| To: LoneClone who wrote (22512) | 5/9/2024 1:02:46 PM | | From: LoneClone | | | | York Harbour Metals Announces Positive Rare Earth Elements Mineralogical Results at its Bottom Brook Project, Newfoundland
newsfilecorp.com
May 09, 2024 8:00 AM EDT | Source: York Harbour Metals
Toronto, Ontario--(Newsfile Corp. - May 9, 2024) - York Harbour Metals Inc. (TSXV: YORK) (OTCQB: YORKF) (FSE: 5DE) (the "Company" or "York") is pleased to announce positive results from its Mineral Liberation Analysis - Scanning Electron Microprobe ("MLA-SEM") analysis of samples from its Bottom Brook Rare Earth Elements ("REE") project in Newfoundland and Labrador.
Dr. Derek H.C. Wilton, PhD., P.Geo, FGC (a Fellow of Geoscientists Canada), of Terra Rosetta Inc., was commissioned by York Harbour Metals to collect samples from the Botton Brook REE project and perform MLA-SEM analysis to identify the mineralogy of the REE-bearing minerals. A total of 13 grab samples were collected and processed into thin sections before analysis at the Memorial University of Newfoundland and Labrador Core Research Equipment & Instrument Training Network ("CREAIT") MLA-SEM laboratory. Note: The lab, while not accredited, is a respected research facility at Memorial University. These samples, though not representative of the overall mineralization of the project, provide key insights into the discovered mineralization and its potential for concentration using standard techniques.
Highlights of the Botton Brook REE Terra Rosetta Inc. Report Include:
- Field sample G4 returned a very high 35.98 % Area Total REE as mapped in thin section by MLA-SEM.
- Monazite, the primary REE-bearing mineral in the Bottom Brook showings, is known for its amenability to well-established metallurgical processing methods.
- Thorite, commonly intergrown with monazite, suggests that radiometric geophysical surveys could be effective in exploring for this mineralization.
- Dr. Wilton noted that the Bottom Brook REE mineralization closely resembles the Steenkampskraal monazite deposit in South Africa (Basson et al., 2016; and Harlov et al., 2020).
Table 1. Total REE and Monazite contents (area %) in Bottom Brook samples as mapped by MLA-SEM
To view an enhanced version of this graphic, please visit:
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The table lists the samples in order of Total REE mineral and monazite contents. Total REE minerals include the abundances of monazite ((Ce,La,Nd,Th)PO4), bastnasite ((La, Ce)CO3F), britholite ((Ce,Ca)5(SiO4)3OH), and secondary REE minerals. These secondary minerals are minor phases identified by MLA, containing REE with compositions too complex for precise identification.
Samples were analysed using an FEI Quanta 400 environmental SEM equipped with a Bruker XFlash EDX Detector at the CREAIT labs, Memorial University. The SEM electron gun uses a W filament at an operating voltage of 25 kV and a beam current of 10 nA. The working distance between sample and detector is 12 mm. The MLA software enables quantitative evaluation of the abundance, association, size, and shape of minerals in an automated, systematic fashion. In other words, the MLA allows for the quantitative mapping of mineral phases in individual grain mounts, essentially providing a digital point count of mineral species.
"De-risking the metallurgy of the REE mineralization is a crucial part of any REE project. The high-grade nature and relatively simple metallurgy make this a very attractive REE project," stated Blair Naughty, President & CEO of York Harbour Metals. "This marks an important milestone for the Bottom Brook Project.
Figure 1. MLA False-Colour Map of Thin Section G4 from Bottom Brook; view Approximately 4cm Across.
To view an enhanced version of this graphic, please visit:
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Qualified Person
Bruce Durham, P. Geo., a Qualified Person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this press release.
About York Harbour Metals
York Harbour Metals Inc. (TSXV: YORK) (OTCQB: YORKF) (FSE: 5DE) is an exploration and development company focused on two high-grade projects in Newfoundland. The York Harbour Copper-Zinc-Silver Project is located approximately 27 km from Corner Brook. The Company intends to continue drilling the 11 known mineralized zones and explore new massive sulphide targets.
The Bottom Brook Rare Earth Elements Project, covering 15,150 hectares, is located next to the Trans Canada Highway and just 27 km from the deep-water port at Turf Point.
For further details on York Harbour Metals, please contact via email at info@yorkharbourmetals.com or +1-604-346-7613. Visit the Company's website at www.yorkharbourmetals.com for past news releases, media interviews, and opinion-editorial pieces by management.
On Behalf of The Board of Directors,
"Signed"
Blair Naughty
CEO& President
Telephone: +1-604-346-7613 | Email: info@yorkharbourmetals.com
Website: www.yorkharbourmetals.com
1518 - 800 Pender Street W, Vancouver, BC, Canada V6C 2V6
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 news release.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company's mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
 SOURCE: York Harbour Metals |
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| To: LoneClone who wrote (22513) | 5/9/2024 1:37:07 PM | | From: LoneClone | | | | [Lithium] Usha Resources Closes Abiwin Transaction, Expands Strike of the White Willow Project to 44 Kilometres
accesswire.com
Tuesday, 07 May 2024 07:00 AM
VANCOUVER, BC / ACCESSWIRE / May 7, 2024 / Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company, is pleased to announce that, further to its news release of April 17, 2024, wherein the Company announced the execution of an option agreement (the "Option Agreement") for the right to purchase an undivided 100% interest in 38 mineral claims to the northeast of its flagship White Willow Lithium Pegmatite Project, the Abiwin Lithium Pegmatite Property (the "Property"), it has issued the first payment of $15,000 cash and 250,000 common shares (the "Shares") to the Vendors (the "Vendors").
The Company also wishes to clarify that an aggregate of 1,000,000 Shares will be payable by the Company to the Vendors in accordance with the terms of the Option Agreement. The Option Agreement remains subject to the final approval of the TSX Venture Exchange (the "Exchange"). The Shares are subject to the applicable hold periods in accordance with securities laws in Canada and the Exchange policies.
Abiwin Property Highlights:
- Preliminary prospecting resulted in the discovery of 29 pegmatite dykes
- Muscovite geochemistry in these pegmatites indicates a highly fractionated signature
- LIBS analyses return up to 6,700 ppm rubidium (Rb) and a K/Rb ~13 (potassium/rubidium ratios); indicative of spodumene-subtype pegmatites
- Extends strike length of the White Willow LCT pegmatite field to ~44 kilometres
- Adds additional target pegmatites to the existing 10 targets identified for Usha's planned maiden drill program
- Hosts ultramafic "Quetico intrusions" from which historic assessment work reports up to 33 g/t Pt+Pd and 3% Cu in grab samples and up to 0.72% Zn over 2 metres in chip samples.
Deepak Varshney, CEO of Usha Resources, commented: "The Abiwin claims are an exciting addition to our growing portfolio of critical metal assets in Ontario, and the preliminary results from the pegmatites highlight the potential for new discoveries within this rapidly expanding White Willow LCT pegmatite district. The claims are located within an excellent setting for spodumene-type pegmatites, situated within the metasedimentary rocks of the Quetico subprovince and only 3 kilometres from the district-scale Quetico Fault and have a tremendous exploration upside for not only lithium, but a wide range of critical metals."
Mr. Varshney continued: "With almost 22,000 hectares now secured, Usha controls a significant portion of a new lithium district where we and many others have continued to find success. With Phase 4 of our field program underway, we look forward to sharing updates as we build-up to our maiden drill program at White Willow."
The Abiwin mining claims are geologically similar to the White Willow property and situated along trend from the Maple Leaf pegmatite, as well as the corridor of fractionated pegmatite identified on the White Willow property (Fig. 1; Usha Resources Press Release, Apr. 1, 2024). Preliminary mapping on the Abiwin claims documented 29 pegmatites dykes, and LIBS analyses of muscovite from these dykes returned up to 6,700 ppm Rb, 527 ppm Sn, and K/Rb ratios as low as 13, indicating a high degree of fractionation in the pegmatites[ii]. K/Rb is a key tool in identifying potentially spodumene-bearing dykes. Values below 30 are indicative of rare-earth pegmatites, 20 of spodumene-subtype pegmatites, and those below 10 are often associated with economic spodumene pegmatites.
The fractionated pegmatites of the Abiwin claims are ~44 kilometres from the western-most rare-element pegmatites identified to date on the White Willow property, (the Bingo pegmatite swarm) and extend the already immense strike length of the pegmatite field. (Fig. 1). The Abiwin claims are accessible via Crooked Pine Lake Road.
Figure 1 - Location Map for the White Willow Project. The Abiwin Block extends the LCT-pegmatite corridor to ~44 km.
The Abiwin claims are also host to the ultramafic "Quetico Intrusions", which are the target of Ni-Cu-PGE exploration efforts on Rio Tinto's adjacent JR property (Fig. 1). Historic grab samples from these intrusions on the Abiwin claims are reported to return up to 33 g/t Pt+Pd*, 3% Cu* and historic surface trenching yielded chip strings of up to 0.72% Zn over 2m (Puumula, 1992)*. The company intends to prioritize expenditures on the exploration for spodumene-bearing pegmatites, however the claims remain highly prospective for base and precious metal mineralization.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Adrian Smith, P.Geo., a qualified person as defined by National Instrument 43-101. Historical reports provided by the Optionors of the Mineral Claims were reviewed by the qualified person. The information provided has not been verified and is being treated as historic non-compliant intercepts.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality lithium metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha's portfolio of strategic properties provides target-rich diversification and includes Jackpot Lake, a lithium brine project in Nevada and White Willow, a lithium pegmatite project in Ontario that is the flagship among its growing portfolio of hard-rock lithium assets. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA RESOURCES LTD.
For more information, please call email info@usharesources.com or visit www.usharesources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
A LIBS analyzer is a portable device that provides semi-quantitative assessments of geochemical concentrations in real-time. These readings should not be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. LIBS readings are not representative of the whole core and represent purely a concentration measured at a single point.
[ii] Selway, J. et al. 2005. A Review of Rare-Element (Li-Cs-Ta) Pegmatite Exploration Techniques for the Superior Province, Canada, and Large Worldwide Tantalum Deposits. Exploration and Mining Geology, Vol. 14, Nos. 1-4, pp. 1-30.
SOURCE: Usha Resources Ltd.
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| To: LoneClone who wrote (22514) | 5/9/2024 1:48:59 PM | | From: LoneClone | | | | [Lithium]
Canadian Securities Exchange Welcomes Listing of Cameo Resources
newsfilecorp.com
May 08, 2024 4:54 PM EDT | Source: Canadian Securities Exchange (CSE)
Toronto, Ontario--(Newsfile Corp. - May 8, 2024) - The Canadian Securities Exchange ("CSE" or "the Exchange") today welcomed the listing of Cameo Resources Inc. The Surrey, BC-based company has raised $750,000 in an initial public offering, and its stock began trading today under the symbol MEO.
