Dolly Varden Silver quadruples portfolio in B.C.'s Golden Triangle
Dolly Varden is a junior miner advancing its Kitsault Valley gold and silver project in British Columbia, which is estimated to contain over 32.9 million ounces of silver equivalent indicated and 11.4 million ounces inferred
The Canadian silver stock has given back 5.73 per cent year-over-year but remains up by 217.54 per cent since 2020
Dolly Varden Silver (TSXV:DV) signed a definitive agreement to acquire the Kinskuch property from Hecla Mining (NYSE:HL), quadrupling its presence in British Columbia's Golden Triangle.
The acquisition expands Dolly Varden's flagship Kitsault Valley project into numerous underexplored areas prospective for silver, gold and copper mineralization. These include: Claims to the southwest that trend to within 7 km of Goliath Resources' recent Surebet gold discovery.
An area south of the Big Bulk project with the potential to host additional gold-copper porphyry systems on trend with the Kitsault molybdenum porphyry deposit being advanced by Newmoly.
Consideration of $5 million will be paid through 1,351,963 DV shares, with Hecla retaining a 2 per cent net smelter return royalty, half of which Dolly Varden can buy back for $5 million at any time.
According to Monday's news release, Hecla Mining currently owns about 13.3 per cent of Dolly Varden's outstanding common shares and will maintain a position on the junior miner's technical committee to help to unlock value from Kinskuch. Leadership insights
'Consolidating Dolly Varden's Kitsault Valley project with our major shareholder Hecla's large and underexplored claims covering prospective Hazelton Group rocks will allow for more efficient exploration and enable us to unlock value on our path to be a premier precious metals company,' Shawn Khunkhun, president and chief executive officer of Dolly Varden Silver, said in a statement. 'Additionally, we welcome Hecla's increased share ownership in our company.'
'We will be using our structural and lithological framework model developed at the Kitsault Valley trend that has led our team to significant discoveries, such as the Wolf vein, and applying it to exploration of the Illiance trend. Hecla was successful in identifying a subparallel trend of silver-rich mineralization, located to the east of our significant silver and gold deposits,' added Rob van Egmond, Dolly Varden's vice president of exploration. About Dolly Varden Silver
Dolly Varden is a junior miner advancing its Kitsault Valley gold and silver project in British Columbia. The project, on trend with the high-grade Eskay Creek and Brucejack deposits, is estimated to contain over 32.9 million ounces of silver equivalent indicated and 11.4 million ounces inferred, representing over US$1.4 billion in the ground.
The Canadian silver stock (TSXV:DV) opened with a again of 2.84 per cent trading at C$3.62. The stock has given back 5.73 per cent year-over-year but remains up by 217.54 per cent since 2020.
Join the discussion: Find out what everybody's saying about this Canadian silver stock on the Dolly Varden Silver Corp. Bullboard and check out Stockhouse's stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
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Toronto Sun
17 minutes ago
- Toronto Sun
Here's what Canada's effective U.S. tariff rate might look like after carve-outs
Published Aug 12, 2025 • 3 minute read The Canadian flag flies near the Ambassador Bridge at the Canada-U.S. border crossing in Windsor, Ont., on Saturday, March 21, 2020. Photo by Rob Gurdebeke / THE CANADIAN PRESS OTTAWA — When you peel back the many layers of tariffs and exemptions imposed by the United States, the effective tariff rate on Canada looks much lower than the headline figures suggest, some economists say. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account RBC senior economist Claire Fan said in an interview that the effective tariff rate is an average of the import duties paid on goods heading to the United States that accounts for exemptions tied to the Canada-U.S.-Mexico Agreement (CUSMA) on trade. While U.S. President Donald Trump ramped up blanket tariffs on Canada to 35% at the start of the month, that move maintained an exemption for goods compliant with the CUSMA. RBC estimates the effective tariff rate on Canadian goods is closer to 6% today. BMO's calculations from the start of the month place that figure a little higher, at around 7%. Read More Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The Bank of Canada said in late July — before Trump's latest escalation — that it estimated the effective U.S. tariff rate was around 5%, up from almost nothing at the start of the year. RBC's calculation is based on export volume data from 2024. Other sets of data offer slightly different measures of the tariff strain facing Canadian businesses. Fan said that, according to data published by the U.S. Census Bureau, Canada's effective tariff rate was roughly 2.4% in June, before the latest wave of higher tariffs came into effect. That figure captures the actual duties paid at the Canada-U.S. border, she said, and may fall short because of delays in reporting and general confusion over tariff levels among businesses. This advertisement has not loaded yet, but your article continues below. 