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Orla Mining Reports New Drill Results from Zone 22 at Camino Rojo, Mexico
High grade intersections outside current resource panels enhances potential VANCOUVER, BC, Aug. 7, 2025 /CNW/ - Orla Mining Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to provide an exploration update from the Camino Rojo deposit in Zacatecas, Mexico, focusing on Zone 22 extensions of the Sulphides. The presence of high-grade mineralization, along with straightforward metallurgy and polymetallic characteristics, highlights Zone 22's strong potential to enhance the underground resource. The 15,000-metre infill drilling program, launched in early 2025 to target the upper 500 metres of Zone 22, was completed on July 18. Drilling has consistently returned high-grade Au-Ag-Zn mineralization, supporting the June 2025 initial underground Mineral Resource estimate and enhancing the potential for both resource growth and classification upgrades. Given the success to date, the Company has expanded the program by an additional 5,000 metres in 2025, sourced from within the existing 2025 exploration budget. The infill drill results will support an updated underground resource estimate for the Camino Rojo deposit, which is expected to feed into the planned 2026 Preliminary Economic Assessment (PEA). Highlights: High-grade intersections (reported as true widths) outside current resource panels 1: 142.0 g/t AuEq over 1.4 m (Hole CRSX24-36D) 9.8 g/t AuEq over 9.4 m (Hole CRSX25-47B) 9.0 g/t AuEq over 7.9 m (Hole CRSX25-48A) 6.2 g/t AuEq over 9.6 m (Hole CRSX25-50A) 14.2 g/t AuEq over 3.3 m (Hole CRSX25-46C) 4.2 g/t AuEq over 11.4 m (Hole CRSX24-46) 25.9 g/t AuEq over 1.2 m (Hole CRSX24-36D) Increasing resource confidence: Drill spacing was tightened to 30-80 metres within the upper 500 metres of Zone 22, supporting a potential resource classification upgrade planned for 2026 and guiding extension drilling along the main plunge extensions. "The Zone 22 Infill Program has delivered consistent high-grade results, strengthening our resource model and reinforcing Zone 22 as key to Camino Rojo's underground potential. With mineralization still open, we see strong upside for further growth." – Sylvain Guerard, Orla's Senior Vice President, Exploration 2025 Zone 22 Infill Program Highlights and Significance of Results The 2025 Zone 22 program aimed to confirm, upgrade, and extend the continuity of high-grade polymetallic (Au-Ag-Zn-Pb-Cu) mineralization along the down-plunge extension of the Camino Rojo deposit. The 2025 program is focused on tightening drill spacing to enhance resource confidence and better define the geometry of high-grade zones. This campaign builds on the successful 2024 drilling campaign which extended mineralization nearly one kilometre down plunge, and the initial 2025 underground Mineral Resource estimate. (Please see press releases dated December 10, 2024, and June 5, 2025). This press release provides results from 16 of 21 drill holes and 9,470 metres drilled as part of the 2025 infill drilling program, and 7 drill holes and 5,278 metres from the final portion of the 2024 program. The 2024 results had not yet been reported and were not included in the initial underground resource estimate (Figures 1, 2). To date, 15 significant mineralized intersections have been identified outside the current resource panels, each with a grade-by-thickness factor exceeding 30 g/t AuEq•m. Estimated true widths range from 1.2 to 11.9 metres including narrower intervals (0.4 to 1.8 metres true width) of elevated gold grades of 10.3 to 142.0 g/t and zinc values ranging from 5.07% to 18.65%. Additionally, four composites, ranging from 18.0 to 25.0 g/t AuEq•m, are located within the current resource panels, while four additional composites are found outside the current resource. See Figures 3 to 6 and Table 1 for the drill intersection highlights. The infill program continues to confirm the presence of high-grade polymetallic mineralized zones with both steep and gently dipping (flat) geometries. Zone 22: The Vertical and Down-plunge Continuation of the Camino Rojo Deposit The Camino Rojo deposit comprises three continuous zones with distinct characteristics: The Camino Rojo Oxide Deposit ("Camino Rojo Oxides"), hosted by the Caracol formation, The Camino Rojo Sulphide Deposit, the sulphide continuation of the Camino Rojo Oxides, also hosted by the Caracol formation ("Camino Rojo Sulphides" or "Sulphides"); and Zone 22, an extension of the Sulphides, hosted by the limestone-rich Indidura, Cuesta del Cura, La Peña, and Cupido formations. Zone 22, the vertical and down-plunge extension of the Camino Rojo Sulphides, extends through multiple limestone-rich formations and remains open at depth (Figures 3, 4). Mineralization has been identified across all drilled units, with current drilling defining a zone 500 metres along strike, a horizontal thickness of 200 to 400 metres and extending from 700 to 1,300 metres in vertical depth below surface. Exploration Planning – Increasing Metres & Exploration Drift Proposed Supported by strong results, total drilling is now expected to reach approximately 20,000 metres by year-end, exceeding the original 2025 plan of 15,000 metres. Two drill rigs will continue operating through year-end, targeting further infill and extension of Zone 22 (Figure 4). The drill program is planned to continue into 2026, progressively infilling down-plunge mineralized trends – one Au-Ag-Zn and the other Au-Ag-Cu – while increasing confidence in the existing resource. As part of future planning, an exploration drift is proposed to enable tighter-spaced underground drilling to further refine resource definition. Technical work is ongoing to support the transition to advanced studies. Permitting and early-stage development planning are underway, with drift construction potentially beginning in 2026, subject to permit approval. Table 1: Drill Intersection Detailed Highlights 2 Additional Technical Information All mineralized interval lengths reported are down-hole intervals, with true width estimates ranging from 45-97% for the reported interval for all composites >3 (see Appendix table 1) or >1.5 (see Appendix table 2) grade-by-thickness factor (AuEq g/t*m). See Table 1 in the Appendix of this news release for estimated true widths of individual composites. A standard sampling length of 1.5 metres is used with a minimum of 0.5 metres when required based on geological contacts. Drill core is mainly HQ diameter, with reduction to NQ where necessary due to drilling depth. The reported composites were not subject to "capping" of high grades. Orla believes that applying a top cut would have a negligible effect on overall grades. Composites for the sulphide drilling were calculated using 2.0 g/t AuEq cut-off grade and maximum 3 metres consecutive waste. Qualified Persons Statement The scientific and technical information in this news release has been reviewed and approved by Mr. Sylvain Guerard, P Geo., SVP Exploration of the Company, who is the