Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces that its Board of Directors (the "Board") has appointed the Company's Lead Director, Rex McLennan, as Chairman of the Board. Mr. McLennan steps into the Chairman position to replace former Executive Chairman, Bradford Cooke, who passed away suddenly and unexpectedly last week (see news releases dated August 18 and August 24, 2022). Read More >>
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Release - Endeavour Silver Appoints Rex McLennan as Chairman
News Provided by Channelchek via QuoteMedia
Max Resource Discovers 5 New Copper and Silver Targets at CESAR
MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report that it has discovered a series of five mineralized outcrops (collectively Target Area AM-14) on a Mining Concession, within the AM District of its wholly-owned Cesar Copper-Silver Project, Northeastern Colombia.
Highlights
- 5 newly discovered outcrops of stratiform copper-silver mineralization covering 1,000m2.
- Mineralized layers are exposed up to 285m along strike and range in thickness from 0.8m to 4.0m.
- Confirms multiple copper-silver bearing horizons within thick sedimentary rock sequence.
- Strong evidence of 1.5-km continuity of mineralized layers between new discovery and AM-07.
The five discoveries confirm multiple copper-silver bearing layers within a 700-metre-thick sequence of interbedded sandstones in the AM District. Additionally, there is strong evidence to suggest that one of the newly discovered outcrops (Outcrop #2) is a continuation of the mineralized horizon at target AM-07, located approximately 1.5-km to the northeast. This supports the Company's interpretation that the copper-silver bearing layers in the AM District are continuous over large distances, similar to the Kupferschiefer and Kamoa-Kakula deposits.
"As we continue to obtain high-grade results and locate significant structural and stratiform copper-silver mineralization, the Company's staunch belief in Cesar as a potential for significant deposits comes ever closer to fruition," commented Brett Matich, CEO of Max.
"The AM-14 mapping and sampling outlines an area some 600 to 1000 metres by 1000 to 1200 metres, strongly supporting our belief in Cesar as a regional or district copper-silver target, as opposed to a cluster of smaller unrelated zones. We look forward to assay results in the coming weeks," he concluded.
Description of the Mineralisation
Preliminary work has determined that mineralization is hosted in layers of medium to fine-grained sandstone rich in organic material. The copper-silver bearing horizons are distributed across a 700-metre-thick package of interbedded sedimentary rocks that strike 240⁰ to 260⁰ and dip 30⁰ to 45⁰ northwest. Chalcocite, malachite and azurite are the most abundant copper minerals observed in the outcrop (refer to Figure 1 to Figure 3).
All five of the outcropping mineralized beds are open along strike and at Outcrop #2, the copper-silver bearing sandstone horizon could be traced along strike for over a distance of 285m. Similarly, at Outcrop #5, the mineralized horizon exposed for over 130m before disappearing under cover. Layer thickness ranges from 0.8m at Outcrop #4 to 4.0m at Outcrop #5.
Systematic channel sampling of the mineralized outcrop has now commenced. In addition, crews have begun detailed mapping in the vicinity of the discovery with the goal of extending the footprint of mineralization.
Image shows outcrop of Cu-Ag bearing sandstone. The mineralized horizon is 2 metres thick and exposed for 4 metres along strike before disappearing under cover.
Figure 1: Newly Discovered Outcrop #1 at AM-14
Image shows outcrop of Cu-Ag bearing sandstone. The mineralized horizon is 1.25 metres thick and exposed for 236 metres along strike before disappearing under cover.
Figure 2: Newly Discovered Outcrop #2 at AM-14
Image shows outcrop of Cu-Ag bearing sandstone. The mineralized horizon is 4 metres thick and exposed for 130 metres along strike before disappearing under cover.
Figure 3: Newly Discovered Outcrop #5 at AM-14
Figure 4: Location of the AM-14 Discovery
Figure 5: Location of Newly Discovered Outcrops in Target Area AM-14
Background
The Cesar Copper Silver Project comprises three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch over 120-km in NNE/SSW direction (refer to Figure 6).
Figure 6: Location and Scale of the Cesar Copper Silver Project, NE Colombia
This region provides access to major infrastructure established for oil & gas and mining operations, including Cerrejón, the largest coal mine in South America, held by global miner Glencore. Max's twenty mining concessions collectively span over 188-km².
In 2022, Max executed a 2-year co-operation agreement with Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK), which assists in expanding its 100% owned landholdings; Endeavour will hold an underlying 0.5% NSR.
AM District
Starting in the far north of the Jurassic basin, classic stacked red bed outcrops with extensive lateral continuity have been rock sampled over many kilometres within the AM District. Highlight values of 34.4% copper and 305 g/t silver have been documented in the sedimentary red bed sequences. The Company confirmed that stratiform mineralization continues at depth with two scout drill holes completed earlier this year (Max News Release dated April 4, 2023). In addition, Colombian field crews continue to discover and sample new mineralized outcrops including at the recently identified AM-7 target (Max News Release dated May 25, 2023 and Max News Release dated June 22, 2023).
Conejo District
Midway south, the Conejo District is the most recent to be recognized and is characterized by structurally controlled mineralization hosted in intermediate and felsic volcanic rocks. Numerous mineralized outcrops have been discovered over 3.7-km at the primary target in the district with surface samples averaging 4.9% copper (2% cut-off). No drilling has been conducted at Conejo, but it has emerged as an area of focus for the Company.
URU District
Mineralization within the URU District is hosted in intermediate volcanic rocks and is structurally controlled, similar to deposits in the Central African Copper Belt. At URU-C, a 9.0m of 7.0% copper and 115 g/t silver surface discovery was confirmed at depth by drill hole URU-12, which intersected 10.6m of 3.4% copper and 48 g/t silver. At the URU-CE target, 750m to the east, 19.0m of 1.3% copper discovered in outcrop was confirmed by drill hole URU-9, which intersected a broad zone of copper oxide returning 33.0m of 0.3% copper from 4.0m, including 16.5m of 0.5% copper (Max News Release date January 24, 2023).
Cesar Target Evaluation
Max has identified and is evaluating 28 targets along the 120-km-long belt for potential drill testing. The Company is focused on expanding, refining, and prioritizing these targets in preparation for a drill program. Initial efforts have been concentrated on those targets with the greatest size potential with work that includes the following field activities:
- Systematic chip and channel sampling of the mineralized outcrops.
- Detailed geological and structural mapping of each showing.
- Target scale prospecting and soil sampling.
- Airborne Magnetic/Radiometric Surveys.
Regional Exploration
Max has demonstrated that the Cesar basin is fertile for copper-silver mineralization over a large area; however, only a fraction of the basin has been explored. As a result, Max has dedicated one of its geological teams to regional exploration with the goal of discovering additional copper-silver prospects within its land package covering more than 1,000 sq-km.
Qualified Person
The Company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, who serves as a qualified person under the definition of National Instrument 43-101.
About Max Resource Corp.
Max Resource Corp. (TSXV: MAX) is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly owned Cesar project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world class infrastructure and the presence of global majors (Glencore and Chevron).
In addition, Max controls the RT Gold project (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, a gold bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0m.
Max is proactive, with the corporate goal of transitioning the Cesar basin towards the mining of copper, the key metal for Colombia's transition to clean energy. The safety of our people and the communities where we operate is most important. We conduct exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.
Source: NI 43:101 Geological Report RT Gold Project for Max Resource Corp. by Luis Rodrigo Peralta, Mar. 8, 2023. NI 43:101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011.
For more information visit: https://www.maxresource.com/.
For additional information contact:
Tim McNulty E: info@maxresource.com T: (604) 290-8100
Rahim Lakha E. rahim@bluesailcapital.com
Brett Matich T: (604) 484 1230
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law.
Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein.
The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.
Max Resource Discovers New Copper & Silver Target at CESAR
MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report it has discovered another significant mineralized outcrop at its AM District, within its 100% owned Cesar Copper-Silver Project, Northeastern Colombia. The new target, AM-08 is located approximately 7-km southeast of the AM-07 discovery (refer to Figure 2 and Max News Release dated June 22, 2023).
"This new and exciting discovery reinforces Max's thesis that the Cesar Copper-Silver Project may host multiple stand-alone deposits. The Max field team has now identified 22 targets across three separate districts of the 90-km Cesar copper-silver belt: AM, Conejo and URU," commented VP Exploration, Bruce Counts.
"In addition, Max's 4,000-line-km high-resolution airborne magnetic and radiometric survey over the entire AM District is well underway. Survey results will be used to refine existing targets and identify new targets by mapping the lithologies and the geological structures that control mineralization," he concluded.
Figure 1: Images of Outcrop at Target AM-08 and rock specimen with primary copper minerals Chalcocite and Malachite
Preliminary work on the new AM-08 outcrop has determined the copper-silver mineralization is hosted in a steeply dipping structure within a porphyritic rhyolite, a type of felsic volcanic rock, and that it is exposed across a width of 10m before disappearing under cover. Chalcocite and malachite are the most abundant copper minerals observed in the outcrop with minor amounts of chalcopyrite and covellite also present (refer to Figure 1).
Systematic channel sampling of the mineralized outcrop has now commenced, and crews have begun detailed mapping in the vicinity of the new discovery with the goal of extending the footprint of mineralization. Drone video of the AM-08 discovery can be viewed here.
Figure 2: Location of the AM-08 Discovery
Background
The Cesar Copper Silver Project comprises of three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch over 90-km in NNE/SSW direction (refer to Figure 3).
Figure 3: Location of the Cesar Copper Silver Project, NE Colombia
This region provides access to major infrastructure resulting from oil & gas and mining operations, including Cerrejón, the largest coal mine in South America, held by global miner Glencore. Max's twenty mining concessions collectively span over 188-km².
In 2022, Max executed a 2-year co-operation agreement with Endeavour Silver Corp. (TSX: EDR, NYSE: EXK), which assists to expand its 100% owned landholdings, Endeavour will hold an underlying 0.5% NSR.
AM District
Starting in the far north of the Jurassic basin, classic stacked red bed outcrops with extensive lateral continuity have been rock sampled over many kilometres within the AM District. Highlight values of 34.4% copper and 305 g/t silver have been documented in the sedimentary red bed sequences. The Company confirmed that stratiform mineralization continues at depth with two scout drill holes completed earlier this year (Max News Release dated April 4, 2023). In addition, Colombian field crews continue to discover and sample new mineralized outcrops including at the recently identified AM-7 target (Max News Release dated May 25, 2023 and Max News Release dated June 22, 2023).
Conejo District
Midway south, the Conejo District is the most recent to be recognized and is characterized by structurally controlled mineralization hosted in intermediate and felsic volcanic rocks. Numerous mineralized outcrops have been discovered over 3.7-km at the primary target in the district with surface samples averaging 4.9% copper (2% cut-off). No drilling has been conducted at Conejo, but it has emerged as an area of focus for the Company.
URU District
Mineralization within the URU District is hosted in intermediate volcanic rocks and is structurally controlled, similar to deposits in the Central African Copper Belt. At URU-C, a 9.0m of 7.0% copper and 115 g/t silver surface discovery was confirmed at depth by drill hole URU-12, which intersected 10.6m of 3.4% copper and 48 g/t silver. At the URU-CE target, 750m to the east, 19.0m of 1.3% copper discovered in outcrop was confirmed by drill hole URU-9, which intersected a broad zone of copper oxide returning 33.0m of 0.3% copper from 4.0m, including 16.5m of 0.5% copper (Max News Release date January 24, 2023).
CESAR Target Evaluation
Max has identified and is evaluating 22 targets along the Cesar 90-km-long belt for potential drill testing. The Company is focused on expanding, refining, and prioritizing these targets in preparation for a drill program. Initial efforts have been concentrated on those targets with the greatest size potential with work that includes the following field activities:
- Systematic chip and channel sampling of the mineralized outcrops.
- Detailed geological and structural mapping of each showing.
- Target scale prospecting and soil sampling.
- Airborne Magnetic/Radiometric Surveys.
Regional Exploration
Max has demonstrated that the Cesar basin is fertile for copper-silver mineralization over a large area; however, only a fraction of the basin has been explored. As a result, Max has dedicated on of its geological teams to regional exploration with the goal of discovering additional copper-silver prospects over 1,000 sq-km.
