Fountain Asset Corp. Announces Its Financial Results for the Quarter Ended March 31, 2025
Highlights from Q1 2025:
During Q1/25, the Company realized $1.29 million in gains on the sale of certain portfolio investments. The company saw a slight decrease in its portfolio of publicly traded companies as a result of the disposition of its holdings of certain investments. These decreases were offset by increases in the Company's new investment recent investments.
The Company continued to find ways to reduce its operating expenses in Q1/25, which contributed to the profitability of the Company in Q1/25. As at March 31, 2025, the Company's net assets were valued at $5.57 million or $0.09 per share compared to $5.51 million or $0.09 per share at December 31, 2024.
Andrew Parks, CEO of Fountain stated, 'During Q1/25, Fountain made meaningful progress toward its growth-oriented goals, generating significant realized gains. This strong start to the year strengthens the Company's financial position as it continues to realign its investment portfolio in order to capitalize on market trends and strategic opportunities. Fountian remains committed to reducing its ongoing expenditures while maximizing revenues to unlock the Company's full potential.'
A full set of the Q1 2025 unaudited financial statements and the management discussion & analysis are available on SEDAR+.
About Fountain Asset Corp.
Fountain Asset Corp. is a merchant bank which provides equity financing, bridge loan services (asset back/collateralized financing) and strategic financial consulting services to companies across many industries such as marijuana, oil & gas, mining, real estate, manufacturing, retail, financial services, and biotechnology.
Forward-Looking Statements
Certain information contained in this press release constitutes forward-looking information, which is information relating to possible events, conditions or results of operations of the Company, which are based on assumptions and courses of action and which are inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information in this press release includes, but is not limited to, growing Fountain's capital base and a strong pipeline going forward. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the level of bridge loans and equity investments completed, the nature and credit quality of the collateral security and the nature and quality of equity investments, and the other risks disclosed under the heading 'Risk Factors' and elsewhere in the Company's annual information form dated August 17, 2022 filed on SEDAR+ at
www.sedarplus.ca
. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein
.
Neither TSX Venture Exchange Inc. 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 release.
For further information: please contact Andrew Parks at (416) 456-7019 or visit Fountain Asset Corp.'s website at
www.fountainassetcorp.com
.
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At the Xavantina Operations, gold production guidance has been updated to 40,000 to 50,000 ounces to reflect lower-than-expected production in H1 2025. The Company expects investments in mine modernization and mechanization to support sequential increases in mined and processed volumes through the remainder of the year. 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(1) Please refer to the section titled 'Alternative Performance (Non-IFRS) Measures' within the MD&A. 2025 CAPITAL EXPENDITURE GUIDANCE Capital expenditure guidance remains unchanged at a range of $230 to $270 million, excluding capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation. Figures presented in the table below are in USD millions. Caraíba Operations $165 – $180 Tucumã Operation(1) $30 – $40 Xavantina Operations $25 – $35 Furnas Copper-Gold Project and Other Exploration $10 – $15 Total $230 – $270 Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company's most recent Annual Information Form and Management of Risks and Uncertainties in the MD&A for complete risk factors. (1) Excludes capitalized ramp-up costs prior to the declaration of commercial production at the Tucumã Operation. CONFERENCE CALL DETAILS The Company will hold a conference call on Friday, August 1, 2025 at 11:30 am Eastern time (8:30 am Pacific time) to discuss these results. A results presentation will be available for download via the webcast link and in the Presentations section of the Company's website on the day of the conference call. Date: Friday, August 1, 2025 Time: 11:30 am Eastern time (8:30 am Pacific time) Dial in: Canada/USA Toll Free: 1-833-752-3380 International: +1-647-846-2821 Please dial in 5-10 minutes prior to the start of the call or pre-register using this link to bypass the live operator queue. ( Webcast: To access the webcast, click here. ( webcastid=1vjDLcyB) Replay: Canada/USA: 1-855-669-9658, International: +1-412-317-0088 For country-specific dial-in numbers, click here. ( Replay Passcode: 4498533 Reconciliation of Non-IFRS