Cameo is a junior mining company focused on an early-stage lithium project located in southwest Nevada. Proceeds from the IPO are being used to recapitalize the company's balance sheet and complete Phase I work at the property.
"Lithium is essential for the electrification of the global economy, and the demand outlook for the metal is highly favourable due to rising electric vehicle adoption in the coming years and decades," said James Black, the CSE's Vice President, Listings Development.
About the Canadian Securities Exchange:
The Canadian Securities Exchange is a rapidly growing exchange invested in working with entrepreneurs, innovators and disruptors to access public capital markets in Canada. The Exchange's efficient operating model, advanced technology and competitive fee structure help its listed issuers of all sectors and sizes minimize their cost of capital and enhance global liquidity.
Our client-centric approach and corresponding products and services ensure businesses have the support they need to confidently realize their vision.
The CSE offers global investors access to an innovative collection of growing and mature companies.
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416-367-7360
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 SOURCE: Canadian Securities Exchange (CSE) |
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| To: LoneClone who wrote (22515) | 5/9/2024 2:04:27 PM | | From: LoneClone | | | | [Antimony] Mandalay Resources Delivers Strong First Quarter 2024 Financial Results
newswire.ca
Mandalay Resources Corporation May 08, 2024, 17:41 ET
TORONTO, May 8, 2024 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF) is pleased to announce financial results for the first quarter ended March 31, 2024, supported by solid production results, disciplined capital allocation, and favorable metal prices.
The Company's condensed and consolidated interim financial result for the quarter ended March 31, 2024, together with its Management's Discussion and Analysis ("MD&A") for the corresponding period, can be accessed under the Company's profile on www.sedar.com and on the Company's website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.
First Quarter 2024 Highlights:
- Significant strengthening of Balance Sheet with cash balance of $47.1 million;
- Growing net cash position1 now at $19.4 million;
- Generated $29.5 million and $16.1 million in cash flow from operating activities and free cash flow1, respectively;
- Consolidated revenue up 32% and 10% as compared to Q1 2023 and Q4 2023 respectively, reaching $55.5 million;
- Björkdal recorded its highest ever quarterly revenue of $24.9 million;
- Costerfield generated $30.6 million in quarterly revenue, its highest since Q2 2022;
- Consolidated quarterly adjusted EBITDA1 of $26.7 million, two-fold increase as compared to corresponding quarter last year;
- Consolidated cash operating cost1 per gold equivalent ounce produced decreased 15% to $1,039 per ounce in Q1 2024 compared $1,222 in Q1 2023;
- All-in sustaining cost decreased to $1,430 per gold equivalent ounce produced in Q1 2024, compared to $1,612 in Q1 2023; and
- Consolidated net income was $5.9 million ($0.06 or C$0.09 per share).
Frazer Bourchier, President, and CEO commented:
"Our strong production results, coupled with a stable cost structure, led to strong cash generation in the quarter. As compared with the previous quarter, Mandalay significantly bolstered its cash balance by over $20 million, resulting in $47.1 million in cash with a net cash position of $19.4 million in Q1 2024.
"At Björkdal, the site achieved its highest quarterly revenue yet, nearing $25 million. This was primarily driven by increased tonnage processed and a 9% increase in average gold head grade in Q1 2024, as compared to the same period last year. Meanwhile, at Costerfield, the site recorded its second consecutive quarter-over-quarter revenue increase, reaching $30.6 million."
____________________
| 1 Gold equivalent production, adjusted EBITDA, free cash flow, net cash, cash operating costs and all-in sustaining costs are non-GAAP financial performance measures with no standard definition under IFRS. Refer to "Non-GAAP Financial Performance Measures" at the end of this press release for further information.
|
Hashim Ahmed, CFO commented:
"On a consolidated basis, the Company generated $16.1 million in free cash flow during Q1 2024, equating to approximately $636 per ounce of gold equivalent sold. This was supported by a twofold increase in cash flow from operating activities during the same period, amounting to $29.5 million by the end of Q1 2024.
"Our consolidated cash and all-in sustaining costs per ounce of gold equivalent produced during Q1 2024 were $1,039 and $1,430, respectively, marking a decrease compared to the corresponding quarter last year, primarily due to increased gold equivalent production and a stable cost base.
"Mandalay remains committed to a disciplined approach towards capital expenditure, prioritizing projects and initiatives that offer significant returns that align with our long-term growth objectives. In line with this commitment, exploration expenditure is anticipated to remain on course, with an expected full-year spending of $12 – $15 million across both operational sites. Additionally, we have successfully renegotiated an extension to our Revolving Credit Facility with Scotiabank, now until 2027, bolstering our financial flexibility to further support these objectives.
Mr. Bourchier continued: "The Company looks forward to building upon its established track record of success by maintaining operational controls and disciplined capital allocation at both mines. This approach will solidify the Company's position for sustained cash flow generation and value creation for its stakeholders. A stronger balance sheet also enables the Company to continue to look for M&A opportunities in the sector."
First Quarter 2024 Financial Summary
The following table summarizes the Company's consolidated financial results for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023:
($ thousands, except where indicated)
| Q1 2024
| Q1 2023
| Revenue
| 55,511
| 42,179
| Cost of sales
| 27,031
| 26,606
| Adjusted EBITDA (1)
| 26,735
| 12,945
| Adjusted net income (1)
| 12,152
| 518
| Consolidated net income
| 5,888
| 554
| Capital expenditure
| 13,145
| 8,776
| Total assets
| 300,354
| 279,413
| Total liabilities
| 106,049
| 94,907
| Adjusted net income per share (1)
| 0.13
| 0.01
| Consolidated net income per share
| 0.06
| 0.01
|
1.
| Adjusted EBITDA, adjusted net income and adjusted net income per share are non-GAAP financial performance measures with no standard definition under IFRS. Refer to "Non-GAAP Financial Performance Measures" at the end of this press release for further information.
|
In Q1 2024, Mandalay generated consolidated revenue of $55.5 million, 32% higher than the first quarter of 2023. The increase in revenue was due to an increase in gold production contributing to higher gold equivalent ounces sold of 25,277 ounces in Q1 2024 as compared to 21,769 ounces in Q1 2023. Another contributing factor to the increased revenue was the higher average realized prices: $2,200 per ounce for gold and $13,823 per tonne for antimony in Q1 2024 compared to $1,943 per ounce and $12,823 per tonne in Q1 2023. In Q1 2024, Mandalay sold 3,508 more gold equivalent ounces than in Q1 2023.
Consolidated cash operating cost per ounce of gold equivalent produced decreased 15% to $1,039 per ounce in the first quarter of 2024 compared to $1,222 in the first quarter of 2023. The decrease in cash operating cost was due to a 25% increase of gold equivalent production in Q1 2024 to 24,936 ounces produced compared to 19,986 ounces in Q1 2023, partly offset by 6% increase in cash operating costs. Cost of sales including change in inventory during the first quarter of 2024 versus the first quarter of 2023 were $0.2 million higher at Costerfield and $0.2 million higher at Björkdal. Consolidated general and administrative costs were $0.9 million lower compared to the first quarter of 2023.
Mandalay generated adjusted EBITDA of $26.7 million in the first quarter of 2024, twice as high compared to the adjusted EBITDA in the first quarter of 2023. The increase in adjusted EBITDA was due to higher revenue in the current quarter. Adjusted net income was $12.2 million in the first quarter of 2024, which excludes a $6.0 million loss on financial instruments and $0.3 million of write-off of assets, compared to an adjusted net income of $0.5 million in the first quarter of 2023.
Consolidated net income was $5.9 million for the first quarter of 2024, versus $0.6 million in the first quarter of 2023. Mandalay ended the first quarter of 2024 with $47.1 million in cash and cash equivalents.
First Quarter Operational Summary
The table below summarizes the Company's operations, capital expenditures and operational unit costs for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023:
($ thousands, except where indicated)
| Q1 2024
| Q1 2023
| Costerfield
|
|
| Gold produced (oz)
| 11,976
| 7,368
| Antimony produced (t)
| 404
| 544
| Gold equivalent produced (oz)
| 14,566
| 11,017
| Cash operating cost (1) per oz gold eq. produced ($)
| 780
| 921
| All-in sustaining cost (1) per oz gold eq. produced ($)
| 1,005
| 1,101
| Capital development
| 854
| 865
| Property, plant and equipment purchases
| 853
| 508
| Capitalized exploration
| 1,948
| 2,151
| Björkdal
|
|
| Gold produced (oz)
| 10,370
| 8,969
| Cash operating cost (1) per oz gold produced ($)
| 1,403
| 1,592
| All-in sustaining cost (1,3) per oz gold produced ($)
| 1,868
| 1,937
| Capital development
| 2,681
| 1,809
| Property, plant and equipment purchases
| 1,408
| 2,583
|
|
|
|
|
|
|
|
|
| ($ thousands, except where indicated)
| Q1 2024
| Q1 2023
| Björkdal continued
|
|
| Capitalized exploration
| 599
| 794
|
|
|
| Consolidated
|
|
| Gold equivalent produced (oz)
| 24,936
| 19,986
| Cash operating cost (1) per oz gold eq. produced ($)
| 1,039
| 1,222
| All-in sustaining cost (1,3) per oz gold eq. produced ($)
| 1,430
| 1,612
| Capital development
| 3,535
| 2,674
| Property, plant and equipment purchases
| 7,007
| 3,091
| Capitalized exploration (2)
| 2,603
| 3,011
|
1.
| Cash operating cost and all-in sustaining cost are non-GAAP financial performance measures with no standard definition under IFRS. Refer to "Non-GAAP Financial Performance Measures" at the end of this press release for further information.
| 2.
| Includes capitalized exploration relating to other non-core assets.
| 3.
| All-in sustaining costs in the current year includes tailings dam amortization, accordingly the 2023 comparative figures have been updated.
|
Costerfield gold-antimony mine, Victoria, Australia
Costerfield produced 11,976 ounces of gold and 404 tonnes of antimony for 14,566 gold equivalent ounces in the first quarter of 2024. Cash operating and all-in sustaining costs at Costerfield of $780/oz and $1,005/oz, respectively, compared to cash and all-in sustaining costs of $921/oz and $1,101/oz, respectively, in the first quarter of 2023.
During Q1 2024, Costerfield generated $30.6 million in revenue and $18.6 million in adjusted EBITDA, which resulted in net income of $10.0 million. Head grades during Q1 2024, which averaged 12.4 g/t gold and 2.2% antimony. Compared to Q1 2023, Costerfield's gold equivalent production increased significantly, primarily due to the higher milled gold head grade during the quarter.
