Author: Date

Erin Ventures Announces Positive Preliminary Economic Assessment For Piskanja Boron Project US$524.9 Million NPV10 (Post-Tax), 78.7% IRR (Post-Tax), 12-Month Capex Payback

(MENAFN– ACCESSWIRE)

Boron is critical for decarbonization as a high impact super material

Boron demand is expected to outpace supply with each step toward Net Zero

VICTORIA, BC / ACCESSWIRE / June 28, 2022 / Erin Ventures Inc. (‘Erin’ or the ‘Company’) (TSXV:EV) and their partner Temas Resources Corp. [CSE: TMAS] are pleased to report positive results of an Independent Technical Report and Preliminary Economic Assessment (‘PEA’) for the Piskanja boron project located in Serbia.

PEA HIGHLIGHTS

Post-tax Net Present Value (NPV10%)

$524.9 million

Post-tax IRR

78.7%

Initial capital cost (Capex) (including 30% contingency)

$79.9 million

Capex payback from commercial production

12 months

Life of Mine (‘LOM’)

16 years

Gross Project Revenue

$2.02 billion

Net Project Cash Flow (post-tax)

$1.21 billion

Average Annual Gross Revenue

$126.0 million

LOM average annual EBITDA

$91.3 million

Net operating margin

72.4%

Post-tax Operating Cost per t of product

$167.45

Weighted average revenue per t of product

$514.02

LOM Sustaining Capital (including 30% contingency)

$50.8 million

LOM average gross production

305,304 tonnes

Profitability Index (NPV/Capex)

6.57X (post-tax)

LOM Capital Intensity Index (Initial Capex/ROM tonnage)

$16.36

LOM average C1 (cash operating) cost (run-of-mine production)

$91.95/t

Average annual production (sales grade) colemanite

258,272 t

Average annual production of boric acid

25,000 tonnes

LOM average C1 cost (colemanite) post-tax

$154.50/t

LOM average C1 cost (boric acid) post-tax

$340.70/t

LOM mining production

4.88 million tonnes

LOM average grade B2O3

34.57 %

Good potential for resource expansion

Note:

All values in this news release are reported in U.S. dollars unless otherwise noted
Assumed price/t (colemanite 40% B2O3) for LOM: US$500
Assumed price/t (boric acid, technical grade) for LOM: US$700
Units expressed in metric tonnes

MINERAL RESOURCES

The basis for the PEA is the Mineral Resource Estimate prepared by Prof. Miodrag Banješević PhD. P.Geo, EurGeol.

The updated Mineral Resource Statement generated for the Piskanja Project is as follows:

Resource Category

Geological Resource

(tonne)

B2O3 %

Contained B2O3 (tonne)

Measured

1,391,574

35.59

495,251

Indicated

5,478,986

34.05

1,865,677

Measured + Indicated

6,870,560

34.36

2,360,928

Inferred

284,771

39.59

112,732

Reported at a cut-off grade of 12 percent B2O3, at a minimum mining thickness of 1.2 m, considering reasonable underground mining, processing and selling technical parameters and costs benchmark against similar borate projects and a selling price of US$700/tonne (boric acid) and US$500/tonne (colemanite 40% B2O3). All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability. The contained B2O3 represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery, and may have discrepancies due to rounding.

Location of Serbia and the Piskanja boron project:



SUMMARY OF PRELIMINARY ECONOMIC ASSESSMENT

The PEA was prepared independently under the supervision of Prof. Miodrag Banješević PhD. P.Geo, EurGeol, with contributions from Prof. Saša Stojadinović PhD. (mining engineer). The PEA was prepared in accordance with the requirements of National Instrument 43-101 and is based on the Mineral Resource Estimate for Piskanja with an effective date of June 24, 2022 (see ‘Mineral Resource Estimate’ above).

ECONOMICS

Project economics were estimated assuming a constant price of US$500/t for sales-grade colemanite (40% purity) and US$700/t for boric acid. The PEA will present a complete list of assumptions. Capital and operating cost estimates were prepared based on current and expected long-term pricing assumptions and to a PEA level +/- 35% level of accuracy.

In summary, the Project has a post-tax LOM net project cashflow (pre-finance) of some US$1.21 billion which returns a post-tax NPV (10%) of US$524.9 million and an IRR of 78.7%. The following table presents the summary LOM cash flow resulting from the Technical Economic Model.

Project Cashflow

US$ Millions

Gross Revenue

2,016.8

Deductions

106.7

Net Revenue

1,910.1

Operating Costs

449.2

Project Capital

79.9

Sustaining Capital

50.8

Closure Cost

15.0

Project Cashflow

1,315.1

Working Capital

0

Corporation Tax

101.1

Net Project Cashflow (post-tax)

1,214.0

SENSITIVITIES

Discount Rate

The following table shows the pre- and post-tax NPVs at varying discount rates.(USD’000). The base case discount rate of 10% returns a NPV of US$553.9M pre-tax and US$524.9M post-tax.

