Latest news with #JointVentureAgreement
&w=3840&q=100)
Business Standard
01-05-2025
- Business
- Business Standard
Dixon, Inventec form joint venture to manufacture PCs and servers in India
Electronics manufacturing services company Dixon Technologies has entered into a joint venture agreement with Taiwanese IT hardware giant Inventec Corporation for manufacturing personal computers, components and servers in India. The joint venture, Dixon IT Devices Private Limited, will focus on manufacturing notebook PC products, desktop PC products, including components, and servers within India, according to a regulatory filing. "Dixon Technologies (India) Limited (Company) has on 30 April 2025 entered into a Joint Venture Agreement with Inventec Corporation and Dixon IT Devices Private Limited, (JV Company), a wholly owned subsidiary of the Company (JV Agreement) for governing inter-se relationship of the Company and Inventec Corporation in respect of operation and management of the JV Company," the filing said. Under the terms of the agreement, Dixon Technologies will hold a 60 per cent stake in the joint venture, while Inventec Corporation will own the remaining 40 per cent. The agreement includes provisions for board representation, with Dixon nominating three directors and Inventec two. "With Dixon's operational efficiency and local expertise and Inventec's technological prowess in the IT hardware segment, we shall be striving to produce high-quality products while driving technological innovation and contributing to the development of India's IT infrastructure. The partnership aligns with the Government of India's vision of promoting domestic manufacturing & self-reliance under the Make in India scheme," Dixon's Vice Chairman and Managing Director, Atul B. Lall said. Inventec President Jack Tsai said the partnership significantly enhances the firm's operational agility and service coverage within the Indian market. Inventec, established in 1975 and recognised as one of the world's top five PC original design manufacturers (ODMs), manufactures notebooks, desktops, all-in-one PCs, servers, and handheld devices. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard
21-04-2025
- Business
- Business Standard
DCX Systems spurts on strategic JV with Israel's ELTA Systems
DCX Systems rose 5.07% to Rs 259.90 after the company announced the execution of a Joint Venture Agreement (JVA) with ELTA Systems, a subsidiary of Israel Aerospace Industries (IAI), and its group companies. The partnership aims to establish a new Joint Venture Company (JVC) in India focused on developing advanced radar systems under the governments "Make in India" initiative. The JVC will specialize in airborne maritime radar systems, fire control radar systems and other radar technologies designed for both airborne and land applications. According to the filing made by DCX Systems with the stock exchanges today, the venture underscores a long-standing relationship between the two entities and leverages complementary expertise in the radar and defense electronics space. As per the agreement, ELTA Group will hold a 63% stake in the new entity and DCX Systems will hold the remaining 37%. Initially, the board of the JVC will comprise four directorsthree from ELTA and one from DCX. However, upon DCXs full investment into the venture, the board will expand to five directors, with DCX gaining one additional seat. Leadership positions in the new company, including CEO and CFO, will be nominated by ELTA, subject to board approval. ELTA will also grant the JVC an exclusive license to use its radar technology in India, except for government-to-government (G2G) and government-to-commercial (G2C) projects. This collaboration is expected to significantly enhance Indias indigenous radar manufacturing capabilities. The move is aligned with India's push to reduce dependence on imports in the defense sector and become a global defense production hub. The agreement outlines various governance and operational structures, including reserved matters, intellectual property rights, and a call option mechanism in the event of a deadlock. No related party relationships exist between the two entities, and the proposed equity shares to be issued to DCX will be priced at fair market value, in compliance with applicable laws. DCX Systems is an Indian defense manufacturer specializing in the production and supply of electronic systems, subsystems, and cable & wire harness assemblies for international and domestic customers. On a consolidated basis, net profit of DCX Systems declined 25.19% to Rs 10.01 crore while net sales rose 0.93% to Rs 200.01 crore in Q3 December 2024 over Q3 December 2023.
Business Upturn
21-04-2025
- Business
- Business Upturn
DCX Systems announces joint venture with Israel's ELTA Systems; shares jump 5% on partnership
By Aditya Bhagchandani Published on April 21, 2025, 14:34 IST Shares of DCX Systems jumped over 5% in Monday's trade, hitting ₹260.33 on the NSE after the company announced a significant strategic partnership with Israel's ELTA Systems. The rally was driven by news of a Joint Venture Agreement signed on April 21, 2025, aimed at manufacturing radar systems under India's 'Make in India' initiative. As per the official filing, DCX Systems has entered into a Joint Venture Agreement (JVA) with ELTA Systems Ltd., a subsidiary of Israel Aerospace Industries (IAI), to establish a Joint Venture Company (JVC) in India. The focus will be on the development and supply of Airborne Maritime Radar Systems, Fire Control Radar Systems, and other radar-based technologies for airborne and land-based defense applications. The partnership structure gives 63% ownership to ELTA Group and 37% to DCX. ELTA will provide an exclusive technology license to the new venture for Indian defense projects (excluding Government-to-Government and Government-to-Commercial contracts). The initial board of directors for the JVC will include three ELTA nominees and one DCX nominee. Upon full investment by DCX, the board will be expanded to five members, with DCX holding two seats. ELTA will appoint the CEO and CFO, pending board approval. This collaboration marks a key milestone in DCX Systems' efforts to strengthen its footprint in India's defense technology sector. Investors responded positively to the announcement, with the stock gaining ₹12.92 or 5.22% from the previous close of ₹247.41. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Yahoo
14-04-2025
- Business
- Yahoo
Kincora Copper: Second Major Earn-In Secured with AngloGold Ashanti