Qualified Person as defined under the definitions of National Instrument 43-101 ("NI 43-101"). To verify the information related to the 2025 drilling program at the Camino Rojo property, Mr. Guerard has visited the property this year; discussed logging, sampling, and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. Quality Assurance / Quality Control – 2025 Drill Program All gold results at Camino Rojo were obtained by ALS Minerals (Au-AA23) using fire assay fusion and an atomic absorption spectroscopy finish. All samples are also analysed for multi-elements, including silver, copper, lead and zinc using a four-acid digestion with ICP-AES finish (ME-ICP61) method at ALS Laboratories in Canada. If samples were returned with gold values in excess of 10 ppm or base metal values in excess of 1% by ICP analysis, samples are re-run with gold (Au-GRA21) by fire assay and gravimetric finish or base metal by (OG62) four acid overlimit methods. Drill program design, Quality Assurance/Quality Control and interpretation of results were performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards were inserted at a frequency of one in every 50 samples, and blanks were inserted at a frequency of one in every 50 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. ALS Minerals and ALS Laboratories are independent of Orla. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the drilling data at Camino Rojo. For additional information on the Company's previously reported drill results, see the Camino Rojo Report and the Company's press releases dated February 4, 2021 (Orla Mining Provides Exploration Update), September 12, 2022 (Orla Mining Advances Exploration & Growth Pipeline), January 31, 2023 (Orla Mining Continues to Intersect Wide, Higher-Grade Sulphide Zones and Expose Deeper Potential at Camino Rojo, Mexico), February 7, 2024 (Orla Mining Concludes 2023 Camino Rojo Sulphides Infill Program with Strong Results), June 26, 2024 (Orla Mining Reports Positive Drilling Intersections and Metallurgical Results at Camino Rojo Sulphide Extensions) and December, 10, 2024 (Orla Expands High-Grade Mineralization 800 Metres Beyond Current Resource in Extension Drilling at Camino Rojo, Mexico). For additional information on the Company's QAQC program, including drilling and sampling procedures, see the Company's technical report entitled "NI 43-101 Technical Report Camino Rojo Project, Zacatecas, Mexico" with an effective date of March 31, 2025 (the "Camino Rojo Report"), which is available on SEDAR+ and EDGAR under the Company's profile at and respectively. Gold Equivalent Calculations The following metal prices in USD were used for the gold metal equivalent calculations: $1,750/oz gold, $21/oz silver, $0.90/lb lead, $1.20/lb zinc, and $3.50/lb copper. Metal recoveries on the Sulphide extension, based on the total recovery for the sulphide portion of the existing resource estimate, were 86% for gold, 76% for silver, 60% for lead, and 64% for zinc, and based on a preliminary study of similar carbonate replacement deposits were assumed to be 85% for copper. Metal recoveries on Zone 22, based on a preliminary metallurgical study, were 88% for gold and 92% for zinc, and based on a preliminary study of similar carbonate replacement deposits were assumed to be 85% for silver, 85% for lead and 85% for copper. The following equations were used to calculate gold equivalence: Camino Rojo Sulphide AuEq = Au (g/t) + [Ag (g/t) * 0.0106] + [Pb (%) * 0.2460] + [Zn (%) * 0.3499] + [Cu (%) * 1.3555] Camino Rojo Zone 22 AuEq = Au (g/t) + [Ag (g/t) * 0.0116] + [Pb (%) * 0.3406] + [Zn (%) * 0.4916] + [Cu (%) * 1.3247] Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for the recoveries used above. About Orla Mining Ltd. Orla's corporate strategy is to acquire, develop, and operate mineral properties where the Company's expertise can substantially increase stakeholder value. The Company has three material projects, consisting of two operating mines and one development project, all 100% owned by the Company: (1) Camino Rojo, in Zacatecas State, Mexico, an operating gold and silver open-pit and heap leach mine. The property covers over 139,000 hectares which contains a large oxide and sulphide mineral resource, (2) Musselwhite Mine, in Northwestern Ontario, Canada, an underground gold mine that has been in operation for over 25 years and produced over 6 million ounces of gold, with a long history of resource growth and conversion, and (3) South Railroad, in Nevada, United States, a feasibility-stage, open pit, heap leach gold project located on the Carlin trend in Nevada. The technical reports for the Company's material projects are available on Orla's website at and on SEDAR+ and EDGAR under the Company's profile at and respectively. Forward-looking Statements This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, including, without limitation, statements regarding: the results of the Company's exploration drilling program at Camino Rojo, including potential resource growth and enhancement, increased resource confidence, classification upgrades, and potential mineralization; additional drilling planned at Camino Rojo in 2025; the publication and timing of a PEA on the Sulphides; construction of an exploration drift and the timing thereof; receipt of applicable permits; and the Company's goals and objectives. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold and silver; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development, and mining activities; the Company's ability to successfully integrate the Musselwhite Mine; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the Company's ability to secure and to meet obligations under property agreements, including the layback agreement with Fresnillo plc; that all conditions of the Company's credit facility will be met; the timing and results of drilling programs; mineral reserve and mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; that political and legal developments will be consistent with current expectations; the timely receipt of required approvals and permits, including those approvals and permits required for successful project permitting, construction, and operation of projects; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change or disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's indebtedness and gold prepayment; risks related to exploration, development, and operation activities; foreign country and political risks, including risks relating to foreign operations; tailings risks; reclamation costs; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; loss of, delays in, or failure to get access from surface rights owners; uncertainties related to title to mineral properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold and silver; risks related to the Cerro Quema Project; unknown labilities in connection with acquisitions; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company's limited operating history; litigation risks; the Company's ability to identify, complete, and successfully