Base Metals

Los Andes Copper Ltd. (TSXV: LA) ("Los Andes" or the "Company") is pleased to announce a restructuring of its Board of Directors, including the creation of an Environmental, Social and Governance ("ESG") Committee. The Company has appointed, with immediate effect, Corinne Boone as a Non-Executive Director. As previously announced, the Company also intends to nominate Warren Gilman to stand for election as a non-executive director at the Company's next annual general meeting.

Ms. Boone will join the Board as an independent Non-Executive Director and will create and Chair the Board's ESG Committee.

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.

Ms. Boone is a Certified Corporate Director and holds a Master of Environmental Studies from York University and a Bachelor of Arts from St. Thomas University.

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.

From 2011 to 2019, Mr. Gilman led CEF Holdings Ltd., a global mining investment company, owned 50% by CIBC and 50% by Hong Kong-based CK Hutchison Holdings Ltd. In 2019, Mr. Gilman founded, and is Chairman and CEO of, Toronto-listed Queen's Road Capital Investment Ltd.("QRC"), a leading financier to the global resource sector. QRC is a resource-focused investment company, making investments in privately held and publicly traded resource companies with a focus on convertible debt securities.

Mr. Gilman currently serves as a director of Gold Royalty Corp. (gold-focused royalty company), NexGen Energy Ltd (uranium in Saskatchewan), Chaarat Gold Holdings (gold in Asia) and Aurania Resources (gold and copper in Ecuador).

Mr. Gilman obtained his B.Sc. in Mining Engineering at Queen's University and his MBA from the Ivey Business School at Western University. He is Chairman of the International Advisory Board of Western University and a member of the Dean's Advisory board of Laurentian University.

Fernando Porcile, Executive Chairman of Los Andes, commented:

"We are very excited to welcome Corinne and Warren to the Board. Their invaluable insight and experience acquired over decades of leadership roles in ESG, global metals and mining financing and investment will help guide and support Los Andes as we advance the Vizcachitas Project through development."

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, Los Andes ability to raise capital, target and attract institutional and retail investors and focus on developing and expanding the network of investors, analysts and financial intermediaries who are interested in Los Andes. 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 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/83389

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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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A webcast to review the results will be held as follows:

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Conference call and webcast details:
Toll-free North America: 1-800-319-4610
Toll-free International: +1-604-638-5340
Webcast: www.first-quantum.com

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Cyprium Metals

Cyprium Metals Limited (ASX: CYM) – Trading Halt

Description

The securities of Cyprium Metals Limited (‘CYM’) will be placed in trading halt at the request of CYM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 30 June 2022 or when the announcement is released to the market.

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Cyprium Metals Ltd AUD50M Secured Offtake Prepayment Facility for Nifty Copper

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that it has entered into an exclusive Letter of Intent with Glencore International AG ("GLN" or "Glencore") for AUD50 million in respect of a Copper Cathode Offtake Secured Prepayment Facility which will be used for funding the Nifty Copper , as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.

HIGHLIGHTS

- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation

Managing Director Barry Cahill commented:

"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

This exclusive Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing.

Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months



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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