Power utility TransAlta reports first-quarter profit down from year ago
CALGARY - TransAlta Corp. reported its first-quarter profit fell compared with a year ago.
The power utility says it earned a profit attributable to common shareholders of $46 million or 15 cents per share for the quarter ended March 31.
The result compared with a profit of $222 million or 72 cents per share for the same period in 2024.
On an adjusted basis, TransAlta says it earned 10 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year ago.
Revenue totalled $758 million, down from $947 million in the same quarter last year.
TransAlta chief executive John Kousinioris says the company's portfolio in Alberta was partially impacted by softer power prices, while its hedging strategy and active asset optimization continued to generate realized prices well above spot prices.
This report by The Canadian Press was first published May 7, 2025.
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Yahoo
32 minutes ago
- Yahoo
Ivanhoe Mines Announces Restart of Underground Mining Operations on Western Side of Kakula Mine on June 7, 2025
Underground water levels in Kakula Mine stabilized; dewatering to commence in Q3 2025 Kamoa-Kakula revises 2025 production guidance to between 370,000 and 420,000 tonnes of copper Smelter start-up expected to commence in September 2025, with first anode anticipated in October 2025 Ivanhoe Mines to host a conference call for investors before market open on June 12, 2025 Kolwezi, Democratic Republic of the Congo--(Newsfile Corp. - June 11, 2025) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President Marna Cloete announce today an update on operational activities at the Kamoa-Kakula Copper Complex, including preliminary geotechnical findings relating to underground seismic activity experienced at the Kakula Mine, as first announced on May 20, 2025. Underground mining on the western side of the Kakula Mine has resumed in a safe and conservative manner, with equipment and mining crews returning underground on June 7, 2025. The short-term mine plan for the western side of Kakula has been updated to include recommendations from the preliminary findings. Mining activities in the eastern side of the Kakula Mine are expected to start imminently, with activities solely focused on developing access drives to a new mining area east of the existing mine workings. Development to the new mining area will be isolated from the dewatering activities on the same side of the mine. As announced on June 2, 2025, additional underground pumping capacity was installed at the Kakula Mine, stabilizing underground water levels. The frequency of seismic activity has decreased since first reported on May 18, 2025. Dewatering the eastern side of the Kakula Mine is expected to commence in August 2025 and be complete during the fourth quarter. Recommendations from the preliminary geotechnical findings from world-leading experts have been included in the short-term mine plans for the Kakula Mine to ensure a safe restart of underground operations. Concurrently, medium- and long-term mine plans are under review by Kamoa-Kakula management, together with technical consultants. The Phase 1 and 2 concentrators continue to operate at approximately 50% of their combined operating capacity, processing ore from surface stockpiles. The processing rate of the concentrators will ramp up throughout the remainder of 2025, as mining on the western side of the Kakula Mine increases, supplemented by feed from ore stockpiles. Mining operations at the Kamoa underground mine, as well as ore processing at the adjacent Phase 3 concentrator, continue to outperform. With the necessary copper concentrate expected to be available, the on-site copper smelter is anticipated to start up in September, with first anode expected in October 2025. Ivanhoe Mines Executive Co-Chair, Robert Friedland commented: "We are thankful and deeply appreciate our team's swift response to stabilize underground water levels in the Kakula Mine and resume mining on the western side. The team has quickly secured the critical equipment needed to safely dewater the entirety of the mine, while preparing to access a new high-grade mining area in the east. "While it's still too early to outline our detailed plans for 2026 and 2027, the future remains bright across the Kamoa-Kakula Copper Complex and adjacent Western Forelands Exploration Project. Kamoa-Kakula is, and will continue to be, a world-class Tier One operation, with decades ahead of us as one of the world's leading copper producers." President & Chief Executive Officer, Marna Cloete, commented: "We are working tirelessly to safely and systematically restore full operations at the Kakula Mine. Safety has always been, and will always remain, our highest priority. We want to extend our sincere thanks to the mining crews, the engineering teams and our long-term contractors for their extraordinary efforts in restoring pumping capacity and restarting operations, all without any lost time injuries. "The resilience of our team and the strength of our operations reflect the extraordinary nature of this world-class copper district-and the future it holds for generations to come." Figure 1. Outline of the Kakula and Kakula West orebody, overlaid with the underground development since mining commenced in 2021. A significant portion of the original Kakula deposit remains unmined as of May 2025. To view an enhanced version of this graphic, please visit: Notes: Existing underground development as at May 2025. Illustration is based on the 2023 Kamoa-Kakula IDP showing the estimated average grade of each vertical stack of blocks above a 2% total copper cut-off. A minimum 3-metre thickness is applied. Underground water levels in Kakula Mine have stabilized; underground mining recommences on the western side of Kakula Although water inflow rates into the Kakula Mine modestly increased following the initial seismic activity, they have since stabilized at approximately 4,000 litres per second. With existing underground pumping infrastructure impacted by the seismic activity, a total of approximately 4,400 litres per second of additional underground pumping capacity was installed, stabilizing underground water levels. The new pump stations feed into the existing central pumping infrastructure, where the water is then pumped to surface at four locations near the bottom of the north and south twin declines, as shown in Figure 2. With water levels stabilized, mining in the western side of the Kakula Mine has restarted. Mobile equipment and mining crews, which were evacuated from the mine on May 18, 2025, are returning underground, with the first blast having occurred on June 7, 2025. Short-term mine plans have been updated to include the recommendations from the preliminary