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Bunker Hill Announces Election to Issue Shares in Satisfaction of Debenture Interest Payment Obligations - ForexTV

KELLOGG, Idaho and VANCOUVER, British Columbia, April 03, 2025 (GLOBE NEWSWIRE) -- Bunker Hill Mining Corp. (“Bunker Hill” or the “Company”) (TSXV:BNKR | OTCQB:BHLL) announces that it has elected to issue an aggregate of up to 187,500 shares of common stock (“Common Shares”) of the Company (the “Interest Shares”) to certain holders of 7.5% convertible debentures (the “Series 1 Convertible Debentures”) in satisfaction of the interest payable as of March 31, 2025 under such Series 1 Convertible Debentures in the aggregate amount of US$18,750 (the “Interest Payment”). The Series 1 Convertible Debentures currently mature on March 31, 2028. In accordance with the terms of the Series 1 Convertible Debentures, the Company will issue the Interest Shares at a deemed price of US$0.10 per Interest Share based on 90% of the 10-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V”) for the trading days beginning on March 10, 2025 and ending on March 21, 2025 (the “Pricing Period”).   The issuance of the Interest Shares remains subject to the receipt of all regulatory and stock exchange approvals. Once issued, the Interest Shares will be subject to a four (4) month and one (1) day hold period from the applicable date of issuance in accordance with applicable Canadian securities laws. The Interest Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or in compliance with the requirements of an applicable exemption therefrom. Additional details regarding the Series 1 Convertible Debentures can be found in the Company’s news releases dated December 20, 2021, January 31, 2022, June 26, 2023 and August 8, 2024, all of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. ABOUT BUNKER HILL MINING CORP. Bunker Hill Mining Corp. is an American mineral exploration and development company focused on revitalizing our historic mining asset: the renowned zinc, silver, and lead deposit in northern Idaho’s prolific Coeur d’Alene mining district. Our strategic initiative aims to breathe new life into a once-productive mine, leveraging modern exploration techniques and sustainable development practices to unlock the potential of this mineral-rich region. On behalf of Bunker Hill Sam AshPresident, Chief Executive Officer and Director For additional information, please contact:Brenda DaytonVice President, Investor RelationsT: 604.417.7952E: brenda.dayton@bunkerhillmining.com Cautionary Statements Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.  Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the U.S. Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations (collectively, “forward-looking statements”). Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “plan” or variations of such words and phrases. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Company’s objectives, goals or future plans, including the restart and development of the Bunker Hill Mine; the achievement of future short-term, medium-term and long-term operational strategies; the terms and completion of the Interest Payment described herein, including the number and deemed pricing of the Interest Shares issuable in connection therewith; and the Company receiving all regulatory and stock exchange approvals for the Interest Payment. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: Bunker Hill’s ability to complete the share transactions on the terms described herein or at all; Bunker Hill’s ability to receive sufficient project financing for the restart and ongoing development of the Bunker Hill Mine on acceptable terms or at all; the future price of metals; and the stability of the financial and capital markets. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, those risks and uncertainties identified in public filings made by Bunker Hill with the U.S. Securities and Exchange Commission (the “SEC”) and with applicable Canadian securities regulatory authorities, and the following: the Company’s inability to raise additional capital for project activities, including through equity financings, concentrate offtake financings or otherwise; capital market conditions; restrictions on labor and its effects on international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the preliminary nature of metallurgical test results; the Company’s ability to restart and develop the Bunker Hill Mine and the risks of not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are associated with this production decision including, among others, areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit, with no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved; failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations; failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; and capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such statements or information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all, including as to whether or when the Company will achieve its project finance initiatives, or as to the actual size or terms of those financing initiatives. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Readers are cautioned that the foregoing risks and uncertainties are not exhaustive. Additional information on these and other risk factors that could affect the Company’s operations or financial results are included in the Company’s annual report and may be accessed through the SEDAR+ website (www.sedarplus.ca) or through EDGAR on the SEC website (www.sec.gov).