Qualified Person
The Company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, who serves as a qualified person under the definition of National Instrument 43-101.
About Max Resource Corp.
Max Resource Corp. (TSXV: MAX) is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly owned Cesar project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world class infrastructure and the presence of global majors (Glencore and Chevron).
In addition, Max controls the RT Gold project (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, a gold bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0m.
Max is proactive, with the corporate goal of transitioning the Cesar basin towards the mining of copper, the key metal for Colombia's transition to clean energy. The safety of our people and the communities where we operate is most important. We conduct exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.
Source: NI 43:101 Geological Report RT Gold Project for Max Resource Corp. by Luis Rodrigo Peralta, Mar. 8, 2023. NI 43:101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011.
For more information visit: https://www.maxresource.com/
For additional information contact:
Tim McNulty E: info@maxresource.com T: (604) 290-8100
Rahim Lakha E. rahim@bluesailcapital.com
Brett Matich T: (604) 484 1230
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein.
The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.
Endeavour Silver Announces Initial Mineral Resource Estimate and Filing of NI43-101 Technical Report on the Pitarrilla Project in Durango State, Mexico
Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX: EDR, NYSE: EXK) announces that it has filed on SEDAR ( www.sedar.com ) a technical report (as defined in National Instrument 43-101) for the Company's recently acquired Pitarrilla project in Durango state, Mexico. The Technical Report dated November 21, 2022 and entitled "Mineral Resource Estimate for the Pitarrilla Ag-Pb-Zn Project, Durango State, Mexico" (the "2022 Pitarrilla Report") provides an independent estimate of the Mineral Resources identified at Pitarrilla as of October 6, 2022. The 2022 Pitarrilla Report was prepared on behalf of the Company by SGS Geological Services Inc.("SGS"), an international firm specializing in mining and mineral estimation, engineering and evaluation services.
Dan Dickson, Chief Executive Officer, stated "With a verified current resource of nearly 600 million ounces of silver, the 2022 Pitarrilla Report validates the merits of acquiring one of the world's largest undeveloped silver deposits. Through historic drilling, the Pitarrilla project has benefitted from over 225,000 metres of drilling and was advanced to a prefeasibility study of an underground operation and an open pit feasibility study in 2009 and 2012, respectively. The comprehensive work done to date, combined with the size and the scale of the deposit, provide flexibility and versatility for various mining scenarios. We will use the data collected to guide our exploration path going forward, with the potential to add significant value to the Company."
The following information is derived from the 2022 Pitarrilla Report:
The total Indicated Mineral Resources (open pit and underground) at Pitarrilla totals 158.6 million tonnes containing 491.6 million ounces (oz) silver (Ag) grading 96.4 grams per tonne (gpt), 1.1 million pounds (lbs) of lead (Pb) grading 0.31%, 2.6 million pounds of Zinc (Zn) grading 0.74% for a total of 693.9 million ounces of silver equivalent (AgEq) grading 136 gpt.
The Inferred Mineral Resource (open pit and underground) totals 35.4 million tonnes containing 99.4 million oz Ag grading of 87.2 gpt, 281 million lbs Pb grading 0.36%, 661 million lbs Zn grading 0.85% for a total of 151.2 million ounces AgEq grading 132.7 gpt.
Silver equivalent grades are calculated using this formula: Ag (gpt) + [Pb (%) X 2204.6 X Pb Price / Ag Price X 31.1] + [Zn (%) X 2204.6 X Zn Price / Ag Price X 31.1] with price assumptions of Pb $1.00, Zn $1.30 and Ag $22.00.
Pitarrilla Mineral Resources Summary (effective as of October 6, 2022):
Grade | Contained Metal | ||||||||||||||
Cut-off Grade (AgEq g/t) | Tonnes (Mt) | Ag (gpt) | Pb (%) | Zn (%) | AgEq (gpt) | Ag (Moz) | Pb (Mlb) | Zn (Mlb) | AgEq (Moz) | ||||||
In Pit (Oxide and Transition) | |||||||||||||||
Indicated | |||||||||||||||
50 | 133.9 | 87.1 | 0.19 | 0.48 | 112.3 | 375.1 | 547 | 1,409 | 483.2 | ||||||
Inferred | |||||||||||||||
50 | 25.6 | 76.4 | 0.14 | 0.48 | 100.2 | 63.0 | 80 | 272 | 82.7 | ||||||
Underground (Sulphide) | |||||||||||||||
Indicated | |||||||||||||||
150 | 24.8 | 146.1 | 1.01 | 2.14 | 264.4 | 116.5 | 551 | 1,172 | 210.7 | ||||||
Inferred | |||||||||||||||
150 | 9.8 | 115.5 | 0.93 | 1.80 | 217.5 | 36.4 | 202 | 389 | 68.6 | ||||||
Total In-pit and Underground (Oxide, Transition and Sulphide) | |||||||||||||||
Indicated | |||||||||||||||
50 and 150 | 158.6 | 96.4 | 0.31 | 0.74 | 136.0 | 491.6 | 1,098 | 2,580 | 693.9 | ||||||
Inferred | |||||||||||||||
50 and 150 | 35.4 | 87.2 | 0.36 | 0.85 | 132.7 | 99.4 | 281 | 661 | 151.2 |
Notes:
(1) The classification of the current Mineral Resource Estimate into Indicated and Inferred Mineral Resources is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.
(2) All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
(3) All Mineral Resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.
(4) Mineral Resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(5) It is envisioned that parts of the Pitarrilla deposit (oxide and transition mineralization) may be mined using open pit mining methods. In-pit mineral resources are reported at a cut-off grade of 50 g/t AgEq within a conceptual pit shell, which has been limited to the base of the transition mineralization.
(6) The results from the pit optimization are used solely for the purpose of testing the "reasonable prospects for economic extraction" by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
(7) It is envisioned that parts of the Pitarrilla deposit (sulphide mineralization) may be mined using underground mining methods. Underground (below-pit) Mineral Resources are estimated from the bottom of the pit (base of transition mineralization) and are reported at a base case cut-off grade of 150 g/t AgEq. The underground Mineral Resource grade blocks were quantified above the base case cut-off grade, below the constraining pit shell and within the constraining mineralized wireframes. At this base case cut-off grade the deposit shows good deposit continuity with limited orphaned blocks. Any orphaned blocks are connected within the models by lower grade blocks and are included in the Mineral Resource estimate.
(8) Based on the size, shape, location and orientation of the Pitarrilla deposit, it is envisioned that the deposit may be mined using low cost underground bulk mining methods (i.e. longhole mining).
(9) High grade capping of Ag, Pb and Zn was done on 1.50 metre composite data.
(10) Bulk density values were determined based on physical test work from each deposit model and waste model.
(11) AgEq Cut-off grades consider metal prices of $22.00/oz Ag, $1.00/lb Pb and $1.30/lb Zn and considers variable metal recoveries for Ag, Pb and Zn: oxide and transition mineralization - 75% for silver, 70% for Pb and 65% for Zn; sulphide mineralization - 86% for silver, 91% for Pb and 85% for Zn.
(12) The pit optimization and in-pit base case cut-off grade of 50 g/t AgEq considers a mining cost of US$2.50/t rock and processing, treatment and refining, transportation and G&A cost of US$22.40/t mineralized material, an overall pit slope of 42° for oxide and 48° for transition and metal recoveries. The below-pit base case cut-off grade of 150 g/t AgEq considers a mining cost of US$46.50/t rock and processing, treatment and refining, transportation and G&A cost of US$30.90/t mineralized material.
(13) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
The database used for the current mineral resource estimate comprises data for 804 surface reverse circulation and diamond drill holes completed in the deposit area, which total 254,386 metres. The database totals 134,441 assay intervals for 188,816 metres.
The mineral resource estimate is based on 19 three-dimensional ("3D") resource models representing oxide, transition and sulphide mineralization, as well as 9 lithological 3D solids and a digital elevation surface model. The main Pitarrilla deposit generally strikes 330° to 335° and dips/plunges steeply east-northeast (-60° to -65°). The oxide mineralization in the Cordon Colorado and Javelina Creek Zones extend for 700 to 900 metres southwest and northeast of the main Breccia Ridge Zone.
Silver, lead and zinc were estimated for each mineralization domain in the Pitarrilla deposit. Blocks within each mineralized domain were interpolated using 1.5 metres capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID 2 ) interpolation method was used for all domains.
Project Description
Pitarrilla is a large undeveloped silver, lead, and zinc project located 160 kilometres north of Durango City, in northern Mexico. The project is within the Municipality of Santa María del Oro and Indé on the eastern flank of the Sierra Madre Occidental mountain range. The property comprises 4,950 hectares across five concessions and has significant infrastructure in place with direct access to utilities.
As a grassroots discovery in 2002 by SSR Mining Inc. (NASDAQ/TSX: SSRM; ASX: SSR) ("SSR Mining"), the project was held and owned by its subsidiary, SSR Durango, S.A. de C.V. From 2003 to 2012, SSR Mining conducted extensive drill campaigns on the project. Concurrently, SSR Mining published two technical reports, consisting of a prefeasibility study in 2009 focused on a high-grade underground mine scenario and a feasibility study in 2012 which evaluated an open-pit concept. In September of 2020, SSR Mining merged with Alacer Gold, whereby the resulting entity became a gold focused company.
Endeavour completed the purchase of the Pitarrilla Project from SSR Mining in July 2022, for total consideration of US$70 million and a 1.25% net smelter returns royalty. The acquisition is an excellent fit for Endeavour's regional team in Mexico and enhances the Company's growth pipeline together with the Terronera and Parral projects. Endeavour agreed to incur a minimum of US$10 million in exploration expenditures on Pitarrilla over the next five years. Endeavour plans to evaluate various production alternatives, including an underground option, which would strengthen the long-term production profile of the Company and provide significant value to shareholders.
National Instrument 43-101 Disclosure
The 2022 Pitarrilla NI 43-101 technical report is authored by Allan Armitage, Ph.D., P. Geo., ("Armitage") of SGS Geological Services, and the Mineral Resource Estimate presented in the report was estimated by Armitage. Armitage is an independent Qualified Person as defined by NI 43-101 and is responsible for the Mineral Resource Estimate and all sections of the technical report. Armitage has reviewed and approved the contents of this news release.
The Technical Report is available for download under the Company's profile on SEDAR (www.sedar.com) and on the Company's website ( www.edrsilver.com ). There are no material differences in the Technical Report from the information disclosed in the News Release and the date of filing.
About Endeavour Silver
Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. The Company's philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information
Galina Meleger, Vice President of Investor Relations
Tel: (604) 685-9775
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour Silver on Facebook , Twitter , Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities legislation (together, "forward-looking statements"). Such forward-looking statements herein include but are not limited to statements regarding Mineral Resource and Reserve Estimates, future plans and objectives of the Company, proposed operations of the Company at Pitarrilla including mine development and future events and conditions that are not historical facts. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; the reliability of Mineral Resource and Reserve Estimates risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities and available at www.sec.gov, and Canadian securities regulatory authorities available at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, the reliability of Mineral Resource and Reserve Estimates, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
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Endeavour Silver Announces Q3 Financial Results; Earnings Conference Call at 10am PST Today
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce its unaudited financial and operating results for the three and nine months ended September 30, 2022. All amounts reported are in United States (US) dollars.
Dan Dickson, CEO, commented, "This quarter is a continuation of our strong operational performance. With production guidance reaffirmed, and a strong fourth quarter expected, we are feeling confident about our 2022 production results. Like the rest of the industry, profit margins are under pressure. The strength of the USD is weighing on commodity prices, and inflation is increasing direct costs. We are fortunate that the elevated grade profile at Guanacevi and strong operational performance has allowed us to stay within or near our guided cost ranges on a per ounce basis."
"We continue to focus on business improvement and cost management initiatives, while being mindful of the future. Continuing to advance the Terronera project in a deliberate and disciplined manner towards a construction decision and the completion of the Pitarrilla acquisition, are both significant developments towards the future of the Company."