geotechnical findings. Kamoa-Kakula's mining crews aim to ramp up mining from the western side of the Kakula Mine to approximately 300,000 tonnes per month (3.6 million tonnes per year on an annualized basis) during the second half of 2025, subject to underground conditions. For the remainder of 2025, Kakula's underground mining crews will focus on three activities: ramping up mining on the western side of the Kakula Mine; developing a new mining area on the eastern side of the Kakula Mine; and ramping up production from the Kamoa mining area. Figure 2: Overview of Kakula Mine's existing underground infrastructure, showing current pumping rates, future pumping capacity and depth of mine workings. To view an enhanced version of this graphic, please visit: The additional mining crews deployed to the Kamoa mining area, approximately 10 kilometres north of Kakula, will assist the existing teams with underground development, as well as decline development from the construction of a new box cut planned at the Kansoko Mine. The new box cut will enable increased production from Kansoko, providing an additional source of ore for the Phase 1 and Phase 2 concentrators. Mining crews to focus on new mining area in eastern side of Kakula; development to commence imminently, isolated from dewatering activities Mining in the eastern side of the Kakula Mine will follow a new mine plan, prioritizing development to a new mining area further east, beyond the existing mine workings. The new mining area will be separated from the existing mine workings by a barrier pillar. The barrier pillar is designed to protect the new mining area from any potential spread of geotechnical instability from the existing mining area. Mining crews will construct two new access drives to the new mining area, which are expected to start imminently. The new access drives will be developed simultaneously, advancing east from existing underground infrastructure, as shown in Figure 2. Development to the new mining area is expected to be conducted in both ore and waste and be completed in the second quarter of 2026. The new development drives will be isolated from the mine workings that being dewatered and will advance independently of dewatering activities. Following the completion of dewatering activities on the eastern side of Kakula, a physical geotechnical inspection of the mine's existing workings will be conducted, concluding the full assessment by the geotechnical experts. The results of this assessment will determine the approach and extent of mining in this area. As shown in Figure 2, the mine workings are at their deepest on the eastern side of the mine and therefore underground flooding is predominantly concentrated around this area. The Kamoa-Kakula engineering team has a two-stage plan to dewater the entire Kakula Mine. Stage One involves the installation of additional temporary underground pumping infrastructure to stabilize and maintain current water levels. Stage One was completed as announced on June 2, 2025. Stage Two involves the installation of high-capacity, submersible pumps, and new permanent infrastructure to fully dewater the entire Kakula Mine from surface. Kamoa Copper has ordered five high-capacity pumps, each rated at 650 litres per second. Additional pumps will also be ordered as part of the long-term pumping infrastructure plan. These pumps will be deployed in pairs down existing shaft infrastructure, accessing the deepest sections of the Kakula Mine as shown in Figure 2. Dewatering activities are expected to commence in August 2025. Engineering crews will refurbish underground pumping and ventilation infrastructure, as well as complete geotechnical assessments, as water levels subside. Dewatering of the entire Kakula Mine is expected to be complete during the fourth quarter. Looking south: The two existing shaft locations where the "Stage Two" dewatering surface pumping infrastructure will be installed to dewater the eastern side of the Kakula Mine. Water will be discharged into existing surface water channels (right of picture). To view an enhanced version of this graphic, please visit: Looking north with the Phase 1 and 2 concentrators in the background: One of the two shaft locations shown in the foreground that will be used for the "Stage Two" dewatering of the deepest area of the Kakula Mine. To view an enhanced version of this graphic, please visit: A high-capacity submersible pump, similar to those being procured by Kamoa Copper for dewatering the Kakula Mine, prior to being lowered down a shaft at the Luansha Copper Mine, Zambia in September 2024. Photo source: CNMC (China Nonferrous Metal Mining Group Co., Ltd). To view an enhanced version of this graphic, please visit: Preliminary geotechnical findings on the cause of recent seismic activity Two prominent, independent geotechnical engineering organizations, Beck Engineering of New South Wales, Australia (Beck Engineering) and Open House Management Solutions of Potchefstroom, South Africa (Open House), were engaged and mobilized to Kamoa-Kakula shortly after seismic activity was first detected on May 18, 2025. Both consulting engineering firms have been working diligently with Kamoa-Kakula's engineering team, with support from Ivanhoe Mines. Preliminary findings indicate that the seismic activity originated in an area within the eastern side of the Kakula Mine with a mature percentage of extraction. Current thinking postulates that blocks of ore, earmarked for secondary extraction, started to yield in a cascading fashion, which resulted in stress redistribution onto regional pillars. As a consequence, the regional pillars became over-stressed and started to yield. The backfill, placed in mined-out stopes, was not capable of preventing the stress redistribution onto regional support pillars, but may have been a mitigant. The possibility that adverse regional geological features may have exacerbated the yielding of regional pillars cannot be excluded at this time. Pillars are sections of untouched ore or rock left in place to support the roof of the mine, while stopes are mined-out areas. Backfill is the process whereby mined-out stopes are filled with a mixture of concentrator tailings and cement, which cures to achieve a targeted strength. The geotechnical assessment has not yet been finalized as it relies on physical access to the eastern section of the Kakula Mine once dewatering is completed. The preliminary findings recommend modifying the short-term mine plans to increase pillar widths for additional structural support. The findings also advise changes to the mining sequence to improve stress distribution and overall stability. Furthermore, enhanced geotechnical monitoring will be installed throughout the mine. Kamoa-Kakula's management, together with Beck Engineering, Open House