Future-Focused Barrick Sets Sights on 30% Production Growth by 2030 - ForexTV

TORONTO, April 04, 2025 (GLOBE NEWSWIRE) -- Having laid the foundation to build the world’s most valued gold and copper company, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is now advancing its portfolio of growth projects to support a planned 30% growth in gold equivalent ounces by the end of the decade1, says chairman John Thornton. In the company’s 2025 Information Circular, published today and available at www.barrick.com/agm as well as filed on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov), Thornton said that despite a challenging operating environment, Barrick delivered on the goals it set for 2024, meeting its gold and copper production guidance and maintaining its unmatched record of reserve replacement while adding substantially to its resource base. “We improved our financial performance, despite higher costs, with an increase in net earnings of 69% — the highest in a decade — operating cash flow growth of 20%, and a doubling of free cash flow2 relative to 2023,” he says. “At the same time, we developed our portfolio to achieve sustainable production and profitable growth. We continued to ramp up Pueblo Viejo, started prefeasibility work at Fourmile, and restarted the Porgera mining operation. We completed feasibility studies for Reko Diq, one of the world’s largest undeveloped copper-gold deposits, and the Lumwana Expansion project, which will become one of the world’s largest copper mines. Both projects will support our goal to organically grow our production volumes, particularly in copper, and as such we are proposing to change our name from Barrick Gold Corporation to Barrick Mining Corporation, to reflect the company’s changing production profile.” Thornton noted that despite rising metal prices, mining equities have underperformed, with Barrick no exception. “We viewed our equity as undervalued and consequently repurchased $498 million of shares in 2024 and we will continue to pursue share buybacks whenever we believe our shares are trading below their intrinsic value.” “We have an industry-leading balance sheet, substantial liquidity and a global portfolio of Tier One assets.3 These qualities, along with our fully funded pipeline of organic growth projects, put us on track to grow the company and increase per-share returns over the long term,” he says. Also in the Information Circular, lead director Brett Harvey says that board renewal remained a priority in 2024, enhancing Barrick’s global business expertise to achieve representation that reflects the people and regions integral to its operations. “During the year, we conducted a rigorous and structured selection process to identify potential board candidates, and we’re pleased to nominate Ben van Beurden and Pekka Vauramo for election at this year’s Annual and Special Meeting. At the same time, we would like to express our heartfelt gratitude to Christopher Coleman and Andy Quinn, who will retire from the Board,” says Harvey. The Board also appointed new chairs for its key committees: Isela Costantini for the Compensation Committee; Loreta Silva for the Audit & Risk Committee; and Brian Greenspun for the Environmental, Social, Governance & Nominating Committees. Barrick is pleased to host a virtual meeting format for this year’s Annual and Special Meeting which shareholders may attend by way of live webcast regardless of their geographic location. The meeting will be held meetings.lumiconnect.com/400-995-869-810 on Tuesday, May 6, 2025 at 10:00 a.m. EDT. Registered shareholders, non-registered (or beneficial) shareholders and their duly appointed proxyholders will be able to participate, ask questions, and vote in “real time” through the online portal. Enquiries Investor and Media RelationsKathy du Plessis+44 20 7557 7738Email: barrick@dpapr.com Website: www.barrick.com Endnote 1 Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,400/oz and copper price of $3.00/lb. Barrick’s five-year indicative production profile for gold equivalent ounces is based on the following assumptions: Key Outlook Assumptions20252026+Gold Price ($/oz)2,4002,400Copper Price ($/lb)4.004.00Oil Price (WTI) ($/barrel)8070AUD Exchange Rate (AUD:USD)0.750.75ARS Exchange Rate (USD:ARS)1,0001,000CAD Exchange Rate (USD:CAD)1.301.30CLP Exchange Rate (USD:CLP)900900EUR Exchange Rate (EUR:USD)1.101.10 Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/ mineral resource management initiatives in execution. This outlook is based on our current reserves and resources and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: new open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for prestripping prior to first ore production in 2027; Tongon will enter care and maintenance by 2027; and production from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the operator of Zaldívar). Our five-year indicative outlook excludes production from Fourmile, as well as Pierina and Golden Sunlight, both of which are currently in care and maintenance; and production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and Alturas. Barrick’s fiveyear production profile in this press release also assumes an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature. Loulo-Gounkoto has been excluded from Barrick’s 2025 guidance as a result of the temporary suspension of operations. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. For purposes of this indicative five-year forecast only, we have assumed a scenario where Loulo-Gounkoto resumes operations on April 1, 2025. There can be no assurances that a definitive agreement to resolve the ongoing dispute with the Government of Mali will be reached by April 1, 2025 or at all. Refer to page 9 of the MD&A accompanying Barrick’s annual 2024 financial statements for additional information. Endnote 2 “Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Endnote 3 A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support of at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven value addition. Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “build”, “strategy”, “commitment”, “develop”, “replenish”, “secure”, “transform”, “continue”, “expand”, “grow”, ““expand”, “extension”, “invest”, “will” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s partnership philosophy and strategy to invest in sustainably profitable growth; Barrick’s forward-looking production guidance and our five and ten-year production profiles for gold and copper; Barrick’s global exploration strategy and planned exploration activities; our ability to convert resources into reserves and future reserve replacement; and the anticipated benefits of Barrick’s sustainability strategy and focus on increasing workforce and Board diversity our share buyback program; Barrick’s future plans, growth potential, financial strength, investments and overall strategy; and expectations regarding future price assumptions, financial performance, shareholder returns and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with Barrick’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of value added tax refunds received in connection with the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas emission levels, energy efficiency and reporting of risks; Barrick’s ability to achieve its sustainability goals; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to Barrick’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives; including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by supply chain disruptions; global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials, components and equipment, or impact Barrick’s existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on Barrick's management; the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet Barrick’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, Barrick; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of Barrick’s goodwill and assets. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

West Red Lake Gold Reflects on Madsen Mine Achievements To Date - ForexTV

VANCOUVER, British Columbia, April 09, 2025 (GLOBE NEWSWIRE) -- With the Madsen Mine in Ontario, Canada, on track to start operating in a few months, West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) looks back at 22 months of achievements that have brought the project to this point. “As we process our bulk sample - producing gold and further reinforcing that our systematic approach will successfully deliver Madsen as a new, high-grade gold mine in Canada - it is time to reflect on how West Red Lake has delivered on its goals,” said Shane Williams, President and CEO. “We bought a complicated asset, assessed needs, and got to work. We stated specific goals and we have delivered on those goals. Our plan has always been to restart Madsen as a sustainable mine and, with anticipated production just months away, we are on track to deliver this project from purchase to production in only two years.” West Red Lake Gold completed the purchase of the Madsen Mine in June 2023. By October 2023 the Company published its first set of plans to advance Madsen and the nearby Rowan project. In June 2024 the Company added detail to those plans through a list of projects designed to advance Madsen to production in 2025. Below are listed the stated operational goals and the accomplishments on each to date. Goal Stated October 2023, Restated June 2024: Complete 39,000 metres (“m”) of underground drilling by the end of 2024. Accomplishment: From October 2023 through Q1 2025, the Company has completed 88,191 metres of drilling from underground at Madsen. Approximately 90% of those metres have been definition drilling, which references drilling into known resources to tighten drill hole spacing and upgrade confidence ahead of stope engineering. Not only does the tight-spaced drilling increase confidence in the resource but it also allows the team to effectively define very high-grade zones of gold mineralization that may not be fully represented in the life-of-mine resource model. A perfect example of this would be the 114.26 grams per tonne (“g/t”) gold (“Au”) over 10.6m recently announced from South Austin (see press release dated February 26, 2025). This high-grade panel between 8 Level and 10 Level (400m and 500m vertical depth) has seen very little historic development and is a near-term focus for additional drilling.   