Discount Rate

Pre-Tax NPV (USD’000)

Post-Tax NPV (USD’000)

5%

831,083

777,955

8%

647,789

610,987

10% (base case)

553,917

524,893

12%

476,926

453,909

15%

385,467

369,049

The following table shows the effect on the post-tax NPV10 at varying revenue, opex, capex, and material price levels (from -50% to +50%):

Sensitivities: Post Tax NPV at 10% discount rate

(USD’000,000)

-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
Revenue 121 201 282 363 444 525 606 687 767 848 929
Opex 616 598 580 561 543 525 507 488 470 452 434
Capital 562 555 547 540 532 525 517 510 503 495 488
Colemanite Price 148 223 299 374 450 525 600 676 751 826 902
BA Price 497 503 508 514 519 525 530 536 541 547 552

The following table illustrates the projected Post-tax Net Present Value (‘NPV’) sensitivity of the Piskanja project to Operating Cost and Capital Cost variations:

NPV (USD’000) OPEX
-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
CAPEX -50% 653,233 634,994 616,754 598,515 580,276 562,036 543,797 525,557 507,318 489,079 470,839
-40% 645,805 627,565 609,326 591,086 572,847 554,608 536,368 518,129 499,889 481,650 463,411
-30% 638,376 620,136 601,897 583,658 565,418 547,179 528,940 510,700 492,461 474,221 455,982
-20% 630,947 612,708 594,468 576,229 557,990 539,750 521,511 503,271 485,032 466,793 448,553
-10% 623,519 605,279 587,040 568,800 550,561 532,322 514,082 495,843 477,603 459,364 441,125
0% 616,090 597,851 579,611 561,372 543,132 524,893 506,654 488,414 470,175 451,935 433,696
10% 608,661 590,422 572,183 553,943 535,704 517,464 499,225 480,986 462,746 444,507 426,267
20% 601,233 582,993 564,754 546,514 528,275 510,036 491,796 473,557 455,318 437,078 418,839
30% 593,804 575,565 557,325 539,086 520,846 502,607 484,368 466,128 447,889 429,649 411,410
40% 586,375 568,136 549,897 531,657 513,418 495,178 476,939 458,700 440,460 422,221 403,981
50% 578,947 560,707 542,468 524,229 505,989 487,750 469,510 451,271 433,032 414,792 396,553

The table below illustrates the Post-tax NPV variability with changing Operating Cost and Revenue estimates:

NPV (USD’000) Revenue
-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
OPEX -50% 211,797 292,656 373,514 454,373 535,231 616,090 696,948 777,807 858,665 939,524 1,020,382
-40% 193,558 274,417 355,275 436,134 516,992 597,851 678,709 759,568 840,426 921,285 1,002,143
-30% 175,319 256,177 337,036 417,894 498,753 579,611 660,470 741,328 822,187 903,045 983,904
-20% 157,079 237,938 318,796 399,655 480,513 561,372 642,230 723,089 803,947 884,806 965,664
-10% 138,840 219,698 300,557 381,415 462,274 543,132 623,991 704,849 785,708 866,566 947,425
0% 120,600 201,459 282,317 363,176 444,034 524,893 605,751 686,610 767,468 848,327 929,185
10% 102,361 183,220 264,078 344,937 425,795 506,654 587,512 668,371 749,229 830,088 910,946
20% 84,081 164,980 245,839 326,697 407,556 488,414 569,273 650,131 730,990 811,848 892,707
30% 65,780 146,741 227,599 308,458 389,316 470,175 551,033 631,892 712,750 793,609 874,467
40% 47,480 128,490 209,360 290,218 371,077 451,935 532,794 613,652 694,511 775,369 856,228
50% 29,324 110,201 191,120 271,979 352,837 433,696 514,555 595,413 676,272 757,130 837,989

A more complete set of sensitivity tables are available within the PEA.

Tim Daniels, President of Erin Ventures commented on the PEA results:

‘The robust results in the Piskanja PEA confirm what we have always believed – that Piskanja has the potential to be amongst the most impressive boron properties globally. Piskanja joins a very small group of study-backed, development stage boron assets in the world. Piskanja has several attributes that make it attractive for development including stout economics, strong value metrics and the potential for rapid returns with low capital investment. Additionally, Piskanja’s projected low operating cost enhances the likelihood of profitability even in the weakest of boron market scenarios. The results of the PEA, combined with the potential for resource expansion, excellent existing local infrastructure, and a favourable mineral mix, make it a truly outstanding and unique project.