'It's not surprising that there's a certain amount of disarray at customs,' she said. The effective tariff rate could also be lower in practice as U.S. businesses shift away from importing Canadian goods that carry the highest levels of tariffs, Fan said. RECOMMENDED VIDEO While the effective tariff rate offers a simple explanation for the total level of U.S. tariffs facing Canada, Fan warned that it can underestimate the on-the-ground impact. 'It's not the best gauge of the severity of tariffs, but it's one of the only ones that we have, unfortunately,' she said. CUSMA compliance does not broadly exempt Canadian goods from sector-specific tariffs like those levied under Section 232 of U.S. trade legislation. This advertisement has not loaded yet, but your article continues below. Ongoing U.S. tariffs of 50% on steel and aluminum, for example, will have an outsized impact on those sectors going forward, Fan said. At roughly 6%, Canada's effective tariff rate is well below the cumulative rate facing the United States' other trading partners right now, which RBC pegs at around 15% to 17%. 'That's the key point right there, which is why we're still one of the countries that's facing the least amount of U.S. tariffs right now,' Fan said. It's not fully clear to economists how much of the Canadian goods entering the United States are tariff-free under CUSMA. The Bank of Canada said in its monetary policy report in late July that it assumes Canadian businesses will collectively achieve CUSMA compliance on 95% of non-energy goods under a scenario that sees the tariff situation hold steady over the coming three years. This advertisement has not loaded yet, but your article continues below. The central bank doesn't assume perfect compliance, since some businesses might not want to go through the administrative burden of securing a carve-out. But Fan said the CUSMA exemption is the critical element giving Canadian exporters a 'competitive advantage' over other highly tariffed economies. Oxford Economics' lead economist Adam Slater said in a report issued Monday that, despite tremendous uncertainty tied to disruption of trade with the United States, Canada and Mexico may extract some benefit as long as CUSMA remains active. That trade agreement is up for renegotiation in 2026. Based on U.S. Census Bureau data from June, Oxford calculates the effect tariff rate for China at 35%, Japan at 15% and the United Kingdom at 8%. The firm suggests that — at 2.5% — Canada's effective tariff rate is a bit higher than RBC's estimate based on the U.S. Census Bureau data, while Mexico's effective tariff rate is estimated at 4%. 'If the relatively low tariffs apparently being paid on imports from Mexico and Canada persist, these two economies could pick up some benefits from shifts in supply chains, although uncertainties over the endgame for tariffs and the future of the (CUSMA) deal will be near-term drags,' Slater wrote. Opinion Toronto Blue Jays Toronto & GTA Canada Toronto Blue Jays
Vancouver Sun
17 minutes ago
- Vancouver Sun
Opinion: A treaty beats a handshake
After what, for now, has been the most tumultuous month in Canada-U.S. trade relations, Canada emerges in a unique place among its G7 counterparts. We are the only G7 country without a new Trump trade deal. We are the only G7 member that is still retaliating with reciprocal tariffs against U.S. exports. And we have the lowest average tariff rate on our exports to the U.S. — by a long shot. How can this be? At approximately six per cent, the average tariff rate applied to Canadian goods is roughly one-third of the rate agreed to by the European Union and Japan and one-half of the U.K rate in their recent handshake trade deals with the Trump administration. A daily roundup of Opinion pieces from the Sun and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Informed Opinion will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Amidst the confusion, the answer is clear. The rules-based trade framework embodied in the Canada-U.S. Mexico agreement (CUSMA) and its free trade predecessors (NAFTA, Canada-U.S. Free Trade Agreement) has, for now, held. Perhaps the most disturbing thing about