Q3 2022 Highlights
- Continued Strong Production: 1,458,448 ounces (oz) of silver and 9,194 oz of gold for 2.2 million oz silver equivalent (AgEq) ( 1 ) at an 80:1 silver:gold ratio, totaling 6.3 million AgEq oz for the 9 months ended September 30, 2022. Strong year to date production reinforces delivery of 2022 guidance.
- Revenue Impacted by Withholding Metal Sales & Lower Realized Prices: Generated $40.4 million from the sale of 1,327,325 oz silver and 8,852 oz gold at average realized prices of $19.24 per oz silver and $1,678 per oz gold. Management continued to carry higher metal inventory totaling 1,527,549 oz silver and 3,210 oz gold of bullion inventory and 2,770 oz silver and 143 oz gold in concentrate inventory, with a market value of approximately $35 million at September 30, 2022.
- Operating Costs per Ounce In-Line with Guidance, Despite Industry-Wide Inflation: Cash costs ( 2 ) of $10.32 per oz payable silver and all-in sustaining costs (AISC) ( 2 ) of $20.27 per oz payable silver, net of gold credits.
- Negative Earnings and Lower Cash Flow Due to Impacted Revenue: Net loss of $1.5 million or $0.01 loss per share. $7.3 million in cash flow from operations before working capital changes ( 2) and mine operating cash flow before taxes (2) of $12.3 million. The Company continued to hold significant finished goods held at costs on the balance sheet at quarter end.
- Healthy Balance Sheet: Cash position of $69.2 million and $101.6 million in working capital ( 2) . Cash decreased in the quarter, as funds were spent to complete the acquisition of the Pitarrilla Project with a $35 million cash payment and early works expenditures to advance the Terronera project.
- Strong Liquidity Remains: While the cash balance decreased during the quarter, the realized sale of finished goods inventory, with a market value of approximately $35 million at quarter end, would imply a cash balance closer to $100 million.
- Advancing the Terronera Project: Work continued on predevelopment activities initiated last year including detailed engineering, critical contracts, procurement of long-lead items and road and camp construction. The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in the coming months. Budgeted development expenditures for 2022 are estimated to be $41.0 million.
- Completed the Acquisition of the Pitarrilla Project: The world's largest undeveloped silver project that will form the cornerstone of the Company's growth profile, together with Terronera and Parral (see News Release dated July 6, 2022 ).
- Divested the El Compas Property to Grupo ROSGO: Completed the sale of the property and the plant for US$5 million over five years (see News Release dated September 12, 2022 ).
Financial Overview (see appendix for consolidated financial statements)
Three Months Ended September 30 | Q3 2022 Highlights | Nine Months Ended September 30 | |||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||
Production | |||||||
1,458,448 | 1,305,399 | 12% | Silver ounces produced | 4,132,610 | 3,427,223 | 21% | |
9,194 | 10,541 | (13%) | Gold ounces produced | 27,178 | 32,816 | (17%) | |
1,445,880 | 1,295,126 | 12% | Payable silver ounces produced | 4,095,696 | 3,394,103 | 21% | |
9,039 | 10,328 | (12%) | Payable gold ounces produced | 26,705 | 32,177 | (17%) | |
2,193,968 | 2,148,679 | 2% | Silver equivalent ounces produced (1) | 6,306,850 | 6,052,503 | 4% | |
10.32 | 8.16 | 27% | Cash costs per silver ounce (2)(3) | 10.21 | 9.59 | 6% | |
14.31 | 13.14 | 9% | Total production costs per ounce (2)(4) | 14.56 | 15.84 | (8%) | |
20.27 | 17.46 | 16% | All-in sustaining costs per ounce (2)(5) | 20.24 | 20.70 | (2%) | |
202,745 | 222,461 | (9%) | Processed tonnes | 610,253 | 673,932 | (9%) | |
131.61 | 115.57 | 14% | Direct operating costs per tonne (2)(6) | 128.99 | 116.14 | 11% | |
146.30 | 130.38 | 12% | Direct costs per tonne (2)(6) | 147.65 | 133.12 | 11% | |
13.12 | 13.98 | (6%) | Silver co-product cash costs (7) | 14.15 | 15.86 | (11%) | |
1,144 | 1,020 | 12% | Gold co-product cash costs (7) | 1,163 | 1,078 | 8% | |
Financial | |||||||
39.7 | 34.6 | 15% | Revenue ($ millions) | 128.2 | 116.8 | 10% | |
1,327,325 | 699,539 | 90% | Silver ounces sold | 3,647,987 | 2,443,184 | 49% | |
8,852 | 9,925 | (11%) | Gold ounces sold | 27,025 | 30,398 | (11%) | |
19.24 | 24.56 | (22%) | Realized silver price per ounce | 22.24 | 26.26 | (15%) | |
1,678 | 1,791 | (6%) | Realized gold price per ounce | 1,827 | 1,784 | 2% | |
(1.5) | (4.5) | (67%) | Net earnings (loss) ($ millions) | (1.8) | 14.4 | (112%) | |
(3.1) | (1.5) | 106% | Adjusted net earnings (loss) (11) ($ millions) | (1.1) | (5.2) | 78% | |
5.1 | 8.3 | (38%) | Mine operating earnings ($ millions) | 29.9 | 24.1 | 24% | |
12.3 | 13.2 | (7%) | Mine operating cash flow before taxes ($ millions) (8) | 47.8 | 43.7 | 9% | |
7.3 | 7.7 | (4%) | Operating cash flow before working capital changes (9) | 31.6 | 21.6 | 46% | |
7.9 | 4.4 | 81% | EBITDA (10) ($ millions) | 29.2 | 44.2 | (34%) | |
101.6 | 128.7 | (21%) | Working capital (12) ($ millions) | 101.6 | 128.7 | (21%) | |
Shareholders | |||||||
(0.01) | (0.03) | (67%) | Earnings (loss) per share – basic ($) | (0.01) | 0.09 | (111%) | |
0.04 | 0.04 | (14%) | Operating cash flow before working capital changes per share (9) | 0.17 | 0.13 | 35% | |
189,241,367 | 170,432,326 | 11% | Weighted average shares outstanding | 180,655,842 | 166,201,727 | 9% | |
(1) Silver equivalent (AgEq) is calculated using an 80:1 silver:gold ratio.
(2) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided at the end of this press release and in the MD&A accompanying the Company's financial statements, which can be viewed on the Company's website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .
For the three months ended September 30, 2022, net revenue, increased by 15% to $39.7 million (Q3 2021: $34.6 million).
Gross sales of $40.4 million in Q3 2022 represented a 15% increase over the $35.0 million in Q3 2021. Silver oz sold increased by 90%, due to both a 12% increase in silver production and a significantly smaller buildup of finished goods inventory during Q3, 2022 compared to Q3, 2021. There was a 22% decrease in the realized silver price resulting in a 48% increase to silver sales. Gold oz sold decreased 11% with a 6% decrease in realized gold prices resulting in a 16% decrease in gold sales. The decrease in gold sales is primarily driven by the decreased gold grades at the Bolañitos mine and the suspension of production from the El Compas mine. During the period, the Company sold 1,327,325 oz silver and 8,852 oz gold, for realized prices of $19.24 and $1,678 per oz, respectively, compared to sales of 699,539 oz silver and 9,925 oz gold, for realized prices of $24.56 and $1,791 per oz, respectively, in the same period of 2021. For the three months ended September 30, 2022, the realized prices of silver and gold were within 3% of the London spot prices. Silver and gold London spot prices averaged $19.23 and $1,729, respectively, during the three months ended September 30, 2022
The Company increased its finished goods silver and finished goods gold inventory to 1,530,319 oz silver and 3,353 oz gold, at September 30, 2022 compared to 1,411,764 oz silver and 3,167 oz gold at June 30, 2022. The cost allocated to these finished goods was $22.1 million at September 30, 2022, compared to $20.8 million at June 30, 2022 and $18.3 million at September 30, 2021. At September 30, 2022, the finished goods inventory fair market value was $34.7 million, compared to $34.5 million at June 30, 2022. Earnings and other financial metrics, including mine operating cash flow ( 2) , operating cash flow (2) and EBITDA (2) were impacted by the withholding of sales during Q3 2022.
Cost of sales for Q3, 2022 was $34.5 million, an increase of 31% over the cost of sales of $26.3 million for Q3, 2021. The cost of sales in Q3, 2022 was impacted by increased input costs and slightly impacted by the delay in recognition of costs associated with the increase in the quantity of silver ounces in finished goods at the end of the period. Overall costs for Q3, 2022 were impacted by higher labour, power and consumables costs as the Company is experiencing significant inflationary pressures. During Q3, 2022, the Company also recorded an allowance on the valuation of warehouse inventory of $1.3 million (Q3, 2021 – Nil).
In Q3, 2022, the Company had an operating loss of $1.3 million (Q3, 2021 – operating earnings of $3.0 million) after exploration and evaluations costs of $4.0 million (Q3, 2021 – $4.7 million), general and administrative expense of $2.2 million (Q3, 2021 – expense recovery $0.5 million), and care and maintenance expense of $0.2 million (Q3, 2021 – $0.4 million). In the three months ended September 30, 2021 operating earnings included $0.7 million in severance costs related to the suspension of the operations at the El Compas mine.
The earnings before taxes for Q3, 2022 was $1.7 million (Q3, 2021 – loss $0.8 million) after finance costs of $0.3 million (Q3, 2021 – $0.2 million), a foreign exchange gain of $0.8 million (Q3, 2021 –foreign exchange loss of $1.2 million), gain on assets disposal of $2.8 million (Q3, 2021 -$Nil) and investment and other expense of $0.3 million (Q3, 2021 –$2.4 million).
The Company realized a net loss for the period of $1.5 million (Q3, 2021 –$4.5 million) after an income tax expense of $3.2 million (Q3, 2021 – $3.7 million). In Q3, 2022 earnings were impacted by a $1.1 million mark-to-market adjustment resulting in an unrealized loss on investments included in investment and other expense (Q3, 2021 - $3.0 million).
Current income tax expense increased to $1.2 million (Q3 2021 - $0.7 million) due to increased profitability impacting the income tax and special mining duty, while deferred income tax expense of $2.0 million is primarily due to the estimated use of loss carryforwards to reduce taxable income generated at both Guanaceví and Bolañitos (Q3 2021 – $3.0 million).
Direct operating costs ( 2) on a per tonne basis increased to $131.61, up 14% compared with Q3 2021 due to higher operating costs at Guanaceví and Bolañitos and a reduction in ore tonnes processed. Guanaceví and Bolañitos have seen increased labour, power and consumables costs and at Guanaceví, increased third party ore purchased and operating development have increased compared to the prior year.
Consolidated cash costs per oz ( 2 ) , net of by-product credits increased 27% to $10.32 driven by increased direct costs per tonne ( 2 ) and a reduction in by-product gold sales, offset by increased ore grades. AISC ( 2 ) increased by 16% on a per oz basis compared to Q3, 2021 as a result of the increased cash costs ( 2 ) and increased allocated general and administrative costs offset by a slight reduction in sustaining capital expenditures
The complete financial statements and management's discussion & analysis can be viewed on the Company's website, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov . All shareholders can receive a hard copy of the Company's complete audited financial statements free of charge upon request. To receive this material in hard copy, please contact Investor Relations at 604-640-4804, toll free at 1-877-685-9775 or by email at gmeleger@edrsilver.com.
Conference Call
A conference call to discuss the Company's Q3 2022 financial results will be held today at 10:00 a.m. PST / 1:00 p.m. EST. To participate in the conference call, please dial the numbers below.
Date & Time: | Tuesday, November 8, 2022 at 10:00 a.m. PST / 1:00 p.m. EST |
Telephone: | Toll-free in Canada and the US +1-800-319-4610 Local or International +1-604-638-5340 Please allow up to 10 minutes to be connected to the conference call. |
Replay: | A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 9479#. The replay will also be available on the Company's website at www.edrsilver.com . |
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Contact Information
Galina Meleger, Vice President of Investor Relations
Tel: (604)640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
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Endnotes
1 Silver equivalent ( AgEq )
AgEq is calculated using an 80:1 silver:gold ratio.