Approximately 10% of the metres were focused on resource expansion targets, often with good success. Most of the expansion metres were drilled in late 2023 and early 2024 targeting North Austin. Initial results were quite favorable including 27.15 g/t Au over 10.28m and 22.31 g/t Au over 8.5m (see press release dated November 21, 2023). Additional drilling at North Austin is planned for 2025 to continue extending this zone down plunge. Goal Stated October 2023: Complete 3,200 metres of underground development at Madsen in 2024. Accomplishment: West Red Lake completed 3,065 metres of underground development at Madsen in 2024. To date in 2025 the Company has completed another 1,178 metres. These metres are in addition to the development of the Connection Drift. Goal Stated June 2024: Complete a Pre Feasibility Study (“PFS”) for the restart of the Madsen Mine. Results were originally planned for release in November 2024; this timeline was slightly extended to allow for further mine design optimization. Accomplishment: the results of the PFS were published on January 7th. The PFS validated the rationale to restart the Madsen Mine by generating strong economic results, including almost $70 million in average annual free cash flow over 6 full production years. West Red Lake has since described the PFS as the ‘base case’ for the Madsen Mine’s restart. That statement stems from the conservative nature of the PFS, in particular that Reserves were determined at a gold price of US$1,680 per oz. If all other modifying factors stay equal, a higher gold price would result in a larger Reserve and more favourable mine economics. Goal Stated June 2024, Refined September 2024: Initiate a test mining program to assess longhole stope and cut-and-fill mining methods on the range of underground mining scenarios at Madsen, as an essential step in derisking the return to mining. Accomplishment: Six months of test mining successfully produced the bulk sample. The test mining program has also provided indispensable knowledge of how to mine safely and effectively at Madsen, which in-house mining crews will now take with them into operations. In addition, the test mining program proved the mineability of ore directly adjacent to historic stopes. Lack of demonstrated mineability meant that ore adjacent to old stopes was at risk of being unsafe or dilutive to mine. Test mining, in places, blasted directly up against old stopes; the test was successful in that the stopes remained competent and the legacy backfill remained in place, which meant the area was safe to mine and the blasted mineralization was not diluted. Figure 1: Ore from Stope 3 of the bulk sample stockpiled on surface. Goal Stated June 2024, Refined September 2024: Use a test mining program to generate a bulk sample to enable a reconciliation test between expected and actual tonnes and grade for planned stopes. Accomplishment: A bulk sample program of 6 stopes totalling at least 15,000 tonnes is almost complete. The sixth stope is currently being mined. Three of the six stopes have been processed through the Madsen mill. Independent experts have observed the entire project and will confirm the validity of the results, which will compare the tonnes and grade expected in each stope (based on the Company’s detailed internal mine plan) with the tonnes and grade actually mined. The Company expects to release these results by May. Goal Stated October 2023, Refined June 2024: Complete a 1,200-metre haulage way connecting the East and West Portals of the Madsen Mine by March 31st, 2025. Accomplishment: The 1,448-metre Connection Drift was completed on March 28th. This underground highway, as Vice President Technical Services Maurice Mostert describes it, is an essential part of the Company’s plan to move material efficiently at the Madsen Mine. It was the largest of the capital projects planned in support of restarting the Madsen Mine and it was completed on time. Figure 2: The face of the last blast for the Connection Drift. Figure 3: The Connection Drift with blasting complete. The muck from the last blast is still on the floor and the meshing and bolting from the west advance is visible from the east side. Goal Stated June 2024: Complete a 4-metre tailings dam lift to ensure adequate capacity to support tailings management. Accomplishment: A 4-metre tailings dam lift was completed on October 8th. This major earthworks project was completed on schedule and under budget. Goal Stated June 2024: Procure and install a camp to house 100 workers at the Madsen site. Accomplishment: A 114-person camp opened for operation at the Madsen Mine on March 18th, with junior suites, a cafeteria, a gym, and full staffing. Goal Stated June 2024: Install a permanent primary crusher. Accomplishment: A permanent primary crusher is operating at the Madsen Mine. A Terex brand crusher with a nominal capacity of 145 tons per hour – well in excess of Madsen current needs – was delivered to the mine site on November 5th, 2024. It was commissioned and operational within two weeks. Goal Stated June 2024: Procure, install, and staff a mine dry sufficient to support miners of a full-operations Madsen mine team to transition in and out of shifts. Accomplishment: The constructed mine dry received its occupancy permit on April 3rd, 2025, and is now welcoming workers. Figure 4: The main room of the men’s dry prior to occupancy. Goal Stated June 2024: Continue dewatering the mine. Accomplishment: Dewatering has almost reached level 17, an achievement of 70 vertical metres since dewatering started in the fall of 2023. The 17 Level of the Madsen Mine has not been dry since 1972. Dewatering to this level and beyond will enable the Company to develop level access to large promising areas of the resource in preparation for definition drilling and mining and to explore deeper areas of the mine where we have evidence