integrate acquisitions; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; the Company not having paid a dividend; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of Sarbanes–Oxley Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company (PFIC) for U.S. federal income tax purposes; information and cyber security; the Company's significant shareholders; gold industry concentration; shareholder activism; other risks associated with executing the Company's objectives and strategies; as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 18, 2025, which are available on and Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Appendix: Drill Results Table 1: Camino Rojo Sulphide Extension Composite Drill Results (Composites 2g/t AuEq cog) HOLE-ID From (m) Core Length (m) Estimated True Width (m) Au g/t Ag g/t Zn % Cu % Pb % AuEq g/t (Au+Ag+Cu +Pb+Zn) AuEq GXM Including 5.0g/t AuEq COG Including 10g/t AuEq HG Litho CRSX24-36D 1014.90 2.1 1.24 21.08 115.4 5.82 0.13 1.17 25.85 54.29 1.6m @ 34.27g/t AuEq (28.26g/t Au, 128.3g/t Ag, 0.09% Cu, 1.56% Pb, 7.88% Zn) 1.6m @ 34.27g/t AuEq (28.26g/t Au, 128.3g/t Ag, 0.09% Cu, 1.56% Pb, 7.88% Zn) Cuesta de Cura CRSX24-36D 1083.00 1.5 1.43 1.90 4.2 0.09 0.02 <0.005 2.01 3.02 Cuesta de Cura CRSX24-36D 1106.70 0.5 0.48 4.77 34.3 1.79 0.12 0.03 6.22 3.11 Cuesta de Cura CRSX24-36D 1125.50 1.3 1.19 1.63 13.1 4.32 0.30 <0.005 4.30 5.38 Cuesta de Cura CRSX24-36D 1178.20 5.0 4.73 3.75 31.4 0.25 0.75 0.01 5.23 25.90 0.8m @ 18.01g/t AuEq (17g/t Au, 17.5g/t Ag, 0.16% Cu, 0.03% Pb, 1.19% Zn) 0.8m @ 18.01g/t AuEq (17g/t Au, 17.5g/t Ag, 0.16% Cu, 0.03% Pb, 1.19% Zn) La Peña CRSX24-36D 1346.00 1.5 1.45 142.00 2.6 0.02 <0.005 <0.005 142.04 213.06 1.5m @ 142.04g/t AuEq (142g/t Au, 2.6g/t Ag, <0.005% Cu, <0.005% Pb, 0.02% Zn) 1.5m @ 142.04g/t AuEq (142g/t Au, 2.6g/t Ag, <0.005% Cu, <0.005% Pb, 0.02% Zn) La Peña CRSX24-36D 1390.20 0.8 0.78 4.82 2.7 1.89 0.08 <0.005 5.89 4.71 Cupido CRSX24-36D 1534.50 1.5 1.46 2.73 0.7 <0.005 0.01 <0.005 2.76 4.14 Cupido CRSX24-41A 1438.10 0.5 0.37 0.99 229.0 4.72 0.03 4.86 7.67 3.83 Cupido CRSX24-41A 1453.00 2.5 1.81 0.29 56.4 1.48 0.02 1.29 2.14 5.24 Cupido CRSX24-41A 1549.65 0.5 0.38 6.24 95.9 3.29 0.34 0.13 9.46 4.73 Cupido CRSX24-42B 1515.10 0.5 0.42 11.50 10.7 5.07 0.07 0.01 14.21 7.10 0.5m @ 14.21g/t AuEq (11.5g/t Au, 10.7g/t Ag, 0.07% Cu, 0.01% Pb, 5.07% Zn) Cupido CRSX24-42B 1528.20 3.1 2.63 3.37 27.3 0.26 0.15 0.06 4.04 12.73 1.1m @ 6.85g/t AuEq (6.03g/t Au, 47.3g/t Ag, 0.18% Cu, 0.02% Pb, 0.06% Zn) Cupido CRSX24-44A 1379.50 3.7 3.17 0.74 21.2 0.63 0.98 <0.005 2.59 9.46 Cupido CRSX24-44A 1396.00 1.5 1.14 0.90 22.0 0.04 0.84 <0.005 2.29 3.44 Cupido CRSX24-45A 997.00 1.5 1.33 3.85 3.9 0.44 0.04 <0.005 4.16 6.24 Cuesta de Cura CRSX24-45A 1034.85 1.7 1.51 2.16 33.7 0.75 0.24 0.11 3.27 5.56 Cuesta de Cura CRSX24-45A 1091.50 1.5 1.07 3.99 10.8 0.03 0.01 0.02 4.15 6.22 Cuesta de Cura CRSX24-45A 1100.50 1.5 1.07 2.75 0.3 0.01 0.01 <0.005 2.77 4.15 Cuesta de Cura CRSX24-45A 1119.85 2.2 1.91 3.73 110.5 2.69 0.17 0.12 6.61 14.20 2.2m @ 6.61g/t AuEq (3.73g/t Au, 110.5g/t Ag, 0.17% Cu, 0.12% Pb, 2.69% Zn) Cuesta de Cura CRSX24-45A 1138.50 1.5 1.07 6.52 9.0 <0.005 0.02 0.02 6.66 9.99 1.5m @ 6.66g/t AuEq (6.52g/t Au, 9g/t Ag, 0.02% Cu, 0.02% Pb, <0.005% Zn) La Peña CRSX25-46 956.95 0.8 0.59 18.45 77.0 8.14 0.25 0.11 23.71 17.78 0.8m @ 23.71g/t AuEq (18.45g/t Au, 77g/t Ag, 0.25% Cu, 0.11% Pb, 8.14% Zn) 0.8m @ 23.71g/t AuEq (18.45g/t Au, 77g/t Ag, 0.25% Cu, 0.11% Pb, 8.14% Zn) Cuesta de Cura CRSX25-46 987.35 1.1 0.85 4.90 31.2 2.52 0.19 0.02 6.75 7.43 0.6m @ 10.72g/t AuEq (7.91g/t Au, 26.6g/t Ag, 0.09% Cu, 0.03% Pb, 4.83% Zn) Cuesta de Cura CRSX25-46 1012.05 1.2 1.03 1.77 30.3 2.41 0.61 <0.005 4.12 4.94 Cuesta de Cura CRSX25-46 1039.80 14.7 11.41 3.00 15.0 0.55 0.26 <0.005 3.80 55.84 4.2m @ 7.17g/t AuEq (6.39g/t Au, 18.4g/t Ag, 0.34% Cu, <0.005% Pb, 0.24% Zn) 1039.8 - 1044.25 Cuesta de Cura 1044.25 - 1045.6 FG Intrusives - hdb-bi-pl 1045.6 - 1054.5 Cuesta de Cura CRSX25-46 1068.40 4.3 3.31 6.56 22.8 6.46 0.14 0.09 10.21 43.39 4.2m @ 10.21g/t AuEq (6.56g/t Au, 22.8g/t Ag, 0.14% Cu, 0.09% Pb, 6.46% Zn) 1.6m @ 21.27g/t AuEq (13.6g/t Au, 37.9g/t Ag, 0.11% Cu, 0.18% Pb, 14.3% Zn) Cuesta de Cura CRSX25-46A 913.00 1.5 1.32 2.61 0.9 0.15 <0.005 <0.005 2.70 4.05 Indidura CRSX25-46A 917.60 4.8 3.53 0.90 7.2 2.25 0.05 0.02 2.16 10.27 0.5m @ 10.7g/t AuEq (1.08g/t Au, 20.8g/t Ag, 0.15% Cu, 0.04% Pb, 18.65% Zn) Indidura CRSX25-46A 938.80 7.7 6.74 1.43 27.3 0.77 0.10 0.04 2.28 17.56 Cuesta de Cura CRSX25-46A 951.00 6.4 4.79 2.35 14.6 1.52 0.04 0.02 3.32 21.27 1.5m @ 5.67g/t AuEq (3.76g/t Au, 8.6g/t Ag, 0.01% Cu, 0.02% Pb, 3.65% Zn) 0.5m @ 11.85g/t AuEq (8.74g/t Au, 108g/t Ag, 0.31% Cu, 0.06% Pb, 2.92% Zn) Cuesta de Cura CRSX25-46A 985.10 0.6 0.45 21.50 28.2 7.70 0.16 0.04 25.84 15.51 0.6m @ 25.84g/t AuEq (21.5g/t Au, 28.2g/t Ag, 0.16% Cu, 0.04% Pb, 7.7% Zn) 0.6m @ 25.84g/t AuEq (21.5g/t Au, 28.2g/t Ag, 0.16% Cu, 0.04% Pb, 7.7% Zn) Cuesta de Cura CRSX25-46A 991.20 3.6 2.70 2.80 11.3 2.05 0.06 0.01 4.02 14.49 1m @ 9.69g/t AuEq (7.97g/t Au, 21.3g/t Ag, 0.15% Cu, 0.01% Pb, 2.58% Zn) 0.5m @ 12.18g/t AuEq (10.25g/t Au, 32.7g/t Ag, 0.25% Cu, 0.02% Pb, 2.46% Zn) Cuesta de Cura CRSX25-46A 1012.60 0.5 0.37 35.50 29.4 0.03 0.21 0.01 36.14 18.07 0.5m @ 36.14g/t AuEq (35.5g/t Au, 29.4g/t Ag, 0.21% Cu, 0.01% Pb, 0.03% Zn) 0.5m @ 36.14g/t AuEq (35.5g/t Au, 29.4g/t Ag, 0.21% Cu, 0.01% Pb, 0.03% Zn) Cuesta de Cura CRSX25-46A 1032.60 3.4 2.55 1.97 3.9 3.21 0.03 0.01 3.63 12.33 0.5m @ 13.17g/t AuEq (2.64g/t Au, 6.5g/t Ag, 0.1% Cu, 0.01% Pb, 21% Zn) Cuesta de Cura CRSX25-46A 1054.65 1.8 1.57 16.85 2.1 <0.005 0.08 <0.005 16.99 30.58 1.8m @ 16.99g/t AuEq (16.85g/t Au, 2.1g/t Ag, 0.08% Cu, <0.005% Pb, <0.005% Zn) 0.6m @ 36.5g/t AuEq (36.4g/t Au, 2.6g/t Ag, 0.05% Cu, <0.005% Pb, <0.005% Zn) Cuesta de Cura CRSX25-46B 911.45 4.3 3.14 0.97 41.7 0.99 0.17 0.07 2.19 9.41 911.45 - 913.15 Cuesta de Cura 913.15 - 914.75 FG Intrusives - hdb-bi-pl 914.75 - 915.75 Cuesta de Cura CRSX25-46B 917.80 1.8 1.31 1.82 11.6 0.95 0.31 <0.005 2.83 5.09 Cuesta de Cura CRSX25-46B 947.10 7.4 5.27 3.28 15.5 2.16 0.08 0.01 4.63 34.02 2.3m @ 12.18g/t AuEq (9.18g/t Au, 20.7g/t Ag, 0.08% Cu, 0.02% Pb, 5.39% Zn) 0.5m @ 31.87g/t AuEq (25.3g/t Au, 48.3g/t Ag, 0.17% Cu, 0.04% Pb, 11.75% Zn) 0.5m @ 24.05g/t AuEq (16.85g/t Au, 46.1g/t Ag, 0.2% Cu, 0.05% Pb, 13% Zn) Cuesta de Cura CRSX25-46B 957.70 0.5 0.36 3.55 38.8 4.35 0.11 0.04 6.29 3.15 Cuesta de Cura CRSX25-46B 983.60 5.6 4.03 1.76 26.1 0.79 0.11 0.02 2.60 14.56 1.2m @ 6.84g/t AuEq (4.65g/t Au, 40.9g/t Ag, 0.21% Cu, 0.03% Pb, 2.89% Zn) Cuesta de Cura CRSX25-46B 1005.85 1.6 1.44 1.71 18.5 0.03 0.14 0.02 2.13 3.52 Cuesta de Cura CRSX25-46B 1021.90 1.6 1.40 2.86 0.8 0.13 0.04 <0.005 2.99 4.78 Cuesta de Cura CRSX25-46B 1027.50 1.5 1.31 2.19 3.5 0.89 0.03 <0.005 2.71 4.07 Cuesta de Cura CRSX25-46B 1045.50 2.2 1.56 8.84 3.5 5.92 0.03 <0.005 11.83 25.44 1.1m @ 21.2g/t AuEq (15.13g/t Au, 6.8g/t Ag, 0.06% Cu, <0.005% Pb, 12.02% Zn) 1.1m @ 21.2g/t AuEq (15.13g/t Au, 6.8g/t Ag, 0.06% Cu, <0.005% Pb, 12.02% Zn) Cuesta de Cura CRSX25-46C 970.50 