Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce the results from the mobile metal ion (MMI) soil geochemistry survey completed at the Secret Pass Gold Project in Mohave County, Arizona
Result Highlights
The results of the MMI soil survey (1,139 soil samples), when interpreted with the geology, alteration and geophysics data, define four new significant mineralization target areas outside of the Tin Cup Zone as illustrated in Figure 1.
Two of the highlighted target zones include, Target 1 and Target 4 are on newly staked mineral claims announced by Northern Lights on September 30, 2021.
Targets 2, 3, and 4 are considered to be a priority for detailed geological mapping and sampling to identify future drill targets.
Target 1 on newly acquired claim areas in the northwest quadrant of the project tenements defined a gold in soil anomaly including samples up to 51.6 ppb Au.
Target 2 is centred on the area between the Fiery Squid and Fluorspar Ridge defining a 1.9 km N-S trending gold in soil anomaly that lies between the Union Pass and Frisco Mine Faults. Results include samples up to 547 ppb Au.
Target 3 in an area adjacent to Union Pass Fault defined a gold in soil anomaly that is outside known workings on trend with previous prospects and drifts. Inculdes samples up to 95.4 ppb Au.
Target 4 on newly acquired claim area that includes numerous shallow shafts and surface workings form two subparallel vein systems. No surface rock sampling was previously undertaken in this area. The results show gold in soil anomaly including samples up to 86 ppb Au.
Northern Lights CEO, Jason Bahnsen, commented "The MMI soil results highlight the potential of the northern section of the Secret Pass Project and on the recently staked ground to the east of the Tin Cup Zone. Planned exploration work in 2022 will include detailed geological mapping of the new target areas as a precursor to generating drill targets. Assays from the four drill holes completed at Tin Cup in December are still pending and will be released as received."
Figure 1: Secret Pass Project - Exploration Target Areas
Mobile Metal Ion (MMI) Soil Geochemistry Survey
In September and October 2021, Northern Lights Resources completed a close-spaced MMI soil survey over the 1,128 Ha Secret Pass license area. In total, 1,139 soil samples were collected on a 200m x 50m grid (grid spacing irregular over some areas of extreme topography).
The Secret Pass soil samples were analyzed by SGS Laboratories in Vancouver utilizing mobile metal ionic leach analysis for a 60-element suite. The key benefits to using partial ionic leach extraction for soil analysis compared to the industry standard aqua regia digestion includes the following:
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
NOT FOR DISTRIBUTION TO OR FOR DISSEMINATION IN THE UNITED STATES
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company")(CSE:NLR)(OTCQB:NLRCF) announces that it intends to complete a non-brokered private placement (the "Placement") for gross proceeds of up to C$1,000,000 from the sale of common shares of the Company (the "Shares") at a price of C$0.075 per Share
The Company intends to use the net proceeds raised from the Placement for the exploration of the Company's Secret Pass Gold Project located in Northwestern Arizona, USA and for general working capital purposes.
The Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds as well as customary closing conditions, including regulatory approvals as required.
In accordance with applicable securities laws, the Shares issued under the Placement will be sold to accredited investors or other investors who are exempt from prospectus requirements and will be subject to a four-month hold period in Canada. While the Placement is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons, where permitted by applicable law.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
No securities regulatory authority has either approved or disapproved of the contents of this news release.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% controlled, Secret Pass Gold Project located in Mohave County, Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County, Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCD) is pleased to announce start of the 2022 exploration program at the Medicine Springs Silver Project ("Medicine Springs"), located in Elko County, Nevada, that the Company is exploring in joint venture with Reyna Silver Corp. (Reyna Silver
The 2022 exploration program at Medicine Springs will include a 5,000 to 7,000 metre drill program targeting the discovery of a large scale Carbonate Replacement Deposit (CRD) system. Drill permitting is underway and work is commencing immediately on additional field studies to further refine drill targets. Drilling is expected to commence in Q3/Q4 2022.
Norhern Lights CEO, Jason Bahnsen commented "We are delighted to have work underway at Medicine Spings leading to the upcoming 5,000 to 7,000 metre drill program. The Medicine Springs Project has the potential to host large scale CRD silver and base metals mineralizaton and we are looking forward to seeing the results of this initial drill program."
Under the terms of the Opton/JV agreement between Northern Lights and Reyna Silver, Reyna Silver are earning up to 80% of the Medicine Springs Project. Northern Lights does not contribute to project exploration expenditure until total exploration expenditures have exceeded US$4.0 million. (See the Northern Lights announcement dated October 5, 2020 for full details of the Option/JV agreement with Reyna Silver.)
In 2021, Reyna Silver conducted a Selective Jasperoid Sampling survey focused on the prominent NE trending, multi-stage jasperoids that cut across the property along the inferred principal hydrothermal fluid pathways. The results show zoning of Copper, Lead-Zinc, and Silver and are interpreted to indicate a multi-stage high-level mineralization center at depth. Comparison of the field data to Reyna's CRD continuum exploration model supports the idea that the full CRD spectrum is present within the Medicine Springs project area.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCD" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company") (CSE:NLR), (OTCQB:NLRCF) is pleased to announce that it is proceeding with the consolidation of its common shares on a ten (10) for one (1) basis (the "Consolidation"). The Company's common shares will commence trading on a post-consolidated basis effective at market opening on May 24, 2022 (the "Effective Date
Immediately prior to completion of the Consolidation, the Company has 143,571,385 common shares issued and outstanding. After giving effect to the Consolidation, the Company will have approximately 14,357,139 common shares issued and outstanding, subject to the rounding of fractional common shares. The company has been issued with a new Cusip Number (66538D301), there will be no escrow of shares, and the trading symbol will remain unchanged.
