Year: 2016

Fred Davidson, President and CEO, stated, “IMPACT continues to focus its efforts on upgrading mining operations, improving efficiency, and sourcing superior grade feed from its mines in order to keep production economical and adapt to price fluctuations. Operationally, the Company continues to improve its mine operating income, achieving income of $1.6 million in the first three quarters of 2016 compared to a loss of $0.2 million in 2015. EBITDA improved 400% to $0.8 million in the first three quarters of 2016 from $0.02 million in 2015. The Company continues to achieve positive cash flows in each quarter of 2016. IMPACT is managing a lean operation during these challenging times in the mining industry. Our immediate goal is to enhance profitability in the next few quarters through: increasing our processing capacity, expanding our reserves, and carry out an exploration program which will include drilling a number of key targets.

“With the completion of our ATM equity offering and expected further reductions in our remaining debt levels, we plan to end the year with one of the stronger, more flexible balance sheets in the sector,” said Mitchell J. Krebs, President and Chief Executive Officer. “Following the completion of this partial redemption, our total debt will have declined by over 60% since the end of the third quarter 2015, translating to over $29 million in anticipated annual cash interest savings that will be invested in initiatives that will lead to high-quality future growth of our Company.”

Palamina Corp. has appointed Hugh Agro to the board of Palamina Corp. and accepted Glenton Masterman’s resignation. Palamina would like to thank Glen for his support and efforts in advising Palamina. Glen recently relocated to Australia and we want to wish him every success in his new endeavours. Palamina has granted Hugh Agro 150,000 options of Palamina Corp. under its Stock Option Plan. All options are exercisable at $0.16 per common share and expire on November 15, 2021.

The Company recorded net income of $2.3 million or $0.11 per basic and diluted share, for the six months ended September 30, 2016, compared to a loss of $267,000 or ($0.01) per share, in the six months ended September 30, 2015. For the three months ended September 30, 2016, the Company recorded net income of $2.1 million, which compares to a loss of $111,000 in the fiscal second quarter of 2016.

SilverCrest Metals Inc. is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 4,550,000 units of the Company at a price of C$2.20 per Unit for gross proceeds to the Company of approximately C$10 million. Each Unit will consist of one common share of SilverCrest and one half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of SilverCrest at an exercise price of C$3.00. The Warrants will have a term of 24 months from the closing of the Offering.