747 based on an independent valuation of the Mexican Gold Assets and the elimination of option payments that the Company previously had on the Ana Paula Project and San Antonio Project. The valuation of these new assets and commercial benefits is provisional and unaudited and will be finalized for reporting fiscal year-end 2025, which ends on March 31, 2025.
Strengthened financial position and liquidity: On December 31, 2024, the Company had cash and cash equivalents of C$7,727,945 and working capital (defined as current assets less current liabilities) of C$51,969,760. Debt facilities of up to US$10,000,000 arranged by the Company in Q3 2024 had a combined outstanding balance of US$3,000,000 on December 31, 2024: All debt was fully repaid by February 13, 2025.
Restart of mining at La Colorada mine. Following the announcement of the Acquisition in July 2024, the Company identified a potential new resource at the Junkyard Stockpile, a historic waste rock storage facility at La Colorada. An evaluation of the Junkyard Stockpile was initiated in August, consisting of drilling, resource modelling, and metallurgical testing. A first-time disclosure of a Mineral Resource and Mineral Reserve estimate for the Junkyard Stockpile was included in the technical report prepared for the La Colorada mine published on January 13, 2025, and with an effective date of October 31, 2024. The mining of new ore restarted at the Junkyard Stockpile in January 2025.
Drilling success at the El Creston pit at La Colorada mine. On November 26, 2024, the Company announced the initial results from an ongoing drilling program started in Q4 2024. The program, which has included up to five drill rigs operational at one time, is designed to reduce the pre-strip requirement to expand the El Creston pit, potentially converting previously assumed waste into ore. As of January 31, 2025, 85 drill holes and 12,822 meters had been completed. Results from the drill program will be used to prepare an updated mineral resource for El Creston and will be included in a new technical report planned to be produced in mid-2025.
Continued drilling successes at the flagship Ana Paula Project. In September 2024, the Company commenced a two-phase, 5,000-metre drill program at Ana Paula Project to test the east, west and down dip extensions of the High Grade Panel and the Parallel Panel targets. As of December 31, 2024, a total of 15 holes had been completed for a total of 3,356 meters. Selected drill results continued to be reported, including hole AP-24-317 with 87.8 metres @ 16.0 grams per tonne (g/t) gold, including 16.1 metres @ 71.8 g/t gold, and hole AP-24-315 with 125.9 metres @ 4.02 g/t gold including 23.6 metres @ 12.5 g/t gold. The holes grew the High Grade Panel to the north and down-dip, increased resource confidence and locally improved gold grades compared to the resource model.
Technical Reports were produced for the La Colorada and San Agustin mines, and a Preliminary Economic Assessment( PEA) for the San Antonio Project. The Company completed Mineral Resource and Mineral Reserve estimates and life-of-mine ("LOM") plans for the La Colorada and for the San Agustin mines, and a PEA based on Mineral Resource estimates for the San Antonio Project, all of which were published on January 13, 2025.
Operational and Financial Results
Results are reported for the three months ended December 31, 2024 ("Q4 2024"), which corresponds to the third quarter of Heliostar's fiscal reporting year 2025. The Company has previously released its gold production for Q4 2024.
A summary of the Company's consolidated operational and financial results for the reporting period is presented below:
| Key Performance Metrics | Q4 2024 | Q4 2023 |
| Operational | ||
| Gold produced | 5,429 | 0 |
| Gold sold | 5,145 | 0 |
| Gold equivalent ounces ("GEOs") sold | 5,277 | 0 |
| Cost of sales | C$1,849 | 0 |
| Cash cost1 | C$1,755 | 0 |
| All-in sustaining costs1 ("AISC") | C$2,089 | 0 |
| Financial | ||
| Revenues | C$19,555,806 | C$0 |
| Mine Operating Earnings | C$9,562,172 | C$0 |
| Gain on bargain purchase | C$90,453,747 | C$0 |
| Exploration expenses | C$2,812,403 | C$3,385,606 |
| Net (Loss) Earnings | C$84,442,649 | C$(4,592,823) |
| Cash and Cash Equivalents | C$7,727,945 | C$752,894 |
| Total assets | C$174,694,017 | C$28,363,295 |
| Working Capital1 | C$51,969,760 | C$(3,424,082) |
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1 - Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for Q4 2024, available on SEDAR+.
Operational Review
Consolidated Production and Costs
Q4 2024 was the Company's first reporting period with metals production.
Gold production of 5,429 ounces of gold for Q4 2024 was from the La Colorada mine, the San Agustin mine and the El Castillo mine. The combined gold production and GEO production were an improvement on the 2024 Guidance issued by the Company.
The combined cash costs for the three producing operations were C$1,755 per GEO sold (US$1,241 per GEO sold). The combined AISC for the three producing mines was C$2,089 per GEO sold (US$1,477 per GEO sold). The combined cash costs and AISC were an improvement on the 2024 guidance issued by the Company.