of both grade and tonnage extension. Goal Stated June 2024: Install two evaporator fans with the ability to manage 2,000 cubic metres of water daily, to increase overall water management capacity at the mine site. Accomplishment: Two evaporator fans were installed and commissioned in the summer of 2024. Figure 5: Two evaporator fans operating over the polishing pond at the Madsen Mine Goal Stated October 2023: Publish updated Mineral Resource Estimate for Rowan by Q4 2023. Accomplishment: An updated MRE for Rowan was published in March 2024. The Company is now completing an internal scoping study to evaluate the potential for a direct shipping ore (“DSO”) scenario at Rowan. Goal Stated October 2023: Restart the Madsen Mine in 2025. Accomplishment: With the mill running smoothly, definition drilling and mine engineering having outlined over 15 months of mine-ready tonnes, the Connection Drift complete, mining crews operating effectively, development crews creating access to all needed mining areas, staffing up to needed levels, maintenance working well, and stockpiles underway, the Madsen Mine is on track to start operating by H2 2025. Additional Accomplishments West Red Lake has purchased and commissioned 19 major pieces of underground equipment for mine operations, at a cost of $5.7 million. The rolling stock on site is now sufficient for startup. The Company implemented a new Enterprise Resource Planning (“ERP”) system across the business. An ERP system is the backbone of expenditure decisions and tracking within a complex operation like a mine and such a system reaches into every key facet of the mine: maintenance scheduling, supply procurement, personnel planning, capital project management, and more. An ERP system fit to the task is essential for smooth mine operations, which is why the Company dedicated significant time and effort to testing, implementing, and training personnel on a robust new system. There are now over 200 employees at the Madsen Mine. Establishing a workforce of this scale spanning all roles with suitable aptitudes is a challenge. West Red Lake is glad to have been able to work through this challenge over the last 18 months of active mine site operations, as with that time the Company feels confident it has built a competent team to deliver operationally at Madsen. West Red Lake has dedicated significant effort to developing robust safety systems and a strong safety culture at Madsen. Through 2024 the mine had a Total Reportable Incident Frequency of 1.0, versus an Ontario mining average of 4.53. The Company is committed to maintaining strong safety practices every day at Madsen. “Restarting the Madsen mine as a sustainable, efficient operation required a multitude of projects,” said Mr. Williams. “I am proud to say that we delivered every named project on or close to schedule, while also completing a host of other requirements from staffing the mine to securing funding. Collectively, these efforts have Madsen on track to start operating in H2 2025, which is on the schedule we stated since the start.” QUALIFIED PERSON The technical information presented in this news release has been reviewed and approved by Maurice Mostert, P.Eng., Vice President of Technical Services for West Red Lake Gold and the Qualified Person for technical services at the West Red Lake Project, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. ABOUT WEST RED LAKE GOLD MINES West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit. ON BEHALF OF WEST RED LAKE GOLD MINES LTD.“Shane Williams”Shane WilliamsPresident & Chief Executive Officer FOR FURTHER INFORMATION, PLEASE CONTACT:Gwen PrestonVice President CommunicationsTel: (604) 609-6132Email: investors@wrlgold.com or visit the Company’s website at https://www.westredlakegold.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT AND FORWARD-LOOKING INFORMATION Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the plans and timing for the potential production of mining operations at the Madsen Mine, the potential (including the amount of tonnes of material from the bulk sample program) of the Madsen Mine; the benefits of test mining; any untapped growth potential in the Madsen deposit or Rowan deposit; and the Company’s future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices; timing and results of the cleanup and recovery at the Madsen Mine; and changes in the Company’s business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company’s management’s discussion and analysis for the year ended November 30, 2023, and the Company’s annual information form for the year ended November 30, 2023, copies of which are available on SEDAR+ at www.sedarplus.ca. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca. Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/dec8532f-ee06-41eb-adb3-9c266db82ecf https://www.globenewswire.com/NewsRoom/AttachmentNg/92a431be-a59c-40f6-835c-1e8402fb2678 https://www.globenewswire.com/NewsRoom/AttachmentNg/34b416dd-32b2-4c6b-8023-81f217b459ef https://www.globenewswire.com/NewsRoom/AttachmentNg/c38d0b0b-7494-4911-9b4a-c621ce7fbe11 https://www.globenewswire.com/NewsRoom/AttachmentNg/57503792-6b30-4cf1-93cb-619d9fdcc034 https://www.globenewswire.com/NewsRoom/AttachmentNg/05cc4754-023a-4f12-9793-238a67e1f587

Q1-2025 Production Results, Operational Highlights and Board Change - ForexTV

