With a growing list of natural resources assets vital to growing global demand in the healthcare and technology sectors, VVC Resources presents an investment opportunity for investors looking to diversify their portfolios.
The global helium market is expected to increase from $4.45 billion in 2022 to $5.03 billion in 2023 at a compound annual growth rate of 12.9 percent driven by the growing demand for helium from the healthcare industry. Helium is important in medicine because this rare element is used in various ways, one of which is as a refrigerant capable of cooling the superconducting magnets in MRI scanners. This non-reactive, non-corrosive, non-flammable noble gas is not only used in diagnosis equipment but also as an adjunct therapy for certain diseases like COPD, asthma and bronchiolitis.
Although helium is the second most common element on earth, global helium supplies are running low. Resource companies that supply industries dependent on helium should explore potential helium reserves and evaluate data to come up with a unique strategy for increasing helium production.
VVC Resources (TSXV:VVC;OTCQB:VVCVF) engages in the exploration, development and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel and the expanding green economy.
The company’s portfolio includes a diverse set of assets and high-growth projects, comprising: helium and industrial gas production in the western US; copper and associated metals operations in northern Mexico; and strategic investments in carbon sequestration and other green energy technologies.
VVC currently targets helium reserves in the US by reactivating old gas wells and drilling new wells. In January 2022, the company engaged Foreland Operating to manage the day-to-day helium operations going forward. In March 2022, VVC announced the successful completion and connection of its first helium well in the Syracuse Project. The well, known as the Levens #2, was connected to Tumbleweed Midstream’s Ladder Creek Pipeline, which transports gas to the Ladder Creek Helium Processing Plant in Cheyenne Wells, Colorado. VVC further confirmed the presence of helium up to 1.14 percent from its second drilled well in the Syracuse Project.
VVC also acquired the Monarch Project to further capitalize on the growing demand for helium due to increased global usage. The Monarch Project consists of more than 1,700 acres of gas leases located in Greely County, Kansas with six existing wells. Minor repairs were made to five of the six wells, restoring electric power service, and began generating revenue from the natural gas and helium at low volumes. The focus of this project is the 14 additional potential well locations which are conveniently located for connection to the Tumbleweed pipeline.
VVC’s helium portfolio reached another significant milestone with the installation of 14 miles of its internal gathering system pipeline in the Syracuse Project. The major infrastructure will seamlessly transport gas produced by the company’s helium and natural gas wells to a nearby processing plant. The milestone increases the pipeline’s length from 7 to 14 miles and the project’s capacity from 50 to 100 wells.
VVC is advancing its Gloria copper property in Mexico towards production. The 4,055-acre Gloria property is situated in the northern part of Mexico’s Chihuahua state in the Sierra Madre region 60 kilometers southwest of El Paso, Texas. The project is also supported by infrastructure including an access road and an available mining workforce.
VVC Exploration is led by a management team with a wealth of mining experience and is supported by a board of directors with significant influence in both the mining and financial industries. The management and board are also notably invested in the company, with the CEO, members of management and the board of directors listed as top investors. As a whole, the company has a tight share structure with over 90 million shares held by the top 25 investors.
Helium, Natural Gas & Other Industrial Gases
Copper, Base & Precious Metals
Strategic Investments
Energy Transition & Carbon Capture
Helium & Natural Gas
As of Dec 2024
In January 2021, VVC Exploration acquired Plateau Helium Corporation (PHC), a Wyoming Corporation focused on helium exploration and development, primarily in the western US. PHC’s initial target project is located in Kansas and currently comprises 69 leases covering 16,371 acres known as the Syracuse Helium Project.
Plateau Helium Corporation engaged Foreland Operating to manage the company’s helium production. Foreland Operating is a Texas-based upstream oil and gas operating company with a long-tenured team that has been operating in many of the premiere US basins including the Barnett Shale, the Marcellus Shale and the Permian Basin.
Syracuse is VVC’s helium project with 16,400 acres of contiguous oil and gas leases. The company has identified 16 identified well sites in the area with internal estimates of a future resource of 75 Bcf of gas. Currently, Syracuse has 22 well sites permitted or currently being permitted, each with the potential to produce over 1 billion cubic feet of gas.
In 2022, the company announced it successfully completed and connected its first helium well to the project. The well is known as the Levens #2 and was connected to Tumbleweed Midstream’s Ladder Creek Pipeline allowing the transport of gas to the Ladder Creek Helium Processing Plant in Cheyenne Wells, Colorado. The Levens #2 was successfully drilled to a depth of 2,478 feet and encountered multiple gas zones.
As of Dec 2024
VVC purchased the Monarch Lease in April 2021, bolstering VVC’s ability to capitalize on the growing demand for helium, driven by increased global usage. The Monarch Lease is a 1,720-acre property that is located in the Byerly Field in Greely County, Kansas and includes six formerly producing gas wells that are still connected to the Tumbleweed Midstream pipeline. All wells produced both methane and helium. There is additional potential in the deeper zones of this property which VVC will explore.
The Stockholm project is VVC’s top drilling priority project in Wallace Kansas in an area with significant natural gas potential. Stockholm spans 3,000 acres of permitted jurisdiction targeted for helium, natural gas and hydrogen. VVC has commenced drilling activities at the Josephine Mack 1-18 well, marking the initiation of the company's first test well within the Stockholm project.The Josephine Mack 1-18 well is VVC's strategic entry into this geologically promising region which evaluates the hydrocarbon potential of the Morrow Zone. The Stockholm project shows potential for oil production as well.
VVC’s current copper focus project is Gloria in Northern Mexico which is a host to oxide copper mineralization with a copper resource of 59.4 million pounds, indicated (9.6 million tonnes grading 0.28 percent copper) and 89.33 million pounds, inferred (14.4 million tonnes grading 0.28 percent copper). The property spans 4,055 acres in Chihuahua State and drilling over the past two years has defined a significant copper mineralized zone over a 15-kilometer strike.
Gloria provides VVC with a unique exposure to the copper market. Approximately 100,000 tons of artisanal ore piles on site that have been high graded, hand cobbed (sorted), and can be utilized for pilot/test mining.
Located in Central Sonora Mexico is VVC’s 16,622-acre Cumeral gold/copper exploration project. Cumeral covers an epithermal style, mineralized gold/silver zone at least 3.6 kilometers long with geological structure and surface sampling suggest the potential for multi-million ounce gold deposit.
VVC recently made a strategic investment in Proton Green, an energy transition company poised to become one of the leading helium producers and carbon sequestration hubs in North America.
Proton Green, LLC, is a producer of helium and hydrogen and is building out its position as a large carbon sequestration operator in North America. With operating control over the St. Johns Field, a 152,000-acre property in Apache County, Arizona, Proton Green controls a helium reservoir and carbon storage basin.
Proton Green’s initial project is the St. Johns Field. The St. Johns Field is a massive helium reservoir and immense carbon storage basin located in Apache County, Arizona. Extensive third-party geological studies performed on the property indicate reserves of up to 33 billion cubic feet of helium in shallow, easily accessible reservoirs. Capable of producing one billion cubic feet of helium per year, it will be among the most prolific helium production sites in the world.
It is also projected to be among the largest carbon capture companies in North America, with 22 million metric tons of carbon sequestration per year, and a total storage capacity of over 1 billion metric tons.
Dr. Terrence Martell is the director of the Weissman Center for International Business at Baruch College and the Saxe Distinguished Professor of Finance where he oversees a myriad of international education programs and projects. He is also the chairperson of the University Faculty Senate and an ex-officio member of the board of trustees at The City University of New York. His area of expertise and research is international commodity markets.
He is a director of the Intercontinental Exchange (ICE) where he serves on the audit committee and has many roles. He serves on the board of the Manhattan Chamber of Commerce and is a member of their executive committee. He is also a member of the New York City District Export Council of the US Department of Commerce and a member of the Reuters/Jefferies CRB Index Oversight Committee. Dr. Martell received his BA in Economics from Iona College and his PhD in Finance from the Pennsylvania State University.
Dr. James Culver has spent over 40 years in the fields of commodities, international trade and trade finance, holding posts in government, academia and the private sector. For the last 20 years, he has focused on commodity finance and commodity project finance, primarily in mining and metals and agricultural products. He spent 22 years working in New York City where he most recently managed two private commodity asset-based lending companies and developed hedge funds to support their lending activities.