1.5 1.31 10.45 3.1 0.21 0.01 0.01 10.61 15.91 1.5m @ 10.61g/t AuEq (10.45g/t Au, 3.1g/t Ag, 0.01% Cu, 0.01% Pb, 0.21% Zn) 1.5m @ 10.61g/t AuEq (10.45g/t Au, 3.1g/t Ag, 0.01% Cu, 0.01% Pb, 0.21% Zn) Cuesta de Cura CRSX25-46C 984.00 1.8 1.36 3.85 7.8 2.87 0.01 0.01 5.37 9.66 1.8m @ 5.37g/t AuEq (3.85g/t Au, 7.8g/t Ag, 0.01% Cu, 0.01% Pb, 2.87% Zn) 0.5m @ 12.35g/t AuEq (9.43g/t Au, 16.3g/t Ag, 0.03% Cu, 0.02% Pb, 5.45% Zn) Cuesta de Cura CRSX25-46C 998.00 1.5 1.31 1.16 17.7 1.25 0.04 0.04 2.05 3.07 Cuesta de Cura CRSX25-46C 1026.65 4.4 3.31 9.06 62.1 8.28 0.22 0.17 14.20 62.47 3.8m @ 15.83g/t AuEq (10.59g/t Au, 64.2g/t Ag, 0.24% Cu, 0.18% Pb, 8.38% Zn) 2.4m @ 19.2g/t AuEq (13.01g/t Au, 81.2g/t Ag, 0.31% Cu, 0.24% Pb, 9.68% Zn) Cuesta de Cura CRSX25-47 1059.00 2.5 1.90 3.13 4.8 0.12 0.07 <0.005 3.34 8.35 1059 - 1059.8 Porph Intrusives - hdb-bi-pl 1059.8 - 1061.5 Cuesta de Cura CRSX25-47A 757.90 0.5 0.41 6.59 35.2 0.35 0.02 0.35 7.31 3.65 Indidura CRSX25-47A 987.40 6.1 4.88 7.50 5.2 0.36 0.07 <0.005 7.83 47.74 4.6m @ 9.57g/t AuEq (9.19g/t Au, 6.6g/t Ag, 0.09% Cu, <0.005% Pb, 0.39% Zn) 1.1m @ 10.48g/t AuEq (9.06g/t Au, 23.8g/t Ag, 0.35% Cu, <0.005% Pb, 1.38% Zn) 1.5m @ 21.06g/t AuEq (21g/t Au, 1.6g/t Ag, <0.005% Cu, <0.005% Pb, 0.07% Zn) 987.4 - 988.35 FG Intrusives - hdb-bi-pl 988.35 - 993.5 Cuesta de Cura CRSX25-47A 1019.60 0.5 0.41 12.60 36.4 4.18 0.14 0.03 15.28 7.64 0.5m @ 15.28g/t AuEq (12.6g/t Au, 36.4g/t Ag, 0.14% Cu, 0.03% Pb, 4.18% Zn) 0.5m @ 15.28g/t AuEq (12.6g/t Au, 36.4g/t Ag, 0.14% Cu, 0.03% Pb, 4.18% Zn) Cuesta de Cura CRSX25-47A 1050.80 0.5 0.40 8.81 19.3 1.11 0.13 0.02 9.76 4.88 Cuesta de Cura CRSX25-47B 901.25 1.5 1.07 3.44 24.5 1.23 0.05 0.55 4.58 6.87 Indidura CRSX25-47B 1065.00 3.3 2.96 2.33 16.1 0.98 0.02 0.10 3.07 10.12 Cuesta de Cura CRSX25-47B 1071.50 10.5 9.43 9.42 15.6 0.35 0.03 0.05 9.83 103.22 9.1m @ 11.01g/t AuEq (10.6g/t Au, 17.1g/t Ag, 0.03% Cu, 0.05% Pb, 0.33% Zn) 1m @ 72.62g/t AuEq (72.3g/t Au, 4.2g/t Ag, 0.04% Cu, <0.005% Pb, 0.45% Zn) Cuesta de Cura CRSX25-47B 1103.60 3.6 3.18 0.91 126.1 0.20 0.25 0.17 2.86 10.14 Cuesta de Cura CRSX25-47B 1111.80 1.7 1.19 8.82 3.6 0.07 0.07 <0.005 8.99 15.29 1.7m @ 8.99g/t AuEq (8.82g/t Au, 3.6g/t Ag, 0.07% Cu, <0.005% Pb, 0.07% Zn) Cuesta de Cura CRSX25-47C 1072.90 0.5 0.46 18.95 57.6 1.27 0.13 0.09 20.44 10.22 0.5m @ 20.44g/t AuEq (18.95g/t Au, 57.6g/t Ag, 0.13% Cu, 0.09% Pb, 1.26% Zn) 0.5m @ 20.44g/t AuEq (18.95g/t Au, 57.6g/t Ag, 0.13% Cu, 0.09% Pb, 1.26% Zn) Cuesta de Cura CRSX25-47C 1113.50 1.5 1.38 2.49 3.2 0.13 0.04 0.01 2.65 3.97 Cuesta de Cura CRSX25-47C 1183.80 1.5 1.33 2.10 14.5 0.81 0.23 0.08 2.99 4.34 La Peña CRSX25-48A 801.30 1.7 1.32 1.43 25.7 0.50 0.03 0.74 2.26 3.84 Indidura CRSX25-48A 838.75 3.3 2.56 2.17 10.0 2.40 0.07 0.01 3.56 11.75 Cuesta de Cura CRSX25-48A 852.60 1.4 1.09 3.04 1.9 0.77 0.02 <0.005 3.46 4.84 Cuesta de Cura CRSX25-48A 885.30 1.4 1.13 10.55 6.4 5.91 0.06 0.01 13.61 19.06 1.4m @ 13.61g/t AuEq (10.55g/t Au, 6.4g/t Ag, 0.06% Cu, 0.01% Pb, 5.91% Zn) 0.7m @ 20.98g/t AuEq (20.6g/t Au, 4.8g/t Ag, 0.05% Cu, 0.02% Pb, 0.51% Zn) Cuesta de Cura CRSX25-48A 930.45 0.6 0.49 15.30 25.9 2.90 0.13 0.05 17.22 10.33 0.6m @ 17.22g/t AuEq (15.3g/t Au, 25.9g/t Ag, 0.13% Cu, 0.05% Pb, 2.9% Zn) 0.6m @ 17.22g/t AuEq (15.3g/t Au, 25.9g/t Ag, 0.13% Cu, 0.05% Pb, 2.9% Zn) Cuesta de Cura CRSX25-48A 993.50 4.1 3.24 1.60 9.8 0.71 0.03 0.01 2.11 8.75 Cuesta de Cura CRSX25-48A 1001.20 1.0 0.82 4.76 19.9 0.22 0.04 0.02 5.15 5.41 Cuesta de Cura CRSX25-48A 1029.90 0.8 0.62 8.80 1.1 0.51 0.01 <0.005 9.08 7.27 Cuesta de Cura CRSX25-48A 1073.50 0.8 0.62 1.72 9.9 4.58 0.05 <0.005 4.15 3.32 Cuesta de Cura CRSX25-48A 1079.00 9.7 7.86 1.10 3.7 3.12 0.03 <0.005 2.71 26.19 1.1m @ 10.35g/t AuEq (3.61g/t Au, 5.1g/t Ag, 0.07% Cu, 0.01% Pb, 13.4% Zn) 1.1m @ 10.35g/t AuEq (3.61g/t Au, 5.1g/t Ag, 0.07% Cu, 0.01% Pb, 13.4% Zn) Cuesta de Cura CRSX25-48B 895.30 0.5 0.23 8.63 24.7 1.63 0.14 0.02 9.91 4.95 Indidura CRSX25-48B 935.50 1.5 1.39 2.90 28.5 0.07 0.19 0.01 3.51 5.27 FG Intrusives - hdb-bi-pl CRSX25-48B 965.70 1.6 1.49 2.03 11.1 1.75 0.04 0.02 3.08 4.93 Cuesta de Cura CRSX25-48B 984.35 0.6 0.29 2.86 25.5 3.83 0.05 0.02 5.11 3.32 Cuesta de Cura CRSX25-48B 1022.45 4.1 1.87 2.00 7.2 1.62 0.04 0.01 2.93 12.18 0.5m @ 13.83g/t AuEq (10.3g/t Au, 23.4g/t Ag, 0.1% Cu, 0.02% Pb, 6.33% Zn) 0.5m @ 13.83g/t AuEq (10.3g/t Au, 23.4g/t Ag, 0.1% Cu, 0.02% Pb, 6.33% Zn) Cuesta de Cura CRSX25-48C 810.00 5.0 4.35 4.30 34.3 0.38 0.09 0.10 5.04 25.22 5m @ 5.04g/t AuEq (4.3g/t Au, 34.3g/t Ag, 0.09% Cu, 0.1% Pb, 0.38% Zn) Porph Intrusives - hdb-bi-pl CRSX25-48C 820.00 3.0 2.61 5.58 12.5 0.57 0.04 0.02 6.06 18.19 0.6m @ 15.27g/t AuEq (14.45g/t Au, 39.5g/t Ag, 0.08% Cu, 0.07% Pb, 0.46% Zn) 0.6m @ 15.27g/t AuEq (14.45g/t Au, 39.5g/t Ag, 0.08% Cu, 0.07% Pb, 0.46% Zn) 820 - 820.58 Porph Intrusives - hdb-bi-pl 820.58 - 823 Indidura CRSX25-48C 829.00 1.5 1.31 1.95 3.0 0.06 0.01 0.01 2.02 3.04 Indidura CRSX25-48D 826.30 1.7 1.53 1.43 5.6 1.29 0.04 <0.005 2.18 3.71 FG Intrusives - hdb-bi-pl CRSX25-48D 842.70 9.4 8.51 1.37 15.5 1.11 0.08 0.02 2.21 20.87 Indidura CRSX25-48D 856.80 13.2 11.87 2.20 7.2 0.98 0.05 0.01 2.83 37.37 1m @ 11.35g/t AuEq (9.41g/t Au, 35.7g/t Ag, 0.32% Cu, 0.01% Pb, 2.24% Zn) 1m @ 11.35g/t AuEq (9.41g/t Au, 35.7g/t Ag, 0.32% Cu, 0.01% Pb, 2.24% Zn) Indidura CRSX25-49 1092.50 1.5 1.19 2.89 0.3 0.01 <0.005 <0.005 2.90 4.35 Cuesta de Cura CRSX25-49 1173.15 0.5 0.39 4.46 5.9 3.15 0.04 0.01 6.13 3.06 La Peña CRSX25-49 1195.65 0.5 0.42 17.85 22.9 13.35 0.16 0.02 24.89 12.45 0.5m @ 24.89g/t AuEq (17.85g/t Au, 22.9g/t Ag, 0.16% Cu, 0.02% Pb, 13.35% Zn) 0.5m @ 24.89g/t AuEq (17.85g/t Au, 22.9g/t Ag, 0.16% Cu, 0.02% Pb, 13.35% Zn) La Peña CRSX25-49 1266.20 1.3 1.02 1.00 37.4 0.05 1.10 <0.005 2.91 3.78 La Peña CRSX25-49A 1056.85 1.0 0.76 9.76 71.0 4.42 0.08 0.27 12.95 12.95 1m @ 12.95g/t AuEq (9.76g/t Au, 71g/t Ag, 0.08% Cu, 0.27% Pb, 4.42% Zn) 1m @ 12.95g/t AuEq (9.76g/t Au, 71g/t Ag, 0.08% Cu, 0.27% Pb, 4.42% Zn) Cuesta de Cura CRSX25-49A 1073.40 0.5 0.47 5.91 18.7 3.88 0.03 0.03 8.09 4.45 Cuesta de Cura CRSX25-49A 1106.00 11.0 9.45 2.83 17.0 0.38 0.41 <0.005 3.76 41.40 3.7m @ 5.29g/t AuEq (4.06g/t Au, 18.6g/t Ag, 0.48% Cu, <0.005% Pb, 0.77% Zn) Cuesta de Cura CRSX25-49A 1148.45 1.7 1.46 0.90 34.4 0.03 0.62 <0.005 2.14 3.64 Cuesta de Cura CRSX25-49A 1153.90 13.6 11.63 2.73 24.9 0.33 0.42 0.01 3.73 50.58 1m @ 23.25g/t AuEq (21.5g/t Au, 50.4g/t Ag, 0.21% Cu, 0.1% Pb, 1.73% Zn) 1m @ 23.25g/t AuEq (21.5g/t Au, 50.4g/t Ag, 0.21% Cu, 0.1% Pb, 1.73% Zn) Cuesta de Cura CRSX25-49A 1188.05 1.3 1.00 2.64 6.2 1.39 0.05 0.01 3.46 4.50 Cuesta de Cura CRSX25-49A 1241.65 0.5 0.39 4.97 41.5 7.72 0.09 0.04 9.38 4.69 La Peña CRSX25-49A 1253.00 1.5 1.16 21.00 44.3 0.23 0.18 0.20 21.93 32.90 1.5m @ 21.93g/t AuEq (21g/t Au, 44.3g/t Ag, 0.18% Cu, 0.2% Pb, 0.23% Zn) 1.5m @ 21.93g/t AuEq (21g/t Au, 44.3g/t Ag, 0.18% Cu, 0.2% Pb, 0.23% Zn) La Peña CRSX25-49B 948.25 1.0 0.70 0.34 54.6 4.65 0.09 0.10 3.42 3.25 Cuesta de Cura CRSX25-49B 1018.25 1.5 1.12 13.97 167.9 5.97 0.11 2.37 19.79 29.69 1.5m @ 19.79g/t AuEq (13.97g/t Au, 167.9g/t Ag, 0.11% Cu, 