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JZR Gold
Overview
Artisanal and small-scale mining (ASM) in Brazil is an important part of the country’s economy and culture. Dating as far back as the 17th century, the ASM sector provides livelihood for more than 450,000 traditional ASM miners and their communities.
A significant portion of the ASM sector in Brazil is gold mining, and one exploration company poised to benefit from artisanal gold stockpiles in the country is JZR Gold (TSXV: JZR.V). The company has completed the assembly of a bulk sampling facility at its Vila Nova Gold project and is now advancing toward near-term cash flow.
Vila Nova Gold is the company’s flagship project located in the state of Amapá in Brazil. JZR Gold acquired the Vila Nova Gold project in January 2021 and all of Coltan Gold Minerals’ interest in and to a joint venture royalty agreement between Eco Mining Oil & Gaz Drilling and Exploration EIRELI and Coltan Gold Minerals.
In June 2021, JZR Gold reported significant gold results from sampling waste dumps and tailings at the Vila Nova Gold project. The geological report concluded the project contains gold estimates as high as 9 million tonnes with grades averaging 2.7 g/t. The total estimated gold content on the Vila Nova Gold project is a valuable 700,000 ounces in the 111.7-hectare area that was sampled. This flagship asset has significant upside potential based on tailings expansion and ongoing hard rock drilling.
In Canada, JZR Gold also owns interests in the Teddy Glacier property and the Spider mine in British Columbia.
The company is in a strong position to produce profitable gold in the future. In April 2022, through contractor Brastorno Tecnologia em Equipamentos Para Mineracao, JZR Gold completed the assembly of its Gravimetric plant, a bulk sampling facility at the Vila Nova Gold project. The company has since commenced the operation of the 800-tonne-per-day bulk sampling gravimetric mill. The company is fully permitted to bulk sample up to 600,000 tonnes per year in Brazil.
JZR entered into a joint venture royalty agreement (JVRA) with ECO Mining Oil & Gaz Drilling and Exploration (EIRELI) (ECO) on July 6, 2020, for its Vila Nova gold project. JZR has satisfied all its responsibilities under the JVRA and has acquired a 50 percent net profit interest from all net profit generated from the project. ECO is entitled to 85 percent of the total sale value of all gold derived from the tailings piles, dams, pond basins and waste reservoir on the property.
JZR Gold values transparency and adherence to local laws and has ensured that all work conducted on the Vila Nova Gold project is conducted with sensitivity to the environment and within ESG parameters.
Company Highlights
- Its flagship Vila Nova Gold project is located in the state of Amapá in Brazil. The company also owns interests in the Teddy Glacier property and the Spider mine in the province of British Columbia in Canada.
- The Vila Nova Gold project contains gold estimates as high as 9 million tonnes with grades averaging 2.7 grams per ton (g/t). The total estimated gold content on the Vila Nova Gold project is a valuable 756,000 ounces in the 111.7-hectare area that was sampled.
- JZR Gold is led by an experienced management team including the co-founder of HealthTech Connex Inc.
- JZR Gold commenced the operation of the 800-tonne-per-day bulk sampling gravimetric mill located at the Vila Nova Gold Project, creating near-term cash flow for the company.JZR has satisfied all its obligations under its joint venture royalty agreement with ECO and has acquired a 50 percent net profit interest in the Vila Nova Gold Project.
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JZR Gold Provides Update on Vila Nova Gold Project
JZR Gold Inc. possesses a 50% net profit interest (the “NPI”) in all profit generated from the Vila Nova Project.
For further information, please contact:
Robert Klenk
Chief Executive Officer
E: rob@jazzresources.ca
T: 604.329.9092
Forward-Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to commencement of preparation work on the Vila Nova Project and the expected operation of the gravimetric mill on the Vila Nova property. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Copyright (c) 2024 TheNewswire - All rights reserved.