Previously, Dr. Culver served as chief economist and director of the Economics and Education Division for the Commodity Futures Trading Commission. He was responsible for market surveillance and new product approvals. He also served for five years on the staff of the Committee on Agriculture of the US House of Representatives. In addition, Culver has been an active participant in a family-owned and operated business, The Parsons Group International Education Inc., a for-profit educational services company. He earned his B.Sc. at the University of Tennessee Martin and his MSc. and PhD degrees from the University of Tennessee Knoxville.
A Canadian mining engineer and geologist residing in Chihuahua, Mexico, Andre St-Michel has over 30 years of experience in the mining business with a focus on mine development, mill operation, administration and finance. He has spent the last 10 years working in Mexico where he currently serves as President and CEO of Freyja Resources.
From 2003 to 2008, he was a senior executive of Dia Bras (now Sierra Metals), responsible for its exploration programs and the start-up of its Bolivar copper and zinc mine. From the initial start-up of the mine in 2005, production reached 450 tons per day in 2006 with annual projected revenues of approximately $27 million and cash flows of approximately $10 million. Prior to 2003, he served as president of ECU Silver Mining, developing programs and properties in the US, Brazil and Mexico. He holds a degree from the Laval University Engineering School and a Master’s degree in Project Management from University du Quebec. He is a professional engineer.
Michael Lafrance has been VVC Exploration’s secretary and treasurer and geological consultant since December 2012. Since 1980, he has served in similar roles with many other publicly-traded exploration companies. He is also the corporate secretary of POET Technologies Inc. (formerly Opel Technologies), a pioneer in the field of integrated circuits. He is a graduate of the University of Ottawa.
Kevin Barnes has served as the corporate controller and CFO of various public and private companies over the last 12 years. He also served in the role of IT manager and senior accountant with Duguay and Ringler Corporate Services, a firm which provides corporate accounting and secretarial services to publicly-traded companies. He served as the controller of Canada’s Choice Spring Water, one of Canada’s first publicly traded bottled water companies.
He currently serves as CFO of Poet Technologies, a pioneer in the field of integrated circuits and Controller of an international training institute with revenues of $100 million. Barnes received a computer operations diploma from the Careers Development Institute and has a Certified Management Accountant designation from the ICMA Australia. In 2006, he became a member of the Institute of Chartered Secretaries and Administrators of Canada.
Peter Dimmell is a geologist and prospector who has been involved in mineral exploration in Canada, the United States and overseas for 38 years. He is experienced in all aspects of the mining industry and has guided on-site operations from exploration through to production. He is a past president of the Prospectors and Developers Association of Canada (PDAC), a director and former chairman of the Newfoundland and Labrador Chamber of Mineral Resources and a councilor and member of the Geological Association of Canada. He sits on the Board of Directors of four other public companies: Arehada Mining, Linear Gold, Pele Mountain Resources and Silver Spruce Resources, for which he also serves as CEO.
Bruno Dumais is vice-president of finance, for BroadSign International, a Montreal-based provider of digital signage solutions. He possesses over 20 years of experience in financial, forecast and strategic planning and is responsible for overseeing global financial activities. Before joining BroadSign, he was the chief financial officer, vice-president of finance and a consultant at Mitec Telecom for seven years. He has also held senior level positions in companies crossing a variety of sectors, such as Gestion Exponent, Nortel Networks and Premier Tech. Dumais is a chartered professional accountant and holds both a Bachelor in Business Administration from the University of Quebec in Rimouski and an International MBA from the University of Ottawa.
Patrick Fernet is a legal, operations, and corporate governance expert with more than twelve years’ experience in Canadian small-cap public corporations. He serves as a consultant to VVC on a variety of corporate matters. He has more than 15 years of governance experience with small-cap Canadian corporations.
Scott Hill has served as chief financial officer of Intercontinental Exchange Inc (ICE) since May 2007. He is responsible for all aspects of ICE’s finance and accounting functions, treasury, tax, audit and controls, business development, human resources and investor relations. Hill also oversees ICE’s global clearing operations. Prior to joining ICE, Hill was assistant controller for Financial Forecasts and Measurements at IBM, where he oversaw worldwide financial performance and worked with all global business units and geographies. Hill began his career at IBM and held various accounting and financial positions in the US, Europe, and Japan, including vice-president and controller of IBM Japan, and assistant controller, financial strategy and budgets..
Leon Shivamber is a transformation leader with more than three decades of successful transformations under his belt. He learned about strategy and business integrity during his years at McKinsey & Company, change management, and rapid transformation during his New York Consulting Partners years and high-performance acquisitions during his years at Arrow Electronics. He spent five years leading the prize-winning supply chain and operations transformation at the then Harris Corporation (now L3 Harris Technologies). For three years after that role, Leon extended and applied his transformation experience as a leader and general manager building an international joint venture in the Middle East.
Thereafter, Leon spent three years as CEO leading the vibrant UAE headquartered Atlas Group with strategic businesses in communications, defense, energy, food, healthcare, hospitality, public safety, and security. He also spent two additional years advising Atlas Group and other Middle-East-based corporations on their transformation efforts. Since that time, Leon has returned to the United States and has been acting as a senior advisor to several corporate transformations. He is a fellow, Life Management Institute (FLMI), and a trustee of the board of directors of Baruch College Fund.
VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the "Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the completion of Levens 4-31 well in the Syracuse Project as well as the commencement of drilling activities at the Josephine Mack 1-18 well, marking the initiation of the Company's first test well within the Stockholm Project located in Wallace County, Kansas.
Progress In Syracuse Project With Completion of Levens 4-31
The Company has finished the completion work of Levens 4-31, bringing the total number of producing wells in the Syracuse Project to five. The Company is committed to completing three more wells in Syracuse.
Spudding of Josephine Mack 1-18 Well
On May 31st, drilling crews broke ground with the spudding of Josephine Mack 1-18. Spudding is the process of beginning to drill a well in the oil and gas industry, marking the start of the actual drilling operation. This well represents the first exploratory effort under the Stockholm Project's scope, targeting the Morrow Zone at a proposed depth of 5,300 feet. This initiative underscores VVC's strategic entry into this geologically promising region. The Company has positioned the Josephine Mack 1-18 to thoroughly evaluate the hydrocarbon potential of the Morrow Zone.
Exploration Strategy and Economic Significance
The Company's Stockholm Project is in the Morrow Zone, known for its stratigraphy and potential as a hydrocarbon reservoir. The data from the Josephine Mack 1-18 well will help determine the feasibility of further development in this area. This project is located an hour north of the Syracuse Project, which will allow the Company to utilize existing relationships with favorable vendors and operators.
Jim Culver, CEO & President of VVC, stated, "The initiation of drilling at the Josephine Mack 1-18 well is the logical next step in broadening our operational footprint, particularly within the promising economic Morrow Zone of Kansas."
A Continued Commitment to Sustainable Practices
VVC remains dedicated to environmentally responsible practices. The Company's operations are conducted with the utmost regard to ensuring sustainability, minimal environmental impact and adherence to the highest industry standards and best practices.
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com .
| On behalf of the Board of Directors | |
| Michel J. Lafrance, Secretary-Treasurer | |
| For further information, please contact: | |
| Patrick Fernet - (514) 631-2727 (FR) | or Emily Bigelow - (615) 504-4621 (EN) |
| E-mail: pfernet@vvcexploration.com | E-mail: info@vvcresources.com |
| Emily@VVCResources.com |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
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VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the "Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the rework of a pre-existing oil well in southwest Kansas as a test for oil production in the region.
Initiation of Ardery Oil Well Rework
Building on its experience in natural resource management, especially recent work in Kansas, VVC has leveraged its subsurface mineral rights to examine the feasibility of oil production in an area where the Company is already involved in helium and natural gas production. Through geological due diligence, VVC has confirmed the potential for oil production within the area. This confirmation aligns with historic data indicating over 12 million barrels of oil production directly north of Ardery well site.
Operational Strategy and Zonal Potential
The Ardery test is distinguished by its multi-zone production potential, comprising the Morrow Sandstone and the underlying St. Louis Limestone "B" & "C" zones. This project, if successful will enhance the economic outlook of VVC's Kansas projects.
Jim Culver, CEO & President of VVC, stated, "The initiation of the Ardery oil well rework offers significant opportunity for VVC to test the potential for oil production in the areas where the Company is involved with helium and natural gas exploration and production at a relatively low cost."
A Continued Commitment to Sustainable Practices
VVC remains dedicated to environmentally responsible practices. The Company's operations are conducted with the utmost regard to ensuring sustainability, minimal environmental impact and adherence to the highest industry standards and best practices.