Amended Agreement: Kincora Copper and AngloGold Ashanti sign a major amendment to their Earn-in and Joint Venture Agreement ("Agreement") for a second joint venture in the Northern Junee-Narromine Belt of the Macquarie Arc supporting total expenditures of up to $100 million Key Highlights: Multiple-phase, multiple-year agreement covering the Nyngan South, Nevertire South and Mulla projects Stage 1: AngloGold Ashanti may earn a 70% interest by spending $25 million Stage 2: Option to increase to 80% with additional funding and/or studies The Agreement for two separate joint ventures cover a continuous strike greater than a 100km's and five projects Kincora remains the operator, receiving a 10% management fee Accelerated Drilling Plans: Expansion to ongoing drilling at the Nyngan project and a new drilling program to commence at the Nevertire and Nevertire South projects Strong Funding Model: Over $110 million of potential asset level funding has been secured; further large-scale partnerships are under active negotiation Kincora remains on track to achieve its ambition for third-party management fees to support a self funding financing model Melbourne, Australia--(Newsfile Corp. - April 14, 2025) - Kincora Copper Limited (TSXV: KCC) (ASX: KCC) ("KCC", "Kincora" or the "Company") is pleased to announce the execution of a major amendment to its existing agreement with a wholly owned subsidiary of AngloGold Ashanti plc ("AngloGold Ashanti"). The Agreement opens the way for more extensive exploration in the Northern Junee-Narromine Belt ("NJNB") of the Macquarie Arc, Central West NSW, Australia. The NJNB is a globally significant exploration opportunity offering new district scale porphyry potential. First phase drilling at the Nyngan project is ongoing with activities initiated for initial drilling at the highly prospective Nevertire and Nevertire South projects, known for their geological similarities to major deposits like Cadia-Ridgeway. John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, commented: "We are very pleased to broaden our partnership with AngloGold Ashanti. It comes as we continue to progress our ongoing exploration program at the Nyngan project, with a ground gravity survey and hole twelve of the scout drilling program recently completed. In the wake of this second earn-in our drilling plans have been materially expanded at Nevertire and Nevertire South, and now cover three projects. However, and more importantly, we are well positioned to systematically and aggressively advance a new district scale portfolio of five projects covering over 2350km2. The contiguous five projects cover a strike of greater than 100km, more than twice that of the emerging Vicuña district in the Central Andes, which is also an extension to a known world-class porphyry belt. The revised agreement is structured in a manner which supports Kincora shareholders being carried potentially to the equivalent stage of four pre-development recent discoveries in Vicuña that have a current valuation of over $10 billion. AngloGold Ashanti is a successful greenfield explorer and while we are only now ramping up our exploration activities with them, they have already invested over $14 million in the NJNB. We are both very excited about the targets being drilled across the first three Kincora projects in 2025. While Kincora has now unlocked over $110 million of potential partner funding we see ample scope to further significantly grow this figure. The Company is advancing discussions for further large-scale partner agreements and is on track to achieve its ambition for third party management fees to provide a self-funding financing exploration model." Figure 1: The Macquarie Arc is a proven Tier 1 terrane and Australia's foremost copper porphyry belt hosting a number of world-class minesThe Northern Junee-Narromine Belt (NJNB) is a largely untested extension of the Macquarie Arc situated under the post-mineral cover To view an enhanced version of this graphic, please visit: Project generator funding model Kincora's asset level partner model for its wholly owned large scale exploration stage porphyry projects, commonly referred to a project generator model in the North American markets, has now unlocked over $110 million of potential partner funding for eight earlier stage and/or non-core porphyry projects1. Existing partners include: AngloGold Ashanti (NYSE: AU) is the world's fourth largest gold miner by production and is partner for the NJNB project portfolio (including five projects across two joint venture arrangements) 1(a); Fleet Space Technologies Pty Ltd ("Fleet Space", private) is one of Australia's fastest growing companies and is widely recognised as Australia's leading space exploration company. Fleet Space recently raised $150m in a Series D financing. It is Kincora's partner for the Wongarbon project and recently completed its maiden integrated Ambient Noise Tomography and gravity geophysical survey at the Nyngan project 1(b,c); Earth AI Pty Ltd ("Earth AI", private), an Artificial Intelligence and Machine Learning explorer. Earth AI recently raised $20m in a Series B financing and is partner for the Cundumbul project 1(d); and, Orbminco Limited (formerly Woomera Mining) is a Mongolian focused explorer and is partner for the Bronze Fox project 1(e). Kincora is the current operator of the NJNB project portfolio with AngloGold Ashanti and receives a 10% management fee of expenditure. Discussions are ongoing for further agreements for the Company's remaining four (and generally significantly more advanced and/or proximal to existing world-class mines) porphyry projects in NSW, including Fairholme, Jemalong, Trundle and Nyngan West. The Company plans to retain its Condobolin project, which hosts the historical Condobolin high grade open cut gold and base metals mining field situated within trucking distance to the Mineral Hill mine (which has capacity for, and is seeking, third party ore) and within the southern section of the emerging Cobar Superbasin. The timeline and capital needs to significantly add value and advance the Condobolin project is materially less than the Company's porphyry projects. Kincora's ambition is to be the operator for exploration budgets of over $10 million per annum for the porphyry portfolio providing sufficient project management fees for the Company to be self funding (covering corporate costs and maintenance of remaining wholly owned projects) and have partnerships with a diversified portfolio of industry leading producers/explorers. Nyngan, Nevertire and Nevertire South Programs A major amendment to the original Earn-in and Joint Venture agreement with AngloGold Ashanti now includes the Nyngan South, Nevertire South and Mulla projects, which are adjacent to the Nyngan and Nevertire projects (the latter two included in the original May 2024 agreement) and streamlines exploration across a continuous strike that exceeds a 100km's. Initial scout drilling activities at the Nyngan project commenced late last year and are ongoing. To date, twelve holes in total have been complete in partnership with AngloGold Ashanti, and follows encouraging results for the first six holes completed in 4Q'20242. Looking ahead, a recently completed ground gravity survey covering over 400km2 has identified a number of new potential targets for drilling. Interpretations and discussions for potential follow up drilling