2 Non-IFRS and Other Financial Measures and Ratios
Certain non-IFRS and other non-financial measures and ratios are included in this press release, including cash costs per silver ounce, total production costs per ounce, all-in costs per ounce, all-in sustaining cost ("AISC") per ounce, direct operating costs per tonne, direct costs per tonne, silver co-product cash costs, gold co-product cash costs, realized silver price per ounce, realized gold price per ounce, adjusted net earnings (loss) adjusted net earnings (loss) per share, mine operating cash flow before taxes, working capital, operating cash flow before working capital adjustments, operating cash flow before working capital changes per share, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA per share and sustaining and growth capital.
Please see the September 30, 2022 MD&A for explanations and discussion of these non-IFRS and other non-financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards ("IFRS"), provide management and investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other non-financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these non-IFRS measures have been incorporated by reference and can be found in the section "Non-IFRS Measures" in the September 30, 2022 MD&A available on SEDAR at www.sedar.com .
Reconciliation of Working Capital
Expressed in thousands US dollars | As at September 30, 2022 | As at December 31, 2021 | ||||||||
Current assets | $139,925 | $161,762 | ||||||||
Current liabilities | 38,307 | 40,554 | ||||||||
Working capital | $101,618 | $121,208 | ||||||||
Reconciliation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) Per Share
Expressed in thousands US dollars | Three Months Ended September 30 | Nine Months Ended September 30 | ||
(except for share numbers and per share amounts) | 2022 | 2021 | 2022 | 2021 |
Net earnings (loss) for the period per financial statements | ($1,499) | ($4,479) | ($1,760) | $14,426 |
Impairment (reversal) of non-current assets, net of tax | - | - | - | (16,791) |
Gain on disposal of El Cubo mine and equipment, net of tax | - | - | - | (5,807) |
Gain on disposal of El Compas mine and equipment, net of tax | (2,733) | - | (2,733) | - |
Change in fair value of investments | 1,097 | 2,959 | 3,366 | 2,968 |
Adjusted net earnings (loss) | ($3,135) | ($1,520) | ($1,127) | ($5,204) |
Basic weighted average share outstanding | 189,241,367 | 170,432,326 | 180,655,842 | 166,201,727 |
Adjusted net earnings (loss) per share | ($0.02) | ($0.01) | ($0.01) | ($0.03) |
Reconciliation of Mine Operating Cash Flow Before Taxes
Expressed in thousands US dollars | Three Months Ended September 30 | Nine Months Ended September 30 | ||
2022 | 2021 | 2022 | 2021 | |
Mine operating earnings per financial statements | $5,129 | $8,277 | $29,870 | $24,146 |
Share-based compensation | 113 | 105 | 353 | 334 |
Amortization and depletion | 5,753 | 4,843 | 16,234 | 18,963 |
Write down of inventory to net realizable value | $1,323 | - | 1,323 | 272 |
Mine operating cash flow before taxes | $12,318 | $13,225 | $47,780 | $43,715 |
Reconciliation of Operating Cash Flow Before Working Capital Changes and Operating Cash Flow Before Working Capital Changes Per Share
Expressed in thousands US dollars | Three Months Ended September 30 | Nine Months Ended September 30 | ||
(except for per share amounts) | 2022 | 2021 | 2022 | 2021 |
Cash from (used in) operating activities per financial statements | $7,417 | ($153) | $10,602 | $5,391 |
Net changes in non-cash working capital per financial statements | 85 | (7,808) | (20,957) | (16,168) |
Operating cash flow before working capital changes | $7,332 | $7,655 | $31,559 | $21,559 |
Basic weighted average shares outstanding | 189,241,367 | 170,432,326 | 180,655,842 | 166,201,727 |
Operating cash flow before working capital changes per share | $0.04 | $0.04 | $0.17 | $0.13 |
Reconciliation of EBITDA and Adjusted EBITDA
Expressed in thousands US dollars | Three Months Ended September 30 | Nine Months Ended September 30 | ||
2022 | 2021 | 2022 | 2021 | |
Net earnings (loss) for the period per financial statements | ($1,499) | ($4,479) | ($1,760) | $14,426 |
Depreciation and depletion – cost of sales | 5,753 | 4,843 | 16,234 | 18,963 |
Depreciation and depletion – exploration | 143 | 87 | 348 | 238 |
Depreciation and depletion – general & administration | 57 | 30 | 156 | 102 |
Depreciation and depletion – care & maintenance | 10 | 21 | 70 | 25 |
Depreciation and depletion – inventory write down | - | - | - | 6 |
Finance costs | 194 | 195 | 583 | 702 |
Current income tax expense | 1,186 | 659 | 3,526 | 2,476 |
Deferred income tax expense | 2,053 | 3,017 | 10,027 | 7,260 |
EBITDA | $7,897 | $4,373 | $29,184 | $44,198 |
Share based compensation | 760 | 725 | 3,259 | 2,918 |
Impairment (reversal) of non-current assets, net of tax | - | - | - | (16,791) |
Gain on disposal of El Cubo mine and equipment, net of tax | - | - | - | (5,807) |
Gain on disposal of El Compas mine and equipment, net of tax | (2,733) | - | (2,733) | - |
Change in fair value of investments | 1,097 | 2,959 | 3,366 | 2,968 |
Adjusted EBITDA | $7,021 | $8,057 | $33,076 | $27,486 |
Reconciliation of Cash Cost Per Silver Ounce, Total Production Costs Per Ounce, Direct Operating Costs Per Tonne, Direct Costs Per Tonne
Expressed in thousands US dollars | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | |||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Direct production costs per financial statements | $15,156 | $9,354 | $24,510 | $9,299 | $6,692 | $2,648 | $18,639 |
Smelting and refining costs included in net revenue | - | 744 | 744 | - | 350 | 42 | 392 |
Opening finished goods | (16,164) | (681) | (16,845) | (6,985) | (408) | (1,145) | (8,538) |
Finished goods NRV adjustment | - | - | - | - | - | - | - |
Closing finished goods | 18,080 | 195 | 18,275 | 12,910 | 2,306 | - | 15,216 |
Direct operating costs | 17,072 | 9,612 | 26,684 | 15,224 | 8,940 | 1,545 | 25,709 |
Royalties | 2,762 | 59 | 2,821 | 2,595 | 48 | 55 | 2,698 |
Special mining duty (1) | 241 | (85) | 156 | 801 | (203) | - | 598 |
Direct costs | 20,075 | 9,586 | 29,661 | 18,620 | 8,785 | 1,600 | 29,005 |
By-product gold sales | (5,237) | (9,615) | (14,852) | (7,673) | (7,827) | (2,274) | (17,774) |
Opening gold inventory fair market value | 4,662 | 1,061 | 5,723 | 3,349 | 633 | 1,038 | 5,020 |
Closing gold inventory fair market value | (5,368) | (240) | (5,608) | (2,127) | (3,560) | - | (5,687) |
Cash costs net of by-product | 14,132 | 792 | 14,924 | 12,169 | (1,969) | 364 | 10,564 |
Amortization and depletion | 3,119 | 2,634 | 5,753 | 1,683 | 3,071 | 89 | 4,843 |
Share-based compensation | 56 | 57 | 113 | 44 | 45 | 16 | 105 |
Opening finished goods depreciation and depletion | (3,733) | (199) | (3,932) | (1,333) | (220) | (30) | (1,583) |
NRV depreciation cost adjustment | - | - | - | - | - | - | - |
Closing finished goods depreciation and depletion | 3,776 | 60 | 3,836 | 1,920 | 1,171 | - | 3,091 |
Total production costs | $17,350 | $3,344 | $20,694 | $14,483 | $2,098 | $439 | $17,020 |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Throughput tonnes | 97,728 | 105,017 | 202,745 | 105,496 | 107,752 | 9,213 | 222,461 |
Payable silver ounces | 1,328,193 | 117,687 | 1,445,880 | 1,170,645 | 117,078 | 7,403 | 1,295,126 |
Cash costs per silver ounce | $10.64 | $6.73 | $10.32 | $10.40 | ($16.82) | $49.17 | $8.16 |
Total production costs per ounce | $13.06 | $28.41 | $14.31 | $12.37 | $17.92 | $59.30 | $13.14 |
Direct operating costs per tonne | $174.69 | $91.53 | $131.61 | $144.31 | $82.97 | $167.70 | $115.57 |
Direct costs per tonne | $205.42 | $91.28 | $146.30 | $176.50 | $81.53 | $173.67 | $130.38 |
Expressed in thousands US dollars | Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | |||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Direct production costs per financial statements | $40,837 | $30,222 | $71,059 | $33,072 | $21,567 | $8,951 | $63,590 |
Smelting and refining costs included in net revenue | - | 2,335 | 2,335 | - | 1,353 | 248 | 1,601 |
Opening finished goods | (10,093) | (2,857) | (12,950) | (1,509) | (250) | (642) | (2,401) |
Finished goods NRV adjustment | - | - | - | - | - | 266 | 266 |
Closing finished goods | 18,080 | 195 | 18,275 | 12,910 | 2,306 | - | 15,216 |
Direct operating costs | 48,824 | 29,895 | 78,719 | 44,473 | 24,976 | 8,823 | 78,272 |
Royalties | 9,124 | 208 | 9,332 | 8,966 | 186 | 346 | 9,498 |
Special mining duty (1) | 1,767 | 286 | 2,053 | 1,742 | 205 | - | 1,947 |
Direct costs | 59,715 | 30,389 | 90,104 | 55,181 | 25,367 | 9,169 | 89,717 |
By-product gold sales | (15,978) | (33,405) | (49,383) | (15,346) | (30,265) | (8,626) | (54,237) |
Opening gold inventory fair market value | 1,900 | 4,784 | 6,684 | 735 | 746 | 1,283 | 2,764 |
Closing gold inventory fair market value | (5,368) | (240) | (5,608) | (2,127) | (3,560) | - | (5,687) |
Cash costs net of by-product | 40,269 | 1,528 | 41,797 | 38,443 | (7,712) | 1,826 | 32,557 |
Amortization and depletion | 7,969 | 8,265 | 16,234 | 5,763 | 10,664 | 2,536 | 18,963 |
Share-based compensation | 176 | 177 | 353 | 137 | 136 | 61 | 334 |
Opening finished goods depreciation and depletion | (1,965) | (635) | (2,600) | (271) | (104) | (804) | (1,179) |
NRV depreciation and depletion cost adjustment | - | - | - | - | - | 6 | 6 |
Closing finished goods depreciation and depletion | 3,776 | 60 | 3,836 | 1,920 | 1,171 | - | 3,091 |
Total production costs | $50,225 | $9,395 | $59,620 | $45,992 | $4,155 | $3,625 | $53,772 |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Throughput tonnes | 292,998 | 317,255 | 610,253 | 306,021 | 313,356 | 54,555 | 673,932 |
Payable silver ounces | 3,649,209 | 446,487 | 4,095,696 | 3,022,531 | 328,522 | 43,050 | 3,394,103 |
Cash costs per silver ounce | $11.03 | $3.42 | $10.21 | $12.72 | ($23.47) | $42.42 | $9.59 |
