Base Metals

Los Andes Copper Ltd. (TSXV: LA) ("Los Andes" or the "Company") is pleased to report the closing and funding of the US$5,000,000 Convertible Debenture issued to Queen's Road Capital Investment Ltd. ("Queen's Road Capital") announced on May 3, 2021.

The Convertible Debenture will have a five-year term, carry an eight per cent coupon and will be convertible into common shares in the capital of the Company ("Common Shares") at a share price of C$10.82. The interest is payable quarterly, five per cent in cash and three per cent in shares, at the 20-day volume weighted average price prior to the interest payment date.

The proceeds received from this investment will be allocated towards the completion of the Vizcachitas project ("Vizcachitas" or the "Vizcachitas Project") pre-feasibility study ("Pre-Feasibility Study").

In accordance with National Instrument 45-102 - Resale of Securities, unless permitted under securities legislation, Queen's Road Capital must not trade the Convertible Debenture before October 3, 2021.

Fernando Porcile, Executive Chairman of Los Andes, commented:

"Since the start of the year we have accomplished a number of achievements at Vizcachitas which have had a positive impact on the delivery of the Pre-Feasibility Study, and we are excited to have completed the investment by Queen's Road Capital. The metallurgical testwork carried out has confirmed a copper recovery of 91.4% and the production of a high-quality clean concentrate. The awarding of the environmental approvals will allow us to complete the required drilling programmes, which could potentially prove an extension of the higher-grade mineralisation to the north of the Vizcachitas Project.

"The transaction with Queen's Road Capital highlights the support for the Company and our Vizcachitas Project, and is another positive step forward in its development. The funds will be used to advance the final work programmes of the Pre-Feasibility Study, that will showcase the attractive potential of the Project and contribute to the growing demand for copper as economies transition to green technologies.

"On behalf of the Company, I look forward to delivering the completed Pre-Feasibility Study and will keep the market updated on future developments."

About Queen's Road Capital Investment Ltd.

Queen's Road Capital Investment Ltd. is a leading financier to the global resource sector. The company is a resource focused investment company, making investments in privately held and publicly traded resource companies.

It is intended that the company will acquire and hold securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions.

Queen's Road Capital Investment Ltd. is listed on the TSX-V under the ticker: QRC.

About Los Andes Copper Ltd.

Los Andes Copper Ltd. is a development company with a 100% interest in the Vizcachitas Project in Chile. The Company is focused on progressing the Vizcachitas Project, which is located along Chile's most prolific copper belt, into production.

Vizcachitas is a copper-molybdenum porphyry deposit, located 120 km north of Santiago, Chile, in an area of good infrastructure. The National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant report titled "Preliminary Economic Assessment of the Vizcachitas Project" (the "PEA"), dated June 13, 2019, prepared by Tetra Tech, highlights that the Vizcachitas Project has a post-tax NPV (8% discount rate) of approximately USD$1.8 billion and an IRR of 20.77%, based on a USD$3 per pound copper price. The Vizcachitas Project has a Measured Resource of 254.4 million tonnes at a grade of 0.439% copper and an Indicated Resource of approximately 1.03 billion tonnes at a grade of 0.385% copper. The PEA can be found on the Company's SEDAR profile at www.sedar.com.

The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

The Company is currently undertaking the Pre-Feasibility Study of the Vizcachitas Project. With the incorporation of a highly experienced management team, Vizcachitas is incorporating changes to position itself on the forefront of global environmental trends for mining. The conversion to dry-stacked filtered tailings will result in a substantial reduction in water consumption and will discard the use of tailings dams, thus reducing Vizcachitas' footprint, environmental impact and seismic risks.

Additionally, there is significant exploration upside at Vizcachitas with the potential to increase the mineral resource base beyond the initial 45-year mine life modelled in the PEA. Part of this upside has been further delineated in the geological mapping and geophysics work program completed during the 2020 Chilean winter season.

Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.

Qualified Persons

Antony Amberg CGeol FGS, the Company's President and CEO is the qualified person who has reviewed and approved the scientific and technical information contained in this news release.