No fractional common shares will be issued as a result of the Consolidation. All fractional common shares resulting from the Consolidation will be rounded to the nearest whole number of common shares. The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (10:1) to reflect the Consolidation in accordance with their respective terms, with proportionate adjustments being made to exercise prices. New warrant certificates reflecting the Consolidation are not required and will not be issued.
Registered shareholders will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates representing pre-Consolidation common shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to affect the Consolidation.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.co
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce an update to the exploration plan for the Tin Cup prospect at the Company's 100% owned Secret Pass Gold Project in Mohave County, Arizona
Following on from the success of the initial four holes completed, Northern Lights is planning to expand the exploration program at Secret Pass to include the drilling of three (3) additional holes at Tin Cup and two (2) drill holes at the FM Zone, which is located approximately 500 metres east of Tin Cup. All five (5) proposed drill holes are fully permitted. The drill holes statistics and significant intersections for the first four drill holes are sumarized on Table 1. The location of the recent drill holes and the planned drill holes for Tin Cup and the FM Zones are illlustrated on Figure 1.
Prior to initiating the second phase of drilling, Northern Lights is planning to complete a deep penetrating Induced Polarization (IP) survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in refining existing targets and identifying new drill targets associated with zones of high chargeability located along strike and to depth. With reference to Figure 1, the IP survey area will cover the gold anomay generated from the soil sampling program completed in 2021. This soil survey identified a significant gold soil anomaly approximately 1,100 metres in length and up to 400 metres wide as shown on Figure1.
Northern Lights CEO, Jason Bahnsen, commented"The initial drilling at Tin Cup has been very successful and has confirmed the presence of wide zones of gold mineralization. The next phase of drilling will test the Tin Cup mineralization at depth and further along strike. We also have two holes permitted to drill at the FM Zone where we are targeting vertical vein structrues similar to Tin cup. The proposed holes are fully permitted with drilling to commence pending financing and availability of drilling contractors."
The first four drill holes completed at Tin Cup showed confirmation of gold mineralization from surface to a maximum depth of approximately 90 metres. The three additional holes planned have been fully permitted and will test the down plunge extension of the gold mineralization. With reference to Figure 2, drill hole TC21-06 is planned for 400 metres at a 55 degree dip to test the mineralizaton at depth. The other two drill holes TC22-07 and TC22-08 will test the mineralization along strike.
At the Tin Cup zone, drilling at depth will test the potential for an epithermal quartz vein system similar to the Oatman District. The geology of the Tin Cup zone shares similarities of the upper parts of the Oatman gold system. The Secret Pass drilling will target both the upper broad zone of stockwork veining and the deeper, more discreet ‘bonanza' veining.
The drilling at the FM zone will target near-vertical mineralized structures related to the FM fault zone similar to the Tin Cup zone.
Table 1: Tin Cup Phase 1 Drill Holes
Hole No. | Location | Azimuth (o) | Dip (o) | Length (m) | Significant Intersections |
TC21-01 | Tin Cup | - | - | - | Abandoned |
TC21-02 | Tin Cup | 220 | -45 | 175 |
|
TC21-03 | Tin Cup | 220 | -55 | 230 |
|
TC21-04 | Tin Cup | 310 | -50 | 103* |
|
TC21-05 | Tin Cup | 040 | -60 | 102* |
|
TC22-06 | Tin Cup | 220 | -65 | 400 | Fully Permitted - Pending Drilling |
TC22-07 | Tin Cup | 250 | -50 | 250 | Fully Permitted - Pending Drilling |
TC22-08 | Tin Cup | 200 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-01 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-02 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
| Total Completed and Planned | 1,710 | ||||
Note: all intersections have been previously announced and represent downhole widths as insufficient information is available to calculate true widths.
*Drill holes TC21-04 and TC21-05 were terminated early due to technical difficulties.
Figure 1: Drill Locations and Gold Soil Anomalies
Figure 2: Tin Cup Drilling Cross Section and Geological Model
QA/QC Statement
Diamond Core (HQ size) was drilled by Godbe Drilling LLC under the supervision of Mr. Lee Beasley, QP for Northern Lights Resources. The core was split with the half core transported to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QA/QC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of one field control sample every 20 regular samples. Samples received by the lab are logged, weighted and assigned into batches. Sample preparation begins with crushing samples to 75% passing -10 mesh. From this sample, 250 grams of material is separated using a riffle splitter which is then further pulverized to at least 95% - 150 mesh resulting in a pulp that is ready for analysis. Gold was determined by fire assay fusion of a 30 gram sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold ( greater than 5 g/t) were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new inforAddmation, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources (CSE:NLR) (OTCQB:NLRCF) reports additional high-grade assay results from its third and fourth drill holes at its Tin Cup Prospect at its Secret Pass Gold Project in Arizona. The 100%-owned Secret Pass Gold Project is located in the Frisco-Catherine Gold district of Northwest Arizona, is approximately 8 kilometers Northeast of Elevation Gold's Moss Mine, a heap leach open pit gold mine currently operating at an average mined grade of 0.45 gt gold. Following the acquisition of an additional 260 hectares in September 2021, the Secret Pass Gold Project now covers approximately 1,128 hectares.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company, along with video comments by Jason Bahnsen, CEO of Northern Lights. The video is available for viewing on " InvestmentPitch.com " and on " YouTube ". If these links are not enabled, please visit www.InvestmentPitch.com and enter "Northern Lights" in the search box.