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com .
| On behalf of the Board of Directors | |||
| Michel J. Lafrance, Secretary-Treasurer | |||
| For further information, please contact: | |||
| Patrick Fernet - (514) 631-2727 (FR) | or | Emily Bigelow - (615) 504-4621 (EN) | |
| E-mail: pfernet@vvcexploration.com | E-mail: info@vvcresources.com | ||
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
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VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the "Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the following update on its ongoing Syracuse HeliumNatural Gas Project in Kansas:
Completion and Operational Status of Syracuse Gas Gathering System
The Company has completed and is operating its Syracuse Gas Gathering system. This state-of-the-art pipeline infrastructure is designed to service the entire 16,000-acre project and is pivotal in the Company's ability to efficiently market its natural gas. Now that the core system is in place, only lateral lines will need to be added to this system. The system facilitates a robust connection to the Tumbleweed pipeline, where the Company has secured a sale contract for helium, natural gas, and other valuable natural gas liquids. The operationalization of this system underscores the Company's commitment to leveraging advanced technologies for optimized resource management and market responsiveness.
Completion of Saltwater Disposal System and Enhancement of Economics
Furthering its dedication to sustainable and economical operations, the Company is pleased to report the completion of its saltwater disposal system. This system represents a significant step forward in the Company's natural gas development strategy. This saltwater disposal system results in a higher profitability per well and reflects the Company's approach in ensuring economic efficiency in its operations.
VVC President Jim Culver commented, "The operational commencement of the Syracuse Gas Gathering System and the completion of our saltwater disposal system are key drivers in bolstering VVC's Syracuse Project profitability. These advancements significantly reduce operational expenses and enhance potential profitability of the Syracuse Project, underpinning VVC's strategy. "
Addition of John Virgil to the Leadership Team
VVC Resources has announced the appointment of John Virgil to direct all helium and natural gas project engineering. John Virgil brings a wealth of experience and expertise in project management and will play a crucial role in steering the Syracuse Project and the success of additional projects in Western Kansas. John will report to Bill Kerrigan, who will now be able to focus on the development of VVC's additional helium and natural gas projects, further strengthening our project portfolio and driving our strategic objectives forward.
A Continued Commitment to Sustainable Practices
VVC remains dedicated to environmentally responsible practices. The Company's operations are conducted with the utmost regard to ensuring sustainability, minimal environmental impact and adherence to the highest industry standards and best practices.
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com .
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
| For further information, please contact: | ||||
| Patrick Fernet - (514) 631-2727 | or | Emily Bigelow - (615) 504-4621 | ||
| E-mail: pfernet@vvcexploration.com | E-mail: info@vvcresources.com | |||
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
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VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the "Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the following update on its ongoing Syracuse HeliumNatural Gas Project in Kansas:
Successful Production Commencement at Durler 2-21
Following our previous announcement on November 16, 2023, we are pleased to report that the Durler 2-21 well has transitioned from successful completion to active production. This milestone signifies a stable economic output, marking Durler 2-21 a key contributor in the Company's portfolio. The well's performance continues to be closely monitored and adjusted to optimize its output and efficiency. The objective of the optimization is to reach the maximum stable production level without negatively impacting total production of the well. The gas quality is as expected: helium content is 1.2%, natural gas content is 35.949%, with a heat content of 438 BTU.
Hodgson 1-17 & C Double D 1-16: Completion and Analysis Phase
The Hodgson 1-17 & C Double D 1-16 wells are now completed and producing. These two wells are in the output analysis phase. This stage is crucial for understanding the wells' production capacities, optimal settings for both immediate and long-term production and potential contributions to the overall project.
Preparations Complete for Levens 4-31, Weaver 1-15, T Spiker 1-7
The team has also readied the Levens 4-31, Weaver 1-15, and T Spiker 1-7 wells for completion. Next steps for these wells await the analysis of the Durler, Hodgson and C Double wells. Each helium/natural gas project has its idiosyncrasies and every time a new well is completed, introduced into production, and optimized, the more information the team has for the next wells. This thorough preparatory plan and step by step optimization of these wells increases the probability for successful integration into the production line-up, at the most reasonable cost, underscoring the team's commitment to thoughtful strategic growth and resource optimization.
VVC President Jim Culver commented, "While the process may seem unusually deliberate, every time a well is drilled, perforated, or completed in the Syracuse Project, the more information the team gains about how to succeed with the next well or wells. This knowledge gives us a better chance of optimum success for the whole project."
A Continued Commitment to Sustainable Practices
VVC remains dedicated to environmentally responsible practices. The Company's operations are conducted with the utmost regard to ensuring sustainability, minimal environmental impact and adherence to the highest industry standards and best practices.
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com .
| On behalf of the Board of Directors | ||
| Michel J. Lafrance, Secretary-Treasurer | ||
| For further information, please contact: | ||
| Patrick Fernet - (514) 631-2727 | or | Emily Bigelow - (615) 504-4621 |
| E-mail: pfernet@vvcexploration.com | E-mail: info@vvcresources.com | |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
News Provided by GlobeNewswire via QuoteMedia
VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the "Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the following:
Warrant Issuance:
The TSX Venture Exchange has accepted the issuance to Orford Resources Inc. of 10,000,000 warrants exerciseable at CA$ 0.06 per share expiring on December 28, 2028, in consideration of the discharge of US$400,000 future obligation relating to the Kaity Property in Mexico held by a subsidiary in Mexico. The warrant Hold Period Expires on April 29, 2024.
The settling of this obligation is beneficial to the Company, since with this liability removed, the Kaity Property is no longer encumbered.
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com .
| On behalf of the Board of Directors | ||||
| Michel J. Lafrance, Secretary-Treasurer | ||||
| For further information, please contact: | ||||
| Patrick Fernet - (514) 631-2727 | or | Mike Culver - (202) 531-6559 | ||
| E-mail: pfernet@vvcexploration.com | E-mail: info@vvcresources.com | |||
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
News Provided by GlobeNewswire via QuoteMedia
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.
Jack Lundin , President and CEO commented, "2024 was highlighted by three transformative transactions, along with achieving record copper and zinc production which generated strong revenue and operating cashflow for the Company. Among these deals, the formation of Vicuña Corp. has positioned the Company on a clear path to becoming a top-tier copper producer. Vicuña is targeting a new and updated mineral resource estimate at Filo del Sol and Josemaria within the second quarter of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district in Argentina .
"Operationally, we met copper guidance for the second consecutive year, translating to over $870 million in annual free cash flow from operations 1 . Notwithstanding the $350 million purchase of an additional 19% at Caserones to bring our overall ownership to 70%, our net debt 1 position at year end was just over $1.3 billion . Our debt is expected to be reduced significantly within the first half of this year pending the finalization of the sale of our European assets, Zinkgruvan and Neves-Corvo, making the Company net-debt free on a pro-forma basis. With our strong financial standing and well-positioned asset base, our operations will continue to drive returns, fueling the growth opportunities within our current portfolio of assets.
"Lastly, in 2024 we celebrated our 30 th anniversary, reflecting our longstanding legacy of creating value in the base metals sector. We believe we are well positioned for the future at Lundin Mining and remain committed to executing within our targeted guidance ranges, enhancing margins through sustainable cost control, while upholding the highest health and safety standards to protect our workforce."
Fourth Quarter and Full Year Operational and Financial Highlights
On December 9th, 2024 , the Company announced the sale of its European assets, Zinkgruvan and Neves Corvo, to Boliden. As a result of this, the financial results from these assets are reported as "discontinued operations" in the Company's financial statements and met the criteria to be classified as held-for-sale. The transaction is expected to close at the latest by mid-year 2025, subject to the completion of customary conditions and regulatory approvals.
Fourth Quarter Highlights
__________________ |
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. |
Full Year 2024 Highlights
Total assets of $1,389.7 million and liabilities of $393.1 million have been classified as held for sale for this purpose. A net loss from discontinued operations of $214 .7 million represents the loss after tax of $278.6 million and earnings after tax of $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024 .