La Colorada Mine
Operating results for Q4 2024 were as follows:
| La Colorada | Q4 2024 | Q4 2024 | |
| Gold produced | oz | 1,640 | 1,640 |
| Gold sold | oz | 1,617 | 1,617 |
| Gold equivalent ounces ("GEOs") sold | GEO | 1,684 | 1,684 |
| Cost of sales | $/GEO sold | US$ 1,434 | C$ 2,028 |
| Cash cost1 | $/GEO sold | US$ 1,329 | C$ 1,878 |
| All-in sustaining costs1 ("AISC") | $/GEO sold | US$ 1,805 | C$ 2,551 |
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In late 2023, the previous owners of La Colorada placed the mine under care and maintenance, with metals production continuing from the re-leaching of residual leach pads. Since the Acquisition, between November 7, 2024, and the end of the reporting period, the mine has produced 1,640 ounces of gold. Total revenues of C$6,231,261 were reported from sales of 1,617 ounces of gold.
For the period since the completion of the Acquisition to the end of the quarter, cash costs were C$1,878 per GEO (US$1,329 per GEO), which was significantly below the guidance of US$2,200-US$2,300. All-In Sustaining Costs ("AISC") were C$2,551 per GEO (US$1,805 per GEO), which was below the range of US$2,400 - US$2,500 per GEO, both due to higher gold production.
The Company completed Mineral Resource and Mineral Reserve estimates and an LOM plan for the La Colorada Operation. The technical report was published on January 13, 2025, with an effective date of October 31, 2024. The La Colorada technical report included the first-time disclosure of a Mineral Resource and Mineral Reserve estimate for the Junkyard Stockpile.
As of December 31, 2024, the Company is continuing re-leaching the residual leach pads. The mining of new ore restarted at the Junkyard Stockpile at La Colorada mine in January 2025. The Company announced production and cost guidance for 2025 from the La Colorada mine, published on February 4, 2025.
San Agustin Mine
Operating results for the reporting quarter ending December 31, 2024, were as follows:
| San Agustin | Q4 2024 | Q4 2024 | |
| Gold produced | oz | 3,567 | 3,567 |
| Gold sold | oz | 2,971 | 2,971 |
| Gold equivalent ounces ("GEOs") sold | GEO | 3,033 | 3,033 |
| Cost of sales | $/GEO sold | US$ 1,418 | C$ 2,004 |
| Cash cost1 | $/GEO sold | US$ 1,364 | C$ 1,928 |
| All-in sustaining costs1 ("AISC") | $/GEO sold | US$ 1,572 | C$ 2,223 |
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In September 2024, the previous owners of San Agustin placed the mine under care and maintenance, with metals production continuing from the re-leaching of residual leach pads. Since the acquisition of the mine on November 7, 2024, to December 31, 2024, the mine has produced 3,567 ounces of gold. Total revenues of C$11,223,030 were reported from sales of 2,971 ounces of gold.
For the period since the Acquisition of the mine on November 7, 2024, to December 31, 2024, cash costs of C$1,928 per GEO (US$1,364 per GEO) were above the guidance range of US$1,200-$1,300 and AISC of C$2,223 per GEO (US$1,572 per GEO) were above the range of US$1,400-US$1,500 per GEO, due to lower gold production partially offset by and operating cost reductions implemented by the Company.
The Company completed a Mineral Resource and Mineral Reserve estimate and a LOM plan for the San Agustin mine, with a technical report published on January 13, 2025, with an effective date of November 30, 2024.
As of December 31, 2024, the Company is continuing re-leaching the residual leach pads. Subject to regulatory approval of a change of land use permit, the mining of new ore at the San Agustin mine will begin in 2025. The Company announced production and cost guidance for 2025 for the San Agustin mine was published on February 4, 2025.
El Castillo Mine
Operating results for the reporting quarter ending December 31, 2024, were as follows:
| El Castillo | Q4 2024 | Q4 2024 | |
| Gold produced | oz | 222 | 222 |
| Gold sold | oz | 557 | 557 |
| Gold equivalent ounces ("GEOs") sold | GEO | 560 | 560 |
| Cost of sales | $/GEO sold | US$ 334 | C$ 472 |
| Cash cost1 | $/GEO sold | US$ 316 | C$ 447 |
| All-in sustaining costs1 ("AISC") | $/GEO sold | US$ 1,284 | C$ 1,815 |
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In late 2022, the previous owners of El Castillo placed the mine under care and maintenance, with metals production continuing from the re-leaching of residual leach pads. Since the acquisition of the mine on November 7, 2024, to December 31, 2024, the mine has produced 222 ounces of gold. Total revenues of C$2,101,514 were reported from sales of 557 ounces of gold.
From the Acquisition to the end of the reporting quarter, cash costs were C$447 per GEO sold (US$316 per GEO), while AISC was C$1,815 per GEO sold (US$1,284 per GEO). Cash Costs and AISC for the period from the Acquisition of the mine on November 7, 2024, to December 31, 2024, were in line with the guidance announced by the Company on November 14, 2024.
Reclamation expenditures at the El Castillo mine for the period November 7 to December 31, 2024, were C$1,562,320, which included rinsing of the east leach pad, reforestation initiatives in the vicinity of the mine, pit lake modelling and studies addressing water quality. Further reclamation work will continue to be performed in 2025.