are now underway with AngloGold Ashanti as the scout drilling program continues. Various coincident magnetic and new gravity anomalies have been identified at both the wider South West and Ace of Spades Targets. A Stage 2 follow up phase of step out drilling is proposed post completion of the scout drilling program. Under the amended agreement, planned exploration activities have been expanded to support a first phase drilling program at both the Nevertire and Nevertire South projects with unimpeded access across the consolidated ~8 x 12km Nevertire Magmatic Complex ("NMC"). Prior explorer drilling at the southern section of the NMC has returned anomalous copper-gold mineralisation, favourable fertility defined by green rock analysis, geochemical zonation and alteration suggestive of an outer porphyry system setting with age dates confirming a highly prospective Phase 4 Macquarie Arc intrusive complex (at approximately 220m depth down hole). Having secured three prior explorer drill holes at the NMC from the Cadia mine site, a review by Kincora's technical director John Holliday supports Newcrest prior interpretation that "drilling has identified lithologies, alteration and veining consistent with a setting similar to the Cadia-Ridgeway and Goonumbla porphyry Cu-Au deposits" 3. John is a foremost figure on Macquarie Arc porphyry systems having been a principal originator, discoverer and site manager for the Tier 1 Cadia gold-copper porphyry and the Marsden copper gold porphyry deposits. A priority for the upcoming drilling program is an initial follow up program to prior Newcrest hole ACDNY006 which returned a very encouraging intersection of anomalous copper mineralisation (from basement to end of hole), veining and magnetite alteration situated in a high volcanic-hosted level 3. Prior Newcrest drilling supports Kincora's view of the planned walk up drill targets within the Nevertire South project underpinning the most advanced and geologically prospective porphyry project within the NJNB district. A planned drilling program seeks to step out from hole ACDNY006 to discover or create a vectoring pattern to a possible deposit and also test open extensions to the NMC - see Figure 2. The drilling programs at the Nyngan, Nevertire and Nevertire South projects are expected to run into the third quarter of 2025, providing a steady stream of news flow and management fees to the Company. Key terms of the Earn-in and Joint Venture Agreement The key terms of the amended agreement with AngloGold Ashanti Australia Limited, a wholly owned subsidiary of AngloGold Ashanti plc, covering the Nyngan South (Exploration Licence 9708), Nevertire South (Exploration Licence 9710) and Mulla (Exploration License 9320) projects ("New Tenements"), are in addition to the arrangement in respect of the original May 2024 agreement for the Nyngan (Exploration Licence 8929) and Nevertire (Exploration Licence 8960) projects and, in summary, comprise: AngloGold may earn a 70% initial interest in the New Tenement by incurring $25 million in total expenditure on exploration in the initial earn-in period of up to seven years upon which a joint venture would be formed (Phase I). This includes a minimum expenditure of $2 million within the first two years (Minimum Obligation). AngloGold is permitted to withdraw from the Agreement after satisfying the Minimum Obligation or payment of any shortfall. AngloGold can then earn an additional 10% interest in the New Tenements (for a total interest of 80%) by completing a Pre-Feasibility Study (PFS) or by funding a further $25m of expenditure over an additional three years (Phase II). Kincora will initially operate and conduct all exploration activities as directed by an Exploration Management Committee that will comprise two members from each party, and be entitled to a 10% management fee. The amended agreement is otherwise on terms that are customary for similar agreements and includes the agreed principal terms of the proposed joint venture agreement that will apply if AngloGold earns an interest in the NJNB tenements. All expenditure timelines under the Agreement can be accelerated. The amendments to the existing agreement are conditional on Ministerial consent being obtained within six months. Refer to the May 28, 205 release "AngloGold Ashanti to earn-in to the NJNB Project" for details for the original Earn-in and Joint Venture Agreement for the Nyngan and Nevertire projects. About the NJNB Project Portfolio The Macquarie Arc is Australia's premier porphyry copper-gold province being a hotspot for recent corporate activity, with over $16 billion of M&A for producing assets and over $385m of exploration earn-in/joint ventures, and exploration success, including two greater than 10Moz gold equivalent discoveries/resource expansions 4. Despite regional magnetics effectively mapping the Macquarie Arc volcanic belts, due to the post mineral cover there has been very limited prior drilling of the extensions of both the Junee-Narromine and Molong volcanic belts relative to the southern more outcropping sections. These more mature southern exploration regions host over 160Moz gold equivalent inventory 5 and a number of world-class mines (Cadia, Cowal and Northparkes). Kincora's portfolio and the wider NJNB offers new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, gravity and new Ambient Noise Tomography (ANT) surveys, supportive of large-scale targets analogous to porphyry deposits located in the southern section of the Arc. AngloGold Ashanti has secured Earn-in and Joint Venture Agreements with both Kincora and Inflection Resources (Inflection, market capitalisation C$33.7 million, >4x Kincora's 6) covering ~10,000km2 within the NJNB with over A$14 million investment to date 7. In the last month AngloGold Ashanti has moved to Phase II of its earn-in agreement with Inflection designating a total of four projects to continue earning into (including two projects adjacent to Kincora's Nyngan project) 8 - see Figure 2. The most recent notable example of a new globally significant emerging porphyry district is the Vicuña district, which is also an extension of a renowned world-class porphyry belt. Vicuña is an extension of the central Andean belts in Argentina on the border of Chile and situated at over 4000m altitude. Within this district NGEx Resources Inc in 2009 held three early-stage exploration projects and at the time had a market capitalisation of approximately C$40 million 9. These same projects are all still at a pre-development phase but have yielded in four large-scale discoveries currently valued at over $10 billion 10. Kincora was an early mover into the Northern Junee-Narromine Belt, securing a district scale portfolio of the interpreted most prospective and shallow to moderate covered part of the northwards extension of the Macquarie Arc under post mineral cover. This portfolio now covers a strike twice the length of the Vicuña district and included in earn-in and agreements