Patient Transfer Robot Market to Reach $2.9 Billion by 2034, Driven by 9.2% CAGR
Patient Transfer Robot Market Outlook 2025-2034
Luton, Bedfordshire, United Kingdom, June 02, 2025 (GLOBE NEWSWIRE) -- Patient Transfer Robot Market Research Report
The global patient transfer robot market is valued at approximately $1.2 billion in 2024, with expectations to grow significantly over the next decade. By 2034, the market is projected to reach around $2.9 billion, reflecting a robust compound annual growth rate (CAGR) of about 9.2% during the forecast period from 2025 to 2034.
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Currently, the market is characterized by increasing adoption of automation in healthcare settings, primarily driven by a growing need to improve patient mobility and reduce manual lifting injuries among healthcare staff. Key trends include advancements in robotic technology, enhanced safety features, and integration with telemedicine platforms. Opportunities lie in expanding applications within elder care facilities and rehabilitation centers, where patient handling is critical.
However, challenges such as high initial costs, varying regulatory standards, and the need for staff training can hinder widespread adoption. As hospitals and care centers invest in robotic solutions to enhance efficiency and patient outcomes, the market is expected to witness steady growth. Stakeholders must navigate these challenges while focusing on innovation and user-friendly designs to capitalize on emerging opportunities in diverse healthcare environments.
Market Segmentation
By Product Type
Manual Patient Transfer Robots: Significant but declining market share; preferred by budget-conscious facilities.
Automated Patient Transfer Robots: Growing market share due to superior safety and efficiency.
By Application
Hospitals: Largest segment, due to high patient transfer volumes and surgical demands.
Nursing Homes & Rehabilitation Centers: Increasing adoption for safer patient handling.
Home Care: Smaller but growing segment, driven by aging-in-place trends.
By End-User
Healthcare Facilities: Dominant end-user segment, emphasizing efficiency and staff safety.
Individual Patients: Emerging segment, especially in home care.
Caregivers/Healthcare Staff: Critical for training and effective robot use.
By Technology
Electric Patient Transfer Robots: Market leaders due to ease of use and advanced features.
Hydraulic Patient Transfer Robots: Still used in cost-sensitive environments; declining in favor of electric.
By Functionality
Lifting: Key for reducing staff injuries.
Transporting: Focus on improving patient movement logistics.
Monitoring: Growing rapidly due to demand for real-time health data during transfers.
Regional Analysis
North America
Market Share (2024): Approximately 45% of the global market.
Growth Drivers:
Advanced Healthcare Infrastructure: Presence of cutting-edge hospitals, research centers, and manufacturing facilities that support high-quality production and adoption of new technologies.
Aging Population: A growing elderly demographic increases demand for specialized healthcare products and services, fueling market growth.
Supportive Regulatory Environment: Agencies like the FDA streamline approvals for innovative healthcare products, facilitating faster market entry and expansion.
Strong R&D Investment: Substantial funding for research and development accelerates innovation and enhances product offerings.
Market Trends:
Focus on personalized medicine and biologics.
Increasing collaborations between biotech companies and contract manufacturers.
Emphasis on quality compliance and supply chain robustness.
Europe
Market Share (2024): Approximately 30% of the global market.
Compound Annual Growth Rate (CAGR): Around 8%.
Growth Drivers:
Increased Healthcare Investment: Governments and private sectors are investing heavily in healthcare infrastructure and technology upgrades.
Shift to Outpatient Care: Movement towards outpatient treatments reduces hospitalization time, boosting demand for efficient, innovative therapies and manufacturing solutions.
Regulatory Support: The European Medicines Agency (EMA) provides a supportive framework, though with stringent standards ensuring high product quality.
Focus on Sustainability: European market players emphasize eco-friendly manufacturing processes and sustainable supply chains.
Market Trends:
Growing demand for biosimilars and advanced therapeutics.
Expansion of contract manufacturing organizations (CMOs) with specialized capabilities.