Björkdal gold mine, Skellefteå, Sweden
Björkdal produced 10,370 ounces of gold in the first quarter of 2024. Cash and all-in sustaining costs at Björkdal were $1,403/oz and $1,868/oz, respectively, compared to cash and all-in sustaining costs of $1,592/oz and $1,937/oz, respectively, in the first quarter of 2023.
Björkdal continues to show improvement in production and sales figures. During Q1 2024, Björkdal generated $24.9 million in revenue and $9.8 million in adjusted EBITDA, which resulted in net loss of $0.6 million. The production of 10,370 ounces was higher than the 8,969 ounces produced in the first quarter of 2023 primarily due to higher throughput and higher milled gold head grade.
Lupin, Nunavut, Canada
Care and maintenance spending at Lupin was less than $0.1 million during Q1 2024 and Q1 2023. Reclamation spending at Lupin was $0.1 million during Q1 2024 and Q1 2023. There will be increased reclamation spend in the remaining year 2024 at Lupin relative to the 2023 year, but the majority of this reclamation work to achieve the majority of closure obligations, is expected to take place in the 2025 calendar year. Lupin is currently in the process of final closure and reclamation activities, which are partly funded by progressive security reductions held by the Crown Indigenous Relations and Northern Affairs Canada.
La Quebrada, Chile
No work was carried out on the La Quebrada development property during Q1 2024.
Conference Call
A conference call with Frazer Bourchier, President and Chief Executive Officer of Mandalay, for investors and analysts on May 9, 2024, at 8:00 AM (Toronto time). Interested investors may join by using the following dial-in number:
Participant Number (North America toll free):
| 1-800-836-8184
| Conference ID:
| 24355
|
Alternatively, please register for the webcast here. A replay of the conference call will be available until 11:59 PM (Toronto time), May 16, 2024, and can be accessed using the following dial-in numbers:
Encore Number (Canada Toll free):
| 1-888-660-6345
| Encore Replay Code:
| 24355 #
|
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.
Mandalay's mission is to create shareholder value through the profitable operation and regional exploration programs, at both its Costerfield and Björkdal mines. Currently, the Company's main objectives are to continue mining the high-grade Youle and Shepherd veins at Costerfield, and to extend Mineral Reserves. At Björkdal, the Company will aim to increase production from the Eastern Extension area and other higher-grade areas in the coming years, in order to maximize profit margins from the mine.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's anticipated performance in 2024. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 31, 2024, a copy of which is available under Mandalay's profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Non-GAAP Performance Measures
This news release may contain references to Income from mine operations before depreciation & depletion, adjusted EBITDA, adjusted net income, free cash flow, cash operating cost per ounce of gold equivalent produced and all-in sustaining cost all of which are non-GAAP performance measures and do not have standardized meanings under IFRS. Therefore, these measures may not be comparable to similar measures presented by other issuers.
Management uses adjusted EBITDA and free cash flow as measures of operating performance to assist in assessing the Company's ability to generate liquidity through operating cash flow to fund future working capital needs and to fund future capital expenditures, as well as to assist in comparing financial performance from period to period on a consistent basis. Management uses adjusted net income in order to facilitate an understanding of the Company's financial performance prior to the impact of non-recurring or special items. The Company believes that these measures are used by and are useful to investors and other users of the Company's financial statements in evaluating the Company's operating and cash performance because they allow for analysis of its financial results without regard to special, non-cash and other non-core items, which can vary substantially from company to company and over different periods.
The Company defines adjusted EBITDA as income from mine operations, net of administration costs, and before interest, taxes, non-cash charges/(income), intercompany charges and finance costs. The Company defines adjusted net income as net income before special items. Special items are items of income and expense that are presented separately due to their nature and, in some cases, expected infrequency of the events giving rise to them. A reconciliation between adjusted EBITDA and adjusted net income, on the one hand, and consolidated net income, on the other hand, is included in the MD&A.
The Company defines free cash flow as a measure of the Company's ability to generate and manage liquidity. It is calculated starting with the net cash flows from operating activities (as per IFRS) and then subtracting capital expenditures and lease payments. Refer to "Non-GAAP Financial Performance Measures" section of the MD&A for a reconciliation between free cash flow and net cash flows from operating activities.
For Costerfield, equivalent gold ounces produced is calculated by adding to gold ounces produced, the antimony tonnes produced times the average antimony price in the period divided by the average gold price in the period. The total cash operating cost associated with the production of these equivalent ounces produced in the period is then divided by the equivalent gold ounces produced to yield the cash operating cost per equivalent ounce produced. The cash operating cost excludes royalty expenses. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense, accretion of reclamation provision and tailings dam amortization. Sustaining capital reflects the capital required to maintain each site's current level of operations. The site's all-in sustaining cost per ounce of gold equivalent in a period equals the all-in sustaining cost divided by the equivalent gold ounces produced in the period.
For Björkdal, the total cash operating cost associated with the production of gold ounces produced in the period is then divided by the gold ounces produced to yield the cash operating cost per gold ounce produced. The cash operating cost excludes royalty expenses. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense, accretion of reclamation provision and tailings dam amortization. Sustaining capital reflects the capital required to maintain each site's current level of operations. The site's all-in sustaining cost per ounce of gold equivalent in a period equals the all-in sustaining cost divided by the equivalent gold ounces produced in the period.
For the Company as a whole, cash operating cost per gold equivalent ounce is calculated by summing the gold equivalent ounces produced by each site and dividing the total by the sum of cash operating costs at the sites. Consolidated cash operating cost excludes royalty and corporate level general and administrative expenses. This definition was updated in the third quarter of 2020 to exclude corporate general and administrative expenses to better align with industry standard. All-in sustaining cost per ounce gold equivalent in the period equals the sum of cash operating costs associated with the production of gold equivalent ounces at all operating sites in the period plus corporate overhead expense in the period plus sustaining mining capital, royalty expense, accretion of reclamation provision and tailings dam amortization, divided by the total gold equivalent ounces produced in the period. A reconciliation between cost of sales and cash operating costs, and also cash operating cost to all-in sustaining costs are included in the MD&A.
SOURCE Mandalay Resources Corporation
 For further information: Frazer Bourchier, Director, President and Chief Executive Officer; Edison Nguyen, Director, Business Valuations and IR, Contact: +1 (647) 258 9722
|
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| To: LoneClone who wrote (22516) | 5/9/2024 2:08:23 PM | | From: LoneClone | | | | Western Uranium & Vanadium Provides Shareholder Updates
ca.finance.yahoo.com
Western Uranium & Vanadium Corp.
Tue, May 7, 2024 at 6:00 a.m. PDT·5 min read
WSTRF
+6.17%
Toronto, Ontario and Nucla, Colorado, May 07, 2024 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or the ”Company”) is pleased to offer the following update on uranium markets and Company operations.
Prohibiting Russian Uranium Imports Act (H.R. 1042)
In response to Russia’s war in Ukraine, the United States legislature passed the Prohibiting Russian Uranium Imports Act (H.R. 1042). We expect the President to sign this legislation into law shortly as the Biden administration has previously considered using an executive order to limit Russian uranium imports. The ban will go into effect 90 days after its enactment and will be phased in under Department of Energy conditional waivers before becoming a complete ban on January 1, 2028. Importantly, the enactment of a Russian ban releases funding to support the American nuclear supply chain.
Uranium/Vanadium Buying Program
Energy Fuels has announced that it expects to offer an ore buying program. A uranium milling run is scheduled to begin in late 2024 or 2025 at their White Mesa Mill, the only operational conventional uranium/vanadium mill in the United States. Western and Energy Fuels have had initial discussions regarding the delivery of mined material from the Sunday Mine Complex. If a mutually beneficial arrangement can be established, Western could pivot its current mining operations to begin deliveries of uranium/vanadium mined material in as little as 30 days at annualized quantities up to 250,000 pounds of uranium and 1,000,000 pounds of vanadium.
Joint Venture with Rimrock Exploration and Development Inc.
Western has entered into a joint venture with Rimrock Exploration and Development Inc. (“Rimrock”), a private company which owns two fully permitted, developed, and past producing uranium mines in Colorado. Western will fund mining operations and initially Rimrock will be the operator. Upon the payment of the full initial contribution, each party will own a 50% interest in the underlying mines and mining claims. Western has already funded more than half of the initial contribution. These mines access shallow uranium deposits where mined material is available at depths of 60 and 120 feet. The joint venture will sell the mined material to Western under terms to be determined. The mines do not have a technical report but are anticipated to provide marginal production to supplement Western’s Sunday Mine Complex production.
Mining Operations and Processing Plant
Western continues to ramp up operations to achieve its annualized production target of 1 million pounds of uranium and 6 million pounds of vanadium. Participation in the aforementioned buying program should not hinder the development of an adequate uranium feedstock supply for the Maverick Minerals Processing Plant. Precision Systems Engineering (PSE) is targeting to release the preliminary engineering design and cost estimate in June.
At the beginning of 2024 Western expanded the Sunday Mine Complex mining operations by deploying two alternating mining crews and two alternating drilling teams who operate seven days a week. Following the expansion of infrastructure deeper into the West Sunday Mine, the mining teams commenced driving a drift approximately 2,700 feet to the Leonard & Clark deposit. So far, the teams have drifted approximately 317 feet and are now deploying a jumbo drill to increase progress. The drilling teams continue to define additional mining areas utilizing underground horizontal drilling. Between January 25th and March 31st, the team has drilled a total of 8,170 linear feet with 43 long hole drill targets at three separate areas of the GMG deposit.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also includes conventional projects in Colorado and Utah. The Maverick Minerals Processing Plant is being licensed in Utah and will include the kinetic separation process.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Statements of that nature include statements relating to, or that are dependent upon: the Company’s expectations, estimates and projections regarding the Offering and exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company’s business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent Management’s Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedarplus.com, for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company’s forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
Robert Klein
Chief Financial Officer
908-872-7686
rklein@western-uranium.com |
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| To: LoneClone who wrote (22517) | 5/9/2024 2:56:14 PM | | From: LoneClone | | | | E3 Lithium’s Laboratory to Expand to Include Production of Lithium Carbonate
ca.finance.yahoo.com
Business Wire
Thu, May 9, 2024 at 12:05 a.m. PDT·6 min read
EEMMF
-0.97%
Highlights:
- E3 Lithium is expanding its Calgary-based lab to manufacture battery products, including lithium carbonate
- E3 Lithium plans to build scaled down equipment to validate lithium carbonate that will support the feasibility study and future operations
- The carbonate produced from this work will allow the Company to refine its process for battery-grade lithium carbonate
CALGARY, Alberta, May 09, 2024--( BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), "E3 Lithium" or the "Company," a leader in Canadian lithium, is excited to announce it is expanding the Calgary-based lab to incorporate the equipment to complete the polishing and production of battery products, such as lithium carbonate and lithium hydroxide.
