Quimbaya Gold & Independence Drilling Secure 4,000m Drill Deal - 100% Share-Based Partnership

Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya Gold" or the "Company") is pleased to announce that, further to its news release on August 1, 2024 announcing the entering into of drilling contract with Independence Drilling S.A., a first service order has concluded for an initial first 4000-meter drilling campaign (the "Initial Drilling Campaign") for its Tahami South property which is adjacent and on trend to Aris Mining's Segovia project. The contract has been assigned to Elawa S.A.S., an affiliated entity and mining division of Independence Drilling S.A., and concurrently the Company has also finalized an agreement with Palmer Assets Holding Corp. ("Palmer" and together with Elawa, the "Drilling Contractors") to provide consulting services for the Initial Drilling Campaign.

This milestone marks Quimbaya Gold's next step toward discovery. With this drilling program, the company aims to:

Unlock high-grade gold mineralization potential
Leverage local expertise with top-tier partners
Advance its flagship projects in Colombia's prolific Segovia district

The selected providers have established meaningful relationships with local communities and have contributed to the success of other Colombian exploration projects.

Under the terms of this initial work order, Quimbaya Gold has agreed to compensate the Drilling Contractors 100% in shares through the issuance of units at $0.30, with each Unit consisting of one common share at $0.30 and one common share purchase warrant exercisable at $0.40 for a period of two years ("Consideration Units"). The total cost of the anticipated 4000-meter drilling campaign is expected to be approximately $1.2 million CAD. To align with project milestones, it is anticipated that the Consideration Units will be placed into an escrow account with Olympia Trust Company and will be released periodically as drilling services are completed throughout the campaign. The issuance of the Consideration Shares will be completed pursuant to available exemptions under applicable securities laws and subject to a statutory hold period of four months and a day from the respective date of issuance under Canadian National Instrument 45-102 - Resale Restrictions, and any other regulatory approvals, as required.

Alexandre P. Boivin, President and CEO of Quimbaya Gold, commented: "With drilling set to begin, we are poised to capitalize on our prime location adjacent to Aris Mining's world-class Segovia operation. This program is our first step toward unlocking the immense potential of Tahami South, where historical data indicates high-grade gold systems."

The Company anticipates providing ongoing updates to its stakeholders in the coming weeks and months. It is expected these updates will offer further insight into key developments, milestones, and results as they become available.

Market Making Agreement

In the Company's news release of February 26, 2025, the Company announced that it had engaged a market maker. The Company would like to clarify that this agreement is with Integral Wealth, and not Independent Trading Group.

Equity Compensation

The Company has granted 900,000 stock options ("Options") and 636,250 restricted share units ("RSUs") to directors, officers and advisors pursuant to the terms and conditions of the Omnibus Equity Compensation Plan. The Options will be exercisable at a price of $0.40 per share with an expiry of 2 years.

About Quimbaya Gold

Quimbaya is active in the exploration and acquisition of mining properties in the prolific mining districts of Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Department, Colombia.

Contact Information

Alexandre P. Boivin, President and CEO apboivin@quimbayagold.com
Jason Frame, Manager of Communications jason.frame@quimbayagold.com

Quimbaya Gold Inc.
Follow on X @quimbayagoldinc
Follow on LinkedIn @quimbayagold
Follow on Instagram @quimbayagoldinc
Follow on Facebook @quimbayagoldinc

Cautionary Statements

This news release contains forward-looking statements and/or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. When used in this release, such words as "would", "will", "anticipates", believes", "estimates", "potential", "explores" "expects" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of the Company with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects the Company's current expectations regarding future events, including but not limited: the initial depth of the Initial Drilling Campaign, if any; the successful completion of the Initial Drilling Campaign program and any future drilling under the initial contract, should they proceed, if at all; the ability of the Company to finance and execute its planned and future exploration activities; the quality of service and reputation of the Drilling Providers; the effectiveness of any potential drilling results in defining mineral resources or leading to a commercial discovery; the timing and process for the release of escrowed Consideration Units to the Drilling Providers; the anticipated cost of the Initial Drilling Campaign, if any, which may be subject to overruns; the receipt of regulatory approvals; the obligation for future updates as it relates to the Initial Drilling Campaign or future campaigns; and the initial and the overall success and advancement of the Company's projects.