For more information please contact:

Fernando Porcile, Executive Chairman
Tel: +56 2 2954-0450

Antony J. Amberg, President & CEO
Tel: +56 2 2954-0450

Blytheweigh, Financial PR
Megan Ray
Rachael Brooks
Tel: +44 207 138 3203

E-Mail: info@losandescopper.com or visit our website at: www.losandescopper.com

Follow us on twitter @LosAndesCopper

Follow us on LinkedIn Los Andes Copper Ltd

Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information"). Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information. Such Forward-Looking Information includes, without limitation, the use of proceeds from the issuance of the Convertible Debenture. Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean economic, political and market conditions and the price of metals and energy, and the Company's production. Among the factors that have a direct bearing on the Company's future results of operations and financial conditions are changes in project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86306

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Los Andes Copper

Los Andes Copper

Overview

The copper market has seen an exciting uptick and revitalization in recent years. Besides being a staple metal for building and construction, analysts' forecast copper valuation may exceed historic highs of US$10,000 per tonne with the increased demand for the metal in electric vehicle wiring and solar panel manufacturing.

One of the most prominent players in this arena is Chile. As a country with many of the largest copper mines in the world and some of the most investor-friendly mining jurisdictions to date, Chile is already playing a significant part in producing the copper needed to power the new green world.

Los Andes Copper (TSXV:LA, OTCQX: LSANF) is a Canadian company focused on developing its flagship Vizcachitas copper-molybdenum project, which is one of the largest advanced copper deposits in Chile.

For years, Chile has hosted many international mining projects, with its stable taxation regime for foreign companies to work and a democratic government supportive of mining operations. Los Andes Copper is strategically positioned to leverage Chile's prominent past-producing geological positioning and take advantage of rising copper prices despite production disruptions from COVID-19 in 2020.

Los Andes' diverse investor portfolio demonstrates the vast and enthusiastic interest surrounding the company. Along with a large group of loyal and very active retail investors, the company is also seeing interest generated from the development of drilling programs conducted from 2015 to 2017. The campaign results showed significant grades hovering above 0.5 percent copper in near-surface supergene mineralization.

Additionally, a preliminary economic assessment (PEA) published in June 2019 measured copper on the Vizcachitas property at US$3.50 per pound with an IRR of 26.7 percent and at US$3.00 per pound with an IRR of 20.7 percent. Resource estimates measured 254.4 million tonnes grading 0.439 percent copper, 119 ppm molybdenum and 1.26 g/t silver, giving a 0.489 percent copper equivalent.

With the net present value of the Vizcachitas asset set at US$1.8 billion as of the PEA, Los Andes Copper is favorably positioned to leverage the robust economic and geological conditions of this large copper project for years to come.

The company expects to publish a pre-feasibility study (PFS) for its flagship project in late 2021. This study would include robust economics, updated resource estimates of prospective mining reserves and metallurgical testing results of copper and molybdenum mineralization. As part of the PFS, Los Andes is undertaking work programs that will contribute to the design of an environmentally friendly operation that will position Vizcachitas on the forefront of global environmental trends for mining.

With commitments to environmentally friendly best practices and community participation, Los Andes Copper's management team has primed the company for development and mining success. Its track record of accomplishments in mining, community affairs and project development means that company leadership has the expertise to push its Vizcachitas project to levels seen in neighboring porphyry deposits.

Los Andes Copper's Company Highlights

  • Los Andes Copper is a Canadian company focused on the development of its flagship Vizcachitas copper-molybdenum project. This deposit is forecasted to become Chile's next major copper mine.
  • The company owns 100 percent of the Vizcachitas copper deposit. This asset is one of the largest advanced copper deposits in South America.
  • Preliminary economic assessment conducted in June 2019 revealed robust project economics and competitive mineralization with measured copper on the Vizcachitas property at US$3.50 per pound with IRR of 26.7 percent and US$3.00 per pound copper with IRR of 20.7 percent.
  • In 2019, Fernando Porcile joined the Los Andes board of directors as executive chairman. Along with a diverse and world-class management team, this leadership primes the company for significant development advancement.
  • Los Andes Copper is currently working on a 2021 PFS in preparation for robust economics, drilling and expected production in 2025.
  • Significant exploration upside at Vizcachitas with the potential to increase the resource base beyond the initial 45 year mine life modelled in the PEA

Los Andes Copper's Key Projects

Vizcachitas Copper-Molybdenum Project

Los Andes Copper's flagship project is 100 percent owned and focuses on developing an advanced copper-molybdenum porphyry deposit in Central Chile. The company expects to publish its PFS in late 2021.

alphinat_profile_fig3

The project is located approximately 150 kilometers northeast of Santiago with accessible water resource networks and good infrastructure. It operates on the same geological belt that has historically hosted competitive and clean grade copper production. This includes the Rio Blanco-Los Bronces deposit, which has seen over 101 million tonnes of contained copper.