E3 Lithium’s development facility, located at the University of Calgary, has been operational since early 2021. The facilities' focus has been on the development and verification of Direct Lithium Extraction (DLE) processing technologies. The internal team of experts has been beneficial in ensuring that E3 Lithium successfully completed the necessary steps towards technology development and selection, including verification testing of third-party DLE processes to support the design and decision making for the commercial facility. E3 also has its own internal analytics team that enables the Company to efficiently and quickly produce consistent results from the various testing processes.
With the definition of the downstream processes utilizing chemical conversion to produce lithium carbonate and then lithium hydroxide, E3 will deploy the same validation, verification and optimization strategy to the conversion processes. This includes building scaled down process equipment that mimics the commercial systems to validate and optimize the production of lithium carbonate. The team will further investigate the necessity to complete the equipment to continue from carbonate to lithium hydroxide. This work will support E3 Lithium’s feasibility engineering study and future commercial operations.
"Developing this capability in-house offers significant advantages in terms of result accuracy, cost-effectiveness and flexibility" said Chris Doornbos, President and CEO of E3 Lithium. "By building and operating scaled down equipment that closely mimics commercial operations, our highly skilled lab team will verify and optimize the process. The results the lab will produce will support the design and operation of the Company’s commercial plant and will bring efficiency to our future commercial operations by offering prompt and accurate data and analysis."
The Post-DLE to Lithium Carbonate Flowsheet
DLE technology extracts lithium ions from E3 Lithium’s brine efficiently and effectively producing a lithium rich concentrate stream. The process to convert the lithium rich solution (a liquid) to lithium carbonate (a solid) utilizes conventional chemical reactions and industry standard processes and is comprised of two main steps: purification with volume reduction and precipitation of lithium products.
- Purification and Volume Reduction: This step removes the contaminants, mainly calcium, magnesium and boron, from the DLE lithium rich product stream, further concentrates the lithium stream and recovers water for reuse in the process. Example of process technology used in this step can include precipitation, nanofiltration, ion exchange, reverse osmosis (RO) and evaporation.
- Precipitation: The final step involves a conversion process achieved by mixing soda ash with the purified, concentrated lithium solution to produce a solid lithium carbonate (Li2CO3) precipitate.
E3 Lithium will analyze the carbonate product for impurities thereby enabling the Company to gain a deeper understanding of the process requirements necessary to achieve battery-grade lithium carbonate and optimize the design and/or operating parameters if necessary. E3 Lithium will also send the carbonate produced to certified third-party labs for independent validation. The Company is also evaluating the development of the production of lithium hydroxide as it focuses on building the carbonate as a first step.
About E3 Lithium’s Lab
Located within the University of Calgary's research park, E3 Lithium’s lab comprises an office space and lab facility. Fully equipped to standard lab specifications, it features essential safety installations and a range of analytical instruments for conducting a wide array of tests and experiments. The lab team consists of individuals with diverse academic backgrounds and industry experience, ensuring a multidisciplinary approach to research and development efforts.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President & CEO
E3 Lithium Ltd.
About E3 Lithium
E3 Lithium is a development company with a total of 16.0 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated and 0.9 million tonnes LCE Inferred mineral resources1 in Alberta. As outlined in E3’s Preliminary Economic Assessment, the Clearwater Lithium Project has an NPV8% of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. E3 Lithium’s goal is to produce high purity, battery grade lithium products to power the growing electrical revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.
1: The Preliminary Economic Assessment (PEA) for the Clearwater Lithium Project NI 43-101 technical report is amended Sept 17, 2021. Gordon MacMillan, P.Geol, QP, Fluid Domains Inc. and Grahame Binks, MAusIMM, QP (Metallurgy), formerly of Sedgman Canada Limited (Report Date: June 15, 2018, Effective Date: June 4, 2018 Amended Date: September 17, 2021). The mineral resource NI 43-101 Technical Report for the North Rocky Property, effective October 27, 2017, identified 0.9Mt LCE (inferred). The mineral resource NI 43-101 Technical Report for the Bashaw District Project, effective March 21, 2023, identified 16.0Mt LCE (measured & indicated). All reports are available on the E3 Lithium’s website (e3lithium.ca/technical-reports) and SEDAR+ ( www.sedarplus.ca).
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company’s brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
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.
View source version on businesswire.com: businesswire.com
Contacts
E3 Lithium - Investor and Media Relations
investor@e3lithium.ca
587-324-2775 |
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| To: LoneClone who wrote (22518) | 5/10/2024 4:01:44 PM | | From: LoneClone | | | | Piedmont Lithium wins US state mining permit after posting reclamation bond
ca.finance.yahoo.com
Ernest Scheyder
Tue, May 7, 2024 at 10:29 a.m. PDT·2 min read
PLL
-1.42%
By Ernest Scheyder
May 7 (Reuters) - Tesla supplier Piedmont Lithium has officially obtained a North Carolina state mining permit after posting a $1 million reclamation bond to develop an open-pit mine that would become one of the largest U.S. sources of the key battery metal.
The North Carolina Department of Environmental Quality on Tuesday mailed the 16-page permit to Piedmont after a nearly three-year review process for the controversial mine, according to regulatory filings. The permit was provisionally awarded last month, pending the bond payment.
"We're pleased to have the final permit," Piedmont spokesperson Erin Sander told Reuters.
The permit, which includes detailed instructions for blasting, waste rock storage and multiple other areas, is transferable to a third party should Piedmont be sold, according to the regulatory filings.
The years-long opposition to Piedmont's project, which would become one of the few lithium-producing sites in the United States, illustrates broadening tensions as resistance to living near a mine clashes with the potential of electric vehicles (EVs) to mitigate climate change.
Piedmont must still obtain a zoning variance from officials in Gaston County, just outside Charlotte, for the more than $1 billion project. State regulators stressed that their permit "does not supersede or otherwise affect or prevent the enforcement of any zoning regulation duly adopted by any incorporated city or county."
Piedmont has not yet filed for a zoning variance, and Gaston County officials told Reuters last month they would not begin to consider one until at least July.
The company, which is also working on three other lithium projects, must still obtain financing for the North Carolina mine and processing facilities, as well as state air quality and wastewater permits. Piedmont is expected to provide a financing update when it releases quarterly results on Thursday. |
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| To: LoneClone who wrote (22519) | 5/10/2024 4:03:01 PM | | From: LoneClone | | | | Piedmont Lithium Reports Q1 2024 Results
ca.finance.yahoo.com
Business Wire
Thu, May 9, 2024 at 4:00 a.m. PDT·25 min read
PLL
-2.46%
PLLTL
0.00%
NAL Achieves Record Quarterly Production, Carolina Lithium Mining Permit Received
- Record quarterly production at NAL with recoveries exceeding target; full run-rate production on track for H2’24
- Piedmont plans full-year customer shipments of approximately 126,000 dry metric tons ("dmt"), weighted to H2’24
- Carolina Lithium mining permit issued in May 2024, accelerating funding discussions
- Revenue of $13.4 million on sales of approximately 15,500 dmt of spodumene concentrate
- $71.4 million in cash as of March 31, 2024; working capital nearly doubled from 2023 year end
- 2024 outlook for shipments to more than double and investments to decrease more than 50% in H2’24 vs. H1’24
BELMONT, N.C., May 09, 2024--( BUSINESS WIRE)--Piedmont Lithium Inc. ("Piedmont," the "Company," "we," "our," or "us") (Nasdaq: PLL; ASX: PLL), a leading North American supplier of lithium products critical to the U.S. electric vehicle supply chain, today reported its first quarter 2024 financial results.
North American Lithium ("NAL"), the largest producing spodumene operation in North America, achieved record quarterly production of 40,439 dry metric tons ("dmt") of spodumene concentrate in Q1’24. NAL lithium recoveries of 69% in March 2024 exceeded plan and set a new monthly record. Overall safety performance improved as NAL recorded its lowest quarterly incident rate since the restart of operations in March 2023. Construction of the crushed ore storage dome at NAL was materially completed during Q1’24 with commissioning advancing in Q2’24. This capital project, along with other improvements, is expected to result in increased NAL production and a reduction in NAL’s unit operating costs. NAL management estimates operations will achieve full run-rate production in H2’24. NAL is jointly owned by Piedmont (25%) and Sayona Mining Limited ("Sayona Mining") (75%).
In North Carolina, Piedmont achieved a significant milestone in May 2024 with the receipt of the mining permit for Carolina Lithium, a strategic project situated in the U.S. Battery Belt. The mining permit is a catalyst for accelerating discussions with potential funding parties, including government loan agencies and strategic partners who could provide capital, offtake, and technical support. The Company expects, based on its published technical studies, Carolina Lithium to be a low-cost producer of spodumene concentrate and lithium hydroxide and a key contributor to U.S. energy security. The project should benefit from exceptional infrastructure, minimal transport distances, low energy costs, a deep local talent pool, and proximity to cathode and battery customers as well as by-product markets. The competitive corporate tax regime offered in the U.S., the absence of significant royalties, and the benefits inherent in the Inflation Reduction Act of 2022 should also provide advantages to the project.
"We are very pleased with developments during the first quarter, including the milestones attained in Quebec and North Carolina. NAL achieved records in both safety performance and production in Q1’24, and the outlook is promising with the commissioning of the crushed ore dome currently underway. 2024 will be a year of two halves, with Piedmont shipments expected to more than double from H1’24 to H2’24 as we begin to emphasize shipments to core customers under long-term agreements, and Piedmont capital expenditures and investment in affiliates to fall by over 50% in H2’24 vs H1’24," said Keith Phillips, President and Chief Executive Officer of Piedmont. "Carolina Lithium is one of only two significant spodumene projects in the United States, and receipt of our mining permit is a critical step in its development. We will now focus our efforts on aggressively pursuing strategic partnering and other funding conversations for our foundational asset. We also fortified our balance sheet by monetizing certain non-core investments during the quarter, and we are well-positioned to advance our projects with a continued focus on minimizing dilution to Piedmont shareholders."