Increasing cross-border collaborations within the EU.
Asia-Pacific
Market Share (2024): Approximately 20% of the global market.
CAGR: Fastest-growing region with a rate of about 12%.
Growth Drivers:
Rapid Urbanization: Increasing urban populations drive higher healthcare consumption and access to advanced treatments.
Rising Healthcare Expenditure: Governments and private sectors are significantly increasing spending on healthcare infrastructure and services.
Healthcare Modernization: Countries like China, India, Japan, and South Korea are modernizing their healthcare systems and manufacturing capabilities.
Growing Middle Class: Rising disposable incomes enable higher demand for quality healthcare products and treatments.
Regulatory Improvements: Progressive regulatory reforms are making it easier for foreign and local companies to operate.
Market Trends:
Expansion of local manufacturing capabilities to reduce dependency on imports.
Increasing presence of multinational CMOs and contract development and manufacturing organizations (CDMOs).
Growing focus on biologics, biosimilars, and novel drug delivery systems.
Latin America & Middle East
Market Share (2024): Smaller but emerging markets with growing potential.
Growth Characteristics:
Economic and Regulatory Challenges: Political instability, economic fluctuations, and regulatory complexities pose hurdles but are gradually improving.
Increasing Healthcare Investments: Governments and private sectors are slowly increasing funding to upgrade healthcare infrastructure and capabilities.
Growing Demand for Healthcare Services: Rising population and disease burden drive demand for better healthcare solutions.
Expanding Local Manufacturing: Efforts to build domestic pharmaceutical and biopharmaceutical manufacturing capacity are underway to reduce import dependency.
Market Trends:
Opportunities for international partnerships and technology transfer.
Growing interest in contract manufacturing as cost-effective solutions become critical.
Increased regulatory harmonization efforts to streamline approvals and market entry.
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Market Dynamics
Growth Drivers
Automation to Reduce Caregiver Injury and Improve Patient Outcomes
Manual patient handling is a leading cause of musculoskeletal injuries among healthcare workers, resulting in lost workdays and increased healthcare costs. Automated robotic systems significantly reduce physical strain on caregivers by assisting in lifting, repositioning, and transferring patients.
By minimizing manual handling, these technologies help prevent caregiver injuries, thereby reducing absenteeism and workers' compensation claims. Additionally, precise robotic assistance can improve patient comfort and safety during transfers, lowering the risk of falls and injuries.
Technological Advances (AI, Machine Learning) Enhancing Robot Safety and Reliability
The incorporation of AI and machine learning enables patient-handling robots to better interpret complex environments and human movements, allowing adaptive responses in real-time.
Enhanced sensors and computer vision ensure robots detect obstacles, patient posture, and caregiver presence, which improves operational safety. This leads to higher reliability and trust in robotic systems by healthcare providers.
Continuous software updates driven by AI enable predictive maintenance, reducing downtime and increasing system longevity.
Regulatory Pressures Enforcing Safer Patient Handling Practices
Regulatory bodies in many developed countries (e.g., OSHA in the US, Health and Safety Executive in the UK) are tightening guidelines on manual patient handling to reduce workplace injuries. This drives healthcare facilities to adopt compliant technologies like patient handling robots.
Hospitals and care centers face penalties and liability risks if they fail to adhere to these regulations, motivating investments in automated solutions to ensure safety compliance.
Economic Incentives to Reduce Costs Related to Manual Handling and Injuries
Healthcare institutions are increasingly aware of the economic burden caused by manual handling injuries, including treatment costs, compensation claims, and loss of productivity.
Investing in robotic systems can be cost-effective over time by reducing these indirect costs. Insurance companies and government health programs in some regions offer incentives or reimbursements for facilities adopting safety-enhancing technologies, making robotic solutions more financially attractive.
Challenges & Restraints
High Upfront Costs Limiting Adoption, Especially in Budget-Constrained Settings
Patient handling robots require significant capital investment for purchase, installation, and integration into existing workflows, which can be prohibitive for smaller hospitals or care centers, especially in developing regions.