MINING

The geometry and depth of the mineralisation identified at Piskanja lends itself to an underground mining method. It is envisaged that mining will be by cut and fill method and that the key underground infrastructure will comprise:

  • twin access declines from surface to the deposit: i) Main Haulage Decline (‘MHD’) from surface to the floor of Mineralized Zone 1 and ii) Main Ventilation Decline (‘MVD’) from surface to the roof of Mineralized Zone 3;
  • anunderground spiral ramp connecting MHD and MVD and enabling access to all levels;
  • a shaft connecting MHD and MVD to serve as an ore pass and temporary stockpile (if needed);
  • footwall drives located belowseam horizons of Mineralized Zone 1, Mineralized Zone 2 and Mineralized Zone 3;
  • level drives and ventilation connections between three footwall drives.

The PEA envisages a Run of Mine (ROM) average annual tonnage of 307,956 tonnes to produce some 261,821 tonnes of sale grade colemanite and 25,000 tonnes of boric acid for a period of 17 years .

Excavation is currently proposed by mechanical cutting using Continuous Miners (‘CM’). The rationale of the application of mechanical cutting, as opposed to drill and blast operations, is the need to minimize ground vibrations which may affect the residential structures and cause annoyance to the residents of the nearby village, Korlace. Similarly, the application of any caving mining methods, or any mining methods which could cause ground subsidence is, at present moment, excluded from further considerations.

Material mined by the CMs would be hauled by shuttles or battery haulers to the nearest pass/bin and fed to the panel conveyor at the main haulage horizon. The panel conveyor would then haul the mined material to the main ore pass/ore bunker. The main ore pass has two functions: i) to reduce the mined material tonnes to the Main Haulage Decline and feed it to the Main belt conveyor and ii) to serve as a temporary ore storage/ore stockpile. Once fed to the main belt conveyor, the material is conveyed to the surface and fed to the ore processing system.

In order to achieve an overall planned mining recovery of 75% and ensure the stability of excavated spaces, it will be necessary to apply solidifying material for backfill and further geotechnical assessment including an assessment of the geometry, rock strength, and backfill characteristics will be required.

PROCESSING

All ROM production is to be fed to the Colemanite Plant for colemanite production with the aim of upgrading mined materials to desired concentrate levels of B2O3. A constant product grade of 40% B2O3 and a tails grade of 7.5% B2O3 is planned.

The operating plan calls for the production of both colemanite concentrate and boric acid, the latter at a rate of 25 ktpa, and the former at a rate of approximately 250 ktpa. This production scenario has been modelled according to the process route shown in block form. It should be noted that further metallurgical test work is required to finalize the process flowsheet. However, the flowsheet for B2O3 beneficiation is well documented, shows that the process utilizes ‘off the shelf’ technology, and is in fact commonly deployed in Turkish boron mines.

According to available data from Turkey, concentration of colemanite is carried out by crushing and grinding, washing and classification in the size fractions. For larger size fractions, colemanite concentrate is produced through attrition tumbling and hand sorting, while for finer size fractions (-6 mm), attrition scrubbing and classification are carried out. At the Emet Mine in Turkey, a colemanite concentration plant (with a capacity of 600,000 tons per year) processes colemanite feedstock averaging 27% B2O3 to produce 300,000 tons of concentrate averaging 43% B2O3 using the method described above.

The production of boric acid is also a well-documented process with readily available technology used by several producers globally.

CAPITAL and OPERATING COSTS

A breakdown of the capital and operating costs used in the economic analysis is presented in the tables below.

Project Capital Costs [expended over a 24 month development period]

Project Capital (USD’000) Base Cost Contingency Total
Mining

39,400

11,820

51,220

Processing – Colemanite

2,000

600

2,600

Processing – Boric Acid

Infrastructure

16,250

4,875

21,225

Tailings

3,814

1,144

4,957

Total

61,464

18,439

79,903

Unit Operating Costs (USD/t)

Colemanite Boric Acid
Mining 70.8
Processing – Colemanite 3.6 6.4
Processing – BA Plant 1.7 205.8
Tailings/Waste Disposal 0.1 0.5
Infrastructure 4.3 6.4
G&A 23.5 34.6
Royalty 25.0 35.0
Sales/Marketing 1.5 1.5
Tax 23.9 50.4
Unit Costs per tonne of production 154.5 340.7

Michael Dehn, CEO of Temas Resources, partner with Erin Resources on the Piskanja Project, added:

‘These positive economics demonstrate that the Piskanja project should be a favourable source of borates for the European markets. Turkey currently provides 98% of the EU’s supply of borate. Many companies have been really challenged on the sourcing of raw materials and it is beginning to change their thinking in how they set their sourcing policy going forward. This builds towards reduced environmental impact as we look to aid in the creation of a greener economy through the strategic development of critical metals. The project’s free-cash flow of $1.3 billion really demonstrates the great potential that I first saw when looking at this project several years ago. The PEA will provide the guidance we are looking for to advance the project to the next steps. It will also form the basis for the submittal as we complete the required ‘Elaborate’ document to the Serbian government.’

