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ForexTV

09.04.2025

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

ForexTV

14.04.2025

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

ForexTV

15.05.2025

Cornish Metals Releases Unaudited Financial Statements and Management’s Discussion and Analysis for the Three Months Ended 31 March 2025 - ForexTV

VANCOUVER, British Columbia, May 15, 2025 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (TSX-V/AIM: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce that it has released its unaudited financial statements and management, discussion and analysis (“MD&A”) for the three months ended March 31, 2025. The reports are available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.cornishmetals.com). Highlights for the three months ended March 31, 2025 and for the period ending May 14, 2025 (All figures expressed in Canadian dollars unless otherwise stated) Strategic investment and fundraise (the “Fundraise”) (news releases dated January 28-31, 2025): The Fundraise totalling £57.4 million announced on January 28-31, 2025 was anchored by the National Wealth Fund Limited (“NWF”) and Vision Blue Resources Limited (“Vision Blue”), investing £28.6 million and £18.1 million, respectively, with a further £10.7 million from existing shareholders and new investors, including £1.4 million from a retail offer;The Fundraise is expected to provide financial runway through to the end of Q1 2026 and will enable the Company to further de-risk South Crofty and advance it towards a formal final investment decision; Senior management appointments (news release dated April 27, 2025): Strengthening of the project and operations teams at South Crofty with the appointments of Dave Howe as General Manager and Guillermo Alcaraz as Project Director;Mr. Howe has 35 years of open pit and hard rock underground mining (including narrow vein) operational and exploration experience, of which 24 years were in executive and senior management roles;Mr. Alcazar is a project executive with over two decades of global experience leading and overseeing a multimillion-dollar complex portfolio of mining, heavy industrial and infrastructure projects across diverse development stages; Purchase of 4.5 acres of land from Cornwall Council (news release dated April 1, 2025): The purchased land is immediately adjacent to existing surface land owned by Cornish Metals and provides direct access to the main road at Dudnance Lane from where a new entrance to the mine site is planned and where a new mine office, stores and workshop will be located. Mine dewatering and refurbishment of New Cook’s Kitchen Shaft: Refurbishment of New Cook’s Kitchen shaft (“NCK”) is progressing and has reached approximately 290 metres below surface. The water level in NCK shaft is currently at approximately 300 metres below surface;Progress during the period under review has been slower than in prior periods reflecting the staged maintenance of the submersible pumps in preparation for the next phase of dewatering. Dewatering is currently advancing at a rate of over 15,000 m3 per day and this will increase to approximately 25,000 m3 per day once maintenance is completed. Don Turvey, CEO and Director of Cornish Metals, stated: “We started the year on a strong note successfully completing the £57.4 million fundraise that was supported by existing and new shareholders, including Vision Blue and the UK’s National Wealth Fund. This funding will enable the Company to maintain its strong momentum and further unlock South Crofty’s potential by delivering important milestones expected in the coming year including advancing mine dewatering and shaft refurbishment, placing orders for long-lead items, the start of early project works and concluding the project finance process. We have also strengthened our project and operations teams at South Crofty with senior appointments to the roles of Project Director and General Manager who will be key to leading South Crofty through successful construction and to full production.” Financial highlights for the three months ended March 31, 2025 and March 31, 2024  Three months ended March 31, 2025 March 31, 2024 (Expressed in Canadian dollars)  Total operating expenses3,189,723 2,759,198 Loss for the period3,043,606 2,561,669 Net cash used in operating activities(2,190,616) (1,148,564) Net cash used in investing activities(6,602,900) (7,895,388) Net cash provided by (used in) financing activities87,513,355 (85,646) Cash at end of the period88,954,141 17,015,749  Operating expenses have risen reflecting increased professional fees associated with more corporate activity as well as an increase in corporate remuneration due to bonuses following completion of the Fundraise;Project related expenditure of $5.3 million relating to the advancement of South Crofty, primarily relating to NCK shaft re-access & refurbishment, preparation for the refurbishment of the pump station at 360 metres depth and ongoing project engineering studies;Dewatering costs of $1.5 million for power, reagents, sludge disposal and maintenance of the water treatment plant (“WTP”);Receipt of $87.5 million in net proceeds from the Fundraise after repayment of