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1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. |
2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the year ended December 31, 2024. |
Summary Financial Results
Three months ended December 31, | Year ended December 31, | ||||
(US$ millions continuing operations except where noted, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |
Revenue | 858.9 | 893.4 | 3,422.6 | 2,743.4 | |
Gross profit | 250.6 | 177.8 | 942.9 | 601.5 | |
Attributable net earnings a | (195.3) | 12.5 | 11.1 | 203.2 | |
Net earnings | (159.6) | 40.4 | 153.4 | 276.9 | |
Adjusted earnings a,b (all operations) | 119.2 | 79.7 | 358.9 | 336.2 | |
Adjusted earnings a,b — continuing operations | 94.8 | 72.4 | 291.7 | 287.5 | |
Adjusted earnings a,b — discontinued operations | 24.4 | 7.3 | 67.2 | 48.7 | |
Adjusted EBITDA b (all operations) | 425.6 | 419.7 | 1,707.0 | 1,363.5 | |
Adjusted EBITDA b — continuing operations | 368.2 | 367.6 | 1,461.8 | 1,145.6 | |
Adjusted EBITDA b — discontinued operations | 57.4 | 52.1 | 245.2 | 217.9 | |
Basic earnings per share ("EPS") a (all operations) | (0.57) | 0.05 | (0.26) | 0.31 | |
Basic earnings per share ("EPS") a — continuing operations | (0.25) | 0.02 | 0.01 | 0.26 | |
Basic earnings per share ("EPS") a — discontinued operations | (0.32) | 0.03 | (0.27) | 0.05 | |
Adjusted EPS a,b (all operations) | 0.15 | 0.10 | 0.46 | 0.44 | |
Adjusted EPS a,b — continuing operations | 0.12 | 0.09 | 0.38 | 0.37 | |
Adjusted EPS a,b — discontinued operations | 0.03 | 0.01 | 0.09 | 0.06 | |
Cash provided by operating activities (all operations) | 620.3 | 306.1 | 1,518.9 | 1,016.6 | |
Cash provided by operating activities related to continuing operations | 547.3 | 249.9 | 1,300.8 | 827.2 | |
Cash provided by operating activities related to discontinued operations | 73.0 | 56.2 | 218.0 | 189.4 | |
Adjusted operating cash flow b (all operations) | 313.9 | 362.0 | 1,302.6 | 1,024.2 | |
Adjusted operating cash flow b — continuing operations | 251.8 | 305.4 | 1,080.0 | 847.3 | |
Adjusted operating cash flow b — discontinued operations | 62.1 | 56.7 | 222.6 | 176.9 | |
Adjusted operating cash flow per share b (all operations) | 0.40 | 0.47 | 1.68 | 1.33 | |
Adjusted operating cash flow per share b — continuing operations | 0.32 | 0.39 | 1.39 | 1.10 | |
Adjusted operating cash flow per share b — discontinued operations | 0.08 | 0.08 | 0.29 | 0.23 | |
Free cash flow b (all operations) | 397.9 | 61.2 | 571.2 | 13.5 | |
Free cash flow b — continuing operations | 360.0 | 43.6 | 508.2 | (19.9) | |
Free cash flow b — discontinued operations | 37.9 | 17.6 | 63.0 | 33.4 | |
Free cash flow from operations b (all operations) | 466.0 | 116.8 | 873.0 | 345.1 | |
Free cash flow from operations b — continuing operations | 423.6 | 95.7 | 797.1 | 300.0 | |
Free cash flow from operations b — discontinued operations | 42.5 | 21.0 | 75.9 | 45.1 | |
Cash and cash equivalents | 357.5 | 268.8 | 357.5 | 268.8 | |
Net debt excluding lease liabilities b | (1,332.3) | (946.2) | (1,332.3) | (946.2) | |
Net debt b | (1,597.8) | (1,223.4) | (1,597.8) | (1,223.4) | |
a Attributable to shareholders of Lundin Mining Corporation. | |||||
b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. |
Operational Performance
Total Production
(Contained metal) a | 2024 | 2023 | ||||||||
YTD | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |
Copper (t) b | 369,067 | 101,491 | 99,855 | 79,708 | 88,013 | 314,798 | 103,337 | 89,942 | 60,057 | 61,462 |
Zinc (t) | 191,704 | 51,946 | 46,610 | 47,460 | 45,688 | 185,161 | 50,719 | 49,774 | 36,115 | 48,553 |
Nickel (t) | 7,486 | 1,617 | 893 | 1,721 | 3,255 | 16,429 | 3,729 | 4,290 | 4,686 | 3,724 |
Gold (koz) b | 158 | 46 | 47 | 32 | 33 | 149 | 44 | 35 | 34 | 36 |
Molybdenum (t) b | 3,183 | 912 | 693 | 714 | 864 | 2,024 | 928 | 1,096 | — | — |
a. Tonnes (t) and thousands of ounces (koz) | ||||||||||
b. Candelaria and Caserones production is on a 100% basis. Caserones results are from July 13, 2023. | ||||||||||
Candelaria (80% owned): Candelaria produced, on a 100% basis, 162,487 tonnes of copper, approximately 93,000 ounces of gold and 2.0 million ounces of silver during the year. Copper and gold production benefited from planned higher grade ore from Phase 11 and in the second half of the year, the operation produced 98,970 tonnes of copper which was one of its best second-half performances in its 30-year history. In late 2024, production from Phase 11 shifted to lower average grades, resulting in annual copper production slightly below the most recently published guidance range. In 2025, production will continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those realized in the second half of 2024. Annual gold production was within the most recently disclosed annual guidance range. Copper cash cost 2 of $1.73 /lb was within the most recently disclosed 2024 cash cost guidance range and benefitted from higher sales volumes, favourable foreign exchange, and higher by-product credits.
Caserones (70% owned): Caserones produced, on a 100% basis, 124,761 tonnes of copper and 3,183 tonnes of molybdenum, both within the most recently disclosed 2024 annual production guidance ranges. Production during the year was impacted by labour action in August which reduced throughput to approximately 50% capacity over a 14-day period. Mine sequencing changes as a result of hydrogeologic conditions in Phase 5 reduced grades and impacted recoveries in the mill during the quarter. Copper cathode production was positively impacted by increased irrigation pattern on the dump leach pad. Copper cash cost 2 of $2.51 /lb was below the low end of the most recently disclosed cash cost guidance range and benefitted from higher by-product credits and favourable foreign exchange.
______________________ |
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release. |
2 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of the MD&A for discussion and the Reconciliation of Non-GAAP measures section at the end of this news release. |
Chapada (100% owned): Chapada produced 43,261 tonnes of copper and approximately 65,000 ounces of gold during the year, both metals were within the most recently disclosed 2024 production guidance ranges. An optimized mine plan led to a significant reduction in overall material movement, including waste and ore, and contributed to lower production costs. Increased processing of ore from the older low-grade stockpile and North pit resulted in lower copper production due to lower grades and recoveries. Gold production benefited from higher grades and throughput as emphasis was placed on gold in the current elevated gold price environment. Production costs during the year also benefited from a weakening of the BRL against the USD. Copper cash cost 1 of $1.58 /lb was within the most recently disclosed 2024 cash cost guidance range and benefited from higher by-product credits and favourable foreign exchange.
Eagle (100% owned): Eagle produced 7,486 tonnes of nickel and 6,366 tonnes of copper during the year. Production was impacted by reduced mining rates following a fall of ground in the lower ramp in May, which limited access to Eagle East while ramp rehabilitation was completed. During the quarter mining re-commenced at Eagle East and normal throughput is expected to resume in Q1 2025. Both metals were within the most recently disclosed 2024 production guidance ranges. Production costs decreased in line with lower production and sales. Nickel cash cost 1 of $4.20 /lb was above the most recently disclosed 2024 cash cost guidance range due to mining rates not recovering as quickly as expected in the quarter.
Neves-Corvo (100% owned): Neves-Corvo produced 28,228 tonnes of copper and a record 109,571 tonnes of zinc during the year. Copper production was within the most recently disclosed production guidance range and zinc production benefited from higher throughput as a result of the zinc expansion project, although was slightly below the most recently disclosed annual production guidance range. Production costs during the year decreased in line with sales volumes. Annual copper cash cost 1 of $2.19 /lb benefited from higher by-product credits but exceeded the most recently disclosed 2024 cash cost guidance range as a result of lower than expected sales volumes.
Zinkgruvan (100% owned): Record zinc production of 82,133 tonnes and lead production of 30,888 tonnes during the year were driven by higher throughput, grades and recoveries. Annual zinc production was within the most recently disclosed 2024 production guidance range. Production costs during the year increased in line with higher zinc and lead production and sales volumes. Zinc cash cost 1 of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.
___________________ |
1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. |
Outlook
On January 16, 2025 , the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2025.