Tim Daniels of Erin Ventures continues: ‘Piskanja is well positioned to benefit from, and contribute to, global decarbonization efforts and the evolving global economy, where reducing environmental impacts and contributions to preventing climate change are increasingly important. Boron is considered a critical, irreplaceable, and expanding strategic driver of decarbonization through reduction of emissions, enabling clean power, helping secure the food supply chain, and providing nutrients in diets for healthy living.

The PEA is the culmination of years of hard work by the team at Erin Ventures, our partners, and our stakeholders. I personally thank all involved for their efforts and support. While the PEA is a significant milestone for us, we are looking forward to the next developments. We have commenced the permitting process, with the data from the PEA forming the backbone of a submission to ‘certify the Piskanja resource’ as an important step in a mine license application process.’

KEY CONCLUSIONS

Exploration activities undertaken by Erin to date, in conjunction with the results of previous exploratory works, have outlined a significant boron minerals deposit which, in the opinion of the PEA Author, justifies further activities. Future activities should be undertaken in order to assess the potential of project development and, ultimately, mine construction.

The PEA reports a Mineral Resource estimate for the Project which includes a combined Measured and Indicated Mineral Resource of 6.87 Mt with a mean grade of 34.36% B2O3 and an Inferred Mineral Resource of 0.28 Mt with a mean grade of 39.59% B2O3.

The report shows the potential of the project by demonstrating a post-tax NPV for the Project at a 10% discount rate of USD524 M and an IRR of 79%. If the economic assessment was based solely on Measured and Indicated Mineral Resources, the NPV10 would have decreased to USD488M. However, if 8% is used as a discount rate for NPV calculation the NPV would increase to USD610M. In spite of the fact that the Inferred Mineral Resources do not have a significant impact on NPV presented in the PEA, it should be noted that Inferred Mineral Resources are considered speculative geologically.

It should be noted that there is a significant amount of future work to be undertaken in order to mitigate the risks before entering the mine construction phase. The authors of this PEA recommended appropriate actions and activities needed to properly assess and address these associated risks.

A future work program will be discussed with Erin in order to define the necessary steps towards the PFS stage, FS stage and ultimately, the mine construction phase in accordance with Serbian regulatory requirements and international standards, but also to define a set of decision-making milestones to assist in determining that the advancement of the project continues to be warranted.

RECOMMENDATIONS

Recommendations for work that may potentially lead to further improvements to the Project include:

  • Expansion and improvement of the existing Piskanja Mineral Resource Estimate through further exploration and close-spaced drilling in the two unbounded directions
  • Improvement and refinement of metallurgical recoveries and processes through further metallurgical test work
  • Continued evaluation of different project operating scales (‘right sizing’) and optimization of mine plans
  • Evaluation and incorporation of existing technologies to improve sustainability and reduce environmental impact
  • Additional test work to define geotechnical parameters of the rock mass
  • Additional modelling or model refining (geotechnical, structural, resource, economical) as an aid to appropriate mine design
  • A comprehensive environmental impact assessment
  • A demonstration of mitigation measures

CAUTIONARY NOTE

The PEA summarized in this news release is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized. No Mineral Reserves have been estimated for Piskanja. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Mineral Resources are captured within an optimized mine plan (within the constraints of a PEA) and meet the test of reasonable prospects for economic extraction.

The effective date of the PEA is June 24, 2022, and a technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (‘NI 43-101’) in support of the PEA will be filed on SEDAR within 45 days of this news release.

QUALIFIED PERSONS

James E Wallis, M.Sc. (Eng), P. Eng., a director of Erin Ventures, and Nenad Rakic, EurGeol, a consultant to Erin Ventures, are qualified persons as defined by NI 43-101, have reviewed the technical information that forms the basis for this news release and have approved the disclosure herein.

Rory Kutluoglu, P.Geo, a director of Temas Resources, and Robert W. Schafer, P.Geo, a director of Temas Resources, are Qualified Persons as defined by NI 43-101, have reviewed and approved the technical information contained within this press release.

Prof. Miodrag Banješević PhD. P.Geo, EurGeol, is the qualified person as defined by NI 43-101 for the Preliminary Economic Assessment and for the Mineral Resource Estimate, and is independent of the Company. He has reviewed the technical information that forms the basis for this news release and has approved the disclosure herein.

The PEA will be available at Erin’s website ( ) or Erin’s filed documents at within 45 days of the date of this release.

On behalf of the Board of Directors,

Tim Daniels, President

About Erin Ventures Inc.

Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin’s shares are traded on the TSX Venture Exchange under the symbol ‘EV’. For detailed information please see Erin’s website at or the Company’s filed documents at .

Temas may earn a 50% interest in Piskanja by (a) issuing to Erin 250,000 common shares (completed) and 250,000 warrants (completed) (48 months, at an exercise price equal to the market price less the maximum allowable discount pursuant to stock exchange policies), and (b) incurring an aggregate of €10,500,000 in expenditures on Piskanja. The Agreement may be terminated in certain circumstances, including by Erin if certain milestones are not met in accordance with specified timelines. Upon exercise of the option by Temas, a joint venture will be formed and Erin and Temas will become associated as joint venturers to further advance Piskanja.

