Marvel Discovery Corp. (TSX-V:MARV)(FRA:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce that it has acquired 100% of additional ground ("Pecors West") east of Elliot Lake to complement its East Bull Property. The additional land package of 805 hectares (ha) brings the land holdings in the area to a total of 6,157 ha. (Figure 1
The Pecors West property has the potential to host three unique styles of mineralization under the critical metals criteria:
"The Pecors West property is a dynamic piece of ground with significant potential for Ni-Cu-PGM mineralization and uranium and rare-earth oxide mineralization in two completely different geological settings", Mr. Karim Rayani, Chief Executive Officer, commented. "The new land acquisition puts Marvel contiguous to the Eco Ridge Project with almost 60 Mt of uranium and rare-earth oxide resources. Drilling by Five Nine Ventures intersected shallow uranium mineralization along the Pecors Channel in 2012, and in 2015 PGM+Ni+Cu mineralization was intersected by International Montoro within the extensive Pecors magnetic anomaly, now held by Power One Resources (SpinCo from Mavel). This land acquisition gives Marvel a sizeable area of influence in the camp."
The Pecors Channel (Figure 1) located next door to the new land acquisition contains an inferred resource of 20,000,000 tons grading 0.037% (0.74 lbs./t) U3O8 or 14,800,000 lbs. U3O8 (Rio Algom,
1977). This resource estimated is based on limited drilling and there is potential to expand the Pecors Channel onto the Pecors West property. Uranium is hosted within the quartz-pebble conglomerate of the Matinenda Formation at shallow depths within the Pecors Channel. ‘Channels' within the Elliot Lake uranium camp were mined extensively in the 1950s where production grades averaged 0.100% U3O8. The resource estimate cited above predates and therefore does not conform to the more stringent reporting requirements of National Instrument 43-101 and should not be relied upon according to those standards. Marvel has not yet done exploration work to verify or classify the historical estimates as a current mineral resource, and the Company is not treating the historical estimates as a current mineral reserve or resource.
The Pecors West property also hosts the potential for significant PGM- Ni-Cu mineralization related to the Pecors Magnetic anomaly, a large regional magnetic high extending 18 km long and 4 km wide and largely hidden beneath Huronian sediments (Figure 2). The source of the magnetic anomaly has been confirmed to be at least partially comprised of lithologies of gabbroic affinity by International Montoro drilling in 2015. Hole P15-23 drilled by International Montoro intersected 0.33 g/t Pt+Pd+Au and 0.11% Cu and 0.04% Ni over 12m within contact style mafic intrusive mineralization. This style of mineralization appears similar to the East Bull PGM deposit to the east where Quest Critical Metals Inc., (formerly Canadian Palladium) reports a total indicated resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq (see Quest Critical Metals news release dated February 22, 2023).
The Pecors West property is contiguous to Radio Fuels Corp. (CSE:CAKE) Eco Ridge Project where indicated resources total 22.306 Mt grading 0.045% U3O8and 1,613 ppm REO (rare-earth oxides) and inferred resources total 36.955 Mt grading 0.046 % U3O8 and 1,560 ppm REO (https://radiofuels.ca/).
Transaction Terms
Marvel Discovery has signed an agreement with two vendors to purchase a 100% interest in 18 boundary cell mining claims and 35 single cell mining claims for $10,000 cash payable upon acceptance of the transaction by the TSX Venture Exchange (the "Effective Date") and an additional $40,000 cash payable within 6 months from the Effective Date. On the Effective Date, Marvel must also issue 500,000 common shares and 500,000 share purchase warrants exercisable for a 3-year period at $.05 per share. The vendors retains a 2% NSR with a buyback option from Marvel for 50% of the NSR for $1,000,000 cash. All terms are conditional upon regulatory approval from the TSX Venture Exchange.
Qualified Person
Mike Kilbourne, P. Geo, an independent qualified person ("QP") as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
The QP has not completed sufficient work to verify the historic information on the properties comprising the Pecors property, particularly regarding historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Pecors property but may not be representative of expected results.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. 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 the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company 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 law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE:Marvel Discovery Corp.
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Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce that the Company is planning a till sampling exploration program at its Victoria Lake Property for Q2 2024. The project is being planned as a follow-up to reconnaissance till and soil sampling completed in 2023 that identified anomalous gold. The Victoria Lake Property is situated over more than 15 kilometres of the Victoria Lake Shear Zone (VLSZ), part of an extensive fault corridor within Central Newfoundland that Honsberger et al. (2022)1 identified as emerging as one of the most prospective orogenic gold domains in Atlantic Canada. The project will further follow up on the second highest regional gold-in-till sample identified by the Newfoundland Geoscience Atlas, which reported 785 ppb Au from a sample collected within Marvel's Victoria Lake project
Karim Rayani, Chief Executive Officer, commented; "Results from Marvel's 2023 reconnaissance till and soil sampling program were very exciting, and identified multiple gold anomalies within the western part of the property. The reconnaissance program was intended to investigate the potential for structures associated with the Cape Ray Fault Zone and Victoria Lake Shear Zone. Anomalous gold was identified in over 20% of the 2023 samples, and our 2024 program will follow up with more detailed sampling over anomalous zones. The project is located over an extensive fault and shear zone corridor which is host to numerous gold occurrences that include the nearby Valentine Gold Project. Recent news of the acquisition of the Valentine Gold Project, we believe, is a reaffirmation of our views that this entire area has immense potential for further discovery, and the reason Marvel acquired such a significant land holding. Marvel's substantial position in this camp is second only to Calibre (see Figure 1), and includes the crucial southwest extension of the Victoria Lake Shear Zone and fault corridor. In recent months we have announced a strategic reduction of some of Marvel's holdings in the Province of Newfoundland and Labrador, as we focus on our core holdings. The Victoria Lake Project is now regarded as one of our highest priority projects within the province. As gold prices surge and global uncertainties persist, our bullish outlook on gold has never been stronger, and we remain committed to and focused on the acquisition and exploration of Tier One Projects. Exploring a significant portion of one of Newfoundland's most prospective gold-bearing structures is not only thrilling but a discovery at Victoria Lake has the potential to transform Marvel and benefit our loyal shareholders."
Results from Marvel's spring 2023 program were reported on August 14, 2023 (see press release dated August 14, 2023). The 2023 exploration program conducted till sampling over two geological targets as part of the Company's investigation of the potential for structures associated with the Cape Ray Fault - Victoria Lake Shear Zone corridor. Marvel plans to complete an enhanced program of till sampling over the area in late spring-early summer 2024 and will follow up with additional sampling in areas where anomalous gold was identified. The second highest regional gold-in-till sample in the Newfoundland Geoscience Atlas database which reported 785 ppb Au was collected from within Marvel's Victoria Lake project, and the north survey grid for 2024 is intended to follow up on this historic high-grade anomaly.
Figure 1. Location of Marvel's Victoria Lake Property and Calibre Mining Corp's Valentine Gold Project in Central Newfoundland, Canada.
The Cape Ray Fault is an extensive fault corridor that is well recognized as being highly fertile for structural gold mineralization and is host to well-known gold occurrences that include the Cape Ray Deposit, the Valentine Gold Deposit, and the Wilding Lake Prospect. Marvel's Victoria Lake Property represents one of the largest land packages on strike and contiguous to Calibre Mining Corp.'s ("Calibre") Valentine Gold Project. The recent purchase of Marathon by Calibre (Calibre Mining Completes Acquisition of Marathon Gold - Junior Mining Network) marked a significant milestone for this entire area with their intention for an accelerated mine development phase. The Valentine Gold Project is anticipated to contribute an expected annual gold production of 195,000 ounces at a cost of USD$1,007 per ounce during the first 12 years of production starting in 2025. (https://calibremining.com/news/calibre-and-marathon-announce-combination-to-creat-6555/) The Valentine Lake shear zone plays a pivotal role in hosting gold mineralization within this entire camp with ongoing exploration and studies providing a greater understanding of this regional scale structure (https://journals.lib.unb.ca/index.php/ag/article/view/32972). Marvel's detailed studies of this area have demonstrated the potential for the continuation of this major structure to continue across the Victoria Lake Property (see Figure 2).
Figure 2. Total Magnetic Intensity Map of Victoria Lake Regional Area Showing Interpreted Location of Valentine Lake Shear Zone and Documented Gold Occurrences
Qualified Person
Greg Robinson, P.Geo., an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
The QP and the Company have not completed sufficient work to verify the historical information on the properties comprising the Victoria Lake Shear Zone, particularly regarding historical exploration, neighbouring companies, and government geological work. The QP and the Company further acknowledge that the presence of mineral occurrences within property adjacent to Marvel's Victoria Lake Property cannot be used as an indication for mineralization to occur within Marvel's property itself.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for more than 25 years, is a Canadian-based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President & Chief Executive Officer, Director
Tel: 604 716 0551
Email: k@r7.capital
Website: www.marveldiscovery.ca
Twitter: @marveldcorp
Facebook: @marveldiscoverycorp
LinkedIn: @marveldiscoverycorp
Instagram: @marveldiscoverycorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements that reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: the completion of the proposed Arrangement. Actual future results may differ materially. 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. There is no assurance any of the conditions for closing will be met. 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 the respective parties, are inherently subject to significant business, economic, competitive, political, and social uncertainties, and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company 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 law.
1. Honsbergerm I.W. , Bleeker, W., Kamo, S.L., Sandeman, H.A.I., Evans, D.T.W., Rogers, N., van Staal, C.R., and
Dunning, G.R. (2022) Latest Silurian syntectonic sedimentation and magmatism and Early Devonian orogenic gold mineralization, central Newfoundland Appalachians, Canada: Setting, structure, lithogeochemistry, and high-precision U-Pb geochronology. Geological Society of America Bulletin, March 2022, 25 pages. http://pubs.geoscienceworld.org/gsa/gsabulletin/article-pdf/doi/10.1130/B36083.1/5557466/b36083.pdf
SOURCE:Marvel Discovery Corp.
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Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ( "Marvel " or the "Company" ) is pleased to report that the Company has completed drilling operations on its Ni-Cu-Co and Ti-V-Cr Duhamel property (the " Property ") located 350 kilometers (km) north of Quebec City, QC (Figure 1
Karim Rayani, Chief Executive Officer , states , "We are thrilled with the results of our inaugural drill campaign at our Duhamel project. Every hole was successful in intersecting our interpreted target horizons -intersecting disseminated, semi-massive and/or massive sulfide zones. At this state we have decided to pause our drilling operations and now will focus our efforts on both field and desktop studies to help us gain a better understanding of both the genesis and structural setting of these exciting massive sulfide zones. While we wait for assays on all holes, we will be conducting low frequency Borehole and Surface Time Domain Electromagnetics to assist with future targeting areas. Our field geologist is most excited with these initial results and seeing mineralized textures suggestive of these sulfides being part of a much larger sulfide pool, and we eagerly anticipate the Geophysical results to help us vector towards the higher conductance and thicker sulfide zones."
Phase 1 drilling consisted of 5 holes totaling 1,218m ( table 1 ), which targeted numerous priority airborne and ground EM conductors within the Houlière block (figure 2 ). Historical work within the Property and surrounding areas have shown these conductors are the primary target horizons.
Several sulfide-rich mineralization intervals were intersected on the five drillholes which drilled into mafic-ultramafic magmatic rocks suite located in the margin of a large anorthosite body named Saguenay Lac-Saint- Jean SLSJ Anorthosite Suite.
