Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to provide details of the first phase of the planned 2024 exploration program at the Thane Copper-Gold Project (the "Project" or "Thane") in North Central British Columbia.
THANE PROJECT HIGHLIGHTS
Visit Interra's current presentation for further detail information about Thane Project: https://interracoppercorp.com/site/assets/presentation
CURRENT WORK - HIGH-RESOULTION MULTISPECTRAL ANALYSIS:
In Q2 Interra purchased high resolution satellite imagery and topographic data and acquired additional multispectral imagery data to support planned target development. ALS GoldSpot have been retained to provide advanced processing and mineral mapping of the altered and mineralized zones using proprietary clustering algorithms to support geological observations. This work is expected to dramatically increase the efficiency and success rate of the 2024 field work.
THANE 2024 FIELD PROGRAM:
The 2024 exploration program is expected to be completed in two phases, an initial field level mineral system review completed by senior porphyry specialists in early July followed by a focussed alteration and mineralization mapping and sampling program in August.
Figure 1 - Six Copper-Gold mineralized centres (Red) across interpreted alteration footprint (Orange)
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The 2024 field program will advance the six main target areas identified to date, visit additional peripheral target zones, determine the distribution of prospective host rocks, identify and define the alteration footprints and paragenesis, characterize the known mineralization in the context of current global alkalic porphyry research and district understanding, and design any additional geophysical and geochemical surveys required in advance of drilling. The expected outcome of the programs is to provide compelling, optimized targets for future discovery drilling at Thane.
Technical information contained within this news release has been reviewed and approved by Phil Smerchanski, M.Econ.Geol., P.Geo., an advisor to the Company and a qualified person as defined by National Instrument 43-101 policy.
About Interra Copper Corp.
Interra Copper Corp. is an exploration and development company focused on creating shareholder value through the advancement of its current interests that include the Thane Copper-Gold Project in north-central British Columbia, and the Rip Copper-Molybdenum Project in north-west British Columbia. Utilizing its heavily experienced leadership team, Interra Copper continues to source and evaluate assets and projects to further generate shareholder value.
The Thane property covers approximately 206 km2 and is located within the prolific Quesnel Copper-Gold porphyry Terrane of north-central British Columbia, midway between the previously operated open pit Kemess Mine and the currently operating Mount Milligan mine. The Thane Project includes several highly prospective mineralized areas identified to date, including the Cathedral, Gail/Cirque, Aten, CJL, Mat and Lake targets that contain high-grade copper-gold mineralization which has only been partially tested by limited exploration. Interra Copper Corp. would like to acknowledge that its Thane Project is located in the traditional territories of Takla Nation and Tsay Keh Dene Nation.
The Rip Project is under option for up to an 80% earn in by Interra Copper, over a multi-year period. The property is 47 km2 in area and located in the prolific Stikine Terrane, in a Late Cretaceous host that contains significant Cu-Mo Porphyry deposits. Historical Induced Polarization (IP) geophysics has outlined a zone of high chargeability, coincident with the strong quartz sericite-pyrite alteration interpreted to suggest the potential of a mineralized porphyry alteration system at depth.
Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
"Rick Gittleman"
President, CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Private Placement, the receipt of all necessary regulatory and other approvals, the use of proceeds from the Private Placement, and the revolving credit facility, including the terms thereof, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, 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 and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and revolving credit facility and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to provide detail of the first phase exploration program at the Rip Copper Project (the "Project" or "Rip") in the Stikine region of British Columbia. The Rip Project is situated approximately 33 km northeast of Imperial Metals' past producing Huckleberry copper-molybdenum ("Cu-Mo") mine (see Figure 1), which is presently on care and maintenance. Imperial Metals Corporation is exploring Huckleberry and its surrounding claims for additional Cu-Mo resources.
In late 2023, the Company first announced its option agreement with ArcWest Exploration Inc. ("ArcWest") to acquire an 80% interest in ArcWest's Rip Cu-Mo project. Interra can earn the first tier of its interest in the project by completing staged exploration work totalling C$2.0 million and direct payment of C$100,000 and annual share payments over 4 years until end of 2027. Interra is currently funded for, and anticipates, it will meet and likely exceed its 2024 and 2025 obligations for the earn-in of C$300,000 and C$500,000 in expenditures respectively with the budget outlined in this 2 stage program. The initial program is staged into 2 work phases: 1) A geophysical program to define drill targets, commencing in late April and; 2) A diamond drilling program tentatively scheduled for Q3/Q4 of 2024.