For further information, please contact:

Erin Ventures Inc .
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746

645 Fort Street, Suite 203
Victoria BC V8W1G2
Canada

Erin’s Public Quotations:

Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
Berlin Stock Exchange: EKV

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the results of the PEA, including the projected Capex, the estimated after-tax NPV and IRR, the estimated LOM and estimated concentrate grades, the potential production from and viability of Piskanja, the risks and opportunities outlined in the PEA, the potential tonnage, grades and content of deposits, the extent of mineral resource estimates, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of the Company are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: ‘believes’, ‘expects’, ‘anticipates’, ‘intends’, ‘estimates’, ‘plans’, ‘may’, ‘should’, ‘would’, ‘will’, ‘potential’, ‘scheduled’ or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive all necessary approvals required to develop Piskanja as outlined in the PEA, that the assumptions in the PEA are reasonably accurate, market fundamentals will result in sustained boron demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Piskanja in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company’s projects and its ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Piskanja project, the estimation or realization of mineral reserves and mineral resources, and there is no guarantee that such interests, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of boron, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Cautionary Note to United States Investors

Erin Ventures Inc. prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (‘CIM Standards’). The U.S. Securities and Exchange Commission (the ‘SEC’) has adopted amendments effective February 25, 2019 (the ‘SEC Modernization Rules’) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.

As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of ‘measured mineral resources’, ‘indicated mineral resources’ and ‘inferred mineral resources’, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of ‘proven mineral reserves’ and ‘probable mineral reserves’ to be substantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoing terms are ‘substantially similar’ to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that Erin Ventures may report as ‘measured mineral resources’, ‘indicated mineral resources’ and ‘inferred mineral resources’ under NI 43-101 would be the same had Erin Ventures Inc. prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

In accordance with Canadian securities laws, estimates of ‘inferred mineral resources’ cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

SOURCE: Erin Ventures Inc.

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MENAFN28062022004220003708ID1104442383

B2gold Announces Positive Exploration Drill Results In Mali From Fekola North And Anaconda Area Exploration Drilling'

(MENAFN– PR Newswire)

VANCOUVER, BC, June 22, 2022 /PRNewswire/ – B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) (‘B2Gold’ or the ‘Company’) is pleased to announce additional positive exploration drilling results from Fekola North and the Anaconda area, and provide an update on the development of the Anaconda area.

Highlights





B2Gold’s West Mali Tenement Map 2022 (CNW Group/B2Gold Corp.)

  • High grade results from the Fekola North target area such as drill hole FKD_64, which returned 4.28 grams per tonne (‘g/t’) gold over 19.15 metres, from 529.0 metres, provides strong support for ongoing evaluation of underground development of the deepest portions of the Fekola Mine deposit
  • In the Anaconda area, approximately 20 kilometres north of the Fekola Mine, drill hole MSD_212, which returned 8.09 g/t gold over 15.8 metres, from 431.1 metres, confirms the presence of high grade sulphide, approximately 100 metres below the limits of the current Mineral Resource pit boundary. The good grade and width combinations at the Anaconda area continue to provide a strong indication of the potential for Fekola-style plunging bodies of sulphide mineralization, which remain open at depth
  • Ongoing drilling by the Company on the Anaconda area to infill and extend the saprolite Mineral Resource area, and to follow up on the sulphide mineralization, including the Mamba and Adder zones, as well as several other targets below the saprolite mineralization, continues to generate positive drill results in both saprolite and sulphide domains and demonstrates strong potential to further increase the updated Anaconda area Mineral Resource estimate
  • Following the recent acquisition of the Bakolobi permit, immediately south of the Menankoto permit, the Company will conduct an approximately $3.4 million exploration program for 50,200 metres of diamond and reverse circulation drilling in the second half of 2022
  • The Company recently announced the acquisition of Oklo Resources Limited and its Dandoko project, located approximately 25 kilometres from the Fekola Mine (subject to completion)

Click here to view B2Gold’s West Mali Tenement Map 2022

2022 Exploration Drilling

B2Gold is currently conducting a 225,000 metre drill program in western Mali with a 2022 exploration budget of $35 million, including drill programs on the Fekola North deposit to further test the underground potential, and the Anaconda area, including the Mamba, Adder, Anaconda. Cascabel, Viper and Cobra zones. To date in 2022, the Company has completed approximately 70,000 metres of combined diamond, reverse circulation and aircore drilling on targets near the Fekola Mine, primarily targeting deep extensions of the Fekola deposit to the north and below the current reserve pit, and in the Anaconda Area, primarily on the Mamba, Adder and Cascabel zones), between 20 and 25 kilometres north of the Fekola Mine.

