Orefinders Provides Corporate Update, Completion of Drilling on Knight, Drilling on McGarry Ongoing

Drilling on Knight now Complete
Drilling on McGarry in Kirkland Lake Ongoing
Treasury is Strong with ~$9.8 million in working capital and +$6 million in cash
Agnico Eagle JV Exploration Spend Increasing by 50% in 2022
Full Update via webinar Now Available

Orefinders Resources Inc. ("Orefinders" or the "Company") (TSXV: ORX) is pleased to provide a corporate update, including results from the now complete Knight drill program, the in-progress drill program on its McGarry Gold project in the Kirkland Lake District, updates on Orefinders cash and working capital positions, strategic opportunities that Orefinders is evaluating, and its Joint Venture partnership with Agnico Eagle Mines Limited ("Agnico Eagle"; TSX:AEM).

Orefinders has a strong balance sheet with $6 million in cash and a total of $8.5 million in working capital, including its +5 million shares in QC Copper & Gold (QCCU:TSXV) , 24.7 million shares in Mistango River Resources (MIS:CSE), 5 million shares in American Eagle Gold (AE:TSXV). Orefinders also benefits from its $60 million joint venture with Agnico Eagle, which sees AEM fund Orefinders exploration activities while preserving its treasury. Orefinders also notes that Agnico's budget for 2022 is increasing by 50% from 2021.

Orefinders Full Update: Webinar with CEO Stephen Stewart

Details of Knights Phase 2 Drill Program
Orefinders has completed its 4,400 metre Phase 2 drill program at the Knight Gold Project located in the Shining Tree district of the southern Abitibi belt about 100 kilometres southwest of Kirkland Lake, Ontario . The Phase 2 program focused on extending mineralization proximal to the historical Tyranite Mine (Tyranite Zone) and testing new exploration targets to the South of the Duggan Zone, located about 1,500 metres to the west of Tyranite. The best intercept was in TRY21-003 (drilled at the Tyranite Mine area) with 4.67 g/T over 4.6 meters from 216.4 to 221 meters. Drill hole TRY21-004 also had an intercept of 2.01 g/t over 2 meters from 120 to 122 meters, corresponding to the deeper intercept in TRY21-003. These intercepts are located 30 to 75 metres south of previously announced intercepts reported in 2021 and continue to show the expansion potential for mineralization in this area

A map illustrating the locations of the Tyranite and Duggan zones and the Phase 2 drill holes is provided in Figure 1 where representative sections showing significant results are presented.

Drill targets were defined based on a combination of geostatistical analyses of gold distributions at the Tyranite and Duggan zones and on recently completed structural and geophysical models that have led to a refined understanding of the structural setting of gold mineralization at the Knight Project and to the identification of new exploration targets.

Three drill holes totaling 1913 meters were completed to test a newly identified target zone located about 1,100 metres to the South of the Duggan Zone (inside the dashed oval in Figure 1) where multiple N-S and E-W structures form a complex structural domain associated with magnetic anomalies. These three drill holes encountered strongly silicified and altered rock, but little economic mineralization. All Phase 2 drill holes have been completed, and all assay and material results have been returned and reported.

McGarry Drilling is Ongoing
Orefinders began drilling on its McGarry Project on February 9 and has thus far completed 2,391 metres of a planned 4,000 metre drill program. Additionally, Orefinders has submitted 1240 samples to the lab for assay. The Company notes that it has engaged a new assay lab for the McGarry Project and has been advised to expect results within a much faster turnaround rate.

Agnico Eagle Joint Venture
Orefinders congratulates it new Joint Venture partner, Agnico Eagle, in completing its merger with Kirkland Lake Gold . Orefinders has engaged with senior management at Agnico Eagle and confirms that the planned exploration spending for 2022 is increased by 50% of 2021

Orefinders Strong Cash Position Provides Opportunities for Growth
Orefinders strong treasury ( $6 million in cash and a total of $9.8 million in working capital on a marked to market basis) and unique situation whereby Agnico Eagle is funding the Company's exploration activities provides Orefinders with the opportunity to evaluate other strategic investment opportunities. Orefinders has been very active in evaluating such opportunities and expects that such a transaction is likely to occur.

QP Statement
The technical information in this news release has been reviewed and approved by Antoine Schwartzmann P.Geo ., a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About Orefinders Resources Inc.
Orefinders is a gold exploration and development company focused exclusively on the Abitibi Greenstone Belt. The Company is listed on the TSX Venture Exchange under the symbol ORX. Agnico Eagle Mines Limited (TSX:AEM) holds an option to acquire up to a 75% interest in Orefinders Knight and McGarry projects (the "Projects") in exchange for spending $60 million on the Projects.