The stage 1 exploration program consists of an airborne magnetic survey flown by Precision Geosurveys followed by a 3D-IP survey to be completed by DIAS Geophysical The 3D-IP survey is designed to further delineate and potentially expand upon a historical chargeability anomaly identified on the project by Kennco in the late 1970s, as shown in Figure 2.
Shallow percussion drilling of this chargeability anomaly by Kennco intersected porphyry copper style alteration and anomalous Cu-Mo mineralization over a broad area. A lone diamond drill hole intersected anomalous Cu (0.07%) and Mo (0.005%) over 74m in strongly quartz-sericite-pyrite ("QSP") altered volcanic rocks cut by late feldspar porphyry and mineralized quartz diorite dykes; the bottom 64m consists of intrusive clast-rich polymictic breccia cut by abundant pyrite, gypsum and quartz veins with local secondary biotite. QSP, intermediate argillic ("IA") and propylitic alteration predominate in the holes, suggesting that the Kennco holes only tested the upper levels of a shallowly eroded porphyry Cu-Mo system.
Figure 1 - Rip Regional Google Earth Map Image of Satellite Photo
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https://images.newsfilecorp.com/files/7923/206939_2cc7675014a13a07_002full.jpg
Potential therefore exists at Rip for the discovery an underlying Cu-Mo mineralized potassic core. The upcoming geophysical program has a much greater survey area than that of the historical surveys, and as such, will play a key role in evaluating the depth potential of the Rip porphyry Cu-Mo system. The airborne magnetic survey is estimated to commence in late April, with the 3D-IP survey estimated to commence in May/June. Details of this survey are as shown in Figure 3.
Interra looks forward to the results of our programs in conjunction with our partners, ArcWest, and the recently rejuvenated copper and precious metals markets. Updates are anticipated to be every couple of months throughout the exploration season.
Figure 2 - Rip chargeability high from historical survey and alteration from percussion drill holes
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https://images.newsfilecorp.com/files/7923/206939_interrafig2.jpg
Figure 3 - Transmitter and receiver stations for the 2024 3D-IP survey (Dias Geophysical). A chargeability anomaly delineated by a historical IP survey is in red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/206939_2cc7675014a13a07_004full.jpg
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its two early-stage copper exploration assets located in British Columbia, Canada.
The Thane Project located in the Quesnel Terrane of Northern BC spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization. The Company has an earn-in option up to 80% and joint-venture agreement on the Rip Project located in Stikine Terrane in a prolific belt of Late Cretaceous (bulkley plutonic suite), known for copper-molybdenum deposits.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
"Rick Gittleman"
President, CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-Looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Private Placement, the receipt of all necessary regulatory and other approvals, the use of proceeds from the Private Placement, and the revolving credit facility, including the terms thereof, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-Looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, 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 and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and revolving credit facility and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws. The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to issue the following letter from its Chairman, President & Chief Executive Officer, Rick Gittleman, updating shareholders on the Company's plans for unlocking value from its assets while executing on a prudent yet strategic work plan in 2024.
To our fellow shareholders of Interra Copper Corp.,
I'm writing to you today with great enthusiasm for a busy and productive 2024. Over the year, Interra's leadership will be focused on maximizing shareholder value through exploration on multiple projects and initiatives. The team has spent time prioritizing and re-evaluating the Company's projects - re-interpreting data to identify the best targets and regions within those projects. The overall goal was to determine optimal exploration programs and to also eliminate non-productive assets and costs that are generating no real value for the Company.
We ended 2023 on a positive note - closing on a multi-round non-brokered flow-through private placement financing raising C$1.14 million in December 2023 and positioning the Company for near term exploration work in British Columbia. We are especially excited to put this money to work and commence exploration at the Rip Copper-Molybdenum Project, the newest addition to our exploration assets. In December 2023, in connection with the Rip Project, we acquired an option for up to an 80% earn-in and joint venture agreement with ArcWest Exploration Inc. Rip's geological attributes make a compelling case for prioritized exploration. The fully permitted exploration project is located in central British Columbia (BC), an established mining region on Canada's west coast, and situated in a prolific belt of Late Cretaceous intrusions (Bulkley Plutonic Suite), host to numerous past producing mines and well-known Copper and Molybdenum deposits, such as Huckelberry, Endako, Granisle and Granduc.