Canada's inability to reach a bilateral deal with the U.S. last month was not the 10 per cent tariff bump on CUSMA non-compliant exports. It was the fact that Canada's negotiators did not find out until the very last minute that the CUSMA framework had survived President Trump's Sharpie in signing his July 31 executive order on Canada. In what is being called the 'CUSMA carve-out,' up to 95 per cent of Canada's non-energy exports face free or very low-tariff access to the U.S. market as long as they comply with CUSMA rules. There is a lot of confusion around CUSMA-compliant estimates at the moment, with some commentators saying the number is lower and others saying it might, in fact, go higher. The key variable at play here are CUSMA's rules-of-origin provisions. In a complicated set of rules, CUSMA accords duty-free status to exports that can demonstrate at least a majority of their content originates from one or more of the three CUSMA partners. However, compliance with these rules requires extensive paperwork and reporting. A year ago, some Canadian exporters of, say, widgets considered the expenses of complying with CUSMA's widget rules of origin to be greater than the cost of absorbing the minimal U.S. widget tariff applied to other countries shipping widgets to the U.S. This tariff, known in WTO terms as the most favoured nation rate, was on average less than two per cent for exports to the U.S. Now that this average tariff has soared to 35 per cent for Canadian widgets, exporters are reportedly scrambling to get inside the CUSMA-compliant tent to secure the duty-free access they had foregone before. The CUSMA carveout does not apply to extraordinary Trump tariff levies on key sectors of Canada's exports including automobiles (25 per cent on non-U.S. content) and steel, aluminum and copper (all at 50 per cent). Nor does it have bearing on the ever-growing levies on our softwood lumber exports which, through a process initiated under the Biden administration, is on track to face tariffs in the range of 35 per cent by the end of this year. In the topsy-turvy world of U.S. trade deals, several countries have agreed to accept tariffs at much higher levels with fewer carveouts and some extraordinary commitments. For example, at the end of July, the EU agreed to suspend over 93 million euros of retaliatory tariffs against U.S. imports in return for accepting a tariff of up to 15 per cent on its exports to the U.S. (The previous average rate had been 1.2 per cent). In addition, the EU has also agreed to buy an additional $750 billion in U.S. energy products over the next three years and make $600 billion in investments in 'various U.S. sectors' by 2029. These undertakings have been made with a handshake without any indication if the EU intends to press European enterprises that would actually be doing the business to meet these commitments. Several other handshake deals contain similar commitments — such as the U.S.'s deals with Japan ($550 billion US in investment commitments) and the Republic of Korea ($350 billion USD in investment commitments and $100 billion USD purchase of U.S. natural gas). So far, Canada has made no such commitments. Amidst the chaos of tariff changes and industry trade adjustment packages, it's sometimes hard to see Canada's CUSMA advantage. However, the advantage is real and is, for now, holding. CUSMA is a formal trade agreement not a handshake. The agreement, which came into effect in 2020, was the result of a negotiation initiated in President Trump's first term to replace NAFTA, which he had called 'the worst trade deal in history' We should be constantly reminding him that CUSMA is his agreement — the 'Art of the Deal' magician at the top of his game. Importantly, CUSMA was approved into law by the U.S. Congress in. As such, it cannot be simply torn up by a U.S. President in a foul mood — for now, at least. This shifts the focus to CUSMA's renewal, which is scheduled for a review in July 2026. At that time, the parties may recommend revisions to the agreement which, if agreed, would extend the agreement by another 10 years. If, however, any party wishes to withdraw from CUSMA they need only provide six months notice Despite being the author of the agreement, it's hard to believe that Mr. Trump will be in the mood to accept a few tweaks here and there as he arguably did in the conversion of NAFTA to CUSMA. Moreover, we are already hearing a slow and steady drumbeat that CUSMA renewal talks will be advanced — perhaps as early as the end of this year. What is apparent is that trade with our largest trading partner will be framed in the future by more complicated rules and restrictions. In addition to some tariffs, we can expect tighter rules-of-origin