The first hole drilled, DU24-01, intersected a wide, 33.0m, interval of disseminated sulfide mineralization from a hole depth 69.0m- 102.0m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-60cm hosted in mafic-ultramafic magmatic rocks. Other sulfide mineralization intervals were intersected in hole DU24-01 and they are at 120.5m (5.5m), at 134m (1.0m); at 143.0m (11.3m), at 159.1m (1.6m), at 172.2m (2.4m), at 204.5m (1.6m), at 226.6m (0.7m), at 239.8m (0.3m), at 244.3m (1.0m), at 258.6m (1.5m), and at 314.2m (2 cm wide). An example of one of these massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-01 is highlighted in figure 3. Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole some of which contains sulfides clusters and stringers.
The second hole drilled, DU24-02, intersected a wide, 13.9m, interval of disseminated sulfides mineralization from a hole depth 7.5m- 21.4m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-70cm. An example of one of these semi-massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-02 is highlighted in figure 4. Other same disseminated sulfides intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-40cm were intersected at 32.0 (0.8m), at 37.8m (5.9m), at 99.8m (3.6m), at 135.8m (7.6m), at 169.8m (18.2m), and at 231.2m (5.7m). Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole some of which contains sulfides clusters and stringers.
Hole DU24-03, intersected a wide, 10.3m, interval of disseminated mineralization from a hole depth 88.6m - 98.9m and within this are semi-massive sulfide stringers and clusters zones ranging from widths of 10-50cm. Other same disseminated mineralized intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-80cm were intersected at 111.3m (2.5m), and at 121.5m (2.0m). Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole.
The Hole DU24-04 intersected a wide, 17.3m, interval of disseminated sulfides mineralization from a hole depth 21.7m - 39.0m and within this are semi-massive stringers zone 10cm-90cm. Noteworthy within hole DU24-04 is a significant vein of massive chalcopyrite with pyrrhotite mineralization over the interval of 79.7m - 80.1m which is highlighted in figure 5. Other same disseminated sulfide intervals with semi-massive stringers zones ranging from widths of 5cm-70cm were intersected at 71.9m (2.0m), at 76.0m (2.1m), at 89.2m (3.6m), and at 104m (1.3m).
The hole drilled, DU24-05, intersected a wide, 10.8m, interval of disseminated sulfides mineralization from a hole depth 115.0m - 125.8m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-120cm. An example of these massive sulfide bands with shows a potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-05 is highlighted in figure 6 to 8. Other disseminated sulfides intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-120cm were intersected at 57.4m (4.4m), at 95.1m (5.6m), at 145.8m (6.4m), and at 197.2m (3.8m, open down hole). Fe-Ti oxide (MOX) mineralization as dissemination, as semi-massive and massive iticking up to dozen meters in width were intersected in this hole: at 10.0m (14.5m), at 33.0m (25.6m), at 74.7m (20.4m), and at 110.9m (10.4m). Those contains a potential for titanium and chromium.
Duhamel Project
For general information, the Duhamel Property currently contains seven (7) occurrences of Ni-Cu-Co sulfides and one (1) Fe-Ti-V iron oxide occurrence discovered between 1997 to 2001 by previous operators who defined a 13 km long mineralized rock corridor (Figure 4). Drill intercept highlights include 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters by Virginia Gold Mines in 2000 that contained massive sulfides. The recalculation of 100% sulfides gave 2.42% Ni over 0.5m (hole 1279-2001-29 gave 1.4% Ni over 0.5m). Compilation of historic assessment reports to date reveals more than thirty (30) Ni-Cu (Co) and four (4) Fe-Ti (V, Cr) mineral occurrences which confirms this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.
Further to the compilation of previously filed assessment reports Marvel recovered from historical data a grab sample (from massive Iron-Titanium Oxides), the result assaying 0.28% V 2 O 5 associated with 20.8% T i O 2 and 0.13%Cr 2 0 3 .
The Duhamel project is located between Chutes-des-Passes and Pipmuacan Reservoir deformation zones (or areas) included in central part of Proterozoic Grenville Geological Province (Figure 2). The Duhamel Property is characterized by the presence of large mafic to ultramafic intrusive rock bodies located in northern margin of the Saguenay‐Lac‐Saint‐Jean (SAGLSJ) Anorthosite Suite, one of the largest anorthosite intrusive bodies in the world. The Chute-des-Passes-Pipmuacan reservoir areas contains numerous massive sulfide and iron oxide mineralization occurrences recognized and documented by the Quebec government ( Sigeom, Figure 9 ).
Qualified Person
The technical information contained in this report has been reviewed by Jean-Paul Barrette Géo/ P.Geo , an independent project geologist and consultant. Mr. Barrette is a member of the Ordre des Géologues du Québec (OGQ, # 619). Mr. Barrette has sufficient experience (39 years) and relevant to the style of mineralization and the type of deposit under study and the activity undertaken to qualify as a competent person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Barrette carried out several geological reconnaissance works in the Houliere-Duhamel sector and recently made there a compilation of historical works.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/.
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. 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. There is no assurance any of the conditions for closing will be met. 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 the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company 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 law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
SOURCE: Marvel DiscoveryNews Provided by ACCESSWIRE via QuoteMedia
Marvel Discovery Corp. (TSXV:MARV)(FSE:O4T)(OTCQB:MARVF) (the "Company") announces that it has closed the final tranche of its previously announced non-brokered private placement (the "Private Placement") by issuing 2,525,000 non flow-through units (the "NFT Units") at $0.04 per NFT Unit for gross proceeds of $101,000 (the "Final Tranche
Each NFT Unit consists of one non flow-through share (an "NFT Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire an additional NFT Share at an exercise price of $0.075 per NFT Share for a period of five years.
Pursuant to the Private Placement, the Company issued an aggregate 12,000,000 flow-through units (the "FT Units") at $0.05 per FT Unit and 3,775,000 NFT Units at $0.04 per NFT Unit for aggregate gross proceeds of $751,000.
The gross proceeds from the Final Tranche will be used for general working capital purposes, more specifically for general and administrative expenses (50%) and for exploration and property maintenance (50%). None of the proceeds from the Final Tranche will be used for payments to non-arm's length parties or persons conducting investor relations activities.
All securities issued in connection with the Final Tranche will be subject to a statutory hold period expiring four months and one day after the issuance date. Final acceptance is subject to the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Chief Executive Officer, Director
Tel: 604 716 1036
Email: info@marveldiscovery.ca
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual future results may differ materially. 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. There is no assurance any of the conditions for closing will be met. 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 the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company 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 law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Marvel Discovery Corp.
News Provided by ACCESSWIRE via QuoteMedia
VANCOUVER, BC / ACCESSWIRE/ February 7, 2024 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ( "Marvel " or the "Company" ) is pleased to report a corporate update letter in an address to shareholders from its Chief Executive Officer, Karim Rayani.
Dear Shareholders ,
As we embark on a new year, fueled by unwavering determination and a shared vision, we eagerly anticipate not only continuing our ambitious plan of furthering collaborative partnerships but to continue to look for value generation prospects. In the midst of this persistently challenging market landscape, timing remains paramount. The macro environment for precious metals and energy presents unprecedented opportunities, yet a perplexing disparity persists for companies despite the favorable backdrop.
Marvel's core and long-term philosophy remains the same. We are a versatile multi-commodity enterprise, spanning a wide array of valuable resources-from battery metals and energy to precious metals, and this diverse portfolio positions us strategically for future success as demand returns. We continue to strengthen the value proposition, with a strategic focus on both advancement and acquisition. Our portfolio spans a diverse range which makes us a unique proposition compared to our peers, especially in our market capitalization.
Notably, we've recently expanded our land holdings at the KLR-Walker Uranium Project in the Athabasca Basin , an area renowned for hosting the world's highest-grade uranium mines. This expansion positions us alongside industry giants such as Cameco and Fission , underscoring our commitment to unlocking the immense potential of uranium. Additionally, our presence in the Wollaston-Mudjactic Transition Zone aligns us with the success stories of basement-hosted uranium deposits, exemplified by NexGen Energy's Arrow Deposit -the largest undeveloped uranium deposit in Canada. Marvel is also uniquely positioned having one of the largest land positions next door to Atlantic's largest gold deposit - Valentine deposit, previously held by Marathon Gold, now purchased by Caliber Mining (January 24, 2024). As we continue to explore and develop our mineral assets, we remain steadfast in our pursuit of excellence and growth. This combined with our Nickel, Cobalt and Copper prospects in Quebec, Rare Earth projects in BC, and Gold Projects throughout Newfoundland and Ontario, make us uniquely positioned.
Highlights of our recent work include:
Marvel has that decided it will not be proceeding with its green fields prospects in Newfoundland, the Valentine South West, Slip, and Gander area prospects to enable the Company to focus resources on its more advanced prospects at Hope Brook, where Piedmont Lithium recently acquired a sizable interest in the neighboring project from Benton Resources, and its Victoria Lake Project adjacent to Caliber Mining's recent purchase of Marathon's Golds Valentine Deposit.
Marvel is opportunistically positioned in the Battery Metals, Rare Earth, Gold and Energy (Uranium) sectors.
Current Joint Ventures and Asset Sale
Marvel Project Portfolio
Joint Ventures, Plan of Arrangement, Subsidiaries
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716-1036 Email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual future results may differ materially. 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. There is no assurance any of the conditions for closing will be met. 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 the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company 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 law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
SOURCE: Marvel Discovery Corp.
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Company Overview on La Colorada:
| Au Price (US$/oz Au) | Net Cash Flow (US$M) | After-Tax NPV @ 5.0% Discount Rate (US$M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 2,000 1 | 54.92 | 25.93 | 11.9 | 2.2 | 1.4 |
| 2,600 2 | 158.32 | 110.03 | 34.7 | 1.4 | 2.3 |
Company Overview on San Agustin:
| Au Price (US$/oz Au) | Net Cash Flow (US$M) | After-Tax NPV @ 5.0% Discount Rate (US$M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 2,100 1 | 14.83 | 12.67 | 156.1 | 0.8 | 1.1 |
| 2,600 2 | 28.84 | 25.22 | 365.0 | 0.3 | 2.2 |
Company Overview on San Antonio:
| Au Price (US$/oz Au) | Net Cash Flow (US$M) | After-Tax NPV @ 5% Discount Rate (US$M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,900 1 | 651.21 | 398.66 | 40.7 | 2.0 | 5.2 |
| 2,600 2 | 1,135.42 | 715.05 | 58.8 | 1.5 | 8.3 |
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") advises that it has filed technical reports on the La Colorada Operations, the San Agustin Operations and the San Antonio Project. The technical reports were prepared on material projects acquired in 2024.
The technical reports are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.heliostarmetals.com).
Heliostar CEO, Charles Funk, commented "Heliostar has filed technical reports for three of its recently acquired Mexican projects. At La Colorada, we have restarted production this month with 2025 focused on the newly defined Junkyard Stockpile and then expanding to over 50,000 ounces of gold per year with the El Crestón expansion. At San Agustin, the Phase 4 Permit area can generate strong cash flow and reduce closure costs. More importantly receiving expansion permits will provide the trigger to restart drilling, targeting further mine life expansion at the mine which has upside oxide and sulphide potential. The PEA at San Antonio demonstrates a rare, 1.0 Au g/t heap leach deposit with low CAPEX, low ASIC and a long mine life. It provides attractive optionality for our long-term growth. The combined projects have positive economics at conservative gold prices and significantly stronger returns at today's gold prices. In 2025, the Company will focus on reducing front-end capital requirements for El Crestón to improve the project economics for the expansion decision and will continue to advance Ana Paula through its Feasibility Study."