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JZR Gold Announces Private Placement Offering Of Units To Raise Up To $750,000
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART,
IN OR INTO THE UNITED STATES.
Vancouver, British Columbia, Canada September 27, 2024 TheNewswire JZR Gold Inc. (the " Company " or " JZR ") ( TSX-V: JZR ) is pleased to announce that it intends to undertake a non-brokered private placement offering (the " Offering ") of up to 5,000,000 units (each, a " Unit ") at a price of $0.15 per Unit, to raise aggregate gross proceeds of up to $750,000. Each Unit will be comprised of one common share (each, a " Share ") and one share purchase warrant (each, a " Warrant "). Each Warrant will entitle the holder to acquire one additional common share (each, a " Warrant Share ") in the capital of the Company at an exercise price of $0.20 per Warrant Share for a period of thirty-six (36) months after the closing of the Offering.
The Units will be offered pursuant to available prospectus exemptions set out under applicable securities laws and instruments, including National Instrument 45-106 – Prospectus Exemptions. The Offering will also be made available to existing shareholders of the Company who, as of the close of business on September 24, 2024, held common shares (and who continue to hold such common shares as of the closing date), pursuant to the existing shareholder exemption set out in BC Instrument 45-534 Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders (the " Existing Securityholder Exemption ") . The Existing Securityholder Exemption limits a shareholder to a maximum investment of CAD$15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Shareholder Exemption which exceeds the maximum amount of the Offering, the Company intends to adjust the subscriptions received on a pro-rata basis.
Certain Insiders (as such term is defined under the policies of the TSX Venture Exchange (the " Exchange ")) of the Company may participate in the Offering. Any participation of Insiders in the Offering will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Offering by Insiders will not exceed 25% of the fair market value of the Company's market capitalization.
The Offering may close in one or more tranches, as subscriptions are received. The Securities will be subject to a hold period of four months and one day from the date of issuance. Closing of the Offering, which is expected to occur on or about October 4, 2024, will be subject to satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including approval by the Exchange.
The Company intends to use the net proceeds from the Offering to prepare and commence operation of the gravimetric processing mill that was constructed on the Vila Nova gold project located in the state of Amapa, Brazil, and for general working capital purposes.
For further information, please contact:
Robert Klenk
Chief Executive Officer
rob@jazzresources.ca
Forward-Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to the details of the Offering, including the anticipated use of the net proceeds. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Copyright (c) 2024 TheNewswire - All rights reserved.
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JZR Gold Announces Closing Of Non-Brokered Private Placement Offering Of Convertible Debentures
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Vancouver, British Columbia, Canada September 10, 2024 TheNewswire JZR Gold Inc. (the " Company " or " JZR ") ( TSX-V: JZR ) is pleased to announce that further to news releases dated June 21, 2024, July 22, 2024, and August 16, 2024, that it has closed the second and final tranche of the previously announced non-brokered private placement offering (the " Offering ") of unsecured convertible debentures (the " Debentures "). The Company requested and received acceptance from the TSX Venture Exchange (the " Exchange ") to increase the Offering to up to CAD$2 million. The principal sum of Debentures issued in the second tranche totals $480,000, for total gross proceeds from the Offering of $1,980,000.
The Debentures will mature on the date that is one (1) year from the date of issuance (the " Maturity Date ") and shall bear simple interest at a rate of 10% per annum, payable on the Maturity Date. The principal sum of the Debentures, or any portion thereof, and any interest may be converted into units (the " Units ") of the Company at a conversion price of $0.20 per Unit. Each Unit shall be comprised of one common share (a " Conversion Share ") and one share purchase warrant (a " Warrant "). Each Warrant shall entitle the holder to acquire one additional common share (a " Warrant Share ") in the capital of the Company at a price of $0.25 per share for a period of twenty-four (24) months from the date that the Warrants are issued.