Ongoing maintenance and software licensing fees add to the total cost of ownership, creating budgetary challenges.
Varying Regulatory Standards Across Regions Causing Compliance Complexity
Different countries and regions have unique safety, medical device, and operational standards for healthcare robotics, leading to fragmented regulatory landscapes.
Manufacturers must customize products and documentation to meet diverse requirements, complicating international sales and delaying market entry.
Supply Chain Disruptions Impacting Production and Pricing
Global supply chain issues — including shortages of electronic components, raw materials, and logistics constraints — can delay manufacturing and delivery of robotic systems.
These disruptions often increase production costs, which are passed on to buyers, further slowing adoption.
Need for Comprehensive Staff Training for Optimal Robot Use
Effective use of patient handling robots requires healthcare staff to receive specialized training on operation, safety protocols, and emergency procedures.
Insufficient training can lead to misuse, safety incidents, or underutilization, undermining the benefits of automation.
Training programs represent additional time and financial commitments for healthcare providers.
Opportunities & Trends
Expansion in Elder Care and Rehabilitation Sectors
The aging global population is driving demand for solutions that assist elderly patients with mobility challenges in nursing homes and rehabilitation centers.
Robots that support patient transfers, physical therapy, and daily living activities are increasingly valued for improving quality of care and reducing caregiver burden.
Integration with Telemedicine and Remote Healthcare Services
Combining robotic patient handling with telemedicine platforms allows caregivers or specialists to monitor and assist patients remotely, improving access to care, especially in rural or underserved areas.
Robots can facilitate safe patient transfers and movements guided or supervised by remote professionals, enhancing healthcare delivery models.
Emerging Subscription/Leasing Business Models Easing Procurement Barriers
To address high upfront costs, manufacturers and service providers are introducing leasing or subscription models that spread payments over time, making robotic systems more accessible to healthcare providers with limited capital budgets.
These models often include maintenance, upgrades, and training, offering turnkey solutions that lower the total cost and complexity for buyers.
Increased Demand in Emergency and Outpatient Settings for Efficient Patient Movement
Hospitals are increasingly focusing on emergency departments and outpatient clinics where patient throughput and rapid turnover are critical.
Robotic patient handling helps streamline transfers, reduce waiting times, and improve safety in these high-pressure environments.
The trend toward ambulatory care and shorter hospital stays is also boosting demand for portable, easy-to-use robotic solutions.
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Competitive Landscape
Key players shaping the market include:
Stryker Corporation
Implicon Technologies
Swisslog Healthcare
TUG Robotics
Aethon
Panasonic Healthcare
Medtronic
Omnicell
KUKA AG
Robotnik Automation
Fetch Robotics
Mobile Industrial Robots (MiR)
KINOVA Robotics
Accuray Incorporated
Beyond Ordinary Robotics
Recent Market Developments
1. Swisslog Healthcare
Partnership with BD for Robotic Pharmacy Automation (December 2024) Swisslog Healthcare has entered into a co-marketing agreement with BD (Becton, Dickinson and Company) to integrate Swisslog's robotic medication management solutions with BD's Pyxis™ Logistics software. This collaboration aims to enhance inventory tracking and automate workflows across hospital pharmacies, improving operational efficiency and reducing manual tasks.
2. KUKA AG
Showcase of Medical Robotics at MEDICA 2023 At MEDICA 2023, KUKA highlighted its LBR Med robotic arm, which is certified for medical use. Demonstrations included the ROBERT® rehabilitation robot, now capable of mobilizing upper extremities, and the Flux One system, which uses magnetic fields to assist in catheter procedures. These innovations aim to improve patient rehabilitation and surgical precision.
3. Omnicell, Inc.
Launch of OmniSphere and Central Med Automation Service (2024) Omnicell introduced OmniSphere, a cloud-native software platform designed to integrate robotics and smart devices across healthcare settings. Additionally, the company launched the Central Med Automation Service, a subscription-based solution to streamline centralized medication management, enhancing inventory visibility and patient safety.