Northern Lights has completed four diamond core drill-holes, totalling 610 meters, at Tin Cup. All four drill holes intercepted zones of moderate to strong gold mineralization hosted by altered andesite.
Today's results are from Hole TC21-04 and 05. Hole TC21-04 intersected 0.95 g/t gold over 103.00m, starting at surface and including the entire length of the drill hole . This included 2.96 g/t gold over 12.96m starting at 75.59m. Hole TC21-05 Intersected 0.29g/t gold over 60.91m starting at 41.50m, including 0.56 g/t over 24.07m from 78.34m, which also included 4.23 g/t over 0.99m from 101.42m, which was the last meter of the drill hole.
Recently announced assays from Holes TC21-02 and 03 indicate wide zones of near surface gold mineralization are present at Tin Cup. The results from Hole21-03 have been slightly upgraded.
Northern Lights has permits in place to drill 3 additional holes and plans to apply for further drill-hole permits following the analysis of these first 4 holes. The company is also planning to complete a deep penetrating IP survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in defining new drill targets associated with zones of high chargeability located along strike and to depth.
The gold mineralization at Tin Cup is open at depth and has not yet been tested below an average depth of 95 metres. The focus of this initial drill program is to confirm the gold mineralization previously identified by reverse circulation drilling in the 1980s and to provide additional geological information on the style of gold mineralization.
The shares are trading at $0.035. For more information, please visit the company's website, www.NorthernLightsResources.com , contact Rick Timcke, President, at 604-608-6163 or email RTimcke@NorthernLightsResources.com , or contact Jason Bahnsen, CEO, at 604-608-6163 or email jason@NorthernLightsResources.com . For Investor Relations, contact Shawn Balaghi, at 604-773-0242 or email shawn@NorthernLightsResources.com .
Disclaimer
The information in this Investmentpitch Media Ltd video is for the viewers information only. Northern Lights has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
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2024 Record Sal es Exceed Guidance and Drive Record Annual Revenue
TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide interim operational results for the fourth quarter of 2024 ("Q4 2024") and full year of 2024 ("FY 2024") from the Company's Las Chispas Operation located in Sonora, Mexico . All amounts are expressed in U.S. dollars, unless otherwise noted. Certain amounts shown in this news release may not total to exact amounts due to rounding differences.
Q4 2024 Operating Highlights
2024 Operating Results and Sales
N. Eric Fier , CEO commented, "For a second consecutive year since declaring commercial production, the Las Chispas operation has exceeded expectations on numerous operational metrics and done so in a safe manner, with no lost time injuries recorded. These outstanding achievements are a direct result of the exceptional efforts by our employees in Mexico and Canada and I would like to thank them all for their contributions in 2024.
Due to their efforts, we achieved record annual sales, which exceeded the top end of our 2024 guidance, delivered a 15% beat on tonnes mined relative to budget, achieved targeted plant throughput and availability, and exceeded budgeted silver equivalent processed grades by approximately 7%. Importantly, all of this was achieved while maintaining a sizable surface stockpile which will allow for continued flexibility at the operation. These efforts resulted in record annual revenue of $301.9 million , driving a 84% increase in treasury assets."
The Company is continuing to advance its announced transaction with Coeur Mining, Inc., which remains on track to close in Q1 2025. All materials related to the transaction can be accessed at the Company's website at https://silvercrestmetals.com/transaction/ , or under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov . The special meeting of shareholders and optionholders of the Company to consider the transaction will be held on February 6, 2025 at 10:00 a.m. (PT) . Securityholders are encouraged to read the Management Information Circular (the "Circular") which was mailed on January 13, 2025 , and vote their SilverCrest shares and options as soon as possible, in accordance with the instructions accompanying the form of proxy or voting instruction form mailed to securityholders together with the Circular.
The deadline for voting SilverCrest shares and options by proxy is 10:00 a.m. (PT) on February 4, 2025 .
___________________________ |
Q4 2024 Operational Highlights
Three months ended December 31, | Year ended December 31, | ||||
Unit | 2024 | 2023 | 2024 | 2023 | |
Ore mined | tonnes | 127,278 | 78,600 | 437,263 | 300,900 |
Ore milled (a) | tonnes | 113,594 | 104,500 | 439,387 | 431,400 |
Average daily mill throughput | tpd | 1,235 | 1,136 | 1,201 | 1,182 |
Gold (Au) | |||||
Average processed grade | gpt | 3.89 | 4.28 | 4.24 | 4.39 |
Process recovery | % | 98.4 % | 98.3 % | 98.5 % | 98.1 % |
Recovered | oz | 13,993 | 14,100 | 58,943 | 59,700 |
Sold | oz | 15,100 | 16,100 | 59,804 | 58,200 |
Average realized price | $/oz | 2,647 | 1,979 | 2,356 | 1,946 |
Silver (Ag) | |||||
Average processed grade | gpt | 385 | 410 | 408 | 423 |
Process recovery | % | 98.4 % | 97.7 % | 98.2 % | 96.5 % |
Recovered | million oz | 1.38 | 1.34 | 5.66 | 5.65 |
Sold | million oz | 1.45 | 1.28 | 5.75 | 5.62 |
Average realized price | $/oz | 31.26 | 23.09 | 28.03 | 23.48 |
Silver equivalent (AgEq) | |||||
Average processed grade | gpt | 694 | 750 | 745 | 771 |
Process recovery | % | 98.4 % | 98.0 % | 98.4 % | 97.3 % |
Recovered | million oz | 2.50 | 2.47 | 10.35 | 10.40 |
Sold | million oz | 2.65 | 2.56 | 10.50 | 10.25 |
(a) Ore milled includes material from stockpiles and ore mined.