Forward-Looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the high degree of uncertainties inherent to feasibility and economic studies which are based to a significant extent on various assumptions; variations in commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of availability of qualified personnel; the quality of word provided by the Drilling Providers, if any; the receipt of necessary approvals; availability of financing; uncertainties and risks with respect to exploration and drilling; general business, economic, competitive, political and social uncertainties; certainty that finalized the commercial agreements will be successfully executed; risk of costs overruns with the Initial Drilling Campaign or future campaigns, if any, assurance that the final terms will align with those initially agreed upon or that the Initial Drilling Campaign will proceed as anticipated; timelines for drilling, if at all; obtaining required approvals of regulatory authorities; ability to access sufficient capital from internal and external sources; any assurances that the Company's stock price will appreciate or maintain its current value; and the fact that the transaction will result in dilution to the Company's existing shareholders, which may impact the market value of their holdings. The Company cautions that there is no guarantee that the planned Initial Drilling Campaign, if commenced, will yield successful results, identify mineral resources, or lead to further exploration or development. Exploration activities are inherently speculative, and drilling results may be inconclusive, insufficient, or unfeasible for further development. The cost estimates provided are subject to change, and the ability of the Company to continue exploration depends on factors such as market conditions, commodity prices, regulatory approvals, and access to additional funding. Additionally, the issuance of Consideration Units as compensation may remain subject to regulatory and exchange final approval, and there is no assurance that such approval will be obtained. The securities issued in connection with this transaction may be subject to resale restrictions under applicable securities laws and CSE policies. For a more fulsome additional list of risk factors please see the Company's December 31, 2023, year-end Management Discussion and Analysis ("MD&A"), 2024 third-quarter MD&A, available of SEDAR+ at www.sedarplus.ca.

Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide shareholders with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-Looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

Neither CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243033

News Provided by Newsfile via QuoteMedia

cse:qim precious metals investing qim:cc Precious Metals Investing

QIM:CC

Denarius Metals Announces Binding Letter of Intent with Quimbaya Gold for a 50/50 Joint Venture to Exploit the Tahami Project in the Segovia Gold District of Colombia

Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced today that it has signed a binding Letter of Intent with Quimbaya Gold Inc. ("Quimbaya") (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) establishing a 5050 joint venture aimed at formalizing existing small-scale mining operations located within Quimbaya's Tahami Project which is located in the Segovia Gold District of Antioquia, Colombia, adjacent to the high-grade Segovia Operations owned by Aris Mining Corporation ("Aris Mining").

Serafino Iacono, Executive Chairman of Denarius Metals, commented, "We see this joint venture with Quimbaya as an opportunity to leverage our team's considerable experience in exploration, mining and community relations in Colombia, particularly in the Segovia Gold District where we founded Gran Colombia Gold (now Aris Mining) and built the Segovia Operations into the largest underground gold producer in Colombia and one of the highest-grade underground gold producers globally. We are excited about the opportunity to develop near-term production and cash flow through the implementation of a formalized artisanal mining operation in partnership with Quimbaya and the local community."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Couloir Capital is Pleased to Announce It Has Initiated Research Coverage on Quimbaya Gold

Couloir Capital is pleased to announce it has initiated research coverage Quimbaya Gold Inc. (CSE: QIM) ("QIM," or "Company"). Couloir Capital's Senior Mining Analyst, Ron Wortel, MBA, P.Eng., Q.P. crafted a report titled "Building a high-impact exploration portfolio in Colombia's prolific Antioquia gold camp."