4. Neuro-Kinesis Corporation
Advancement of Proteus™ Robotic Arm (2023) Neuro-Kinesis Corporation is developing the Proteus™ Two, an advanced robotic arm for catheter navigation. This system integrates KUKA's LBR Medical Robot and aims to combine real-time human-in-the-loop control with autonomous robotic mapping, enhancing precision in minimally invasive procedures.
5. Mazor Robotics (Acquired by Medtronic)
Development of MazorX Robotic System Mazor Robotics, now part of Medtronic, has developed the MazorX, a table-mounted robotic system for spine surgery. This system integrates with Medtronic's StealthStation navigation platform, offering enhanced precision and flexibility in spinal procedures.
This report is also available in the following languages : Japanese (患者搬送ロボット市場), Korean (환자 이송 로봇 시장), Chinese (病人转移机器人市场), French (Marché des robots de transfert de patients), German (Markt für Patiententransferroboter), and Italian (Mercato dei robot per il trasferimento dei pazienti), etc. Get a Sample PDF Brochure: https://exactitudeconsultancy.com/reports/65696/patient-transfer-robot-market#request-a-sample
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The Company produced 51,912 gold equivalent ounces for the three months ended April 30, 2025, compared to 53,379 gold equivalent ounces in the same period in 2024. The decrease in gold production in the three-month period ended April 30, 2025 compared to the prior year comparable period was due to lower feed grades at Bibiani. Consolidated AISC increased by 58% for the three months ended April 30, 2025 compared to the same period in 2024 primarily due to additional costs at Bibiani resulting from increased stripping in the Main Pit and lower grade ore. Additionally, higher sustaining capital expenditures at Chirano as well as lower consolidated volume of gold equivalent sold contributed to this increase. Bibiani Mine – Summary of the quarter ended April 30, 2025 Results Three months ended April 30 ($000s USD) except as noted 2025 2024 Waste mined (kt) 11,412 2,472 Ore mined (kt) 558 587 Total material mined (kt) 11,970 3,058 Strip ratio (waste:ore) 20.5 4.2 Ore processed (kt) 581 596 Grade (grams/tonne) 1.33 1.65 Gold recovery (%) 68% 65% Gold equivalent produced (oz) 17,241 19,183 Gold equivalent sold (oz) 16,708 19,363 Revenue ($ in thousands) 46,674 41,309 Average gold price realized per ounce1 2,794 2,133 AISC1 3,693 1,752 Note:(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to 'Non-IFRS Measures'. Total material mined increased by 291.4% in the three months ended April 30, 2025 compared to the three months ended April 30, 2024. In the three months ended April 30, 2025, ore mined totaled 558,133 tonnes, a 4.8% decrease from 586,536 tonnes in the same period in 2024. The increase in total material mined in the three months ended April 30, 2025 and the decrease in ore mined in the three months ended April 30, 2025 reflects the Company's strategy to reduce the waste strip backlog associated with the expansion of the Main Pit, as well as the continued mining activities at the Russel satellite pit. Gold equivalent ounces produced in the three months ended April 30, 2025 was 17,241 compared to 19,183 in the three months ended April 30, 2024. The decrease in the three months ended April 30, 2025 was due to lower grade plant feed, impacted by draws from low-grade stockpiles whilst operations are focused on reducing the backlog of waste stripping. In addition, results were impacted by a high proportion of sulphide ore processed without the benefit of a sulphide treatment plant, which continues to limit gold recovery. AISC increased to $3,693 per ounce in the three months ended April 30, 2025, compared to $1,752 per ounce in the same period of 2024. The increase was primarily due to elevated stripping requirements, lower grade ore processed, and other higher sustaining capital expenditures. Bibiani Mine – Outlook For the year ending January 31, 2026, the Company plans to execute on its growth strategy which includes: The construction, commissioning, and optimization of the sulphide treatment plant with commissioning expected to begin by the end of Q2 2026, and full operations expected to begin in Q3 2026, significantly enhancing gold recovery. Plant throughput expansions including completion of an upgraded crushing system, which has already started and progressing to plan to achieve a throughput increase from 3.0 Mt/y to 4.0 Mt/y and create a robust crushing circuit. Plant upgrades to the carbon-in-leach ('CIL') plant. Road construction connecting Bibiani to Chirano. Backup generator installation to ensure uninterrupted power to operations and reduced plant downtime. Commencement of