Ontario should rejig supports for small auto businesses in wake of tariffs, CFIB says
TORONTO — Ontario should rejig its programs meant to support auto businesses through the impact of tariffs and associated economic uncertainty, as the way they're currently structured is leaving small businesses in the lurch, an advocacy group says in a new report.
The Canadian Federation of Independent Business released a report Wednesday based on a survey of 187 small-to-medium-sized businesses in the automotive sector, from parts suppliers to repair shops, and found that tariffs are already having an impact.
Their revenue has declined by 13 per cent, on average, and half of them reported that they have paused or cancelled investments due to uncertainty caused by the Canada-U.S. trade war, which could lead to billions in lost revenue or missed investments, the report said.
'It's impossible for a business owner to really know what's going on these days,' Joseph Falzata, co-author of the report and policy analyst with CFIB Ontario, said of the whiplash trade policy news.
'I do this as my full-time job, and it's always difficult for myself. So you can only imagine a business owner who's working 50, 60 hours a week trying to keep track of things.'
Their revenue is taking a hit in part because they are paying higher prices and there is confusion about which products are affected by tariffs, as well as due to costs associated with seeking out new supply chains, Falzata said.
Ontario has programs meant to help shore up businesses in the automotive sector, but while appreciated, they're missing the mark when it comes to supporting smaller businesses, the CFIB report says.
In its spring budget the provincial government said it was putting $85 million into two programs: the Ontario Automobile Modernization Program to help parts suppliers upgrade equipment and the Ontario Vehicle Innovation Network for research and development.
'Though these programs have been created with good intentions, few small businesses plan to use them, and over a third of them are ineligible,' the CFIB report says.
'The programs focus on R&D innovation and large-scale manufacturing, while disregarding the reality that most automotive (small and medium businesses) either cannot afford or are not involved in these processes.'
A new $50-million Ontario Together Trade Fund meant to help businesses develop new markets and find domestic supply chains, requires businesses to show a revenue loss of at least 30 per cent and requires them to put up $200,000 of their own capital, which the report calls 'a luxury most (small and medium businesses) cannot afford.'
The government said its programs have already helped hundreds of businesses, with the Ontario Vehicle Innovation Network supporting more than 600 small and medium businesses since its inception in 2019 and the Ontario Automotive Modernization Program has supported 215 projects since 2021.
'In the face of unprecedented global economic uncertainty, our government is protecting and building on the progress we have made to champion small businesses in the auto sector and across the economy,' Jennifer Cunliffe, a spokesperson for Economic Development Minister Vic Fedeli, wrote in a statement.
The best way to help small businesses would be to lower the small business tax rate from 3.2 per cent to two per cent, the CFIB said. The government lowered the rate from 3.5 per cent in 2020.
This report by The Canadian Press was first published July 16, 2025.
Allison Jones, The Canadian Press
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National Post
13 minutes ago
- National Post
Canagold Announces Positive Feasibility Study Results for the New Polaris Project
Article content Article content VANCOUVER, British Columbia — Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) ('Canagold' or the 'Company') is pleased to announce positive results of the Feasibility Study ('FS') for its 100% owned New Polaris gold-antimony project located in northwest British Columbia, Canada. All dollar figures are in Canadian dollars unless otherwise indicated. The Company expects to file a technical report relating to the FS, prepared in accordance with National Instrument 43-101 ('NI 43-101'), within 45 days. Article content Feasibility Study Highlights Article content Robust Project Economics Article content 'The Feasibility Study results demonstrate exceptional economics, low Capex and low AISC for the New Polaris Gold-Antimony Project,' stated Canagold's Chief Executive Officer, Catalin Kilofliski. 