First Quarter 2024 Financial Highlights
All references to dry metric tons ("dmt") in this release relate to spodumene concentrate.
|
|
| Units
|
| Q1’24
|
| Q4’23
|
| Q1’23
| Sales
|
|
|
|
|
|
|
|
|
| Concentrate shipped
|
| dmt thousands
|
| 15.5
|
|
| 14.2
|
|
| —
|
|
| Revenue
|
| $ millions
|
| 13.4
|
|
| (7.3
| )
|
| —
|
|
| Realized price(1)
|
| $/dmt
|
| 865
|
|
| (513
| )
|
| —
|
|
| Li2O content(2)
|
| %
|
| 5.5
|
|
| 5.7
|
|
| —
|
|
| Realized cost of sales(3)
|
| $/dmt
|
| 799
|
|
| 756
|
|
| —
|
|
|
|
|
|
|
|
|
|
|
| Profitability
|
|
|
|
|
|
|
|
|
| Gross profit
|
| $ millions
|
| 0.7
|
|
| (18.1
| )
|
| —
|
|
| Gross profit margin
|
| %
|
| 5.2
|
|
| NM
|
|
| —
|
|
| Net loss
|
| $ millions
|
| (23.6
| )
|
| (25.4
| )
|
| (8.6
| )
|
| Diluted EPS
|
| $
|
| (1.22
| )
|
| (1.32
| )
|
| (0.47
| )
|
| Adjusted net loss(4)
|
| $ millions
|
| (11.9
| )
|
| (23.7
| )
|
| (10.2
| )
|
| Adjusted diluted EPS(4)
|
| $
|
| (0.61
| )
|
| (1.23
| )
|
| (0.55
| )
|
| Adjusted EBITDA(4)
|
| $ millions
|
| (12.4
| )
|
| (24.4
| )
|
| (12.0
| )
|
| Adjusted EBITDA margin(4)
|
| %
|
| NM
|
|
| NM
|
|
| NM
|
|
|
|
|
|
|
|
|
|
|
| Cash
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents(5)
|
| $ millions
|
| 71.4
|
|
| 71.7
|
|
| 129.2
|
|
__________________________________
| (1)
| Realized price is the average estimated price, net of certain distribution and other fees, which includes reference pricing data up to the respective period end and is subject to final adjustment. The final adjusted price may be higher or lower than the estimated average realized price based on future price movements.
| (2)
| Weighted average Li2O content for shipments made during the respective period.
| (3)
| Realized cost of sales is the average cost of sales including Piedmont’s offtake pricing agreement with Sayona Quebec Inc. ("Sayona Quebec") for the purchase of spodumene concentrate at a market price subject to a floor of $500 per dmt and a ceiling of $900 per dmt, adjustments for product grade, freight, and insurance.
| (4)
| See non-GAAP Financial Measures at the end of this release for a reconciliation of non-GAAP measures.
| (5)
| Cash and cash equivalents are reported as of the end of the period.
| NM - Not meaningful
|
First Quarter and Recent Business Highlights
Piedmont Lithium
- Shipped approximately 15,500 dmt (~5.5% Li2O) of spodumene concentrate from NAL to customers in Q1’24.
- In Q1’24, we sold our entire holdings in Sayona Mining and a portion of our holdings in Atlantic Lithium Limited ("Atlantic Lithium") for net proceeds of $49.1 million. The sale of our shares in Sayona Mining resulted in net proceeds of $41.4 million, a taxable gain of $22 million based on net proceeds less acquisition costs, and a reportable loss of $17.2 million driven by historical non-cash gains on dilution in Sayona Mining. The sale of our shares in Atlantic Lithium resulted in net proceeds of $7.7 million, a taxable gain of $1.1 million, and a reportable gain of $3.1 million. The sale of these shares had no impact on our joint ventures or offtake arrangements with either Sayona Quebec or Atlantic Lithium.
- In February 2024, we initiated a cost-savings plan designed to reduce operating expenses by $10 million annually and defer 2024 capital spending to 2025. As part of this plan, we reduced our workforce by 28% and recorded $1.8 million in severance and severance-related costs, which includes $0.6 million of non-cash charges associated with accelerated stock compensation expense, in the first quarter of 2024. We expect to recognize the majority of our cost savings in 2024.
- In March 2024, Ms. Dawne Hickton, an accomplished leader in the aerospace, energy, and metals industries, was appointed to Piedmont’s Board of Directors, further diversifying the Board’s executive, operational, and strategic guidance to the Company.
- In Q1’24, the U.S. District Court for the Eastern District of New York granted Piedmont’s motion to dismiss a securities class action lawsuit, originally filed in July 2021, against Piedmont and two of its executives, which also resulted in the related derivative actions being dismissed.
North American Lithium (Quebec, Canada)
- In Q1’24, NAL achieved record quarterly production of approximately 40,400 dmt and shipped approximately 58,000 dmt, of which approximately 15,500 dmt were sold to Piedmont. Quarterly production increased by 18% compared to the prior quarter. Safety performance also improved as NAL achieved its lowest quarterly recordable incident rate since restarting operations in March 2023.
- In March 2024, operations at NAL achieved a record production month with 15,699 dmt of spodumene concentrate produced and three daily production records set between 710 dmt and 750 dmt. Lithium recoveries reached a record 69%, exceeding the ramp-up target of 67%.
- In April 2024, following a detailed operational review, the joint venture partners of NAL agreed to complete several ongoing capital project initiatives and continue operations with the goal of completing ramp-up activities to achieve steady-state production in 2024.
- In Q1’24, progress continued on two important capital improvement projects – a new crushed ore storage dome and a crushed ore re-feed system. These projects are expected to result in production increases and unit cost improvements. Commissioning is expected to conclude for both projects in May 2024.
- Concentrate produced and shipped by NAL and concentrate shipped by Piedmont:
|
|
| Share
|
| Units
|
| Q1’24
|
| Q4’23
|
| Q3’23
| Piedmont Lithium
|
|
|
|
|
|
|
|
|
|
|
| Concentrate shipped
|
| 100%
|
| dmt thousands
|
| 15.5
|
| 14.2
|
| 29.0
|
|
|
|
|
|
|
|
|
|
|
|
| North American Lithium
|
|
|
|
|
|
|
|
|
|
|
| Concentrate produced
|
| 100%(1)
|
| dmt thousands
|
| 40.4
|
| 34.2
|
| 31.5
|
| Concentrate shipped
|
| 100%(2)
|
| dmt thousands
|
| 58.0
|
| 23.9
|
| 48.2
|
__________________________________
| (1)
| Concentrate produced represents 100% of NAL’s production.
| (2)
| Concentrate shipped represents 100% of NAL’s shipments, inclusive of shipments to Piedmont.
| Note: The table above reports quarterly and year-to-date information in accordance with Piedmont’s fiscal year reporting, which is on a calendar-year basis. Concentrate produced and concentrate shipped (above) are reported in the periods in which activities actually occurred. For financial statement purposes, Piedmont reports income (loss) from its 25% ownership in Sayona Quebec, which includes NAL, on a one-quarter lag.
|
Carolina Lithium (North Carolina)
- In May 2024, Piedmont received the finalized mining permit for the construction, operation, and reclamation of Carolina Lithium following the posting of a $1 million reclamation bond to the state of North Carolina. The North Carolina Department of Environmental Quality’s Division of Energy, Mineral, and Land Resources approved the mining permit application on April 12, 2024.
- Receipt of the state mining permit allows the Company to accelerate discussions with funding parties, including government loan agencies and strategic partners who could provide capital, offtake, and technical support. The Company’s goal is to put in place a strong funding plan that will maximize value for Piedmont shareholders.
- Piedmont continues to engage with community stakeholders, including the Gaston County Board of Commissioners.
Ewoyaa Project (Ghana)
- In January 2024, the Minerals Income Investment Fund, Ghana’s sovereign wealth fund, commenced its investment in Atlantic Lithium through its purchase of Atlantic Lithium’s common stock totaling $5 million.
- In February 2024, Mr. Patrick Brindle, Piedmont’s Executive Vice President and Chief Operating Officer, stepped down as a member of Atlantic Lithium’s board of directors due to our reduction in ownership of Atlantic Lithium.
Tennessee Lithium (Tennessee)
- Tennessee Lithium remains a key part of our development pipeline as a permitted project. Piedmont is evaluating the timeline of project development given the recent receipt of the state mining permit for Carolina Lithium.
- In April 2024, the Company exited the purchase agreement for a nearby industrial complex and continues to negotiate a renewal of our option agreement for the planned project site.
2024 Outlook
|
| Units
|
| H1’24
|
| H2’24
|
| Full Year 2024
| Shipments
|
| dmt thousands
|
| 37 — 39
|
| 84 — 88
|
| 126
| Capital expenditures
|
| $ millions
|
| 7 — 9
|
| 3 — 5
|
| 10 — 14
| Investments in and advances to affiliates
|
| $ millions
|
| 25 — 26
|
| 7 — 12
|
| 32— 38
|
NAL is forecasted to achieve full run-rate production in H2’24. Under our offtake agreement with Sayona Quebec, Piedmont has the right to purchase the greater of 50% of production or 113,000 dmt/year. Based on the production projection and per the Company’s offtake agreement, Piedmont expects to ship approximately 126,000 dmt of spodumene concentrate in 2024, with quarterly variations due to shipping logistics and customer requirements. A shipment of approximately 13,200 dmt of spodumene concentrate held over from 2023, combined with our planned 113,000 dmt annual offtake from NAL, provides the basis for full-year shipment outlook. We are prioritizing contract customer shipments, weighted to H2’24, which we expect will provide more stable price realizations and reduce reliance on volatile spot market sales.
The majority of forecasted capital expenditures relate to Carolina Lithium and Tennessee Lithium. Investments in and advances to affiliates reflect cash contributions to Sayona Quebec and advances to Atlantic Lithium for the Ewoyaa project. Our outlook for forecasted capital expenditures and investments in and advances to affiliates is subject to market conditions.
Piedmont is in the process of retaining a financial advisor to assist in developing funding options for Ewoyaa that would minimize dilution to Piedmont shareholders.
Safety and Sustainability
In Q1’24, Piedmont continued to focus on building a culture of safety and awareness among employees. The Company began 2024 with a heightened focus on ramping up training requirements as part of the long-term objective to establish a robust safety and health management system. Increased identification and reporting of hazards improved along with strategies for addressing unsafe conditions.
Additionally, Piedmont prioritized its social commitments to key stakeholders, continuing engagement with community members about project development plans for our planned Carolina Lithium project. A town hall, one-on-one meetings with neighbors, tours of the field office, civic sponsorships, and a range of other community activities were conducted to inform community members and ensure their needs, values, and perspectives are taken into consideration as we advance the project.
Piedmont is targeting Q2’24 for the release of its annual Sustainability Report.
Q1 2024 Earnings Call
Date:
|
|
|
| Thursday, May 9, 2024
| Time:
|
|
|
| 8:30 a.m. Eastern Standard Time
| Dial-in (Toll Free):
|
|
|
| 1 (800) 715-9871
| Dial-in (Toll):
|
|
|
| 1 (646) 307-1963
| Conference ID:
|
|
|
| 6860456
| Participant URL:
|
|
|
| https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F744784814&esheet=53979435&newsitemid=20240509771167&lan=en-US&anchor=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F744784814&index=1&md5=268567c200478c0c713b511a4c0cbe7b
|
Piedmont’s earnings presentation and supporting material are available at: cts.businesswire.com.