Additionally, the deposit has a measured and indicated resource of approximately 1.28 million tonnes at a copper grade of 0.40 percent and a copper equivalent grade of 0.45 percent. Total mineralization estimates also include 11.2 billion pounds of copper, 400 million pounds of molybdenum and 43.4 million ounces of silver.

Los Andes Copper is currently working on completing its 2021 PFS and Environmental Impact Statement (DIA) to acquire the permits that will allow for drilling and mining development. With a strong showing from the company's 2019 PEA, the Vizcachitas copper project demonstrates significant exploration potential and is expected to begin production in 2025.

alphinat_profile_fig3

Los Andes Copper's Management Team

Fernando Porcile - Executive Chairman

Fernando Porcile is a mining engineer with over 50 years of experience in the mining industry. He has been responsible for the development, implementation, commissioning and operation of new mining projects and the management of various world-class operations. His experience with engineering companies is vast and varied, as senior process engineer, and as client and consultant. Most of his experience has been in copper, but has also included nitrates, iodine and iron ore. During the period 2010-2014, he was Director of the Codelco Board and lately he has been consultant for other mining companies developing copper, iron and gold projects.

Mr. Porcile was President of Compañía Doña Inés de Collahuasi in the period 2007-2009; he was also President of the Falconbridge Copper Business Unit for five years. During his presidency Falconbridge was developing projects that included El Morro, Pachón and the expansion of Collahuasi. Prior to these responsibilities he was Vice President Project Development for BHP Billiton's Base Metals Division and before that President of Compañía Minera Cerro Colorado of Rio Algom, participating in the development of the Antamina and Spence projects.

From 1989 to 1991, he was Operations Manager of Soquimich, responsible for the operations to produce nitrate and iodine in Chile's Region of Antofagasta. Mr. Porcile worked for Codelco for nine years, from 1980-1989. At Codelco he worked in the El Teniente and Chuquicamata Divisions. At Chuquicamata he was General Manager at a time when a large expansion program was developed at the mine, concentrator, smelter, electrolytic refineries, leaching and supporting facilities.

Mr. Porcile holds a Masters of Science in Mineral Engineering from Columbia University in the city of New York. Prior to that, he studied Mining Engineering at the University of Chile.

R. Michael Jones - Chief Executive Officer

Mr. Jones is an experienced CEO and Director, with a history of developing, permitting, and adding significant value to mining companies. He has taken multiple large mines, with values of up to $1 billion, from the discovery stages, through to feasibility studies and construction decisions. He is a well known promoter of exciting mining projects, and a finance specialist with a successful background in undertaking fundraises, take overs and mergers and acquisitions.

A qualified mining engineer, by trade, with a whole host of experience, Mr. Jones received his Bachelor's Degree in Applied Science, Geological Engineering from the University of Toronto. A few years later he went on to be granted an engineering licence as a Professional Engineer in Ontario Canada. Mr. Jones is a Fellow of the Geological Society of South Africa, as well as the winner of multiple discovery awards.

Santiago Montt - Chief Operating Officer and President of Compañía Minera Vizcachitas Holding

Mr Montt recently spent over a decade overseeing BHP's corporate and legal affairs in the Americas, serving in different roles in Chile, Brazil, and Australia. He is a lawyer with vast experience leading teams in multinational mining companies and will be based in Chile.

Warren Gilman - Non-Executive Director

Warren Gilman has over 30 years of experience as a deal maker and investor in the metals and mining sector. Mr. Gilman was a founder of the Canadian Imperial Bank of Commerce ("CIBC") Global Mining Team in Toronto in 1988. He subsequently led the team's efforts out of Australia and China. During his time with CIBC, he was responsible for some of the largest equity capital markets financings in Canadian mining history. He served as advisor to the largest mining companies in the world including BHP, Rio Tinto, Anglo American, Noranda, Falconbridge, Meridian Gold, China Minmetals, Sumitomo, Mitsubishi, Jinchuan and Zijin.