LA COLORADA MINE
Mineral Resource and Mineral Reserve estimates and a life-of-mine (LOM) plan were completed for the 100% owned La Colorada Operations (La Colorada) located in the state of Sonora, Mexico. The LOM plan in the La Colorada technical report is based on continued production from three sequentially-staged deposits: the Junkyard Stockpile (La Chatarrera), the El Crestón pit expansion (El Crestón), and the Veta Madre pit expansion (Veta Madre). The La Colorada technical report that is the subject of this news release supersedes a technical report that was prepared on the La Colorada Mine by Argonaut Gold Inc., which had an effective date of October 1, 2021.
The La Colorada technical report includes first-time disclosure of a Mineral Resource and Mineral Reserve estimate for the Junkyard and updated Mineral Resource and Mineral Reserve estimates for El Crestón and Veta Madre. The LOM plan indicates a Probable Mineral Reserve of 377k ounces of gold exploited with two years of pre-strip and 4.1 years of mine life, from the effective date of the La Colorada technical report, at production rates up to the 13,000 t/d nameplate throughput capacity of the mine at an all-in sustaining capital cost of US$1,763/oz Au.
Key Highlights
| La Colorada - Mineral Reserve & Production Highlights | |
| Mineral Reserves (kt) 1 | 18,159 |
| Gold Grade (g/t Au) | 0.65 |
| Contained Gold (koz Au) | 377 |
| Processing Rate (t/d average) 2 | 8,292 |
| Life of Mine (years) 3 | 4.1 |
| Annual Production (oz Au per year, 2026) | 14,564 |
| Annual Production (oz Au per year, average 2027-2030) | 64,309 |
| La Colorada - Financial Highlights | |
| Average Cash Costs (US$ per oz AuEq) 1 | 1,549 |
| Average AISC (US$ per oz AuEq) 1 | 1,763 |
| Total Initial Capital Cost (US$M) 2 | 53.9 |
| Total Sustainable Capital Cost (US$M) | 9.8 |
| Total LOM Capital Cost (US$M ) | 63.7 |
| La Colorada Return Estimates based on Gold Price1 | ||
| US$2,000/oz 2 | US$2,600/oz 3 | |
| IRR (%) | 11.9 | 34.7 |
| NPV @ 5.0% discount (US$M) | 25.9 | 110.0 |
| NPV @ 7.5% discount (US$M) | 15.0 | 91.2 |
| Payback (years) | 2.2 | 1.4 |
La Colorada Mineral Resource Estimates
Mineral Resources were estimated at La Colorada for three deposits: El Crestón, Veta Madre and the Junkyard, and are summarized in the following tables by deposit.
El Crestón Mineral Resource Statement
| Category | Tonnes (kt) | Gold Grade (g/t) | Silver Grade (g/t) | Gold Contained Metal (koz) | Silver Contained Metal (koz) |
| Indicated | 12,393 | 0.91 | 11.94 | 364 | 4,758 |
| Inferred | 202 | 0.70 | 6.07 | 5 | 39 |
Notes to accompany El Crestón Mineral Resource table:
Veta Madre Mineral Resource Statement
| Category | Tonnes (kt) | Gold Grade (g/t) | Silver Grade (g/t) | Gold Contained Metal (koz) | Silver Contained Metal (koz) |
| Indicated | 2,724 | 0.73 | 3.5 | 64 | 309 |
| Inferred | 77 | 0.53 | 2.5 | 1 | 6 |
Notes to accompany Veta Madre Mineral Resource table:
La Chatarrera Mineral Resource Statement
| Category | Tonnes (kt) | Gold Grade (g/t) | Silver Grade (g/t) | Gold Contained Metal (koz) | Silver Contained Metal (koz) |
| Indicated | 3,504 | 0.20 | 6.8 | 23 | 763 |
| Inferred | 1,220 | 0.41 | 33.29 | 16 | 1,305 |
Notes to accompany the Junkyard Stockpile Mineral Resource table:
La Colorada Mineral Reserve Estimates
Mineral Resources were converted to Mineral Reserves for El Crestón, Veta Madre and the Junkyard.
The Mineral Reserve estimate is based on operation of the existing crusher and conveyor system having a nameplate throughput capacity of about 13,000 t/d, and continued operation of the heap leach and carbon-in-circuit (CIC) process circuit and refinery to process ore from the three deposits. The Mineral Reserve estimate is presented in the following table.
Mineral Reserves Statement
| Classification | Zone | AuEq Cut-off (g/t) | Tonnes (kt) | Gold Grade (g/t Au) | Silver Grade (g/t Ag) | Contained Gold (koz) | Contained Silver (koz) |
| Probable | El Crestón | 0.160 | 12,841 | 0.76 | 10.1 | 312 | 4,181 |
| Veta Madre | 0.175 | 1,905 | 0.70 | 3.1 | 43 | 189 | |
| La Chatarrera | 0.164 | 3,413 | 0.20 | 6.4 | 22 | 704 | |
| Total | 18,159 | 0.65 | 8.69 | 377 | 5,074 |
Notes to accompany Mineral Reserves table:
The LOM plan outlines sequential exploitation of the three deposits with two years of pre-production from the Junkyard (2025) and from near-surface ore extracted during pre-stripping (2026), before a production LOM of 4.1 years.
Figure 1 - Ore Mined by Pit Phase
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/237102_heliostar1.jpg
Note: Figure prepared by Hard Rock Consulting, 2024
La Colorada Operating Cost Estimates
The existing mining and process circuit at the La Colorada Mine remains unchanged for the proposed LOM plan in the La Colorada technical report, with exploitation of the three deposits benefitting from the installed capacity. The expected operating performance and operating cost forecasts were compiled with the benefit of benchmarking historical performance at La Colorada and the input of seasoned professionals knowledgeable of the conventional technologies being used at La Colorada, the expected consumption quantities of key supplies, and commercial pricing for goods and services in Mexico.
Total Operating Cost Summary
| Operating Costs | Operating Cost ($/oz AuEq) | Operating Cost ($/t ore) | Operating Cost ($/t mined) |
| Total mining | 1,038.63 | 17.02 | 2.06 |
| Total processing | 368.21 | 6.04 | |
| Total site general and administrative | 68.40 | 1.12 | |
| Refinery and transport | 26.37 | 0.43 | |
| Cash operating costs | 1,501.61 | 24.61 | |
| Production taxes | 27.14 | 0.44 | |
| Royalties | 20.00 | 0.33 | |
| Total cash costs | 1,548.74 | 25.39 | |
| Capital costs | 214.11 | 3.51 | |
| Total AISC | 1,762.86 | 28.90 |
La Colorada Capital Cost Estimates
The Junkyard only requires working capital to bring the deposit into production.
The initial capital cost for El Crestón is estimated at US$54.0M, including US$9.0M capital for pad expansion and US$43.4M mining pre-stripping costs until first production. A significant pre-strip is required to fully exploit the El Crestón deposit, comprising both capitalized and expensed pre-stripping costs.
The LOM plan includes US$6.8M for reclamation work at the end of the mine life.
Capital Cost Summary
| Capital Costs | Initial (US$ M) | Sustaining (US$ M) | Total LOM (US$ M) |
| Mine pre-production development | 43.40 | 0.00 | 43.40 |
| Contractor mobilization | 0.21 | 0.00 | 0.21 |
| Slope radar system | 0.00 | 0.50 | 0.50 |
| Leach pad expansion | 8.97 | 2.13 | 11.10 |
| Total direct costs | 52.58 | 2.63 | 55.21 |
| Owner costs and reclamation | 0.00 | 6.80 | 6.80 |
| Indirects and contingency | 1.35 | 0.37 | 1.72 |
| Total indirect costs | 1.35 | 7.17 | 8.52 |
| Total | 53.93 | 9.80 | 63.73 |
La Colorada Economic Analysis
The financial analysis shows an after-tax net present value at a discount rate of 5% of US$25.9 M, an after-tax internal rate of return of 11.9%, and a payback period of 2.2 years. The forecast total lifespan of the Project is 4.1 years with two years of pre-production, although some metals production is planned in these two years. Approximately 377,000 oz of gold is projected to be mined, with 287,000 oz of gold recovered and produced for sale.
Summary Economic Results
| Project Valuation Overview | Units | After Tax | Before Tax |
| Total cashflow | US$ M | 54.92 | 86.51 |
| NPV @ 5.0% (base case) | US$ M | 25.93 | 49.77 |
| NPV @ 7.5%; | US$ M | 14.99 | 35.82 |
| NPV @ 10.0%; | US$ M | 5.90 | 24.14 |
| Internal rate of return | % | 11.9 | 17.2 |
| Payback period | Years | 2.15 | 2.04 |
| Payback multiple | 1.35 | 1.55 | |
| Total initial capital | US$ M | 53.93 | 53.93 |
Metal Prices
The La Colorada technical report includes a sensitivity analysis for key parameters impacting the forecast economic returns for La Colorada. The LOM plan and Mineral Reserves estimates are most sensitive to changes in the gold price, and gold grade. Since silver is projected to contribute only about 4% to the revenues. LOM variations in the silver price have limited impact on the cashflow forecast. The LOM plan and Mineral Reserves estimates are less sensitive to operating cost changes, and least sensitive to changes in capital costs.
Gold Price Sensitivity Analysis
| Au Price (US$/oz Au) | Net Cash Flow (US$ M) | After-Tax NPV @ 5.0% Discount Rate (US$ M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,000 | -235.88 | -203.08 | - | 0.0 | 0.0 |
| 1,200 | -167.30 | -149.64 | - | 0.0 | 0.2 |
| 1,400 | -99.10 | -96.46 | -31.1 | 0.0 | 0.5 |
| 1,600 | -30.90 | -43.29 | -7.0 | 0.0 | 0.8 |
| 1,800 | 19.43 | -3.17 | 4.2 | 2.7 | 1.1 |
| 2,000 | 54.92 | 25.93 | 11.9 | 2.2 | 1.4 |
| 2,200 | 89.39 | 53.96 | 19.4 | 1.8 | 1.6 |
| 2,400 | 123.85 | 82.00 | 27.0 | 1.6 | 1.9 |
| 2,600 | 158.32 | 110.03 | 34.7 | 1.4 | 2.3 |
| 2,800 | 192.79 | 137.88 | 42.3 | 1.2 | 2.7 |
| 3,000 | 227.26 | 165.60 | 49.7 | 1.1 | 3.2 |
Commentary by the Company on Relevant Matters
The results from ongoing drilling and other technical studies being performed at El Crestón are excluded from the La Colorada technical report but will be incorporated into a mineral resource model and will support a Mineral Reserve update that will be published with an updated technical report in mid-2025.
A total initial capital of $53.9M is a required, predominantly from waste stripping prior to the reaching the life-of-mine strip ratio. Further stripping is required after reaching the life-of-mine strip ratio and a maximum negative cash flow of US$139 million is projected at the base assumptions used in the La Colorada technical report (US$117M at US$2,600 gold).
The La Colorada technical report presents cash flows based on the base gold price used. With exploitation of the Junkyard starting this month, the project will generate revenues from sales based on current gold prices which are expected to be higher than the base gold price used in the La Colorada technical report.
The gold market has experienced significant upward price movement in the past few years and, considering that the gold price at the effective date of the La Colorada technical report is about 34% above the base gold price used in the La Colorada technical report. The sensitivity analysis presents gold price scenarios up to US$3,000/oz Au to understand the potential impact. From the base case price of $2,000/oz (years 2026-2031), a change in the average gold price of US$200/oz Au would change the NPV at a 5% discount rate by 108%, or approximately $28.0 M
Commentary by the Company on Next Steps and Permitting
Restart of mining activities at La Colorada has commenced at the Junkyard this month. The Company will provide production and cost guidance for 2025 later in January.