underground mining. A definitive feasibility study has been completed, with the underground preparation program that already started targeting start of development in Q4 2026. Full production from the underground mine is planned for 2028, with an anticipated delivery of up to 2.6 Mt/year at an average in situ grade of approximately 3.0 g/t Au above the cutoff grade through 2030. Complete the advanced exploration grade control drilling program at Pamunu, Ayiseru, and Asempaneye to facilitate the development of new satellite pits in 2025, with the goal of improving oxide ore feed and maximizing plant throughput. External financing is being arranged to execute this growth strategy. The Company is currently pursuing various financing initiatives, and although there is no certainty that such financing initiatives will be completed, the Company is confident that it will be able to complete such initiatives in the near term. Subject to the availability of sufficient financing, the Company expects to successfully complete the above initiatives and produce between 155,000 and 175,000 gold ounces at Bibiani in the year ending January 31, 2026, including a significant increase in monthly production in the latter part of the fiscal year following advancement of the planned waste stripping program and completion of the sulphide treatment plant. Chirano Mine –Summary of the quarter ended April 30, 2025 Results Three months ended April 30 ($000s USD) except as noted 2025 2024 Open Pit Mining: Waste mined (kt) 1,742 2,734 Ore mined (kt) 321 612 Total material mined (kt) 2,063 3,347 Strip ratio (waste:ore) 5.4 4.5 Underground Mining: Waste mined (kt) 204 210 Ore mined (kt) 461 460 Total material mined (kt) 665 670 Ore processed (kt) 929 840 Grade (grams/tonne) 1.31 1.47 Gold recovery (%) 86% 86% Gold equivalent produced (oz) 34,671 34,196 Gold equivalent sold (oz) 31,482 34,236 Revenue ($ in thousands) 95,308 73,002 Average gold price realized per ounce1 3,027 2,132 AISC1 2,587 1,951 Note:(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company's financial statements, refer to 'Non-IFRS Measures'. Ore mined from open pit mining decreased by 47.6% in the three months ended April 30, 2025 compared to the same period in 2024. Ore mined decreased in the three months ended April 30, 2025, due to decreased ore mining activity as a result of a focus on stripping activities at the Mamnao central, and Aboduabo open pits. Ore mined from underground mining was relatively constant in the three months ended April 30, 2025, compared to the same period in 2024. Obra, Suraw and Akwaaba were the contributors of underground material in the three months ended April 30, 2025 whilst development started at Akoti Far South to establish another stopping area, improving flexibility. Ore processed increased by 10.6% in the three months ended April 30, 2025 compared to the same period in 2024. The increase was mainly due to greater power availability and realised benefits from plant throughput improvement project initiatives. In the three months ended April 30, 2025, ore grade processed decreased to 1.31 grams per tonne (2024 - 1.47 grams per tonne) due to proportionally more plant feed from low grade stockpiles rehandled in 2025 as opposed to open pit ore in the comparable period. The increased in ore processed, offset by lower ore grades, resulted in marginal increased gold equivalent ounces produced of 34,671 ounces in the three months ended April 30, 2025 compared to 34,196 ounces in the three months ended April 30, 2024. AISC increased to $2,587 per ounce in the three months ended April 30, 2025 compared to $1,951 per ounce in the same period of 2024. This increase was primarily driven by higher sustaining capital expenditures and higher indirect costs associated with production as well as lower volume of gold equivalent sold. Chirano Mine – Outlook For the year ending January 31, 2026, the Company plans to execute on its growth strategy which includes: Execution of process plant projects as planned to improve performance and increase the annual mine production rate to 4Mt/annum. This includes vibrating screen for primary jaw crusher installation, run-of-mine bin refurbishment, apron feeder upgrade, cyclone feed hopper upgrade, carbon regeneration kilns upgrade, mill 2 feed end and half shell replacement, installation of 12-ton acid wash and elution columns, installation of thermic oil heaters, water storage facility construction, TSF1 SE stage 2 raise and TSF3 construction. Underground development of the Akwaaba, Tano and Akoti far south mines to ensure robust underground ore delivery. Development of exploration drifts towards the north to explore and target the reclassification