Corinne Boone - Non-Executive Director

Corinne Boone has more than 25 years of experience focused on sustainable business, climate risk, carbon markets and executive leadership. Currently, Ms. Boone is Board Chair of the Canadian Energy Research Institute (CERI), an organisation focused on energy sector research and analysis. In addition, she is CEO of Climate and Sustainable Innovation, a boutique consultancy focusing on sustainable finance; carbon markets and pricing; and overall ESG considerations. She is on the Board of Efficiency One, a leading energy efficiency enterprise. She also sits on the Alternative ESG Fund Independent Review Committee for Waratah Capital Advisors. She formerly held the role of Managing Director of Hatch's Environmental Services Group and was globally responsible for environment, community engagement and investment, climate change, overall sustainability, and annual corporate sustainability reporting. Ms. Boone also formerly held the role of Managing Director, CantorCO2e, a Cantor Fitzgerald subsidiary, focused on global carbon markets.

Antony Amberg - Chief Geologist

Antony Amberg is a chartered geologist with 32 years of diverse experience working in Asia, Africa and South America. Amberg is a Qualified Person under NI 43-101 and has managed various exploration projects ranging from grassroots through to JORC compliant feasibility studies. In 2001, he returned to Chile, where he started a geological consulting firm specializing in project evaluation and NI 43-101 technical reports. Amberg began his career in 1986 working with Anglo American in South Africa before moving on to work for Severin-Southern Sphere, Bema Gold, Rio Tinto and Kazakhstan Minerals Corporation.

Manuel Matta - Director of Vizcachitas Project

Manuel Matta is a mining engineer with 30 years of mining experience in operations, planning and projects. He has experience in M&A, asset optimization, due diligence for major projects worldwide and the development of concentrate treatment technology. Matta has also worked for Barrick Gold as vice president of project construction, responsible for constructing large capital projects worldwide. Before that, he worked at Rio Algom in the mid 1990s, where he worked with Fernando Porcile through all the development phases of the Spence copper project, from exploration to conceptual engineering, pre-feasibility and feasibility. During this period, he also assisted Mr. Porcile's team in optimizing the throughput of the recently commissioned Cerro Colorado copper mine. Matta worked for Falconbridge and Xstrata as vice president of projects and development, where he led the expansion of the Collahuasi project. He was also general manager of the Altonorte Smelter in Antofagasta, Chile, where he led the operation upgrade for this custom copper smelter, one of the world's largest.

Ignacio Melero - Director of Corporate Affairs and Sustainability

Ignacio Melero is a lawyer from Pontificia Universidad Católica de Chile. He has vast experience in corporate and community affairs. Before Los Andes, Melero was responsible for community affairs at CMPC, having managed community and stakeholder affairs for many pulp and forestry divisions throughout the country. Ignacio has also worked for the Government of Chile in the Ministry General Secretariat of the Presidency. He was responsible for the inter-ministerial coordination of the ChileAtiende project, a multi-service network linking communities, regional governments and public services.

Harry Nijjar - CFO

Harry Nijjar holds a CPA CMA designation from the Chartered Professional Accountants of British Columbia and a BComm from the British Columbia University. He is currently a managing director of Malaspina Consultants and has been working with public and private companies for the past 10 years in various roles. He is also presently the CFO of Darien Business Development Corp. and Clarmin Explorations Inc.

Pedro Loch - Controller

Pedro Loch is a certified accountant with over 30 years of experience with multinational companies. Loch has worked as Regional Financial Officer for the Chilean subsidiary of Mincom International from 1997 to 2010. He has also worked at Raychem as a controller for Chile and Peru and he was a controller for seven years at the Chilean subsidiary of Transammonia Inc. in New York.

Magin Torres - Senior Metallurgist

Magin Torres is a metallurgist and mining engineer with a Master of Science in Extractive Metallurgy and Mining Engineering from the University of Chile. He has 12 years of experience as a process consultant in copper-moly, gold and iron operations. Before joining Los Andes Copper, Torres was in charge of milling operations at the Codelco Chuquicamata mine. He was the senior metallurgist at Minera Las Cenizas mine and the QA operations manager at SGS Minerals, Chile.

Magin is also a Competent Person in Extractive Metallurgy under the Chilean Mining Commission (Reg. No. 0409).

Alejandro Cassi - Manager of Community Relations

Alejandro Cassi is a sociologist and candidate for a Master's Degree in Political Communication and Public Affairs. He has 10 years of experience in community management. Cassi has worked for Esval (water utility) in charge of communities, for Codelco as deputy manager for Community Relations for the Ventanas smelter and Kinross Chile as community relations specialist.

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Cyprium Metals Ltd $16m Placement and $10m Non-renounceable Entitlement Offer

Perth, Australia (ABN Newswire) - Cyprium Metals Ltd (ASX:CYM) is pleased to announce a capital raising via a placement and a pro rata non-renounceable rights issue to raise up to approximately $26 million before costs.