Measures Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including copper C1 cash cost, copper C1 cash cost including foreign exchange hedges, gold C1 cash cost, gold AISC, EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For additional details please refer to the Company's discussion of non-IFRS and other performance measures in its Management's Discussion and Analysis for the three and six months ended June 30, 2025 which is available on SEDAR+ at and on EDGAR at Copper C1 cash cost and copper C1 cash cost including foreign exchange hedges The following table provides a reconciliation of copper C1 cash cost to cost of production, its most directly comparable IFRS measure. Reconciliation: 2025 – Q2 2025 – Q1 2024 – Q2 2025 – YTD 2024 – YTD Cost of production $ 46,890 $ 35,719 $ 41,945 $ 82,609 $ 84,172 Add (less): Transportation costs & other 1,792 1,322 1,283 3,114 2,535 Treatment, refining, and other 2,340 2,410 4,058 4,750 9,228 By-product credits (6,205 ) (4,699 ) (3,431 ) (10,904 ) (5,871 ) Incentive payments (1,457 ) (1,289 ) (1,174 ) (2,746 ) (2,373 ) Net change in inventory (1,611 ) 2,659 (468 ) 1,048 (4,361 ) Foreign exchange translation and other 16 (147 ) 21 (131 ) 14 C1 cash costs(1) 41,765 35,975 42,234 77,740 83,344 (Gain) loss on foreign exchange hedges (217 ) 2,216 46 1,999 (230 ) C1 cash costs including foreign exchange hedges $ 41,548 $ 38,191 $ 42,280 $ 79,739 $ 83,114 Mining $ 31,442 $ 25,796 $ 27,881 $ 57,238 $ 53,137 Processing 6,549 6,352 7,927 12,901 15,104 Indirect 7,639 6,116 5,799 13,755 11,746 Production costs 45,630 38,264 41,607 83,894 79,987 By-product credits (6,205 ) (4,699 ) (3,431 ) (10,904 ) (5,871 ) Treatment, refining and other 2,340 2,410 4,058 4,750 9,228 C1 cash costs(1) 41,765 35,975 42,234 77,740 83,344 (Gain) loss on foreign exchange hedges (217 ) 2,216 46 1,999 (230 ) C1 cash costs including foreign exchange hedges $ 41,548 38,191 42,280 79,739 83,114 (1) Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025. 2025 – Q2 2025 – Q1 2024 – Q2 2025 – YTD 2024 – YTD Costs per pound Total copper produced (lbs, 000) 20,199 16,219 19,548 36,418 37,386 Mining $ 1.56 $ 1.59 $ 1.42 $ 1.57 $ 1.42 Processing $ 0.32 $ 0.39 $ 0.41 $ 0.35 $ 0.41 Indirect $ 0.38 $ 0.38 $ 0.30 $ 0.38 $ 0.31 By-product credits $ (0.31 ) $ (0.29 ) $ (0.18 ) $ (0.30 ) $ (0.16 ) Treatment, refining and other $ 0.12 $ 0.15 $ 0.21 $ 0.13 $ 0.25 Copper C1 cash costs(1) $ 2.07 $ 2.22 $ 2.16 $ 2.13 $ 2.23 (Gain) loss on foreign exchange hedges $ (0.01 ) $ 0.14 $ — $ 0.06 $ (0.01 ) Copper C1 cash costs including foreign exchange hedges $ 2.06 $ 2.36 $ 2.16 $ 2.19 $ 2.22 (1)Copper C1 cash costs for 2025 and 2024 do not include Tucumã Operation's results, as commercial production has not been achieved as of June 30, 2025. Gold C1 cash cost and gold AISC The following table provides a reconciliation of gold C1 cash cost and gold AISC to cost of production, its most directly comparable IFRS measure. Reconciliation: 2025 – Q2 2025 – Q1 2024 – Q2 2025 – YTD 2024 – YTD Cost of production $ 8,761 $ 6,225 $ 7,580 $ 14,986 $ 14,835 Add (less): Incentive payments (209 ) (269 ) (226 ) (478 ) (669 ) Net change in inventory 63 1,339 (322 ) 1,402 (58 ) By-product credits (159 ) (111 ) (259 ) (270 ) (448 ) Smelting and refining 42 35 97 77 187 Foreign exchange translation and other 133 82 215 215 447 C1 cash costs $ 8,631 $ 7,301 $ 7,085 $ 15,932 $ 14,294 Site general and administrative 1,264 1,077 1,350 2,341 2,703 Accretion of mine closure and rehabilitation provision 145 141 88 286 180 Sustaining capital expenditure 4,435 3,909 2,653 8,344 5,907 Sustaining lease payments 2,313 2,021 1,908 4,334 4,030 Royalties and production taxes 511 338 862 849 1,372 AISC $ 17,299 $ 14,787 $ 13,946 $ 32,086 $ 28,486 2025 – Q2 2025 – Q1 2024 – Q2 2025 – YTD 2024 – YTD Costs Mining $ 4,552 $ 3,760 $ 3,705 $ 8,312 $ 7,525 Processing 2,472 2,206 2,277 4,678 4,536 Indirect 1,724 1,411 1,265 3,135 2,494 Production costs 8,748 7,377 7,247 16,125 14,555 Smelting and refining costs 42 35 97 77 187 By-product credits (159 ) (111 ) (259 ) (270 ) (448 ) C1 cash costs $ 8,631 $ 7,301 $ 7,085 $ 15,932 $ 14,294 Site general and administrative 1,264 1,077 1,350 2,341 2,703 Accretion of mine closure and rehabilitation provision 145 141 88 286 180 Sustaining capital expenditure 4,435 3,909 2,653 8,344 5,907 Sustaining leases 2,313 2,021 1,908 4,334 4,030 Royalties and production taxes 511 338 862 849 1,372 AISC $ 17,299 $ 14,787 $ 13,946 $ 32,086 $ 28,486 Costs per ounce Total gold produced (ounces) 7,743 6,638 16,555 14,381 34,789 Mining $ 588 $ 566 $ 224 $ 578 $ 216 Processing $ 319 $ 332 $ 138 $ 325 $ 130 Indirect $ 223 $ 213 $ 76 $ 218 $ 72 Smelting and refining $ 5 $ 5 $ 6 $ 5 $ 5 By-product credits $ (20 ) $ (16 ) $ (16 ) $ (18 ) $ (12 ) Gold C1 cash cost $ 1,115 $ 1,100 $ 428 $ 1,108 $ 411 Gold AISC $ 2,234 $ 2,228 $ 842 $ 2,231 $ 819 Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income, its most directly comparable IFRS