with AngloGold Ashanti. The NJNB is virgin exploration territory and offers new district-scale discovery potential with spatial and temporal settings, coupled with regional magnetics and gravity, supportive of large-scale intrusive complexes and targets analogous to porphyry deposits located in the southern and more mature sections of the Macquarie Arc. Figure 2: First phase drilling activities at Kincora's Nyngan project are ongoing with activities initiated for initial drilling at the highly prospective Nevertire and Nevertire South projectsIn the last month, AngloGold Ashanti has moved to Phase II of its earn-in agreement with Inflection Resources (market capitalisation >C$33 million) designating a total of four projects to continue earning into (including two adjacent to Kincora's Nyngan and Nyngan South licenses) and formed a second earn-in and joint venture agreement with Kincora To view an enhanced version of this graphic, please visit: About AngloGold AngloGold Ashanti plc (NYSE: AU) (market capitalization ~US$21.6 billion) is the world's fourth largest gold miner by production with projects and exploration activities across nine countries on four continents. AngloGold pursues value-creating opportunities, where it can leverage their existing assets, shareholdings, skills and experience. AngloGold has a track record of successful exploration with its greenfields and brownfields exploration programmes seeking to support sustainability and growth of its business. AngloGold's greenfield exploration strategy aims to discover large, high-value Mineral Resources that will eventually lead to the development of new gold mines. For more information please visit AngloGold's website at About Kincora Kincora Copper is an active explorer and project generator focused on world-class copper-gold discoveries. Kincora's portfolio includes district scale landholdings and scale-able drill ready targets in both Australia and Mongolia's leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively, and the historical Condobolin mining field in the southern section of the Cobar superbasin NSW. For more information please visit Kincora's website at This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763) For further information please contact: Sam Spring, President and Chief Executive Officer or +61431 329 345 Executive office 400 - 837 West Hastings Street Vancouver, BC V6C 3N6, Canada Tel: 1.604.283.1722 Fax: 1.888.241.5996 Subsidiary office Australia Vista Australia Level 4, 100 Albert RoadSouth Melbourne, Victoria 3205 References: (1) Over $110 million of potential partner funding for eight earlier stage and/or non-core projects includes: (a) In addition to the terms announced in this release, the original up to A$50m earn-in & JV agreement with AngloGold Ashanti for the Nyngan & Nevertire projects: refer May 28, 2024 release "AngloGold Ashanti to earn-in to the NJNB Project" (estimated budget to end of Dec 2024 >$1.5m, incl. 2707m drilling, Kincora currently the project manager receiving a 10% fee of expenditure). For more information on AngloGold Ashanti please visit their website at (b) Fleet Space Technologies (which in December 2024 raised $150m in a Series D financing) partnership under R&D Grant for geophysical surveys at Nyngan: refer Jul 25, 2024 release "ANT and Gravity Geophysical Surveys at the Nyngan Project" (est. budget $500k). For more information on Fleet Space please visit their website at (c) Fleet Space partnership for the Wongarbon project: refer Oct 16, 2024 release "Kincora announces Strategic Investment & Expanded Partnership with Fleet Space" (Fleet Space is to conduct ANT & gravity surveys with the right to fund >2000m of drilling for an earn-in/JV. Est. budget for ANT & gravity surveys $600k, follow up drilling >$0.5m) (d) Exploration Alliance partner Earth AI (which in January 2025 raised US$20m in a Series B financing) drilling commenced at the Cundumbul project: refer May 20, 2024 release "Artificial Intelligence Partner Drilling New Copper Targets at the Cundumbul Project" (Earth AI has the right to right to spend up to $4.5m at Cundumbul and earn an NSR upon a "qualifying interval". Estimated budget to date >$750k, incl. 5 completed holes for >2500m with a VTEM geophysical survey recently completed and analysis ongoing). (e) Woomera Mining (now Orbminco Ltd) agreement for Kincora's Mongolian assets: refer Aug 12, 2024 release "Kincora secures funded, successful and motivated partner for Mongolian assets" & Orbminco release Jan 14, 2025 "Drilling Results for Bronze Fox Copper-Gold Project", incl. drilling results & technical details/disclaimers (Orbminco has the right to spend US$4m for a 80% interest in the Mongolian subsidiaries with Kincora free carry also to FID or a cash payment + NSR acquisition right for 100% interest. Orbminco consideration shares to Kincora $450k. Estimated budget >C$960k to Dec 31, 2024 incl. 2516m of drilling (& ex-planned conversion of the western exploration to a mining license and 2025 field work/drilling). (2) Refer to Kincora's exploration update press release Feb 13, 2025, "Encouraging results expands Kincora Copper and AngloGold Ashanti's First Drilling Program" (3) Newcrest Mining annual reports (public access) for former license EL6337, available on DIGS via MinView ( (4) Ocean Blue Equities Oct 8, 2024 initiation research report on Waratah Minerals with the addition of Newmont's earn-in and joint venture agreements with Koonenberry Gold for the: (a) Junee porphyry project ($23.9m of expenditure to date, ex the Jan 2025 drilling with Koonenberry Gold carried until commercial production); and, (b) Fairholme porphyry project (Koonenberry carried until $15m of exploration expenditure, with $1.14m spent to date, ex the Jan 2025 drilling program). (5) MinEx Consulting report for Kincora. (6) Market capitalisation of Inflection Resources as at Apr 11, 2025 following Apr 1, 2025 issuance of shares to AngloGold Ashanti ( (7) Includes AngloGold Ashanti funded exploration with Kincora and Inflection as at Dec 31, 2024, including Phase 1 and Phase 2 expenditures with Inflection (refer to the Mar 3, 2025 "MD&A" for the quarter ended Dec 2024). (8) Refer to Inflection Resources' Mar 25, 2025 release "AngloGold Ashanti Designates Four Inflection Resources Projects for Phase II of Exploration Earn-in Agreement". (9) NGEx Minerals valuation 2009 when it owned the projects included in (3). Refer to NGEx's presentation July 2024 for further details. (10) ">$10 billion market value": includes values for Filo Corp & Josemaria based on the Jul 29, 2024 transaction values from Lundin Mining & BHP (see public market releases, "Lundin Mining and BHP to Acquire Filo and Form a 50/50 Joint Venture to Progress the Filo del Sol and Josemaria Projects") and Apr 11, 2025 market capitalisation of NGEx Minerals. Forward-Looking Statements Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-Looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
13-03-2025