Management Appointments
Clifford Lafleur , P.Eng, has been promoted to Senior Vice President, Operations and Tara Hassan , P.Eng, has been promoted to Senior Vice President, Corporate Development, recognizing their invaluable contributions to date.
Qualified Persons Statement
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier , CPG, P.Eng, CEO for SilverCrest, who has reviewed and approved its contents.
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals producer headquartered in Vancouver, BC . The Company's principal focus is its Las Chispas Operation in Sonora, Mexico . SilverCrest has an ongoing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering, and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the amount of future production of gold and silver over any period; the strategic plans and expectations for the Company's operation and exploration program; working capital requirements; expected recoveries; expected cash costs and outflows; and the proposed transaction with Coeur Mining, Inc. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: present and future business strategies; continued commercial operations at the Las Chispas Operation; the environment in which the Company will operate in the future, including the price of gold and silver; estimates of capital and operating costs; production estimates; estimates of mineral resources, mineral reserves and metallurgical recoveries and mining operational risk; the reliability of mineral resource and mineral reserve estimates; mining and development costs; the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration programs; effects of regulation by governmental agencies and changes in Mexican mining legislation; and the ability to consummate the proposed transaction with Coeur Mining, Inc. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices; general market and industry conditions; and, with respect to forward-looking statements regarding the proposed transaction with Coeur Mining, Inc., the risk factors described in the Circular. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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SOURCE SilverCrest Metals Inc.
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Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) announces its consolidated production and cost guidance for Guanaceví and Bolañitos, and its capital and exploration budgets for 2025. The Company will provide 2025 production and cost guidance for the Terronera project in a separate news release once commissioning is complete. All dollar amounts are in US dollars (US$).
2025 Production and Cost Guidance Highlights
In 2025, silver production is expected to range from 4.5 to 5.2 million ounces (oz) and gold production is expected to be between 30,500 oz and 34,000 oz, bringing total silver equivalent production to between 7.0 and 7.9 million oz 1 .
Consolidated cash costs 2 and all-in sustaining costs 2 (AISC) for Guanaceví and Bolañitos in 2025 are estimated to be $16.00-$17.00 per oz silver and $25.00-26.00 per oz silver, respectively, net of gold by-product credits. Consolidated cash costs excluding Terronera on a per ounce basis are expected to be higher in 2025 compared to 2024, primarily due to lower silver production from these mines as they enter their final years of production, and a lower estimated gold price. AISC are expected to be slightly higher in 2025 than realized in 2024 as higher levels of sustaining capital will be required with costs being borne by lower silver production.
"As we look ahead to 2025, our strategic focus remains firmly on advancing the commissioning of our Terronera project and integrating it into our production profile," commented Dan Dickson, Chief Executive Officer. "This will bring us one step closer to realizing our goal of becoming a senior silver producer. Additionally, we are fortunate to be in a strong position with not only Terronera nearing production but also with Pitarrilla offering significant potential for organic growth, providing further opportunities to drive value to our shareholders as we continue to expand our portfolio."
2025 Production Guidance Summary (3)
| Guanaceví | Bolañitos | Consolidated | ||
| Tonnes per day | Tpd | 1,000 – 1,100 | 1,100 – 1,200 | 2,100 – 2,300 |
| Silver production | M oz | 3.9 – 4.4 | 0.6 – 0.8 | 4.5 – 5.2 |
| Gold production | k oz | 11.0 – 13.5 | 19.5 – 20.5 | 30.5 – 34.0 |
| Silver Eq production 1 | M oz | 4.8 – 5.5 | 2.2 – 2.4 | 7.0 – 7.9 |
Operating Mines
At Guanaceví, 2025 plant throughput is estimated to range from 1,000 tonnes per day (tpd) to 1,100 tpd and average 1,060 tpd with material mined mainly from the Porvenir Cuatro extension on the El Curso concessions. The El Curso concessions were leased from a third party with no upfront costs, but with significant royalty payments on production. Mine grades in 2025 are expected to be slightly lower and recoveries are expected to be similar to 2024. Cash costs per ounce, AISC per ounce and direct costs 2 on a per tonne basis are expected to be slightly higher in 2025 compared to 2024 due to the lower metal production and lower gold by-product credits from the lower gold price estimate.
In 2025, plant throughput at Bolañitos is expected to range from 1,100 tpd to 1,200 tpd and average 1,170 tpd sourcing material from the Plateros-La Luz, Lucero-Karina and Bolañitos-San Miguel vein systems. Mine grades are expected to be higher for silver and lower for gold and recoveries are expected to be similar to 2024. Cash costs per oz, AISC and direct costs 2 on a per tonne basis are expected to be higher in 2025 compared to 2024 due to lower gold by-product credits driven by the lower gold price estimate.
Consolidated Operating Costs (Excluding Terronera)
| Guanaceví & Bolañitos | |||
| Cash costs, net of gold by-product credits 2 | $/oz | $16.00 - $17.00 | |
| AISC, net of gold by-product credits 2 | $/oz | $25.00 - $26.00 | |
| Sustaining capital 2 budget | $M | $33.6 | |
| Exploration & Corporate capital budget | $M | $2.6 | |
2025 cash costs, net of gold by-product credits, are estimated to be $16.00-$17.00 per oz of silver produced.
AISC, net of gold by-product credits are estimated to be $25.00-$26.00 per oz of silver produced.