Report excerpt: "Quimbaya's projects cover areas prospective for orogenic and epithermal gold deposits related to the major and splay structures of the region. Numerous prospects and small-scale locally operated mines are in the region and on the Company's claim groups. Limited modern exploration work has been completed on the claim groups at this time. The Company focused on its strategy of building a targeted land package in the Country for the first few years of its operations. The Company managed low-cost and fast claim acquisition through access to proprietary staking software, allowing Quimbaya a timing advantage to pick up the most prospective land ahead of other companies. It is now ready to commence its first drilling campaign on a mining title claim in the Segovia area, the Tahami South, adjacent to the Aris Gold project land."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Quimbaya Gold Announces Annual General Meeting Results and Board Changes

Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya Gold" or the "Company") is pleased to announce that shareholders voted to approve all items of business put forth to shareholders at the Company's Annual General and Special Meeting ("AGSM") held on March 28, 2025, including the election of directors, fixing the number of directors, appointment of the Company's auditor, approval of the equity incentive plan, and the continuation of the Company under the British Columbia Business Corporations Act.

The board of directors and the Company would like to thank Mr. Bayona, who did not run for re-election, for his service to the Company and would like to wish him well in his future endeavors.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Quimbaya Gold Completes Final Payment on Four Tahami Contract Concessions and Announces Warrant Extension

Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya Gold" or the "Company") is pleased to announce that the Company has executed the final payment of 4 contract concessions totalling 1624 hectares in the Tahami project area. The company was able to amend the last payment terms of these concessions from $200,000 USD to $135,000 USD.

"We are pleased that we were able to secure these important land packages with the final payments on our highly prospective Tahami area on amended terms that represented a 30% savings from the original last payments", stated Alexandre P. Boivin, President and CEO.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

RUA GOLD Completes the Second Phase of Surface Exploration and Drill Targeting at the Glamorgan Project, New Zealand

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A4010V) ("Rua Gold" or the "Company") is pleased to announce the completion of the second phase of surface exploration on its Glamorgan Project, an epithermal gold system in the Hauraki Goldfield, North Island, New Zealand.

The Hauraki Goldfield is a major epithermal gold province, with over 50 historic mines having produced more than 15 million ounces of gold. The Glamorgan Project lies adjacent to OceanaGold's Wharekirauponga deposit, with Indicated Mineral Resources of 1.4Moz at 17.9 g/t Au and is scheduled to enter construction in the second half of 2025¹.

Highlights:

The Company has completed its second phase of surface exploration, identified initial drill targets, and will submit its Access Agreement application at the end of May.
Results indicate classic features of a major epithermal gold-silver system and are identical to the surface features of neighboring OceanaGold Project, Wharekirauponga.
Four significant gold-arsenic soil anomalies trending north, north-east and north-northwest strike out individually over 4 kms in length.
Rock chip samples containing up to 43 g/t Au highlight specific targets for evaluation, coincident with the intersection of two gold-arsenic soil anomalies.
TerraSpec soil and clay mineralogy has identified a zonal clay distribution that reflects high-level epithermal alteration coincident with gold anomalism.
Ground-based geophysics Controlled-source Audio-frequency Magnetotellurics (CSAMT) has identified three major resistive structures coincident with surface alteration and gold mineralization. These resistive structures may represent pervasive silica-quartz at depth - key criteria for targeting the drilling within a major epithermal gold system.
All of the above results are being uploaded to the VRIFY AI-platform, where geological modelling is starting to assist in the systematic identification and ranking of drill targets.

Simon Henderson, COO of Rua Gold, commented: "This comprehensive, district-wide surface work has provided valuable new information, highlighting not just one, but three significant zones of potential mineralization for drill testing. These targets will be included in the Access Agreement for drilling, which is scheduled for submission at the end of May 2025.

Following detailed surface geological mapping, comprehensive soil geochemistry, specialist clay mineralogy, ultra-high resolution UAV magnetics, and proven depth-penetrating CSAMT geophysics, three significant zones have emerged as high-potential targets for drill testing. High-grade rock chip samples further support the potential to discover a major epithermal gold-silver vein system.

Results from this inaugural district-wide program are now streaming in and are being compiled, reviewed and actively prioritized in partnership with the VRIFY AI-platform to confirm and prioritize the drill program. The exploration team is excited to advance to the drilling phase of this unique and prospective target area."

Program Overview

Exploration activities - including extensive geological mapping, TerraSpec clay mineralogy, and ultra detailed magnetic and resistivity surveys - have focused on four major alteration cells that envelope these structures. These cells are directly associated with surface quartz veins, platy quartz after calcite, quartz-adularia minerals, and sinter-like textures, all indicative of the high levels of an epithermal gold-silver system.