The Debentures, Units, Conversion Shares, Warrants and Warrant Shars are collectively referred to herein as the " Securities ". In connection with the second tranche of the Offering, the Company paid cash finder's fees of $14,700 and issued 73,500 non-transferable broker warrants being 6% of the gross proceeds raised from persons introduced by the finder. The broker warrants have an exercise price of $0.20 with an expiry date of three (3) years from the date of issuance. Other than the exercise price and expiry date, the Finders' Warrants shall otherwise be on the same terms as the Warrants.
All Debentures issued pursuant to the Offering, including any securities into which they may be exercised or converted, are subject to a statutory hold period of four months and one day from the date of issuance thereof. The Offering is subject to final acceptance by the Exchange.
The Company intends to use the net proceeds of the Offering to: (i) fund operations of the fully constructed 800 tonne-per-day gravimetric mill, as well as future exploration work on the Vila Nova Gold project located in Amapa State, Brazil (the " Vila Nova Project "), (ii) to pay certain liabilities owed to arm's length parties and (iii) for general working capital purposes. The Company may fund operations on the Vila Nova Gold project by advancing fu nds, by way of one or more loans, to ECO Mining Oil & Gaz Drilling and Exploration (EIRELI) (" ECO "), as operator of the Vila Nova Project. The Company possesses a 50% net profit interest from all net profit generated from the Vila Nova Project.
For further information, please contact:
Robert Klenk
Chief Executive Officer
E: rob@jazzresources.ca
T: 604.329.9092
Forward-Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to respect to the details of the Offering, including the proposed size, timing and the anticipated use of net proceeds, the receipt of regulatory approval for the Offering, the potential loan of funds to ECO and the expected operation of the gravimetric mill on the Vila Nova property. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
JZR Gold Extends Deadline to Close Non-Brokered Private Placement Offering of Convertible Debentures
(TheNewswire)
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August 16, 2024 TheNewswire Vancouver, British Columbia, Canada JZR Gold Inc. (the " Company " or " JZR ") ( TSX-V: JZR ) announces that it has requested and has received acceptance from the TSX Venture Exchange (the " Exchange ") to extend the deadline to complete its previously announced non-brokered private placement offering (the " Offering ") of unsecured convertible debentures (the " Debentures ") to raise gross proceeds of up to $1,500,000, which was subsequently increased to $1,700,000. On July 22, 2024, the Company announced that it had closed a first tranche of the Offering and issued Debentures in the aggregate principal amount of $1,500,000. The Offering was announced on June 21, 2024, and the initial deadline to complete the Offering was August 5, 2024. Pursuant to the extension granted by the Exchange, the deadline to close the Offering is September 5, 2024.
The Debentures will mature on the date that is one (1) year from the date of issuance (the " Maturity Date ") and shall bear simple interest at a rate of 10% per annum, payable on the Maturity Date. The principal sum of the Debentures, or any portion thereof, and any interest may be converted into units (the " Units ") of the Company at a conversion price of $0.20 per Unit. Each Unit shall be comprised of one common share (a " Conversion Share ") and one share purchase warrant (a " Warrant "). Each Warrant shall entitle the holder to acquire one additional common share (a " Warrant Share ") in the capital of the Company at a price of $0.25 per share for a period of twenty-four (24) months from the date that the Warrants are issued.
The Debentures, Units, Conversion Shares, Warrants and Warrant Shars are collectively referred to herein as the " Securities ". No finder's fees were paid in connection with the closing of the first tranche of the Offering.
All Debentures issued pursuant to the Offering, including any securities into which they may be exercised or converted, are subject to a statutory hold period of four months and one day from the date of issuance thereof. The Offering is subject to final acceptance by the Exchange.
The Company intends to use the net proceeds of the Offering to: (i) fund operations of the fully constructed 800 tonne-per-day gravimetric mill, as well as future exploration work on the Vila Nova Gold project located in Amapa State, Brazil (the " Vila Nova Project "), (ii) to pay certain liabilities owed to arm's length parties and (iii) for general working capital purposes. The Company may fund operations on the Vila Nova Gold project by advancing fu nds, by way of one or more loans, to ECO Mining Oil & Gaz Drilling and Exploration (EIRELI) (" ECO "), as operator of the Vila Nova Project. Net proceeds will also be used for general working capital purposes. The Company possesses a 50% net profit interest from all net profit generated from the Vila Nova Project.