2025 Production and Cash Cost Guidance a
Revised Guidance | ||||
(contained metal) | Production | Cash Cost ($/lb) b | ||
Copper (t) | Candelaria (100%) | 140,000 – 150,000 | 1.80 – 2.00 c | |
Caserones (100%) | 115,000 – 125,000 | 2.40 – 2.60 | ||
Chapada | 40,000 – 45,000 | 1.80 – 2.00 d | ||
Eagle | 8,000 – 10,000 | |||
Total | 303,000 – 330,000 | 2.05 – 2.30 | ||
Gold (koz) | Candelaria (100%) | 78 – 88 | ||
Chapada | 57 – 62 | |||
Total | 135 – 150 | |||
Nickel (t) | Eagle | 8,000 – 11,000 | 3.05 – 3.25 | |
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025. b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $2,500/oz, Mo: $17.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:900, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based on receipt of approximately $433/oz gold and $4.32/oz silver. d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. |
2025 Capital Expenditure Guidance a
($ millions) | Guidance b | ||
Candelaria (100% basis) | 205 | ||
Caserones (100% basis) | 215 | ||
Chapada | 85 | ||
Eagle | 25 | ||
Total Sustaining | 530 | ||
Expansionary - Candelaria (100% basis) | 50 | ||
Expansionary - Vicuña Joint Arrangement (50% basis) | 155 | ||
Total Capital Expenditures | 735 |
a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025. b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release. | |||
2025 Exploration Investment Guidance
Total exploration expenditure guidance for 2025 is $40 million .
Exploration
During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Candelaria was focused on Candelaria South , La Portuguesa and La Espanola.
At Caserones, exploration drilling was completed in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource and potentially expand it. The drilling program at Angelica, in search of copper sulphides, was also completed during the quarter.
Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical anomalies.
At Josemaria, the drilling campaign restarted at Cumbre Verde.
Drilling continued at Eagle during the quarter with one surface hole targeting a geophysical anomaly east of Eagle East. At Neves-Corvo, the 2024 drilling program focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest concluded at the end of the quarter. Drilling at Zinkgruvan was focused on resource expansion.
All 2024 drilling campaigns were successfully completed by the end of the quarter.
Vicuña
During the quarter, the Company focused on preparing for the completion of the acquisition of Filo and formation of the 50/50 Joint Arrangement with BHP, initially announced on July 29, 2024 . The work plan associated with the transaction with BHP progressed as expected. Subsequent to year-end on January 15, 2025 , the Company completed the Filo acquisition and the Joint Arrangement with BHP, resulting in the Company indirectly holding a 50% interest in Vicuña Corp. ("Vicuña"), which owns the FDS project and Josemaria project. BHP indirectly owns the remaining 50% interest in Vicuña.
As part of the Joint Arrangement, the 2024 work scope was changed to include incorporation of new studies and preparation of a resource model relating to FDS, a joint development concept pertaining to the Josemaria and FDS ore bodies as well as processing facilities and infrastructure. An action plan was developed for the combined project, including a 2025 budget that included advancement of studies associated with the synergies between the FDS and Josemaria projects, continuation of the drilling program and advancing the Josemaria project.
Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated project plan for development and operation.
Vicuña is targeting a new mineral resource estimate at FDS and an update to the resource estimate at Josemaria within the first half of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district.
Drilling is currently underway at FDS and Cumbre Verde. Drilling at FDS will continue throughout the year. The drill program at FDS will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.
During the quarter, Josemaria activities were focused on continuing the Environmental Impact Assessment ("EIA") update and maintaining progress on the water program. Field activities continued with the water program, geotechnical studies, road maintenance, wetlands biodiversity offset and exploration drilling at Cumbre Verde.
Senior Leadership Appointments
The Company would also like to announce the executive appointments of Eduardo Cortes as Vice President, Mining & Mineral Resources and Andre Gagnon as Vice President, Geotechnics & Water.
Eduardo Cortes
Eduardo Cortés is the Vice President, Mining & Resources at Lundin Mining Corporate, leading mine planning, reserves, geology, and metallurgy across the company's global operations. With more than 12 years of experience across the Americas, he has a strong track record of mine optimization, cost reduction, and strategic growth.
Previously, at Lundin Mining Corporate, he served as Director, Reserves & Mine Planning, overseeing reserve estimation and technical assurance, and before that, as Senior Mining Engineer, leading high-impact optimization projects at Candelaria, Caserones, and Chapada.
Before joining Lundin Mining, Eduardo was a core member of the Fruta del Norte project at Lundin Gold, developing the mine from feasibility through commercial production. Following this, he served as Chief Engineer at Bluestone Resources, overseeing mine planning efforts. Earlier, at NCL SPA, he worked on major underground projects for Codelco and Anglo American .
Eduardo holds a Mining Engineering degree from Universidad de Santiago de Chile and is fluent in Spanish and English, with intermediate Portuguese.
Andre Gagnon
Andre Gagnon was appointed Vice President, Geotechnics & Water. Mr. Gagnon joined Lundin Mining in 2017 and has served in increasingly senior roles, starting as Senior Tailings & Geotechnical Engineer before progressing to Director, Tailings. Mr. Gagnon is responsible for leading a team of functional experts focused on tailings, water, geotechnical engineering, and hydrogeology. Mr. Gagnon has more than 18 years of experience in the mining industry.
Prior to joining Lundin Mining, he served as Manager, Tailings at Goldcorp and as a consultant focused on tailings and geotechnical engineering, and water management.
Mr. Gagnon holds a B.A.Sc. in Geological Engineering from Queen's University, and an M.Sc. in Engineering Geology from Imperial College London. He is a registered Professional Engineer in Ontario and British Columbia .
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in the Americas and primarily producing copper, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Vancouver Time.
Technical Information
The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Patrick Merrin , P.Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process.
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A the year ended ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca .
Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows:
Three months ended December 31, 2024 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 49,052 | 26,750 | 10,200 | 1,088 | 5,230 | 18,627 | ||
Pounds (000s) | 108,141 | 58,973 | 22,487 | 2,399 | 11,531 | 41,066 | ||
Production costs | 486,877 | 102,300 | ||||||
Less: Royalties and other | (27,839) | (20) | ||||||
459,038 | 102,280 | |||||||
Deduct: By-product credits | (137,021) | (75,716) | ||||||
Add: Treatment and refining | 27,483 | 12,128 | ||||||
Cash cost | 165,039 | 147,826 | 24,107 | 12,528 | 349,500 | 21,230 | 17,462 | 38,692 |
Cash cost per pound ($/lb) | 1.53 | 2.51 | 1.07 | 5.22 | 1.84 | 0.43 | ||
Add: Sustaining capital | 55,526 | 42,988 | 32,916 | 5,224 | 12,680 | 22,470 | ||
Royalties | 4,692 | 7,663 | 2,689 | 696 | 793 | — | ||
Reclamation and other closure accretion and depreciation | 2,129 | (4,457) | 2,373 | 1,734 | 1,184 | 747 | ||
Leases & other | 1,449 | 17,229 | 1,080 | 2,691 | 2,917 | 74 | ||
All-in sustaining cost | 228,835 | 211,249 | 63,165 | 22,873 | 38,804 | 40,753 | ||
AISC per pound ($/lb) | 2.12 | 3.58 | 2.81 | 9.53 | 3.37 | 0.99 | ||
Three months ended December 31, 2023 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 38,888 | 35,690 | 13,080 | 3,105 | 9,054 | 17,316 | ||
Pounds (000s) | 85,733 | 78,683 | 28,836 | 6,845 | 19,961 | 38,176 | ||
Production costs | 533,783 | 114,254 | ||||||
Less: Royalties and other | (22,221) | (2,299) | ||||||
Inventory fair value adjustment | (7,760) | — | ||||||