the debt facility with Vision Blue which was settled through a set-off with the Fundraise; andCash increased by $78.7 million to $89.0 million at the period end due to the proceeds received from the Fundraise offset by ongoing development activities at South Crofty. Outlook As described above, the Company continues to advance and derisk South Crofty towards production. The Company’s near-term objectives are as follows: Complete dewatering of South Crofty mine and refurbishment of NCK shaft;Advance detailed project engineering studies;Place orders for long lead items of plant and equipment;Commence early project works, including initial construction of the groundworks for the processing plant; andArrange project financing for South Crofty. ABOUT CORNISH METALS Cornish Metals is a dual-listed mineral exploration and development company (AIM and TSX-V: CUSN) that is advancing the South Crofty tin project towards production. South Crofty: is a historical, high-grade, underground tin mine located in Cornwall, United Kingdom and benefits from existing mine infrastructure including multiple shafts that can be used for future operations;is permitted to commence underground mining (valid to 2071), construct a new processing facility and for all necessary site infrastructure;has a 2024 Preliminary Economic Assessment that validates the Project’s potential (see news release dated April 30, 2024 and the Technical Report entitled “South Crofty PEA”): US$201 million after-tax NPV8% and 29.8% IRR3-year after-tax payback4,700 tonnes average annual tin production in years two through sixLife of mine all-in sustaining cost of US$13,660 /tonne of payable tinTotal after-tax cash flow of US$626 million from start of production would be the only primary producer of tin in Europe or North America. Tin is a Critical Mineral as defined by the UK, American, and Canadian governments as it is used in almost all electronic devices and electrical infrastructure. Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia;benefits from strong local community, regional and national government support with a growing team of skilled people, local to Cornwall, and could generate up to 320 direct jobs. The 2024 Preliminary Economic Assessment for South Crofty is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is no certainty that the 2024 Preliminary Economic Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. TECHNICAL INFORMATION This news release has been reviewed and approved by Mr. Stephen Holley, BSc (Hons), ACSM, MSc, MSCM, CEng MIMMM, Feasibility Study Manager for Cornish Metals who is the designated Qualified Person as the term is defined in Canadian National Instrument 43-101 and the AIM Rules for Companies, and a Competent Person as defined under the JORC Code (2012). Mr. Holley consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. ON BEHALF OF THE BOARD OF DIRECTORS “Don Turvey”Don TurveyCEO and Director Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/6eWEjP    For additional information please contact: Cornish MetalsFawzi Hananoinvestors@cornishmetals.com Irene Dorsmaninfo@cornishmetals.com   Tel: +1 (604) 200 6664   SP Angel Corporate Finance LLPRichard MorrisonTel: +44 203 470 0470(Nominated Adviser & Joint Broker)Charlie Bouverat  Grant Barker    Hannam & PartnersMatthew Hassoncornish@hannam.partners (Joint Broker)Andrew ChubbTel: +44 207 907 8500 Jay Ashfield    BlytheRayTim Blythecornishmetals@blytheray.com (Financial PR)Megan RayTel: +44 207 138 3204       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. Caution regarding forward looking statements This news release may contain certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”). Forward-looking statements include predictions, projections, outlook, guidance, estimates and forecasts and other statements regarding future plans, the realisation, cost, timing and extent of mineral resource or mineral reserve estimates, estimation of commodity prices, currency exchange rate fluctuations, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital and the Company’s ability to obtain financing when required and on terms acceptable to the Company, future or estimated mine life and other activities or achievements of Cornish Metals. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, “would” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, are forward-looking statements that involve various risks and uncertainties and there can be no assurance 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 are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the availability of financing; the timing and content of upcoming work programmes; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; projected dates to commence mining operations; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. The list is not exhaustive of the factors that may affect Cornish’s forward-looking statements. Cornish Metals’ forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward- looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Cornish Metals does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. Caution regarding non-IFRS measures This news release contains certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "all-in sustaining costs". Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Cornish Metals’ consolidated financial statements and Management Discussion and Analysis, available on its website and on SEDAR+ at www.sedarplus.ca. Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION(Unaudited)(Expressed in Canadian dollars)  March 31, 2025 December 31, 2024    ASSETS  Current  Cash$88,954,141 $9,589,029 Marketable securities 3,078,376  2,874,696 Receivables 2,862,514  2,697,326 Prepaid expenses 673,554  504,902 Deferred financing fees -  637,718   95,568,585  16,303,671        Deposits 112,576  64,341 Property, plant and equipment 27,143,529  27,132,244 Exploration and evaluation assets 90,750,183  79,961,014         $213,574,873 $123,461,270       LIABILITIES     Current  Accounts payable and accrued liabilities$5,735,330 $4,045,083 Deferred income -  150,000 Loan liability -  13,457,169   5,735,330  17,652,252 NSR liability 9,826,144  9,869,289   15,561,474  27,521,541 SHAREHOLDERS’ EQUITY      Capital stock 229,373,265  128,394,652 Capital contribution 2,007,665  2,007,665 Share-based payment reserve 1,604,784  1,353,933 Foreign currency translation reserve 11,528,569  7,640,757 Deficit (46,500,884) (43,457,278)         198,013,399  95,939,729         $213,574,873 $123,461,270  CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Expressed in Canadian dollars)  Three months ended March 31, 2025 March 31, 2024    EXPENSES  Travel and marketing$205,667 $214,138 Insurance 179,920  203,063 Office, miscellaneous and rent 91,226  56,505 Professional fees 541,343  275,093 Generative exploration costs -  1,191 Regulatory and filing fees 30,398  29,265 Share-based compensation 162,617  123,799 Salaries, directors’ fees and benefits 1,978,552  1,856,144        Total operating expenses (3,189,723) (2,759,198)       Interest income 133,582  265,666 Interest expense (486,337) - Foreign exchange gain (loss) 377,892  (18,900)Gain on receipt of non-refundable deposit 150,000  - Unrealized loss on marketable securities (29,020) (49,237)       Loss for the period (3,043,606) (2,561,669)       Foreign currency translation 3,887,812  1,413,937        Total comprehensive income (loss) for the period$844,206 $(1,147,732)       Basic and diluted loss per share$(0.00)$(0.00)       Weighted average number of common shares outstanding 665,925,628  535,270,712  CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Unaudited) (Expressed in Canadian dollars)  For the three months ended March 31, 2025 March 31, 2024    CASH FLOWS FROM OPERATING ACTIVITIES  Loss for the period$(3,043,606)$(2,561,669)Items not involving cash:      Share-based compensation 162,617  123,799 Interest expense 486,337  - Foreign exchange (gain) loss (377,892) 18,900 Gain on receipt of non-refundable deposit (150,000) - Unrealized loss on marketable securities 29,020  49,237        Changes in non-cash working capital items:      (Increase) decrease in receivables (91,322) 19,706 Increase in prepaid expenses (214,282) (16,527)Increase in accounts payable and accrued liabilities 1,008,512  1,217,990        Net cash used in operating activities (2,190,616) (1,148,564)       CASH FLOWS FROM INVESTING ACTIVITIES      Acquisition of property, plant and equipment (81,585) (2,369,406)Acquisition of exploration and evaluation assets (6,476,236) (5,525,982)Increase in deposits (45,079) -        Net cash used in investing activities (6,602,900) (7,895,388)       CASH FLOWS FROM FINANCING ACTIVITIES      Proceeds from the Fundraise 91,566,076  - Share issue costs (4,052,721) - Increase in deferred financing fees -  (85,646)       Net cash provided by (used in) financing activities 87,513,355  (85,646)       Change in cash during the period 78,719,839  (9,129,598)Cash, beginning of the period 9,589,029  25,791,552 Impact of foreign exchange on cash 645,273  353,795        Cash, end of the period$88,954,141 $17,015,749        Cash paid during the period for interest$- $-        Cash paid during the period for income taxes$- $-  CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY(Unaudited)(Expressed in Canadian dollars)     Foreign   Capital stock Share-basedcurrency   Number of Capitalpaymenttranslation   Shareholders’  sharesAmountcontributionreservereserveDeficit equity – total Balance at December 31, 2023535,270,712$128,394,652 $2,007,665$711,690$1,369,146$(42,391,158)$90,091,995 Foreign currency translation- -  - - 1,413,937 -  1,413,937 Share-based compensation- -  - 178,149 - -  178,149 Loss for the period- -  - - - (2,561,669) (2,561,669)Balance at March 31, 2024535,270,712$128,394,652 $2,007,665$889,839$2,783,083$(44,952,827)$89,122,412         Balance at December 31, 2024535,270,712$128,394,652 $2,007,665$1,353,933$7,640,757$(43,457,278)$95,939,729 Share issuance pursuant toFundraise717,143,367 105,361,387  - - - -  105,361,387 Share issue costs- (4,382,774) - - - -  (4,382,774)Foreign currency translation- -  - - 3,887,812 -  3,887,812 Share-based compensation- -  - 250,851 - -  250,851 Loss for the period- -  - - - (3,043,606) (3,043,606)Balance at March 31, 20251,252,414,079$229,373,265 $2,007,665$1,604,784$11,528,569$(46,500,884)$198,013,399

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