Fekola North Exploration

Drilling undertaken since December 2021 at the Fekola North deposit has partially infilled areas of the deepest portions of the current Mineral Resource area and also tested beyond the limits of the current Mineral Resource pit in areas believed to be amenable to underground development. Drill holes such as FKD_641, which returned 4.28 g/t gold over 19.15 metres, from 529.0 metres, and hole FKD_632 which returned 3.86 g/t gold over 9.73 metres, from 502.14 metres, intersect high grade sulphide mineralization in step outs beyond the limit of the current Mineral Resource pit and provide strong positive support to the ongoing evalution of underground mining at Fekola. The Company has completed approximately 15,000 metres of deep diamond drilling on the Fekola North deposit in 2022, with two drill rigs currently active.

Select results from the Fekola North from drilling since December 2021 include:

Hole ID

Depth From

Depth To

Interval

Au g/t

FKD_620

530.00

548.3

18.3

4.00

FKD_622

550.78

557.00

6.22

4.64

FKD_623

502.00

520.40

18.40

7.32

FKD_625

528.83

544.00

15.17

4.06

FKD_626

558.80

577.80

19.00

4.38

FKD_629

444.20

463.00

18.80

3.17

FKD_631

472.85

481.30

8.45

3.36

and

487.30

494.66

7.36

5.72

FKD_632

502.14

506.00

3.86

9.73

FKD_633

508.67

519.60

10.93

3.59

and

526.70

530.20

3.50

3.39

FKD_636

627.76

635.00

7.24

5.90

FKD_638

430.00

435.40

5.40

3.26

and

443.35

461.20

17.85

5.86

and

469.30

477.60

8.30

3.28

FKD_639

638.20

642.40

4.20

7.82

FKD_641

529.00

548.15

19.15

4.28

FKD_644

540.25

544.00

3.75

4.98

Composites are uncapped and reported above 1.85 g/t gold cutoff, which approximates current underground cut-off grades. Core lengths are approximately 85-90% of true width.

Anaconda Area Exploration

On March 23, 2022, the Company announced an updated and significantly increased Mineral Resource estimate for the Anaconda area, comprised of the Menankoto permit and the Bantako North permit, located approximately 25 kilometres from the Fekola Mine. The updated and significantly increased Anaconda Mineral Resource estimate, constrained within a conceptual pit shell at a gold price of $1,800 per ounce, included an initial Indicated Mineral Resource estimate of 32,400,000 tonnes at 1.08 g/t gold for a total 1,130,000 ounces of gold, and Inferred Mineral Resource estimate of 63,700,000 tonnes at 1.12 g/t gold for 2,280,000 ounces of gold. The Mineral Resource estimate included first time reporting of 1,130,000 ounces of Indicated Mineral Resources and an increase of 1,510,000 ounces (196% increase) of Inferred Mineral Resources since the initial Inferred Mineral Resource estimate in 2017 (21,590,000 tonnes at 1.11 g/t gold, for 767,000 ounces.

On the Mamba zone, drill hole BND_090, which returned 4.34 g/t gold over 5.6 metres, from 130.1 metres, and hole MSD_212, which returned 8.09 g/t gold over 15.8 metres, from 431.10 metres, are particularly significant as they confirm the continuity of high grade sulphide mineralization 110 metres below the limit of the updated Mineral Resource pit boundaries. In the main Anaconda area Mineral Resource pit, drill hole MSR_938, which returned 3.32 g/t gold over 10 metres, from 92 metres, and drill hole MSR_939, which returned 1.49 g/t gold over 50 metres, from 71 metres, demonstrate the potential to add sulphide Mineral Resources beneath the currently defined saprolite resources, where the mineralization remains open at depth.

Select results from the Anaconda area exploration drilling include:

Hole ID

From

To

Metres

Au g/t

Domain

BND_088

71.30

95.20

23.90

1.85

Saprolite

and

143.00

147.55

4.55

7.08

Sulphide

BND_089

42.20

62.50

20.30

1.34

Saprolite

BND_090

131.10

136.70

5.60

4.34

Saprolite

BNR_542

0.00

13.00

13.00

3.26

Saprolite

MSD_212

431.10

446.90

15.80

8.09

Sulphide

and

567.00

586.00

19.00

2.64

Sulphide

MSR_918

21.00

42.00

21.00

3.96

Saprolite

MSR_920

26.00

48.00

22.00

1.59

Saprolite

and

60.00

71.00

11.00

4.15

Sulphide

MSR_923

13.00

58.80

45.80

1.11

Saprolite

MSR_924

113.90

149.30

35.40

1.03

Sulphide

MSR_926

4.00

28.00

24.00

1.12

Saprolite

MSR_936

0.00

52.00

52.00

0.71

Saprolite

MSR_938

41.00

62.00

21.00

2.06

Sulphide

and

92.00

102.00

10.00

3.31

Sulphide

MSR_939

22.00

31.00

9.00

2.23

Saprolite

and

35.00

50.00

15.00

1.45

Saprolite

and

71.00

121.00

50.00

1.49

Sulphide

MSR_943

15.00

43.00

28.00

1.88

Saprolite

MSR_943

44.00

70.00

26.00

1.12

Sulphide

MSR_944

40.00

63.00

23.00

1.31

Sulphide

Saprolite composites are reported above a 0.2 g/t gold cutoff. Sulphide composites are uncapped and reported above 0.6 g/t gold cutoff.