2.37% Pb, 5.97% Zn) 1.5m @ 19.79g/t AuEq (13.97g/t Au, 167.9g/t Ag, 0.11% Cu, 2.37% Pb, 5.97% Zn) Cuesta de Cura CRSX25-49B 1076.00 2.8 2.14 1.04 12.4 2.30 0.10 0.02 2.46 7.01 Cuesta de Cura CRSX25-49B 1149.00 1.5 1.29 2.08 5.3 0.08 0.02 0.01 2.20 3.30 FG Intrusives - hdb-bi-pl CRSX25-49B 1153.60 0.9 0.73 9.18 5.0 0.87 0.04 0.02 9.73 8.27 0.9m @ 9.73g/t AuEq (9.18g/t Au, 5g/t Ag, 0.04% Cu, 0.02% Pb, 0.87% Zn) Cuesta de Cura CRSX25-49B 1167.00 1.8 1.51 2.06 6.3 0.24 0.07 <0.005 2.34 4.10 Cuesta de Cura CRSX25-50A 754.55 1.5 1.20 3.62 12.3 1.23 0.02 0.01 4.40 6.37 Indidura CRSX25-50A 776.30 0.7 0.58 5.51 60.6 2.29 0.17 0.05 7.58 5.31 Indidura CRSX25-50A 817.85 1.4 1.12 5.78 3.4 0.18 0.04 <0.005 5.96 8.04 1.4m @ 5.96g/t AuEq (5.78g/t Au, 3.4g/t Ag, 0.04% Cu, <0.005% Pb, 0.18% Zn) 817.85 - 819.15 FG Intrusives - hdb-bi-pl 819.15 - 819.2 Indidura CRSX25-50A 834.00 4.5 3.74 1.86 7.5 0.26 0.02 0.02 2.10 9.47 834 - 835.15 Indidura 835.15 - 838.5 FG Intrusives - hdb-bi-pl CRSX25-50A 843.45 11.6 9.61 4.77 17.0 2.20 0.12 0.01 6.21 71.70 7m @ 7.29g/t AuEq (6.23g/t Au, 14g/t Ag, 0.09% Cu, 0.01% Pb, 1.58% Zn) 1.5m @ 12.05g/t AuEq (9.05g/t Au, 29.1g/t Ag, 0.14% Cu, 0.03% Pb, 5.02% Zn) Indidura CRSX25-50A 935.70 0.7 0.50 5.58 27.5 2.30 0.19 0.01 7.28 5.10 Cuesta de Cura Criteria: Cut off grade 2g/t AuEq, minimum length 1.5m, maximum consecutive internal waste 3m, if Au grade x length > 3 the composite will be added Table 2: Camino Rojo Sulphide Composite Drill Results (Composites 1g/t Au cog) HOLE-ID From (m) Core Length (m) Estimated True Width (m) Au g/t Ag g/t Cu % Pb % Zn % AuEq g/t (Au+Ag+Cu +Pb+Zn) b Including 2.0g/t Au COG Including 10g/t Au HG Litho CRSX24-36D 712.45 1.3 0.9 3.65 36.5 0.01 0.06 0.47 4.24 4.56 1.2m @ 4.24g/t AuEq (3.65g/t Au, 36.5g/t Ag, 0.01% Cu, 0.06% Pb, 0.47% Zn) Caracol CRSX25-46 469.40 3.4 2.5 2.42 23.4 0.01 0.29 0.21 2.82 8.24 1.8m @ 3.62g/t AuEq (2.9g/t Au, 41.9g/t Ag, 0.01% Cu, 0.53% Pb, 0.39% Zn) Breccia CRSX25-46 515.65 0.6 0.5 3.84 23.0 0.02 0.14 0.59 4.35 2.50 515.65 - 516.2 Caracol 516.2 - 516.3 Breccia CRSX25-46 525.00 0.7 0.5 6.51 24.7 0.03 0.06 1.76 7.45 4.56 0.7m @ 7.45g/t AuEq (6.51g/t Au, 24.7g/t Ag, 0.03% Cu, 0.06% Pb, 1.76% Zn) Caracol CRSX25-46 529.90 1.5 1.1 2.28 16.8 0.01 0.08 0.11 2.53 3.42 1.5m @ 2.53g/t AuEq (2.28g/t Au, 16.8g/t Ag, 0.01% Cu, 0.08% Pb, 0.11% Zn) Caracol CRSX25-46 538.60 4.2 3.1 2.06 32.5 0.02 0.33 0.81 2.80 8.67 1.5m @ 4.7g/t AuEq (3.28g/t Au, 58.4g/t Ag, 0.03% Cu, 0.59% Pb, 1.75% Zn) Caracol CRSX25-46 550.00 1.2 0.9 1.43 12.5 0.01 0.11 0.12 1.64 1.71 Caracol CRSX25-46 563.10 1.4 1.0 9.53 38.2 0.04 0.26 0.14 10.11 13.34 1.4m @ 10.11g/t AuEq (9.53g/t Au, 38.2g/t Ag, 0.04% Cu, 0.26% Pb, 0.14% Zn) 0.6m @ 16.08g/t AuEq (15.6g/t Au, 33.1g/t Ag, 0.07% Cu, 0.03% Pb, 0.08% Zn) Caracol CRSX25-47 403.10 4.5 3.4 4.79 8.4 0.00 0.07 0.14 4.94 21.54 1.5m @ 13.42g/t AuEq (13g/t Au, 21.7g/t Ag, 0% Cu, 0.19% Pb, 0.38% Zn) 1.5m @ 13.42g/t AuEq (13g/t Au, 21.7g/t Ag, 0% Cu, 0.19% Pb, 0.38% Zn) 403.1 - 404.55 Breccia 404.55 - 407.6 Caracol CRSX25-47 412.85 1.5 1.1 2.48 2.6 0.00 0.00 0.02 2.52 3.72 1.5m @ 2.52g/t AuEq (2.48g/t Au, 2.6g/t Ag, 0% Cu, 0% Pb, 0.02% Zn) Caracol CRSX25-47 516.50 1.5 1.1 1.46 52.9 0.01 0.42 0.17 2.19 2.19 Caracol CRSX25-47 531.65 7.4 5.5 1.36 79.7 0.02 0.52 0.85 2.66 10.00 1.1m @ 12.62g/t AuEq (6.26g/t Au, 402g/t Ag, 0.12% Cu, 2.28% Pb, 3.93% Zn) Caracol CRSX25-47 549.00 1.1 0.8 2.16 79.2 0.02 0.82 0.86 3.53 2.38 Caracol CRSX25-47 571.70 0.9 0.7 8.57 34.8 0.01 0.07 0.12 9.01 7.71 0.9m @ 9.01g/t AuEq (8.57g/t Au, 34.8g/t Ag, 0.01% Cu, 0.07% Pb, 0.12% Zn) Caracol CRSX25-47 654.95 0.8 0.6 14.45 118.0 0.04 1.43 1.25 16.54 12.28 0.8m @ 16.54g/t AuEq (14.45g/t Au, 118g/t Ag, 0.04% Cu, 1.42% Pb, 1.25% Zn) 0.8m @ 16.54g/t AuEq (14.45g/t Au, 118g/t Ag, 0.04% Cu, 1.42% Pb, 1.25% Zn) Caracol CRSX25-48C 566.40 1.8 1.6 6.54 22.4 0.04 0.21 0.94 7.21 11.77 1.8m @ 7.21g/t AuEq (6.54g/t Au, 22.4g/t Ag, 0.04% Cu, 0.21% Pb, 0.94% Zn) Caracol CRSX25-48C 706.00 3.0 2.6 1.33 2.4 0.01 0.00 0.10 1.40 3.92 Breccia CRSX25-48C 736.50 1.5 1.3 1.61 7.7 0.01 0.00 0.08 1.74 2.42 Caracol CRSX25-48C 744.00 1.5 1.3 1.05 0.6 0.01 0.00 0.10 1.10 1.58 Caracol CRSX25-48C 763.50 8.1 7.0 1.04 3.3 0.02 0.00 0.19 1.16 8.41 1.8m @ 2.52g/t AuEq (2.44g/t Au, 2g/t Ag, 0.02% Cu, 0% Pb, 0.11% Zn) Caracol CRSX25-48C 784.00 14.7 12.8 2.01 14.1 0.03 0.03 0.42 2.39 29.51 10.1m @ 2.57g/t AuEq (2.29g/t Au, 13.8g/t Ag, 0.03% Cu, 0.01% Pb, 0.27% Zn) 784 - 796.5 Caracol 796.5 - 798.7 Indidura CRSX25-48D 772.50 13.8 10.0 2.39 25.8 0.08 0.02 1.53 3.34 33.04 11m @ 3.9g/t AuEq (2.79g/t Au, 28.8g/t Ag, 0.09% Cu, 0.02% Pb, 1.83% Zn) 0.7m @ 27.89g/t AuEq (24.3g/t Au, 56.1g/t Ag, 0.2% Cu, 0.04% Pb, 7.75% Zn) 772.5 - 775.3 Caracol 775.3 - 786.3 Indidura CRSX25-49 658.00 1.5 1.3 1.15 6.6 0.01 0.01 0.03 1.24 1.72 Caracol Criteria: Cut off grade 1g/t Au, minimum length 1.5m, maximum consecutive internal waste 6m, if Au grade x length > 1.5 the composite will be added Price Assumptions: Au = 1750usd oz, Ag = 21usd oz, Cu = 3.5usd lb, Zn = 1.2usd lb Table 3: Camino Rojo Sulphide Extension Drill Hole Collars HOLE-ID Easting Northing Elevation Azimuth Dip Depth (m) CRSX24-36D 243305.3 2676111.1 1957.9 139.7 -57.99 1551.0 CRSX24-41A 242688.5 2675949.1 1963.6 113.3 -62.20 1557.3 CRSX24-42B 243090.2 2675954.9 1960.3 147.0 -69.90 1616.0 CRSX24-44A 243397.5 2675996.6 1955.4 173.4 -73.47 1531.4 CRSX24-45A 243414.5 2675988.9 1955.7 121.2 -76.50 1550.3 CRSX25-46 243501.1 2676087.7 1954.8 161.0 -73.00 1094.7 CRSX25-46A 243501.1 2676087.7 1954.8 147.6 -65.27 1062.9 CRSX25-46B 243501.1 2676087.7 1954.8 133.2 -57.24 1092.7 CRSX25-46C 243501.1 2676087.7 1954.7 163.7 -62.20 1057.3 CRSX25-47 243397.2 2675997.8 1955.5 152.0 -75.00 1101.0 CRSX25-47A 243397.2 2675997.8 1955.5 136.8 -65.50 1068.2 CRSX25-47B 243397.2 2675997.8 1955.5 195.0 -72.66 1202.3 CRSX25-47C 243397.2 2675997.8 1955.5 180.3 -78.83 1265.7 CRSX25-48A 243589.8 2676191.2 1954.1 117.0 -66.50 1119.3 CRSX25-48B 243589.8 2676191.2 1954.1 133.6 -32.02 1049.1 CRSX25-48C 243589.8 2676191.2 1954.1 124.5 -49.52 905.2 CRSX25-48D 243589.8 2676191.2 1954.1 151.9 -55.43 886.8 CRSX25-49 243306.9 2676110.8 1957.3 145.0 -70.00 1296.2 CRSX25-49A 243306.9 2676110.8 1957.3 145.5 -62.55 1259.7 CRSX25-49B 243306.9 2676110.8 1957.3 132.3 -54.70 1218.1 CRSX25-50A 243599.6 2676109.6 1953.6 116.4 -63.75 991.9 ________________________________________________________ 1 Underground resource panels are geologically and spatially defined volumes that include internal dilution, built using mineralized wireframes, minimum width and continuity, and are constrained by cut-off grade. They represent potential underground mining blocks and support Mineral Resource estimation and RPEEE by approximating what could eventually be mined or recovered given Mineral Resources technical and economic constraints. 2 Metal prices used in gold equivalent calculation: Au = $1,750/oz, Ag = $21/oz, Zn = $1.20/lb, Pb = $0.90/lb, Cu = $3.50/lb. See "Gold Equivalent Calculation" below for additional information. All prices in USD. All composites are in Zone 22. SOURCE Orla Mining Ltd.