Total production costs per ounce | $13.76 | $21.04 | $14.56 | $15.22 | $12.65 | $84.20 | $15.84 |
Direct operating costs per tonne | $166.64 | $94.23 | $128.99 | $145.33 | $79.70 | $161.73 | $116.14 |
Direct costs per tonne | $203.81 | $95.79 | $147.65 | $180.32 | $80.95 | $168.07 | $133.12 |
Expressed in thousands US dollars | September 30, 2022 | September 30, 2021 | |||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Closing finished goods | 18,080 | 195 | 18,275 | 12,910 | 2,306 | - | 15,216 |
Closing finished goods depletion | 3,776 | 60 | 3,836 | 1,920 | 1,171 | - | 3,091 |
Finished goods inventory | $21,856 | $255 | $22,111 | $14,830 | $3,477 | $0 | $18,307 |
Reconciliation of All-In Costs Per Ounce and AISC per ounce
Expressed in thousands US dollars | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | |||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Cash costs net of by-product | $14,132 | $792 | $14,924 | $12,169 | ($1,969) | $364 | $10,564 |
Operations share-based compensation | 56 | 57 | 113 | 44 | 45 | 16 | 105 |
Corporate general and administrative | 1,200 | 414 | 1,614 | (781) | (389) | (79) | (1,249) |
Corporate share-based compensation | 405 | 125 | 530 | 436 | 216 | 44 | 697 |
Reclamation - amortization/accretion | 64 | 52 | 116 | 13 | 11 | 2 | 26 |
Mine site expensed exploration | 316 | 305 | 621 | 366 | 229 | 3 | 598 |
Intangible payments | - | - | - | 61 | 30 | 6 | 97 |
Equipment loan payments | 245 | 489 | 734 | 245 | 501 | - | 746 |
Capital expenditures sustaining | 7,212 | 3,439 | 10,651 | 6,322 | 4,706 | - | 11,028 |
All-In-Sustaining Costs | $23,629 | $5,674 | $29,303 | $18,875 | $3,381 | $357 | $22,612 |
Growth exploration and evaluation | 3,142 | 4,053 | |||||
Growth capital expenditures | 6,240 | 2,303 | |||||
All-In-Costs | $38,685 | $28,968 |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Throughput tonnes | 97,728 | 105,017 | 202,745 | 105,496 | 107,752 | 9,213 | 222,461 |
Payable silver ounces | 1,328,193 | 117,687 | 1,445,880 | 1,170,645 | 117,078 | 7,403 | 1,295,126 |
Silver equivalent production (ounces) | 1,623,550 | 570,418 | 2,193,968 | 1,462,568 | 621,083 | 65,028 | 2,148,679 |
Sustaining cost per ounce | $17.79 | $48.21 | $20.27 | $16.12 | $28.88 | $48.16 | $17.46 |
All-In-costs per ounce | $26.76 | $22.37 | |||||
Expressed in thousands US dollars | Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | |||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Cash costs net of by-product | $40,269 | $1,528 | $41,797 | $38,443 | ($7,712) | $1,826 | $32,557 |
Operations share-based compensation | 176 | 177 | 353 | 137 | 136 | 61 | 334 |
Corporate general and administrative | 3,668 | 1,445 | 5,113 | 3,026 | 1,504 | 307 | 4,837 |
Corporate share-based compensation | 1,849 | 728 | 2,577 | 1,473 | 732 | 149 | 2,355 |
Reclamation - amortization/accretion | 198 | 158 | 356 | 38 | 33 | 7 | 78 |
Mine site expensed exploration | 1,028 | 863 | 1,891 | 1,360 | 768 | 198 | 2,326 |
Intangible payments | 29 | 12 | 41 | 178 | 88 | 18 | 284 |
Equipment loan payments | 736 | 1,466 | 2,202 | 853 | 1,593 | - | 2,446 |
Capital expenditures sustaining | 19,908 | 8,653 | 28,561 | 14,222 | 10,806 | - | 25,028 |
All-In-Sustaining Costs | $67,861 | $15,030 | $82,891 | $59,730 | $7,949 | $2,567 | $70,245 |
Growth exploration and evaluation | 8,456 | 11,023 | |||||
Growth capital expenditures | 16,778 | 3,737 | |||||
All-In-Costs | $108,125 | $85,005 | |||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Throughput tonnes | 292,998 | 317,255 | 610,253 | 306,021 | 313,356 | 54,555 | 673,932 |
Payable silver ounces | 3,649,209 | 446,487 | 4,095,696 | 3,022,531 | 328,522 | 43,050 | 3,394,103 |
Silver equivalent production (ounces) | 4,524,110 | 1,782,740 | 6,306,850 | 3,786,186 | 1,882,154 | 384,163 | 6,052,503 |
Sustaining cost per ounce | $18.60 | $33.66 | $20.24 | $19.76 | $24.20 | $59.62 | $20.70 |
All-In-costs per ounce | $26.40 | $25.04 | |||||
Reconciliation of Sustaining Capital and Growth Capital
Expressed in thousands US dollars | Three Months Ended September 30 | Nine Months Ended September 30 | ||
2022 | 2021 | 2022 | 2021 | |
Capital expenditures sustaining | $10,651 | $11,028 | $28,561 | $25,028 |
Growth capital expenditures | 6,240 | 2,303 | 16,778 | 3,737 |
Acquisition capital expenditures | 35,998 | 10,042 | 35,998 | 10,042 |
Property, plant and equipment expenditures per Consolidated Statement of Cash Flows | $52,889 | $23,373 | $81,337 | $38,807 |
Reconciliation of Silver Co-Product Cash Costs and Gold Co-Product Cash Costs
Expressed in thousands US dollars | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | |||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Direct production costs per financial statements | $15,156 | $9,354 | $24,510 | $9,299 | $6,692 | $2,648 | $18,639 |
Smelting and refining costs included in net revenue | - | 744 | 744 | - | 350 | 42 | 392 |
Royalties | 2,762 | 59 | 2,821 | 2,595 | 48 | 55 | 2,698 |
Special mining duty (1) | 241 | (85) | 156 | 801 | (203) | - | 598 |
Opening finished goods | (16,164) | (681) | (16,845) | (6,985) | (408) | (1,145) | (8,538) |
Closing finished goods | 18,080 | 195 | 18,275 | 12,910 | 2,306 | - | 15,216 |
Direct costs | $20,075 | $9,586 | $29,661 | $18,620 | $8,785 | $1,600 | $29,005 |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Silver production (ounces) | 1,332,190 | 126,258 | 1,458,448 | 1,174,168 | 123,883 | 7,348 | 1,305,399 |
Average realized silver price ($) | 19.24 | 19.24 | 19.24 | 24.56 | 24.56 | 24.56 | 24.56 |
Silver value ($) | 25,634,615 | 2,429,515 | 28,064,129 | 28,837,566 | 3,042,566 | 180,467 | 32,060,599 |
Gold production (ounces) | 3,642 | 5,552 | 9,194 | 3,605 | 6,215 | 721 | 10,541 |
Average realized gold price ($) | 1,678 | 1,678 | 1,678 | 1,791 | 1,791 | 1,791 | 1,791 |
Gold value ($) | 6,110,595 | 9,315,217 | 15,425,812 | 6,456,555 | 11,131,065 | 1,291,311 | 18,878,931 |
Total metal value ($) | 31,745,209 | 11,744,732 | 43,489,941 | 35,294,121 | 14,173,631 | 1,471,778 | 50,939,530 |
Pro-rated silver costs (%) | 81% | 21% | 65% | 82% | 21% | 12% | 63% |
Pro-rated gold costs (%) | 19% | 79% | 35% | 18% | 79% | 88% | 37% |
Pro-rated silver costs ($) | 16,211 | 1,983 | 19,140 | 15,214 | 1,886 | 196 | 18,255 |
Pro-rated gold costs ($) | 3,864 | 7,603 | 10,521 | 3,406 | 6,899 | 1,404 | 10,750 |
Silver co-product cash costs ($) | 12.17 | 15.71 | 13.12 | 12.96 | 15.22 | 26.70 | 13.98 |
Gold co-product cash costs ($) | 1,061 | 1,369 | 1,144 | 945 | 1,110 | 1,947 | 1,020 |
Expressed in thousands US dollars | Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | |||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Direct production costs per financial statements | $40,837 | $30,222 | $71,059 | $33,072 | $21,567 | $8,951 | $63,590 |
Smelting and refining costs included in net revenue | - | $2,335 | $2,335 | - | 1,353 | 248 | 1,601 |
Royalties | 9,124 | 208 | 9,332 | 8,966 | 186 | 346 | 9,498 |
Special mining duty (1) | 1,767 | 286 | 2,053 | 1,742 | 205 | - | 1,947 |
Opening finished goods | (10,093) | (2,857) | (12,950) | (1,509) | (250) | (642) | (2,401) |
Finished goods NRV adjustment | - | - | - | - | - | 266 | 266 |
Closing finished goods | 18,080 | 195 | 18,275 | 12,910 | 2,306 | - | 15,216 |
Direct costs | 59,715 | 30,389 | 90,104 | 55,181 | 25,367 | 9,169 | 89,717 |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||
Guanaceví | Bolañitos | Total | Guanaceví | Bolañitos | El Compas | Total | |
Silver production (ounces) | 3,660,190 | 472,420 | 4,132,610 | 3,031,626 | 350,154 | 45,443 | 3,427,223 |
Average realized silver price ($) | 22.24 | 22.24 | 22.24 | 26.26 | 26.26 | 26.26 | 26.26 |
Silver value ($) | 81,394,367 | 10,505,555 | 91,899,922 | 79,610,499 | 9,195,044 | 1,193,333 | 89,998,876 |
Gold production (ounces) | 10,799 | 16,379 | 27,178 | 9,432 | 19,150 | 4,234 | 32,816 |
Average realized gold price ($) | 1,827 | 1,827 | 1,827 | 1,784 | 1,784 | 1,784 | 1,784 |
Gold value ($) | 19,733,100 | 29,929,479 | 49,662,578 | 16,826,688 | 34,163,600 | 7,553,456 | 58,543,744 |
Total metal value ($) | 101,127,467 | 40,435,033 | 141,562,500 | 96,437,187 | 43,358,644 | 8,746,789 | 148,542,620 |
Pro-rated silver costs (%) | 80% | 26% | 65% | 83% | 21% | 14% | 61% |
Pro-rated gold costs (%) | 20% | 74% | 35% | 17% | 79% | 86% | 39% |
Pro-rated silver costs ($) | 48,063 | 7,895 | 58,494 | 45,553 | 5,380 | 1,251 | 54,358 |
Pro-rated gold costs ($) | 11,652 | 22,494 | 31,610 | 9,628 | 19,987 | 7,918 | 35,359 |
Silver co-product cash costs ($) | 13.13 | 16.71 | 14.15 | 15.03 | 15.36 | 27.53 | 15.86 |
Gold co-product cash costs ($) | 1,079 | 1,373 | 1,163 | 1,021 | 1,044 | 1,870 | 1,078 |
Reconciliation of Realized Silver Price Per Ounce and Realized Gold Price Per Ounce
Expressed in thousands US dollars | Three Months Ended September 30 | Nine Months Ended September 30 | ||
2022 | 2021 | 2022 | 2021 | |
Gross silver sales | $25,541 | $17,180 | $81,123 | $64,167 |
Silver ounces sold | 1,327,325 | 699,539 | 3,647,987 | 2,443,184 |
Realized silver price per ounces | $19.24 | $24.56 | $22.24 | $26.26 |
Expressed in thousands US dollars | Three Months Ended September 30 | Nine Months Ended September 30 | ||
2022 | 2021 | 2022 | 2021 | |
Gross gold sales | $14,852 | $17,774 | $49,383 | $54,237 |
Gold ounces sold | 8,852 | 9,925 | 27,025 | 30,398 |
Realized gold price per ounces | $1,678 | $1,791 | $1,827 | $1,784 |
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding Endeavour's anticipated performance in 2022 including changes in mining operations and forecasts of production levels, anticipated production costs and all-in sustaining costs, the timing and results of various activities and the impact of the COVID 19 pandemic on operations. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities available at www.sedar.com .