N either 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. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Orefinders' assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Orefinders. Additional information identifying risks and uncertainties is contained in filings by Orefinders with Canadian securities regulators, which filings are available under Orefinders' profile at www.sedar.com .

For the latest updates, please contact or follow us on Twitter @Orefinders
www.orefinders.ca

SOURCE Orefinders Resources Inc.

View original content: https://www.newswire.ca/en/releases/archive/March2022/10/c9964.html

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Orefinders Appoints Gerry Brockelsby as Chief Investment Officer

Orefinders Resources Inc. (TSXV: ORX) (OTCQB: ORFDF) ("Orefinders" or the "Company") is pleased to announce that it has appointed Gerry Brockelsby as its Chief Investment Officer.

"We are excited to add Gerry to the team, as he represents the evolution of our strategy to source special situations and strategic investments within the precious and critical metals sector. Specifically, Orefinders seeks active investments where our team can add value through enacting change. As an exempt market dealer and licensed portfolio manager, Gerry has financed countless Canadian exploration companies throughout his career. His knowledge of the issuers, their projects, and their sources of capital make him an excellent addition to our team," said Stephen Stewart, Chair of Orefinders.

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Orefinders Announces Shareholder Approval for Its Updated TSXV Listing to a Mining & Investment Issuer

Orefinders Resources Inc. ‎(TSXV: ORX) ("Orefinders" or the "Company") is pleased to announce that following its annual general meeting of the shareholders held on April 28, 2023 (the "Meeting"), it has received shareholder approval for its previously announced intention to update its listing status from a mining issuer to both an investment and mining issuer (the "Proposed Change of Business") pursuant to the policies of the TSX Venture Exchange (the "Exchange"). The Company intends to close the Proposed Change of Business upon receipt of final approval of the Exchange.

This update aims to increase the Company's flexibility and optionality to make strategic investments and incubate new opportunities focused on gold and other critical metals. Orefinders' exploration strategy and core portfolio of assets remain unchanged. This updated listing status allows management to transact corporately as the Company has in the past with the spin offs of QC Copper and Gold Inc., American Eagle Gold Corp., and its activist investment Mistango River Resources Inc. With this new listing status, Orefinders may undertake corporate transactions, acquire strategic equity positions, or incubate new junior companies as opportunities arise.

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Orefinders Invests in Awale Resources

�Orefinders Resources Inc. ‎(TSXV: ORX) (OTCQB: ORFDF) (the "Company") is pleased to announce it has entered into a binding term sheet ("Term Sheet") for an investment in Awalé Resources Limited ("Awalé"), a junior mineral exploration company focused on gold-copper exploration in Cote d'Ivoire (the "Investment").

‎"This financing and a change in leadership at Awalé represents a special situation where an active approach can add value to our investments. We are excited to partner with the Awalé team and its new CEO, Andrew Chubb, who has a clear plan to advance their Odienné project. Odienné is a large-scale and exciting copper-gold (IOCG) project that has attracted both equity investment and a joint venture partnership with the world's largest gold miner, Newmont Corp. Newmont is scheduled to spend $3 million on Odienné in 2023. With fresh leadership, a restored balance sheet, and significant news flow on the horizon from Newmont's Investment in Odienné, we see a bright future for Awalé. So much so that Charles Beaudry and I will be personally co-investing alongside Orefinders," said Stephen Stewart, Orefinders CEO.

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Orefinders Plans to Update TSXV Listing Status to a Mining & Investment Issuer

Orefinder's Resources Inc. ‎(TSXV: ORX) ("Orefinders" or the "Company") is pleased to announce that it will be seeking shareholder approval for the updating of its listing status from a mining issuer to both an investment and mining issuer pursuant to the policies of the TSX Venture Exchange (the "Exchange").

This update aims to increase the Company's flexibility and optionality to make strategic investments and incubate new opportunities focused on gold and other critical metals. Orefinders' exploration strategy and core portfolio of assets remain unchanged. This updated listing status allows management to transact corporately as the Company has in the past with the spin offs of QC Copper and Gold Inc., American Eagle Gold Corp., and its activist investment Mistango River Resources Inc. With this new listing status, Orefinders may undertake corporate transactions, acquire strategic equity positions, or incubate new junior companies as opportunities arise.