The principle components of the surface work are detailed below.

Geological Mapping

Exploration in the first quarter of 2025 included the completion of geological mapping across the major drainages within the Glamorgan prospect, along with detailed examination of areas exhibiting intense alteration and mineralization identified in Stage 1. The Company also completed follow-up testing of the significant gold grades (8-43.1 g/t Au) previously reported in rock float and insitu rock samples (reported on January 25, 2025). Additional rock chip sampling (2-8 g/t Au) has identified key areas proximal to resistive zones and high-level clay alteration.

Figure 1: Geological map of the Glamorgan area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/251889_b730bbc864e0bb2d_017full.jpg

TerraSpec Clay Mineralogy

A TerraSpec 4 High-Res portable spectrometer was used to analyze all soil and rock-chip samples, as well as available historical drill core. The hyperspectral reflectance data collected were interpreted using the cloud-based AI software program, aiSIRIS.

Anomaly A trends north-northwest for 4.2 kms with conjugate gold-arsenic trends extending in a northeast direction (Anomalies C and D). Montmorillonite clays mirror this anomaly, indicating strong structural control on fluid flow along this trend.
Anomaly B trends northerly, following north to northeasterly quartz veins mapped over 4 kms that remain open to the north and south. The southern end of this anomaly coincides with historical mine workings. This anomaly is highlighted by strong illite clay alteration enveloping quartz-calcite veins observed in mapping.
Anomalies C and D trend northeast, parallel to insitu quartz veining in the Phoenix Stream (Anomaly C), and silica-clay alteration along Wires Ridge (Anomaly D) (Figure 2).

Figure 2: Arsenic-Gold soil geochemistry with strong anomalies outlined.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/251889_b730bbc864e0bb2d_023full.jpg

Magnetics
Ultra detailed UAV magnetics flown by the Rua Gold team highlight strong alteration (de-magnetization of the host rocks) enveloping the four anomalies and demonstrating a major alteration cell indicative of a significant epithermal system.

Resistivity
A CSAMT survey was completed in February 2025 by the Rua Gold team. CSAMT is particularly effective at detecting ground resistivities to depths of several hundred meters, which can be interpreted to represent strong silicification and quartz veining when directly related to an area of intense alteration.

The survey identified several major, deep structures that align with features previously identified by UAV magnetics, gold-arsenic geochemistry anomalies, and mapped quartz veins, silicification and clay alteration (Figure 3).

Figure 3: CSAMT and IP resistivity results.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/251889_b730bbc864e0bb2d_028full.jpg

Glamorgan Exploration Overview

Following grant of a drone concessions in May 2024, and minimum impact exploration in July 2024, Rua Gold's exploration commenced with UAV ultra detailed magnetic surveying completing 590-line kms of flying using Geometrics MagArrow magnetometer suspended under a DJI M300 drone. Interpretation of the data has assisted in defining key aspects of lithology and alteration of the Whitianga Group rhyolites, and Coromandel Group andesites. Major structural elements are interpreted in the data aligning with regional mineralization trends.

Soil sampling commenced in July 2024 sampling along 250m spaced crosslines with a sample spacing of 20m. 3181 samples were collected, dried, sieved in Rua Gold's Waihi facility, then transported to Reefton for pXRF analysis. Each sample was also scanned using a TerraSpec 4 Hi-Res mineral analyzer to complete a picture of clay/alteration system enabling identification of the higher levels of the epithermal system. 50gms of soil was then freighted to ALS Brisbane for low-level precision gold assay. Arsenic anomalism with coincident gold anomalism highlights the four major soil anomalies A-D (Figure 2).

Anomaly A trends North north-west for 4.2 kms with conjugate gold-arsenic trends in a north-east direction. This anomaly remains open to the northeast. This north-east direction mirrors the orientation of the significant Wharekirauponga gold deposit 3 kms southeast of the Glamorgan permit.

Anomaly B trends northerly and follows north to northeasterly quartz veins mapped over 4 kms and open to the north and south. The southern end of this anomaly coincides with the Wentworth/Auckland historical mine workings.