Ongoing drilling by the Company on the Anaconda areas to infill and extend the saprolite Mineral Resource area and to follow up on the sulphide mineralization, including the Mamba and Adder zones, as well as several other targets below the saprolite mineralization, continues to generate positive drill results in both saprolite and sulphide domains and demonstrates strong potential to further increase the updated Anaconda area Mineral Resource estimate.

2022 Fekola and West Mali Regional Exploration

For the remainder of 2022, the Company will continue to drill to infill and extend the saprolite Mineral Resource area and to follow up on the sulphide mineralization at the Anaconda area, including the Mamba and Adder zones, and several other targets below the saprolite mineralization. The good grade and width combinations at the Anaconda area continue to provide a strong indication of the potential for Fekola-style south plunging bodies of sulphide mineralization, which remain open down plunge. Six drill rigs are currently drilling in the Anaconda area.

In April 2022, the Company acquired the Bakolobi permit in Mali from a local Malian company. The Bakolobi permit is located between the Menankoto permit, to the North, and the Fekola Mine’s Medinandi permit, wrapping around the latter to its south-west end, covering an area of 100 km2 and providing approximately 25 km of contiguous exploration potential along the Senegal-Mali Shear Zone An initial $3.4 million exploration program on the Bakolobi permit is scheduled for the second half of 2022. Drilling will focus on the southward extension of known resources in the Anaconda area. The Company believes that the Bakolobi permit is a highly prospective area that has the potential to provide for the near-term addition of both saprolite- and sulphide-hosted gold deposits. 

B2Gold’s proposed acquisition of Oklo Resources Limited and its flagship Dandoko project, which remains subject to completion, will extend the footprint of B2Gold’s exploration in Mali to over 1,700 km2 and add the Dandoko project’s JORC 2012 compliant Measured and Indicated Mineral Resource estimate of 8.70 million tonnes at 1.88 g/t for 528,000 ounces of gold and an Inferred Mineral Resource estimate of 2.63 million tonnes at 1.67 g/t for 141,000 ounces of gold, to B2Gold’s rapidly growing Mineral Resource inventory in the region. The Company believes there is strong potential to extend the mineralization at the Dandoko project

The Company also has one drill rig active on the Kolomba regional target, which is located approximately 15 kilometers from the Anaconda area, with assay results pending.

Anaconda Development Update

In 2022, the Company has budgeted $33 million for development of infrastructure for Phase I saprolite mining at the Anaconda area, including road construction. Based on the updated Mineral Resource estimate and B2Gold’s preliminary planning, the Company has demonstrated that a pit situated on the Anaconda area could provide selective higher grade saprolite material (average grade of 2.2 g/t) to be trucked to and fed into the Fekola mill commencing as early as late 2022 at a rate of 1.5 million tonnes per annum. Subject to obtaining all necessary permits and completion of a final development plan, the trucking of selective higher grade saprolite material to the Fekola mill would increase the ore processed and annual gold production from the Fekola mill, with the potential to add an average of approximately 80,000 to 100,000 ounces per year to the Fekola mill’s annual gold production. The plan to truck the selective higher grade saprolite material is not included in the Company’s 2022 production guidance and the Anaconda area Mineral Resources have not been included in the current Fekola life of mine plan.

Based on the updated Mineral Resource estimate and the 2022 exploration drilling results, the Company has commenced a Phase II scoping study to review the project economics of constructing a stand-alone mill near the Anaconda area. Subject to receipt of a positive Phase II scoping study, the Company expects that the saprolite material would continue to be trucked to and fed into the Fekola mill during the construction period for the Anaconda area stand-alone mill.

QA/QC on Sample Collection and Assaying

The primary laboratories for the Fekola Mine and West Mali regional exploration are SGS Laboratories in Bamako, Mali and Bureau Veritas Laboratories in Abidjan, Cote d’Ivoire. Periodically, exploration samples will be analyzed at the Fekola Mine laboratory. At each laboratory, samples are prepared and analyzed using 50-gram fire assay with atomic absorption finish and/or gravimetric finish. Umpire assays are used to monitor lab performance monthly.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the core, reverse circulation and aircore drilling sample strings. The results of the control samples are evaluated on a regular basis with batches re-analyzed and/or resubmitted as needed. All results stated in this announcement have passed B2Gold’s quality assurance and quality control protocols.

Qualified Person

Tom Garagan, Senior Vice President of Exploration at B2Gold, a qualified person under National Instrument 43-101, has reviewed and approved the information contained in this news release.

About B2Gold Corp.