'Even at a $2,500 Gold Price, the projected cash flow and economics are outstanding. While we continue to refine and optimize the Project aimed at unlocking additional revenue from antimony metal and reduction of power costs and emissions through potential run-of-river green power generation, our primary focus is now shifting toward completing the permitting process, in order to advance New Polaris toward a construction and production decision. I would like to express our sincere appreciation to the Taku River Tlingit First Nation for fostering a respectful and inclusive open dialogue every step of the way. I also want to thank all our shareholders for their patience and confidence.' Article content TRTFN's Spokesperson, Charmaine Thom, says, 'Canagold's land acknowledgement of Taku River Tlingit First Nation's traditional territory and the willingness to work toward a partnership through a Consent Based Agreement, is a true testament of what reconciliation looks like.' Article content However, the Feasibility Study does not include any revenue contribution from antimony or estimate an antimony reserve. This is because the process flowsheet outlined in the Feasibility Study is specifically designed to produce a sulphide concentrate. Article content Antimony has been recognized at New Polaris since the early mining operations of the 1940s and 1950s. However, its economic significance has grown substantially in recent years due to global supply shortages and sharply rising prices. Article content The Company is currently undertaking additional metallurgical testing and economic evaluations required to support the inclusion of antimony in the project's financial model. Article content The prospect of including revenue from antimony in future phases, has the potential to improve overall project economics, particularly as the associated mining costs for antimony are largely covered by the gold mining activities. However, there are no guarantees that the future testing will support this prospect. Article content Plans for Unlocking Antimony Value Article content To capitalize on the full economic potential of antimony, the Company is advancing several key initiatives: Article content New Polaris Feasibility Study Article content The Feasibility Study for New Polaris was completed by Ausenco Engineering Canada ULC ('Ausenco'), supported by Moose Mountain Technical Services and JDS Energy & Mining Inc. The study confirms robust economics for an underground mining and milling operation, with a low initial capital cost and a high rate of return. Article content Key Feasibility Study parameters are shown in Table 2. Article content Table 2: New Polaris FS Project Parameters Base Case Economic Assumptions Gold Price (US$/oz) $2,500 Exchange Rate (C$/US$) 0.725 Discount Rate 5% Contained Metals Mined Contained Gold (koz) 904 Contained Antimony (tonnes) 5173 Mining Mine Life (years) 8.3 Waste (Mt) 1.8 Total Material Mined (Mt) 4.6 Total Mineralized Material Mined (Mt) 2.8 Processing Processing Throughput (ktpa) 340 Average Diluted Gold Grade (g/t) 9.9 Gold Production Gold Recovery (%) 89.1 LOM Recovered Gold in Concentrate (xoz) 806 LOM Payable Gold Production (koz) 709 LOM Avg. Annual Gold Production (koz) 85.7 Operating Costs Per Tonne Mining Cost ($/t Milled) $135 Processing Cost ($/t Milled) $64 G&A Cost (C$/t Milled) $68 Total Operating Costs ($/t Milled) $267 Other Costs Concentrate Transportation to Smelter ($/wmt) $1,089 Cash Costs and All-in Sustaining Costs LOM Cash Cost (US$/oz Au) $997 LOM All-in Sustaining Cost (US$/oz Au) $1,247 Capital Expenditures Pre-production Capital Expenditures ($M) $250 Sustaining Capital Expenditures ($M) $225 Closure Expenditures ($M) $21 Economics After-Tax NPV (5%) ($M) $425 After-Tax IRR % 30.9 After-Tax Payback Period (years) 2.4 After-Tax NPV / Initial Capex 1.7 Pre-Tax NPV (5%) ($M) $667 Pre-Tax IRR % 38.4 Pre-Tax Payback Period (years) 2.3 Pre-Tax NPV / Initial Capex 2.7 LOM After-tax Free Cash Flow ($M) 649 Article content Cash costs are inclusive of mining costs, processing costs, site G&A, off-site charges and royalties AISC includes total cash cost, sustaining CAPEX and closure cost All dollar ($) figures are presented in CAD unless otherwise stated. Base case metal price used in this economic analysis is US$2,500 /oz Au. Article content Gold Production Profile Article content Mineral Resource Estimate Article content The Company's current Mineral Resource Estimate ('MRE'), completed by Moose Mountain Technical Services, has an effective date of April 2, 2025 with the mineralization model as the basis for the FS. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability at this time. Article content The New Polaris Mineral Resources for gold and antimony are shown in Table 3 and Table 4. Article content Table 3. New Polaris April 2, 2025 Gold Resource Estimate at 4 g/t cut-off Resource Class Tonnes (000's) Au (g/t) Au Metal Ozs (000's) Indicated 2,965 11.6 1,107 Inferred 926 8.5 266 Article content Table 4. Antimony Resource Estimate within the Base Case Au Resource Resource Class Tonnes (000's) Sb (%) Sb Metal (Tonnes) Indicated 860 0.65 5,630 Inferred 100 1.2 1,195 Article content Notes on the Resource Tables Article content About the Mineral Resource Estimate Article content Mineral Reserve Estimate Article content The mineral reserves are summarized in Table 5. Article content Notes on the Reserve Table Article content Mining Overview Article content The New Polaris mine is designed as a modern, fully-mechanized underground operation, targeting the safe and cost-effective extraction of mineral reserves over an estimated 8.3 year mine life. The plan anticipates delivering approximately 2.8 