Direct operating costs 2 per tonne are estimated to be $130-$140. Direct costs 2 , which include royalties and special mining duties, and take account of the impact of the higher Mexico mining taxes enacted at the start of 2025, are estimated to be in the range of $175-$185 per tonne.
Management made the following assumptions in calculating its 2025 cost forecasts: $27.50 per oz silver price, $2,200 per oz gold price, 18:1 Mexican peso per US dollar exchange rate, and a 4% Mexican annual inflation rate.
2025 Planned Capital Expenditures (3)
| Sustaining Mine Development | Sustaining Other Capital | Total Sustaining Capital | Growth Capital | Total Capital | |
| Guanaceví | $12.7 million | $6.6 million | $19.3 million | - | $19.3 million |
| Bolañitos | $9.7 million | $4.6 million | $14.3 million | - | $14.3 million |
| Pitarrilla | $9.1 million | $9.1 million | |||
| Exploration | $2.4 million | $2.4 million | |||
| Corporate | $0.2 million | $0.2 million | |||
| Total | $22.4 million | $11.2 million | $33.6 million | $11.7 million | $45.3 million |
Sustaining Capital Investments
In 2025, Endeavour plans to invest $33.6 million in sustaining capital at its two operating mines. At assumed metal prices, the sustaining capital investments are expected to be paid out of operating cash flow.
At Guanaceví, $19.3 million will be invested in capital projects, the largest of which is 5.3 kilometres of mine development at El Curso and Milache for an estimated $12.7 million. An additional $2.8 million will be invested in mine infrastructure and equipment. A further $1.8 million will be invested in the plant and tailings storage facility, including further work on the tailings facility expansion. A remaining $2.0 million will be spent on various surface infrastructure or equipment.
At Bolañitos, $14.3 million will be invested in capital projects, including $9.7 million for 6.7 kilometres of mine development to access resources in the Plateros-La Luz, Lucero-Karina, and Bolañitos-San Miguel areas. The additional $4.6 million will go to upgrade the mining fleet, plant improvements and to support site infrastructure.
The Company also plans to spend $2.6 million to maintain exploration concessions, acquire mobile exploration equipment and cover corporate infrastructure.
Pitarrilla
Endeavour has announced its intention to advance the Pitarrilla project. Plans for work on the project in 2025 are estimated to cost a total of $25.7 million composed of $16.6 million for feasibility study, development and exploration work, and $9.1 million of capital spending. The capital spending includes $6.0 million of buildings, right of way costs, and surface infrastructure; $2.2 million of mine infrastructure including a ventilation system; and $0.9 million of mobile equipment. The Company plans to complete 14,000 m of drilling and 600 m of ramp development at Pitarrilla in 2025 as it focuses on this project and advances towards construction.
2025 Planned Exploration (3)
| Project | Activity | Drill Metres | Expenditures |
| Guanaceví | Drilling | 6,000 | $1.0 million |
| Bolañitos | Drilling | 8,000 | $1.4 million |
| Terronera | Drilling | 4,000 | $1.0 million |
| Chile | Drilling | 2,500 | $1.6 million |
| Parral | Economic Studies | - | $0.8 million |
| Baxter | Targeting | - | $0.5 million |
| Other | Evaluation | - | $0.2 million |
| Total | 20,500 | $6.5 million |
Technical Disclosure
The scientific and technical information contained in this news release has been reviewed and approved by Don Gray, SME-RM, Chief Operating Officer, a Qualified Person as defined under NI 43-101.
About Endeavour Silver – Endeavour is a mid-tier precious metals company with a strong commitment to sustainable and responsible mining practices. With operations in Mexico and the development of the new cornerstone mine in Jalisco state, the company aims to contribute positively to the mining industry and the communities in which it operates. In addition, Endeavour has a portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.
Contact Information:
Allison Pettit
Director, Investor Relations
Email: apettit@edrsilver.com
Website: www.edrsilver.com
Endnotes
1 Silver equivalent is calculated using an 80:1 silver:gold ratio.
2 Non-IFRS Financial Measures
The Company has included certain performance measures that are not defined under International Financial Reporting Standards (IFRS). The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS as an indicator of performance. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers with similar descriptions.
Cash costs and cash costs per ounce
Cash costs per ounce is a non-IFRS measure. In the silver mining industry, this metric is a common performance measure that does not have a standardized meaning under IFRS. Cash costs include direct costs (including smelting, refining, transportation and selling costs), royalties and special mining duty and changes in finished goods inventory net of gold credits. Cash costs per ounce is based on ounces of silver produced and is calculated by dividing cash costs by the number of ounces of silver produced.
Direct operating costs and direct costs
Direct operating costs per tonne include mining, processing (including smelting, refining, transportation and selling costs) and direct overhead at the operation sites. Direct costs per tonne include all direct operating costs, royalties and special mining duty.
All-in sustaining costs (AISC) and AISC per ounce
This measure is intended to assist readers in evaluating the total cost of producing silver from operations. While there is no standardized meaning across the industry for AISC measures, the Company's definition conforms to the definition of AISC as set out by the World Gold Council and used as a standard of the Silver Institute. The Company defines AISC as the cash costs (as defined above), plus reclamation cost accretion, mine site expensed exploration, corporate general and administration costs and sustaining capital expenditures. AISC per ounce is based on ounces of silver produced and is calculated by dividing AISC by the number of ounces of silver produced.
Sustaining capital
Sustaining capital is defined as the capital required to maintain operations at existing levels. This measurement is used by management to assess the effectiveness of an investment program.