503,802 | 111,955 | |||||||
Deduct: By-product credits | (136,641) | (67,523) | ||||||
Add: Treatment and refining | 39,139 | 18,799 | ||||||
Cash cost | 152,276 | 183,687 | 54,108 | 16,229 | 406,300 | 39,218 | 24,013 | 63,231 |
Cash cost per pound ($/lb) | 1.78 | 2.33 | 1.88 | 2.37 | 1.96 | 0.63 | ||
Add: Sustaining capital | 79,316 | 55,031 | 19,858 | 6,548 | 28,070 | 10,546 | ||
Royalties | — | 8,270 | 2,174 | 5,003 | 1,081 | — | ||
Reclamation and other closure accretion and depreciation | 2,158 | 1,427 | 2,047 | 2,620 | 1,305 | 933 | ||
Leases & other | 2,901 | 25,715 | 1,131 | 1,101 | 106 | 103 | ||
All-in sustaining cost | 236,651 | 274,130 | 79,318 | 31,501 | 69,780 | 35,595 | ||
AISC per pound ($/lb) | 2.76 | 3.48 | 2.75 | 4.60 | 3.50 | 0.93 | ||
Year ended December 31, 2024 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 158,017 | 113,867 | 39,615 | 5,662 | 26,721 | 68,086 | ||
Pounds (000s) | 348,367 | 251,033 | 87,336 | 12,483 | 58,910 | 150,104 | ||
Production costs | 1,898,627 | 445,227 | ||||||
Less: Royalties and other | (84,501) | (4,785) | ||||||
1,814,126 | 440,442 | |||||||
Deduct: By-product credits | (504,431) | (305,479) | ||||||
Add: Treatment and refining | 113,565 | 55,407 | ||||||
Cash cost | 603,533 | 629,582 | 137,714 | 52,431 | 1,423,260 | 129,128 | 61,242 | 190,370 |
Cash cost per pound ($/lb) | 1.73 | 2.51 | 1.58 | 4.20 | 2.19 | 0.41 | ||
Add: Sustaining capital | 275,720 | 143,965 | 107,843 | 21,222 | 89,302 | 65,658 | ||
Royalties | 15,730 | 32,106 | 8,580 | 7,442 | 3,961 | — | ||
Reclamation and other closure accretion and depreciation | 8,570 | (1,262) | 10,153 | 6,767 | 5,220 | 4,033 | ||
Leases & other | 9,133 | 69,002 | 3,576 | 6,949 | 3,322 | 309 | ||
All-in sustaining cost | 912,686 | 873,393 | 267,866 | 94,811 | 230,933 | 131,242 | ||
AISC per pound ($/lb) | 2.62 | 3.48 | 3.07 | 7.60 | 3.92 | 0.87 | ||
Year ended December 31, 2023 | ||||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Total - | Neves- | Zinkgruvan | Total - |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | ||
Sales volumes (Contained metal): | ||||||||
Tonnes | 144,473 | 66,075 | 43,761 | 13,339 | 32,054 | 65,344 | ||
Pounds (000s) | 318,508 | 145,670 | 96,476 | 29,407 | 70,667 | 144,059 | ||
Production costs | 1,644,037 | 442,071 | ||||||
Less: Royalties and other | (60,916) | (5,321) | ||||||
Inventory fair value adjustment | (39,945) | — | ||||||
1,543,176 | 436,750 | |||||||
Deduct: By-product credits | (428,208) | (271,707) | ||||||
Add: Treatment and refining | 118,480 | 64,848 | ||||||
Cash cost | 660,160 | 290,553 | 219,278 | 63,457 | 1,233,448 | 167,424 | 62,467 | 229,891 |
Cash cost per pound ($/lb) | 2.07 | 1.99 | 2.27 | 2.16 | 2.37 | 0.43 | ||
Add: Sustaining capital | 380,112 | 83,880 | 72,291 | 22,201 | 102,621 | 53,358 | ||
Royalties | — | 15,820 | 8,568 | 22,994 | 3,949 | — | ||
Reclamation and other closure accretion and depreciation | 9,258 | 2,560 | 7,836 | 11,331 | 5,387 | 3,744 | ||
Leases & other | 13,325 | 47,944 | 4,999 | 4,100 | 553 | 427 | ||
All-in sustaining cost | 1,062,855 | 440,757 | 312,972 | 124,083 | 279,934 | 119,996 | ||
AISC per pound ($/lb) | 3.34 | 3.03 | 3.24 | 4.22 | 3.96 | 0.83 | ||
Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Net earnings (loss) — continuing operations | (159,618) | 40,444 | 153,354 | 276,850 | 316,772 | |
Add back: | ||||||
Depreciation, depletion and amortization | 148,033 | 181,865 | 607,744 | 497,873 | 416,204 | |
Finance costs, net | 38,282 | 32,023 | 141,455 | 91,429 | 51,317 | |
Income taxes expense | 34,767 | 101,858 | 229,973 | 214,366 | 104,113 | |
EBITDA — continuing operations | 61,464 | 356,190 | 1,132,526 | 1,080,518 | 888,406 | |
Unrealized foreign exchange loss (gain) | (10,808) | 2,693 | (10,994) | 1,804 | 16,491 | |
Unrealized losses (gains) on derivative contracts | 85,986 | (2,592) | 85,168 | 8,464 | (62,971) | |
Ojos del Salado sinkhole expenses (recoveries) | (10,042) | 1,687 | (9,492) | 16,922 | 63,271 | |
Revaluation loss (gain) on marketable securities | (911) | (1,393) | (7,383) | (1,846) | (5,201) | |
Caserones inventory fair value adjustment | — | 7,760 | — | 39,945 | — | |
Partial suspension of underground operations at Eagle | 11,436 | — | 36,073 | — | — | |
Revaluation of Caserones purchase option | — | 2,556 | (11,728) | 2,556 | — | |
Write-down of assets | 4,160 | — | 22,129 | — | 5,783 | |
Goodwill and asset impairment | 254,218 | — | 254,218 | — | 4,280 | |
Inventory write-down (reversal) | (26,626) | — | (26,626) | — | 62,546 | |
Gain on disposal of subsidiary | — | — | — | (5,718) | (16,828) | |
Other | (637) | 732 | (2,085) | 2,958 | (2,133) | |
Total adjustments — EBITDA | 306,776 | 11,443 | 329,280 | 65,085 | 65,238 | |
Adjusted EBITDA — continuing operations | 368,240 | 367,633 | 1,461,806 | 1,145,603 | 953,644 | |
Including discontinued operations: | ||||||
Net earnings (loss) — discontinued operations | (244,816) | 26,309 | (214,671) | 38,399 | 146,761 | |
Add back: | ||||||
Depreciation, depletion and amortization | 32,831 | 41,191 | 155,344 | 155,723 | 138,546 | |
Finance costs, net | 1,813 | 2,868 | 9,793 | 11,270 | 12,868 | |
Income taxes expense | (22,173) | 758 | (13,711) | 2,233 | 30,515 | |
EBITDA — discontinued operations | (232,345) | 71,126 | (63,245) | 207,625 | 328,690 | |
Unrealized foreign exchange loss (gain) | (960) | 76 | (200) | (580) | 4,673 | |
Unrealized losses (gains) on derivative contracts | (466) | (16,717) | 18,597 | 13,468 | — | |
Goodwill and asset Impairment | 291,178 | — | 291,178 | — | (19) | |
Other | (22) | (2,388) | (1,114) | (2,568) | 5,518 | |
Total adjustments — EBITDA discontinued operations | 289,730 | (19,029) | 308,461 | 10,320 | 10,172 | |
Adjusted EBITDA — discontinued operations | 57,385 | 52,097 | 245,216 | 217,945 | 338,862 | |
Adjusted EBITDA (all operations) | 425,625 | 419,730 | 1,707,022 | 1,363,548 | 1,292,506 | |
Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands, except share and per share amounts) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Net (loss) earnings attributable to Lundin Mining shareholders — continuing operations | (195,343) | 12,488 | 11,144 | 203,163 | 277,198 | |
Add back: | ||||||
Total adjustments - EBITDA | 306,776 | 11,443 | 329,280 | 65,085 | 65,238 | |
Tax effect on adjustments | (57,600) | (2,987) | (59,519) | (26,925) | 2,882 | |
Deferred tax expense due to change in tax rate | — | 14,500 | — | 40,200 | — | |
Deferred tax arising from foreign exchange translation | 45,065 | 41,168 | 12,712 | 28,841 | (20,733) | |
Non-controlling interest on adjustments | (4,077) | (4,221) | (1,912) | (22,886) | 2,026 | |
Total adjustments | 290,164 | 59,903 | 280,560 | 84,315 | 49,413 | |
Adjusted earnings — continuing operations | 94,821 | 72,391 | 291,704 | 287,478 | 326,611 | |
Including discontinued operations: | ||||||
Net earnings attributable to Lundin Mining shareholders - discontinued operations 1 | (244,816) | 26,309 | (214,671) | 38,399 | 149,652 | |
Add back: | ||||||
Total adjustments - EBITDA - discontinued operations | 289,730 | (19,029) | 308,461 | 10,320 | 10,172 | |
Tax effect on adjustments | (20,544) | — | (26,547) | — | (3,679) | |
Total adjustments | 269,186 | (19,029) | 281,914 | 10,320 | 6,493 | |
Adjusted earnings — discontinued operations | 24,370 | 7,280 | 67,243 | 48,719 | 156,145 | |
Adjusted earnings (all operations) | 119,191 | 79,671 | 358,947 | 336,197 | 482,756 | |
Basic weighted average number of shares outstanding | 776,720,828 | 773,476,216 | 774,825,230 | 772,532,260 | 762,518,753 | |
Net (loss) earnings attributable to Lundin Mining shareholders - continuing operations | (0.25) | 0.02 | 0.01 | 0.26 | 0.36 | |
Total adjustments | 0.37 | 0.08 | 0.36 | 0.11 | 0.06 | |
Adjusted EPS — continuing operations | 0.12 | 0.09 | 0.38 | 0.37 | 0.43 | |
Net (loss) earnings attributable to Lundin Mining shareholders - discontinued operations | (0.32) | 0.03 | (0.28) | 0.05 | 0.20 | |
Total adjustments | 0.35 | (0.03) | 0.36 | 0.01 | 0.01 | |
Adjusted EPS — discontinued operations | 0.03 | 0.01 | 0.09 | 0.06 | 0.20 | |
Net (loss) earnings attributable to Lundin Mining shareholders | (0.57) | 0.05 | (0.26) | 0.31 | 0.56 | |
Total adjustments | 0.72 | 0.05 | 0.73 | 0.12 | 0.07 | |
Adjusted EPS (all operations) | 0.15 | 0.10 | 0.46 | 0.44 | 0.63 | |
1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders. |
Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Cash provided by operating activities related to continuing operations | 547,267 | 249,875 | 1,300,848 | 827,244 | 615,986 | |