and other technical consultants, are evaluating any changes to the short-, medium- and long-term mine plans in light of these preliminary geotechnical findings. Work on an updated life-of-mine integrated development plan, which was underway before the seismic activity occurred, has been paused until Ivanhoe Mines' engineering team and its panel of technical experts have reviewed and agreed on any updated assumptions. Ivanhoe Mines will provide a timing update on the delivery of an updated IDP once work recommences. Members of Kamoa-Kakula's mining crew, (L-R) Kalume Malidja, Mining Foreman and Morné Du Plooy, Mining Superintendent To view an enhanced version of this graphic, please visit: Phase 1 and 2 concentrators operating at reduced capacity and set to ramp up as mining restarts on western side of the Kakula Mine; Phase 3 concentrator continues to outperform Crews recommenced mining on the western side of Kakula on June 7, 2025. Mining from this section will commence safely and conservatively, with planned ramp-up to an annualized mining rate of 3.6 million tonnes during the third quarter. This rate is sufficient for the Phase 1 and 2 concentrators to operate at a throughput of more than 80% of their combined design capacity of 9.2 million tonnes per annum, supplemented by ore from surface stockpiles and ore trucked from the Kamoa mines. Run-of-mine grade from the western side of Kakula, including development, is expected to range between 3.0% and 4.0% copper for the remainder of the year. The Phase 1 and 2 concentrators continue to operate at approximately 50% of their combined capacity, processing ore from surface stockpiles since underground operations ceased on May 18, 2025. The Phase 3 concentrator, located adjacent to the Kamoa mines area as shown in Figure 3, has continued to outperform operationally since the start of the year. The concentrator is operating at an average annualized milling rate of approximately 6.5 million tonnes per annum, which is 30% higher than the concentrator's design capacity of 5 million tonnes per annum. Year-to-date, ore processed by the Phase 3 concentrator has an average feed grade of 2.84% copper. Mining from the Kamoa and Kansoko mines, have ramped up over the past 2 months to a combined rate of over 6.8 million tonnes per annum on an annualized basis. Short-term mine plans for the Kamoa and Kansoko mines have findings been updated to include the recommendations from the preliminary geotechnical assessment. Longer-term mine plans will be also be reviewed alongside Kakula. Figure 3. Overview of the Kamoa-Kakula Copper Complex To view an enhanced version of this graphic, please visit: Revised 2025 production guidance Kamoa-Kakula's updated 2025 production guidance is based on several assumptions and estimates as of June 10, 2025. The guidance provided involves estimates of known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially. The revised 2025 production guidance takes into account the probable effect of recent seismic activity and associated interruptions in mining operations at the Kakula Mine. Although mining in the western side of the Kakula Mine has restarted risk factors remain, including; it is too early to accurately predict potential disruption caused by further unexpected seismic activity, the integrity of underground infrastructure, the ability to ramp up underground operations, the ability to complete dewatering activities and the time required to access the new mining areas. The updated 2025 production guidance is based on an assessment of these factors that management believes are reasonable at this time, given all available information. A waterfall diagram shown in Figure 4 details a breakdown of the revised production guidance. Revised 2025 Production Guidance Kamoa-Kakula 370,000 - 420,000 Contained copper in concentrate (tonnes) All figures are on a 100%-project basis and metal reported in concentrate is before refining losses or payability deductions associated with smelter terms. Figure 4. Waterfall breakdown of original to revised 2025 production guidance, approximated by category ('000's tonnes of copper) with percentage change shown in boxes To view an enhanced version of this graphic, please visit: The 2026 target of approximately 600,000 tonnes of copper production is withdrawn pending further review. Ivanhoe Mines will provide a timely update on the 2026 target production rate when more information becomes available. Ivanhoe Mines will provide updated 2025 C1 cash cost (C1) per pound of payable copper in the second quarter of 2025 financial results. On-site direct-to-blister smelter to start up in third quarter Kamoa-Kakula's senior management has confirmed that the start-up of the on-site direct-to-blister copper smelter will commence in early September 2025, with first anode expected in October. The smelter can operate at a minimum operating capacity of 50%, or approximately 250,000 tonnes of copper on an annualized basis. As at May 31, 2025, unsold concentrate stockpiles consisted of 33,000 tonnes of copper. In preparation for the first feed of concentrate, approximately four to six weeks after start-up commences, it is expected that total unsold concentrate stockpiles will be approximately 35,000 tonnes of copper in concentrate. In addition, Kamoa-Kakula's senior management anticipates the commissioning of the 178-megawatt Turbine #5 at the Inga II hydroelectric dam in October 2025, further boosting domestically generated hydroelectricity supplied to the Kamoa-Kakula Copper Complex. Ivanhoe Mines to host a conference call for investors on June 12, 2025 The company will hold an investor conference call to discuss the operational update at Kamoa-Kakula before the market opens on June 12, 2025, at 8:00 a.m. Eastern time / 5:00 a.m. Pacific time. The conference call will conclude with a question-and-answer (Q&A) session. Media are invited to attend on a listen-only basis. To view the webcast, use the link: Audience Phone Number: (+1) 647 951 0841 (Toll, for international callers)(+1) 888 985 7261 (Toll-Free North America) An audio webcast recording of the conference call, together with supporting presentation slides, will be available on Ivanhoe Mines' website at Disclosure of Technical Information Disclosures of a scientific or technical nature in this news release, other than the preliminary geotechnical findings and the technical information in Figure 1, have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines' Executive Vice President, Projects. Mr. Amos has verified the technical data disclosed in this news release. Disclosures of a scientific or technical nature regarding the preliminary geotechnical findings in this news release have been reviewed and approved by Koos Bosman, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Bosman is considered independent of the company for purposes of NI 43-101 as he is Managing Director of Open House. Mr. Bosman has verified the technical data regarding the preliminary geotechnical findings disclosed in this news release. Disclosures of a scientific or technical nature in Figure 1 of this news release have been reviewed and approved by Joshua Chitambala, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Chitambala is not considered independent under NI 43-101 as he is the Resource Manager for Ivanhoe Mines. Mr. Chitambala has verified the other technical data regarding the surface stockpiles disclosed in this news release. About Ivanhoe Mines Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper Mine in South Africa. Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons including Angola, Kazakhstan, and Zambia. Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X. Information contact Investors Vancouver: Matthew Keevil +1.604.558.1034 London: Tommy Horton +44 7866 913 207 MediaTanya Todd +1.604.331.9834 Forward-Looking Statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Such statements include, without limitation: (i) statements that development from existing underground infrastructure toward a new mining area in the eastern side of the Kakula is expected to commence imminently, and that this development will be isolated from the dewatering activities; (ii) statements that dewatering of the eastern side of the Kakula Mine is expected to commence by the end of August 2025 and be complete during the fourth quarter; (iii) statements that the processing rate of the concentrators will ramp up throughout the remainder of 2025, as mining on the western side of the Kakula Mine increases, supplemented by feed from ore stockpiles; (iv) statements that, with necessary copper concentrate expected to be available, the on-site copper smelter is expected to start up in the third quarter, with first anode expected in October; (v) statements that Kamoa-Kakula's mining crews aim to ramp up mining from the western side of the Kakula Mine to approximately 300,000 tonnes per month (3.6 million tonnes per year on an annualized basis) during the second half of 2025, subject to underground conditions; (vi) statements that for the remainder of 2025, Kakula's underground mining crews will focus on the following three activities: ramping up mining on the western side of the Kakula Mine, developing a new mining area on the eastern side of the Kakula Mine and ramping up production from the Kamoa mining area; (vii) statements that the new box cut at Kansoko will enable increased production from Kansoko, providing an additional source of ore for the Phase 1 and Phase 2 concentrators; (viii) statements that development of a new mining area on eastern side of the Kakula Mine will commence imminently; (ix) statements that development of the new mining area is expected to be conducted in a mix of ore and waste and be completed in the second quarter of 2026; (x) statements that following the completion of dewatering activities on the eastern side of Kakula, a physical geotechnical inspection of the mine's existing workings will be conducted, concluding the full assessment by the geotechnical experts; (xi) statements regarding additional pumps being ordered as part of the long-term pumping infrastructure plan and such pumps being deployed in pairs; (xii) statements that delivery, installation, and commissioning of the surface dewatering infrastructure is expected by mid-September; (xiii) statements regarding the impact of the preliminary assessment on the mine plan at Kakula, Kamoa and Kansoko; (xiii) production guidance for Kamoa Kakula for 2025; (xiv) statements that ore from the western side of Kakula is expected to deliver a head grade ranging between 3.0% and 4.0% copper; (xv) statements that the smelter's minimum operating capacity is 50%, or approximately 250,000 tonnes of copper on an annualized basis; (xvi) statements that Kamoa-Kakula's senior management anticipates the commissioning of the 178-megawatt Turbine #5 at the Inga II hydroelectric dam in September, further boosting domestically generated hydroelectricity to the Kamoa-Kakula Copper Complex; and (xv) statements regarding the locations where the "Stage Two" dewatering surface pumping infrastructure will be installed to dewater the eastern side of the Kakula Mine and that water will be discharged into existing surface water channels. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: (i) uncertainty around the rate of water ingress into underground workings; (ii) the ability, and speed with which, additional equipment can be secured; (iii) the continuation of seismic activity; (iv) the state of underground infrastructure; (v) uncertainty around when future underground access can be secured; (vi) the fact that future mine stability cannot be guaranteed; (vii) the fact that future mining methods, may differ the impact on Kakula operations; and (viii) the ultimate conclusion of the assessment of the cause of the seismic activity at Kakula and the impact of same on the mining plan at the Kamoa Kakula Copper Complex. Additional factors also include those discussed above and under the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; changes in the rate of water ingress into underground workings; the continuation of seismic activity; the state of underground infrastructure; delays in securing underground access; changes to the mining methods required in the future; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form. To view the source version of this press release, please visit
Yahoo
37 minutes ago
- Yahoo
Perpetua Resources Announces US$300 Million Bought Deal Financing and US$100 Million Private Placement as part of Comprehensive Financing Package for Stibnite Gold Project