million tonnes (Mt) of mill feed at an average grade of 9.9 g/t gold. Article content A total of 1.8 Mt of waste rock will be generated during LOM underground development. Of this, the majority will be used as backfill material within the mine to support mined-out areas, with the remaining volume placed on surface in the integrated tailings and waste rock storage facility. Article content The mineral reserves are located beneath the historic workings of the Polaris-Taku mine, which operated from 1938 to 1951 and produced 740,000 tonnes at an average grade of 10.3 g/t gold. The new underground access will be established via a ramp extending from the existing New Polaris portal, reaching an ultimate depth of approximately 780 meters. The primary ore body, known as the 'C' zone, accounts for nearly 90% of total reserves, extends up to 500 meters along strike, and dips at an average angle of 50 to 60 degrees. Article content Geotechnical assessments indicate favorable rock conditions, with typical ground control measures and associated costs anticipated. Article content To optimize recovery and minimize costs, two main mining methods will be employed: Article content Mine development and early construction activities will be carried out by an experienced underground mining contractor, with operations transitioning to an owner-operated model upon commencement of production. The underground mine is expected to employ approximately 190 personnel, sustaining an average production rate of 950 tpd throughout the mine's operating life. Article content New Polaris Mine Image Article content Processing Overview Article content Processing will occur in a 1000 tpd crushing, grinding and flotation plant to produce a bulk sulphide flotation concentrate which will be shipped off site for final processing at an independent processing facility. Article content Crushed ore is ground to 80% minus 74um and fed into a flotation circuit consisting of one stage of rougher flotation with two cleaning stages to produce concentrate grading > 100 g/t Au. Article content Flotation concentrate is thickened, filtered and dried, to a moisture of approximately 5% and flown to Juneau, Alaska, which is located approximately 60 km from site, then barged to Seattle for loading onto ocean going ships for transportation to third-party smelters worldwide. Article content A portion of the process tailings will be fed to a backfill plant and used for filling underground mining voids, the balance will be filtered and trucked to a dry-stack storage facility located about 1 km from the plant site. Waste rock not used for underground backfilling will also be trucked to this facility for storage with the tailings. Article content Concentrate Marketing Study Article content An independent concentrate marketing study for the New Polaris Project, evaluating marketability and treatment terms for its gold concentrate has been completed as part of the FS. The study confirms that the New Polaris gold concentrate, targeted at a grade exceeding 100 g/t Au, and an average 12% As, is marketable under current global conditions. Article content The report identifies potential outlets for the sale of New Polaris gold concentrate, including: Article content Traditional gold roasters in Asia, which represent an established and high-capacity processing route Blending facilities, where the concentrate can be mixed with other materials prior to shipment to smelters Asian gold roasters, copper smelters, or lead smelters Direct sales to international metal trading firms, which offer flexible and liquid off-take arrangements Pressure oxidation (POX) plants Article content Based on indicative commercial terms provided by several prospective buyers, the marketing study validated the project's financial modeling assumptions related to treatment charges and gold payability. The analysis concluded that an average net smelter return (NSR) of 87.9% for gold is reasonable over the LOM and reflects treatment charges associated with the presence of As in the concentrate. Article content Capital Costs Article content The initial capital cost is estimated at $250M (US$181M) and shown in Table 6. Article content Table 6: Project Capital Cost Estimates ($M): Initial Sustaining LOM Total Mining ($M) $63.3 $196.1 $259.4 Processing ($M) $43.0 – $43.0 Tailings ($M) $7.4 $4.7 $12.1 Onsite Infrastructure ($M) $38.5 – $38.5 Offsite Infrastructure ($M) $9.4 – $9.4 Indirects ($M) $42.3 – $42.3 Project Delivery ($M) $9.8 – $9.8 Owner's Costs ($M) $7.8 – $7.8 Total excluding Contingency ($M) $221.5 $200.8 $422.3 Project Contingency ($M) $28.8 $24.2 $53.0 Closure ($M) – – $20.5 Total ($M) $250.4 $225.0 $495.8 Article content Note: Totals may differ slightly due to rounding Article content The LOM Total Cash Cost is US$997/oz Au payable while the LOM AISC is US$1,247/oz Au payable. Article content Unit Operating costs are shown in Table 7. Article content Financial Analysis Article content At a US$2,500 base case gold price and a C$:US$ exchange of 0.725:1, the Project generates an after-tax NPV (5%) of $425 million and IRR of 30.9%. Payback on initial