HIGHLIGHTS

- Firm commitments received for a Placement to raise $16M at 11.5 cents per share

- Additional pro rata non-renounceable entitlement offer to raise up to $10M

o 1 new share for every 8 held on the record date at 11.5 cents per share
o Offer will be open to all eligible Cyprium shareholders

- Funds raised will place Cyprium in a strong financial position to continue progressing the development of the Nifty Copper Project

- Equity raise supports recently announced $50M Offtake Prepayment Facility with Glencore

- Advanced discussions are continuing with Senior Debt counterparties

Managing Director Barry Cahill commented:

"The Board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register.

Cyprium has made significant advances in the past 15 months both in terms of increasing the mineral resource estimate but also particularly in the areas of SX/EW and infrastructure refurbishment, government approvals and metallurgical optimisation.

With the completion of this capital raising, Cyprium will be able to continue to advance the senior debt financing, with the finalisation of the funding package enabling our construction plans and the production of copper metal plate on site in the second half of 2023."

The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares (Placement Shares) at 11.5 cents each (Offer Price) to raise $16 million (Placement) from sophisticated and institutional investors.

The Company is also pleased to announce a non-renounceable pro rata entitlement offer at the Offer Price of one (1) new share for every eight (8) shares currently held by eligible shareholders to raise up to $10 million (Entitlement Offer).

The new shares to be issued under the Entitlement Offer will be issued at the same price as the Placement Shares.

Use of Funds

The Placement and Entitlement Offer proceeds will be applied as part of the funding strategy to finance the restart of the Nifty Copper Project which will aim to provide a sustainable, secure, and stable supply of copper metal at 25,000tpa.

As announced on 27 June 2022, Cyprium has entered into an exclusive Letter of Intent (LOI) with Glencore International AG for $50 million in respect of a copper cathode offtake secured prepayment facility, as part of the debt financing package for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs. The LOI is a non-binding term sheet for both offtake arrangement and project funding and is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project. The Company continues to advance discussions with senior debt providers who are undertaking due diligence activities and reviewing financing documentation.

Details of Placement

Pursuant to the terms of the Placement, the Company has agreed to issue approximately 139.1 million Placement Shares in the Company at the Offer Price of 11.5 cents per share to raise $16 million before costs, under the Company's existing placement capacity pursuant to ASX Listing Rule 7.1 (82,648,514 Placement Shares) and 7.1A (56,481,921 Placement Shares).

Subscribers for the Placement Shares will be entitled to participate in the Entitlement Offer.

Entitlement Offer

Under the Entitlement Offer, eligible shareholders will be able to subscribe for one (1) new ordinary share for every eight (8) existing fully paid ordinary shares held as at 5.00 pm (AEST time) on Friday, 8 July 2022 (Record Date) at the Offer Price.

The Offer Price represents a:

- 28.1% discount to last close on 27 June 2022;

- 19.6% discount to the 10-day VWAP up to and including 27 June 2022;

- 23.9% discount to the 15-day VWAP up to an including 27 June 2022; and

- 25.8% discount to the theoretical ex-rights issue price (TERP) to last close on 27 June 2022.

Cyprium will release a prospectus detailing the terms of the Entitlement Offer shortly, including details as to whether shareholders are eligible to participate in the Entitlement Offer and key risks (Prospectus). The Prospectus will include a personalised entitlement and acceptance form which will provide further details of how to participate in the Entitlement Offer.

Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.

The Entitlement Offer will include a top up facility under which eligible shareholders who take up their full entitlement will have the opportunity to apply for additional shares from a pool of those not taken up by other eligible shareholders (Top Up Facility). In addition to the Top Up Facility, there will also be a general shortfall offer pursuant to which the Company may place any shares to non-eligible shareholders within three (3) months from the closing date of the Entitlement Offer.

Eligible shareholders should read the Prospectus carefully before making any investment decision regarding the Entitlement Offer. If you are in any doubt about the Entitlement Offer, you should consult your financial or other professional adviser.

Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited are acting as Joint Lead Managers to the Placement. The fees payable to the Joint Lead Managers will be set out in further detail in the Prospectus.

Longreach Capital is acting as financial advisor and Steinepreis Paganin is acting as legal advisor to Cyprium.

*To view the capital structure post placement, please visit:
https://abnnewswire.net/lnk/009WA5D2



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

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