The Company will be continuing the current drill program and conducting other technical programs at El Crestón and plans to complete updated technical study in mid-2025.
The drill program includes shallow infill drilling designed to support short-term mine planning, and a program of infill and expansion drilling deeper in the pit to include in the future update to Mineral Resource and Mineral Reserve estimate.
Some ancillary permitting work is planned at El Crestón and is expected to be completed by mid-2025. A change of land use permit is required to enable exploitation of Veta Madre.
Since the development plan for La Colorada represents a continuation of the historical operations, minimal capital investment is required for new equipment and facilities; however, pre-stripping at El Crestón and Veta Madre will need to be financed. Subject to satisfactory conclusion of the planned work programs and arranging financing, the Company is anticipating making an investment decision at El Crestón in 2H 2025.
Qualified Persons
The technical report for the La Colorado Mine was prepared for Heliostar Metals Inc. by Mr. Todd Wakefield, RM SME, Mr. David Thomas, P.Geo., Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that was abstracted from the La Colorada technical report in their area of expertise and are independent of the Company.
SAN AGUSTIN MINE
Mineral Resource and Mineral Reserve estimates and a LOM plan were completed for the 100% owned San Agustin Operations (San Agustin) located in the state of Durango, Mexico. The LOM plan in the San Agustin technical report is based on an expansion of the existing open pit. The San Agustin technical report that is the subject of this news release supersedes a technical report that was prepared on the San Agustin Mine by Florida Canyon Gold Inc., which had an effective date of June 20, 2024.
The San Agustin technical report includes an updated Mineral Resource and Mineral Reserve estimate. The LOM plan indicates that a Probable Mineral Reserve of 68k ounces of gold can be exploited based on 1.2 years of mine life at an all-in sustaining capital cost of US$1,990/oz Au.
Key Highlights
| San Agustin - Mineral Reserve & Production Highlights | |
| Mineral Reserves (kt) 1 | 7,358 |
| Grade (g/t Au) | 0.29 |
| Contained Gold (koz Au) | 68 |
| Processing Rate (t/d) 2 | 17,100 |
| Life of Mine (years) 3 | 1.2 |
| Annual Production (oz Au per year, average 2026-2027) 4 | 19,091 |
| San Agustin - Financial Highlights | |
| Average Unit Costs (US$ per oz AuEq) 1 | 1,605 |
| Average AISC (US$ per oz AuEq) 1, 2 | 1,990 |
| Total Initial Capital Cost (US$M) | 4.2 |
| Total Sustainable Capital Cost (US$M) 2 | 14.3 |
| Total LOM Capital Cost (US$M) | 18.5 |
| San Agustin Return Estimates based on Gold Price 1 | ||
| US$2,100/oz 2 | US$2,600/oz 3 | |
| IRR (%) | 156.1 | 365.0 |
| NPV @ 5.0% discount (US$M) | 12.7 | 25.2 |
| NPV @ 7.5% discount (US$M) | 11.7 | 23.6 |
| Payback (years) | 0.8 | 0.3 |
San Agustin Mineral Resource Estimates
Mineral Resources were estimated for San Agustin as summarized in the following table.
Mineral Resource Statement
| Material Type | AuEq Cutoff (g/t AuEq) | Confidence Classification | Tonnes (kt) | Gold Grade (g/t Au) | Silver Grade (g/t Ag) | Contained Gold (koz) | Contained Silver (koz) |
| Oxide | 0.14 | Indicated | 17,154 | 0.30 | 11.5 | 165 | 6,333 |
| Transitional | 0.27 | 700 | 0.44 | 17.4 | 10 | 391 | |
| Sulphide argillic | 0.41 | 5,348 | 0.80 | 14.0 | 138 | 2,403 | |
| Sulphide silicified | 0.60 | 427 | 0.90 | 7.4 | 12 | 102 | |
| Total | 23,629 | 0.43 | 12.2 | 325 | 9,229 | ||
| Oxide | 0.14 | Inferred | 1,273 | 0.29 | 9.2 | 12 | 378 |
| Transitional | 0.27 | 5 | 0.32 | 25.6 | 0 | 4 | |
| Sulphide argillic | 0.41 | 121 | 0.64 | 9.6 | 2 | 38 | |
| Sulphide silicified | 0.60 | 2 | 0.68 | 6.0 | 0 | 0 | |
| Total | 1,401 | 0.32 | 9.4 | 14 | 421 | ||
Notes to accompany San Agustin Mineral Resource table:
San Agustin Mineral Reserve Estimates
The Mineral Reserve estimate at San Agustin is based on operation of the existing crusher and conveyor system having a nameplate throughput capacity of about 30,000 t/d and continued operation of the heap leach and CIC process circuit to processing ore from the expanded open pit. The Mineral Reserve estimate is presented in the following table.
Mineral Reserve Statement
| Classification | Material Type | AuEq Cut-off (g/t AuEq) | Tonnes (kt) | Gold Grade (Au g/t) | Silver Grade (Ag g/t) | Contained Gold (koz) | Contained Silver (koz) |
| Probable | Oxide | 0.156 | 7,281 | 0.29 | 16.24 | 67 | 3,803 |
| Transition | 0.310 | 77 | 0.39 | 31.39 | 1 | 77 | |
| Total | 7,358 | 0.29 | 16.40 | 68 | 3,880 |
Notes to accompany Mineral Reserves table:
Figure 2 - Ore Mined by Pit Phase
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/237102_212c8174c412ca9e_004full.jpg
Note: Figure prepared by Hard Rock Consulting, 2024
San Agustin Operating Cost Estimates
The existing mining and process circuit at San Agustin remains unchanged for the proposed LOM plan in the San Agustin technical report, with exploitation of the ore from the expanded open pit benefitting from the installed capacity. The expected operating performance and operating cost forecasts were compiled with the benefit of benchmarking historical performance at San Agustin and the input of seasoned professionals knowledgeable of the conventional technologies being used at San Agustin, the expected consumption quantities of key supplies, and commercial pricing for goods and services in Mexico.
Total Operating Cost Summary
| Operating Costs | Operating Cost (US$/oz AuEq) | Operating Cost (US$/t ore) | Operating Cost (US$/t mined) |
| Total mining | 681.41 | 4.44 | 2.36 |
| Total processing | 699.96 | 4.56 | |
| Total site general and administrative | 123.57 | 0.80 | |
| Refinery and transport | 38.47 | 0.25 | |
| Cash operating costs | 1,543.41 | 10.05 | |
| Production taxes | 40.10 | 0.26 | |
| Royalties | 21.00 | 0.14 | |
| Total cash costs | 1,604.51 | 10.45 | |
| Capital costs | 385.59 | 2.51 | |
| Total AISC | 1,990.09 | 12.96 |
San Agustin Capital Cost Estimates
The initial capital cost is estimated at US$4.2M, including US$2.7M capital for Owner's costs and US$0.6M for an in-fill drill program.
The LOM plan includes US$13.6M for reclamation work at the end of the mine life.
Capital Cost Summary
| Capital Costs | Initial (US$ M) | Sustaining (US$ M) | Total LOM (US$ M) |
| Definition drilling Phase 4 Pit | 0.60 | 0.00 | 0.60 |
| Mine contractor mobilization and demobilization | 0.15 | 0.05 | 0.20 |
| Leach pad expansion | 0.00 | 0.61 | 0.61 |
| Total direct costs | 0.75 | 0.66 | 1.41 |
| Owner Costs and reclamation | 3.40 | 13.57 | 16.97 |
| Indirects and contingency | 0.00 | 0.09 | 0.09 |
| Total indirect costs | 3.40 | 13.67 | 17.07 |
| Total | 4.15 | 14.33 | 18.48 |
San Agustin Economic Analysis
The financial analysis in the San Agustin technical report shows an after-tax net present value at a discount rate of 5% of US$12.7 million, an after-tax internal rate of return of 156%, and a payback period of 0.8 years. The forecast total lifespan of the Project is 1.2 years with 0.8 years of residual leaching. Approximately 67,800 oz of gold is projected to be mined, with 44,500 oz of gold recovered and produced for sale.
Summary Economic Results
| Project Valuation Overview | Units | After Tax | Before Tax |
| Total cashflow | US$ M | 14.83 | 19.69 |
| NPV @ 5.0% (base case) | US$ M | 12.67 | 19.46 |
| NPV @ 7.5% | US$ M | 11.74 | 18.10 |
| NPV @ 10.0% | US$ M | 10.88 | 16.86 |
| Internal rate of return | % | 156.1 | 218.9 |
| Payback period | Years | 0.79 | 0.59 |
| Payback multiple | 1.09 | 1.66 | |
| Total initial capital | US$ M | 4.15 | 4.15 |
Metal Prices
The San Agustin technical report includes a sensitivity analysis for key parameters impacting the forecast economic returns for San Agustin. The LOM plan and Mineral Reserves estimates are most sensitive to gold price and gold grade. Since silver is projected to contribute only about 9% to the San Agustin revenues, variations in the silver price have a small impact on the cashflow forecast. The LOM plan and Mineral Reserves estimates are less sensitive to operating cost changes, and least sensitive to changes in capital costs.
Gold Price Sensitivity Analysis
| Au Price (US$/oz Au) | Net Cash Flow (US$ M) | After-Tax NPV @ 5% (US$ M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,000 | -34.64 | -31.50 | - | - | - |
| 1,200 | -24.16 | -22.18 | - | - | - |
| 1,400 | -13.69 | -12.86 | - | - | - |
| 1,600 | -3.22 | -3.53 | -19.6 | - | - |
| 1,800 | 4.75 | 3.62 | 38.2 | 1.6 | 0.4 |
| 2,000 | 12.03 | 10.16 | 119.8 | 1.1 | 0.9 |
| 2,100 | 14.83 | 12.67 | 156.1 | 0.8 | 1.1 |
| 2,200 | 17.63 | 15.18 | 194.8 | 0.6 | 1.3 |
| 2,400 | 23.23 | 20.20 | 277.4 | 0.4 | 1.8 |
| 2,600 | 28.84 | 25.22 | 365.0 | 0.3 | 2.2 |
| 2,800 | 34.44 | 30.23 | 455.6 | 0.2 | 2.7 |
| 3,000 | 40.05 | 35.25 | 548.3 | 0.2 | 3.2 |
Commentary by the Company on Relevant Matters
The San Agustin technical report presents cash flows based on the base gold price used. With exploitation of the Mineral Reserve as presented in the San Agustin technical report, the project will generate revenues from sales which may be higher than the base gold price used in the San Agustin technical report.
The gold market has experienced significant upward price movement in the past few years and, considering the gold price at the effective date of the San Agustin technical report is about 34% above the base gold price used in the San Agustin technical report. The sensitivity analysis presents gold price scenarios up to US$3,000 per ounce to understand the potential impact. From the base case price of $2,100/oz, a 10% change in the average gold price (or US$210/oz Au) would change the NPV at a 5% discount rate by 42%, or approximately $5.3 M.
Commentary by the Company on Next Steps and Permitting
Although mining activities at San Agustin ceased in August 2024, the Company is continuing re-leaching activities. The Company will provide production and cost guidance for 2025 later in January.
A change of land use permit is required to enable exploitation of the Mineral Reserve at San Agustin. Subject to obtaining the permit, the Company plans to conduct a small, in-fill drill program to provide geotechnical information and support short-term mine planning, and to complete other preparation work needed to restart the mining activities. These activities are expected to require 4-6 months to complete from permit approval.