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company's mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Appendix
ENDEAVOUR SILVER CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited – prepared by management)
(expressed in thousands of US dollars, except for shares and per share amounts)
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue | $ | 39,649 | $ | 34,562 | $ | 128,171 | $ | 116,803 | ||||||||
Cost of sales: | ||||||||||||||||
Direct production costs | 24,510 | 18,639 | 71,059 | 63,590 | ||||||||||||
Royalties | 2,821 | 2,698 | 9,332 | 9,498 | ||||||||||||
Share-based payments | 113 | 105 | 353 | 334 | ||||||||||||
Depreciation, depletion and amortization | 5,753 | 4,843 | 16,234 | 18,963 | ||||||||||||
Write down of inventory to net realizable value | 1,323 | - | 1,323 | 272 | ||||||||||||
34,520 | 26,285 | 98,301 | 92,657 | |||||||||||||
Mine operating earnings | 5,129 | 8,277 | 29,870 | 24,146 | ||||||||||||
Expenses: | ||||||||||||||||
Exploration and evaluation | 4,023 | 4,660 | 11,023 | 13,815 | ||||||||||||
General and administrative | 2,201 | (522 | ) | 7,846 | 7,294 | |||||||||||
Care and maintenance costs | 203 | 364 | 582 | 940 | ||||||||||||
Severance costs | - | 737 | - | 737 | ||||||||||||
Impairment (reversal of impairment) of non-current assets, net | - | - | - | (16,791 | ) | |||||||||||
Write off of exploration properties | - | - | 500 | - | ||||||||||||
6,427 | 5,239 | 19,951 | 5,995 | |||||||||||||
Operating earnings (loss) | (1,298 | ) | 3,038 | 9,919 | 18,151 | |||||||||||
Finance costs | 311 | 195 | 945 | 702 | ||||||||||||
Other income (expense): | ||||||||||||||||
Foreign exchange gain (loss) | 841 | (1,184 | ) | 1,363 | (1,219 | ) | ||||||||||
Gain on asset disposal | 2,780 | - | 2,780 | 5,841 | ||||||||||||
Investment and other | (272 | ) | (2,462 | ) | (1,324 | ) | 2,091 | |||||||||
3,349 | (3,646 | ) | 2,819 | 6,713 | ||||||||||||
Earnings (loss) before income taxes | 1,740 | (803 | ) | 11,793 | 24,162 | |||||||||||
Income tax expense: | ||||||||||||||||
Current income tax expense | 1,186 | 659 | 3,526 | 2,476 | ||||||||||||
Deferred income tax expense | 2,053 | 3,017 | 10,027 | 7,260 | ||||||||||||
3,239 | 3,676 | 13,553 | 9,736 | |||||||||||||
Net earnings (loss) and comprehensive earnings (loss) for the period | $ | (1,499 | ) | $ | (4,479 | ) | $ | (1,760 | ) | $ | 14,426 | |||||
Basic earnings (loss) per share based on net earnings | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | 0.09 | |||||
Diluted earnings (loss) per share based on net earnings | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.01 | ) | $ | 0.09 | |||||
Basic weighted average number of shares outstanding | 189,241,367 | 170,432,326 | 180,655,842 | 166,201,727 | ||||||||||||
Diluted weighted average number of shares outstanding | 189,241,367 | 170,432,326 | 180,655,842 | 169,628,783 | ||||||||||||
ENDEAVOUR SILVER CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(unaudited – prepared by management)
(expressed in thousands of US dollars)
September 30, | December 31, | ||||||||
2022 | 2021 | ||||||||
ASSETS | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 69,193 | $ | 103,303 | |||||
Other investments | 8,146 | 11,200 | |||||||
Accounts and other receivable | 11,301 | 14,462 | |||||||
Income tax receivable | 2,474 | 177 | |||||||
Inventories | 36,528 | 27,485 | |||||||
Prepaid expenses | 11,369 | 5,135 | |||||||
Loans receivable | 914 | - | |||||||
Total current assets | 139,925 | 161,762 | |||||||
Non-current deposits | 565 | 599 | |||||||
Non-current income tax receivable | 3,570 | 3,570 | |||||||
Non-current other investments | 1,993 | - | |||||||
Non-current IVA receivable | 7,507 | 4,256 | |||||||
Non-current loans receivable | 2,718 | - | |||||||
Deferred income tax asset | - | 936 | |||||||
Intangible assets | - | 40 | |||||||
Right-of-use leased assets | 563 | 664 | |||||||
Mineral properties, plant and equipment | 215,863 | 122,197 | |||||||
Total assets | $ | 372,704 | $ | 294,024 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Current liabilities | |||||||||
Accounts payable and accrued liabilities | $ | 27,740 | $ | 31,991 | |||||
Income taxes payable | 4,631 | 4,228 | |||||||
Loans payable | 5,791 | 4,128 | |||||||
Lease liabilities | 145 | 207 | |||||||
Total current liabilities | 38,307 | 40,554 | |||||||
Loans payable | 8,242 | 6,366 | |||||||
Lease liabilities | 680 | 794 | |||||||
Provision for reclamation and rehabilitation | 7,592 | 7,397 | |||||||
Deferred income tax liability | 10,597 | 1,506 | |||||||
Total liabilities | 65,418 | 56,617 | |||||||
Shareholders' equity | |||||||||
Common shares, unlimited shares authorized, no par value, issued, issuable | |||||||||
and outstanding 189,989,563 shares (Dec 31, 2021 - 170,537,307 shares) | 657,833 | 585,406 | |||||||
Contributed surplus | 5,543 | 6,331 | |||||||
Retained earnings (deficit) | (356,090 | ) | (354,330 | ) | |||||
Total shareholders' equity | 307,286 | 237,407 | |||||||
Total liabilities and shareholders' equity | $ | 372,704 | $ | 294,024 | |||||
ENDEAVOUR SILVER CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(unaudited – prepared by management)
(expressed in thousands of US dollars)
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Operating activities | |||||||||||||||||
Net earnings (loss) for the period | $ | (1,499 | ) | $ | (4,479 | ) | $ | (1,760 | ) | $ | 14,426 | ||||||
Items not affecting cash: | |||||||||||||||||
Share-based compensation | 760 | 725 | 3,259 | 2,918 | |||||||||||||
Depreciation, depletion and amortization | 6,023 | 4,980 | 16,809 | 19,327 | |||||||||||||
Impairment (reversal of impairment) of non-current assets, net | - | - | - | (16,791 | ) | ||||||||||||
Write off of exploration properties | - | - | 500 | - | |||||||||||||
Deferred income tax expense | 2,053 | 3,017 | 10,027 | 7,260 | |||||||||||||
Unrealized foreign exchange loss (gain) | 89 | 140 | (131 | ) | 87 | ||||||||||||
Finance costs | 312 | 195 | 946 | 702 | |||||||||||||
Write down of inventory to net realizable value | 1,323 | - | 1,323 | 272 | |||||||||||||
Loss (gain) on asset disposal | (2,826 | ) | - | (2,780 | ) | (5,807 | ) | ||||||||||
Loss (gain) on other investments | 1,097 | 3,077 | 3,366 | (835 | ) | ||||||||||||
Net changes in non-cash working capital | 85 | (7,808 | ) | (20,957 | ) | (16,168 | ) | ||||||||||
Cash from (used in) operating activities | 7,417 | (153 | ) | 10,602 | 5,391 | ||||||||||||
Investing activities | |||||||||||||||||
Proceeds on disposal of property, plant and equipment | 250 | - | 332 | 7,541 | |||||||||||||
Mineral property, plant and equipment | (52,889 | ) | (23,373 | ) | (81,337 | ) | (38,807 | ) | |||||||||
Reclamation and rehabilitation change in estimate | (157 | ) | - | (157 | ) | - | |||||||||||
Purchase of investments | - | - | (2,119 | ) | (832 | ) | |||||||||||
Proceeds from disposal of marketable securities | - | - | - | 9,288 | |||||||||||||
Redemption of (investment in) non-current deposits | 30 | 1 | 34 | - | |||||||||||||
Cash from (used) in investing activities | (52,766 | ) | (23,372 | ) | (83,247 | ) | (22,810 | ) | |||||||||
Financing activities | |||||||||||||||||
Repayment of loans payable | (1,268 | ) | (843 | ) | (3,565 | ) | (2,730 | ) | |||||||||
Repayment of lease liabilities | (55 | ) | (46 | ) | (161 | ) | (131 | ) | |||||||||
Interest paid | (204 | ) | (159 | ) | (585 | ) | (526 | ) | |||||||||
Public equity offerings | - | 864 | 46,001 | 59,998 | |||||||||||||
Exercise of options | 20 | - | 1,598 | 4,583 | |||||||||||||
Share issuance costs | (93 | ) | (27 | ) | (2,905 | ) | (1,293 | ) | |||||||||
Deferred share unit redemption | - | - | (6 | ) | - | ||||||||||||
Performance share unit redemption | - | (189 | ) | (1,897 | ) | (2,363 | ) | ||||||||||
Cash from (used) financing activities | (1,600 | ) | (400 | ) | 38,480 | 57,538 | |||||||||||
Effect of exchange rate change on cash and cash equivalents | (84 | ) | (190 | ) | 55 | (126 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | (46,949 | ) | (23,925 | ) | (34,165 | ) | 40,119 | ||||||||||
Cash and cash equivalents, beginning of the period | 116,226 | 125,191 | 103,303 | 61,083 | |||||||||||||
Cash and cash equivalents, end of the period | $ | 69,193 | $ | 101,076 | $ | 69,193 | $ | 101,076 | |||||||||
News Provided by GlobeNewswire via QuoteMedia
Endeavour Silver Produces 1,458,448 oz Silver and 9,194 oz Gold for 2.2 Million oz Silver Equivalent in Q3 2022
Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) ("Endeavour" or the "Company") is pleased to report third quarter 2022 production of 1,458,448 silver ounces (oz) and 9,194 gold oz, for silver equivalent 1 ("AgEq") production of 2.2 million oz, totalling 6.3 million AgEq oz for the 9 months ended September 30, 2022. Annual production is trending towards the upper end of the guidance range for the year, forecasted at 7.6 to 8.0 million AgEq oz.
"The ore grades processed at Guanacevi continue to exceed plan, which has positioned the Company to meet the upper end of our improved production guidance. The outperformance is well timed, as we continue to face financial pressure from lower metal prices and inflationary effects on inputs," stated Dan Dickson, Chief Executive Officer. "We announced impressive drill results from our exploration program in the quarter at Guanacevi, where we are extending and defining the vertical extents of the Porvenir Dos orebody, which is near historic working areas."
Q3 2022 Highlights
- Steady Focus on Safety Improvement: Lost time injury frequency and severity rates continue to trend down as employees keep focus on our proactive safety orientated culture through the "Te Cuido" safety philosophy.
- Guanacevi Continued to Outperform: Silver and gold production on plan, driven by higher grades.
- Bolañitos Performance Remained Steady: Strong silver production, higher silver grades and increased throughput were offset by the impact of lower than expected gold production and gold grades.
- Metal Sales and Inventories : Sold 1,327,325 oz silver and 8,852 oz gold during the quarter. Held 1,527,548 oz silver and 3,210 oz gold of bullion inventory and 2,769 oz silver and 144 oz gold in concentrate inventory at quarter end.
- Guanacevi Delivers Positive Drill Results: Further exploration results from near mine drilling in easily accessible areas are intersecting high-grade silver-gold mineralization on the El Curso property (see News Release dated September 26, 2022 ).
- Positive Exploration Results at Parral: Drilling is intersecting some of the highest grades to date, with significant widths along the Veta Colorada structure (see News Release dated September 8, 2022 ).
- Advancing the Terronera Project : The early works program initiated last year continued, including detail engineering, critical contracts and the procurement of long lead items. Extensive due diligence work continued for project financing. The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in the coming months.
- Completed the Acquisition of the Pitarrilla Project: The world's largest undeveloped silver project that will form the cornerstone of the Company's growth profile, together with Terronera and Parral.
- Divested the El Compas Property to Grupo ROSGO: Completed the sale of the property and the plant for US$5 million over five years (see News Release dated September 12, 2022 ).
Q3 2022 Mine Operations
Consolidated silver production increased 12% to 1,458,448 ounces in Q3 2022 compared to Q3 2021, primarily driven by increased silver production at the Guanacevi mine. The high grades at the El Curso orebody have led to improved production, allowing for production targets to be met during a period of decreased plant throughput. Local third-party ores continued to supplement mine production, amounting to 12% of quarterly processed tonnes and contributing to higher ore grades. Guanacevi throughput was 4% higher than the prior quarter but lower than plan, due to heavy rainfall in a short, concentrated period during September. Management continues to review alternatives to further increase throughput above the current 1,200 tpd capacity with changes in grinding size and leach time.
Gold production decreased by 13% to 9,194 ounces primarily due lower gold grades mined at the Bolañitos mine. The increased gold production from Guanacevi offset the gold produced from the El Compas mine, which suspended operations in Q3, 2021.
Bolañitos Q3 2022 throughput was 3% lower Q3 2021 with silver grades 5% higher and gold grades 5% lower. Silver production increased by 2% while gold production decreased by 11% at the Bolañitos mine. The change in grades were due to typical variations in the ore body.