About Piedmont
Piedmont Lithium Inc. (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). We believe these geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage.
Cautionary Note to U.S. Investors
Piedmont’ public disclosures are governed by the U.S. Exchange Act of 1934, as amended, including Regulation S-K 1300 thereunder, whereas NAL discloses estimates of "easured,""ndicated,"and "nferred"mineral resources as such terms are used in the JORC Code and Canada’ National Instrument 43-101. Although S-K 1300, the JORC Code, and NI 43-101 have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, they at times embody different approaches or definitions. Consequently, investors are cautioned that public disclosures by NAL prepared in accordance with the JORC Code or NI 43-101 may not be comparable to similar information made public by companies, including Piedmont, subject to S-K 1300 and the other reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
The statements in the link below were prepared by, and made by, NAL. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. NAL is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. NAL’ original announcements can be found here: cts.businesswire.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, construction, and production activities of Sayona Mining, Atlantic Lithium, and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; Piedmont’s potential acquisition of an ownership interest in Ewoyaa; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance, or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium may be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s, or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing, and operating mining projects, environmental hazards, industrial accidents, weather, or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental, and production activities, including risks relating to permitting, zoning, and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data, and projections related to Sayona Mining or Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation, and regulatory actions, investigations, and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations, and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission ("SEC") and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections, and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections, and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.
PIEDMONT LITHIUM INC.
| CONSOLIDATED STATEMENTS OF OPERATIONS
| (In thousands, except per share amounts) (Unaudited)
|
|
|
|
|
| Three Months Ended
March 31,
|
|
| 2024
|
| 2023
| Revenue
|
| $
| 13,401
|
|
| $
| —
|
| Costs of sales
|
|
| 12,710
|
|
|
| —
|
| Gross profit
|
|
| 691
|
|
|
| —
|
| Exploration costs
|
|
| 53
|
|
|
| 757
|
| Selling, general and administrative expenses
|
|
| 9,874
|
|
|
| 8,621
|
| Total operating expenses
|
|
| 9,927
|
|
|
| 9,378
|
| Loss from equity method investments
|
|
| (5,440
| )
|
|
| (2,742
| )
| Loss from operations
|
|
| (14,676
| )
|
|
| (12,120
| )
| Interest income
|
|
| 827
|
|
|
| 763
|
| Interest expense
|
|
| (222
| )
|
|
| (15
| )
| Gain on equity securities
|
|
| 1,384
|
|
|
| —
|
| Loss from foreign currency exchange
|
|
| (131
| )
|
|
| (49
| )
| (Loss) gain on sale of equity method investments
|
|
| (13,886
| )
|
|
| 3,275
|
| Total other (loss) income
|
|
| (12,028
| )
|
|
| 3,974
|
| Loss before income taxes
|
|
| (26,704
| )
|
|
| (8,146
| )
| Income tax (benefit) expense
|
|
| (3,093
| )
|
|
| 493
|
| Net loss
|
| $
| (23,611
| )
|
| $
| (8,639
| )
|
|
|
|
|
| Basic and diluted:
|
|
|
|
| Loss per share
|
| $
| (1.22
| )
|
| $
| (0.47
| )
| Weighted-average shares outstanding
|
|
| 19,326
|
|
|
| 18,524
|
|
PIEDMONT LITHIUM INC.
| CONSOLIDATED BALANCE SHEETS
| (In thousands, except per share amounts) (Unaudited)
|
|
|
|
|
|
|
| March 31,
2024
|
| December 31,
2023
| Assets
|
|
|
|
| Cash and cash equivalents
|
| $
| 71,444
|
|
| $
| 71,730
|
| Accounts receivable
|
|
| 4,247
|
|
|
| 595
|
| Other current assets
|
|
| 10,359
|
|
|
| 3,829
|
| Total current assets
|
|
| 86,050
|
|
|
| 76,154
|
| Property, plant and mine development, net
|
|
| 129,785
|
|
|
| 127,086
|
| Advances to affiliates
|
|
| 33,870
|
|
|
| 28,189
|
| Other non-current assets
|
|
| 2,029
|
|
|
| 2,164
|
| Equity method investments
|
|
| 83,469
|
|
|
| 147,662
|
| Total assets
|
|
| 335,203
|
|
|
| 381,255
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity
|
|
|
|
| Accounts payable and accrued expenses
|
|
| 7,700
|
|
|
| 11,580
|
| Payables to affiliates
|
|
| 1,761
|
|
|
| 174
|
| Current portion of long-term debt
|
|
| 155
|
|
|
| 149
|
| Other current liabilities
|
|
| 9,194
|
|
|
| 29,463
|
| Total current liabilities
|
|
| 18,810
|
|
|
| 41,366
|
| Long-term debt, net of current portion
|
|
| 204
|
|
|
| 14
|
| Operating lease liabilities, net of current portion
|
|
| 1,007
|
|
|
| 1,091
|
| Other non-current liabilities
|
|
| 4,115
|
|
|
| 431
|
| Deferred tax liabilities
|
|
| —
|
|
|
| 6,023
|
| Total liabilities
|
|
| 24,136
|
|
|
| 48,925
|
|
|
|
|
|
| Stockholders’ equity:
|
|
|
|
| Common stock; $0.0001 par value, 100,000 shares authorized; 19,365 and 19,272 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
|
|
| 2
|
|
|
| 2
|
| Additional paid-in capital
|
|
| 465,160
|
|
|
| 462,899
|
| Accumulated deficit
|
|
| (150,455
| )
|
|
| (126,844
| )
| Accumulated other comprehensive loss
|
|
| (3,640
| )
|
|
| (3,727
| )
| Total stockholders’ equity
|
|
| 311,067
|
|
|
| 332,330
|
| Total liabilities and stockholders’ equity
|
| $
| 335,203
|
|
| $
| 381,255
|
|
PIEDMONT LITHIUM INC.
| CONSOLIDATED STATEMENTS OF CASH FLOWS
| (In thousands) (Unaudited)
|
|
|
|
|
| Three Months Ended
March 31,
|
|
| 2024
|
| 2023
| Cash flows from operating activities:
|
|
|
|
| Net loss
|
| $
| (23,611
| )
|
| $
| (8,639
| )
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
| Stock-based compensation expense
|
|
| 2,067
|
|
|
| 1,125
|
| Loss from equity method investments
|
|
| 5,440
|
|
|
| 2,742
|
| Loss (gain) on sale of equity method investments
|
|
| 13,886
|
|
|
| (3,275
| )
| Gain on equity securities
|
|
| (1,384
| )
|
|
| —
|
| Deferred taxes
|
|
| (6,246
| )
|
|
| 493
|
| Depreciation and amortization
|
|
| 81
|
|
|
| 45
|
| Noncash lease expense
|
|
| 401
|
|
|
| 35
|
| Unrealized foreign currency translation losses
|
|
| 128
|
|
|
| 8
|
| Changes in assets and liabilities:
|
|
|
|
| Accounts receivable
|
|
| (3,652
| )
|
|
| —
|
| Other assets
|
|
| 887
|
|
|
| 1,298
|
| Operating lease liabilities
|
|
| (396
| )
|
|
| (29
| )
| Accounts payable
|
|
| 54
|
|
|
| (661
| )
| Payables to affiliates
|
|
| 1,587
|
|
|
| —
|
| Accrued expenses and other liabilities
|
|
| (17,564
| )
|
|
| (2,654
| )
| Net cash used in operating activities
|
|
| (28,322
| )
|
|
| (9,512
| )
| Cash flows from investing activities:
|
|
|
|
| Capital expenditures
|
|
| (5,428
| )
|
|
| (18,519
| )
| Advances to affiliates
|
|
| (4,977
| )
|
|
| (868
| )
| Proceeds from sale of marketable securities
|
|
| 45
|
|
|
| —
|
| Proceeds from sale of shares in equity method investments
|
|
| 49,103
|
|
|
| —
|
| Additions to equity method investments
|
|
| (10,048
| )
|
|
| (12,091
| )
| Net cash provided by (used in) investing activities
|
|
| 28,695
|
|
|
| (31,478
| )
| Cash flows from financing activities:
|
|
|
|
| Proceeds from issuances of common stock, net of issuance costs
|
|
| —
|
|
|
| 71,084
|
| Principal payments on long-term debt
|
|
| (68
| )
|
|
| (118
| )
| Payments to tax authorities for employee stock-based compensation
|
|
| (591
| )
|
|
| —
|
| Net cash (used in) provided by financing activities
|
|
| (659
| )
|
|
| 70,966
|
| Net (decrease) increase in cash
|
|
| (286
| )
|
|
| 29,976
|
| Cash and cash equivalents at beginning of period
|
|
| 71,730
|
|
|
| 99,247
|
| Cash and cash equivalents at end of period
|
| $
| 71,444
|
|
| $
| 129,223
|
|
Non-GAAP Financial Measures
The following information provides definitions and reconciliations of certain non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. The non-GAAP financial measures presented do not have any standard meaning prescribed by GAAP and may differ from similarly-titled measures used by other companies. We believe that these adjusted measures provide meaningful information to assist management, investors, and analysts in understanding our financial condition and the results of operations. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to, our core operating results, and provide a better baseline for analyzing trends in our underlying businesses.
The following are non-GAAP financial measures for Piedmont:
Adjusted net loss is defined as net loss, as calculated under GAAP, plus or minus the gain or loss from sale of equity method investments, gain or loss from equity securities, gain or loss from foreign currency exchange, severance and severance related costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance. These items include asset impairment, acquisition costs and other fees, and shelf registration costs.
Adjusted diluted earnings per share (or adjusted diluted EPS) is defined as diluted EPS, as calculated under GAAP, before gain or loss on sale of equity method investments, gain or loss from equity securities, gain or loss from foreign currency exchange, severance and severance related costs, and certain other costs we believe are not reflective of our ongoing operations and performance.
EBITDA is defined as net income (loss) before interest expenses, income tax expense, and depreciation.
Adjusted EBITDA is defined as EBITDA plus or minus the gain or loss on sale of equity method investments, gain or loss from equity securities, gain or loss from foreign currency exchange, severance and severance related costs, and certain other adjustments we believe are not reflective of our ongoing operations and performance.
Adjusted EBITDA margin is adjusted EBITDA as a percentage of revenue.
Below are reconciliations of non-GAAP financial measures on a consolidated basis for adjusted net loss, adjusted diluted EPS, EBITDA, and adjusted EBITDA.