Qualified Persons
The technical report for the San Agustin Mine was prepared for Heliostar Metals Inc. by Mr. Todd Wakefield, RM SME, Mr. David Thomas, P.Geo., Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that was abstracted from the San Agustin technical report in their area of expertise and are independent of the Company.
SAN ANTONIO PRELIMINARY ECONOMIC ASSESSMENT
A Preliminary Economic Assessment (PEA) based on Mineral Resource estimates was completed for the 100% owned San Antonio Project (San Antonio Project technical report) located in the state of Baja California Sur, Mexico. The study considers construction and operation of a greenfield open pit and heap leach-CIC mine operation. The San Antonio Project technical report that is the subject of this news release supersedes a technical report that was prepared on the San Antonio Project by Argonaut Gold Inc., which had an effective date of 1 September, 2012.
The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized.
Key Highlights
| San Antonio PEA - Resource & Production Highlights | |
| Mineral Resource within PEA mine plan | |
| Indicated Mineral Resources (kt) | 49,410 |
| Grade (g/t Au) | 1.00 |
| Contained Gold (koz Au) | 1,590 |
| Inferred Mineral Resources (kt) | 5,397 |
| Grade (g/t Au) | 0.47 |
| Contained Gold (koz Au) | 82 |
| Processing Rate (t/d) | 10,960 |
| Life of Mine (years) | 13.7 |
| Average recovery rate (% Au) | 65.8 |
| Annual Production (oz Au per year, average) | 80,268 |
| Life of Mine Production (Moz Au) | 1.10 |
| San Antonio PEA - Financial Highlights | |
| Average Unit Cash Costs (US$ per oz Au)1 | 898 |
| Average AISC (US$ per oz Au)1 | 1,063 |
| Total Initial Capital Cost (US$M) | 131.3 |
| Total Sustainable Capital Cost (US$M) | 48.6 |
| Total LOM Capital Cost (US$M) | 179.9 |
| San Antonio Return Estimates based on Gold Price 1 | ||
| US$1,900/oz 2 | US$2,600/oz 3 | |
| IRR (%) | 40.7 | 58.8 |
| NPV @ 5.0% discount (US$M) | 398.7 | 715.1 |
| NPV @ 7.5% discount (US$M) | 315.1 | 575.9 |
| Payback (years) | 2.0 | 1.5 |
San Antonio Mineral Resource Estimates
Mineral Resources were estimated for San Antonio Project as summarized in the following table.
Mineral Resource Statement
| Confidence Classification | Area | Oxidation State | Cut-off Grade (g/t Au) | Tonnage (kt) | Gold Grade (g/t Au) | Contained Metal (koz Au) |
| Indicated | Los Planes | Oxide and transition | 0.095 | 15,839 | 0.91 | 461.2 |
| Sulphide | 0.156 | 26,607 | 1.10 | 943.7 | ||
| Intermediate | Oxide, transition, and sulphide | 0.150 | 5,239 | 0.87 | 146.3 | |
| Las Colinas | Oxide and transition | 0.184 | 1,430 | 0.69 | 31.9 | |
| Sulphide | 0.199 | 6,407 | 0.77 | 158.1 | ||
| Total | Oxide, transition, and sulphide | 0.095-1.99 | 55,522 | 0.98 | 1,741.3 | |
| Inferred | Los Planes | Oxide and transition | 0.095 | 5,479 | 0.34 | 59.1 |
| Sulphide | 0.156 | 1,319 | 0.71 | 30.2 | ||
| Intermediate | Alluvium, oxide, transition, and sulphide | 0.150 | 660 | 0.43 | 9.2 | |
| Las Colinas | Alluvium, oxide, and transition | 0.184 | 689 | 0.49 | 10.9 | |
| Sulphide | 0.199 | 579 | 0.59 | 11.0 | ||
| La Colpa | Alluvium, oxide, and transition | 0.120 | 4,635 | 0.29 | 43.9 | |
| Sulphide | 0.194 | 1,597 | 0.39 | 19.9 | ||
| Total | Alluvium, oxide, transition, and sulphide | 0.095-1.99 | 14,957 | 0.38 | 184.4 |
Notes to Accompany Mineral Resource Table:
San Antonio Mineral Resources Scheduled Within PEA Mine Plan
A mine plan was prepared based on an open pit and heap leach-CIC mine operation, with mineralized material processed sequentially and concurrently from three distinct mineral zones within the San Antonio deposit.
Mineral Resource Scheduled Within PEA Mine Plan
| Material Type | Indicated | Inferred | ||||
| Tonnes (kt) | Gold Grade (g/t Au) | Contained Gold (koz Au) | Tonnes (kt) | Gold Grade (g/t Au) | Contained Gold (koz Au) | |
| Los Planes; oxide, mixed | 15,566 | 0.92 | 458.0 | 3,569 | 0.40 | 46.3 |
| Los Planes; sulphide | 25,276 | 1.13 | 918.9 | 968 | 0.76 | 23.7 |
| Intermediate; oxide, mixed | 478 | 0.58 | 8.9 | 204 | 0.40 | 2.6 |
| Intermediate; sulphide | 3,242 | 0.88 | 91.3 | 120 | 0.44 | 1.7 |
| Las Colinas; oxide, mixed | 1,275 | 0.69 | 28.3 | 313 | 0.42 | 4.2 |
| Las Colinas; sulphide | 3,574 | 0.74 | 84.8 | 223 | 0.42 | 3.0 |
| Total | 49,410 | 1.00 | 1,590.2 | 5,397 | 0.47 | 81.6 |
Figure 3 - Mineralization Mined by Pit Phase
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San Antonio Operating Cost Estimates
The operating costs in the San Antonio Project technical report were estimated for mining, processing, and general administration activities for an open pit and heap leach-CIC mine operation.
Total Operating Cost Estimate
| Operating Costs | Operating Cost (US$/oz Au) | Operating Cost (US$/t mineralized material) | Operating Cost (US$/t mined) |
| Total mining | 522.78 | 10.40 | 2.06 |
| Total processing | 204.24 | 4.06 | |
| Total site general and administrative | 59.26 | 1.18 | |
| Refinery and transport | 16.85 | 0.34 | |
| Cash operating costs | 803.13 | 15.97 | |
| Production taxes | 76.22 | 1.52 | |
| Royalties | 19.00 | 0.38 | |
| Total cash costs | 898.34 | 17.87 | |
| Capital costs | 165.04 | 3.28 | |
| Total AISC | 1,063.39 | 21.15 |
San Antonio Capital Cost Estimates
The initial capital cost including contingency was estimated at US$131.8M, with a 2-year pre-production phase for construction of the greenfield mine.
Total LOM Capital Costs
| LOM Capital Costs | Initial (US$M) | Sustaining (US$M) | Total LOM (US$M) |
| Mine area | 4.36 | 5.00 | 9.36 |
| General and administrative infrastructure | 72.26 | 20.50 | 92.76 |
| Processing | 12.81 | 0.00 | 12.81 |
| Total direct costs | 89.43 | 25.50 | 114.93 |
| Owner costs and reclamation | 5.00 | 17.31 | 22.31 |
| Project indirect costs | 16.51 | 0.00 | 16.51 |
| Contingency | 20.35 | 5.80 | 26.16 |
| Total indirect costs | 41.86 | 23.11 | 64.97 |
| Total | 131.28 | 48.62 | 179.90 |
San Antonio Economic Analysis
The financial analysis in the San Antonio Project technical report shows an after-tax net present value at a discount rate of 5% of US$399M, an after-tax internal rate of return of 40.7%, and a payback period of 2.1 years. The forecast total lifespan is 14 years. Approximately 1.67 M ounces of gold is projected to be mined, with 1.10 M ounces of gold forecast to be recovered and produced for sale.
Summary Economic Results
| Project Valuation Overview | Units | After Tax | Before Tax |
| Total cashflow | US$ M | 651.21 | 1,013.36 |
| NPV @ 5.0% (base case) | US$ M | 398.66 | 635.33 |
| NPV @ 7.5% | US$ M | 315.09 | 509.96 |
| NPV @ 10.0% | US$ M | 250.14 | 412.36 |
| Internal rate of return | % | 40.7 | 53.7 |
| Payback period | Years | 2.05 | 1.71 |
| Payback multiple | 5.24 | 7.65 | |
| Total initial capital | US$ M | 138.59 | 138.59 |
Metal Prices
The San Antonio Project technical report includes a sensitivity analysis for key parameters impacting the cashflow forecast. The PEA LOM plan that is based on Mineral Resources is most sensitive to gold price and gold grade. It is less sensitive to operating cost changes, and least sensitive to changes in capital costs.
Gold Price Sensitivity Analysis
| Au Price (US$/oz Au) | Net Cash Flow (US$ M) | After-Tax NPV @ 5% (US$ M) | IRR (%) | Payback Period (years) | Payback Multiple |
| 1,000 | 11.34 | -20.14 | 1.5 | 5.3 | 1.1 |
| 1,200 | 162.93 | 78.70 | 15.0 | 3.5 | 2.0 |
| 1,400 | 303.75 | 171.10 | 23.8 | 2.8 | 3.0 |
| 1,600 | 443.11 | 262.51 | 31.2 | 2.4 | 3.9 |
| 1,800 | 582.04 | 353.46 | 37.7 | 2.2 | 4.8 |
| 1,900 | 651.21 | 398.66 | 40.7 | 2.0 | 5.2 |
| 2,000 | 720.38 | 443.86 | 43.5 | 2.0 | 5.7 |
| 2,200 | 858.73 | 534.26 | 49.0 | 1.8 | 6.6 |
| 2,400 | 997.07 | 624.66 | 54.0 | 1.7 | 7.5 |
| 2,600 | 1,135.42 | 715.05 | 58.8 | 1.5 | 8.3 |
| 2,800 | 1,273.76 | 805.45 | 63.4 | 1.5 | 9.2 |
| 3,000 | 1,412.10 | 895.85 | 67.8 | 1.4 | 10.1 |
Commentary by the Company on Relevant Matters
The gold market has experienced significant upward price movement in the past few years and considering gold price at the effective date of the San Antonio technical report is about 41% above the base gold price used in the San Agustin Project technical report. The sensitivity analysis presents gold price scenarios up to US$3,000 per ounce to understand the potential impact. From the base case price of US$1,900/oz Au, a change in the average gold price of US$200/oz Au would change the NPV at a 5% discount rate by 22.7%, or approximately $90.4 M.
Commentary by the Company on Next Steps and Permitting
The Project requires further development planning and engineering. All major environmental and other permits will need to be obtained before an investment decision can be considered by Heliostar.
Based on the results from the San Antonio Project technical report, the Company will conduct a strategic Project review with the objective of identifying and evaluating the next development steps and challenges. The Company will also consider additional work programs and alternative business possibilities to potentially add Project value to the San Antonio Project as presented in the PEA. This strategic review is expected to require 3-4 months to complete.
Qualified Persons
The technical report for the San Antonio Project was prepared for Heliostar Metals Inc. by Mr. Todd Wakefield, RM SME, Mr. Richard Schwering RM SME, Mr. Jeffrey Choquette, P.E., Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release that was abstracted from the San Antonio Project technical report in their area of expertise and are independent of the Company.
With respect to this News Release:
Qualified Persons for News Release
Sam Anderson, CPG, Gregg Bush, P.Eng. and Mike Gingles, MBA, the Company's Qualified Persons, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information not derived from the technical reports and included in this news release in the Company Overview, Commentary by the Company on Relevant Matters and Commentary by the Company on Next Steps and Permitting sections for each property and have approved the disclosure herein.