Production Highlights for the Three and Nine Months Ended September 30, 2022
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | |
202,745 | 222,461 | (9%) | Throughput (tonnes) | 610,253 | 673,932 | (9%) |
1,458,448 | 1,305,399 | 12% | Silver ounces produced | 4,132,610 | 3,427,223 | 21% |
9,194 | 10,541 | (13%) | Gold ounces produced | 27,178 | 32,816 | (17%) |
1,445,880 | 1,295,126 | 12% | Payable silver ounces produced | 4,095,696 | 3,394,103 | 21% |
9,039 | 10,328 | (12%) | Payable gold ounces produced | 26,705 | 32,177 | (17%) |
2,193,968 | 2,148,679 | 2% | Silver equivalent ounces produced | 6,306,850 | 6,052,503 | 4% |
1,327,325 | 699,539 | 90% | Silver ounces sold | 3,647,987 | 2,443,184 | 49% |
8,852 | 9,925 | (11%) | Gold ounces sold | 27,025 | 30,398 | (11%) |
Mine-by-mine production in the third quarter and the nine months ended September 30 was:
Production Tables for Q3 2022 by Mine (1)
Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold |
by mine | Processed | per day | Ag gpt* | Au gpt* | Ag % | Au % | Oz | Oz |
Guanaceví | 97,728 | 1,062 | 468 | 1.29 | 90.6% | 89.9% | 1,332,190 | 3,642 |
Bolañitos | 105,017 | 1,141 | 43 | 1.88 | 87.0% | 87.5% | 126,258 | 5,552 |
Consolidated | 202,745 | 2,204 | 248 | 1.60 | 90.3% | 88.4% | 1,458,448 | 9,194 |
*gpt = grams per tonne
Production Tables for the Nine Months Ended September 30, 2022 by Mine (1)
Production | Tonnes | Tonnes | Grade | Grade | Recovery | Recovery | Silver | Gold |
by mine | Processed | per day | Ag gpt* | Au gpt* | Ag % | Au % | Oz | Oz |
Guanaceví | 292,998 | 1,073 | 446 | 1.28 | 87.1% | 89.6% | 3,660,190 | 10,799 |
Bolañitos | 317,255 | 1,162 | 53 | 1.79 | 87.4% | 89.7% | 472,420 | 16,379 |
Consolidated | 610,253 | 2,235 | 242 | 1.55 | 87.1% | 89.6% | 4,132,610 | 27,178 |
*gpt = grams per tonne
Q3 2022 Financial Results and Conference Call
The Company's Q3 2022 financial results will be released before markets open on Tuesday, November 8, 2022 and a telephone conference call will be held the same day at 10:00 a.m. PT / 1:00 p.m. ET. To participate in the conference call, please dial the numbers below.
Date & Time: | Tuesday, November 8, 2022 at 10:00 a.m. PT / 1:00 p.m. ET |
Telephone: | Toll-free in Canada and the US +1-800-319-4610 |
Local or International +1-604-638-5340 | |
Please allow up to 10 minutes to be connected to the conference call. | |
Replay: | A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 9479#. The replay will also be available on the Company's website at www.edrsilver.com . |
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
Contact Information:
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com
Follow Endeavour on Facebook , Twitter , Instagram and LinkedIn .
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (together, "forward-looking statements"). Such forward-looking statements and information herein include but are not limited to statements regarding future prospects of the Company's mines and projects. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development and risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the Securities and Exchange Commission and available at www.sec.gov, and Canadian securities regulatory authorities available at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued exploration and mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
1 Silver equivalent calculated using an 80:1 silver:gold ratio.
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Element79 Gold Corp. Confirms Oversubscribed Final Tranche Of Equity Unit Offering Raising Over $867,000
(TheNewswire)
Vancouver, BC April 18, 2024 Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS0) ("Element79" or "the Company") The Company is pleased to announce that it has closed its final round of capital raising efforts, announcing that that the previously initiated non-brokered Private Placement of Equity Units was met with overwhelming investor interest, resulting in an oversubscription.
While the Company had originally set out to raise CAD $400,000 , it had garnered capitalization commitments surpassing the initial offering, with the Unit offering having gone through two tranches, first on March 14 and extended the offering to $600,000 after the second on March 28th, and now with a third closing the offering has raised an aggregate total of CAD $867,735.
The Third tranche of the placement raised a total of $317,660 and will see the Company issue a total of 1,381,130 Units. Each Unit comprised of one common share of the Company (a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant will be exercisable for one Common Share at a price of $0.35 per Common Share for two (2) years from the date of issuance. All securities issued for the placement will be subject to a four month and one day hold from the date of issue.
The warrants are subject to an acceleration clause whereby should the shares of the Company trade at or above $0.40 per share on the North American stock exchange on which it is then listed for ten consecutive trading days (after the date that is four months and one day from the closing of the Offering) the warrants may be accelerated. There were no finders fees payable for the Second tranche of the placement,
The Company further notes that pursuant to its press release of April 8, 2024 , it has settled a cash payment due to Condor Resources Inc. in the amount of USD $85,000 / CAD $114,865 through the issuance of the same units offered to subscribers of the placement as noted above. The settlement has the Company issuing a total of 499,413 Units. Each Unit as defined above, having a hold period of Four months and a day. For more details of the payments to Condor please refer to the press release.
James C. Tworek, Chief Executive Officer and Director, commented, "Undoubtedly, our refocused corporate drive has garnered significant support from our investment community with this equity raising round seeing multiple up-sizings and closings. The oversubscription of the Units underlines the trust and confidence placed in Element79's vision and strategy, with this funding more clearly bringing into sight near-term ore extraction and revenue generation plans."
Proceeds from the abovementioned sale of the Units will be used for operations, including the advancement of the social contract formalization in Peru to allow the long-term extension of the social license and ongoing Lucero project development plan to unfold. In addition, Certain Investor Relations initiatives will be engaged or extended in conjunction with this Financing with a portion withheld for general working capital.
About Element79 Gold Corp
About Element79 Gold Corp Element79 Gold Corp is a gold and silver mining company committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's core focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in 2024.
The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. Three properties in the Battle Mountain Portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the first half of 2024. The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates completing this sale on or before July 21, 2024.
In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly-owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process. For more information about the company please visit our official website at www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek
Chief Executive Officer and Director
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements This press release contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information For corporate matters, please contact: James C. Tworek, Chief Executive Officer and Director E-mail: jt@element79.gold For investor relations inquiries, please contact: Investor Relations Department Phone: +1.403.850.8050 E-mail: investors@element79.gold Cautionary Note Regarding Forward Looking Statements This press release contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Canadian Securities Exchange Reports March 2024 Performance Figures
The Canadian Securities Exchange ("CSE" or "the Exchange") today announced market statistics for March 2024.
March 2024 Operating Statistics
- Trading volume of CSE listed securities totaled 1.1 billion shares;
- Trading value of CSE listed securities was $376 million;
- CSE issuers completed 91 financings that raised an aggregate $103 million; and
- The CSE welcomed listings from three new companies, including one fundamental change of an existing issuer, bringing total listed securities to 806 as at March 31, 2024.
"March was the Canadian Securities Exchange's strongest month so far this year for trading and financing activity," said Richard Carleton, CEO of the CSE. "This activity highlights new investor interest in the gold sector, driven by record price increases in the underlying commodity. In the meantime, we continue to be impressed by the resiliency of the small-cap investment community as they continue to deal with challenging conditions in the market."
What's On at the CSE
April has been a very busy month for conferences, with the CSE recently attending the Benzinga Cannabis Capital Conference in South Florida, the 36th Annual ROTH Conference in California, the KEG Conference & Trade Show in Kamloops, BC, and the annual Security Traders Association of New York (STANY) conference at the New York Stock Exchange. The team was pleased to connect with issuers and investors and meet with a broad range of public market participants.
The CSE is attending and sponsoring the latest Planet MicroCap Showcase conference, taking place in Las Vegas on April 30-May 2. It attracts leading microcap investors and companies and provides a series of company presentations, panels and one-on-one meetings. Anna Serin, the CSE's Director of Listings Development for Western Canada/United States and Vancouver Branch Lead, will be speaking on a panel on April 30 titled "Optimizing Your Public Company Requirements in 2024" and will discuss alternatives for reducing costs, raising capital, managing liquidity and more.
New Listings in March 2024
Galloper Gold Corp. (BOOM)
Rua Gold Inc. (RUA) - Fundamental Change
Golden Rapture Mining Corporation (GLDR)
About the Canadian Securities Exchange:
The Canadian Securities Exchange is a rapidly growing exchange invested in working with entrepreneurs, innovators and disruptors to access public capital markets in Canada. The Exchange's efficient operating model, advanced technology and competitive fee structure help its listed issuers of all sectors and sizes minimize their cost of capital and enhance global liquidity.
Our client-centric approach and corresponding products and services ensure businesses have the support they need to confidently realize their vision.
The CSE offers global investors access to an innovative collection of growing and mature companies.
STAY CONNECTED WITH THE CSE
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Website: https://thecse.com/
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Contact:
Richard Carleton, CEO
416-367-7360
richard.carleton@thecse.com
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Freegold Reports 2023 Final Results - Continues to Confirm Western Expansion
Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to report results from the final two holes of the 2023 drill program. The 2023 drill results will be incorporated into an updated mineral resource estimate ("MRE"), which is anticipated to be released later this quarter.
The drilling conducted in 2023 successfully demonstrated the potential for immediate expansion towards the west, with potentially higher grades. It is important to note that the Golden Summit already has a significant gold resource. However, the potential for higher grades at shallower depths to the immediate west is substantial and could significantly alter the overall project economics. Therefore, we are confident that targeting shallower, higher-grade mineralization before undertaking economic studies will unlock even greater value in this project. Drilling is expected to commence shortly.
Hole GS2337 was drilled at an azimuth of 315 o to cross the Tolovana Vein swarm extensions to the southwest. The hole successfully intersected various zones of higher-grade mineralization.
HOLE | AZIMUTH | Dip | DEPTH (M) | FROM (M) | TO (M) | INTERVAL | AU G/T |
GS2336 | 360 | -55 | 831.3 | 15.9 | 31.1 | 15.2 | 0.52 |
166.1 | 218.5 | 52.4 | 0.59 | ||||
257.7 | 677.3 | 419.6 | 0.86 | ||||
including | 308.2 | 327.7 | 19.5 | 4.26 | |||
including | 308.2 | 311.2 | 3 | 25.3 | |||
including | 483.1 | 504.7 | 21.6 | 1.09 | |||
including | 521.8 | 558.4 | 36.6 | 2.86 | |||
including | 521.8 | 524.9 | 3.1 | 28.8 | |||
including | 655.9 | 677.3 | 21.4 | 0.75 | |||
708.7 | 726 | 17.3 | 0.86 | ||||
758.2 | 772.4 | 14.2 | 1.43 | ||||
GS2337 | 315 | -50 | 784.3 | 260 | 704 | 444 | 0.85 |
including | 341 | 354.7 | 13.7 | 1.21 | |||
including | 367.8 | 443 | 75.2 | 1.31 | |||
including | 367.8 | 369 | 1.2 | 20.2 | |||
including | 506 | 517 | 11 | 2.27 | |||
including | 552.1 | 575 | 22.9 | 0.94 | |||
including | 668 | 704 | 36 | 2.01 | |||
including | 668 | 671 | 3 | 13.45 |
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization |
The Tolovana vein swam lies within the three clear and immediate extensional geochemical trends identified: two south-southwest flanking trends and a clear east-west trend. The 2024 drill program will focus on exploring these identified trends.
2023 Drilling Demonstrated:
- The potential to further expand the resource along strike to the west within a 1.5-kilometre-long gold-in-soil geochemical anomaly with the potential to increase the overall resource grade at shallower depths;
- Defined boundaries of the existing resource and;
- Demonstrated the potential for the Saddle Zone to host additional gold and silver mineralization.
Metallurgical work remains ongoing, and further metallurgical test work will be completed during the 2024 program to enhance the Golden Summit Project's overall economics.