Adjusted Net Loss and Adjusted Diluted EPS
|
| Three Months Ended
|
|
| March 31, 2024
|
| December 31, 2023
|
| March 31, 2023
| (in thousands, except per share amounts)
|
|
|
| Diluted EPS
|
|
|
| Diluted EPS
|
|
|
| Diluted EPS
| Net loss
|
| $
| (23,611
| )
|
| $
| (1.22
| )
|
| $
| (25,390
| )
|
| $
| (1.32
| )
|
| $
| (8,639
| )
|
| $
| (0.47
| )
| Loss (gain) on sale of equity method investments(1)
|
|
| 13,886
|
|
|
| 0.72
|
|
|
| (1,767
| )
|
|
| (0.09
| )
|
|
| (3,275
| )
|
|
| (0.17
| )
| Impairment of equity method investment(2)
|
|
| —
|
|
|
| —
|
|
|
| 2,242
|
|
|
| 0.12
|
|
|
| —
|
|
|
| —
|
| Gain on equity securities(3)
|
|
| (1,384
| )
|
|
| (0.07
| )
|
|
| —
|
|
|
| —
|
|
|
| —
|
|
|
| —
|
| Loss from foreign currency exchange(4)
|
|
| 131
|
|
|
| 0.01
|
|
|
| 3
|
|
|
| —
|
|
|
| 49
|
|
|
| —
|
| Severance and severance related costs(5)
|
|
| 1,780
|
|
|
| 0.09
|
|
|
| —
|
|
|
| —
|
|
|
| —
|
|
|
| —
|
| Other costs(6)
|
|
| 431
|
|
|
| 0.02
|
|
|
| 1,359
|
|
|
| 0.07
|
|
|
| 65
|
|
|
| —
|
| Tax effect of adjustments(7)
|
|
| (3,093
| )
|
|
| (0.16
| )
|
|
| (109
| )
|
|
| (0.01
| )
|
|
| 1,600
|
|
|
| 0.09
|
| Adjusted net loss
|
| $
| (11,860
| )
|
| $
| (0.61
| )
|
| $
| (23,662
| )
|
| $
| (1.23
| )
|
| $
| (10,200
| )
|
| $
| (0.55
| )
|
__________________________________
| (1)
| Loss (gain) on sale of equity method investments in the three months ended March 31, 2024 represents the loss on sale of equity investments related to the sale of our entire holdings of Sayona Mining and partial sale of our holdings of Atlantic Lithium. Loss (gain) on sale of equity method investments in the three months ended December 31, 2023 and March 31, 2023, represents a noncash gain on dilution recognized primarily due to Piedmont electing not to participate in Sayona Mining’s share issuances. These shares were issued at a greater value than the carrying value of our ownership interest and as a result our interest in Sayona Mining was diluted and reduced.
| (2)
| Impairment of equity method investment represents the difference between carrying value and fair value of Sayona Mining as of December 31, 2023.
| (3)
| Gain on equity securities represents the realized and unrealized gain on our equity securities.
| (4)
| Loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars.
| (5)
| Severance and severance related costs relate to our 2024 cost-savings plan.
| (6)
| Other costs include legal and transactional costs associated with the Department of Energy loan and grant initiatives, shelf registration costs, and costs related to certain significant strategic transactions.
| (7)
| No income tax impacts have been given to any items that were recorded in jurisdictions with full valuation allowances.
|
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
|
| Three Months Ended
| (in thousands)
|
| March 31, 2024
|
| December 31, 2023
|
| March 31, 2023
| Net loss
|
| $
| (23,611
| )
|
| $
| (25,390
| )
|
| $
| (8,639
| )
| Interest income, net
|
|
| (605
| )
|
|
| (895
| )
|
|
| (748
| )
| Income tax (benefit) expense
|
|
| (3,093
| )
|
|
| (64
| )
|
|
| 493
|
| Depreciation and amortization
|
|
| 81
|
|
|
| 67
|
|
|
| 45
|
| EBITDA
|
|
| (27,228
| )
|
|
| (26,282
| )
|
|
| (8,849
| )
| Loss (gain) on sale of equity method investments(1)
|
|
| 13,886
|
|
|
| (1,767
| )
|
|
| (3,275
| )
| Gain on marketable securities(2)
|
|
| (1,384
| )
|
|
| —
|
|
|
| —
|
| Impairment of equity method investment(3)
|
|
| —
|
|
|
| 2,242
|
|
|
| —
|
| Loss from foreign currency exchange(4)
|
|
| 131
|
|
|
| 3
|
|
|
| 49
|
| Severance and severance related costs(5)
|
|
| 1,780
|
|
|
| —
|
|
|
| —
|
| Other costs(6)
|
|
| 431
|
|
|
| 1,359
|
|
|
| 65
|
| Adjusted EBITDA
|
| $
| (12,384
| )
|
| $
| (24,445
| )
|
| $
| (12,010
| )
| Adjusted EBITDA margin(7)
|
|
| NM
|
|
|
| NM
|
|
|
| NM
|
|
__________________________________
| (1)
| Loss (gain) on sale of equity method investments in the three months ended March 31, 2024 represents the loss on sale of equity investments related to the sale of our entire holdings of Sayona Mining and partial sale of our holdings of Atlantic Lithium. Loss (gain) on sale of equity method investments in the three months ended December 31, 2023 and March 31, 2023 represents a noncash gain on dilution recognized primarily due to Piedmont electing not to participate in Sayona Mining’s share issuances. These shares were issued at a greater value than the carrying value of our ownership interest and as a result our interest in Sayona Mining was diluted and reduced.
| (2)
| Gain on equity securities represents the realized and unrealized gain on our equity securities.
| (3)
| Impairment of equity method investment represents the difference between carrying value and fair value of Sayona Mining as of December 31, 2023.
| (4)
| Loss from foreign currency exchange relates to currency fluctuations in our foreign bank accounts denominated in Canadian dollars and Australian dollars and marketable securities denominated in Australian dollars.
| (5)
| Severance and severance related costs relate to our 2024 cost-savings plan.
| (6)
| Other costs include severance costs, legal and transactional costs associated with the Department of Energy loan and grant initiatives, shelf registration costs, and costs related to certain significant strategic transactions.
| (7)
| Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.
| NM - Not meaningful
|
View source version on businesswire.com: businesswire.com
Contacts
Erin Sanders
SVP, Corporate Communications & Investor Relations
+1 704 575 2549
esanders@piedmontlithium.com |
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| To: LoneClone who wrote (22520) | 5/10/2024 4:04:02 PM | | From: LoneClone | | | | SIGMA LITHIUM INCREASES PROVEN & PROBABLE OPEN PIT MINERAL RESERVE BY 40% TO 77Mt EXTENDING OPERATIONS TO 25 YEARS
newswire.ca
Sigma Lithium May 08, 2024, 07:41 ET
HIGHLIGHTS
- Sigma Lithium is increasing its Proven and Probable Reserve balance by 40% to 77.0 million tonnes from 54.8 million tonnes.
- The entirety of this mineral Reserve balance is feasible through low-cost, open pit, mining operations, consolidating the Company's position as a low-cost producer of Quintuple Zero High Purity Lithium materials.
- Increased Proven and Probable Reserves lengthens the duration of Sigma's integrated industrial-mining operations to an estimated 25 years at two phases of processing capacity at 520,000 tonnes/year.
SÃO PAULO, May 8, 2024 /CNW/ -- Sigma Lithium Corporation ("Sigma Lithium" or the "Company") (NASDAQ: SGML, BVMF: S2GM34, TSXV: SGML), a leading global lithium producer dedicated to powering the next generation of electric vehicles with carbon neutral, socially and environmentally sustainable lithium concentrate, announces it is increasing its Proven and Probable Mineral Reserves at its 100% owned Grota do Cirilo operation at Vale do Jequitinhonha by 40%, equivalent to 22.2 million tonnes.
The Company is increasing its consolidated Proven and Probable Reserve balance to 77.0 million tonnes at 1.40% lithium oxide (Li2O) from 54.8 million tonnes at 1.44% prior. The increase occurs within the combined phases 3 and 4 mines, resulting in a lengthening of the duration of its integrated mining and beneficiation operations to an estimated 25 years at two lines of processing capacity totaling 520,000 tonne per annum (includes the second industrial line of 250,000 tonnes currently under construction).
The increased mineral Reserve balance enables meaningful opportunities for continued low-cost lithium production growth at Sigma Lithium's Grota do Cirilo operations by supporting a third and potentially fourth processing facility, or a longer operating life at the Company's currently planned lithium throughput. As the available balances show consistent minerology and are available through open pit mining operations, the Company expects to maintain its current, Phase 1, low operating cost model as it expands into additional phases.
This increase in mineral Reserves does not represent the full extent of the conversion of mineral Resources as announced by the Company on January 31, 2024. Sigma Lithium continues to execute the mineral and geological development work in order to further convert its Resources into Reserves over time.
"The mineral Reserve update comes as a result of months of detailed specialized geo statistical technical modeling work from the mining team to process and optimize our mine plans around the increased resource data" says, Reinaldo Brandão, Co-General Manager and head of Mining Operations. He continued, "The entirety of this Reserve balance is available near surface, allowing to the Company to efficiently mine through low cost, open pit, mining practices, avoiding the operational risks and higher levels of water use associated with underground activity."
Iran Zan, Co-General Manager and head of Geology notes, "An increase of 22.2 million tonnes to our Reserve balance corresponds to the recent 23.3 million tonne audited increase of its mineral resource estimates the Company announced on January 31. Sigma's 2023 and 2024 drill campaigns have focused on building resource density along known and preexisting strikes, which will continue to deliver tonnage to our models with limited exploration risk."
Ana Cabral Co-Chairperson and CEO stated, "This significant increase in mineral Reserves demonstrates our commitment to continuously invest in Brazil to unlock the full economic potential of our mineral concessions. This includes our commitment to build in the country, in the same region where the lithium is mined, a second state-of the-art large scale lithium processing green Industrial plant. We believe Brazil is poised to become one of the global leaders in Lithium production as a result of its optimum conditions for integrated lithium industrial processing and mining: legal certainty in a consolidated mining code, rule of law, straightforward permitting processes, tropical climate, green and affordable renewable energy and power lines infrastructure."
Figure 1: Consolidated Reserve Balance
Consolidated
| Category
| Ore (Mt)
| Li2O Grade (%)
| Li2O (Kt)
| LCE (Kt)
| Proven
| 38.5
| 1.4 %
| 533
| 1,317
| Probable
| 38.5
| 1.4 %
| 537
| 1,328
| Proven and Probable
| 77.0
| 1.4 %
| 1,069
| 2,645
|
- Mineral Reserves were estimated using Micromine 2023 software and following the economic parameters listed below.
- Sale price for Lithium concentrate at 5.3% Li2O = 1,150 US$/t concentrate FOB Mine.