- Business
- Yahoo
Entrée Resources Announces Fiscal Year 2024 Results and Reviews Corporate Highlights
VANCOUVER, British Columbia, March 12, 2025 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the 'Company' or 'Entrée') has today filed its annual operational and financial results for the year ended December 31, 2024. All numbers are in U.S. dollars unless otherwise noted. 2024 HIGHLIGHTS Arbitration and Entrée/Oyu Tolgoi JVA On December 19, 2024, a partial final award (the 'Award') was made by the three-member international arbitration Tribunal appointed in connection with the Company's binding arbitration proceedings against its joint venture partner Oyu Tolgoi LLC ('OTLLC') and Turquoise Hill Resources Ltd. (together, the 'Respondents'). The Tribunal ruled in favor of the Company on all issues and dismissed the Respondents' counterclaims. As the first step in the implementation of the Award, on February 3, 2025, the Company and OTLLC formally executed and delivered the Joint Venture Agreement appended to the amended 2004 Equity Participation and Earn-In Agreement between the parties. The Joint Venture Agreement (the 'Entrée/Oyu Tolgoi JVA'), which has governed joint venture operations and the rights and obligations of the parties since the joint venture was formed in 2008, has an effective date of June 30, 2008, as amended on February 3, 2025. In conjunction with the formal execution and delivery of the Entrée/Oyu Tolgoi JVA, the Company assigned to OTLLC an 80% or 70% (depending on the depth of mineralization) beneficial interest in the area covered by the western portion of the Shivee Tolgoi mining licence (the 'Shivee West Property'), which was previously 100% owned by the Company. The Entrée/Oyu Tolgoi JVA incorporates amended definitions of 'Existing Licenses' and 'Properties' to include the Shivee West Property for all purposes under the Entrée/Oyu Tolgoi JVA. The geographic area covered by the Shivee Tolgoi and Javkhlant mining licences is the 'Entrée/Oyu Tolgoi JV Property'. The Entrée/Oyu Tolgoi JVA requires OTLLC, as Manager, to hold title to the Shivee Tolgoi and Javkhlant mining licences (the 'Licences') on behalf of the joint venture ('Entrée/Oyu Tolgoi JV') participants. On February 5, 2025, Entrée's wholly owned subsidiary Entrée LLC and OTLLC duly executed and delivered License Transfer Agreements (the 'License Transfer Agreements') to govern the transfer of the Licences from Entrée LLC to OTLLC as Manager. On February 11, 2025, the parties lodged the License Transfer Agreements and supporting documentation with the Mongolian tax authority for the assessment of tax on the transfer of the Licences in accordance with applicable laws of Mongolia as the next step in the implementation of the Award. Timely transfer of the Licences is required to minimize delays to Lift 1 Panel 1 lateral underground development work planned to be completed in 2025 at the Hugo North Extension deposit. Notwithstanding the formal execution of the Entrée/Oyu Tolgoi JVA, the Company and OTLLC have agreed the parties will continue to work towards potential conversion of the Entrée/Oyu Tolgoi JVA into a more effective agreement of equivalent economic value. The agreement would include a mechanism for the Company to fulfil any obligation under Mongolian law to share with the State up to 34% of its economic benefit from the area of the Licences. Unless and until the parties complete the potential conversion, future development work and mining on the Entrée/Oyu Tolgoi JV Property will be governed by the Entrée/Oyu Tolgoi JVA. Entrée/Oyu Tolgoi JV Property Update First Oyu Tolgoi Lift 1 Panel 1 underground development work on the Entrée/Oyu Tolgoi JV Property commenced on October 28, 2024 in the southwest corner of the Hugo North Extension deposit ('HNE'). The work is part of the initial Panel 1 western ore handling truck chute design which, when completed, will include extraction level tipple development, which connects the truck chute chamber on the haulage level, and the supporting ventilation loop with the return air level. At December 31, 2024, OTLLC had completed 48 equivalent metres of lateral development work on the return air level. All development work was in rock classified as waste, and no saleable minerals, concentrates, metals or other saleable mineral end product were produced. Plans to continue development work in 2025 in the southwest corner of HNE in line with the 2025 Oyu Tolgoi Mine Plan approved by the Mineral Resources and Petroleum Authority of Mongolia ('MRPAM') are contingent upon the resolution of certain outstanding issues, including the transfer of the Licences from Entrée LLC to OTLLC as Manager of the Entrée/Oyu Tolgoi JV. The 2024 in-fill diamond drilling program at HNE included seven surface holes and 25 underground holes. As at January 27, 2025, a total of ~4,652.1 metres of surface drilling had been completed and ~6,221.1 metres of underground drilling had been completed on the Shivee Tolgoi mining licence. The 2024 drill program will support the Lift 2 Panel 1 Pre-Feasibility Study and the updated resource model for Hugo North (including HNE), which will include Lift 2 mineralization. One drill hole (EJD0099) totaling 1,500 metres was drilled at the western edge of the Heruga copper-gold-molybdenum deposit in 2024 to test possible extensions of mineralization to the west. EJD0099 is the first hole drilled at the Heruga deposit since 2012 and is located several hundred metres west of the majority of the previous drilling in the northern half of the deposit. The Entrée/Oyu Tolgoi JV Management Committee had also approved approximately 8,785 metres of diamond drilling in five surface holes on the Heruga deposit in 2024 to increase ore body knowledge and support an Order of Magnitude Study. The drilling was ultimately cancelled due to drill rig availability. No Heruga deposit drilling is currently planned for 2025. The 2024 exploration program for the Shivee Tolgoi mining licence focused on the Airport South, Ulaan Khud and North of HNE (the area between HNE and Ulaan Khud, also known as 'Ridge') targets, including one inclined diamond drill hole totaling ~1,200 metres at the North of HNE target, one inclined diamond drill hole at the Ulaan Khud target totaling ~1,128 metres, geochemical soil sampling, and gravity/CSAMT geophysical surveys. During 2024, work on the Javkhlant mining licence focused on the Bumbat Ulaan target and the Heruga Trend, including drilling programs and a detailed ground gravity survey, a CSAMT geophysical survey and geological mapping. On the Javkhlant mining licence, one diamond drill hole totaling 640 metres was completed at the West Heruga target, and a total of 1,200 metres of diamond drilling in four holes was completed at Bumbat Ulaan. The Company announced analytical results from deposit and regional diamond drilling programs conducted by OTLLC between 2022 and 2024 as they were made available by OTLLC. See the Company's press releases