Sustaining capital expenditures | (136,674) | (165,211) | (549,100) | (571,245) | (520,465) | |
General exploration and business development | 12,974 | 11,062 | 45,352 | 44,010 | 135,213 | |
Free cash flow from operations — continuing operations | 423,567 | 95,726 | 797,100 | 300,009 | 230,734 | |
General exploration and business development | (12,974) | (11,062) | (45,352) | (44,010) | (135,213) | |
Expansionary capital expenditures | (50,607) | (41,082) | (243,566) | (275,913) | (171,094) | |
Free cash flow — continuing operations | 359,986 | 43,582 | 508,182 | (19,914) | (75,573) | |
Cash provided by operating activities related to discontinued operations | 73,014 | 56,206 | 218,009 | 189,368 | 260,903 | |
Sustaining capital expenditures | (35,150) | (38,616) | (154,960) | (155,979) | (119,366) | |
General exploration and business development | 4,614 | 3,438 | 12,843 | 11,682 | 9,140 | |
Free cash flow from operations — discontinued operations | 42,478 | 21,028 | 75,892 | 45,071 | 150,677 | |
General exploration and business development | (4,614) | (3,438) | (12,843) | (11,682) | (9,140) | |
Expansionary capital expenditures | — | — | — | — | (31,899) | |
Free cash flow — discontinued operations | 37,864 | 17,590 | 63,049 | 33,389 | 109,638 | |
Free cash flow from operations (all operations) | 466,045 | 116,754 | 872,992 | 345,080 | 381,411 | |
Free cash flow (all operations) | 397,850 | 61,172 | 571,231 | 13,475 | 34,065 | |
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:
Three months ended December 31, | Year ended December 31, | |||||
($thousands, except share and per share amounts) | 2024 | 2023 | 2024 | 2023 | 2022 | |
Cash provided by operating activities related to continuing operations | 547,267 | 249,875 | 1,300,848 | 827,244 | 615,986 | |
Changes in non-cash working capital items | (295,508) | 55,518 | (220,880) | 20,032 | 124,087 | |
Adjusted operating cash flow — continuing operations | 251,759 | 305,393 | 1,079,968 | 847,276 | 740,073 | |
Cash provided by operating activities related to discontinued operations | 73,014 | 56,206 | 218,009 | 189,368 | 260,903 | |
Changes in non-cash working capital items | (10,895) | 447 | 4,615 | (12,427) | (8,031) | |
Adjusted operating cash flow — discontinued operations | 62,119 | 56,653 | 222,624 | 176,941 | 252,872 | |
Adjusted operating cash flow (all operations) | 313,878 | 362,046 | 1,302,592 | 1,024,217 | 992,945 | |
Basic weighted average number of shares outstanding | 776,720,828 | 773,476,216 | 774,825,230 | 772,532,260 | 762,518,753 | |
Adjusted operating cash flow per share — continuing operations | $ 0.32 | 0.39 | 1.39 | 1.10 | 1.00 | |
Adjusted operating cash flow per share — discontinued operations | $ 0.08 | 0.08 | 0.29 | 0.23 | 0.30 | |
Adjusted operating cash flow per share (all operations) | $ 0.40 | 0.47 | 1.68 | 1.33 | 1.30 | |
Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Balance Sheets as follows:
($ thousands), continuing operations | December 31, 2024 | December 31, 2023 | December 31, 2022 |
Debt and lease liabilities | (1,610,925) | (1,273,162) | (27,179) |
Current portion of debt and lease liabilities | (395,232) | (212,646) | (170,149) |
Less deferred financing fees (netted in above) | (7,656) | (6,374) | (4,926) |
Add debt and lease liabilities related to liabilities classified as held-for-sale | (16,266) | - | - |
(2,030,079) | (1,492,182) | (202,254) | |
Cash and cash equivalents | 357,478 | 268,793 | 191,387 |
Add cash and cash equivalents related to assets classified as held-for-sale | 74,801 | - | - |
Net debt | (1,597,800) | (1,223,389) | (10,867) |
Lease liabilities | 249,185 | 277,208 | 27,166 |
Lease liabilities related to liabilities classified as held-for-sale | 16,266 | - | - |
Net debt excluding lease liabilities | (1,332,349) | (946,181) | 16,299 |
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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(TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the appointment of Ms. Victoria McMillan to the Company's Board of Directors (the "Board") effective today. The Company also announces that Director Ms. Juliana (Julie) Lam had advised us of her personal retirement decision and will not stand for re-election at the 2025 Annual Meeting.
Adam Lundin , Chair of Lundin Mining's Board of Directors, commented "On behalf of the Board and the Company's management team we wish to thank Ms. Lam for her service and contributions to the Company. We wish her all the best as she focuses her energy on her family and health."
"We are excited to welcome Victoria to the Lundin Mining Board" commented Adam Lundin . "Victoria's extensive finance knowledge, and recognized contributions make her an ideal addition to our Board. Her financial expertise and strategic leadership will be invaluable in guiding our Company's growth and financial stewardship in the future. We look forward to benefiting from her insights and experience to create long-term value for our stakeholders."
Ms. McMillan is a Chartered Professional Accountant (CPA, CA) and currently serves as the CFO of Versamet Royalties Corporation, a private company. Ms. McMillan also recently completed a 4-year term from 2021-2024 as a director on the board of BC Hydro, where she chaired the Audit and Finance Committee.
Ms. McMillan has over 20 years of financial experience working across a variety of sectors with a focus on mining and the royalty industry. During her career, Ms. McMillan has led financial reporting, regulatory, treasury, tax and risk management functions. Ms. McMillan has also held various other finance roles within the mining sector including at two mid-tier gold mining companies where she was involved in the execution of mergers and acquisitions, a U.S. listing, as well as the establishment and management of a gold sales function.
Ms. McMillan's experience includes eight years with a large global accounting firm in both London, United Kingdom , and Vancouver , where she was a senior manager within the assurance practice. Ms. McMillan holds a Bachelor of Management Studies from the University of Nottingham, England .
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina , Brazil , Chile , and the United States of America , primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Pacific Time .
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars ("CAD") $0.09 per share, payable on April 9, 2025 to shareholders of record at the close of business on March 21, 2025 . This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount, and payment of future dividends remain at the discretion of the Board of Directors. View PDF
Dividends on shares traded on the Toronto Stock Exchange ("TSX") will be paid in CAD on April 9, 2024 . Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on April 14, 2024 . To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from March 19, 2024 , up to and including March 21, 2024 , during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.
During the fourth quarter 2024, the Company purchased 3,245,000 common shares under its normal course issuer bid ("NCIB") representing approximately C$40 million . The Company will continue to monitor market activity and potentially make further purchases based on market conditions, share price and best use of available cash. Any common shares that are purchased under the NCIB will be cancelled.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina , Brazil , Chile , and the United States of America , primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:30 Pacific Time .
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.
All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward ‐ looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE Lundin Mining Corporation
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Quetzal Copper has a copper-focused exploration strategy and North American assets. The company is in an excellent position to capitalize on rising domestic copper demand, with a plan to play a key role in the critical minerals race.
Quetzal Copper (TSXV:Q) is a copper exploration company focused on three drill-ready copper projects in British Columbia, Canada: Princeton, Big Kidd and DOT. All three projects are situated in the copper-rich jurisdiction of British Columbia between the Highland Valley copper mine and the Copper Mountain mine. This is a highly prospective area that historically produced millions of pounds of copper.