capital is 2.4 years. Article content The Project Financials are shown in Table 8. Article content Regulatory and Environmental Assessment Process Article content The Project is subject to a range of regulatory approvals, including a consent decision from the Taku River Tlingit First Nation (TRTFN) and an Environmental Assessment Certificate (EAC) under British Columbia's Environmental Assessment Act. Once the environmental assessment process is completed, the necessary construction and operating permits may be applied for and issued in accordance with applicable provincial and federal legislation. Article content The project formally entered the BC Environmental Assessment (EA) process in 2023. In September 2024, the British Columbia Environmental Assessment Office (BCEAO) issued a Readiness Decision, concluding there is sufficient information to proceed with the Environmental Assessment Application. Canagold's consulting team is currently preparing the required technical studies and supporting documentation, with the EA application targeted for submission in the fourth quarter of 2025. Article content The ongoing involvement, input, and support of the TRTFN have been instrumental in ensuring that their interests are recognized and addressed throughout the process. Their collaboration continues to play a critical role in helping advance and streamline the regulatory review. The New Polaris Project is located within the territory of the Taku River Tlingit First Nation (TRTFN). Article content Canagold has maintained a long-standing and respectful relationship with the TRTFN, having operated within their traditional territory since 1990. Over the years, the Company has built a strong foundation of collaboration and trust with the Nation. A formal engagement framework is in place, guiding communication, consultation, and permitting activities in alignment with TRTFN values and governance structures. Article content In February 2023, Canagold and the TRTFN established a Technical Working Group (TWG) to facilitate focused collaboration on the New Polaris Project. Bi-weekly meetings have been held consistently, allowing for in-depth discussions on all aspects of the project. In addition, several open houses and community engagement sessions have been conducted to ensure transparent and inclusive dialogue with TRTFN citizens. Article content Canagold remains firmly committed to continuing meaningful engagement with Indigenous communities, both in Canada and Alaska, as the project progresses. Article content Opportunities to Enhance Project Value and Reduce Carbon Footprint Article content The 2025 FS clearly demonstrates that New Polaris is an economically viable project. Article content Several key opportunities have the potential to significantly increase the economic value of the New Polaris Project while simultaneously reducing its environmental impact: Article content Antimony Recovery Optimization: Ongoing metallurgical test work aims to optimize flotation and refining conditions for antimony. Successful antimony recovery and processing could unlock substantial additional revenue Renewable Energy Integration: An engineering study is underway to assess the feasibility of constructing a run-of-river hydroelectric facility on-site. This project could replace a significant portion of diesel-generated power, leading to a major reduction in CO₂ emissions and a corresponding decrease in energy costs—ultimately contributing to lower operating expenses Resource Expansion Potential: The mesothermal gold deposit remains open at depth and along strike, offering potential for resource expansion beyond the current 8.3-year mine life outlined in the Feasibility Study. In addition, 2024 drilling north of the historic mining area intersected multiple mineralized veins, further supporting the opportunity to increase the defined resource base Article content Qualified Persons Article content In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Garry Biles, P. Eng., President & COO is the Qualified Person for the Company and has prepared, validated, and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting activities on its projects. Article content Sue Bird, Article content M Sc., Article content V.P. of Resources and Engineering at Moose Mountain Technical Services, an independent Qualified Person as defined by NI 43-101. Sue has also reviewed and approved the technical information about the 2025 MRE resource contained in this news release. Article content Tommaso Roberto Raponi, P. Eng., Article content Principal Metallurgist with Ausenco Engineering Canada ULC., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Raponi is responsible for mineral processing and metallurgical testing in the technical report. Article content Kevin Murray, P. Eng., Article content Principal Process Engineer for Ausenco Engineering Canada ULC., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Murray is responsible for processing, process and infrastructure capital and operating cost estimation, financial analysis and marketing in the technical report. Article content James