Cision Canada
2 days ago
- Business
- Cision Canada
Denison Announces Results from Midwest ISR Preliminary Economic Assessment, Including After-Tax NPV of $965 Million
TORONTO, Aug. 6, 2025 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to report the results of the Preliminary Economic Assessment ("PEA") completed for In-Situ Recovery ("ISR") mining of the Midwest Main uranium deposit ("Midwest Main") at the Company's 25.17%-owned Midwest project ("Midwest"). The PEA outlines total ISR mine production (100% basis) of 37.4 million pounds U 3 O 8 over an approximately 6-year mine life, resulting in annual average production of nearly 6.1 million pounds U 3 O 8, an after-tax base-case NPV of $965 million, and after-tax base-case IRR of 82.7%. PDF Version View PDF Midwest is a joint venture ("MWJV") owned by Denison (25.17%) and Orano Canada Inc. ("Orano Canada") (74.83%), and is located approximately 25 kilometers, by existing roads, from the Denison (22.5%) and Orano Canada (77.5%) owned McClean Lake uranium mill. Orano Canada is the operator of Midwest and is part of the Orano Group, which is recognized as a leading international operator in the field of nuclear materials, with activities including uranium mining, conversion, enrichment, and other fuel services. David Cates, Denison's President & CEO commented," The Midwest PEA illustrates tremendous technical and economic potential for ISR mining at Midwest Main. While preliminary in nature, the study incorporates the findings of our 2023 and 2024 field test programs, which provided support for key ISR criteria necessary for the application of the mining method and demonstrates the potential for robust economics. The project is estimated to have an all-in cost of production amongst the lowest cost uranium mines in the world, benefitting from a powerful combination of low initial capital costs and low cash operating costs. Denison has established itself as the industry leader in advancing the deployment of the ISR mining method to high-grade uranium deposits in the Athabasca Basin region of northern Saskatchewan, and we are pleased to have worked together with Engcomp to deliver this exciting result. We thank our Joint Venture partner Orano for entrusting us to advance the MWJV's efforts to evaluate ISR mining at Midwest." Midwest PEA Highlights: Base case post-tax Net Present Value ("NPV")(8%) of $965 million (100% basis) – with Denison's 25.17% interest in the project equating to a base-case after-tax NPV 8% of $243 million. Base case pre-tax NPV 8% of $1.62 billion (100% basis). Robust base-case Internal Rate of Return ("IRR") of 83% (post-tax) and 111% (pre-tax). Base-case indicative after-tax payback period of 9 months. Estimated annual mine production of 6.1 million pounds U 3 O 8 for total life of mine production of 37.4 million pounds U 3 O 8 over an approximately 6-year mine life. Processing assumed to occur at the Orano-Denison owned McClean Lake mill, supporting modest estimated initial capital costs of $254 million (100% basis) and yielding an impressive after-tax NPV 8% to initial capital cost ratio of 3.8 times. Denison's share of estimated initial capital costs is approximately $64 million. Updated Midwest Main mineral resource estimate of 38.7 million pounds U 3 O 8 in Indicated mineral resources (510,000 tonnes @ 3.5% U 3 O 8), plus 12.6 million pounds U 3 O 8 in Inferred mineral resources (905,000 tonnes @ 0.64% U 3 O 8). The PEA is preliminary in nature, includes mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves, mineral resources that are not mineral reserves do not have demonstrated economic viability, and there is no certainty that the PEA will be realized. Midwest Main ISR Preliminary Economic Assessment The PEA highlights that the ISR mining method has the potential to be a technically sound and economically robust means to extract significant uranium production from the high-grade Midwest Main deposit with low initial capital costs, a high rate of return, and rapid payback. The assessment incorporates the results of the 2023 and 2024 ISR field de-risking programs completed by Denison on behalf of the MWJV following the completion of an internal Conceptual Mining Study in early 2023, which considered the potential application of ISR mining to Midwest Main. Engcomp Engineering & Computing Professionals ("Engcomp"), an independent engineering firm based in Saskatoon, Saskatchewan, with expertise in uranium mine development studies, is the lead author of the PEA, and incorporated contributions from Newmans Geotechnique, Petrotek Corporation, and Understood Mineral Resources Ltd. All dollar amounts are stated in Canadian dollars, unless otherwise noted. Key operating parameters and economic results from the PEA are presented in the tables below. (1) See Table 3 below for additional information regarding estimated mineral resource. See Table 4 below for additional information regarding initial capital costs. (2) Based on the estimated number of pounds U 3 O 8 to be produced over the life of the project divided by mine life. (3) All-in cost is estimated on a pre-tax basis and includes all project operating costs, capital costs post-FID, and decommissioning costs divided by the estimated number of pounds U 3 O 8 to be produced. Table 2 – Summary of Midwest Economic Analysis (100% Basis) Uranium Selling Price USD$ 80/lb U 3 O 8 (1) Exchange Rate (CAD$:USD$) 1.35 Discount Rate 8 % Operating profit margin (2) 85.4 % Pre-tax NPV 8% (3) $1.62 billion Pre-tax IRR (3) 111.1 % Pre-tax payback period (4) ~6 months Post-tax NPV 8% (3) $964.7 million Post-tax IRR (3) 82.7 % Post-tax payback period (4) ~9 months (1) Price forecast is stated in constant (not-inflated) dollars. (2) Operating profit margin is calculated as aggregate uranium revenue less aggregate operating costs, divided by aggregate uranium revenue. Operating costs exclude all royalties, surcharges and income taxes. (3) NPV and IRR are calculated to the start of construction activities for the Midwest project and excludes $16.8 million in pre-FID expenditures. (4) Payback period is stated as number of months to payback from the start of uranium production. Mineral Resource Estimate The Midwest uranium project is comprised of two primary deposits: Midwest Main and Midwest A. The Midwest Main mineral resource estimate has been updated to reflect additional drill holes completed since the previous mineral resource estimate from 2018. The additional drilling consisted primarily of test well installations for ISR de-risking activities and certain targeted resource definition drill holes. As a result of the additional drilling, the updated estimate of mineral resources consists of 38.7 million pounds U 3 O 8 in Indicated mineral resources (510,000 tonnes @ 3.5% U 3 O 8), and 12.6 million pounds U 3 O 8 in Inferred mineral resources (905,000 tonnes @ 0.64% U 3 O 8). The updated mineral resources estimated for Midwest, including the Midwest Main and Midwest A deposits, are summarized below. (1) The effective date of the mineral resource estimate is December 2, 2024. The Qualified Person (QP) for the estimate is Mr. Matt Batty, of Understood Mineral Resources. (2) Mineral resource estimates are prepared in accordance with CIM Definition Standards (CIM, 2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). Mineral resources that are not mineral reserves do not have demonstrated economic viability. (3) Mineral resources are reported at a cut-off grade of 0.1% U 3 O 8. (4) Mineral resources are reported using a uranium price of USD$80/lb U 3 O 8. (5) All figures have been rounded to reflect the relative accuracy of the estimate. Figures may not add due to rounding. (6) The Midwest Main and Midwest A deposits consist of various geological zones including the unconformity zone "UC", perched zone "PER", basement zone "BSMT", low-grade "LG", and high-grade zone "HG". (7) Total Indicated and Total Inferred grades indicate average grades. (8) % U 3 O 8 equal to % U X 1.18. Mining Overview & Potentially Mineable Resources The PEA is based on utilization of the ISR method for mining the unconformity-hosted portions of the Midwest Main deposit. A three-phase development sequence is planned to exploit the orebody over an approximately 6-year mine life in a manner that is projected to optimize NPV, IRR, and capital efficiency, while maintaining a steady rate of production throughout the projected mine life. Key features of the application of ISR at the Midwest Main deposit include: Utilization of a low pH mining solution. Injection and extraction wells on a 10-metre spacing in a 5-spot pattern with extraction/recovery wells placed in the centre of a ring of injection wells. A total of 676 ISR wells are required for complete coverage of the deposit. Utilization of commercial permeability enhancement techniques to increase hydraulic conductivity of the near well environment within the deposit, where necessary. Use of a freeze wall (curtain) as a tertiary measure to isolate the mining area from the regional groundwater, requiring the installation of 341 freeze holes. A total of 50 monitoring wells are projected to be required around the perimeter of the mineralized zone and within the overlying and underlying aquifers, as dictated by geologic and hydrogeologic parameters, and are spaced approximately every 125 metres. An illustration of the planned mine is provided in Figure 2, which depicts the location of the ISR wellfield, the three mining phases planned, and the associated surface infrastructure expected for the Midwest site. In general, each extraction well is surrounded by 4 or more injection wells, the type of which has been selected and/or located to optimize cost and recovery. A unique characteristic of the planned Midwest Main ISR mine is the use of artificial ground freezing around the perimeter of the planned mining phases to create a vertical hydraulic barrier surrounding the ISR mining area. The freeze perimeter is a tertiary containment measure and is planned to consist of vertical wells constructed from surface and extending into the impermeable basement rock underlying the deposit. Mining is planned to occur over an approximate 6-year period, with a partial year of production occurring in the final calendar year of the production plan. Production is expected to achieve nearly 6.1 million pounds U 3 O 8 annually for total recovered uranium of 37.4 million pounds U 3 O 8 over the life of the project, which is based on an estimated average mining recovery of 81%. Progressive reclamation and decommissioning are planned to commence in each phase of the ore zone once production has ceased. Processing Overview Processing of uranium-bearing solution ("UBS") recovered from mine production at Midwest Main is assumed to occur at the McClean Lake mill. The mill is part of the McClean Lake Joint Venture ("MLJV"), which is owned by Orano Canada (77.5%) and Denison (22.5%) and is currently processing material from the Cigar Lake mine (up to 18 million lbs U 3 O 8 /yr) under a toll milling agreement. Importantly, the mill is licensed to process up to 24 million lbs U 3 O 8 per year, and thus is expected to have approximately 6 million lbs U 3 O 8 per year in excess licenced processing capacity. UBS from Midwest Main would be trucked to the McClean mill and offloaded into a storage tank providing surge capacity for both the mine and mill. From the UBS storage tank it would be pumped into the clarification circuit for fines removal prior to solvent extraction. Following clarification, the solution would be processed as per the current mill flowsheet, with final drummed "yellowcake" expected to be a blend of the Midwest Main and Cigar Lake feed streams. Mining of the Midwest Main deposit via ISR is expected to reduce tailings deposited to the McClean Lake tailings management facility and reduce contaminant loading to the tailings circuit compared to conventional mining and milling. Site Infrastructure As processing is assumed to occur at the McClean Lake mill, the Midwest Main mine site is compact and has been designed to limit environmental disturbance. The natural terrain of the area is used where advantageous, further reducing the impact of the Project on the environment. As the Midwest Main deposit is situated below the South McMahon Lake, a berm is planned to be constructed to extend the western edge of the lake to provide a base for the installation of the ISR wellfield. Based on the Midwest Main site layout (see Figure 2), the primary site facilities will consist of the ISR wellfield and berm, freeze plant, storage pads and ponds, power substation and distribution, process infrastructure, and operations facilities. The total area for these facilities is estimated to be less than one square kilometer. Additional on-site infrastructure includes a 6.5 km gravel road from Highway 905 to the site, a high-voltage electrical power line from the existing SaskPower transmission line located alongside Highway 905, and the existing dam across the Mink Arm of South McMahon Lake. Due to the relatively short expected duration of mining activities and the mine site's proximity to existing lodging facilities, no camp or airstrip is envisioned to be required on site and existing facilities at Points North Landing, which is located approximately 3 km from the Midwest property, are expected to be utilized. Capital Costs Initial capital costs are expected to be incurred during an approximately 24-month construction period that will include the establishment of site infrastructure, as well as the freeze wall perimeter around the Phase 1 mining zone and initial ISR wellfield development within Phase 1. Sustaining capital costs are largely related to the continuation of wellfield development for the second and third mining phase as well as the completion of remediation and decommissioning of the mine site. (1) Totals may not sum precisely due to rounding In addition to the total capital costs identified in Table 4, further costs are expected to be incurred prior to making a final investment decision ("FID"). These costs are estimated to total $16.8 million and include project evaluation and development prior to the start of construction. Taken together with estimated indirect costs, owners' costs, sustaining and decommissioning capital costs, contingencies, and excluding $16.8 million in costs related to the pre-FID period, total life of mine capital costs are estimated at CAD$701.2 million. Operating Costs Average estimated operating costs are estimated to be $15.78 (USD$11.69) per pound U 3 O 8, which are highly