and more quantitative restrictions on our exports to the U.S., making trade more managed than free. The era of relatively friction-free trade and just-in-time supply lines is, for now, on a death watch. It is imperative that CUSMA can adapt to this new reality. Canada's trade negotiators will need to demonstrate a greater degree of creativity and resilience than has been needed in the ancient normal times. At the same time, we need to aggressively building a new trade profile that is more diversified and less dependent on our isolationist America First neighbour. CUSMA is Canada's most important economic agreement delivering significant benefits for an open economy such as ours. Over almost four decades of free trade, our exports to the U.S. have grown to constitute a full quarter of Canada's GDP. No small share. The world is changing rapidly and Canada needs CUSMA to safely evolve with it. We need agreed rules and commitments that can govern what will still be our largest trade relationship for a long time to come. As Prime Minister Carney is fond of saying 'A plan beats no plan' and, I might add, a treaty beats a handshake. Stuart Culbertson is a former deputy minister in the government of B.C. He served as B.C. trade representative during the Canada-U.S. Free Trade Agreement negotiations
Cision Canada
17 minutes ago
- Cision Canada
Artemis Gold Reports Q2 2025 Results Consistent with Guidance: Q2 Production of 50,623 ounces gold and Post-commercial AISC US$805 per ounce, and Announces $700M Revolving Credit Facility
(all amounts in Canadian dollars unless otherwise stated) VANCOUVER, BC, Aug. 12, 2025 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) ("Artemis Gold" or the "Company") reports financial and operating results for the three- and six-month periods ended June 30, 2025 (Q2 2025 and YTD 2025, respectively) and announces the arrangement of an underwritten revolving credit facility ("RCF"). The Company will host a conference call and webcast on August 13, 2025, the details of which are provided below. 2025 Highlights Q2 2025 production totalled 50,623 ounces of gold, bringing YTD 2025 production to 63,343 ounces of gold Cash costs 1 of US$690 per ounce of gold sold and all-in sustaining costs (AISC 1) of US$805 per ounce of gold sold during the two months May and June 2025 (the "post-commercial production period") During Q2 2025, generated net income of $100.2 million or $0.43 per share on a fully diluted basis, adjusted EBITDA 1 of $146.4 million, and cash flow from operating activities of $185.1 million To date, the Company has made $67 million of principal payments against its long-term debt 2 (including a $40 million repayment in July) Arranged a $700 million underwritten RCF to refinance existing long-term debt 2 and provide additional flexibility to support near-term expansion options. Financial close of the RCF remains subject to customary conditions precedent. 5.5 million hours worked without a lost time incident up to the end of July 2025 Post-commercial Production Highlights Mill throughput averaged 16,206 tonnes per day during the post-commercial production period representing 98.6% of nameplate capacity Gold production totalled 34,824 ounces in May and June 2025, and gold sales were 34,112 ounces Average realized gold price 1 of C$4,578 per ounce 1 Artemis Gold CEO Dale Andres commented: "This quarter marked a major milestone for Artemis Gold, as we transitioned the Blackwater Mine from development to production, and celebrated the opening of Canada's newest gold mine together with our First Nations partners and other stakeholders. We are uniquely positioned in one of the best mining jurisdictions in the world, and in this record gold price environment, we are demonstrating consistent operational performance, cost control, and capital discipline. "At US$805 per ounce of gold sold, our AISC 1 ranks among the lowest in the industry, as we benefit from a low strip ratio, downhill loaded hauling, and low-cost, renewable hydro electric power. Looking ahead, we plan to continue to optimize the current Phase 1 operations, which we expect will allow Blackwater to consistently outperform its nameplate capacity. In addition to debt repayments already made, we will be refinancing the remainder of the PLF and Standby-Facility with the recently agreed $700 million revolving credit facility which we expect to have available for drawdown before the end of Q3 2025. At the same time, we are evaluating the opportunity to accelerate and optimize the Phase 2 expansion, with a decision expected in the second half of the year." Financial and Operating Results The following tables summarize key operating statistics and unit analysis for the post-commercial production period