For further information, please contact:
Robert Klenk
Chief Executive Officer
E: rob@jazzresources.ca
T: 604.329.9092
Forward-Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to respect to the details of the Offering, including the proposed size, timing and the anticipated use of net proceeds, the receipt of regulatory approval for the Offering, the potential loan of funds to ECO and the expected operation of the gravimetric mill on the Vila Nova property. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
JZR Gold Announces Private Placement Offering of Units to Raise Up to $1,000,000
(TheNewswire)
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JZR Gold Inc. (TSXV:JZR) (OTC:JZRIF) (the " Company " or " JZR ") is pleased to announce that it intends to undertake a non-brokered private placement offering (the " Offering ") of up to 5,000,000 units (each, a " Unit ") at a price of $0.20 per Unit, to raise aggregate gross proceeds of up to $1,000,000. Each Unit will be comprised of one common share (each, a " Share ") and one share purchase warrant (each, a " Warrant "). Each Warrant will entitle the holder to acquire one additional common share (each, a " Warrant Share ") in the capital of the Company at an exercise price of $0.30 per Warrant Share for a period of nine (9) months after the closing of the Offering
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Newmont Files Early Warning Report
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (together with its affiliates, " Newmont " or the " Company ") announced today that Newmont Canada FN Holdings ULC (the " Vendor "), a wholly-owned subsidiary of Newmont, sold 9,500,000 common shares of Star Diamond Corporation (" Star Diamond ") held by the Vendor by way of a private placement transaction for an aggregate purchase price of $190,000.00, being $0.02 per share (the " Transaction ").
Pursuant to the Transaction, the Vendor sold 9,500,000 common shares of Star Diamond (" Star Diamond Shares "), representing approximately 1.54% of the issued and outstanding Star Diamond Shares as of the date of the Transaction. Accordingly, the disposition of the Vendor's Star Diamond Shares represents a decrease in Newmont's ownership from approximately 11.45% to 9.92% of the issued and outstanding Star Diamond Shares.
Newmont Canada has no current intention to acquire any Star Diamond Shares, but may, depending on market and other conditions, acquire beneficial ownership or control of the Shares or other securities of Star Diamond whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
This press release is issued pursuant to the early warning provisions of Canadian securities legislation. To obtain a copy of the Early Warning Report filed by Newmont under National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues please contact Neil Backhouse at +1 (303) 837-5002 or investor.relations@newmont.com .
Newmont's address is 6900 E Layton Avenue, Suite 700, Denver, CO 80237.
About Newmont
Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20241219945100/en/
Investor Contact – Global
Neil Backhouse
investor.relations@newmont.com
Media Contact – Global
Jennifer Pakradooni
globalcommunications@newmont.com
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Agnico Eagle Commences Friendly All-Cash Offer to Acquire O3 Mining
- All cash offer of $1.67 per share representing a 58% premium to O3 Mining's closing price on December 11, 2024
- Offer unanimously recommended by Board and Special Committee of O3 Mining and supported by shareholders representing 39% of outstanding shares of O3 Mining
- Shareholders should tender by 11:59 p.m. (EST) on January 23, 2025 to take advantage of the significant offer
(All amounts expressed in Canadian dollars unless otherwise noted)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (" Agnico Eagle ") and O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (" O3 Mining ") are pleased to jointly announce that Agnico Eagle, through a wholly-owned subsidiary, has commenced its offer to acquire all of the issued and outstanding common shares of O3 Mining (the " Common Shares ") not already owned, directly or indirectly, by Agnico Eagle for $1.67 in cash per Common Share, pursuant to a friendly, board-supported take-over bid (the " Offer ") by delivering the Offer and take-over bid circular to O3 Mining shareholders. The directors' circular of O3 Mining is being delivered to O3 Mining shareholders concurrently with the take-over bid circular of Agnico Eagle.