of the resource at Sariehu and Mamnao underground mines and to reaffirm the north mine concept of existing continuity between Obra and Sariehu underground deposits. Start of Aboduabo open pit oxide mining. Ongoing underground exploration projects at the Suraw, Obra and open pit mine life extension projects at the Sariehu/Mamnao area are progressing as planned. The Company expects to produce between 155,000 and 175,000 gold ounces at Chirano for the year ending January 31, 2026. Qualified Person Statement The scientific and technical information contained in this news release has been reviewed and approved by David Anthony, Mining and Mineral Processing, President and CEO of Asante, who is a "qualified person" under NI 43-101. Non-IFRS Measures This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ('IFRS'), including 'all-in sustaining costs' (or 'AISC'), 'earnings before interest, taxes, depreciation and amortization' (or 'EBITDA'), and free cash flow. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Asante's consolidated financial statements. Readers should refer to Asante's Management Discussion and Analysis under the heading "Non-IFRS Measures" for a more detailed discussion of how Asante calculates certain of such measures and a reconciliation of certain measures to IFRS terms. About Asante Gold Corporation Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana. The Company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana's Golden Triangle. Additional information is available on the Company's website at About the Bibiani Gold Mine Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure. Asante commenced mining at Bibiani in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022. For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to the 2024 Bibiani Technical Report filed on the Company's SEDAR profile ( on April 30, 2024. About the Chirano Gold Mine Chirano is an operating open pit and underground mine located in the Western Region of Ghana, immediately south of the Company's Bibiani Gold Mine. Chirano was first explored and developed in 1996 and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines. For additional information relating to the mineral resource and mineral reserve estimates for the Chirano Gold Mine, please refer to the 2024 Chirano Technical Report filed on the Company's SEDAR profile ( on April 30, 2024. For further information please contact: Dave Anthony, President and CEOFrederick Attakumah, Executive Vice President and Country Director info@ 604 661 9400 or +233 303 972 147 Cautionary Statement on Forward-Looking Statements Certain statements in this news release constitute forward-looking statements or forward-looking information. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: production, free cash flow and all-in sustaining costs forecasts for the Bibiani and Chirano Gold Mines, estimated mineral resources, reserves, exploration results and potential, development programs, expansion and mine life extension opportunities, completion and timing of plant upgrades, commencement of underground mining, and completion and timing of external financing by the Company. These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of mineralized material to be mined and processed; future anticipated prices for gold and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; risks related to increased barriers to trade, including tariffs and duties; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations, including contractual rights from third parties and adjacent property owners; whether the Company is able to maintain a strong financial condition and have sufficient capital, or have access to capital, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in the price of gold; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships and claims by local communities; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in countries where the Company may carry on business, including legal restrictions relating to mining, risks relating to expropriation; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, the Company's inability to raise the necessary capital or to be fully able to implement its business and growth strategies, and those risk factors identified in the Company's management's discussions and analysis and the most recent annual information form. The reader is referred to the Company's public disclosure record which is available on SEDAR ( Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the securities exchanges on which the Company is listed, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. LEI Number: 529900F9PV1G9S5YD446. 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