Q1-2025 Production Results, Operational Highlights and Board Change Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to announce the Company’s first quarter production results and operating highlights for FY2025 (all financial amounts are expressed in U.S. dollars unless otherwise indicated). Q1-2025 HIGHLIGHTS Gold production of 10,013 ounces, an 11% increase from Q1-2024.Cash as at 31 March 2025 of $26.5 million vs $22.2 million as at 31 December 2024.   Net cash at quarter-end (after interest bearing loans and lease liabilities) of $21.1 million versus $16.2 million as at 31 December 2024.The Company remains on track to achieve 2025 consolidated production guidance of 44,000 – 47,000 ounces gold.Reported initial exploration update from the brownfield exploration opportunities at Palito Complex, Coringa Mine and São Domingos target, which is part of Phase II of the Company’s growth strategy; initial exploration model indicates a potential for a satellite orebody to the Palito Complex – link to press release.The Company is currently assessing appropriate mechanisms to return capital to shareholders. Mike Hodgson, CEO of Serabi, commented: “An excellent start to 2025 with over 10,000 ounces produced, an 11% increase on Q1-2024, and what was most pleasing within these numbers was the substantial grade improvements at both Palito and Coringa. Palito plant feed grades were 32% improved on Q1-2024, whilst Coringa plant feed grades showed a 10% improvement.    Q1-2025 has also been the first full operational quarter for the Coringa classification plant, and that 10% grade improvement is partly driven by this. We spent the quarter commissioning and optimising the classification plant at Coringa. High grade Coringa Run of Mine (ROM) ore was transported directly to the Palito Complex plant. Additionally, we used low grade stocks at Coringa (<2g/t Au) during the optimising of the sorter, which was extremely effective, with the ore sorted from these low-grade stocks supplementing the high-grade ROM sent from Coringa to the Palito Complex plant. The Coringa Mine continued to perform exceptionally well with ore being mined in the Serra zone at levels 260m, 225m, 190m, and 158m. The main ramp is deepening to level 125m. The first quarter also saw the progression and development of Meio, the second sector at Coringa. The first two levels, 356m and 336m are now in development, with development ore already contributing to the Coringa gold production. Meio is expected to contribute significantly to Coringa production in 2025. At Palito, the grades improved as mining has increased in the high grade Barrichello zone. This zone along with the G3 and Ipe zones are contributing the bulk of Palito Complex ROM and will continue to do so this year. The development of the G3 vein on levels -20m and -80m are particularly exciting, where we expect some excellent results this year. Finally, during the quarter, we saw our brownfield exploration programme get underway. We now have two rigs at Palito and two at Coringa. The first results were published in early April with very encouraging results at Palito Complex with step out drilling on the Senna vein. At Coringa we are drilling the Coringa trend between the Galena and Mae de Leite zones with early success as well as intersecting the new zone called Jatobá. We are planning to spend approximately $9m in 2025 equally across both sites in our quest to double the current consolidated mineral resource inventory of 1Moz. I look forward to regularly updating investors on progress on our exploration success. In light of the excellent operational performance, strong prevailing gold price, cash position and anticipated cash growth ahead, the Company is currently assessing appropriate mechanisms to return capital to shareholders.” To access an interview of Mike Hodgson with Crux Investor discussing the Q1-2025 update, follow this LINK. OPERATIONAL RESULTS SUMMARY PRODUCTION STATISTICS FOR 2025 AND 2024  Q1YTDQ1Q2Q3Q4Fiscal2025202520242024202420242024Group        Gold production (1)(2) Ounces10,01310,0139,0079,0039,48910,02237,520Mined oreTonnes44,92444,92456,29659,56458,68250,327225,049 Gold grade (g/t)7.097.095.315.065.486.195.49Milled oreTonnes48,15548,15554,52155,19254,57952,363216,655 Gold grade (g/t)6.706.705.385.315.596.215.61Horizontal developmentMetres3,5053,5053,1313,5503,3253,12913,135Palito Complex        Gold production (1)(2)Ounces4,6664,6665,1354,2513,6484,36917,404Mined oreTonnes25,26725,26736,47130,48826,87823,642117,479 Gold grade (g/t)6.156.154.724.524.346.104.86Milled oreTonnes24,32824,32835,86130,75027,45423,719117,785 Gold grade (g/t)6.256.254.734.564.336.054.86Horizontal developmentMetres1,9791,9792,1532,3151,8591,9488,275Coringa        Gold production (1)(2)Ounces5,3475,3473,8714,7525,8415,65320,117Mined oreTonnes19,65719,65719,82529,07631,98426,685107,569 Gold grade (g/t)8.318.316.395.626.446.276.17Milled oreTonnes23,82723,82718,66024,44127,12528,64598,871 Gold grade (g/t)7.177.176.616.256.876.346.51Horizontal developmentMetres1,5261,5269781,2351,4661,1814,860            (1)   The table may not sum due to rounding.            (2)   Production numbers are subject to change pending final assay analysis from refineries. Total production for the first quarter was 10,013 ounces. Total ore mined during the quarter was 44,924 tonnes at 7.09 g/t compared to 50,327 tonnes at 6.19 g/t for the fourth quarter of 2024. The increase in grade has mostly come from higher grade ore mined in the Barrichello and G3 zones in Palito, as well as improved grades in the Serra zone at Coringa. The Palito Complex process plant treated 48,155 tonnes of ROM ore at a grade of 6.70 g/t Au compared to 52,363 tonnes at an average grade of 6.21 g/t Au for Q4-2024. A total of 3,505 metres of horizontal development has been completed for the quarter of which 1,849 metres was ore development. The balance was the ramp, crosscuts and stope preparation development. The Coringa orebody continues to perform well. Production was focused on the levels of 260m, 225m, 195m, and 165m with development now ongoing on level 130m. The newly intersected Meio zone is still in development only with levels 356m and 336m advancing. FINANCE UPDATE Cash balances at the end of March 2025 were $26.5 million, in comparison to the cash balances at the end of December 2024 of $22.2 million. On 6 January 2025 the Company fully repaid its $5.0 million unsecured loan arrangement with Itau Bank in Brazil which carried an interest coupon of 8.47 per cent. On 22 January 2025, the Group secured a new $5.0 million loan from Banco Santander. The Banco Santander loan is repayable as a bullet payment on 21 January 2026 and carries an interest coupon of 6.16%. The Company had a net cash balance at the end of Q1-2025 (after interest bearing loans and lease liabilities) of $21.1 million (31 December 2024: net cash $16.2 million). FY2025 PRODUCTION GUIDANCE The Company remains on track to achieve 2025 consolidated production guidance of 44,000 – 47,000 ounces gold. BOARD CHANGE Mark Sawyer, non-executive director of Serabi Gold, informed the Board of Directors of his resignation effective 11 April 2025. Following his resignation, Mark Sawyer ceased to be a member of the Board of Directors of Serabi Gold with immediate effect. “We thank Mark for his significant contributions to the Company and we wish him all the best.” commented Mike Hodgson, Chief Executive Officer of Serabi Gold. About Serabi Gold plcSerabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development. Enquiries SERABI GOLD plcMichael Hodgson        t +44 (0)20 7246 6830Chief Executive        m +44 (0)7799 473621 Andrew Khov         m +1 647 885 4874Vice President, Investor Relations & Business Development        e contact@serabigold.com         www.serabigold.com BEAUMONT CORNISH LimitedNominated Adviser & Financial AdviserRoland Cornish / Michael Cornish        t +44 (0)20 7628 3396 PEEL HUNT LLPJoint UK BrokerRoss Allister        t +44 (0)20 7418 9000 TAMESIS PARTNERS LLPJoint UK BrokerCharlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868 CAMARCOFinancial PR - EuropeGordon Poole / Emily Hall                t +44 (0)20 3757 4980 HARBOR ACCESS Financial PR – North AmericaJonathan Patterson / Lisa Micali                t +1 475 477 9404 Copies of this announcement are available from the Company's website at www.serabigold.com. See www.serabigold.com for more information and follow us on twitter @Serabi_Gold GLOSSARY OF TERMS The following is a glossary of technical terms: “actinolite”amphibole silicate mineral commonly found in metamorphic rocks, including those surrounding cooled intrusive igneous rocks“Ag” means silver.“alkalic porphyry”A class of copper-porphyry mineral deposits characterised by disseminated mineralisation within and immediately adjacent to silica-saturated to silica-undersaturated alkalic intrusive centres and being copper/gold/molybdenum-rich.“albite”is a plagioclase feldspar mineral“aplite”An intrusive igneous rock in which the mineral composition is the same as granite, but in which the grains are much finer“argillic alteration”is hydrothermal alteration of wall rock which introduces clay minerals including kaolinite, smectite and illite“AISC”means All-In Sustaining Cost – a non IFRS performance measurement established by the World Gold Council“ANM” means the Agencia Nacional de Mineral.“Au” means gold.“assay” in economic geology, means to analyse the proportions of metal in a rock or overburden sample; to test an ore or mineral for composition, purity, weight or other properties of commercial interest.“biotite”A phyllosilicate mineral composed of a silicate of iron, magnesium, potassium, and aluminum found in crystalline rocks and as an alteration mineral.“breccia”a rock composed of large angular broken fragments of minerals or rocks cemented together by a fine-grained matrix“brecciation”Describes the process where large angular broken fragments of minerals or rocks become cemented together by a fine-grained matrix.“CIM” means the Canadian Institute of Mining, Metallurgy and Petroleum.“CIP” or “Carbon in Pulp”means a process used in gold extraction by addition of cyanide.“chalcopyrite”is a sulphide of copper and iron.“copper porphyry”copper ore body formed from hydrothermal fluids. These fluids will be predated by or associated with are vertical dykes of porphry intrusive rocks“Cu”means copper.“cut-off grade” the lowest grade of mineralised material that qualifies as ore in a given deposit; rock of the lowest assay included in an ore estimate.“dacite porphyry intrusive”a silica-rich igneous rock with larger phenocrysts (crystals) within a fine-grained matrix“deposit” is a mineralised body which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures; such a deposit does not qualify as a commercially mineable orebody or as containing ore reserves, until final legal, technical, and economic factors have been resolved.