The board of directors of O3 Mining unanimously recommends that O3 Mining shareholders deposit their Common Shares under the Offer. All of the directors and officers of O3 Mining, as well as Gold Fields Limited (through its wholly-owned subsidiary), O3 Mining's largest shareholder, Extract Advisors LLC, and certain Franklin Templeton managed funds, representing in the aggregate approximately 39% of the issued and outstanding Common Shares, have entered into lock-up agreements with Agnico Eagle, pursuant to which they have agreed to, among other things, tender all of their Common Shares to the Offer.
For a detailed description of the Offer, see O3 Mining and Agnico Eagle's joint news release of December 12, 2024 , available at: https://www.agnicoeagle.com/English/investor-relations/news-and-events/news-releases/news-release-details/2024/Agnico-Eagle-to-Acquire-O3-Mining-in-Friendly-Transaction .
Full details of the Offer are contained in the take-over bid circular of Agnico Eagle and the corresponding directors' circular of O3 Mining, which are available on SEDAR+ ( www.sedarplus.ca ) under O3 Mining's issuer profile, and on O3 Mining's and Agnico Eagle's respective corporate websites.
Timing
The Offer is open for a limited time only and O3 Mining shareholders are encouraged to act now to participate. The Offer is open until 11:59 p.m. (EST) on January 23, 2025 (the " Expiry Time ").
O3 Mining shareholders whose Common Shares are held through a broker, bank or other intermediary should immediately contact that intermediary for assistance if they wish to accept the Offer – intermediaries have likely established tendering cut-off times that are prior to the Expiry Time.
How to Tender Your Shares; Postal Strike
Only O3 Mining shareholders who tender their Common Shares will receive the cash consideration of $1.67 per Common Share. For information on tendering your Common Shares please contact Laurel Hill Advisory Group at assistance@laurelhill.com .
Shareholder type: | How do I tender my Common Shares to the Agnico Eagle Offer? |
Beneficial Most O3 Mining shareholders are beneficial shareholders. This means your Common Shares are held through a broker, bank or other financial intermediary, and you do not have a share certificate or DRS advice. | Contact your bank or your broker immediately and instruct them to tender your Common Shares to the Offer. |
Registered You are a registered shareholder if you hold your Common Shares directly and may have a share certificate or DRS advice. | Contact Laurel Hill Advisory Group: |
In light of the expected mail disruption following the Canada Post labour strike , shareholders are encouraged to stay up to date on the Offer by visiting: https://www.agnicoeagle.com/Offer-for-O3-Mining/default.aspx . Shareholders are also asked not to mail in any Letter of Transmittal or share certificates at this time. Instead, shareholders may contact Laurel Hill Advisory Group.
Deposit Period News Release
This news release constitutes a "deposit period news release" for purposes of National Instrument 62-104 – Take-Over Bids and Issuer Bids . O3 Mining confirms that the initial deposit period of the Offer is 35 days commencing on December 19, 2024 , the date of the Offer, and will expire at 11:59 p.m. (EST) on January 23, 2025 .
Advisors
Edgehill Advisory Ltd. is acting as financial advisor to Agnico Eagle. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to Agnico Eagle.
Maxit Capital LP is acting as financial advisor to O3 Mining. Bennett Jones LLP is acting as legal advisor to O3 Mining. Fort Capital Partners is acting as financial advisor to the Special Committee. Cassels Brock & Blackwell LLP is acting as legal advisor to the Special Committee.
The Depositary and Information Agent for the Offer is Laurel Hill Advisory Group. If you have any questions or require assistance with tendering to the Offer, please contact Laurel Hill Advisory Group, by phone at 1-877-452-7187 or by e-mail at assistance@laurelhill.com .