All three BC projects are easily accessible by road and close to infrastructure. The area is mining-friendly as evidenced from the multiple active and retired mines in the region.
The company’s flagship is the Princeton copper project, which abuts the north side of the Copper Mountain mine property. The project had limited historical drilling. However, modern geophysics and soil samples identified prospective copper targets. Quetzal plans to begin drilling at the Princeton project in 2025. The company received its drill permit for four targets: Bud South, Knob Hill, Aura and Contact.
The Dot copper project is located just 25 km northwest of Merritt, B.C. Mining on the property goes back to 1887. The area hosts four significant target areas: the Northwest, Southeast, Copper and Lower Vimy Zones.
In 2010, Aurora Geosciences published a non-compliant historic resource estimate for the Dot project (calculated at $3 per pound of copper and $1,200 per ounce of gold). According to the report, Dot contains 6.5 million tonnes of indicated resources at 0.5 percent copper equivalent and 6.6 million tonnes at 0.38 percent copper equivalent.
In 2025, Quetzal Copper plans to evaluate that historic resource and follow up on the recommendations from the report. That includes drilling to connect existing mineralization and testing additional geophysical anomalies outside the known zones to expand the resource base.
The Big Kidd project is located approximately 20 km southeast of Merritt, BC. The project saw extensive drilling by previous operators including Xstrata. Quetzal geologists, along with Dr. Alan Wilson, reviewed all available core and compiled a new understanding of the geology.
In his 2024 report, Dr. Wilson laid out a series of field work recommendations for the project. He identified high-priority drill targets associated with chlorite-magnetite alteration. Due to the sulfide-poor nature of the system at Big Kidd, he believes that IP Chargeability geophysics should highlight targets.
The company’s focus on copper is attractive given current supply and demand dynamics.
The supply of copper is far more concentrated than oil. While three countries account for 40 percent of the oil supply, only two countries – Chile and Peru, contribute 38 percent of the copper supply. Given the history of political instability in these countries, a supply source from North America, with its stable policy environment, makes it very attractive.
Government-supported tailwinds also encourage domestic copper supply, with Canada and the US promoting copper production through tax breaks and incentives.
The demand scenario for copper looks attractive given expectations of rapid growth. According to Nornickel, global copper demand is estimated to rise by 20 percent to 30 million metric tons (MT) per year by 2035, from around 24.8 million MT per year in 2022. This growth in demand will be led by applications such as electric transport, power transmission grids and renewable electricity generation.
Quetzal Copper is likely to be a beneficiary of Western countries trying to realign their supply chain of critical minerals by sourcing them domestically or from friendly countries. Quetzal, with its portfolio of copper projects in tier 1 mining jurisdictions, is well positioned to offer domestically sourced copper to fill any supply gap.
The Princeton copper project spans an area of 11,500 hectares and is approximately 5 kilometers from Princeton town in British Columbia. The project is located to the north of Copper Mountain mine. The project represents an ideal location and favorable geology for copper exploration, located between the Copper Mountain mine and the Miner Mountain properties. Several operators have conducted various property surveys over the past 60 years. The geophysical and geochemistry surveys conducted in 2020 and 2021 have identified multiple drill targets. The project has three key targets: Bud South, Knob Hill and Aura.
The company has an option to acquire 100 percent interest in this project. The Big Kidd copper project spans an area of 4,055 hectares in southern British Columbia. It is located just 20 kilometers from the city of Merritt, and benefits from excellent infrastructure in terms of accessibility by a network of roads. The region hosts several copper and gold deposits, such as the Copper Mountain mine and the Craigmont mine.
The historic exploration dates back to the 1890s. In 1916, 10 tons of ore was extracted with 1,000 lbs of copper. Moreover, in 1918, a mine produced 44 tons of ore with 12 percent copper, 68 g/t silver, and 0.57 g/t gold. In 2019, Jiulian Resources completed a drill program on the project. A 2004 resource estimate has identified a non-compliant resource of 122.4 Mt at 0.33 g/t gold and 0.15 percent copper. Additional drilling has expanded the footprint of the mineralization beyond the 2004 estimate.
The project has three important targets for 2024. 1) Target 1 – a narrow target spanning 100 m x 400 m; 2) Target 2 – that spans an area of 200 m x 350 m; 3) Target 3 – this opportunity is in the Dago zone.
The company has an option to acquire 100 percent interest in this project. The DOT copper project spans 846 hectares and is located in the southern portion of the Guichon Creek batholith. The project is located just 25 kilometers away from Merritt, and enjoys excellent accessibility by roads. DOT is located in a region with a history of copper exploration for more than 130 years. Moreover, the project is adjacent to Highland Valley mine (20 km) and Craigmont mine (12 km). In 2008, Aurora Geosciences estimated a non-compliant indicated resource of 5.3 Mt at 0.49 percent copper equivalent and 2.9 Mt of non-compliant indicated resource 0.45 percent copper equivalent.
Moreover, in 2010, a resource report identified the following grades: 30.2 meters @ 1.32 percent copper, 27.4 meters @ 2.58 percent copper, and 76.2 meters @ 0.91 percent copper. These grades and thicknesses indicate a robust copper system on the property.
The project covers five zones of copper-gold-silver-molybdenum mineralization: southeast, northwest, west, east and copper zones. All five zones remain open. The company is planning an exploration program at DOT, which will include a comprehensive IP survey across the property, drilling at the east zone and northwest zone, trench and drilling at the southeast zone, and metallurgical testing.
Matthew Badiali holds an M.Sc. degree in geology from Florida Atlantic University. He is a geologist and has over 18 years of experience as a financial analyst covering the natural resources sector with Stansberry Research. He is also a founder of Mangrove Investor Media, a publishing company.
Chris Lloyd is a geologist with over 35 years of experience, working in Canada and Mexico. He is a co-founder of Soltoro, which discovered the El Rayo silver deposit and was acquired by Agnico Eagle. He was also associated with the Panuco Project of Vizsla Silver.
Charles Funk is a geologist with experience in gold, silver and copper projects, and is associated with multiple deposit discoveries in Australia and Mexico. He has more than 14 years of experience with several mining companies, including Evrim Resources and Newcrest. He is also the CEO of Heliostar Metals.
Dr. Roy Grieg is a geologist highly experienced in advancing copper projects. He served for over two years as vice-president of exploration for Amarc Resources, where he advanced their district-scale porphyry copper-gold-molybdenum projects in British Columbia in collaboration with major partners Freeport McMoRan and Boliden. Greig holds a Ph.D. from the University of Arizona.
Golden Mile Resources is a mineral exploration and project development company focused on growth through a multi-asset, multi-commodity strategy. With a proven leadership team, it advances core projects, acquires high-quality assets, and forms strategic joint ventures to maximize value.
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical and precious metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent).
Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well-positioned to execute its strategy moving forward.
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
Golden Mile will initially focus on the Odyssey and Ford prospects within the Pearl project area which present immediate, highly prospective, exploration drill targets. The Odyssey prospect is a multi-vein polymetallic target that has never been drilled.Rock chip sampling conducted by the company in 2024 indicated assays of up to 312 g/t silver, 15.2 percent copper, and 24.8 percent zinc, and 12.65 percent lead.
The Ford Prospect is a polymetallic target with a history of copper, lead and gold. Ford was mined to a depth of 55 m and historical records indicate grades of up to 10.6 percent copper, 31.3 percent lead and 0.54oz (16.7g/t) gold.
In 2025, Golden Mile completed reconnaissance mapping and rock chip sampling which identified a promising new gold target – the Aurora Prospect. The reconnaissance rock chip sampling returned high-grade values of up to 10.8 g/t gold and 33.9 g/t silver.
The company has awarded the reverse circulation (RC) drilling contract for the Odyssey and Ford prospects at its Pearl Copper Project to Alford Drilling. The program will consist of 14 to 16 RC drill holes, totaling up to 2,000 metres, marking Pearl’s maiden drilling campaign and the first-ever exploration at the Odyssey and Ford targets. These targets are situated within historical mine workings active between 1915 and 1942, where significant mineral grades were previously reported.
In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Justyn Stedwell has over 17 years of experience as a company secretary of ASX listed companies and has also served as a non-executive director on several ASX listed company Boards. He holds a Bachelor of Commerce from Monash University, a graduate diploma in accounting from Deakin University and a graduate diploma in applied corporate governance from the Governance Institute of Australia.
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.