Data Verification
In addition, the Qualified Persons for each of the technical reports verified the data in the reports in their areas of expertise, and concluded that the information supported Mineral Resource and Mineral Reserve estimation, and could be used in mine planning and economic analysis. The verification completed by each Qualified Person is discussed in each technical report and included site visits, and could include data audits, suitability of data for use in estimation and mine planning, quality assurance and quality control checks, review of available technical and economic study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts.
The Company's Qualified persons verified the information that was not derived from the technical reports. The data verification included site visits, data audits, review of available study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts, and consideration of the Company's plans for the projects.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the recently acquired La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, El Crestón expansion at La Colorada is expected to produce over 50,000 ounces of gold per year, Current drill program (five drill rigs) is targeting lower CAPEX and increased production for an updated technical report planned for mid-2025, Receiving the Corner Permit allow for strong cash flow generation from San Agustin including funding San Agustin rehabilitation costs, Upon receipt of permit, expected in 2025, the Company will undertake drilling to potentially extend mine life from oxide gold production and is reviewing the projects sulphide potential, Mineral resource of 1.6 million ounces of gold at San Antonio project creates attractive optionality with high grade, low CAPEX, sub-US$1,100/oz ASIC and long mine life, the combined projects have positive economics at conservative gold prices and significantly stronger returns at today's gold prices and In 2025, the Company will focus on reducing front-end capital requirements for El Crestón to improve the project economics for the expansion decision and will continue to advance Ana Paula through its Feasibility Study.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
This news release includes certain non-International Financial Reporting Standards (IFRS) measures. The Company has included these measures, in addition to conventional measures conforming with IFRS, to provide investors with an improved ability to evaluate the project and provide comparability between projects. The non-IFRS measures, which are generally considered standard measures within the mining industry albeit with non-standard definitions, are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Cash costs (Cash Costs) are a common financial performance measure in the gold mining industry but with no standard meaning under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate each project's economic results in the technical reports and each project's potential to generate operating earnings and cash flow. All-in Sustaining Costs (AISC) more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237102
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B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") announces amendments to its shareholder returns strategy to increase financial flexibility as it completes its current phase of organic growth, including the anticipated commencement of initial production from Fekola Regional in Mali, the completion of construction of the Goose Mine in Nunavut, Canada, the development of the Antelope deposit at the Otjikoto Mine in Namibia, and de-risking activities at the Gramalote Project in Colombia. All dollar figures are in United States dollars unless otherwise indicated.
New Dividend Framework
Management and the Board of Directors (the "Board") of B2Gold have completed a comprehensive review of its existing dividend level and approved a change in its intended quarterly dividend rate from $0.04 per common share ($0.16 per common share on an annualized basis) to $0.02 per common share ($0.08 per common share on an annualized basis).
Since payment of its inaugural dividend in 2020, B2Gold has paid a sector-leading dividend, principally funded through the strong free cash flow generation from its three existing operating mines. Upon acquiring Sabina Gold & Silver Corp. in April 2023 (and the associated increase in B2Gold shares outstanding), the Company continued its quarterly dividend at the same $0.04 per common share level while investing significantly in organic production growth opportunities, primarily advancing construction of the Goose Mine and developing the infrastructure for Fekola Regional. In total, B2Gold has paid approximately $870 million in dividends to shareholders since 2020.
Based on the Company's funding requirements, including completing construction of the Goose Mine (which remains on schedule and on budget to the current timeline and total construction cost estimate as outlined in B2Gold's September 12, 2024 news release), advancing development of the Antelope deposit at the Otjikoto Mine, de-risking activities at the Gramalote Project in Colombia, combined with the upcoming delivery of approximately 265,000 gold ounces from July 2025 to June 2026 to satisfy its gold prepayment arrangement entered into in January 2024, the Company determined that modifying the quarterly dividend level to $0.02 per common share is commensurate to the current growth phase of the Company and provides additional financial flexibility to advance and complete its organic growth opportunities, while still providing shareholders with a sustainable dividend moving forward.
Returning capital to shareholders remains a foundational element of B2Gold's capital allocation philosophy. Under the amended dividend framework, the pro forma dividend yield as of December 31, 2024, would be 3.3%, remaining one of the highest dividend yields amongst the global precious metal producers.
Clive Johnson, President and Chief Executive Officer of B2Gold stated, "Since inception of our first common share dividend in 2020, B2Gold has paid approximately $870 million in dividends to shareholders, reflecting the strong free cash flow generation of our portfolio of operating assets over the past four years. As we enter an organic production growth phase, starting shortly with the anticipated commencement of gold production from both Fekola Regional and the Goose Mine, it is important to maintain our strong financial position as well as flexibility for internal growth projects moving forward. In conjunction with the revised dividend framework, we are announcing the intent to implement a normal course issuer bid, which will allow the Company to have increased flexibility with respect to returning capital to shareholders, as well as take advantage of periods of time when the market value of our shares do not properly reflect the underlying value of our business."
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the revised intended rate or at all in the future.
Intention to Implement Normal Course Issuer Bid
B2Gold intends to implement a normal course issuer bid (the "NCIB") to purchase, on the open market through the facilities of the Toronto Stock Exchange ("TSX"), NYSE American ("NYSE American"), other designated exchanges and/or alternative Canadian and U.S. trading systems or by such other means as may be permitted by applicable Canadian and U.S. securities laws, up to 5% of the outstanding common shares of the Company ("Shares"), subject to the approval of the TSX. As at January 13, 2025, the Company had 1,318,040,605 Shares outstanding. The Company intends to file a notice of intention with the TSX in this regard.
Subject to the approval of the TSX, it is expected that the NCIB will begin later in the first quarter of 2025 and will end at the latest 12 months from the date of the implementation of the NCIB. Purchases made on the open market through the facilities of the TSX, the NYSE American and alternative trading systems will be made at the prevailing market price at the time of purchase, or such other price as may be permitted by the TSX and applicable U.S. securities laws. The Company may also purchase Shares pursuant to exemption orders from applicable securities regulatory authorities, and such purchases will be at a discount to the prevailing market price. The Shares purchased by B2Gold under the NCIB will be cancelled. The Company will only make purchases under the NCIB once all regulatory approvals are obtained.
The Company will retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX, NYSE American and other regulatory requirements. However, the Company may enter into a pre-defined plan (a "Purchase Plan") on occasion with its broker to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its pre-scheduled blackout periods. Such form of a Purchase Plan will be adopted in accordance with Canadian and U.S. securities laws and is subject to the approval of the TSX.
The Company's decision to approve the NCIB is consistent with its amended shareholder return strategy outlined in detail above, and reflective of the Company's belief that the market may undervalue the Shares of B2Gold from time to time and that the Shares may trade in a price range which may not adequately reflect the value of the Shares in relation to the business, assets, and prospects of B2Gold from time to time and that purchases of Shares pursuant to the NCIB may represent an appropriate and desirable use of the Company's capital.
The Company intends to announce when the NCIB has been approved by the TSX with additional details regarding the time frame allowed for the NCIB and details around the number of Shares available for the Company to purchase under the NCIB, in the aggregate and per trading day.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025; and certain statements related to the Company's intention to implement the NCIB, and the proposed terms thereof. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
News Provided by GlobeNewswire via QuoteMedia
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") announces amendments to its shareholder returns strategy to increase financial flexibility as it completes its current phase of organic growth, including the anticipated commencement of initial production from Fekola Regional in Mali, the completion of construction of the Goose Mine in Nunavut, Canada, the development of the Antelope deposit at the Otjikoto Mine in Namibia, and de-risking activities at the Gramalote Project in Colombia. All dollar figures are in United States dollars unless otherwise indicated.
New Dividend Framework
Management and the Board of Directors (the "Board") of B2Gold have completed a comprehensive review of its existing dividend level and approved a change in its intended quarterly dividend rate from $0.04 per common share ($0.16 per common share on an annualized basis) to $0.02 per common share ($0.08 per common share on an annualized basis).
Since payment of its inaugural dividend in 2020, B2Gold has paid a sector-leading dividend, principally funded through the strong free cash flow generation from its three existing operating mines. Upon acquiring Sabina Gold & Silver Corp. in April 2023 (and the associated increase in B2Gold shares outstanding), the Company continued its quarterly dividend at the same $0.04 per common share level while investing significantly in organic production growth opportunities, primarily advancing construction of the Goose Mine and developing the infrastructure for Fekola Regional. In total, B2Gold has paid approximately $870 million in dividends to shareholders since 2020.
Based on the Company's funding requirements, including completing construction of the Goose Mine (which remains on schedule and on budget to the current timeline and total construction cost estimate as outlined in B2Gold's September 12, 2024 news release), advancing development of the Antelope deposit at the Otjikoto Mine, de-risking activities at the Gramalote Project in Colombia, combined with the upcoming delivery of approximately 265,000 gold ounces from July 2025 to June 2026 to satisfy its gold prepayment arrangement entered into in January 2024, the Company determined that modifying the quarterly dividend level to $0.02 per common share is commensurate to the current growth phase of the Company and provides additional financial flexibility to advance and complete its organic growth opportunities, while still providing shareholders with a sustainable dividend moving forward.
Returning capital to shareholders remains a foundational element of B2Gold's capital allocation philosophy. Under the amended dividend framework, the pro forma dividend yield as of December 31, 2024, would be 3.3%, remaining one of the highest dividend yields amongst the global precious metal producers.
Clive Johnson, President and Chief Executive Officer of B2Gold stated, "Since inception of our first common share dividend in 2020, B2Gold has paid approximately $870 million in dividends to shareholders, reflecting the strong free cash flow generation of our portfolio of operating assets over the past four years. As we enter an organic production growth phase, starting shortly with the anticipated commencement of gold production from both Fekola Regional and the Goose Mine, it is important to maintain our strong financial position as well as flexibility for internal growth projects moving forward. In conjunction with the revised dividend framework, we are announcing the intent to implement a normal course issuer bid, which will allow the Company to have increased flexibility with respect to returning capital to shareholders, as well as take advantage of periods of time when the market value of our shares do not properly reflect the underlying value of our business."
The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold's constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the revised intended rate or at all in the future.
Intention to Implement Normal Course Issuer Bid
B2Gold intends to implement a normal course issuer bid (the "NCIB") to purchase, on the open market through the facilities of the Toronto Stock Exchange ("TSX"), NYSE American ("NYSE American"), other designated exchanges and/or alternative Canadian and U.S. trading systems or by such other means as may be permitted by applicable Canadian and U.S. securities laws, up to 5% of the outstanding common shares of the Company ("Shares"), subject to the approval of the TSX. As at January 13, 2025, the Company had 1,318,040,605 Shares outstanding. The Company intends to file a notice of intention with the TSX in this regard.
Subject to the approval of the TSX, it is expected that the NCIB will begin later in the first quarter of 2025 and will end at the latest 12 months from the date of the implementation of the NCIB. Purchases made on the open market through the facilities of the TSX, the NYSE American and alternative trading systems will be made at the prevailing market price at the time of purchase, or such other price as may be permitted by the TSX and applicable U.S. securities laws. The Company may also purchase Shares pursuant to exemption orders from applicable securities regulatory authorities, and such purchases will be at a discount to the prevailing market price. The Shares purchased by B2Gold under the NCIB will be cancelled. The Company will only make purchases under the NCIB once all regulatory approvals are obtained.
The Company will retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX, NYSE American and other regulatory requirements. However, the Company may enter into a pre-defined plan (a "Purchase Plan") on occasion with its broker to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its pre-scheduled blackout periods. Such form of a Purchase Plan will be adopted in accordance with Canadian and U.S. securities laws and is subject to the approval of the TSX.