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer in Québec, Canada , adjacent to Agnico Eagle's Canadian Malartic mine. O3 Mining owns a 100% interest in all its properties (128,680 hectares) in Québec. Its principal asset is the Marban Alliance project in Québec, which O3 Mining has advanced over the last five years to the cusp of its next stage of development, with the expectation that the project will deliver long-term benefits to stakeholders.
About Agnico Eagle Mines Limited
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by O3 Mining and Agnico Eagle, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Offer, including the anticipated timing of expiration, mechanics, funding, completion, settlement, results and effects of the Offer and the other benefits of the transaction; the anticipated next stage of development of the Marban Alliance project; and the expectation that the Marban Alliance project will deliver long-term benefits to stakeholders. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of Agnico Eagle and O3 Mining that the Offer will be made in accordance with the support agreement between Agnico Eagle and O3 Mining dated December 12, 2024 , and will be successful, that all required regulatory consents and approvals will be obtained and all other conditions to completion of the transaction will be satisfied or waived, and the ability to achieve goals, including the integration of the Marban Alliance property to the Canadian Malartic land package and the ability to realize synergies arising therefrom. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. O3 Mining and Agnico Eagle do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Agnico Eagle or any of its affiliates or O3 Mining.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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Franco-Nevada Announces $500 Million Precious Metals Stream with Sibanye-Stillwater
(in U.S. dollars unless otherwise noted)
Franco-Nevada Corporation (" Franco- Nevada " or the " Company ") (TSX: FNV) (NYSE: FNV) is pleased to announce that its wholly-owned subsidiary, Franco-Nevada ( Barbados ) Corporation (" FNB "), has entered into a precious metals stream (the " Stream ") with reference to specific production from Sibanye-Stillwater Limited's (" Sibanye-Stillwater ") Marikana, Rustenburg and Kroondal mining operations (the " Stream Area ") located on the Western Limb of the Bushveld Complex in South Africa . The Stream is primarily comprised of a gold component for the life of mine (" LOM ") and a platinum component for approximately 25 years supporting a more stable gold equivalent ounce (" GEO ") delivery profile to FNB over this period.
"We are excited to partner with Sibanye-Stillwater and gain exposure to production from this fully integrated, long life, platinum group metal (" PGM ") complex," said Paul Brink , President & CEO of Franco-Nevada. "The Bushveld complex represents a unique and essential source of PGMs, with Sibanye-Stillwater's Western Limb operations currently providing approximately 15% of global platinum supply. The combination of extensive resources, established infrastructure, and a large pipeline of extension projects, operated by a leading global PGM producer, makes for a high-quality stream with very long-life potential. This immediately cash flowing transaction, along with our recent Cascabel and Yanacocha deals, provide both meaningful medium and long-term growth."
Neal Froneman , CEO of Sibanye-Stillwater said, "We are pleased to have concluded this US$500 million (R8.8bn) Stream with Franco-Nevada which unlocks further value from our SA PGM operations, a core part of our business, bolstering our balance sheet. By primarily streaming gold, which is a single component of the diverse production mix at our SA PGM operations, we retain significant leverage to higher PGM prices, which we anticipate. The support from Franco-Nevada underscores the quality and long-term viability of our PGM assets. We welcome this opportunity to continue to build our relationship with Franco-Nevada."
Transaction Highlights:
- Immediate Precious Metals Growth: The Stream will deliver immediate cash flow from a diversified production base in South Africa , a seasoned mining jurisdiction. The Stream is expected to generate a stable GEO profile over the next 20 years based off the platinum, palladium, rhodium and gold (" 4E PGM ") production profile shown in the chart below. This profile is based on Sibanye-Stillwater's board-approved ore reserve LOM as at December 31, 2023 for its existing operations and includes certain pre-feasibility and feasibility stage projects being studied, which leverage existing infrastructure (the " Replacement Projects "). The Stream GEO profile is comprised of approximately 70% gold and 30% platinum deliveries 1 at consensus commodity prices with a 45+ year LOM.