For further information on reconciliations of Non-GAAP measures, refer to the Non-IFRS Measures section of the Company's Management's Discussion & Analysis for the three and nine months ending September 30, 2024, beginning on page 25.
(3) Totals may not add due to rounding
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 2025; changes in mining operations; forecasts of Endeavour's production levels, cash costs, AISC, direct costs, capital expenditures, mine grades, recoveries and sustaining capital investments; Endeavour's future production and cost guidance announcements; exploration plans, the expansion of Endeavour's portfolio and the timing and results of various activities. 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 changes in production and costs guidance; the ongoing effects of inflation and supply chain issues on mine economics; 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; fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Chilean peso, Canadian dollar and U.S. dollar); 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.
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, forecast mine economics as of 2025, mining operations will function 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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First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that, in connection with the Company's acquisition of Gatos Silver, Inc. (NYSE: GATO) (TSX: GATO) ("Gatos Silver"), the Company's shareholders have approved the issuance of up to 190,000,000 First Majestic common shares ("First Majestic Shares") to holders of shares of common stock of Gatos Silver ("Gatos Silver Shares") in exchange for the acquisition by the Company of all of the outstanding shares of Gatos Silver (the "Transaction"). Approximately 98.44% of the votes cast at the special meeting of the Company's shareholders that was held today were voted in favour of the resolution approving the issuance of up to 190,000,000 First Majestic Shares.
In addition, Gatos Silver's stockholders approved the merger agreement between First Majestic and Gatos Silver (the "Merger Resolution") at a special meeting of Gatos Silver stockholders that was held earlier today, with approximately 71.3% of the outstanding Gatos Silver Shares voted in favour of the Merger Resolution. Upon the consummation of the Transaction, Gatos Silver stockholders will receive 2.55 First Majestic Shares for each Gatos Silver Share held, with any fractional shares to be paid in cash, without interest.
Closing of the Transaction is expected to occur prior to market open on January 16, 2025, subject to the satisfaction or waiver of the remaining customary closing conditions.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
On September 5, 2024, First Majestic and Gatos Silver announced that they had entered into a definitive merger agreement pursuant to which First Majestic will acquire all of the issued and outstanding shares of Gatos Silver common stock. More information relating to the Transaction can be found on the Company's website, www.firstmajestic.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" under applicable Canadian securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the future performance, business prospects or opportunities of First Majestic that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic made in good faith in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward‐looking statements in this news release include, but are not limited to, statements with respect to closing of the Transaction and timing related thereto. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements.
Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to satisfaction or waiver of all remaining applicable closing conditions for the Transaction on a timely basis or at all including, without limitation, the lack of material changes with respect to First Majestic and Gatos Silver and their respective businesses, as well as additional factors discussed in the section entitled "Description of the Business ‐ Risk Factors" in First Majestic's most recently filed Annual Information Form, available under its profile on SEDAR+ at www.sedarplus.ca, and as an exhibit to its most recently filed Form 40‐F available on EDGAR at www.sec.gov/edgar or on First Majestic's website. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
First Majestic believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. First Majestic does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237184
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Silver prices breached $30/oz in the second half of May 2024 as investor demand drove prices to their highest in more than a decade. Strong imports and low stocks in China reflect robust solar industry demand, which is expected to maintain momentum in China and elsewhere as economies ramp up their clean energy ambitions. With mine supply struggling to keep pace with demand, we believe further price appreciation is likely, making Silver Crown Royalties well-placed to leverage this positive silver market
Silver Crown Royalties (CBOE CA:SCRI,OTCQX:SLCRF,FRA:QS0) is a revenue-generating silver-only royalty company focusing on silver as by-product credits. The company targets royalty originations on producing or near-producing assets in tier 1 jurisdictions. The company has two current sources of revenue (Gold Mountain and Pilar Gold) and continues to build on this foundation, targeting additional operational silver-producing projects.
As a pure-play silver equity company, Silver Crown offers organic growth, exploration upside and dividend payments. The company’s business model includes acquiring a guaranteed amount of silver delivered as a by-product from mining operations, paying a dividend to shareholders, and keeping all excess cash in silver bullion. “An investment in Silver Crown is a protection against currency devaluation,” says Peter Bures, founder, chairman and CEO of Silver Crown.
Diversification is a key strategy for the company, with the objective to grow its portfolio to more than 200 silver-only royalties that pay dividends, creating more value for shareholders.
Silver Crown is led by board members, founders and advisors with hundreds of years of collective experience in world renowned international brokerage, royalty, fund management and mining companies.
In Q2 2023, Silver Crown Royalties entered into a royalty purchase agreement with Gold Mountain Mining (TSX:GMTN;OTC:GMTNF) on 90 percent of the aggregate gross proceeds of silver sold from the Elk Gold Mine. The Elk Gold Project is a past producing and newly permitted mine located approximately 57 km from Merritt, British Columbia. The claims and leases comprising the Elk Gold Project cover over 21,000 hectares.
On August 21, 2023, Silver Crown announced its entry into a definitive agreement providing for 90 percent of the silver sold as a result of the processing of ores extracted from Pilar Gold’s PGDM complex and related milling operations in Goias State, Brazil. Pilar Gold has a portfolio of operations in Brazil with an annual production of ~45,000 oz gold and medium term aspirations to reach 125,000 oz gold per annum. The company acquired its flagship PGDM operation in April 2021, which includes three underground mines, one open-pit project in the development stage, and a 4,500 tpd modern processing facility along with significant associated infrastructure. PGDM uses a "hub and spoke" strategy with satellite mines in the Goiás region, through which it plans to achieve aggressive production growth over the near term.