The Company's decision to approve the NCIB is consistent with its amended shareholder return strategy outlined in detail above, and reflective of the Company's belief that the market may undervalue the Shares of B2Gold from time to time and that the Shares may trade in a price range which may not adequately reflect the value of the Shares in relation to the business, assets, and prospects of B2Gold from time to time and that purchases of Shares pursuant to the NCIB may represent an appropriate and desirable use of the Company's capital.
The Company intends to announce when the NCIB has been approved by the TSX with additional details regarding the time frame allowed for the NCIB and details around the number of Shares available for the Company to purchase under the NCIB, in the aggregate and per trading day.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025; and certain statements related to the Company's intention to implement the NCIB, and the proposed terms thereof. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
News Provided by GlobeNewswire via QuoteMedia
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its gold production and revenue results for the fourth quarter and full year 2024, as well as its 2025 total gold production guidance and 2025 cost guidance for its current operating mines. All dollar figures are in United States dollars unless otherwise indicated.
Q4 and Full Year 2024 Highlights
2025 Guidance Highlights
Fourth Quarter and Full Year 2024 Gold Production
Mine-by-mine production in the fourth quarter and full year 2024 was as follows:
| Gold Production (ounces) | |||
| Mine | Q4 2024 | FY 2024 | FY 2024 Revised Guidance |
| Fekola | 84,015 | 392,946 | 420,000 - 450,000 |
| Masbate | 49,534 | 194,046 | 175,000 - 195,000 |
| Otjikoto | 52,452 | 198,142 | 185,000 - 205,000 |
| Equity interest in Calibre ( 1 ) | - | 19,644 | 20,000 |
| Total | 186,001 | 804,778 | 800,000 – 870,000 |
(1 ) Subsequent to June 20, 2024, B2Gold no longer recorded attributable production for Calibre.
Fekola Mine – Mali
| Q4 2024 | |
| Tonnes of ore milled | 2,442,390 |
| Grade (grams/tonne) | 1.17 |
| Recovery (%) | 91.9 |
| Gold production (ounces) | 84,015 |
| Gold sold (ounces) | 86,453 |
The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) produced 84,015 ounces in the fourth quarter, lower than anticipated largely due to delays experienced in accessing higher-grade ore in Fekola Phase 7, a result of lower realized mine production from the Fekola Phase 7 and Cardinal pits during the period. Damage to an excavator and the subsequent need for replacement equipment impacted equipment availability for the first nine months of 2024, reducing tonnes mined, which continued to affect the availability of higher-grade ore of Fekola Phase 7 during the fourth quarter of 2024 resulting in less higher-grade ore processed. Mining and processing of these higher-grade tonnes is now expected in 2025 as equipment availability had returned to full capacity and mining rates were at expected levels at the end of 2024. Despite short term variations, overall mined ore volumes and grades continue to reconcile relatively well with modelled values. The Fekola processing facilities continued to perform as expected with 2.4 million tonnes processed during the fourth quarter of 2024.
For the full year 2024, the Fekola Mine produced 392,946 ounces of gold, below the low-end of its revised annual guidance range of between 420,000 and 450,000 ounces due to the significant delays in accessing the higher-grade ore from Fekola Phase 7. At the end of 2024, equipment availability was at full capacity and mining rates were as expected, positioning Fekola for strong operational performance in 2025. The Fekola Mine and mill are operating without limitations and gold production is being exported for refining as per its regular planned schedule.
Masbate Mine – The Philippines
| Q4 2024 | |
| Tonnes of ore milled | 2,190,610 |
| Grade (grams/tonne) | 0.95 |
| Recovery (%) | 74.1 |
| Gold production (ounces) | 49,534 |
| Gold sold (ounces) | 51,010 |
The Masbate Mine in the Philippines continued its strong performance in the fourth quarter of 2024, producing 49,534 ounces of gold, ahead of expectations, as a result of higher than anticipated mill throughput and slightly higher ore grade than budgeted, partially offset by slightly lower than expected gold recovery.
For the full year 2024, the Masbate Mine produced 194,046 ounces of gold, at the upper end of its revised guidance range of between 175,000 and 195,000 ounces.
Otjikoto Mine – Namibia
| Q4 2024 | |
| Tonnes of ore milled | 788,536 |
| Grade (grams/tonne) | 2.10 |
| Recovery (%) | 98.6 |
| Gold production (ounces) | 52,452 |
| Gold sold (ounces) | 50,330 |
The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, also had a strong performance, producing 52,452 ounces of gold in the fourth quarter of 2024, with production from the Wolfshag underground mine remaining consistent through the quarter.
For the full year 2024, the Otjikoto Mine produced 198,142 ounces of gold, near the mid-point of its revised guidance range of between 185,000 and 205,000 ounces.
Fourth Quarter and Full Year 2024 Gold Revenue / Year-End 2024 Cash and Revolving Credit Facility Balance
For the fourth quarter of 2024, consolidated gold revenue was $500 million on sales of 187,793 ounces at an average realized gold price of $2,661 per ounce. For the full year 2024, consolidated gold revenue was $1.90 billion on sales of 801,524 ounces at an average realized gold price of $2,373 per ounce.
As of December 31, 2024, unaudited cash and cash equivalents totaled approximately $340 million and $400 million had been drawn on the Company's revolving credit facility, leaving $400 million available for future drawdowns, plus a $200 million accordion feature.
2025 Production and Cost Guidance
| Guidance (100% Basis) (1) | Fekola Complex (2) | Masbate | Otjikoto | Existing Operations Total | Goose | Other | Operations & Projects Total | |
| Period | Full Year | Full Year | Full Year | Full Year | H1 | H2 (3) | Full Year | Full Year |
| Gold Production (koz) | 515 – 550 | 170 - 190 | 165 – 185 | 850 - 925 | - | 120 - 150 | - | 970 – 1,075 |
| Cash Operating Costs ($/oz produced) | 845 - 905 | 955 – 1,015 | 695 – 755 | 835 – 895 (4) | - | - | - | - |
| Sustaining Capital Expenditures ($M) | 77 | 22 | 13 | 112 | 8 | - | - | 120 |
| Deferred Stripping / Underground Development ($M) | 120 | 8 | 16 | 144 | - | - | - | 144 |
| Sustaining Mine Exploration Expenditures ($M) | 4 | - | - | 4 | - | 10 | - | 14 |
| General & Administrative (incl. Stock Based Compensation) ($M) | 15 | 7 | 6 | 28 | - | - | 66 | 94 |
| All-In Sustaining Costs ($/oz sold) | 1,550 – 1,610 | 1,310 – 1,370 | 980 – 1,040 | 1,460 – 1,520 (4) | - | - | - | - |
| Growth / Construction Capital Expenditures ($M) | 16 | 17 | - | 33 | 101 | - | 28 | 162 |
| Deferred Stripping / Underground Development ($M) | 21 | - | 10 | 31 | 69 | - | - | 100 |
| Growth Exploration Expenditures ($M) | 5 | 3 | 7 | 15 | 15 | 7 | 11 | 48 |
| Total Growth / Non-Sustaining Capital Expenditures ($M) | 42 | 20 | 17 | 79 | 185 | 7 | 39 | 310 |
( 1 ) Totals may not add due to rounding . Estimates are based on a $2,250 gold price assumption for 2025.
(2) The Fekola Complex comprises of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and the Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto and Bakolobi permits) and the Dandoko permit).
(3) Goose Mine operating cash costs, all-in sustaining costs, and capital expenditures estimates for the second half of 2025 will be released in Q2 2025 after the release of B2Gold's initial Goose life of mine plan.
( 4 ) Total cash operating costs and all-in sustaining costs do not include estimates for the Goose Mine, which will be updated in Q2 2025 prior to commencement of initial gold production at the Goose Mine .
In 2025, B2Gold expects total gold production to be between 970,000 and 1,075,000 ounces, a significant increase from 2024 production levels primarily due to the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that was undertaken throughout 2024, the expected contribution from Fekola Regional, the commencement of mining of higher-grade ore at Fekola underground, and the commencement of gold production at the Goose Project by the end of the second quarter of 2025.
The Company's full year total cash operating costs for the Fekola Complex, Masbate, and Otjikoto are forecast to be between $835 and $895 per ounce and total AISC are forecast to be between $1,460 and $1,520 per ounce. Operating cost guidance for the Goose Project will be released in the second quarter of 2025 (prior to the commencement of initial production), after publication in the first quarter of 2025 of B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves.
The Company's total gold production is expected to be significantly higher in the second half of 2025, with the commencement of gold production from Fekola Regional and Fekola underground in mid-2025, and the commencement of gold production at the Goose Project expected by the end of the second quarter of 2025.
Fekola Complex – Mali
The Fekola Complex comprises of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits) and the Dandoko permit). The Fekola Complex's total 2025 gold production is anticipated to increase significantly relative to 2024, predominantly due to the contribution of higher-grade ore from Fekola Regional and Fekola underground in mid-2025. Fekola Regional is anticipated to contribute between 20,000 and 25,000 ounces of additional gold production in 2025 through the trucking of open pit ore to the Fekola mill, and between 25,000 and 35,000 ounces of gold production is expected from the mining of higher-grade ore at Fekola underground, with production expected to commence in mid-2025.
The development of Fekola Regional will enhance the overall Fekola Complex life of mine production profile and is expected to extend the mine life of the Fekola Complex. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029. Significant exploration potential remains across the Fekola Complex to further extend mine life.
At the Fekola Mine, ore will continue to be mined from the Fekola and Cardinal pits with production of higher-grade ore at Fekola underground expected to commence in mid-2025. Mining and trucking operations at Fekola Regional will commence following the expected receipt of the exploitation license in the first quarter of 2025, with initial gold production expected in mid-2025.
The Fekola Complex is projected to process 9.56 million tonnes of ore during 2025 at an average grade of 1.84 grams per tonne ("g/t") gold with a process gold recovery of 93.4%. Gold production is expected to be weighted approximately 40% to the first half of 2025 and 60% to the second half of 2025.
Capital expenditures in 2025 at Fekola are expected to total approximately $234 million, nearly a $75 million reduction from total estimated capital expenditures in 2024. Approximately $197 million would be classified as sustaining capital expenditures and $37 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected to include approximately:
Growth capital expenditures are expected to include approximately:
Masbate Mine – The Philippines
Gold production at Masbate is expected to be relatively consistent throughout 2025. Masbate is projected to process 8.0 million tonnes of ore at an average grade of 0.88 g/t gold with a process gold recovery of 79.9%. Mill feed will be a blend of mined fresh ore from the Main Vein pit and low-grade ore stockpiles.
Capital expenditures for 2025 at Masbate are expected to total $47 million, similar to total estimated capital expenditures in 2024. Approximately $30 million would be classified as sustaining capital expenditures and $17 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected to include approximately:
Growth capital expenditures are expected to include approximately $13 million for Pajo pit land acquisition and $4 million for Pajo development.
Otjikoto Mine – Namibia
Gold production at Otjikoto will be weighted towards the first half of 2025 due to the conclusion of open pit mining activities in the third quarter of 2025. For the full year 2025, Otjikoto is projected to process a total of 3.4 million tonnes of ore at an average grade of 1.63 g/t gold with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles. Open pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027. Exploration results received to date indicate the potential to extend underground production at Wolfshag past 2027, supplementing the processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.