Ultra detailed UAV magnetics flown by the Rua Gold team highlights strong alteration (de-magnetization of the host rocks) enveloping the two anomalies and demonstrating a major alteration cell indicative of the footprint of a major epithermal system.

Field mapping (ongoing) has highlighted broad alteration and veining in situ, and areas of quartz-adularia float displaying banded, platy quartz after calcite, and brecciated andesite with stockwork veining increasing toward the zones of interest. Rock sampling both float and in situ sampling has returned encouragingly anomalous gold (refer to Table 2 in the appendix below), coincident with the zones of high soil geochemistry.

Figure 4: Location map with soil geochemical heatmap over the Wires area

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/251889_b730bbc864e0bb2d_036full.jpg

ABOUT Rua Gold

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.

The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki District, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.

TECHNICAL INFORMATION

Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects and Chief Operating Officer and a director of Rua Gold, has reviewed and approved the technical disclosure contained herein. Mr. Henderson has participated in the geophysical, sampling, and mapping programs to verify that they have been conducted in accordance with the standard operating procedures. Mr. Henderson has verified the data disclosed by running checks on the location, analytical, and test data underlying the information in the technical disclosure herein.

QA/QC SOIL SAMPLES

A bulk sample of ~0.5-1 kg was collected in the field. Each sample was photographed in the field alongside the GPS with coordinates visible and each sample site marked in the field with biodegradable flagging tape. Samples were taken back to Rua Gold's Waihi facility for preparation. Samples were dried in a customized incubator, set at 38°C, for a minimum of two days. Once the samples were fully dried, they were sieved to

The 50-100-g fine-sieved (Rua Gold's Reefton facility for pXRF using an Olympus Vanta hand-held analyser, and then on to ALS Geochemistry, Brisbane, for Au-TL43 analysis. The ALS analysis consisted of 25-g sample digestion by aqua regia, followed by trace Au analysis by ICP-MS. The detection limit for Au by this method is 1ppb. ALS Brisbane is independent to Rua Gold.

Field duplicates were collected every 20^th sample and underwent the same drying, sieving, pXRF, and gold assay process outlined above. Duplicates were checked and validated by Rua Gold's Isogonal data validation system to ensure compliance.

QA/QC ROCK-CHIP SAMPLES

Rock-chip samples were collected in the field during routine mapping and soil sampling. The location of each sample was recorded in the field with a Garmin GPSMAP 66i and details of the samples recorded in a notebook or mapping application. Samples were photographed and sent to SGS Waihi for sample preparation. Sample information was entered into .csv files and uploaded to an SQL database.

Samples were crushed to 75% passing 2 mm (SGS code CRU75) and pulverised to 85% passing 75 µm (SGS code PUL85_CR). The pulverised rock-chips were split into two samples: a ~50 g sent for laboratory analysis, and the reject returned to Rua Gold for pXRF analysis and storage.

The 50 g sub-samples were analysed by AAS after fire assay at SGS Waihi (SGS code FAA505). Detection values for this method are 0.01-100 ppm Au.

SGS is independent to Rua Gold and its laboratories are accredited to applicable ISO/IEC 17025 standards.

Rua Gold Contact

Robert Eckford
Chief Executive Officer
Tel: +1 604 655 7354
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton project and the results thereof; and the Company's acquisition of Reefton Resources Pty Limited. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavourable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's CSE Form 2A - Listing Statement filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

This news release references projects near to the Glamorgan Project and historical production from certain areas of New Zealand. Mineralization on nearby projects is not necessarily indicative of mineralization on the Glamorgan Project. Historical production from the Reefton Gold District or the Hauraki District is not an necessarily an indication that significant production will be possible from the Glamorgan Project.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change

Table 1: Significant gold and arsenic assay results from soil samples.