measure. Reconciliation: 2025 – Q2 2025 – Q1 2024 – Q2 2025 – YTD 2024 – YTD Net Income (Loss) $ 71,028 $ 80,627 $ (53,399 ) $ 151,655 $ (60,229 ) Adjustments: Finance expense 5,976 4,723 4,565 10,699 9,199 Finance income (1,130 ) (838 ) (1,361 ) (1,968 ) (2,829 ) Income tax expense (recovery) 13,082 14,741 (8,267 ) 27,823 (10,120 ) Amortization and depreciation 25,215 18,620 22,294 43,835 45,590 EBITDA $ 114,171 $ 117,873 $ (36,168 ) $ 232,044 $ (18,389 ) Foreign exchange (gain) loss (38,640 ) (58,400 ) 70,454 (97,040 ) 89,450 Share based compensation 7,756 1,173 6,075 8,929 12,620 Unrealized (gain) loss on commodity derivatives (636 ) 2,102 436 1,466 372 Write-down of exploration and evaluation asset — — 10,745 — 10,745 Xavantina Gold Stream transaction fees — 458 — 458 — Adjusted EBITDA $ 82,651 $ 63,206 $ 51,542 $ 145,857 $ 94,798 (1) Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company's historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. Adjusted net income attributable to owners of the Company and Adjusted net income per share attributable to owners of the Company The following table provides a reconciliation of Adjusted net income attributable to owners of the Company and Adjusted EPS to net income attributable to the owners of the Company, its most directly comparable IFRS measure. Reconciliation: 2025 – Q2 2025 – Q1 2024 – Q2 2025 – YTD 2024 – YTD Net income (loss) as reported attributable to the owners of the Company $ 70,548 $ 80,227 $ (53,247 ) $ 150,775 $ (60,388 ) Adjustments: Share based compensation 7,756 1,173 6,075 8,929 12,620 Unrealized foreign exchange (gain) loss on USD denominated balances in MCSA (28,204 ) (39,628 ) 48,517 (67,832 ) 59,774 Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts (6,606 ) (16,739 ) 16,006 (23,345 ) 25,310 Unrealized (gain) loss on commodity derivatives (633 ) 2,079 434 1,446 370 Incremental COVID-19 costs — — — — — Change in rehabilitation and closure provision(1) — — — — — Write-down of exploration and evaluation asset — — 10,745 — 10,745 Xavantina Gold Stream transaction fees — 458 — 458 — Tax effect on the above adjustments 5,281 8,279 (9,904 ) 13,560 (13,032 ) Adjusted net income attributable to owners of the Company $ 48,142 $ 35,849 $ 18,626 $ 83,991 $ 35,399 Weighted average number of common shares Basic 103,582,082 103,564,654 103,082,363 103,573,416 102,918,092 Diluted 103,905,561 103,904,737 103,961,615 103,902,012 103,704,730 Adjusted EPS Basic $ 0.46 $ 0.35 $ 0.18 $ 0.81 $ 0.34 Diluted $ 0.46 $ 0.35 $ 0.18 $ 0.81 $ 0.34 (1) Change in rehabilitation and closure provision relates to revisions to rehabilitation and closure plans and cost estimates at the Company's historic mining operations that have entered the closure phase, and for which there are no substantive future economic value. Such costs are reflected within other expenses on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. Net Debt (Cash) The following table provides a calculation of net debt (cash) based on amounts presented in the Company's condensed consolidated interim financial statements as at the periods presented. June 30, 2025 March 31, 2025 December 31, 2024 June 30, 2024 Current portion of loans and borrowings $ 58,076 $ 52,479 $ 45,893 $ 39,889 Long-term portion of loans and borrowings 569,300 589,860 556,296 486,919 Less: Cash and cash equivalents (68,303 ) (80,573 ) (50,402 ) (44,773 ) Short-term investments — — — — Net debt (cash) $ 559,073 $ 561,766 $ 551,787 $ 482,035 Working Capital and Available Liquidity The following table provides a calculation for these based on amounts presented in the Company's condensed consolidated interim financial statements as at the periods presented. June 30, 2025 March 31, 2025 December 31, 2024 June 30, 2024 Current assets $ 178,524 $ 232,292 $ 141,790 $ 124,554 Less: Current liabilities (212,010) (222,048) (211,706) (182,143 ) Working (deficit) capital $ (33,486) $ 10,244 $ (69,916) $ (57,589 ) Cash and cash equivalents 68,303 80,573 50,402 44,773 Available undrawn revolving credit facilities(1) 45,000 35,000 15,000 100,000 Available undrawn prepayment facilities(2) — — 25,000 $ 25,000 Available liquidity $ 113,303 $ 115,573 $ 90,402 $ 169,773 (1) In January 2025, the Company amended its Senior Credit Facility to increase the limit from $150.0 million to $200.0 million and extended the maturity from December 2026 to December 2028. (2) In March 2025, the Company exercised its option to increase the size of its copper prepayment facility from $50.0 million to $75.0 million. ABOUT ERO COPPER CORP Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ('MCSA'), 100% owner of the Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold S.A. ('NX Gold') which owns the Xavantina Operations, an operating gold mine located in Mato Grosso State, Brazil. In July 2024, the Company signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas Copper-Gold Project, located in the Carajás Mineral Province in Pará State, Brazil. For more information on the earn-in agreement, please see the Company's press releases dated October 30, 2023 and July 22, 2024. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations, Tucumã Operation and the Furnas Copper-Gold Project, can be found on the Company's website ( on SEDAR+ ( and on EDGAR ( The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol 'ERO'. FOR MORE INFORMATION, PLEASE CONTACT Farooq Hamed, VP, Investor Relations [email protected] CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS This press release contains 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation (collectively, 'forward-looking statements'). Forward-looking statements include statements that use forward-looking terminology such as 'may', 'could', 'would', 'will', 'should', 'intend', 'target', 'plan', 'expect', 'budget', 'estimate', 'forecast', 'schedule', 'anticipate', 'believe', 'continue', 'potential', 'view' or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company's expected development and mining rates, production, operating costs and capital expenditures at the Caraíba Operations, the Tucumã Operation and the Xavantina Operations; estimated timing for certain milestones, including the step change in mining rates at Xavantina in H2 2025; expectations related to exploration activities at the Furnas Project including the expected timing of the completion of the Phase 2 drill program by year-end 2025; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking statements, including, without limitation, risks discussed in this press release and in the Company's Annual Information Form for the year ended December 31, 2023 ('AIF') under the heading 'Risk Factors'. The risks discussed in this press release and in the AIF are not exhaustive of the factors that may affect any of the Company's forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve statements about the future and are inherently uncertain, and the Company's actual results, achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to herein and in the AIF under the heading 'Risk Factors'. The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company's control. In connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Copper-Gold Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates, interest rates and tariff rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. Although the Company believes that the assumptions inherent in forward- looking statements are reasonable as of the date of this press release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws. CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES Unless otherwise indicated, all reserve and resource estimates included in this press release and the documents incorporated by reference herein have been prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ('NI 43-101″) and the Canadian Institute of Mining, Metallurgy and Petroleum (the 'CIM') — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the 'CIM Standards'). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the 'SEC'), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this press release and the documents incorporated by reference herein use the terms 'measured resources,' 'indicated resources' and 'inferred resources' as defined in accordance with NI 43-101 and the CIM Standards. Further to recent amendments, mineral property disclosure requirements in the United States (the 'U.S. Rules') are governed by subpart 1300 of Regulation S-K of the U.S. Securities Act of 1933, as amended (the 'U.S. Securities Act') which differ from the CIM Standards. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the 'MJDS'), Ero is not required to provide disclosure on its mineral properties under the U.S. Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. If Ero ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Ero will be subject to the U.S. Rules, which differ from the requirements of NI 43-101 and the CIM Standards. Pursuant to the new U.S. Rules, the SEC recognizes estimates of 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources'. In addition, the definitions of 'proven mineral reserves' and 'probable mineral reserves' under the U.S. Rules are now 'substantially similar' to the corresponding standards under NI 43-101. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that Ero reports are or will be economically or legally mineable. Further, 'inferred mineral resources' have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of 'inferred mineral resources' may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are 'substantially similar' to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that Ero may report as 'proven mineral reserves', 'probable mineral reserves', 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources' under NI 43-101 would be the same had Ero prepared the reserve or resource estimates under the standards adopted under the U.S. Rules. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