dated February 28, 2024, July 18, 2024, November 4, 2024, and February 27, 2025, available on SEDAR+ at OTC Markets at and on the Company's website at Additional results will be reported as they become available from OTLLC. Oyu Tolgoi Underground Development UpdateThe Oyu Tolgoi project in Mongolia includes two separate land holdings: the Oyu Tolgoi mining licence, which is held by OTLLC and the Entrée/Oyu Tolgoi JV Property, which is a joint venture between Entrée and OTLLC. Rio Tinto International Holdings Ltd. ('Rio Tinto') owns 66% of OTLLC and is the manager of operations at Oyu Tolgoi. On January 16, 2025, Rio Tinto announced that the Oyu Tolgoi Lift 1 underground mine continues to successfully ramp-up. Oyu Tolgoi is set to become the world's fourth largest copper mine by 2030 with the operation expected to deliver average mined copper production of ~500 ktpa between 2028 and 2036. Refer to Rio Tinto's press release dated January 16, 2025, titled 'Rio Tinto releases fourth quarter production results' available on its website at for further details. OTLLC has opened a total of 124 Lift 1 draw bells from Panel 0 on the Oyu Tolgoi mining licence, including four draw bells during the quarter ended December 31, 2024. In the fourth quarter 2024, OTLLC delivered 2.1 million tonnes of milled ore from the underground mine on the Oyu Tolgoi mining licence at an average copper head grade of 1.96%. Ventilation Shafts 3 and 4 were commissioned during the third quarter 2024 with fresh air now being drawn into the underground mine. First ore on the conveyor to surface belt was achieved in October 2024, with the conveyor system now able to transport ore to the surface from a depth of 1,300 metres. Commissioning activities commenced during the second quarter 2024 and are forecast to be progressively completed through to the second quarter 2025, with load and production testing of the conveyor system progressing. Production was 33% higher in the fourth quarter 2024 than in the previous quarter due to the ongoing commissioning activities. Construction works for the concentrator conversion remain on schedule. Commissioning activities commenced during the fourth quarter 2024 and are forecast to be progressively completed through to the second quarter 2025. Construction of primary crusher 2 is progressing to plan and remains on track to be completed by the end of 2025. In November 2024, OTLLC successfully concluded its Collective Labour Agreement negotiations. The agreement will remain in effect for the next three years. Production is scheduled to come from Panel 0 and Panel 2 on the Oyu Tolgoi mining licence in 2025. OTLLC is planning to undertake development work in Panel 1 on both the Oyu Tolgoi mining licence and the Entrée/Oyu Tolgoi JV Property. The Mongolian regulatory acceptance process for OTLLC's 2023 Oyu Tolgoi Feasibility Study ('OTFS23') for the Lift 1 underground mine is ongoing. The Lift 1 underground mine incorporates the development of three panels (Panels 0, 1, and 2). The Hugo North Extension deposit on the Entrée/Oyu Tolgoi JV Property is located at the northern portion of Panel 1. Corporate For the 2024 fiscal year, the Company's operating loss was $4.8 million compared to $4.5 million in 2023. The increase was mainly due to legal costs related to the arbitration proceedings. For the 2024 fiscal year, the operating cash outflow before changes in non-cash working capital items was $3.3 million compared to $3.1 million in 2023. As at December 31, 2024, the cash balance was $2.4 million and the working capital balance was $2.6 million. On January 24, 2025, the Company closed a non-brokered private placement issuing 2,577,700 units at a price of C$2.21 per unit for aggregate gross proceeds of C$5.7 million. OUTLOOK AND STRATEGYThe Company's primary objective is to fully implement the Award and affect the transfer of the Licences from the Company's Mongolian subsidiary Entrée LLC to OTLLC in accordance with applicable laws of Mongolia. Under the terms of the Entrée/Oyu Tolgoi JVA, the Manager (OTLLC) is required to hold all assets, including the Licences, on behalf of the Entrée/Oyu Tolgoi JV participants. Transfer of the Licences to OTLLC, as Manager and owner of an 80% or 70% participating interest in the Entrée/Oyu Tolgoi JV Property, is necessary to maximize operational efficiencies, provide certainty with respect to taxes and royalties, and minimize delays to Lift 1 Panel 1 lateral development work planned to be completed in 2025 at HNE. Following the Award, the Company and OTLLC formally executed and delivered the Entrée/Oyu Tolgoi JVA. License Transfer Agreements were then finalized and executed by Entrée LLC and OTLLC and submitted with supporting documentation to the Mongolian tax authority for the assessment of tax on the transfer of the Licences. Taxes must be assessed by the Mongolian tax authority and paid before the License Transfer Agreements and other documentation necessary to affect the transfer of the Licences may be submitted to MRPAM. In conjunction with the transfer of the Licences to OTLLC, corporate income tax at a rate of 10% of the value of the Licences (with certain deductions allowed) and value added tax (if applicable) will be assessed. The methodology to determine the value of the Licences is set out in Decree No. 302 passed by the Minister of Finance on December 31, 2019. As part of the Award, the Tribunal issued a final and binding declaration that all fees and taxes assessed on the transfer of the Licences pursuant to applicable laws of Mongolia will be for the account of the Entrée/Oyu Tolgoi JV, with OTLLC contributing the Company's 20% share as a loan under Section 10.1 of the Entrée/Oyu Tolgoi JVA. The Tribunal reserved Entrée's claims for specific performance, and in the alternative equitable damages, and the issue of costs, to a subsequent award, if necessary. Notwithstanding the formal execution of the Entrée/Oyu Tolgoi JVA that governs development work and mining on the Entrée/Oyu Tolgoi JV Property, the Company and OTLLC remain committed to working towards the potential conversion of the Entrée/Oyu Tolgoi JVA into a more effective agreement of equivalent economic value. The agreement would include a mechanism for the Company to fulfil any obligation under Mongolian law to share with the State up to 34% of its economic benefit from the area of the Licences. Conversion of the Entrée/Oyu Tolgoi JVA would be subject to Toronto Stock Exchange acceptance and the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions applicable to a related party transaction. The Minerals Law of Mongolia provides the State may share in up to 34% of the economic benefit derived from exploitation of a mineral deposit of strategic importance (a 'Strategic Deposit') where proven reserves were determined through funding sources other than the State budget. The Hugo North Extension copper-gold deposit on the Shivee Tolgoi mining licence and the Heruga copper-gold-molybdenum deposit