Together with our partner, ArcWest, we have begun to develop a significant exploration plan for the Rip Project. New work, completed in late 2023, included a modest till cover geochemical sampling program. Follow-up work to aid with drill target definition will include a drone supported high resolution magnetic survey in addition to a 3D Induced Polarization survey this summer. The Rip technical committee is also currently in the process of finalizing options and costs for a modest drill program based on an assumption of success with the early exploration. Interra has flow-through qualified CEE "Canadian Exploration Expenses" funds available to support both of our BC projects, with funds not going to Rip in 2024 to be dedicated to our other exciting BC porphyry project, the Thane Project.
Our 100% owned Thane Project is a district scale copper-gold project covering a 20,658-hectare concession within the Quesnel Terrane in Northern British Columbia. The Quesnel Terrane is a prolific porphyry belt with significant copper, gold, silver, molybdenum mineralization. Thane sits amongst existing mines and other known significant deposits, such as Centerra Gold's Mt. Milligan Mine and Kemess North Deposits, North-west Copper's Kwanika and Stardust and Pacific Ridge's Kliyul Deposits and the Company classifies it as underexplored. Six mineralized copper-gold target areas have been identified to date and in late 2023 Interra engaged in an independent review to re-assess past work and re-interpret the project data with a view to an integrated life of project dataset and a new strategy for discovery. Our consultant has extensive and relevant experience with Northern Cordillera copper-gold systems both as a senior exploration specialist with major mining companies and with specific direct experience in the district surrounding Thane Project as a technical adviser on the same style of deposits Thane has the potential to host.
Based upon the results of the review, we are anticipating work contemplated for 2024 will include both ortho-imagery and high-resolution topographical surveys to support field reviews and targeted rock geochemistry to help vector towards mineral centres. This work will be focused on maximizing the use of previously invested data and ensuring a well thought out systematic discovery program can be developed for the next phase of work. This next stage of work is expected to include detailed magnetic geophysical surveys and focused geological mapping of the mineralization and alteration of specific copper-gold target zones to prepare for discovery drilling.
Given the large size of the property and multiple mineral centres identified to date, Interra has also begun a search for a senior company partner in order to accelerate these plans and provide support to a longer-term discovery strategy to maximize the value of the asset. Exploration plan details for 2024 will be shared with the market in the coming weeks.
While Thane is fully permitted for all planned work in 2024, ahead of this work, we have continued previous discussions with local First Nations representatives to ensure open and transparent communication with the Nations and local communities and to allow for integration of traditional territories. Interra is committed to responsible exploration in the regions in which we operate and we look forward to working closely with local First Nations and partners as we further advance our assets in this region.
Chile has proven to be of decreasing attractiveness especially over the past twelve to eighteen months, culminating with what amounts to a burdensome "tax" on exploration ventures and capital. Management does not see this policy improving anytime soon. Our drilling program at Tres Marias yielded no positive results. Pitbull and Zenaida are greenfield projects in very early stages of exploration which technically rank lower than our BC exploration portfolio. Unfortunately, the government of Chile this year increased significantly the annual claim fees that need to be paid to maintain the concessions; claim fees that amount to unacceptable overhead costs to the Company and that represent a drastic increase from previous years. Accordingly, based upon the results at Tres Marias, the Interra board of directors (Board) has consented to divesting these projects for nominal compensation or to return the claims to the government. Nonetheless, we are very excited about both Rip and Thane. We need to use our resources prudently. Accordingly, these projects will be pursued with much greater focus and resources. We believe that our funds can and must be better spent in jurisdictions like BC, Canada.
Interra anticipates 2024 will be a pivotal year for the Company, both in terms of improving market conditions, and with new discovery focused programs initiating at two projects in British Columbia. With the backdrop of strong metals prices, particularly copper and gold, we look forward to unlocking the potential of our highly prospective exploration assets located in a great jurisdiction. Additionally, consistent with our corporate strategy, the Company continues its search for brownfield and resource-level copper development project opportunities with the potential for high impact. We continue to seek out special opportunities that will prove valuable to the Company and our shareholders.
Finally, and on a personal note, it has been a great pleasure working with my colleagues on the Interra Board and with the Interra management team. I have also been extremely impressed by our shareholders who stand by and support the Company. The support I have received is meaningful to me personally. Originally it was not my intent to take on the role of the Chief Executive Officer on a permanent basis as recently announced, however, the past six months have convinced me that the Interra team and vision is the right one and that the shareholders of Interra need a CEO fully committed to the Company's success. Moreover, I have, along with other Board members, increased our shareholdings in Interra and financially invested in the Company through participating in the recent and current private placements.