Sample ID	Easting_NZTM	Northing_NZTM	Au (ppm)	As (ppm)
WR10019	1846387	5875239	0.66	1052
WR18022	1845455	5873468	0.28	15
WR14016	1845843	5874398	0.26	36
WR05107	1848533	5875462	0.26	367
WR07134	1848758	5874761	0.26	26
WR06119	1848620	5875127	0.22	487
WR15027	1845911	5874072	0.19	119
WR11057	1846925	5874648	0.18	398
WR10018	1846369	5875249	0.18	353
WR09143	1848669	5874237	0.17	241
WR04109	1848691	5875660	0.14	1391
WR10019	1846387	5875239	0.66	1052
WR04111	1848726	5875641	0.06	954
WR04110	1848709	5875650	0.05	922
WR01116	1849182	5876244	0.10	896
WR16124	1847478	5872900	0.05	877
WR15118	1847496	5873177	0.12	857
WR11048	1846769	5874736	0.03	784
WR10033	1846630	5875102	0.06	772
WR15149	1848036	5872872	0.02	607

Table 2: Significant assay results from rock-chip samples.

Sample ID	Location	Type	Easting_NZTM	Northing_NZTM	Au (ppm)
GERS1666	Sutcliff Stream	Float	1847056	5874959	8.25
GERS1669	Sutcliff Stream	Float	1847092	5875111	7.15
GERS1661	Sutcliff Stream	Float	1846787	5874763	4.37
GERS1663	Sutcliff Stream	Float	1846916	5874785	3.95
GERS1667	Sutcliff Stream	Float	1847113	5875120	2.46

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Sample Number	Easting (NAD83-8N)	Northing (NAD83-8N)	Sample Type	Au g/t	Ag g/t	Cu ppm	As ppm	Sb ppm	Bi ppm
C959829	380510	6714755	Grab	0.50	1.26	153	9,030	94.4	8.57
C959830	380508	6914767	Grab	1.68	8.99	212	>10,000	153	68.3
C959831	380515	6914772	30cm Chip	5.95	7.17	161	>10,000	38.8	49.6

Hole-ID	Easting (NAD83-8N)	Northing (NAD83-8N)	Elevation m	Depth m	Azimuth	Dip
N21-01	379458	6913364	852	306.32	35	-60
N21-02	379120	6913528	951	449.58	30	-60
N21-03	379162	6913073	895	320.43	210	-60
N21-04	379162	6913073	895	295.66	30	-60
N21-05	378859	6913336	974	288.04	220	-60
N21-06	378859	6913336	974	316.99	40	-60
N21-07	379111	6914021	1003	312.42	70	-70
N21-08	379566	6914430	902	327.5	60	-60
N21-09	379666	6914527	860	215.49	45	-70
N21-10	379525	6914090	906	257.86	210	-70
N21-11	379620	6914482	880	232.56	340	-60
O21-01	380343	6912498	812	242.32	220	-50

Hole-ID	From m	To m	Interval m	AuEq 1750	Au g/t	Ag g/t	Cu %
N21-01	21	38.5	17.5	0.45	0.33	1.39	0.07
N21-01	57	84.25	27.25	0.75	0.60	1.65	0.08
Including	67	84.25	17.25	1.02	0.85	1.72	0.09
N21-01	218	224.7	6.73	0.29	0.11	1.20	0.11
N21-01	268	272.5	4.5	0.52	0.24	1.72	0.16
N21-02	15.24	46.5	31.26	0.76	0.71	0.67	0.02
Including	28.5	33	4.5	2.10	2.00	1.57	0.05
N21-02	61.5	65.45	3.95	1.30	1.08	2.20	0.12
Including	61.5	65.45	3.95	1.30	1.08	2.20	0.12
N21-02	114.08	119.5	5.37	0.79	0.74	0.39	0.03
N21-02	223.41	236.7	13.29	1.17	0.90	2.24	0.16
Including	228.8	236.7	7.9	1.58	1.25	3.15	0.19
N21-03	90.1	109	18.9	0.55	0.48	0.54	0.04
Including	90.1	95.5	5.4	1.00	0.93	0.57	0.04
N21-04	135.5	138.5	3	1.24	1.18	0.25	0.03
N21-06	276.38	280.1	3.73	1.22	0.87	1.85	0.21
N21-07	75	82	7	0.46	0.43	0.59	0.01
N21-08	70	86.5	16.5	0.66	0.66	0.25	0.00
Including	70	82	12	0.71	0.70	0.25	0.00
N21-09	85.5	88.5	3	0.89	0.87	0.25	0.01
N21-09	153	163	10	0.46	0.33	0.25	0.08
N21-10	4	13	9	0.41	0.36	0.87	0.02
N21-10	54	63	9	0.71	0.65	0.69	0.03
N21-11	31.6	51.6	20	0.96	0.92	1.46	0.01
Including	31.6	41	9.4	1.41	1.36	2.25	0.01
N21-11	194	198	4	0.55	0.42	1.05	0.07
O21-01	94.5	98.3	3.8	0.68	0.47	1.22	0.12
O21-01	141	146.4	5.43	0.69	0.56	0.69	0.08