A plan map showing the locations of the reported holes and the Section for GS2337 can be found here:
https://freegoldventures.com/site/assets/files/6287/gs2337-section.pdf
https://freegoldventures.com/site/assets/files/6287/gs-plan-04172024.pdf
A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.
A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.
The Qualified Person for this release is Alvin Jackson , P.Geo. – Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.
SOURCE Freegold Ventures Limited
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Nexus Gold Announces Private Placement
Vancouver B.C., April 12, 2024 TheNewswire Nexus Gold CORP. (the " Company ") (TSX.V: NXS, OTCQB: NXXGF, FSE: N6E) is pleased to announce that it will offer (the " Offering ") up to 20,0000,000 units (each, a " Unit ") by way of non-brokered private placement at a price of $0.02 per Unit for aggregate gross proceeds of up to $400,000. Each Unit will consist of one common share of the Company and one common share purchase warrant allowing holders to purchase an additional common share at a price of $0.05 for a period of twenty-four months.
The net proceeds from the Offering will be utilized for general working capital purposes. The Company does not anticipate that any proceeds from Offering will be utilized for investor relations activities, or for payments to non-arms length parties to the Company.
In connection with completion of the Offering, the Company may pay finders' fees to eligible third parties who have assisted in introducing subscribers to the Company. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months-and-one-day in accordance with applicable securities laws. Completion of the Offering remains subject to the approval of the TSX Venture Exchange.
About Nexus Gold Corp.
Nexus Gold is a Canadian-based gold development company with an extensive portfolio of exploration projects in West Africa. The Company's West African-based portfolio totals over 560-sq kms (56,000+ hectares) of land located on active gold belts and proven mineralized trends. The Company is focusing on the development of several core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its growing portfolio.
ON BEHALF OF THE BOARD OF Nexus Gold CORP.
"Milad Zareian"
Milad Zareian, Chief Executive Officer
For further information please contact:
Milad Zareian, Chief Executive Officer
Tel: 416-846-4599
Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the successful closing of the Offering and anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
TSX Venture Exchange Disclaimer
Neither the 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Nexus Gold Updates Dakouli 2 Gold Concession, Burkina Faso, West Africa
(TheNewswire)
Vancouver, Canada April 12, 2024 TheNewswire Nexus Gold Corp. (" Nexus " or the " Company ") (TSX-V: NXS, OTCQB: NXXGF, FSE: N6E) is pleased to provide a corporate update regarding its plans to return to the Dakouli 2 Gold Project, located in Burkina Faso, West Africa.
The Dakouli 2 property is a 9,800-ha gold project with several established zones of mineralization. Gold is situated from near surface to 200m depth, with the majority of the significant drill intercepts in the 100-meter range. The Company recently paid taxes on the property and intends to raise sufficient capital in the near term to begin multiple follow-up work programs during the remainder of the 2024 calendar year.
"Dakouli has proven to be a highly prospective gold target", said Milad Zareian, CEO. "With gold showing strong gains now is the time for Nexus to get back to developing what is a superb exploration project. West Africa holds some the planet's most prolific gold endowments, and Dakouli is located on the one of the more prolific greenstone belts. We're excited about gold's recent rise and we believe now is the perfect time to ramp up our operations in West Africa," continued Mr. Zareian.
Drilling to Date at Dakouli
In late 2020 the Company conducted a Reverse Circulation ("RC") drill program at the 98-sq kms concession consisting of 2,914 meters of exploratory drilling. The first-ever drill program on the property was designed to test several areas that have returned either high gold values from rock samples or coincidental soil geochemical and geophysical anomalies proximal to artisanal workings ("orpaillages").
Significant results were encountered in several holes, including:
DKL-20-RC-007
4.83 grams-per-tonne ("g/t") gold ("Au") over 20 meters
Including 14.51 g/t Au over 6m
And 39.6 g/t over 2m
DKL-20-RC-009
1.61 g/t Au over 10m
Including 4.11 g/t Au over 2m
DKL-20-RC-010
1.89 g/t Au over 8m
Including 6.54 g/t Au over 2
DRILL HOLE | AZ | DIP | FROM (METERS) | TO (METERS | INTERCEPT METERS | GOLD INTERCEPT GRAMS PER TONNE fire assay |
DKL-20-RC-007 | 350 | -60 | 108 | 138 | 30 | 3.31 |
108 | 128 | 20 | 4.83 | |||
108 | 126 | 18 | 5.35 | |||
108 | 124 | 16 | 5.92 | |||
INCLUDES | 108 | 110 | 2 | 1.175 | ||
110 | 112 | 2 | 1.06 | |||
118 | 120 | 2 | 2.28 | |||
120 | 122 | 2 | 39.6 | |||
122 | 124 | 2 | 1.645 | |||
DKL-20-RC-009 | 360 | -45 | 50 | 60 | 10 | 1.61 |
INCLUDES | 54 | 56 | 2 | 1.6 | ||
52 | 54 | 2 | 4.11 | |||
76 | 84 | 8 | 0.26 | |||
96 | 104 | 8 | 0.21 | |||
108 | 118 | 10 | 0.2 | |||
120 | 126 | 6 | 0.31 | |||
128 | 136 | 8 | 0.24 | |||
140 | 150 | 10 | 0.47 | |||
DKL-20-RC-010 | 360 | -45 | 64 | 66 | 2 | 1.46 |
74 | 82 | 8 | 1.89 | |||
INCLUDES | 2 | 6.54 |
In addition, several holes returned lengthy intercepts of sub-one gram gold, including DKL-20-RC-006 which returned .59 g/t Au over 18 meters, DKL-20-RC-017, which returned .91 g/t Au over 10m, and DKL-20-RC-002 which returned .64 g/t Au over 16 meters.
In the summer of 2021, the Company returned to Dakouli to conduct a 2000m follow up Diamond Drill program. Results from this program expanded upon the earlier RC drill results with several significant intercepts:
DKL-21-DD-001
0.95 g/t Au over 23m
Including 1.01 g/t Au over 15m
1.46 g/t Au over 7m
Including 4.87 g/t Au over 1m and 6.88 g/t Au over 1m
DKL-21-DD-002
1.90 g/t Au over 28m
Including 10.87 g/t Au over 4m
Including 15.1 g/t Au over 1m, and 17 g/t Au over 1m
1.43 g/t Au over 10m
Including 10.6 g/t Au over 1m
DKL-21-DD-008
0.86 g/t over 17m
Including 1.18 g/t Au over 12m and 2.19 g/t Au over 6m
DRILL HOLE | AZIMUTH | DIP | FROM | TO | LENGTH | Au g/t |
DKL-21-DD-001 | 0 | -60 | 80 | 81 | 1 | 2.87 |
103 | 135 | 32 | 0.75 | |||
INCLUDES | 112 | 135 | 23 | 0.95 | ||
INCLUDES | 120 | 135 | 15 | 1.01 | ||
123 | 135 | 12 | 1.14 | |||
Includes | 129 | 130 | 1 | 2.46 | ||
134 | 135 | 1 | 6.88 | |||
187 | 194 | 7 | 1.46 | |||
INCLUDES | 188 | 189 | 1 | 2.03 | ||
190 | 191 | 1 | 4.87 | |||
DKL-21-DD-002 | 0 | -50 | 75.5 | 77 | 1.5 | 1.94 |
91 | 119 | 28 | 1.90 | |||
INCLUDES | 91 | 95 | 4 | 10.87 | ||
91 | 92 | 1 | 15.10 | |||
94 | 95 | 1 | 17.00 | |||
102 | 103 | 1 | 1.78 | |||
106 | 107 | 1 | 1.09 | |||
110 | 111 | 1 | 1.79 | |||
118 | 119 | 1 | 2.38 | |||
144 | 145 | 1 | 2.04 | |||
154 | 164 | 10 | 1.43 | |||
INCLUDES | 156 | 157 | 1 | 10.60 | ||
DKL-21-DD-008 | 360 | -60 | 168 | 180 | 12 | 1.18 |
INCLUDES | 179 | 180 | 1 | 12.7 |
Drilling has so far primarily been confined to a small section in the upper northeastern portion of the concession ground.
Image 1: Location of Dakouli 2 project, Goren Greenstone Belt, Burkina Faso, West Africa
Image 2: Bisecting Sabce faults (red) and artisanal zones, Dakouli 2 project, Burkina Faso, West Africa
About the Dakouli 2 Gold Concession
The Dakouli 2 exploration permit is a nearly 100-sq km gold exploration property located approximately 100 kilometers due north of the capital city Ouagadougou. Situated on the Goren greenstone belt, Dakouli is proximal to Nordgold's Bissa Mine, and is bisected by the gold-bearing Sabce shear zone.
In late 2018 Company geologists conducted a comprehensive ground reconnaissance program to the west and south of the main orpaillage (artisanal zone) and identified new near surface workings being exploited by artisanal miners. Rock samples collected from these new zones contained various concentrations of visible gold, including coarse nuggety samples.
Follow up work outlined an anomalous zone extending some 500 meters west from the sample zones. Based on those results the Company initiated a 150-line kilometer soil geochemical survey covering the northern half of the Dakouli 2 property. This survey identified three prominent gold geochemical trends.
The primary gold trend parallels the Sabce fault zone and extends for approximately 10 kilometers in a northeast-southwest direction and bisects the property from the northeast corner of the property to its western boundary. The Sabce fault hosts multiple deposits including Nordgold's 3.4M oz Bissa Mine, located approximately 25km east of the Dakouli ground.
Two secondary gold trends which extend for approximately 6.5 kilometers each are oriented in a northwest to southeast direction and bisect the primary trend. All three gold geochemical trends are coincidental to geophysical trends identified from the national regional airborne geophysics.
* Please note that while the Company considers sampling and reporting results from the new portions of the exploration permit to be accurate, readers are cautioned that a Qualified Person has been unable to verify the laboratory involved in the analysis of these samples, and no documentation was available regarding quality control procedures utilized in the analysis.
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About the Company
Nexus Gold is a Canadian-based exploration company with a focus on precious metals in proven global mining jurisdictions. The company's primary asset is the 98-sq km Dakouli 2 Gold Concession, located in Burkina Faso, West Africa.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
Nexus Gold CORP.
Milad Zareian, Chief Executive Officer
Tel: 416-846-4599
info@nexusgoldcorp.com
www.nexusgoldcorp.com
Neither the 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. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Silver North Closes Non-Brokered Private Placement
(TheNewswire)
Vancouver, BC, April 11, 2024 TheNewswire S ilver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF, Frankfurt: I90, " Silver North " or the " Company ") is pleased to report that it has closed the financing announced on March 14, 2024 and updated April 4, 2024. The Company raised $650,000 from the sale of 6,500,000 "Units" at $0.10 per Unit.
Each Unit consists of one common share and one non-transferable common share purchase warrant allowing the holder to buy an additional share for each full warrant at $0.20 per additional share until April 11, 2027. All securities are subject to a four-month hold from the dates of closing.
"Many of the participants in this financing are long term holders and supporters of Silver North," stated Jason Weber, President and CEO of Silver North. "We thank them for their continued support knowing this financing helps us to continue to execute our business plan and not only build on our high grade silver results at Haldane, but potentially make new discoveries as well."
An officer of the Company purchased 100,000 Units under the private placement. The placement to this person constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
Finder's fees of $28,210 in cash were paid to eligible parties.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Silver North Resources Ltd.
Silver North's primary assets are its 100% owned Haldane silver project (next to Hecla Mining Inc.'s Keno Hill Mine project) and the Tim silver project (under option to Coeur Mining, Inc.). Silver North also holds gold and base metal projects in Yukon Territory, Colorado and Nevada and is actively seeking partners for them. Silver North also plans to acquire additional silver properties in favourable jurisdictions.
The Company is listed on the TSX Venture Exchange under the symbol "SNAG", trades on the OTCQB market in the US under the symbol "TARSF", and under the symbol "I90" on the Frankfurt Stock Exchange.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Fax: (888) 889-4874
To learn more visit: www.silvernorthres.com
Twitter:
LinkedIn:
NEITHER THE 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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
Not for distribution to United States Newswire Services or for dissemination in the United States.
Copyright (c) 2024 TheNewswire - All rights reserved.
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