on the Javkhlant mining licence are part of the Oyu Tolgoi group of deposits. The Oyu Tolgoi group of deposits were classified a Strategic Deposit by Resolution No. 27 dated February 6, 2007, adopted by the Parliament of Mongolia. If the Company's primary objective of fully implementing the Award and affecting the transfer of the Licences to OTLLC is not achieved in the near term, future lateral development work on the Entrée/Oyu Tolgoi JV Property could be delayed. SUMMARY OF OPERATING RESULTSOperating LossDuring the year ended December 31, 2024, the Company's operating loss was $4.8 million compared to $4.5 million for the year ended December 31, 2023. Project expenditures consisted of legal, professional and advisory fees related to the arbitration proceedings and for commercial negotiations regarding the potential conversion of the Entrée/Oyu Tolgoi JVA to an alternate arrangement. General and administration, share-based compensation, and depreciation expenditures were consistent with 2023. Non-operating ItemsThe foreign exchange loss (gain) in 2024 was primarily the result of movements between the C$ and US dollar as the Company holds its cash in both currencies and the loan payable to OTLLC is denominated in US dollars. Interest expense was primarily related to the loan payable to OTLLC pursuant to the Entrée/Oyu Tolgoi JVA and is subject to a variable interest rate. The amount recognized as a loss from equity investee is related to exploration costs on the Entrée/Oyu Tolgoi JV Property. Deferred revenue finance costs are related to recording the non-cash finance costs associated with the deferred revenue balance, specifically the Sandstorm Gold Ltd. stream. The total assets as at December 31, 2024 were lower than at December 31, 2023 due to a lower cash balance which was partially offset by the capitalization of certain Entrée/Oyu Tolgoi Property costs. The Company capitalized $0.2 million of development costs associated with the commencement of Lift 1 Panel 1 development on the Licences. Total non-current liabilities have increased since December 31, 2023 due to recording the non-cash deferred revenue finance costs each quarter and additions to the loan payable to OTLLC balance during fiscal 2024. The Company's Annual Financial Statements and Management's Discussion and Analysis ('MD&A'), and Annual Information Form are available on the Company's website at on SEDAR+ at and on OTC Markets at Shareholders can receive a hard copy of the Company's audited Annual Financial Statements upon request. QUALIFIED PERSONRobert Cinits, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the technical information in this release. For further information on the Entrée/Oyu Tolgoi JV Property, see the Company's Technical Report, titled 'Entrée/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report', with an effective date of October 8, 2021, available on SEDAR+ at ABOUT ENTRÉE RESOURCES LTD. Entrée Resources Ltd. is a well-funded Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world's largest copper-gold projects – the Oyu Tolgoi project in Mongolia. Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi JV, depending on the depth of mineralization. Horizon Copper Corp. and Rio Tinto are major shareholders of Entrée, beneficially holding approximately 24% and 16% of the shares of the Company, respectively. More information about Entrée can be found at FURTHER INFORMATION David JanInvestor Relations Entrée Resources Ltd. Tel: 604-687-4777 | Toll Free: 1-866-368-7330 E-mail: djan@ This News Release contains forward-looking information within the meaning of applicable Canadian securities laws with respect to corporate strategies and plans; requirements for additional capital; uses of funds and projected expenditures; arbitration proceedings, including the potential benefits, timing and outcome of arbitration proceedings; the Company's plans to continue discussions with OTLLC and Rio Tinto regarding a potential conversion of the Entrée/Oyu Tolgoi JVA; the Company's plans to continue discussions with the Government of Mongolia regarding the potential for the State to share in 34% of the economic benefit of the Company's interest in the Entrée/Oyu Tolgoi JV Property pursuant to applicable laws of Mongolia; the Company's ability to transfer the Shivee Tolgoi and Javkhlant mining licences to OTLLC pursuant to the License Transfer Agreements; the potential for Entrée to be included in or otherwise receive the benefits of the Oyu Tolgoi Investment Agreement; the expectations set out in OTFS20 and the 2021 Technical Report on the Company's interest in the Entrée/Oyu Tolgoi JV Property; timing and status of Oyu Tolgoi underground development; the expected timing of development work on the Shivee Tolgoi mining licence and the potential for delay if the Shivee Tolgoi mining licence cannot be transferred to OTLLC in a timely fashion; the nature of the ongoing relationship and interaction between OTLLC and Rio Tinto and the Government of Mongolia and Erdenes Oyu Tolgoi LLC with respect to the continued operation and development of Oyu Tolgoi; the technical studies for Lift 1 Panels 1 and 2, OTFS23, the Lift 2 Pre-Feasibility Study, and the updated resource model for Hugo North (including Hugo North Extension) Lifts 1 and 2 and the possible outcomes, content and timing thereof; timing and amount of production from Lifts 1 and 2 of the Entrée/Oyu Tolgoi JV Property, potential production delays and the impact of any delays on the Company's cash flows, expected copper, gold and silver grades, liquidity, funding requirements and planning; future commodity prices; the estimation of mineral reserves and resources; projected mining and process recovery rates; estimates of capital and operating costs, mill and concentrator throughput, cash flows and mine life; capital, financing and project development risk; mining dilution; potential actions by the Government of Mongolia with respect to the Shivee Tolgoi and Javkhlant mining licences and Entrée's interest in the Entrée/Oyu Tolgoi JV Property; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new mineralized zones; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; proposed acquisitions and dispositions of assets; and future financial performance. In certain cases, forward-looking information can be identified by words such as "plans", "expects" or "does not expect", "is expected", "budgeted", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". While the Company has based this forward-looking information on its expectations about future events as at the date that such information was prepared, the information is not a guarantee of Entrée's future performance and is based on numerous assumptions regarding present and future business strategies; the correct interpretation of agreements, laws and regulations; the commencement and conclusion of arbitration proceedings, including the potential benefits, timing and outcome of arbitration proceedings; the potential