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Orefinders Completes Option to Acquire Grizzly Gold Project in Chibougamau Québec

Orefinders Resources Inc. ‎(TSXV: ORX) (the "Company") is pleased to announce the execution and the completion of the initial payments pursuant to a previously announced mining option agreement (the "Option Agreement") with G.L. Geoservice Inc. and Marc Bouchard (the "Vendors") wherein the Company was granted an option to acquire a 100% interest in the Grizzly Gold Project ("Grizzly" or the "Project") in the Chibougamau District of Québec.

The Company shall acquire the 100% interest in the Project over a 48 month period through the payment of a total of $450,000 in cash or common shares of the Company (the "Consideration Payments"), along with the completion of a total of $750,000 in work obligations on the Project (the "Work Obligations"). Payment of the Consideration Payments, if made in common shares of the Company ("Common Shares") shall be based on the 15 day volume weight average price in the 15 days prior to the due date of the payment (the "Deemed Share Price"). Where the Deemed Share Price is less than $0.045 per Common Share, the Company shall make the ‎Consideration Payment in cash, and where the Deemed Share Price is $0.045 or more, the ‎Company shall make the Consideration Payment in Common Shares.‎

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WGC: Gold Demand Reaches Highest Q1 Level Since 2016

A chaotic global economic environment pushed gold to the forefront during the first quarter of 2025.

The yellow metal set multiple new all-time highs during the period, and the World Gold Council's (WGC) latest report on gold demand shows its average Q1 price came in at US$2,860 per ounce.

This action came as investors sought safe-haven assets on the back of widespread uncertainty.

Speaking to the Investing News Network ahead of the report's release, Joe Cavatoni, senior market strategist, Americas, at the WGC, said gold's unprecedented rise remains supported by strong fundamentals in the sector.

"We've seen record-setting prices, and we've seen a pace that we've never seen before in terms of reaching those record-setting levels," he commented. "We've topped US$3,500. This is all not a big surprise when you step back and think about what we've been signaling and talking to about risk — risk and uncertainty."

Best Q1 for gold demand since 2016

Digging into Q1 gold demand, the WGC highlights a 1 percent year-on-year increase to 1,206 MT, the highest for a first quarter since 2016. In value terms, the amount was close to the previous quarter's record of US$111 billion.

Total investment demand more than doubled, rising 170 percent year-on-year to come in at 551.9 metric tons (MT). That's up from the 204.4 MT seen in the first quarter of 2024.

Q1 investment demand also nearly matched levels seen during the quarter that Russia invaded Ukraine.

The main driver was an influx of investors into exchange-traded funds (ETF), which recorded inflows of 226.5 MT in Q1, a stunning reversal from the 113 MT of outflows in the year-ago period.

The WGC notes that investment flows started to pick up in January as the US began to discuss tariffs, but solidified later in the quarter as American policy became more erratic and recession fears began to pick up.

Explaining the source of ETF flows, Cavatoni noted that in 2024, China, India and Japan saw record demand — an interesting trend given that they tend to favor physical gold investment. That trend continued in Q1.

Cavatoni also suggested that western investors are beginning to return in a big way.

“North American ETF flows are exceptionally strong, 134 MT during the first quarter, and really just putting the money to work and understanding the risk and the risk offset that you get by adding gold to your portfolio,” he said.

According to an April 6 WGC report on ETFs, Q1 flows in dollar terms reached US$21 billion, marking the second highest number ever recorded, just behind Q2 2020, which saw 433 MT worth US$24 billion.

Central bank buying experienced a slowdown in Q1, but remained within the range established over the past three years. In total, 244 MT were added to reserves, with Poland, China, Kazakhstan and the Czech Republic leading.

The continued buying comes as central banks diversify their monetary assets and move away from US treasuries amid a heightening trade war. The WGC expects purchases to continue unless there is a substantial shift in geopolitical tensions.

Regarding physical gold, bar and coin demand grew 3 percent year-on-year to 325.4 MT. Tech sector demand remained flat at 80.5 MT, but Cavatoni explained that this isn’t a negative development.

“What’s exceptional about what we’re seeing is a flat level of consumption," he said. "Always understand that historically gold may have been at the forefront of a technological advance, or development of a certain aspect of technology, but when a technological community could find a substitute for it, it would be substituted out,” he said.

Tariffs may also affect gold usage in the tech sector, which could limit its applications.

Not everything was rosy, as gold jewelry demand experienced a 19 percent year-on-year decline to 434 MT as consumers shied away from luxury goods amid a challenging economic environment.

Gold mine supply reaches Q1 record

Year-on-year, the quarter saw a 1 percent increase in gold supply, which rose to 1,206 MT.