- Mining costs: US$2.43 /t mined
- Processing costs: US$10.7/t ore milled
- G&A: US$4.0/t ROM (run of mine)
- Exchange rate US$5.2 = R$1
- Mineral Reserves are the economic portion of the Measured and Indicated Mineral Resources
- 97% Mine Recovery and 3% Mine Dilution
- Final slope angle are 35 and 52 degrees for overburden and fresh rock based on the Geotechnical Document
- Strip Ratio = 21.04 :1 t/t (waste)/(mineral reserves)
- The Qualified Person for the estimate is Iran Zan, Geologist
QUALIFIED PERSONS
The qualified person (QP) for the Grota do Cirilo reserve estimate is Iran Zan AusimM (Membership number FAusIMM (329132)), who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Zan is not considered independent under NI 43-101 as he is Sigma Lithium co-Head of Geology and co-General Manager of Sigma Lithium.
Mr. Zan has also verified the technical data disclosed in this news release not related to the current Mineral Resource estimate disclosed herein.
ABOUT SIGMA LITHIUM
Sigma Lithium (NASDAQ: SGML, TSXV: SGML, BVMF: S2GM34) is a leading global lithium producer dedicated to powering the next generation of electric vehicle batteries with carbon neutral, socially and environmentally sustainable chemical-grade lithium concentrate.
Sigma Lithium operates at the forefront of environmental and social sustainability in the EV battery materials supply chain and is currently producing Quintuple Zero Green Lithium concentrate from its Grota do Cirilo Project in Brazil. Phase 1 of the project entered commercial production in 2Q23 and has an annual capacity of 270,000 tonnes of concentrate (36,700 LCE annually). The Company has issued a Final Investment Decision formally approving plans to nearly double capacity to 520,000 tonnes of concentrate through the addition of a Phase 2 concentrate mine and associated mine. The project produces lithium concentrate at its state-of-the-art Greentech lithium plant that uses 100% renewable energy, 100% recycled water and 100% dry-stacked tailings.
Please refer to the Company's National Instrument 43-101 technical report titled "Grota do Cirilo Lithium Project Araçuaí and Itinga Regions, Minas Gerais, Brazil, Amended and Restated Technical Report" issued March 19, 2024, which was prepared for Sigma Lithium by Homero Delboni Jr., MAusIMM, Promon Engenharia; Marc-Antoine Laporte, P.Geo, SGS Canada Inc; Jarrett Quinn, P.Eng., Primero Group Americas; Porfirio Cabaleiro Rodriguez, (MEng), FAIG, GE21 Consultoria Mineral; and William van Breugel, P.Eng (the "Updated Technical Report"). The Updated Technical Report is filed on SEDAR and is also available on the Company's website.
For more information about Sigma Lithium, visit c212.net
Sigma Lithium
LinkedIn: Sigma Lithium
Instagram: @sigmalithium
Twitter: @SigmaLithium
FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking information" under applicable Canadian and U.S. securities legislation, including but not limited to statements relating to timing and costs related to the general business and operational outlook of the Company, the environmental footprint of tailings and positive ecosystem impact relating thereto, donation and upcycling of tailings, timing and quantities relating to tailings and Green Lithium, achievements and projections relating to the Zero Tailings strategy, achievement of ramp-up volumes, production estimates and the operational status of the Groto do Cirilo Project, and other forward-looking information. All statements that address future plans, activities, events, estimates, expectations or developments that the Company believes, expects or anticipates will or may occur is forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. Forward-looking information contained herein is based on certain assumptions regarding, among other things: general economic and political conditions; the stable and supportive legislative, regulatory and community environment in Brazil; demand for lithium, including that such demand is supported by growth in the electric vehicle market; the Company's market position and future financial and operating performance; the Company's estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed into mineral reserves; and the Company's ability to operate its mineral projects including that the Company will not experience any materials or equipment shortages, any labour or service provider outages or delays or any technical issues. Although management believes that the assumptions and expectations reflected in the forward-looking information are reasonable, there can be no assurance that these assumptions and expectations will prove to be correct. Forward-looking information inherently involves and is subject to risks and uncertainties, including but not limited to that the market prices for lithium may not remain at current levels; and the market for electric vehicles and other large format batteries currently has limited market share and no assurances can be given for the rate at which this market will develop, if at all, which could affect the success of the Company and its ability to develop lithium operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the current annual information form of the Company and other public filings available under the Company's profile at www.sedar.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 news release.
SOURCE Sigma Lithium
 For further information: Matthew DeYoe, EVP Corporate Affairs & Strategic Development, +1 (201) 819-0303, matthew.deyoe@sigmalithium.com.br; Daniel Abdo, Director, Investor Relations, +55 11 2985-0089, daniel.abdo@sigmalithium.com.br
|
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| To: LoneClone who wrote (22521) | 5/10/2024 4:06:04 PM | | From: LoneClone | | | | Standard Lithium and Equinor Form Partnership to Develop South West Arkansas and East Texas Lithium Projects
ca.finance.yahoo.com
Standard Lithium
Wed, May 8, 2024 at 5:00 a.m. PDT·5 min read
EQNR.OL
+2.64%
SLI
+11.86%
EQNR
-0.16%
STOHF
+2.49%
Equinor Commits to Contribute up to a US$160 million Gross Investment for a 45% interest in two special purpose entities with SLI to develop a sustainable lithium business in the United States
VANCOUVER, British Columbia, May 08, 2024 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI) (FRA:S5L), a leading near-commercial lithium development company, today announced the closing of a landmark strategic partnership (the “Transaction”) with Equinor ASA (NYSE: EQNR), a multinational energy company and recognized leader in renewables and low-carbon solutions, to accelerate the development of Standard Lithium’s large-scale, sustainable lithium projects in the Smackover Formation.
The Transaction includes Equinor's contribution of up to US$160 million, representing its total gross project-level investment and reflecting its 45% ownership stake in the two entities. This investment includes a US$30 million cash payment to Standard Lithium at closing, a work program solely funded by Equinor of US$60 million, representing a US$33 million carry by Equinor for Standard Lithium’s portion, and US$27 million for Equinor’s portion, at the South West Arkansas Project (SWA) and East Texas (ETX) properties (ETX and together with SWA, the “Projects”), and up to US$70 million in payments to Standard Lithium subject to both parties taking positive Final Investment Decisions. Standard Lithium and Equinor will each own 55% and 45% of the Projects respectively, with Standard Lithium retaining operatorship.
Dr. Andy Robinson, Director, President and COO said: “We are delighted to have concluded this transaction and begun an exciting new partnership with Equinor. We believe this partnership with a global energy major validates the quality of our team, our DLE flowsheet and experience, and our world-class lithium-brine resources in Arkansas and Texas. We’re at a crucial stage in our Company’s growth and this partnership with Equinor will be fundamental to the continued de-risking and execution of these important projects. One thing that we have observed in the lithium world over the past decade is that strong, mutually-aligned partnerships are the key to successful project execution and operation, and we believe we have aligned with the right partner to take SLI and the lithium industry in Arkansas and Texas to the next level.”
Transaction Highlights
- Partnership between Standard Lithium and Equinor is strategic and complementary; it combines SLI’s unparalleled DLE and Smackover brine processing expertise, plus world-class assets, with a global energy major with deep experience in sub-surface assessment and production, project development, financing, construction and operations;
- Significantly de-risks project execution at Standard Lithium’s Projects, including the development and project execution at SWA;
- The Transaction immediately strengthens Standard Lithium’s financial position; additionally, the cost carry component on agreed project development expenditures at the Projects provides further benefits and results in no dilution to existing shareholders;
- Equinor as a partner has a track record of project excellence;
- Strong alignment between Standard Lithium and Equinor to develop a sustainable lithium business, adhering to high levels of environmental and social responsibility.
“This partnership with Equinor is a major accomplishment for Standard Lithium. It has long been our belief that success in this sector hinges on strategic partnerships with companies who share our vision and bring complementary strengths. Equinor’s culture and values align with ours in using innovation, integrity and responsible development to enable the global energy transition. With this partnership, we have the opportunity to accelerate our progress and carve out a significant role in shaping the future of sustainably produced lithium,” stated Standard Lithium CEO, Robert Mintak.
“We are looking forward to developing these opportunities in the Smackover Formation together with Standard Lithium. With Standard Lithium as operator and by building on Equinor's core competencies such as sub-surface and project execution capabilities, we believe that more sustainably produced lithium has growth potential and will be an enabler for the energy transition,” says Morten Halleraker, senior vice president for New Business and Investments in Technology, Digital and Innovation at Equinor.
Transaction Details
The Transaction was completed effective May 7, 2024 with Equinor, an arms-length party, acquiring interests in two Standard Lithium subsidiaries, one of which holds Standard Lithium’s South West Arkansas Project and the other the East Texas properties. Pursuant to the terms of the Transaction, Equinor acquired a 45% interest in each of the subsidiaries for an initial cash payment of US$30 million to Standard Lithium and the commitment to invest up to an additional US$130 million subject to both parties taking positive Final Investment Decisions as follows:
- Equinor to solely fund the first US$40 million of development costs at SWA upon completing the Transaction, after which all additional capital expenditures would be funded on a pro-rata basis;
- Equinor to solely fund the first US$20 million in exploration and development costs at the ETX properties, after which all additional capital expenditures would be funded on a pro-rata basis;
- Standard Lithium will receive up to US$70 million in milestone payments associated with SWA and ETX subject to the parties taking Final Investment Decisions by certain dates, respectively;
- Standard Lithium will maintain majority ownership and operatorships pursuant to Development Services Agreements at each of SWA and the East Texas Properties;
- Each special purpose entity will be governed by a Limited Liability Company Agreement with a management structure that integrates the expertise and resources from both companies; and
- No parent-level common equity ownership dilution at Standard Lithium as a result of the Transaction.
Advisors
Citi acted as financial advisor to Standard Lithium and Skadden, Arps, Slate, Meagher & Flom LLP and Cassels Brock and Blackwell LLP acted as legal counsel to Standard Lithium.
About Equinor ASA
Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.
About Standard Lithium Ltd.
Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of lithium-brine bearing properties in the United States. The Company prioritizes brine projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting. The Company aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully-integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s signature projects, the Phase 1A Project and the South West Arkansas Project, are located on the Smackover Formation in southern Arkansas, a region with a longstanding and established brine processing industry. The Company has also identified a number of highly prospective lithium-brine project areas in the Smackover Formation in East Texas and began an extensive brine leasing program in the key project areas. In addition, the Company has an interest in certain mineral leases located in the Mojave Desert in San Bernardino County, California.
Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.
Investor and Media Inquiries
Allysa Howell
Vice President, Corporate Communications
+1 720 484 1147
a.howell@standardlithium.com
Twitter: @standardlithium
LinkedIn: https://www.linkedin.com/company/standard-lithium/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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