benefits, timing and outcome of discussions with the Government of Mongolia, Erdenes Oyu Tolgoi LLC, OTLLC, and Rio Tinto; the future ownership of the Shivee Tolgoi and Javkhlant mining licences; that the Company will continue to have timely access to detailed technical, financial, and operational information about the Entrée/Oyu Tolgoi JV Property, the Oyu Tolgoi project, and government relations to enable the Company to properly assess, act on, and disclose material risks and opportunities as they arise; local and global economic conditions and the environment in which Entrée will operate in the future, including commodity prices, projected grades, projected dilution, anticipated capital and operating costs, including inflationary pressures thereon resulting in cost escalation, and anticipated future production and cash flows; the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries; the construction and continued development of the Oyu Tolgoi underground mine; the status of Entrée's relationship and interaction with the Government of Mongolia, Erdenes Oyu Tolgoi LLC, OTLLC, and Rio Tinto; and the Company's ability to operate sustainably, its community relations, and its social licence to operate. With respect to the construction and continued development of the Oyu Tolgoi underground mine, important risks, uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking information include, amongst others, an uncertain and unstable global economic and political environment, including China U.S. tensions and the indirect impacts of war in Ukraine and conflict in the Middle East, which could lead to falling commodity prices, trade actions (including increased tariffs, retaliations, and sanctions), and government efforts to exert more control over natural resources or to protect domestic economies by changing contractual, regulatory, or tax measures; the impacts of climate change and the transition to a low-carbon future; the nature of the ongoing relationship and interaction between OTLLC, Rio Tinto, Erdenes Oyu Tolgoi LLC and the Government of Mongolia with respect to the continued operation and development of Oyu Tolgoi; the continuation of undercutting in accordance with the mine plans and designs in OTFS23; applicable taxes and royalty rates; the future ownership of the Shivee Tolgoi and Javkhlant mining licences; the amount of any future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding; the timing and cost of the construction and expansion of mining and processing facilities; inflationary pressures on prices for critical supplies for Oyu Tolgoi resulting in cost escalation; the ability of OTLLC or the Government of Mongolia to deliver a domestic power source for Oyu Tolgoi (or the availability of financing for OTLLC or the Government of Mongolia to construct such a source) within the required contractual timeframe; sources of interim power; OTLLC's ability to operate sustainably, its community relations, and its social license to operate in Mongolia; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practises in Mongolia; delays, and the costs which would result from delays, in the development of the underground mine; the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries; projected commodity prices and their market demand; and production estimates and the anticipated yearly production of copper, gold and silver at the Oyu Tolgoi underground mine. Other risks, uncertainties and factors which could cause actual results, performance or achievements of the Company to differ materially from future results, performance or achievements expressed or implied by forward-looking information include, amongst others, unanticipated costs, expenses or liabilities; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; the impacts of geopolitics on trade and investment; trade tensions between the world's major economies; development plans for processing resources; matters relating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; regulatory restrictions (including environmental regulatory restrictions and liability); risks related to international operations, including legal and political risk in Mongolia; risks related to the potential impact of global or national health concerns; risks associated with changes in the attitudes of governments to foreign investment; risks associated with the conduct of joint ventures, including the ability to access detailed technical, financial and operational information; risks related to the Company's significant shareholders, and whether they will exercise their rights or act in a manner that is consistent with the best interests of the Company and its other shareholders; inability to upgrade Inferred mineral resources to Indicated or Measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; fluctuations in commodity prices and demand; changing foreign exchange rates; the speculative nature of mineral exploration; the global economic climate; dilution; share price volatility; activities, actions or assessments by Rio Tinto or OTLLC and by government stakeholders or authorities including Erdenes Oyu Tolgoi LLC and the Government of Mongolia; the availability of funding on reasonable terms; the impact of changes in interpretation to or changes in enforcement of laws, regulations and government practices, including laws, regulations and government practices with respect to mining, foreign investment, strategic deposits, royalties and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents and permits; the availability and cost of necessary items such as water, skilled labour, transportation and appropriate smelting and refining arrangements; unanticipated reclamation expenses; changes to assumptions as to the availability of electrical power, and the power rates used in operating cost estimates and financial analyses; changes to assumptions as to salvage values; ability to maintain the social license to operate; accidents, labour disputes and other risks of the mining industry; global climate change; global conflicts; natural disasters; the impacts of civil unrest; breaches of the Company's policies, standards and procedures, laws or regulations; increasing societal and investor expectations, in particular with regard to environmental, social and governance considerations; the impacts of technological advancements; title disputes; limitations on insurance coverage; competition; loss of key employees; cyber security incidents; misjudgements in the course of preparing forward-looking information; and those factors discussed in the Company's most recently filed MD&A and in the Company's Annual Information Form for the financial year ended December 31, 2024, dated March 12, 2025 filed with the Canadian Securities Administrators and available at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company is under no obligation to update or alter any forward-looking information except as required under applicable securities in to access your portfolio