Following the 2024 release of an initial Inferred Mineral Resource Estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit, located approximately three km south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia, the Company commenced a PEA which is expected to be completed early in the first quarter of 2025. Subject to receipt of a positive PEA and necessary permits and approvals, mining of the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028. An initial budget of up to $10 million has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits and long lead orders. Exploration of the greater Antelope deposit has the potential to supplement the processing of ore stockpiles at the Otjikoto Mine, with an initial goal of adding between 80,000 and 90,000 ounces of additional gold production per year from 2029 through 2032, with potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit.
Capital expenditures in 2025 at Otjikoto are expected to total $39 million, a small increase from total estimated capital expenditures in 2024. Approximately $29 million would be classified as sustaining capital expenditures and $10 million would be classified as growth capital expenditures. Sustaining capital expenditures are expected to include approximately:
Growth capital expenditures are expected to include approximately $10 million to initiate Antelope deposit development.
Goose Project – Canada
The Back River Gold District consists of eight mineral claims blocks along an 80 km belt. Construction is underway at the most advanced project in the district, the Goose Project, and has been de-risked with significant infrastructure currently in place.
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association ("KIA") is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.
All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 310,000 ounces per year, with the latest published Mineral Reserves supporting a long mine life beyond 2031. The Company remains on track to complete B2Gold's initial Goose Project life of mine plan based on updated Mineral Reserves by the end of the first quarter of 2025.
Following the successful completion of the 2024 sea lift, the construction of the WIR is well underway and expected to be completed on schedule and fully operational before March 2025, allowing for the transportation of all materials from the MLA to the Goose Project site by the end of May 2025.
Development of the open pit and underground remain the Company's primary focus to ensure that adequate material is available for mill startup and that the Echo pit is available for tailings placement. Mining of the Echo pit continues to meet production targets and is anticipated to be ready to receive tailings when the mill starts. The Umwelt underground development remains on schedule for commencement of production by the end of the second quarter of 2025.
As of September 30, 2024, C$1,176 million of construction and mine development cash expenditures (or 76% of the total estimated cash expenditures) had been incurred. Based on its unaudited November 2024 cost report, the Company estimates that approximately 83% of the total estimated cash expenditures to first gold had been incurred as of November 30, 2024. Reconciled total cash expenditures as of December 31, 2024, will be published with the Company's year-end financial statements to be released in February 2025. Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to the first gold pour in the second quarter of 2025, the Company reiterates the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million, as announced on September 12, 2024.
Gramalote Project – Colombia
On June 18, 2024, the Company announced the results of a positive PEA on its 100% owned Gramalote Project located in the Department of Antioquia, Colombia. The PEA outlines a significant production profile of 234,000 ounces of annual gold production for the first five years, with average annual gold production of 185,000 ounces over a 12.5 year project life with a low-cost structure and favorable metallurgical characteristics. Additionally, the PEA outlines strong project economics with an after-tax NPV 5% of $778 million and an after-tax internal rate of return of 20.6%, with a project payback on pre-production capital of 3.1 years at a long-term gold price of $2,000 per ounce.
The pre-production capital cost for the project was estimated to be $807 million (including approximately $93 million for mining equipment and $63 million for contingency). A robust amount of historical drilling and engineering studies have been completed on the Gramalote Project, which significantly de-risks future project development. Based on the positive results from the PEA, B2Gold believes that the Gramalote Project has the potential to become a medium-scale, low-cost open pit gold mine.
B2Gold has commenced feasibility work with the goal of completing a feasibility study in mid-2025. Due to the work completed for previous studies, the work remaining to finalize a feasibility study for the updated medium-scale project is not expected to be extensive. The main work programs for the feasibility study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates. Those work programs, as well as processing engineering and site infrastructure design, are underway and the study is on schedule.
The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.
Due to the desired modifications to the processing plant and infrastructure locations, a Modified Environment Impact Study is required. B2Gold has commenced work on the modifications to the Environment Impact Study and expect it to be completed and submitted shortly following the completion of the feasibility study. If the final economics of the feasibility study are positive and B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.
Capital expenditures in 2025 at Gramalote are expected to be relatively stable throughout the year, totaling $28 million related primarily to feasibility study costs and ongoing care and maintenance.
Exploration
B2Gold is planning another year of extensive exploration in 2025 with a budget of approximately $61 million. A significant focus will be on exploration at the Back River Gold District, with the goal of enhancing and growing the significant resource base at the Goose Project and surrounding regional targets. In Namibia, the exploration program at the Otjikoto Mine will be focused on enhancing and increasing the resources at the Antelope deposit. In Mali, an ongoing focus will be on discovery of additional high-grade, sulphide mineralization across the Fekola Complex. In the Philippines, the exploration program at Masbate will continue to focus on new targets located south of the Masbate Mine infrastructure. Early stage exploration programs will continue in the Philippines, Cote d'Ivoire and Kazakhstan in 2025. Finally, the search for new joint ventures and strategic investment opportunities will continue, building on existing equity investments in Snowline Gold Corp., Founders Metals Inc., AuMEGA Metals Ltd., and Prospector Metals Corp.
Canada Exploration
A total of $32 million is budgeted for exploration at the Back River Gold District in 2025, of which $21 million is planned for the more advanced Goose Project. A total of 12,000 meters ("m") of drilling will target extensions of the Llama and Umwelt deposits, the largest and highest-grade resources at the Goose Project. In addition, follow up drilling of significant results returned at the Nuvuyak, Mammoth and Hook targets are planned.
Regional exploration including geophysics, mapping, prospecting and till sampling will be undertaken on the George, Boot, Boulder, Del, Beech and Needle projects. This regional work will also include an estimated 13,000 m of diamond drilling to follow up drill ready targets defined during the 2024 summer regional exploration program. A significantly increased budget of $11 million is being allocated for the regional projects.
Mali Exploration
A total of $9 million is budgeted for exploration in Mali in 2025 with an ongoing focus on discovery of additional high-grade, sulphide mineralization across the Fekola Complex to supplement feed to the Fekola mill. A total of 16,000 m of diamond and reverse circulation drilling is planned for Mali in 2025.
Namibia Exploration
A total of $7 million is budgeted for exploration at Otjikoto in 2025. The focus of the exploration program will be drilling to expand and refine the recently discovered Antelope deposit, located approximately 3 km south of Phase 5 of the Otjikoto open pit, with a total of 44,000 m of drilling planned.
The Philippines Exploration
The total budget for the Philippines in 2025 is approximately $5 million, of which the Masbate exploration budget is $3 million, including approximately 4,200 m of drilling. The 2025 exploration program will continue to focus on exploration of new regional targets located south of the main mine infrastructure at Masbate.
An additional $2 million will be allocated to targeting new regional projects in highly prospective areas in the Philippines, leveraging off B2Gold's presence and operational experience in the country. A total of 2,000 m is allocated to testing new projects.
Grassroots Exploration
B2Gold has allocated approximately $9 million to other grassroots exploration projects in 2025. This includes $2 million (7,200 m) in Kazakhstan, $2 million in Finland, and $1 million (1,000 m) in Cote d'Ivoire. In addition to the defined programs noted above, the Company has allocated approximately $4 million for the generation and evaluation of new greenfield targets.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.
Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; projected gold production, cash operating costs and all-in sustaining costs ("AISC") on a consolidated and mine by mine basis in 2025 for the Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Goose Project; total consolidated cash operating costs of between $835 and $895 per ounce and AISC of between $1,420 and $1,480 per ounce in 2024; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025, with cash operating costs of between $835 and $895 per ounce and AISC of between $1,460 and $1,520 per ounce; B2Gold's continued prioritization of developing the Goose Project in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Project capital cost being approximately C$1,190 million and the net cost of open pit and underground development, deferred stripping, and sustaining capital expenditures to be incurred prior to first gold production being approximately C$350 million and the cost for reagents and other working capital items being C$330 million; the Goose Project producing approximately 310,000 ounces of gold per year for the first six years; the potential for first gold production in the second quarter of 2025 from the Goose Project and the estimates of such production; trucking of selective higher-grade saprolite material from the Anaconda Area to the Fekola mill having the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola Regional sources; the receipt of the exploitation permit for Fekola Regional and Fekola Regional production expected to commence in the second quarter of 2025; the receipt of a permit for Fekola underground and Fekola underground commencing operation in mid-2025; the potential for the Antelope deposit to be developed as an underground operation and contribute gold during the low-grade stockpile processing in 2029 through 2032; the results and estimates in the Gramalote PEA, including the project life, average annual gold production, processing rate, capital cost, net present value, after-tax net cash flow, after-tax internal rate of return and payback; the timing and results of a feasibility study on the Gramalote Project; the potential to develop the Gramalote Project as an open pit gold mine; and planned 2025 exploration budgets for Canada, Mali, Namibia, The Philippines, Finland, Cote D'Ivoire and other grassroots projects. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected AISC to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold's operational performance and ability to generate cash flows. AISC, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this prospectus, any prospectus supplement and the documents incorporated by reference herein or therein are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC's disclosure rules the SEC for domestic United States Issuers (the "SEC Rules"), (the "Exchange Act"). Accordingly, mineral reserve and mineral resource information and other technical information contained in this news release may not be comparable to similar information disclosed by United States companies subject to the SEC's reporting and disclosure requirements for domestic United States issuers.
Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold's measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry De Geer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
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Kinross Gold Corporation (TSX: K; NYSE: KGC) (the "Company") will release its 2024 fourth-quarter and full-year financial statements and operating results on Wednesday, February 12, 2025, after market close. The Company will also provide its full-year 2025 guidance, mineral reserve, and mineral resource statement as of December 31, 2024, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 13, 2025, at 8 a.m. ET to present the results, followed by a question-and-answer session.
The call-in numbers for the conference call on Thursday, February 13, 2025, at 8 a.m. ET are as follows:
Canada & US toll-free – +1 (888) 596-4144; Passcode: 8057299
Outside of Canada & US – +1 (646) 968-2525; Passcode: 8057299
Replay (available up to 14 days after the call):
Canada & US toll-free – +1 (800) 770-2030; Passcode: 8057299
Outside of Canada & US – +1 (647) 362-9199; Passcode: 8057299
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com . The audio webcast will be archived on www.kinross.com .
Kinross' quarterly reporting schedule for the remainder of 2025 will be as follows:
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 289-455-1950
victoria.barrington@kinross.com
Investor Relations Contact
David Shaver
Senior Vice-President
phone: 416-365-2761
InvestorRelations@kinross.com
Source: Kinross Gold Corp.
News Provided by GlobeNewswire via QuoteMedia
Kinross Gold Corporation (TSX: K; NYSE: KGC) (the "Company") will release its 2024 fourth-quarter and full-year financial statements and operating results on Wednesday, February 12, 2025, after market close. The Company will also provide its full-year 2025 guidance, mineral reserve, and mineral resource statement as of December 31, 2024, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 13, 2025, at 8 a.m. ET to present the results, followed by a question-and-answer session.
The call-in numbers for the conference call on Thursday, February 13, 2025, at 8 a.m. ET are as follows:
Canada & US toll-free – +1 (888) 596-4144; Passcode: 8057299
Outside of Canada & US – +1 (646) 968-2525; Passcode: 8057299
Replay (available up to 14 days after the call):
Canada & US toll-free – +1 (800) 770-2030; Passcode: 8057299
Outside of Canada & US – +1 (647) 362-9199; Passcode: 8057299
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com . The audio webcast will be archived on www.kinross.com .
Kinross' quarterly reporting schedule for the remainder of 2025 will be as follows:
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 289-455-1950
victoria.barrington@kinross.com
Investor Relations Contact
David Shaver
Senior Vice-President
phone: 416-365-2761
InvestorRelations@kinross.com
Source: Kinross Gold Corp.
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