“electromagnetics” is a geophysical technique tool measuring the magnetic field generated by subjecting the sub-surface to electrical currents.“epidote”is a calcium aluminium iron sorosilicate mineral“garimpo”is a local artisanal mining operation“garimpeiro”is a local artisanal miner.“geochemical” refers to geological information using measurements derived from chemical analysis.“geophysical” refers to geological information using measurements derived from the use of magnetic and electrical readings.“geophysical techniques” include the exploration of an area by exploiting differences in physical properties of different rock types. Geophysical methods include seismic, magnetic, gravity, induced polarisation and other techniques; geophysical surveys can be undertaken from the ground or from the air.“gold equivalent”refers to quantities of materials other than gold stated in units of gold by reference to relative product values at prevailing market prices.“gossan” is an iron-bearing weathered product that overlies a sulphide deposit.“grade” is the concentration of mineral within the host rock typically quoted as grams per tonne (g/t), parts per million (ppm) or parts per billion (ppb).“g/t” means grams per tonne.“granodiorite”is an igneous intrusive rock like granite.“hectare” or a “ha” is a unit of measurement equal to 10,000 square metres.“hematite”is a common iron oxide compound“igneous”is a rock that has solidified from molten material or magma.“indicated mineral resource”is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.“inferred mineral resource” is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.“IP” refers to induced polarisation, a geophysical technique whereby an electric current is induced into the sub-surface and the conductivity of the sub-surface is recorded.“intrusive”is a body of rock that invades older rocks.“lithocap”Lithocaps are subsurface, broadly stratabound alteration domains that are laterally and vertically extensive. They form when acidic magmatic-hydrothermal fluids react with wallrocks during ascent towards the paleosurface.“measured mineral resource” is that part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.“mineralisation” the concentration of metals and their chemical compounds within a body of rock.“mineralised” refers to rock which contains minerals e.g. iron, copper, gold.“mineral reserve” is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined.“mineral resource” is a concentration or occurrence of diamonds, natural solid inorganic material or natural fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge.“Mo-Bi-As-Te-W-Sn”Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin“magnetite”Magnetic mineral composed of iron oxide found in intrusive rocks and as an alteration mineral.“monzodiorite”Is an intrusive rock formed by slow cooling of underground magma.“monzogranite”a biotite rich granite, often part of the later-stage emplacement of a larger granite body.“mt” means million tonnes.“NI 43-101” means Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects.“ore” means a metal or mineral or a combination of these of sufficient value as to quality and quantity to enable it to be mined at a profit.“oxides” are near surface bed-rock which has been weathered and oxidised by long-term exposure to the effects of water and air.“paragenesis”Is a term used to describe the sequence on relative phases of origination of igneous and metamorphic rocks and the deposition of ore minerals and rock alteration.“phyllic alteration” is a hydrothermal alteration zone in a permeable rock that has been affected by circulation of hydrothermal fluids“porphry”any of various granites or igneous rocks with coarse grained crystals“ppm” means parts per million.“proterozoic”means the geological eon (period) 2.5 billion years ago to 541 million years ago“pyrite”an iron sulphide mineral“quartz-alunite ± kaolinite”Alunite is a hydroxylated aluminium potassium sulfate mineral. It presence is typical in areas of advanced argillic alteration and usually accompanied by the presence of quartz (a crystalline silica mineral) and sometimes kaolinite.(a clay mineral).“saprolite” is a weathered or decomposed clay-rich rock.“scapolites”are a group of rock-forming silicate minerals composed of aluminium, calcium, and sodium silicate with chlorine, carbonate and sulfate“sulphide” refers to minerals consisting of a chemical combination of sulphur with a metal.“tailings” are the residual waste material that it is produced by the processing of mineralised rock.“tpd” means tonnes per day.“vein” is a generic term to describe an occurrence of mineralised rock within an area of non-mineralised rock.“VTEM” refers to versa time domain electromagnetic, a particular variant of time-domain electromagnetic geophysical survey to prospect for conductive bodies below surface.“vuggy”a geological feature characterised by irregular cavities or holes within a rock or mineral, often formed by the dissolution or removal of minerals leaving behind empty spaces Assay ResultsAssay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory. Forward-looking statementsCertain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Qualified Persons StatementThe scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 30 years' experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. NoticeBeaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it. Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release