The gains were marked by a 1 percent increase in mine supply, which rose to 855.7 MT during the quarter compared to 853.4 MT in Q1 2024. This increase set a Q1 record, surpassing the 855 MT produced in 2016.

The most notable output rise came from Chile, with a 45 percent increase, largely due to Gold Fields’ (NYSE:GFI,JSE:GFI) Solares Norte mine returning to full production after weather had hindered operations in 2024. Output in Ghana and Canada rose by 11 percent and 4 percent, respectively, as new and expanded operations began to ramp up.

Cavatoni believes the high gold price will support mine supply as producers work to boost output.

“They are moving as fast as they can to get as much supply into the system, and we’re seeing that expected level of increase of about 1 to 2 percent," he told the Investing News Network

"I think that the mining industry is going to continue to produce. It’s going to continue to have the ability to get the benefits that come from a higher gold price, even in a world where we’re still in a world of sticky inflation."

Despite gold's higher price, which typically encourages an increase in gold recycling, the WCG was surprised by a 1 percent decrease from Q1 2024 to 345.3 MT. Cavatoni suggested the market could be somewhat deceptive, and investors should wait to see if the higher prices stimulates greater recycling during the second quarter.

Gold demand outlook for 2025

Looking forward, the WGC expects gold investment demand to build steam amid near-term stagflation and medium-term recession risks, in addition to factors like geopolitical tensions and higher US deficits.

Bar and coin demand is seen staying resilient, while central bank buying is expected to stay within the currently established range. Tech sector demand will remain at "healthy" levels, while jewelry demand will be dampened.

In terms of the gold price, Cavatoni noted that its path up may not be entirely smooth.

“We might see large flows in, some profit taking as we see the market and the price move in conjunction with how western investors are assessing risk assets. So it won’t necessarily be a smooth and steady upward trend always for the rest of the year,” he said, encouraging investors to watch what plays out for clues on sentiment.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Two hands holding pens over paper, graph in background.

Alkane-Mandalay Merger Paves Way for New Aussie Gold and Antimony Producer

Alkane Resources (ASX:ALK,OTC Pink:ALKEF) and Mandalay Resources (TSX:MND,OTCQB:MNDJF) have announced a merger of equals to form a new gold and antimony producer.

In a joint release on Monday (April 28), the companies said former Mandalay shareholders and existing Alkane shareholders will respectively own approximately 55 percent and 45 percent of the combined entity.

The new company will focus on Australia-based assets, such as Alkane’s Tomingley gold project in New South Wales and Mandalay’s Costerfield gold-antimony mine, which is located in Victoria.

Also included in Mandalay's portfolio is the Björkdal underground gold mine in Sweden.

“Mandalay’s two high-quality mines match the attributes of Tomingley: a proven history of consistent production, cash generation and exploration upside,” said Alkane Managing Director Nic Earner.

“The combination of assets, leadership, and supportive long-term shareholders enhances our scale and financial strength, and positions us well to continue to pursue additional growth opportunities."

Tomingley is Alkane’s flagship asset, and consists of the Tomingley gold operations, the Tomingley gold extension project, the Peak Hill gold mine and other exploration licences.

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Payment Due	Value of Consideration Payments	Work Obligations
Upon Execution of the Option Agreement	$45,000	Nil
12 months from execution	$75,000	$150,000
24 Months	$100,000	$150,000
36 Months	$100,000	$200,000
48 Months	$130,000	$250,000
Total	$450,000	$750,000

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Orefinders Provides Corporate Update, Completion of Drilling on Knight, Drilling on McGarry Ongoing

Orefinders Appoints Gerry Brockelsby as Chief Investment Officer

Orefinders Announces Shareholder Approval for Its Updated TSXV Listing to a Mining & Investment Issuer

Orefinders Invests in Awale Resources

Orefinders Plans to Update TSXV Listing Status to a Mining & Investment Issuer

Orefinders Completes Option to Acquire Grizzly Gold Project in Chibougamau Québec

Award of Exploration Incentive Scheme (EIS) Co-funding

Vince Lanci: Gold Now Priced by China, Comex Losing Ground; Plus Silver Outlook

WGC: Gold Demand Reaches Highest Q1 Level Since 2016

Best Q1 for gold demand since 2016

Gold mine supply reaches Q1 record

Gold demand outlook for 2025

Alkane-Mandalay Merger Paves Way for New Aussie Gold and Antimony Producer

Chris Vermeulen: Gold in "Blow-Off Phase" — Next Move, Plus Silver and Miners Outlook

Is Gold a Buy at Over US$3,000?

Why is the gold price rising?

Should I buy gold now at US$3,000?

How high will the gold price go in 2025?

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