Mining operations commenced during the third quarter, including drilling, blasting, and hauling of ore and waste. Construction of the primary and secondary crushers is complete and the overland conveyors and heap leach stacking system were installed and are being commissioned.
“The exciting progress being made at each of our investments demonstrates Empress Royalty’s ability to invest in high quality projects with strong management teams creating long term value for both our shareholders and the shareholders of our mining company partners,” stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty.
“This $40 million facility bolsters our liquidity and increases our financial strength as we ramp up at Juanicipio and transition to commercial production.”
“At a high level, as discussed at length in the joint circular, the arrangement will combine two large, efficient gold operators primarily exposed to a selection of low-risk mining jurisdictions, with the arrangement ultimately expected to create the largest gold producer in Canada.”
The Company intends to use the net proceeds of the Offering for underground mine development and exploration programs at Tucano, to maintain its working capital and for general corporate purposes.
The grounds for the appeal are that Minera Cuzcatlan is in full compliance with all material environmental laws, and therefore Minera Cuzcatlan has the right to an extension of the EIA under applicable law. The timing for a decision by the Administrative Court is uncertain, and Fortuna has been advised that such decisions may often take up to a year to be delivered.
The net proceeds of the Private Placement will be used to further our permitting and targeting for drilling programs on our gold-silver projects, working capital and general corporate purposes.
“Our strong adjusted EBITDA of $75.3 million with margins of 46% and free cash flow from operations of $33.8 million in the third quarter attest to the strength of our business.”
The Company maintains that the asset has tremendous upside to develop into a significant dual commodity lithium – potash (SOP) producing deposit that would be highly strategic for the country of Mexico considering all potash is currently imported.
“Caterpillar is committed to providing transformational advancements in safety, sustainability and technology,” said Jim Umpleby, Chairman and CEO of Caterpillar Inc. “We share Newmont’s dedication to a reduced-carbon future, and we’re honored to work together on this industry leading effort.”
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