- Proven Operator and Significant Invested Capital in an Integrated Complex: Sibanye-Stillwater's Western Limb operations benefit from extensive existing infrastructure consolidated through the merger of three prior operators, which has unlocked numerous synergies. The complex is expected to operate at the lower half of the PGM cost curve 2 . These operations consist of the Marikana, Rustenburg, and Kroondal operations and a total of 13 underground mines. The mines are supported by Sibanye-Stillwater's concentrators and smelter and refining complex. Sibanye-Stillwater is a leader in South African mine safety and has committed to continuous safety improvements. The operations have strong relationships with their Black Economic Empowerment (" BEE ") partners and local communities.
- Long Reserve Lives with Extensive Resources: The Stream is referenced to production from the Stream Area, which extends over 500 km 2 of Sibanye-Stillwater's Western Limb operations in South Africa . The Stream Area assets have a mine life up to 2070 including ore Reserves and Replacement Projects, based on current projections. Sibanye-Stillwater has the potential to sustain higher production levels for longer, with 4E PGM Measured and Indicated (" M&I ") Resources of 182 Moz inclusive of the 34 Moz of 4E PGM Reserves 3 , providing extensive long-term optionality.
- Operations Benefit from a Unique and Diversified Basket of Metals: Sibanye-Stillwater's Western Limb operations currently produce approximately 15% of the world's platinum supply 4 . In addition, they produce palladium, rhodium and gold as primary 4E PGM components and a significant amount of chrome and other by-products, including approximately 28% of current global iridium and ruthenium supply 4 . The latter are both important to data storage and chip manufacturing and with platinum to a potential future hydrogen economy. By-products provide a more diversified basket price to the operations compared to many other global PGM producers. By-products contributed approximately 18% of Sibanye-Stillwater's SA PGM revenue basket in H1 2024 with potential to expand this component of the business.
- Gold Deliveries linked to PGM Production : For approximately the first 25 years 5 , gold deliveries are linked to the volume of 4E PGM ounces produced. This reference to the overall production of these key metals helps ensure that gold deliveries are aligned with Sibanye-Stillwater's PGM production, mitigating variations in gold grade between deposits.
Key Transaction Terms:
Gold Stream Parameters
- Stream deliveries to FNB are based on production from the Steam Area, according to the following schedule:
- Gold ounces equal to 1.1% of 4E PGM ounces contained in concentrate until delivery of 87.5 koz of gold, then
- Gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237 koz of gold, then
- 80% of gold contained in concentrate for the remaining LOM.
Platinum Stream Parameters
- Stream deliveries to FNB are based on platinum production from the Stream Area, according to the following schedule:
- 1.0% of platinum contained in concentrate until the delivery of 48 koz of platinum, then
- Step-up to 2.1% of platinum contained in concentrate until total delivery of 294 koz of platinum, then
- No further platinum deliveries.
Additional Considerations
- Effective start date of the Stream is September 1, 2024 with funding of the $500 million deposit anticipated in the next few weeks and first delivery approximately 45 days after closing of the transaction
- Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following completion of the 4E PGM link (after the delivery of 237 koz of gold to FNB) 6
- Deliveries will be based on production from the mining operations from the Stream Area and exclude surface tailings retreatment, except in certain circumstances
- Corporate guarantees will be provided to FNB by Sibanye-Stillwater and the Marikana, Rustenburg and Kroondal operations' operating companies, amongst others
- FNB will maintain a right of first refusal on future streams and royalties related to the Stream Area
- The transaction is subject to customary closing conditions, including the approval from the South African Reserve Bank
Medium-Term Production Profile
Figure 1.: Sibanye-Stillwater's Western Limb Production (Metal in Concentrate) details a 20-year production profile from Sibanye-Stillwater's Western Limb PGM operations based on reserve LOM declared at the end of 2023 and in addition, includes the Replacement Projects (including the Kroondal depth extension projects, E3, E4, and Saffy projects) 7 . Sibanye-Stillwater's total reserve LOM plan based on 34 Moz of 4E PGM Mineral Reserves (100% basis) extends production beyond this period to 2070 at a reduced rate due to its long life K4 project at the Marikana operation.