On January 18, 2024, Silver Crown announced its entry into a royalty purchase agreement with Tucano Gold, whereby Tucano Gold will deliver 90 percent of the payable silver produced, but no less than the cash equivalent of 7,000 oz annually from the Mina Tucano project. Assuming the closing of the transaction, minimum silver equivalent deliveries start on January 1, 2025, and continue for up to 10 years. Mina Tucano is an open-pit gold mining operation, fully equipped with a modern 10,000 tpd gold plant and sizable resources. Up until 2020, it was producing more than 120,000 oz gold per annum at grades of 1.2 to 1.4 grams per ton.
Silver Crown Royalties signed a definitive silver royalty agreement with PPX Mining (TSXV:PPX, BVL:PPX) to acquire royalty for up to 15 percent of the cash equivalent of silver produced from PPX's Igor 4 project in Peru. PPX Mining conducted drilling in late 2017 and early 2018 and discovered a new, shallow, lower-grade gold and silver mineralized zone at Portachuelos, 800 metres south of the Callanquitas resource.
Peter Bures is a geological and mineral engineer with more than 25 years of mining and metals capital market expertise. Recent experience includes CEO at C2C Gold, co-founder and chief business development officer at Star Royalties, director of global mining sales at BMO Capital Markets (New York), and portfolio management at Sentry Investments, where he co-managed several top-ranked funds. He also held various equity research roles, including VP analyst at Canaccord Genuity, HSBC (New York and Toronto), and Orion Securities. Bures began his career as a mining engineer at Placer Dome and is a graduate of BASc Geo. Eng. at the University of Toronto.
Hassnain Raza is a CPA with more than 20 years of financial experience in Canada, the USA, Europe, Asia and the Caribbean, serving both public and private sector clients. Raza is the founding partner of a boutique consulting firm specializing in CFO advisory services to start-ups and SMEs. Previously held senior management and leadership roles at Namaste Technologies and Senior Manager at KPMG. He is the founder and patron of Allama Iqbal Model School in Pakistan, providing free education (kindergarten to grade 10).
Patrick Sullivan is a mining, M&A, and securities lawyer at Osler, Hoskin & Harcourt LLP. With over a decade of experience in the mining sector, he has advised a wide range of clients in connection with joint ventures, options, mineral property acquisition, royalty and streaming agreements, and mineral tenure issues. Sullivan has acted on several of the most significant mining transactions in Canada, including South32 Limited’s $2.1 billion acquisition of Arizona Mining, Washington Companies’ $1.2 billion acquisition of Dominion Diamond, and Hudbay Minerals’ $555 million acquisition of Augusta Resource Corporation.
Wray Carvelas provided 25 years of visionary leadership, developing and implementing ambitious strategic plans. Carelas is the founder and CEO of Ascencia Group, providing strategic and executive leadership development to the mining industry. He is also a director at Heritage Mining. Carvelas’ previous experience includes senior positions at DRA Global responsible for business growth and development in North and South America, as well as KBR, ELB, and De Beers managing development, production and metallurgical (R&D and capital management).
Frank Balint is a seasoned mining executive with over 35 years of broad-ranging experience in the mining industry. He has been involved in all aspects of the mining life cycle and possesses strong technical skills backed up by solid financial experience that have resulted in a strong exploration and acquisition track record. Previously a senior member of the executive team at Inmet for nearly 20 years, he was crucial in executing corporate strategy that saw Inmet grow its market cap to over $5 billion. He was the former director of Wolfden Resources, which was sold to Zinifex for $363 million. Balint is a licensed professional geologist in Ontario, British Columbia, and the Northwest Territories.
The Board of Directors of SilverCrest unanimously recommends that Securityholders vote FOR the Arrangement Resolution.
Securityholders are encouraged to vote in advance of the proxy cutoff of 10:00 a.m. ( Vancouver time) on February 4, 2025 .
TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. ("SilverCrest" or the "Company") announced today that it has filed its notice of meeting, management information circular (the "Circular") and related documents (collectively, the "Meeting Materials") with securities regulators in connection with the special meeting (the "Meeting") of the holders (the "Shareholders") of common shares of the Company (the "SilverCrest Shares") and the holders of stock options of the Company (the "Optionholders", and collectively with the Shareholders, the "Securityholders"). The Meeting Materials have also been mailed to Securityholders and can also be accessed at the Company's website at https:silvercrestmetals.comtransaction .
The Meeting is to be held on February 6, 2025 at 10:00 a.m. ( Vancouver time) at the offices of Cassels Brock & Blackwell LLP at Suite 2200, RBC Place, 885 West Georgia Street, Vancouver, British Columbia . The Meeting can also be accessed via live webcast at meetnow.global/MHZWLAD. Only holders of SilverCrest Shares and stock options of record as of the close of business on December 19, 2024 , the record date for the Meeting, are entitled to receive notice of, attend and vote at, the Meeting. Any Securityholder attending the live webcast will not be able to vote during the Meeting. Only Securityholders who are present in person and entitled to vote at the Meeting are able to vote during the Meeting.