BOISE, Idaho, June 11, 2025 /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or the "Company") announced today that it has entered into an agreement with National Bank of Canada Financial Markets and BMO Capital Markets, on behalf of themselves and a syndicate of underwriters (the "Underwriters") under which the Underwriters have agreed to purchase, on a bought deal basis, 22,728,000 common shares, no par value, of the Company (the "Common Shares") at a price of US$13.20 per Common Share (the "Offering Price") for aggregate gross proceeds of approximately US$300 million (the "Offering"). National Bank of Canada Financial Markets and BMO Capital Markets are acting as joint lead bookrunning managers for the Offering. In connection with the Offering, Paulson & Co. Inc. has entered into an agreement to purchase US$100 million of Common Shares in a private placement (the "Private Placement") at the Offering Price. The Company intends to use the proceeds of the Offering and the Private Placement as part of a comprehensive financing package for the development of the Company's Stibnite Gold Project (the "Project") in conjunction with the previously announced application for up to US$2 billion in project financing submitted to the Export-Import Bank of the United States ("EXIM") in May 2025. The Company intends to designate the proceeds of the Offering and the Private Placement toward equity requirements for the EXIM debt financing, with any additional funds intended to support exploration activities, working capital and general corporate purposes. EXIM's due diligence on the Company's application is ongoing and is conditional upon successfully completing the due diligence and underwriting process. If the due diligence process is successful, the Company anticipates closing the debt financing in 2026. Together with the EXIM debt financing and royalty financing described below, if successfully completed in the amounts anticipated, the Company believes that the net proceeds from the Offering and the Private Placement will provide the Company with sufficient capital to fund the Project construction costs of US$2.2 billion, along with additional funds for a cost-over run account, debt service, working capital costs in excess of the Project capital costs and exploration activities. In addition, the Company is in advanced discussions with potential partners for guarantees of the Company's obligations under reclamation bonds or other financial instruments that the Company will be required to enter into to satisfy financial assurance requirements applicable under applicable federal and state law. The Company is seeking a US$155 million guarantee and indemnification of the Company's obligations to surety providers in respect of reclamation bonds or other financial instruments, along with proceeds between US$200 million to US$250 million, in exchange for either a gold net smelter return ("NSR") royalty not to exceed 3.9% or a gold stream. A royalty, if any, would be expected to provide for buy back of a portion of the royalty if certain conditions are met. The US$155 million guarantee and indemnification is anticipated to be sufficient to satisfy the aggregate obligations of the Company to provide construction phase financial assurance as required by regulatory authorizations from relevant agencies. Securing the financial assurance in this amount is expected to position the Company to receive the USFS notice to proceed under the approved plan of operation and satisfy the financial assurance conditions of various federal and state permits, allowing the Company commence construction later in 2025. The proposed royalty and financial assurance arrangement is expected to be formalized in summer 2025. Based on indications from the relevant agencies, the Company expects the remaining state permits required to commence construction to be issued by the relevant agencies in summer 2025. Perpetua Resources has also granted the Underwriters an option (the "Option") to purchase up to an additional 3,409,200 Common Shares representing up to 15% of the number of Common Shares to be sold pursuant to the Offering. The Underwriters have 30 days from the closing of the Offering to exercise the Option. In connection with the Offering, an underwriting agreement will be entered into by and among Perpetua Resources, National Bank of Canada Financial Markets and BMO Capital Markets as representatives of the several Underwriters (the "Underwriting Agreement"). In the event that the Option is exercised in full, the aggregate gross proceeds of the Offering will be approximately US$345 million. The Offering is expected to close on or about June 16, 2025. Closing of the Offering will be subject to a number of customary conditions to be included in the Underwriting Agreement. The Offering to the public in the United States is being made pursuant to the Company's effective shelf registration statement on Form S-3 (File No. 333-266071) (the "U.S. Registration Statement"), including a base prospectus, previously filed with the Securities and Exchange Commission (the "SEC"). The Offering in the United States will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. You may obtain these documents for free by visiting EDGAR on the SEC's website at Alternatively, copies of the U.S. Registration Statement, preliminary prospectus supplement and base prospectus may be obtained from National Bank of Canada Financial Markets, 130 King Street West, 4th Floor Podium, Toronto, Ontario M5X 1J9, by email at NBF-Syndication@ or by telephone at (416) 869-8414. The Offering may also be conducted in Canada and in offshore jurisdictions on a private placement basis in accordance with applicable securities laws. The Company intends to rely on the exemption in section 602.1 of the TSX Company Manual in respect of the Offering and the Private Placement as an eligible interlisted issuer. The Private Placement is expected to close concurrently with the closing of the Offering and is subject to customary conditions, including the completion of the Offering, but the Offering is not contingent upon the consummation of the Private Placement. The sale of the Common Shares under the Private Placement will not be registered under the Securities Act of 1933, as amended. Since neither the fair market value of the Common Shares to be acquired by the Paulson (an insider of the Company), nor the consideration for the Common Shares paid by Paulson, exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101 (as defined below), the Private Placement is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101. No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy Common Shares, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About Perpetua Resources and the Stibnite Gold Project Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Perpetua Resources has been awarded a Technology Investment Agreement of US$59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Stibnite Gold Project. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS OR INFORMATION Investors should be aware that the EXIM Letter of Interest ("LOI") is non-binding and conditional, and does not represent a financing commitment. A funding commitment, if any, is conditional upon successfully completing the due diligence and underwriting process, which may not be completed on the expected timeline, or at all. If the Company's application is approved, there can be no assurance that the EXIM financing will be for the full amount indicated in the LOI or the increased amount requested in the application, or that the approved EXIM financing will be sufficient for the Company to commence construction of the Project. Further, release of funding under any such commitment would be subject to the satisfaction of certain conditions and covenants by the Company. Investors should be aware that the Company has not entered into any definitive agreement with respect to a royalty, streaming or guarantee and may not be able to enter into such agreement on the anticipated terms and timeline, or at all. In addition, the outcomes from such agreement, when entered into, may not be sufficient to satisfy the aggregate obligations of the Company to provide construction phase financial assurance under applicable federal and state law prior to commencing construction. Securing the financial assurance does not guarantee the Company will receive the USFS notice to proceed under the approved plan of operation and consummating the royalty financing may not satisfy the financial assurance conditions of various federal and state permits required to commence construction. Further, a buy back of a portion of the royalty would be subject to the satisfaction of certain conditions and covenants by the Company under the royalty and financing arrangement. Investors should be aware that state regulators are not bound by permitting schedules and anticipated timelines may be delayed materially or not be satisfied. Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the conduct of the Offering and Private Placement; the granting of the Underwriters' over-allotment option; the anticipated use of proceeds from the Offering and Private Placement; the occurrence of the expected benefits from the anticipated use of proceeds from the Offering, Private Placement, EXIM financing and royalty financing disclosure regarding the review process, anticipated timing and potential outcome of the Company's EXIM financing application; the amount of potential debt financing available to the Company; the eligibility of the Project for funding under the MMIA and CTEP initiatives; the timing and potential outcome of any other discussions with governmental agencies; the status and anticipated terms and timing of the royalty, streaming and financial assurance negotiations; the estimate of the initial financial assurance obligations; the anticipated timing of the issuance of certain state permits or a USFS notice to proceed; our ability to fully fund the construction of the Project and related financial assurance obligations; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including providing a domestic source of antimony, national defense benefits, creation of jobs and environmental benefits. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the EXIM application will be reviewed and approved within the expected timeframe at the amount equal to or higher than the amount indicated in the LOI; that the Company will be able to satisfy the conditions to obtain a funding commitment from EXIM and to receive committed funds when needed; the ongoing royalty financing negotiations will proceed in a timely manner and result in a binding agreement on the terms anticipated; that the Company will be able to satisfy financial assurance requirements applicable under applicable federal and state law; that the Company's proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Project or that the company will be able to secure alternate financing if necessary; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to delays in the EXIM application review process; any approved amount of EXIM financing may not be sufficient to commence construction of the Project; the terms of the guarantee agreement and related surety agreements may not be sufficient to satisfy financial assurance requirements applicable under applicable federal and state law; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at and with the Canadian securities regulators, which are available at Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. View original content: SOURCE Perpetua Resources Corp. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Sandstorm Gold Royalties Portfolio Drilling and Exploration Highlights
VANCOUVER, BC, June 11, 2025 /CNW/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties", "Sandstorm" or the "Company") (NYSE: SAND) (TSX: SSL) is pleased to provide various developments and exploration highlights within its diversified stream and royalty portfolio (dollar figures in USD unless otherwise indicated). First Majestic Confirms New Discovery at Santa Elena First Majestic Silver Corp. ("First Majestic") has identified a significant gold-silver discovery on its Santa Elena property in Sonora, Mexico. The newly identified Santo Niño vein, located approximately 900 metres south of the Santa Elena processing plant, represents a significant addition to the district. The low-sulphidation, epithermal quartz-adularia vein has been traced over one kilometre along strike and 400 metres down-dip, with drilling to date confirming a mineralized core of approximately 600 metres by 220 metres. The discovery underscores the growing scale and potential of the Santa Elena district, which now hosts four major deposits, including Santa Elena and Santo Niño, which are both located within Sandstorm's stream area of interest. Exploration results from 14 drill intercepts at Santo Niño have returned significant gold and silver grades. Notably, hole SE-25-15 intersected 1.91 metres grading 8.38 grams per tonne ("g/t") gold and 248 g/t silver, including 0.43 metres of 27.5 g/t gold and 641 g/t silver. The results highlight the high-grade nature of the mineralization and its continuity across the western portion of the vein system. The structure remains open in multiple directions, and follow-up drilling is planned throughout 2025 to further delineate its extent and potential. The Santo Niño discovery complements the ongoing success at the Navidad deposit (not covered by Sandstorm's area of interest) where recent step-out drilling has expanded the mineralized footprint and returned some of the highest-grade intercepts ever recorded on the property. Together, Santo Niño and Navidad reinforce Santa Elena's status as a prolific, district-scale system with substantial upside. With nine rigs currently active, First Majestic is executing an aggressive exploration program aimed at unlocking further value and extending the mine life of this cornerstone asset. For more information, refer to First Majestic's website at and refer to the press release dated May 28, 2025. Sandstorm holds a gold stream on the Santa Elena mine, which includes the Santo Niño discovery, whereby the Company has the right to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold. Fruta del Norte Expands 2025 Drilling Program to 108,000 Metres Lundin Gold Ltd. ("Lundin Gold") has expanded its 2025 drilling program at the Fruta del Norte mine ("FDN") in Ecuador to at least 108,000 metres, following the program's success in the first quarter of 2025 and the growing pipeline of targets. The revised program