Presentation	Ticker(s)
Northern Superior Resources Inc.	(OTCQB: NSUPF \| TSXV: SUP)
Luca Mining Corp.	(OTCQX: LUCMF \| TSXV: LUCA)
Castille Resources Limited	(OTCQB: CLRSF \| ASX: CST)
Sun Summit Minerals Corp.	(OTCQB: SMREF \| TSXV: SMN)
Amex Exploration Inc.	(OTCQX: AMXEF \| TSXV: AMX)
Ucore Rare Metals, Inc.	(OTCQX: UURAF \| TSXV: UCU)
Kootenay Silver Inc.	(OTCQX: KOOYF \| TSXV: KTN)
Camino Minerals Corp.	(Pink: CAMZF \| TSXV: COR)
Precipitate Gold Corp.	(OTCQB: PREIF \| TSXV: PRG)
Callinex Mines Ltd.	(OTCQX: CLLXF \| TSXV: CNX)

Presentation	Ticker(s)
Canada Nickel Company Inc.	(OTCQX: CNIKF\| TSXV: CNC)
Anfield Energy Inc.	(OTCQB: ANLDF \| TSXV: AEC)
Newcore Gold Ltd.	(OTCQX: NCAUF \| TSXV: NCAU)
Empire Metals Ltd.	(OTCQB: EPMLF \| AIM: EEE)
Cerrado Gold Inc.	(OTCQX: CRDOF \| TSXV: CERT)
Silver Tiger Metals Inc.	(OTCQX: SLVTF \| TSXV: SLVR)
Horizon Copper Corp.	(OTCQX: HNCUF \| TSXV: HCU)
Kodiak Copper Corp.	(OTCQB: KDKCF \| TSXV: KDK )
Rua Gold Inc.	(OTCQB: NZAUF \| TSXV: RUA)
DynaResource, Inc.	(OTCQX: DYNR)

Presentation	Ticker(s)
Novo Resources Corp.	(OTCQB: NSRPF \| TSX: NVO)
Ecora Resources PLC	(OTCQX: ECRAF \| TSX: ECOR)
Power Metallic Mines Inc.	(OTCQB: PNPNF \| TSXV: PNPN)

⁽¹⁾		The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti.

		Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.

⁽²⁾		On 22 November 2024, the acquisition of Centamin plc ("Centamin") was successfully completed. Centamin has been included from the effective date of the acquisition.

⁽³⁾		Includes gold concentrate from the Cuiabá mine sold to third parties in Q1 2024.

⁽⁴⁾		The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.

⁽⁵⁾		The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Outlook economic assumptions for 2025 guidance are as follows: $0.65/A$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl.

		Cost and capital forecast ranges for 2025 are expressed in "nominal" terms. "Nominal" cash flows are current price term cash flows that have been inflated into future value, using an appropriate "inflation" rate. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the SEC.

⁽⁶⁾		To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (e.g., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q1 2024) have been adjusted to reflect this change in reporting.

*		Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations.