competitive and would position the Midwest Main ISR project amongst the lowest-cost uranium mining operations globally. Average operating costs estimated for life of mine are summarized in Table 5 below. A recovery rate of 98.5% has been assumed for processing of the UBS from Midwest Main at the McClean Lake mill. (1) Totals may not sum precisely due to rounding Uranium Selling Price Assumptions The Base Case uranium price of USD$80.00 per pound U 3 O 8 is assumed for all years of production and is derived from the current long-term price of uranium as quoted by UxC, LLC in constant / uninflated 2024 dollars, translated to Canadian dollars using an exchange rate of 1.35 CAD/USD. Economic Analysis The Midwest PEA considers pre-tax and post-tax scenarios for the project's base-case economic analysis on a 100% basis. Sensitivity analysis of the economic results shows that project economics remain robust even in cases where capital costs or operating costs increase by 30%, each of which are estimated to reduce the after-tax base-case NPV 8% by approximately 10%. The project also remains robust in the case of a decline in uranium prices and offers excellent leverage to rising uranium prices. In the low-price scenario, a fixed uranium selling price of US$65.00 per pound U 3 O 8 is assumed and the project's after-tax NPV 8% decreases to $675 million with an IRR of 66.5%. In the high-price scenario, a fixed uranium selling price of US$95.00 per pound U 3 O 8 is assumed and the project's after-tax NPV 8% increases to $1.26 billion with an IRR of 97.1%. Recommendations Given the favourable technical and economic results from the PEA, the independent authors of the study recommend further advancement of the evaluation and de-risking of the application of the ISR mining method to the Midwest Main deposit, including the potential completion of a Pre-Feasibility Study. Additional work is recommended to focus on further classification of permeability characteristics of the ore body, a detailed review of infrastructure designs, verification of costing elements, and completion of various trade-off studies to assess opportunities for optimization identified during the PEA process. SABRE Mining Method In parallel to the continued evaluation of the potential use of the ISR mining method at Midwest, the MWJV is also advancing the assessment of the use of the Surface Access Borehole Resource Extraction ("SABRE") mining method for extraction of the Midwest Main deposit. SABRE is a proprietary mining method owned by the MLJV and currently being used at the McClean North deposit. While the PEA shows significant potential for the use of the ISR mining method at Midwest Main, there can be no assurance that the MWJV will ultimately advance the development of the Midwest Main deposit or that future development of the deposit will occur using the ISR mining method. The SABRE mining method has been commercially demonstrated and may also provide a viable means to extract the Midwest Main deposit. About Denison Denison is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In mid-2023, a feasibility study was completed for the Phoenix deposit as an ISR mining operation, and an update to the previously prepared 2018 Pre-Feasibility Study was completed for Wheeler River's Gryphon deposit as a conventional underground mining operation. Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and are nearing completion with approval of the project's Environmental Assessment ("EA") received from the Province of Saskatchewan and Canadian Nuclear Safety Commission hearing dates set in the fall of 2025 for Federal approval of the EA and project construction license. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the MLJV, which includes unmined uranium deposits (planned for extraction via the MLJV's SABRE mining method starting in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the MWJV's Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region. Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"), Denison holds additional interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%). In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. Qualified Persons The disclosure of scientific or technical information contained in this release has been reviewed and approved by Mr. Chad Sorba, Denison's Vice President, Technical Services & Project Evaluation, who is a Qualified Person in accordance with the requirements of NI 43-101. Technical Information The Midwest PEA has been completed in accordance with NI 43-101, Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards, and best practices, as well as other standards such as the AACE Cost Estimation Standards. Other than the risks identified in Denison's Annual Information Form dated March 28, 2025 (the "AIF"), t here are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources. A technical report prepared in accordance with NI 43-101, with further details of the results of the Midwest PEA, is anticipated to be completed and filed under Denison's profile on Denison's profile on SEDAR+ at and on EDGAR at a copy of which will also be available on Denison's website. Data verification has been undertaken by Qualified Persons to support mineral resource and mineral reserve estimation, including site visits, review of drill core, review of quality assurance program and quality control measures and data, re-sampling and sample analysis programs, and database verification. Validation checks were performed on all data. For a further description of the data verification, assay procedures and the quality assurance program and quality control measures applied by Denison, please see Denison's AIF filed under the Company's profile on SEDAR+ and EDGAR. Non-GAAP Financial Measures This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"). Such non-GAAP performance measures, including operating costs and sustaining costs, are included because it understands that investors use this information to determine the Company's ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of mines to generate cash flows. Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS. Cautionary Statement Regarding Forward-Looking Statements Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could,', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential'. In particular, this news release contains forward-looking information pertaining to the following: the interpretation of the Midwest PEA and expectations with respect thereto, including estimates of mine production, NPV, capital costs, operating costs and estimated uranium revenue; expectations with respect to pre- and post-FID costs; expectations with respect to taxes and royalties; assumptions with respect to the industry and uranium prices, anticipated impacts of inflation; expectations with respect to project development and permitting, construction and operational processes; infrastructure and the availability of services to be provided by third parties; expectations with respect to project remediation and decommissioning; future development methods and plans; expectations and assumptions with respect to the SABRE mining method and its current and potential deployment by the MLJV and its partners; and joint venture ownership interests and the continuity of its agreements with its joint venture partners and third parties. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future. In addition, the PEA is preliminary in nature, includes mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves, mineral resources that are not mineral reserves do not have demonstrated economic viability, and there is no certainty that the PEA will be realized. Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the modelling and assumptions upon which the interpretation of results are based may not be maintained after further testing or be representative of actual conditions. In addition, while the PEA shows significant potential for the use of the ISR mining method at Midwest Main, there can be no assurance that the MWJV will ultimately advance the development of the Midwest Main deposit or that future development of the deposit will occur using the ISR mining method. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's AIF and subsequent quarterly financial reports under the heading 'Risk Factors'. These factors are not, and should not, be construed as being exhaustive. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation. Cautionary Note to United States Investors Concerning Estimates of Mineral Resources and Mineral Reserves: This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are recognized and required by Canadian regulations. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists and/or will ever be upgraded to a higher category, nor assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Effective February 2019, the United States Securities and Exchange Commission ("SEC") adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act and as a result, the SEC now recognizes estimates of 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources'. In addition, the SEC has amended its definitions of 'proven mineral reserves' and 'probable mineral reserves' to be 'substantially similar' to the corresponding definitions under the CIM Standards, as required under NI 43-101. However, information regarding mineral resources or mineral reserves in Denison's disclosure may not be comparable to similar information made public by United States companies.
The Market Online
3 days ago
- Business
- The Market Online
Barrick Mining, Desert Gold, Newmont: Triple gold turbo for your portfolio
Gold is experiencing an unprecedented triumph in 2025. As a crisis-resistant store of value, the precious metal is outshining turbulent markets and setting new records. Driven by geopolitical tensions, interest rate cuts, and a weak dollar, demand from central banks and private investors is rising exponentially. Analysts are predicting a 'golden decade' with further upside potential – not a short-lived flash in the pan, but a sustained rally. Investors looking to capitalize on this momentum would do well to focus on key players like Barrick Mining, Desert Gold (TSXV:DAU), and Newmont. This article is disseminated in partnership with Apaton Finance GmbH. It is intended to inform investors and should not be taken as a recommendation or financial advice. Barrick is on track to produce over 4.2 million ounces of gold in 2025. This is being driven by its high-performance mines in Africa and America. In Africa in particular, the Company is maintaining its presence despite challenging conditions, including significant investments in local economies. The billion-dollar Lumwana copper project in Zambia is proceeding according to plan and is expected to contribute significantly more to revenue in the future. Barrick is consistently expanding its copper division here to reduce its dependence on the price of gold. Projects like Reko Diq in Pakistan are also gearing up for development. The figures are impressive, with revenue growth of almost 14% in the last quarter and earnings per share significantly above expectations. The balance sheet is robust with a net margin of 17.5%. The combined strategy of a dividend of approximately 2% and active share buybacks of USD 1 billion is attractive to shareholders. At the same time, Barrick is consistently reducing its debt burden. In terms of valuation, the Company remains attractive with a P/E ratio of 16, which is below the industry average. The situation in Mali remains the biggest challenge. The important Loulo-Gounkoto mine has been shut down since January, which represents a significant loss for the 2025 production forecast. The Malian government has appointed an administrator and intends to continue operations independently. Barrick considers this to be illegal and has filed a lawsuit with the International Centre for Settlement of Investment Disputes (ICSID). The question is why only Barrick is struggling so much in Mali. This political uncertainty is currently overshadowing the positive operational and financial developments and is the key risk for investors to keep an eye on. The share price is currently USD 21.41. Desert Gold – Two levers, one strategy The wait is almost over. The Preliminary Economic Assessment (PEA) for its flagship SMSZ project in Mali is about to be published. The timing could hardly be better, as the key figures for the planned small-scale mine are likely to be convincing given the current gold prices. If the PEA gives the green light, Desert Gold (TSXV:DAU) intends to start production quickly. The goal is clear: to move from exploration to production within a few months. This would not only generate cash flow but also significantly enhance the Company's overall profile. A positive study conclusion would be a strong catalyst. At the same time, the Company has secured a second foothold with the Tiegba Gold project in Côte d'Ivoire. The deal is cleverly structured. For a manageable USD 450,000 plus shares, Desert Gold secures 90% of a promising, largely untouched property. The centerpiece is a massive 4.2 km x 2.1 km gold anomaly in the ground with striking concentrations, and that without any previous drilling. The Ivory Coast scores highly in terms of political stability and mining-friendly conditions, which diversifies the country risk compared to Mali. A lean, budgeted exploration program aims to define drill-ready targets within months. The combination of both projects is strategically smart. The similar geology in Mali and Côte d'Ivoire allows the experienced team to leverage its expertise efficiently. While field work in Mali is on hold until October due to the rainy season, energy can be focused entirely on Tiegba. The anticipated PEA in Mali could serve as a proof of concept for low-cost, high-margin mining, adding further appeal to the Company's overall narrative. With two promising assets in top regions, the chances are increasing that Desert Gold could soon attract attention as a regional acquisition target. The share is currently trading at CAD 0.08. Newmont's second quarter shows a mixed picture. Gold production fell by 8% to around 1.48 million ounces. This is mainly due to the recent sales of mines in Canada, Australia, the US, and Ghana. However, sites such as Penasquito in Mexico, Cerro Negro in Argentina, and Cadia in Australia stand out positively, benefiting from better ore grades. Overall, with around 3.01 million ounces since the beginning of the year, the Company is on track to achieve its target of 5.9 million ounces in 2025. What is striking is the declining share of production from first-class mining regions (Tier 1), which has fallen from a previous 65% to just 44%. The current total costs (AISC) of USD 1,593 per ounce in Q2 were encouragingly low and drove up the margin in view of the record gold price. However, this cost advantage proved to be deceptive. Newmont has postponed necessary investments, particularly maintenance investments, to the second half of the year. At the same time, lower ore grades are expected at key mines such as Cadia, Lihir, Ahafo South, and Penasquito later in the year. This combination of pent-up spending and more difficult production is likely to push costs up significantly in Q3 and Q4, likely to over USD 1,700 per ounce. Despite the operational challenges, Newmont performed well financially—a record gold price and deferred spending led to strong free cash flow of USD 1.71 billion. The Company aggressively used this to buy back shares and has already completed over 90% of a USD 3 billion program. In parallel, a new program of the same size is underway. A serious incident at the non-producing Red Chris underground mine, in which three workers were fortunately rescued, underscores the inherent risks of the business. Newmont is also counting on copper as a growth driver for the future, but large new projects such as the planned block caving operation at Red Chris will take several more years to implement. The share is trading at USD 63.66, close to its annual high of USD 66.57. The gold market will continue to have tailwinds in 2025. Barrick Mining is performing well operationally and financially, but is struggling with the government in Mali. Desert Gold is facing a decisive catalyst with the upcoming feasibility study for Mali and is diversifying skillfully with a new project in Ivory Coast. Newmont is generating strong cash flows and aggressively pursuing share buybacks, but faces significant cost pressure in the second half of the year. Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a 'Transaction'). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships. For this reason, there is a concrete conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies. Risk notice Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such. The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user. The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. 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Malaysian Reserve
30-07-2025
- Business
- Malaysian Reserve
Patriot Battery Metals Announces Board Changes
MONTRÉAL, July 30, 2025 /PRNewswire/ – July 30, 2025 – Sydney, Australia Patriot Battery Metals Inc. (the 'Company' or 'Patriot') (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the appointment of Mrs. Aline Côté to its board of directors, effective immediately. Mrs. Côté stands as an independent director. Mrs. Côté is a seasoned mining executive with over 27 years of international experience spanning exploration, technical services, and operational leadership. She began her career at Noranda Inc. and held progressively senior roles at Xstrata plc and Glencore International AG. In 2014, she was appointed Head of Zinc Mining Technical Services at Glencore, a role she held until 2019, when she became Glencore's first female Industrial Lead, heading the Company's global Zinc and Lead industrial assets. In 2019, she joined the board of directors of Kazzinc and in 2020, she joined the board of Trevali Mining Corporation, where she served as Chair of the Technical Committee. Mrs. Côté holds a in Geology and an MBA from the Université du Québec, and completed postgraduate training at Laurentian University. She brings to the Board deep operational expertise, strategic leadership, and firsthand experience managing large-scale, capital-intensive mining operations across multiple jurisdictions. Pierre Boivin, Chair of the Board of Directors, comments: 'We are very pleased to welcome Aline to the Patriot Battery Metals team as an independent director. Aline is a highly respected executive in the mining sector and a strong addition to our Board. Based in Québec and widely recognized across the global mining industry, she brings an exceptional combination of technical depth, operational leadership, and strategic perspective. Her appointment strengthens our Board's industry credibility and reinforces our alignment with Québec's growing role in the critical minerals value chain.' About Patriot Battery Metals Inc. Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Project hosts the world's largest1 pollucite-hosted caesium pegmatite Mineral Resource2 at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs2O, Indicated, and 1.70 Mt at 2.40% Cs2O, Inferred. Additionally, the Project hosts a Consolidated Mineral Resource, which includes the Rigel and Vega caesium zones, totalling 108.0 Mt at 1.40% Li2O, 0.11% Cs2O, 166 ppm Ta2O5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li2O, 0.21% Cs2O, 155 ppm Ta2O5, and 65 ppm Ga, Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8th largest in the world. A Preliminary Economic Assessment ('PEA') was announced for the CV5 Pegmatite August 21, 2024, and highlights it as a potential North American lithium raw materials powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ('DMS) only process flowsheet. 1 Determination based on Mineral Resource data, sourced through July 11, 2025, from corporate disclosure. 2The Consolidated MRE cut-off grade is variable depending on the mining method and pegmatite (0.40% Li2O open-pit, 0.60% Li2O underground CV5, and 0.70% Li2O underground CV13). A grade constraint of 0.50% Cs2O was used to model the Rigel and Vega caesium zones, which are entirely within the CV13 Pegmatite's open-pit mining shape. The Effective Date of the MREs is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral or Ore Reserves as they do not have demonstrated economic viability. For further information, please contact us at info@ or by calling +1 (604) 279-8709, or visit Please also refer to the Company's continuous disclosure filings, available under its profile at and for available exploration data. This news release has been approved by 'KEN BRINSDEN' Kenneth Brinsden, President, CEO, & Managing Director Qualified/Competent Person The information in this news release that relates to exploration results for the Shaakichiuwaanaan Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release. Mr. Smith is an Executive and Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company. Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears. Disclaimer for Forward-looking Information This press release contains 'forward-looking information' or 'forward-looking statements' within the meaning of applicable Securities Laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as 'plan', 'development', 'growth', 'continued', 'intentions', 'expectations', 'strategy', 'opportunities', 'anticipated', 'trends', 'potential', 'outlook', 'ability', 'additional', 'on track', 'prospects', 'viability', 'estimated', 'reaches', 'enhancing', 'strengthen', 'target', 'will', '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. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, 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. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company's Project, including the timing thereof. In addition, readers should review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements. Competent Person Statement (ASX Listing Rule) The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on May 13, 2025. The Company confirms that, as of the date of this news release, it is not aware of any new information or data verified by the competent person that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
Cision Canada
30-07-2025
- Business
- Cision Canada
Patriot Battery Metals Announces Board Changes
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the appointment of Mrs. Aline Côté to its board of directors, effective immediately. Mrs. Côté stands as an independent director. Mrs. Côté is a seasoned mining executive with over 27 years of international experience spanning exploration, technical services, and operational leadership. She began her career at Noranda Inc. and held progressively senior roles at Xstrata plc and Glencore International AG. In 2014, she was appointed Head of Zinc Mining Technical Services at Glencore, a role she held until 2019, when she became Glencore's first female Industrial Lead, heading the Company's global Zinc and Lead industrial assets. In 2019, she joined the board of directors of Kazzinc and in 2020, she joined the board of Trevali Mining Corporation, where she served as Chair of the Technical Committee. Mrs. Côté holds a in Geology and an MBA from the Université du Québec, and completed postgraduate training at Laurentian University. She brings to the Board deep operational expertise, strategic leadership, and firsthand experience managing large-scale, capital-intensive mining operations across multiple jurisdictions. Pierre Boivin, Chair of the Board of Directors, comments: "We are very pleased to welcome Aline to the Patriot Battery Metals team as an independent director. Aline is a highly respected executive in the mining sector and a strong addition to our Board. Based in Québec and widely recognized across the global mining industry, she brings an exceptional combination of technical depth, operational leadership, and strategic perspective. Her appointment strengthens our Board's industry credibility and reinforces our alignment with Québec's growing role in the critical minerals value chain." About Patriot Battery Metals Inc. Patriot Battery Metals Inc. is a hard-rock lithium exploration company focused on advancing its district-scale 100%-owned Shaakichiuwaanaan Property (formerly known as Corvette) located in the Eeyou Istchee James Bay region of Quebec, Canada, which is accessible year-round by all-season road and is proximal to regional powerline infrastructure. The Project hosts the world's largest 1 pollucite-hosted caesium pegmatite Mineral Resource 2 at the Rigel and Vega zones with 0.69 Mt at 4.40% Cs 2 O, Indicated, and 1.70 Mt at 2.40% Cs 2 O, Inferred. Additionally, the Project hosts a Consolidated Mineral Resource, which includes the Rigel and Vega caesium zones, totalling 108.0 Mt at 1.40% Li 2 O, 0.11% Cs 2 O, 166 ppm Ta 2 O 5, and 66 ppm Ga, Indicated, and 33.4 Mt at 1.33% Li 2 O, 0.21% Cs 2 O, 155 ppm Ta 2 O 5, and 65 ppm Ga, Inferred, and ranks as the largest lithium pegmatite resource in the Americas, and the 8 th largest in the world. A Preliminary Economic Assessment ("PEA") was announced for the CV5 Pegmatite August 21, 2024, and highlights it as a potential North American lithium raw materials powerhouse. The PEA outlines the potential for a competitive and globally significant high-grade lithium project targeting up to ~800 ktpa spodumene concentrate using a simple Dense Media Separation ("DMS) only process flowsheet. 1 Determination based on Mineral Resource data, sourced through July 11, 2025, from corporate disclosure. 2 The Consolidated MRE cut-off grade is variable depending on the mining method and pegmatite (0.40% Li 2 O open-pit, 0.60% Li 2 O underground CV5, and 0.70% Li 2 O underground CV13). A grade constraint of 0.50% Cs 2 O was used to model the Rigel and Vega caesium zones, which are entirely within the CV13 Pegmatite's open-pit mining shape. The Effective Date of the MREs is June 20, 2025 (through drill hole CV24-787). Mineral Resources are not Mineral or Ore Reserves as they do not have demonstrated economic viability. For further information, please contact us at [email protected] or by calling +1 (604) 279-8709, or visit Please also refer to the Company's continuous disclosure filings, available under its profile at and for available exploration data. This news release has been approved by " KEN BRINSDEN" Kenneth Brinsden, President, CEO, & Managing Director Qualified/Competent Person The information in this news release that relates to exploration results for the Shaakichiuwaanaan Property is based on, and fairly represents, information compiled by Mr. Darren L. Smith, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and member in good standing with the Ordre des Géologues du Québec (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release. Mr. Smith is an Executive and Vice President of Exploration for Patriot Battery Metals Inc. and holds common shares and options in the Company. Mr. Smith has sufficient experience, which is relevant to the style of mineralization, type of deposit under consideration, and to the activities being undertaken to qualify as a Competent Person as described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr. Smith consents to the inclusion in this news release of the matters based on his information in the form and context in which it appears. Disclaimer for Forward-looking Information This press release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable Securities Laws. All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as "plan", "development", "growth", "continued", "intentions", "expectations", "strategy", "opportunities", "anticipated", "trends", "potential", "outlook", "ability", "additional", "on track", "prospects", "viability", "estimated", "reaches", "enhancing", "strengthen", "target", "will", "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. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, 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. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company's business, any of which could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the ability to execute on plans relating to the Company's Project, including the timing thereof. In addition, readers should review the detailed risk discussion in the Company's most recent Annual Information Form filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements. Competent Person Statement (ASX Listing Rule) The mineral resource estimate in this release was reported by the Company in accordance with ASX Listing Rule 5.8 on May 13, 2025. The Company confirms that, as of the date of this news release, it is not aware of any new information or data verified by the competent person that materially affects the information included in the announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that, as at the date of this announcement, the form and context in which the competent person's findings are presented have not been materially modified from the original market announcement.