represents the largest annual drill program ever completed on the land package that hosts the FDN deposit. Additional drill results have been released from Lundin Gold's ongoing conversion and near-mine exploration program. High-grade intercepts from the conversion program at FDN South ("FDNS") have confirmed the deposit's continuity and identified additional mineralized zones. Studies are underway to integrate FDNS into FDN's 2026 long-term mine plan. Further high-grade results from FDN East continue to highlight the target's growth potential. At the recently discovered Trancaloma target, results confirm a copper-gold porphyry system at surface and highlight the potential for other porphyries near Trancaloma. At Bonza Sur, drilling confirms the mineral envelope and indicated the potential for further extension. Highlighted drill results include (not true widths): FDNS FDN-C25-196: 72.80 g/t gold over 7.95 metres from 67.60 metres, including 1,320.0 g/t gold over 0.40 metres; FDN-C25-204: 40.60 g/t gold over 13.90 metres from 43.80 metres, including 272.57 g/t gold over 1.90 metres; and FDN-C25-198: 48.82 g/t gold over 6.45 metres from 145.85 metres, including 616.00 g/t gold over 0.45 metres. FDN East UGE-E-25-248: 7.12 g/t gold over 14.30 metres from 229.85 metres and 4.62 g/t gold over 23.15 metres from 321.30 metres. Trancaloma Target TRL-2024-220: 0.41% copper, 0.10 g/t gold over 858.10 metres from 0.0 metres, including 0.54% copper and 0.14 g/t gold over 447.95 metres. Bonza Sur BLP-2024-205: 1.10 g/t gold over 162.30 metres from 0.40 metres, including 3.19 g/t gold over 11.00 metres; and BLP-2025-267: 2.14 g/t gold over 58.40 metres from 75.40 metres, including 5.41 g/t gold over 19.20 metres. For more information and complete drill results, visit Lundin Gold's website at and refer to the press release dated May 7, 2025. Sandstorm holds a 0.9% net smelter returns ("NSR") royalty on the precious metals produced at FDN. All drill results reported by Lundin Gold at FDNS, FDN East, Trancaloma, and Bonza Sur are included within the area of interest of Sandstorm's precious metals royalty. 260 Metres Grading 3.29% Copper and 2.08 g/t Gold Intersected at Hugo North Extension Entrée Resources Ltd. ("Entrée") has released additional analytical results from drilling completed in 2022–2024 on the Hugo North Extension ("HNE") at the Oyu Tolgoi mine in Mongolia. The results are in addition to previously released assays in the latter half of 2024 and the first quarter of 2025, and Entrée will continue to release results as they become available from the company's joint venture partner Oyu Tolgoi LLC ("OTLLC"). Highlights from the drill results include: HNE Surface Hole UGD 189B: 552 metres grading 2.30% copper and 1.45 g/t gold from 1,226 metres, including 260 metres grading 3.29% copper and 2.08 g/t gold. HNE Underground Drill Holes UGD 871: 197 metres grading 1.07% copper and 0.38 g/t gold from 358 metres, including 89 metres grading 1.33% copper and 0.44 g/t gold; UGD 873A: 279 metres grading 1.12% copper and 0.16 g/t gold from 360 metres; and UGD 876: 169.3 metres grading 2.72% copper and 0.82 g/t gold from 224.7 metres, including 112 metres grading 3.33% copper and 0.81 g/t gold from 232 metres. The newly released results include one surface diamond drill hole and five underground diamond drill holes completed in 2024 on the Shivee Tolgoi mining license, along with one underground drill hole from the 2022 program. Each of the six diamond drill holes with newly reported assay results targeted mineralization within the potential Lift 2 block cave or area immediately to the east. Several drill holes reported in the May 14, 2025 release and previous news releases from Entrée have continued up to 200 metres vertically below the base of the potential Lift 2 block cave and remained in strong copper and gold mineralization. For more information and complete drill results, visit Entrée's website at and refer to the press release dated May 14, 2025. Sandstorm has a copper and precious metal stream with Entrée whereby the Company has the right to purchase 0.33% of the copper and 4.47% of the gold and silver produced at the HNE, and 0.33% of the copper and 3.39% of the gold and silver produced from the Heruga deposit. The Company will make ongoing cash payments of $0.50 per pound of copper, $220 per ounce of gold, and $5.00 per ounce of silver1. Drill Results Reinforce District-Scale Potential of Odienné Project Awalé Resources Ltd. ("Awalé") continues to report on its 2025 drilling campaign at the Odienné project in Côte d'Ivoire. Results from drilling across three key targets—BBM Zone, Charger, and Empire—have returned multiple high-grade gold and polymetallic intercepts, reinforcing the district-scale potential of the project. BBM Zone, Charger, and Empire are part of a broader pipeline of targets at Odienné, where Awalé is executing an 18,000-metre drill campaign. The project is being advanced as a potential mining camp with multiple feed sources for a central processing facility. BBM Zone Awalé has released the final results from a 22-hole, 6,380-metre drill program at the BBM Zone, confirming a broad gold-copper system extending over 1 kilometre of strike and to depths of 300 metres. Notably, hole OEDD-131 returned 45.0 metres of 1.4 g/t gold and 0.41% copper from 220 metres, including 4.0 metres of 2.6 g/t gold and 0.55% copper. The BBM Zone remains open down plunge, with a 300-metre-wide higher-grade core and multiple satellite targets identified within two to three kilometres, representing a key component of Awalé's broader exploration strategy at the Odienné project. Charger Target At the Charger target, Awalé reported high-grade gold and polymetallic intercepts from nine diamond drill holes, including: OEDD-120: 26.0 metres of 12.0 g/t gold from 146 metres; OEDD-118: 95.0 metres of 1.8 g/t gold from 170 metres; and OEDD-121: 4.0 metres of 18.5 g/t gold and 3.03% copper from 67 metres. Additionally, a new parallel mineralized breccia zone was discovered 50 metres west of the main corridor, with 26.0 metres of 2.0 g/t gold in hole OEDD-137. These results support the presence of multiple mineralized structures and highlight the scalability of the Charger system. Empire Target Awalé has resumed drilling at the Empire target, which is the company's first high-grade gold discovery at Odienné, discovered in 2019. Empire sits within a 20 kilometre west-northwest trending structure corridor, and 2.5 kilometres south of the Charger discovery. Six diamond drill holes at Empire were completed, totalling 1,168 metres, and intersected significant mineralization, including: OEDD-127: 15.0 metres of 5.2 g/t gold from 215 metres, including 10.0 metres of 7.5 g/t gold; OEDD-114: 16.0 metres of 3.0 g/t gold from 44 metres; and OEDD-124: 19.0 metres