Key Statistics		Quarter	Quarter
		ended	ended
		Mar	Mar
US Dollar million, except as otherwise noted		2025	2024
Operating review
Gold
Produced - Group ^(1)(2)(3)	- oz (000)	720	591
Produced - Managed operations ^(1)(2)(3)	- oz (000)	657	515
Produced - Non-managed joint ventures ⁽¹⁾	- oz (000)	63	76

Sold - Group ^(1)(2)(3)	- oz (000)	737	625
Sold - Managed operations ^(1)(2)(3)	- oz (000)	670	552
Sold - Non-managed joint ventures ⁽¹⁾	- oz (000)	67	73

Financial review
Gold income	- $m	1,927	1,138
Cost of sales - Group	- $m	1,230	949
Cost of sales - Managed operations	- $m	1,124	869
Cost of sales - Non-managed joint ventures	- $m	106	80
Total operating costs	- $m	833	668
Gross profit	- $m	839	302

Average gold price received per ounce* - Group ⁽¹⁾⁽²⁾	- $/oz	2,874	2,063
Average gold price received per ounce* - Managed operations ⁽¹⁾⁽²⁾	- $/oz	2,875	2,060
Average gold price received per ounce* - Non-managed joint ventures ⁽¹⁾	- $/oz	2,865	2,090
All-in sustaining costs per ounce* - Group ⁽¹⁾⁽²⁾	- $/oz	1,640	1,620
All-in sustaining costs per ounce* - Managed operations ⁽¹⁾⁽²⁾	- $/oz	1,657	1,692
All-in sustaining costs per ounce* - Non-managed joint ventures ⁽¹⁾	- $/oz	1,463	1,070
Total cash costs per ounce* - Group ⁽¹⁾⁽²⁾	- $/oz	1,223	1,181
Total cash costs per ounce* - Managed operations ⁽¹⁾⁽²⁾	- $/oz	1,213	1,232
Total cash costs per ounce* - Non-managed joint ventures ⁽¹⁾	- $/oz	1,325	831

Profit before taxation	- $m	729	167
Adjusted EBITDA*	- $m	1,120	434
Total borrowings	- $m	2,213	2,170
Adjusted net debt*	- $m	525	1,322

Profit attributable to equity shareholders	- $m	443	58
	- US cents/share	88	14
Headline earnings ⁽⁴⁾	- $m	447	58
	- US cents/share	88	14
Net cash inflow from operating activities	- $m	725	252
Free cash flow* ⁽⁵⁾	- $m	403	57
Capital expenditure - Group ⁽¹⁾⁽²⁾	- $m	336	265
Capital expenditure - Managed operations ⁽¹⁾⁽²⁾	- $m	303	240
Capital expenditure - Non-managed joint ventures ⁽¹⁾	- $m	33	25


⁽¹⁾ The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
⁽²⁾ On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin has been included from the effective date of the acquisition.
⁽³⁾ Includes gold concentrate from the Cuiabá mine sold to third parties in Q1 2024.
⁽⁴⁾ The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS ^® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.
⁽⁵⁾ To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (e.g., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q1 2024) have been adjusted to reflect this change in reporting.
* Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

2025
Ex-dividend on NYSE		Friday, 30 May
Record date		Friday, 30 May
Payment date		Friday, 13 June

2025
Declaration date		Friday, 9 May
Currency conversion rate for South African rands announcement date		Friday, 23 May
Last date to trade ordinary shares cum dividend		Tuesday, 27 May
Ordinary shares trade ex-dividend		Wednesday, 28 May
Record date		Friday, 30 May
Payment date		Friday, 13 June

2025
Currency conversion date		Friday, 23 May
Last date to trade and to register shares cum dividend		Tuesday, 27 May
Shares trade ex-dividend		Wednesday, 28 May
Record date		Friday, 30 May
Approximate payment date of dividend		Friday, 13 June

Quimbaya Gold & Independence Drilling Secure 4,000m Drill Deal - 100% Share-Based Partnership

Quimbaya Gold Investor Kit

GET YOUR FREE INVESTOR KIT

Investor Insight

Overview

Company Highlights

Key Projects

Tahami Project (Flagship)

Maitamac Project

Team

Alexandre P. Boivin - CEO & Director

Olivier Berthiaume - CFO & Director

Ricardo Sierra – Exploration Manager

Dr. Stewart Redwood - Senior Technical Advisor

Nicolas Lopez Villegas - Technical Advisor

Terence Ortslan - Advisor

Latest News

Quimbaya Gold Investor Kit

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

TOP STOCKS