At the Meeting, Securityholders will be asked to pass a special resolution (the "Arrangement Resolution") approving an arrangement (the "Arrangement") with Coeur Mining, Inc. ("Coeur"), whereby SilverCrest shareholders will receive 1.6022 shares of Coeur common stock for each SilverCrest Share held (the "Exchange Ratio") pursuant to the terms of an arrangement agreement entered into between SilverCrest and Coeur on October 3, 2024 (the "Arrangement Agreement"). The Exchange Ratio represents an implied value of US$11.34 per SilverCrest common share, based on the closing price of Coeur on the New York Stock Exchange ("NYSE") on October 3, 2024 . This represents an 18% premium based on 20-day volume-weighted average prices of Coeur and SilverCrest each as at October 3, 2024 on the NYSE and NYSE American, respectively, and a 22% premium to the October 3, 2024 closing price of SilverCrest on the NYSE American. The Exchange Ratio implies a total equity value of approximately US$1.7 billion based on SilverCrest Shares outstanding. Upon completion of the Arrangement, existing Coeur stockholders and SilverCrest shareholders will own approximately 63% and 37% of the outstanding common stock of the combined company, respectively, based on the outstanding securities of both companies as at October 3, 2024 .
Benefits to SilverCrest Securityholders
Board Recommendation
The Board, based on its considerations, investigations and deliberations, including a thorough review of the Arrangement Agreement, the fairness opinions of Cormark Securities Inc. and Raymond James Ltd. and other relevant matters, and taking into account the best interests of the Company, and after consultation with management and its financial and legal advisors and having received the unanimous recommendation of the Special Committee, which takes into account, among other things, the fairness opinion that the Special Committee received from Scotiabank, has unanimously determined, that the Arrangement and the entering into of the Arrangement Agreement are in the best interests of the Company, has unanimously approved the Arrangement and recommends that the Securityholders vote FOR the Arrangement Resolution. The determination of the Special Committee and the Board is based on various factors set forth above and described more fully in the Circular.
YOUR VOTE IS IMPORTANT. CAST YOUR VOTE WELL IN ADVANCE OF THE PROXY VOTING DEADLINE.
Securityholders are encouraged to read the Circular in its entirety and vote their SilverCrest Shares and stock options as soon as possible, in accordance with the instructions accompanying the form of proxy or voting instruction form mailed to Securityholders together with the Circular.
The deadline for voting SilverCrest Shares and stock options by proxy is 10:00 a.m. ( Vancouver time) on February 4, 2025 .
How to Vote
___________________________________________________________ | |
1 Based on analyst consensus for 2025. | |
2 This is a non-GAAP performance measure. See "Non-GAAP and Non-IFRS Financial Measures" at the end of this press release, and "Non-GAAP Financial Performance Measures" on page 54 of Coeur's 2023 Annual Report. |
Questions & Voting Assistance
Securityholders who have questions about the Meeting or require assistance in voting may contact the Company's proxy solicitation agent:
Laurel Hill Advisory Group
North American Toll Free | 1-877-452-7184
Outside North America | 1-416-304-0211
By Email | assistance@laurelhill.com
ABOUT SILVERCREST METALS INC.
SilverCrest is a Canadian precious metals producer headquartered in Vancouver, British Columbia . SilverCrest's principal focus is its Las Chispas Operation in Sonora, Mexico . SilverCrest has an ongoing initiative to increase its asset base by expanding current resources and reserves, acquiring, discovering, and developing high value precious metals projects and ultimately operating multiple silver-gold mines in the Americas. SilverCrest is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
Non-GAAP and Non-IFRS Financial Measures
This press release contains certain non-GAAP and non-IFRS financial measures, which management believes may enable investors to better evaluate Coeur's and SilverCrest's performance, liquidity and ability to generate cash flow. These measures do not have any standardized definition under U.S. GAAP or IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP or IFRS, as applicable. Other companies may calculate these measures differently.
Free Cash Flow
Free cash flow subtracts sustaining capital expenditures from net cash provided by operating activities, serving as an indicator of the capacity to generate cash from operations post-sustaining capital investments.
EBITDA
EBITDA represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, and finance costs.
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. The words "potential", "expected" and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. These include, without limitation, statements with respect to: statements regarding SilverCrest and the combined company's plans and expectations with respect to the proposed Arrangement and the anticipated impact of the proposed Arrangement on the combined company's results of operations, financial position, growth opportunities and competitive position.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the possibility that securityholders of SilverCrest may not approve the Arrangement or stockholders of Coeur may not approve the stock issuance or the charter amendment; the risk that any other condition to closing of the Arrangement may not be satisfied; the risk that the closing of the Arrangement might be delayed or not occur at all; the risk that the either Coeur or SilverCrest may terminate the Arrangement Agreement and either Coeur or SilverCrest is required to pay a termination fee to the other party; potential adverse reactions or changes to business or employee relationships of Coeur or SilverCrest, including those resulting from the announcement or completion of the Arrangement; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating the operations of Coeur and SilverCrest; the effects of the business combination of Coeur and SilverCrest, including the combined company's future financial condition, results of operations, strategy and plans; the ability of the combined company to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the risk that Coeur or SilverCrest may not receive the required stock exchange and regulatory approvals of the Arrangement; the expected listing of shares on the NYSE; the risk of any litigation relating to the proposed Arrangement; the risk of changes in governmental regulations or enforcement practices; the effects of commodity prices, life of mine estimates; the timing and amount of estimated future production; the risks of mining activities; and the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the Arrangement. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for the combined company's operations, gold and silver market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.
Additional factors that could cause results to differ materially from those described above can be found in SilverCrest's annual information form for the year ended December 31, 2023 , which is on file with the SEC and on SEDAR+ and available from SilverCrest's website at www.silvercrestmetals.com under the "Investors" tab, and in other documents SilverCrest files with the SEC or on SEDAR+. All forward-looking statements speak only as of the date they are made and are based on information available at that time. SilverCrest does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
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SOURCE SilverCrest Metals Inc.
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