of 2.3 g/t gold from 76 metres. Exploration at Empire to date has covered only 5 kilometres of the Empire trend, with significant potential for further expansion. The results confirm the continuity of mineralization at depth and along strike, with Empire remaining open in multiple directions. For more information, including complete drill results, visit Awalé's website at and refer to the press releases dated April 8, 17, and May 12, 2025. Sandstorm holds a 2.0% NSR royalty on the Odienné project. Omai Gold Mines Drills 28.04 g/t Gold over 9.3 Metres at Wenot Omai Gold Mines Corp. ("Omai") has released assay results from the 2025 drill program at the Omai gold mine in Guyana ("OGM"). A total of 15,639 metres of drilling has been completed in 2025, surpassing the planned 15,000 metres program as results continue to extend the known limits of the gold mineralization at Wenot. Additionally, several holes have been drilled in West Wenot—an area which lies outside of any previous mining and includes a significant part of the Wenot Mineral Resource Estimate ("MRE"). Omai believes West Wenot could be suitable for a starter pit in a production scenario. Highlighted drill results include: Wenot Deposit 25ODD-103 & 103W: 3.56 g/t gold over 21.8 metres from 524.2 metres; 25ODD-103W: 3.93 g/t gold over 7.0 metres from 499.0 metres and 5.66 g/t gold over 4.3 metres from 560.0 metres; and 25ODD-102: 28.04 g/t gold over 9.3 metres from 361.2 metres, including 252.36 g/t gold over 1.0 metres. West Wenot 25ODD-116: 2.63 g/t gold over 27.5 metres from 471.5 metres; 25ODD-111: 4.87 g/t gold over 9.5 metres from 317.0 metres, including 10.92 g/t gold over 4.0 metres; and 25ODD-109: 2.37 g/t gold over 15.0 metres from 79.0 metres. Omai has also announced that drilling has begun on a deep hole that will initially drill across the Gilt Creek deposit, then continue a further 600–800 metres to explore the extension of the Wenot gold zones. The hole is expected to drill roughly 600 metres below the known Wenot deposit. Once South America's largest producing gold mine, the OGM produced over 3.7 million ounces ("Moz") of gold between 1993 and 2005. A Preliminary Economic Assessment ("PEA") released on the Wenot deposit in April 2024 envisioned an open pit operation producing 1.84 Moz of gold over a 13-year period. The 2024 PEA only incorporates 45% of the property's current MRE of 2.0 Moz of Indicated Mineral Resources and 2.3 Moz of Inferred Mineral Resources. For more information and complete drill results, visit Omai's website at and refer to the press releases dated May 12, 23, and 29, 2025. Sandstorm holds a 1.0% NSR royalty on the OGM. Troilus 2025 Drill Campaign Focuses on Identifying Higher-Grade Mineralization Troilus Gold Corp. ("Troilus") released results from its 2025 drill campaign on the Troilus project located in Quebec, Canada. The drill campaign is focused on identifying and delineating higher-grade mineralization and enhancing confidence in the current block model. The highlighted drill results below are from the Southwest Zone and confirm the higher-grade material within the reserve pit, expected to be mined in the first five years of the mine plan. SW-25-688: 56 metres grading 2.03 g/t gold, 2.55 g/t silver and 0.23% copper from 174 metres, including 34 metres grading 2.74 g/t gold, 3.38 g/t silver, and 0.29% copper; SW-25-679: 51 metres grading 1.13 g/t gold and 0.81 g/t silver from 9 metres; SW-25-712: 73 metres grading 0.68 g/t gold, 0.80 g/t silver and 0.14% copper from 189 metres, including 19 metres grading 1.34 g/t gold, 0.76 g/t silver, and 0.29% copper; and SW-25-681: 36 metres grading 1.40 g/t gold, 1.58 g/t silver, and 0.22% copper, including 23 metres grading 1.93 g/t gold, 1.85 g/t silver, and 0.29% copper. For more information and complete drill results, visit Troilus's website at and refer to the press releases dated April 29 and May 22, 2025. Sandstorm holds a 1.0% NSR royalty on the Troilus project. Note 1. Stream terms reflect bought down rates applicable to HNE and Heruga deposits, assuming the Mongolian Government acquires a 34% interest in Entrée's share of the joint venture, at which time Sandstorm will receive up to $6.8 million in total consideration. Qualified Person Imola Götz ( F.E.C.), Sandstorm's Vice President, Mining & Engineering is a Qualified Person as defined by Canadian National Instrument 43-101. Ms. Götz has reviewed and approved the scientific and technical information in this news release. Contact Information For more information about Sandstorm Gold Royalties, please visit our website at or email us at info@ ABOUT SANDSTORM GOLD ROYALTIES Sandstorm is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production from a mine, for the life of the mine. Sandstorm holds a portfolio of approximately 230 royalties, of which 40 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties. For more information visit: CAUTIONARY STATEMENTS TO U.S. SECURITYHOLDERS The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP. This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced herein and the documents incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). For United States reporting purposes, the United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Corporation is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained or incorporated by reference herein may not be comparable to similar information disclosed by United States companies subject to the United States federal securities laws and the rules and regulations thereunder. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", U.S. investors should not assume that all or any part of the mineralization in these categories will be converted into a higher category of mineral resources or into mineral reserves without further work and analysis. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that all or any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable without further work and analysis. Further, "inferred mineral resources" have a greater amount of uncertainty and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of inferred mineral resources will be upgraded to a higher category without further work and analysis. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms are "substantially similar" to CIM Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules or under the prior standards of SEC Industry Guide 7. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Royalties. Forward-looking statements include the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2024 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 31, 2025 available at Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. View original content to download multimedia: SOURCE Sandstorm Gold Ltd. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