Thank you again to you, the shareholders, for your ongoing support coming out of what has been a very tough market. Interra has a very skilled and dedicated leadership team with a long track record of success. We remain committed to creating value through our focused copper-gold discovery programs.
Sincerely,
Rick Gittleman
Chairman of the Board, President & Chief Executive Officer
Interra Copper Corp.
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its portfolio of early-stage exploration copper assets located in British Columbia, Canada and Chile.
The Company's portfolio includes three exploration projects in British Columbia: Thane, Chuck Creek and Rip. The Thane Project located in the Quesnel Terrane of Northern BC spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization. Chuck Creek is an early-stage exploration project located within the Eagle Bay Assemblage. The Company has an earn-in option up to 80% and joint-venture agreement on the Rip Project located in Stikine Terrane in a prolific belt of Late Cretaceous (bulkley plutonic suite), known for copper-molybdenum deposits. The Company also owns three copper projects located the Central Volcanic Zone, within a prolific Chilean Copper belt: Tres Marias and Zenaida in Antofagasta Region, and Pitbull in Tarapaca Region.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Chairman, President & CEO
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the Company's plans on the Thane and Rip Projects, and the potential results of exploration work on the projects, as well as the Company's intent and ability to divest its Chile assets. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available on SEDAR+ at www.sedarplus.ca and the Company's website. We seek safe harbor.
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Interra Copper Corp. (CSE: IMCX) (FSE: 3MX) ("Interra" or the "Company") announces that it has entered into a securities for debt settlement agreement dated January 15, 2024 (the "Agreement") with a professional advisor of the Company.
Pursuant to the Agreement, the Company has agreed to settle debt in the amount of $34,723.05 through the issuance of 138,892 units (each, a "Unit") at a deemed price of $0.25 per Unit, whereby each Unit shall be comprised of one (1) common share in the capital of the Company (each a "Share") and one half (1/2) of one (1) Share purchase warrant (each whole, being a "Warrant"). Each Warrant will be convertible into an additional Share (a "Warrant Share") at an exercise price of $0.35 per Warrant Share and will expire on the date that is three (3) years following the date of issuance (the "Expiry Date"). The Expiry Date shall be subject to acceleration where the volume-weighted average trading price of the Company's common shares on the Canadian Securities Exchange is equal to or greater than $0.45 for a continuous 30-day period at any time after that date which is 4 months following their date of issue in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
The Agreement and the issuance of the securities thereunder are subject to the approval of the CSE. The securities will be subject to a hold period of four months and one day pursuant to CSE policies and applicable securities laws.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the debt settlement transaction and the receipt of all necessary regulatory and other approvals, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, 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 and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain the necessary approvals in connection with the Agreement and the transactions contemplated thereby, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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Interra Copper Corp. (CSE: IMCX) (FSE: 3MX) ("Interra" or the "Company") announces that, further to its news release of December 19, 2023, the Company has distributed an aggregate of 282,148 units (each, a "Unit") at a deemed price of $0.25 per Unit in connection with a securities for debt settlement agreement dated December 18, 2023 (the "Agreement") with a consultant of the Company, pursuant to which the Company has agreed to settle debt in the amount of $70,537.00.
Each Unit is comprised of one (1) common share in the capital of the Company (each a "Share") and one half (1/2) of one (1) Share purchase warrant (each whole, being a "Warrant"). Each Warrant is convertible into an additional Share (a "Warrant Share") at an exercise price of $0.35 per Warrant Share and will expire on the date that is three (3) years following the date of issuance (the "Expiry Date"). The Expiry Date is subject to acceleration where the volume-weighted average trading price of the Company's common shares on the CSE is equal to or greater than $0.45 for a continuous 30-day period at any time after that date which is four (4) months following the date of issuance, in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
The securities issued under the Agreement are subject to a hold period of four months and one day pursuant to CSE policies and applicable securities laws.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the use of Proceeds are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, 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 and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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FOR DISSEMINATION IN THE UNITED STATES
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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
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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 $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024 .
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1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. |
2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the year ended December 31, 2024. |
Summary Financial Results
Three months ended December 31, | Year ended December 31, | ||||
(US$ 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.
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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 $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.
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1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. |
Outlook
On January 16, 2025 , the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2025.
2025 Production and Cash Cost Guidance a
Revised Guidance | ||||
(contained metal) | Production | Cash Cost ($/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.