Millard, P. Geo., Article content Director, Strategic Projects with Ausenco Sustainability ULC., a wholly owned subsidiary of Ausenco Engineering Canada ('Ausenco') is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Millard is responsible for the sections and subsections related to environmental, permitting, and social and community aspects in the technical report. Article content Jonathan Cooper, MSc., Article content ., Article content Water Resources Engineer with Ausenco Sustainability ULC., a wholly owned subsidiary of Ausenco Engineering Canada ('Ausenco') is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Cooper is responsible for the sections and subsections related to site-wide water management in the technical report. Article content Dino Pilotto, P. Eng., Article content General Manager, Technical Services with JDS Energy & Mining Inc., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Pilotto is responsible for mining methods in the technical report. Article content Mike Levy, P. Eng., Article content Geotechnical Manager with JDS Energy & Mining Inc., is an independent Qualified Person as defined by NI 43-101 and has reviewed and verified the contents of this news release. Mr. Levy is responsible for the underground geotechnical assessment in the technical report. Article content About Canagold Article content Canagold Resources Ltd. is an advanced development company dedicated to advancing the New Polaris Project through feasibility, permitting, and production stages. Additionally, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team of technical experts, the Company is poised to unlock substantial value for its shareholders. Article content Article content Article content Article content Article content Contacts Article content Catalin Kilofliski, Article content Article content
National Post
13 minutes ago
- National Post
Sierra Metals Responds to Inflammatory and Untrue Statements by Alpayana
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(TSX: SMT | OTCQX: SMTSF | BVL: SMT) (' Sierra Metals ' or the ' Company ') wishes to respond to the unfounded allegations made by Alpayana S.A.C. (' Alpayana ') in its July 18, 2025 press release. Article content Alpayana began its pursuit of Sierra Metals on December 16, 2024, by launching a hostile take-over for Sierra Metals at a bid price of CAD $0.85 per common share. Article content The CAD $0.85 bid price was a 10% premium to the prior day closing price, a price that Alpayana knew would never be recommended by the Board of Directors of Sierra Metals (the ' Board ') or accepted by the Company's shareholders. Alpayana launched its bid without prior engagement with the Board about a possible negotiated transaction. Article content Ultimately, the unattractiveness of its CAD $0.85 bid forced Alpayana to increase its bid price on two occasions, to CAD $1.11 on April 2, 2025 and to CAD $1.15 on May 1, 2025. Article content Even as it increased its bid price, Alpayana refused to meaningfully engage in customary discussions with the Company that would permit Alpayana's acquisition to be completed expeditiously, at lower cost, and with the support of the Board. Alpayana's decision to proceed at every stage on an adversarial basis, and contrary to Canadian capital markets practice, created delay and came at the expense of the business that Alpayana has been seeking to acquire. Article content In Canada, a negotiated public M&A transaction can customarily be completed in three months or less. It has been more than seven months since Alpayana launched its hostile bid, and it still does not own all of the Company's shares or control the Board. Article content The odd transaction structure chosen by Alpayana, together with its aggressive tactics, forced a protracted transaction timeline and caused Sierra Metals to incur greater expenses and divert more of management's attention away from running the business over the seven plus months since the hostile bid was launched. Article content When Alpayana did finally engage with the Board in April 2025, months after Alpayana commenced its bid, Alpayana ended negotiations without disclosing its reasons for doing so. The Board believes that Alpayana's decision to terminate engagement and continue on a hostile basis was contrary to the interests of Sierra Metals and contrary to Alpayana's own interests. Article content As part of the April 2025 engagement, Alpayana was given confidential access to diligence, including employment agreements and details of employee entitlements on a change of control. The information disclosed to Alpayana in April was consistent with the disclosure on pages 59-60 of Sierra Metals' January 13, 2025 directors' circular (the ' Directors' Circular '). Article content During the April 2025 discussions, Alejandro Gubbins, Chair of Alpayana, sent a formal letter to the Chair of the Special Committee, demanding that Sierra Metals unilaterally amend existing employment agreements with certain key senior officers of Sierra Metals in order to deprive them of their contractually agreed change of control entitlements. Article content The