Ana Paula Project
Exploration expenditures at the flagship Ana Paula Project were C$1,798,246 in Q4 2024 (C$1,125,639 in Q4 2023).
On September 17, 2024, the Company announced the commencement of a two-phase, 5,000-metre drill program at the Ana Paula Project to test the east, west, and down-dip extensions of the High Grade Panel and Parallel Panel targets. As of December 31, 2024, 15 holes had been completed, totalling 3,355.6 metres. Drilling included geotechnical and water testing of potential tailings facility locations.
Exceptional drill results continued to be reported from the Ana Paula Project. The results have included hole AP-24-317 with 87.8 metres @ 16.0 grams per tonne (g/t) gold, including 16.1 metres @ 71.8 g/t gold, and hole AP-24-315 with 125.9 metres @ 4.02 g/t gold including 23.6 metres @ 12.5 g/t gold. The holes grew the High Grade Panel to the north and down-dip, increased resource confidence, and locally improved gold grades compared to the resource model.
Drilling and technical trade-off studies will continue at Ana Paula. The Company is completing a Technical Report on Ana Paula in 2026 to allow for a construction decision shortly thereafter.
San Antonio Project
The Company completed a PEA based on Mineral Resource estimates for the San Antonio Project, with a technical report published on January 13, 2025.
The San Antonio Project requires further development planning and engineering. All major environmental and other permits will need to be obtained before an investment decision can be considered by the Company. Based on the encouraging results from the San Antonio Project technical report: in 2025, the Company will conduct a strategic review of the Project with the objective of identifying and evaluating the next development steps and challenges. The Company will also consider additional work programs and alternative business possibilities to potentially add Project value to the San Antonio Project as presented in the PEA. This strategic review is expected to require 3-4 months to complete.
Cerro de Gallo Project
The Cerro del Gallo Project requires further development planning and engineering. All major environmental and other permits will need to be obtained before an investment decision can be considered by the Company. In 2025, the Company will conduct a strategic review of the Project with the objective of identifying and evaluating the next development steps.
Funding Overview
The Company secured funding for the purchase price of the Mexican Gold Assets, operating working capital requirements, general and administration costs, and other expenditures from a combination of different sources: private placements (for aggregate gross proceeds of C$10,218,386, exercise of warrants (for aggregate gross proceeds of C$1,569,384), new debt facilities, and free cash flow generated from the mining operations since July 11, 2024.
On November 7, 2024, the consolidated cash position in the entities purchased from FCGI was C$5,980,958. As a condition of the acquisition of the Mexican Gold Assets, FCGI agreed that cash generated in respect of the Mexican Gold Assets until the closing date, less US$5M in operating cashflow, would be for the benefit of the Company.
2025 Guidance
On February 4, 2025, the Company published 2025 production and cost Guidance. In 2025, the Company expects to produce 31,000-41,000 GEOs at an AISC of US$1,950-2,000 per GEO.
| Project | Gold Production | Silver Production | GEO Production3 | Cash Cost4 | AISC4,5 |
| (Ounces) | (Ounces) | (Ounces) | (US$ per GEO) | (US$ per GEO) | |
| La Colorada Mine | 17,000-23,300 | 42,500-51,500 | 17,500-23,800 | 1,800-1,950 | 1,850-1,975 |
| San Agustin Mine1 | 8,500-11,000 | - | 8,500-11,000 | 1,500-1,650 | 1,700-1,850 |
| San Agustin Restart2 | 4,500-5,700 | 34,000-43,000 | 5,000-6,200 | 2,350-2,500 | 2,900-3,035 |
| Consolidated | 30,000-40,000 | 76,500-94,500 | 31,000-41,000 | 1,800-1,950 | 1,950-2,100 |
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1,2,3,4,5 - Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for Q4 2024, available on SEDAR+.
Non-IFRS Measures.This news release refers to certain financial measures, such as all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for Q4 2024, available on SEDAR+.
Cash costs.The Company uses cash costs per ounce of metals sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is the cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-IFRS financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance but do not have a standardized meaning and are disclosed in addition to IFRS financial measures. Cash costs include production costs, refinery and transportation costs and extraordinary mining duty. Cash costs exclude non-cash depreciation and depletion and site share-based compensation.
AISC.All-in Sustaining Costs ("AISC") more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that with respect to AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations.
Statement of Qualified Persons
Gregg Bush, P.Eng., Mike Gingles, and Stewart Harris, P. Geo., Qualified Persons, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of the Company, Mr. Gingles is employed as Vice President of Corporate Development, and Mr. Harris is employed as Exploration Manager.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
| Charles Funk President and Chief Executive Officer Heliostar Metals Limited Email: charles.funk@heliostarmetals.com Phone: +1 844-753-0045 | Rob Grey Investor Relations Manager Heliostar Metals Limited Email: rob.grey@heliostarmetals.com Phone: +1 844-753-0045 |
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the Company's goal of becoming a mid-tier producer, the Company's discipline and the free cashflow generation from our operating mines, all profits generated from operations to be reinvested directly into our Companies growth and this reinvestment will focus on expanding production and growing resources across our portfolio.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
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