Sibanye-Stillwater's Western Limb Production (Metal in Concentrate)
Source: Sibanye-Stillwater |
Pandora Royalty
Franco- Nevada and Sibanye-Stillwater have agreed to convert the 5% net profit interest that Franco-Nevada holds on the Pandora property to a 1% net smelter return royalty. Sibanye-Stillwater's Pandora property forms a portion of its Marikana operations and includes the currently operating E3 decline. Three of the Replacement Projects being studied fall on a portion of the Pandora royalty ground.
Financing the Transactions
Franco- Nevada intends to finance the Stream from cash on hand, with approximately $1.3 billion in cash and cash equivalents and $2.3 billion in available capital as at September 30, 2024 .
Franco-Nevada Corporate Summary
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco- Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges.
About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater is one of the world's largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium, ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals mining and processing and increase its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. For more information refer to www.sibanyestillwater.com .
Sibanye-Stillwater Mineral Resources and Mineral Reserves
Sibanye-Stillwater's Mineral Resources and Mineral Reserves are estimates at a particular date (as at December 31, 2023 ), and are affected by fluctuations in mineral prices, the exchange rates, operating costs, mining permits, changes in legislation and operating factors. Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by each of the United States Securities and Exchange Commission (SEC) and the JSE at all managed operations, development, and exploration properties.
Additional Information
Information relating to the Sibanye-Stillwater PGM assets contained in this news release has been provided by Sibanye-Stillwater.
Scientific and technical information included in this news release has been reviewed by Gregory Snow , P Eng, Senior Manager, Geology of Franco-Nevada, a non-independent qualified person under National Instrument 43-101.
Forward- Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, including the expected timing of closing the transaction, the expected future performance of Sibanye-Stillwater's South African PGM assets and the Stream, and production and mine life estimates relating to Sibanye-Stillwater's South African PGM assets. In addition, statements relating to reserves and resources, gold equivalent ounces ("GEOs") and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources, GEOs or mine life will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of the COVID-19 (coronavirus) pandemic; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to the outcome of the ongoing audit by the CRA or the Company's exposure as a result thereof. Franco- Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov . The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law .
______________________________________ | |
1 Assuming current projections of 4E PGM production based on Reserves and Replacement Projects at consensus commodity prices | |
2 Combined costs (excluding by-products) following the Marikana K4 mine ramp-up | |
3 Attributable M&I Resource of 1.0 Bt at 4.3 g/t 4E PGM grade for 142 Moz 4E PGM (182 Moz 4E PGM on a 100% basis) and attributable Inferred Resources of 227.5 Mt at 4.6 g/t 4E PGM grade for 33.7 Moz 4E PGM (41.7 Moz on a 100% basis) as at December 31, 2023. Attributable Reserves of 231 Mt at 3.6 g/t 4E PGM grade for 26.5 Moz 4E PGM (33.9 Moz 4E PGM on a 100% basis) as at December 31, 2023. M&I Resources are inclusive of Reserves. | |
4 Based on 2023 production per Sibanye-Stillwater's public disclosure and total 2023 supply per Johnson Matthey PGM market report (May 2024) | |
5 Assuming current projections of 4E PGM production based on Reserves and Replacement Projects currently being studied by Sibanye-Stillwater | |
6 The ongoing payments are subject to reduction in certain circumstances | |
7 The development and timing of these replacement projects is subject to achieving positive commercial and economic outcomes from the feasibility studies underway. |
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SOURCE Franco-Nevada Corporation
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