of May 1, 2025 to June 30, 2025 only, as well as select financial information for Q2 2025 and YTD 2025. For further information, refer to the Company's unaudited condensed consolidated interim financial statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at 1 Gold recoveries include gold recovered in circuit 2 Refer to Non-IFRS Measures Gold production during the month of April was 15,799 ounces and gold production during Q2 2025 totaled 50,623 ounces. Gold production in Q1 2025 was 12,720 ounces. Year-to-date gold production totaled 63,343 ounces through June 30, 2025, including 28,519 ounces produced during the pre-commercial period. The Blackwater mill operated at 102% of nameplate capacity in the month of June, averaging 16,738 tonnes per day. In late July 2025 the Company successfully completed a 3-day planned shut-down of the processing plant to make various modifications and improvements to the dry and wet circuits, which is expected to enable the mill to further (and more consistently) outperform the nameplate capacity. The Company's current focus is to drive both stability and above-nameplate mill throughput. This, along with mill feed ore characteristics, impacted gold recoveries which were lower than originally planned (averaging 84% in May and June 2025). Various initiatives are underway to further improve recoveries, including augmenting the Company's understanding of the ore characteristics in oxide zones and transitional zones to optimize the ore blend. AISC 1 for the post-commercial production period was US$805 per ounce sold, with 34,112 ounces sold during this two-month period. The Company's low AISC for the post-commercial production period reflects, amongst other factors, the benefit of Blackwater's low strip ratio, as well as comparatively low cost of diesel consumption associated with Blackwater's hauling activities due to the down-hill haul from the pit to the process plant, stockpile areas and the tailings storage facility. Blackwater also benefits from comparatively low cost of power as the Company invested in a 135km transmission line which connects Blackwater to hydro-electric power. When determining the value of the Company's inventory balances, which in turn drives the quantum of the credit (reduction) to production cost (and AISC 1), the Company does not capitalize its stockpile of low-grade ore tonnes (the Company only attributes mining costs to high-grade and medium-grade ore when valuing stockpile inventory and the low-grade stockpile inventory is carried on the Company's books at $nil). 1 Refer to Non-IFRS Measures 2 Growth capital comprises both Phase 1 capital and Phase 1 deferred capital associated with infrastructure and certain plant rectification works, including amounts which will form part of the Company's counterclaim against its former EPC contractor. The Company recorded revenue of $231.1 million and $272.1 million in Q2 2025 and YTD 2025, respectively, driven by the initial sales of gold and silver in the current year following the commencement of production at the Blackwater Mine. During Q2 2025, the Company generated net income of $100.2 million or $0.43 diluted earnings per share, compared to a loss of $5.7 million or $0.03 loss per share in Q2 2024. Similarly, during YTD 2025, the Company generated net income of $104.8 million or $0.45 diluted earnings per share, compared to a loss of $12.4 million or a loss per share of $0.06 in YTD 2024. During Q2 2025, the Company incurred sustaining capital and lease payments of $4.2 million, along with $47.1 million Phase 1 capital cost (pre-commercial production) and $34 million of Phase 1 deferred capital. For YTD 2025, the Company incurred $7.3 million in sustaining capital and lease payments, while Phase 1 capital (pre-commercial production) totalled $141.6 million and Phase 1 deferred capital totalled $34 million. During the comparative periods, the Company incurred no sustaining capital, made lease payments of $0.8 million and $1.4 million in Q2 2024 and YTD 2024, respectively, and incurred Phase 1 capital of $147.1 million and $292.5 million in Q2 2024 and YTD 2024, respectively. Both Phase 1 and Phase 1 deferred capital in YTD 2024 and YTD 2025 includes amounts associated with rectification works which will form part of the Company's counterclaim against its former EPC contractor. EBITDA 1 for Q2 2025 totaled $168.9 million, while adjusted EBITDA 1 for the same period amounted to $146.4 million. For YTD 2025, EBITDA 1 and adjusted EBITDA 1 totaled $175.3 million and $173.5 million, respectively. Cash flow from operating activities was $185.1 million for Q2 2025 and $199.1 million for YTD 2025, compared to negative $0.9 million and negative $6.1 million during the respective