change of control payments, which are fully and clearly disclosed the Directors' Circular, are customary, both in amounts and triggers, for Canadian-listed public companies. Sierra Metals was unable to unilaterally amend existing employment agreements, nor would the Board agree to take steps to deprive employees of their entitlements on a change of control. Article content After Alpayana ceased discussions about a supported transaction, likely because Alpayana intended to have Sierra Metals dishonour lawful obligations to its employees after it acquired control, the Board became justifiably concerned to protect employee entitlements. On page 16 of the Company's notice of change to directors' circular dated May 5, 2025, the Company disclosed that the Board was considering taking steps to ensure the continuity of Sierra Metals' business operations, and taking measures to safeguard the entitlements of employees in the event of a change of control: Article content To ensure retention of management and the continuity of Sierra's business operations while the revised Offer is pending … the Board may take steps to ensure the continuity of Sierra's business operations, including, among other things, the acceleration of vesting and the settlement of outstanding RSUs and DSUs, and other measures to safeguard the entitlements of employees in the event of a change of control. Article content As set out above, since January 2025, Alpayana had full knowledge of the customary change of control entitlements owing to Sierra Metals' senior officers as it increased its bid price twice and waived conditions to complete its bid, including waiving conditions relating to the contractually agreed change of control entitlements that are the subject to Alpayana's July 17, 2025 press release. Article content Shortly after the disclosure made as of May 5, 2025, as disclosed in its management information circular dated June 23, 2025, and acting in the best interest of the Company and in accordance with its fiduciary duties, the Board approved separation agreements with its senior management for the dual purposes of ensuring retention for the sake of the smooth operation of the business during the post-change of control period of transition, and to ensure such employees are treated fairly and to safeguard their legal entitlements. Article content Regrettably, Alpayana has chosen to characterize the separation agreements as removing the 'double trigger' from the employment agreements. Alpayana did not mention, however, that change of control entitlements are also triggered by the employee resigning for 'good reason', not just by termination. Article content Sierra Metals prides itself on operating in accordance with the highest ethical standards, both in respect of its mining operations and also in treating its employees and all of its stakeholders fairly. Sierra Metals believes that Alpayana never intended to honour its employees' contractual change of control entitlements, which are customary and market standard for management of Canadian public companies. Article content As its acquisition of complete control is only days away, Alpayana has chosen to issue a press release that contains misleading and untrue statements, all for no apparent purpose as its acquisition of complete control is by now assured. It is unfortunate, but ultimately to its own account, that Alpayana has taken steps inconsistent with Canadian practice that have prolonged its bid and created unnecessary conflict and uncertainty for Sierra Metals and its employees. The Board remains committed to acting in the best interests of the Company as directors near the end of their service to the Company. Article content About Sierra Metals Article content Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico. The Company is intent on safely increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities in Peru and Mexico that are within close proximity to the existing mines. 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In certain cases, statements that contain forward-looking information can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', 'believes' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might', or 'will be taken', 'occur' or 'be achieved' or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra Metals to be materially different from any anticipated performance expressed or implied by such forward-looking information. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's employment arrangements, transition matters following the change of control of the Company and the business and operations of the Company. Article content Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading 'Risk Factors' in the Company's annual information form dated March 26, 2025 for its fiscal year ended December 31, 2024 and other risks identified in the Company's filings with Canadian securities regulators, which are available at Article content The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information. Article content Article content Article content
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