comparative periods. In Q2 2025, the Company repaid $34.0 million in principal and interest under the Project Loan Facility ("PLF") and made $4.2 million in lease payments. In late July the Company repaid an additional $40 million in principal under the Stand-by Facility of the PLF". The improvement in the financial metrics noted above reflect the impact of the successful start-up of the Blackwater Mine in early 2025. Corporate Update As previously disclosed, on June 19, 2025 the Company announced a leadership transition with the appointment of Mr. Dale Andres as Chief Executive Officer and Director. Mr. Steven Dean, the Company's founder, transitioned to the role of Executive Chair. Mr. Jeremy Langford continues as President, with a focus on business growth, asset optimization, and development. On August 12, 2025, the Company executed a credit-approved commitment letter and term sheet with National Bank of Canada to underwrite a $700 million RCF. The Company expects to utilize the RCF to discharge its remaining obligations associated with the PLF and Standby-Facility, which at the time of closing of the RCF is expected to amount to approximately $450 million. The RCF will be secured by a charge against all assets of the Company, subject to various intercreditor agreements. The RCF will attract customary upfront and commitment fees and interest will be based on CORRA plus a margin ranging from 2.25% to 3.25%, depending on the Company's ratio of adjusted EBITDA 1 to net debt. Financial close of the RCF remains subject to customary conditions precedent and the RCF is expected to mature four years following such financial close. Outlook The Company is on track to achieve its previously stated production guidance for fiscal 2025 of 190,000 to 230,000 ounces of gold, including 160,000 to 200,000 ounces during the post-commercial production period at AISC 1 of US$670 to US$770 per ounce. AISC 1 is expected to trend lower in the second half of the year as operating efficiencies improve and production continues to increase. Conference Call and Webcast Details Artemis Gold will host a conference call and webcast on Wednesday, August 13, 2025 at 8.00am PDT (11.00am EDT). Conference call Toll-free in Canada and the US: 1-833-752-3746 International: +1-647-846-8723 Webcast: The webcast will be available for replay on the Company's website at until November 13, 2025. About Artemis Gold Artemis Gold is a well-financed, growth-oriented gold and silver producer and development company with a strong financial capacity aimed at creating shareholder value through the identification, acquisition, and development of gold properties in mining-friendly jurisdictions. The Company's primary focus is the operation and further development of the Blackwater Mine in central British Columbia approximately 160km southwest of Prince George and 450km northeast of Vancouver. The first gold and silver pour at Blackwater was achieved in January 2025 and commercial production was declared on May 1, 2025. Artemis Gold trades on the TSX-V under the symbol ARTG and the OTCQX under the symbol ARGTF. For more information visit Qualified Person Artemis Gold Vice President, Technical Services Alastair Tiver, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release. On behalf of the Board of Directors Steven Dean Executive Chair +1 604 558 1107 ___________________________ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Non-IFRS Measures This news release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBITDA, cash operating cost per oz sold, all-in sustaining cost, sustaining and growth capital expenditures, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures have been derived from the Company's financial statements because the Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and stakeholders will use the non-IFRS measures to evaluate the Company's future operating and financial performance. However, these non-IFRS performance measures do not have any standardized meaning and may therefore not be comparable to similar measures presented by other issuers. Accordingly, these non-IFRS performance measures are intended to provide additional information and should not be considered in isolation or as a substitute of performance measures prepared in accordance with IFRS. Certain non-IFRS measures presented in this news release are reported for a partial period, being the period after commercial production was achieved on May 1, 2025. As such, these non-IFRS measures are presented for May and June 2025, with a reconciliation to the Q2 2025 results as reported within the Company's Interim Financial Statements. The Company does not expect to report on partial interim periods in future disclosures. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for the three and six months ended June 30, 2025 available on the Company's website at and on SEDAR+ at Cautionary Note Regarding Forward-looking Information This press release contains certain forward-looking statements and forward-looking information as defined under applicable Canadian and U.S. securities laws. Statements contained in this press release that are not historical facts are forward-looking statements that involve known and unknown risks and uncertainties. Any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. In certain cases, forward-looking statements and information can be identified using forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", "potential" or similar terminology. Forward-looking statements and information are made as of the date of this press release and include, but are not limited to, statements regarding strategy, plans, future financial and operating performance of the Blackwater Mine, including the Company's plans to refinance the PLF and Standby-Facility with the RCF; the contribution of the mine to various stakeholders or the economy; opinions of the Province of British Columbia regarding the mine and the region; agreements and relationships with Indigenous partners; the future of mining in British Columbia; the plans of the Company with respect to optimizing current Phase 1 operations and the next phase of expansion, including construction, site preparation, consultation with indigenous groups, and other plans and expectations of the Company with respect to the mine, future production and anticipated timing of optimization and expansion works. These forward-looking statements represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance, which are based on information currently available to management, management's historical experience, perception of trends and current business conditions, expected future developments and other factors which management considers appropriate. Such forward-looking statements involve numerous risks and uncertainties, and actual results may vary. Important risks and other factors that may cause actual results to vary include, without limitation: risks related to ability of the Company to accomplish its plans to refinance the PLF and Standby-Facility with the RCF on acceptable terms or at all; risks related to ability of the Company to accomplish its plans and objectives with respect to the operations and expansion of the Blackwater Mine within the expected timing or at all, the timing and receipt of certain required approvals, changes in commodity prices, changes in interest and currency exchange rates, litigation risks (including the anticipated outcome or resolution of ongoing or potential claims and counterclaims, the timing and success of such claims and counterclaims),, risks inherent in mineral resource and mineral reserves estimates and results, risks inherent in exploration and development activities, changes in mining, optimization or expansion plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment or third party contractors, delays in the receipt of government approvals, industrial disturbances, job action, and unanticipated events related to heath, safety and environmental matters), changes in governmental regulation of mining operations, political risk, social unrest, changes in general economic conditions or conditions in the financial markets, and other risks related to the ability of the Company to proceed with its plans for the Mine and other risks set out in the Company's most recent MD&A, which is available on the Company's website at and on SEDAR+ at In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained mineral demand and prices; (2) any necessary approvals and consents in connection with the operations and expansion of the Mine will be obtained; (3) financing for the continued operation of the Blackwater Mine and future expansion activities will continue to be available on terms suitable to the Company; (4) sustained commodity prices will continue to make the Mine economically viable; and (5) there will not be any unfavourable changes to the economic, political, permitting and legal climate in which the Company operates. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause the actual results or performance by the Company to differ materially from those expressed in or implied by any forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or the financial condition of the Company. Investors should therefore not place undue reliance on forward-looking statements. The Company is under no obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future events or otherwise, except as may be required under applicable securities laws.