B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous exploration and development projects in various countries including Mali, Colombia, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between 990,000 and 1,050,000 ounces in 2022.

On Behalf of B2GOLD CORP. ‘Clive T. Johnson’ President & Chief Executive Officer

For more information on B2Gold, please visit the Company’s website at or contact:

Randall Chatwin

Cherry DeGeer

SVP, Legal & Corporate Communications

Director, Corporate Communications

+1 604-681-8371

+1 604-681-8371

[email protected]

[email protected]

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.

Production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 30, 2022 for a discussion of our ownership interest in the mines B2Gold operates.

This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively forward-looking statements’) within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, and including, without limitation: statements regarding the Transaction, including, without limitation, the completion of the Oklo transaction, including receipt of all necessary regulatory approvals, including from the TSX and NYSE MKT, and the satisfaction of conditions; total consolidated gold production of between 990,000 and 1,050,000 ounces in 2022. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as ‘expect’, ‘plan’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘schedule’, ‘forecast’, ‘budget’, ‘estimate’, ‘intend’ or ‘believe’ and similar expressions or their negative connotations, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’, ‘should’ or ‘might’ occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks associated with or related to: the duration and extent of the COVID-19 pandemic, the effectiveness of preventative measures and contingency plans put in place by the Company to respond to the COVID-19 pandemic, including, but not limited to, social distancing, a non-essential travel ban, business continuity plans, and efforts to mitigate supply chain disruptions; escalation of travel restrictions on people or products and reductions in the ability of the Company to transport and refine doré; the volatility of metal prices and B2Gold’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold’s feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold’s operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippine and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally, including in response to the COVID-19 outbreak; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold’s reputation; risks affecting Calibre having an impact on the value of the Company’s investment in Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in more detail under the heading ‘Risk Factors’ in B2Gold’s most recent Annual Information Form, B2Gold’s current Form 40-F Annual Report and B2Gold’s other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the ‘SEC’), which may be viewed at and , respectively (the ‘Websites’). The list is not exhaustive of the factors that may affect B2Gold’s forward-looking statements

B2Gold’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

B2Gold’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

SOURCE B2Gold Corp.

MENAFN22062022003732001241ID1104412998

Telus Acquires Digital-Health Firm Lifeworks For $2.3 Billion

(MENAFN– Baystreet.ca)
Telus Acquires Digital-Health Firm LifeWorks For $2.3 Billion

Canadian telecommunications company Telus (T) is acquiring digital-health provider LifeWorks
(LWRK) for $2.3 billion.

Telus said it will pay $33 for each LifeWorks share, representing an 80% premium over where
LifeWorks stock closed on the Toronto Stock Exchange the day before the acquisition was
announced. LifeWorks stock rose nearly 70% after the Telus acquisition was made public.

Telus said it is also offering the option for LifeWorks shareholders to accept cash or stock or a
combination of both. The deal helps Telus to expand further into health services as it diversifies
its business.

The combination will allow Telus and LifeWorks to form a global provider of digital healthcare
and wellness services. Telehealth services have grown in recent years after the global
pandemic forced Canadians to seek healthcare online rather than at a hospital or clinic.

Toronto-based LifeWorks provides human-resources consulting, outsourcing, and mental health
services primarily to private sector companies. It has 7,000 employees and 25,000 clients. The
firm was previously known as Morneau Sheppell and was previously run by Bill Morneau, who
served as Canada’s federal finance minister from 2015 to 2020.

Telus stock is down 6% this year at $27.87 per share.

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Golden Arrow Starts First Field Program At San Pietro Copper-Gold-Cobalt Project, Chile'

(MENAFN– PR Newswire)

TSX Venture Exchange (TSX-V): GRGFrankfurt Stock Exchange (FSE): G6AOTCQB Venture Market (OTCQB): GARWF

VANCOUVER, BC, June 16, 2022 /PRNewswire/ – Golden Arrow Resources Corporation (TSX-V: GRG) (FSE: G6A) (OTCQB: GARWF ) , (‘Golden Arrow’ or the ‘Company’) is pleased to report that it has commenced the first exploration program at its new 100% held San Pietro Copper-Gold-Cobalt project in Chile (‘ San Pietro ‘ or the ‘ Project ‘). Golden Arrow has retained two Chilean project geologists with extensive experience in geologic systems like those in and around San Pietro. The program has commenced with detailed surface mapping and sampling and is expected to include trenching and an updated geophysical program in the next six months. At the same time, the crew is engaged in re-logging much of the 34,000 metres of historic drill core. This work will modernize and build the database for the main prospects to refine the targets for a subsequent resource delineation drill program. 

Brian McEwen, VP Exploration and Development for Golden Arrow, commented, ‘We are pleased to have boots on the ground so quickly at this new and exciting project, particularly when they are occupied by such well-qualified individuals. Our new geologists are supported by local field technicians and project management staff to ensure smooth operations as we ramp up our activities at San Pietro. We anticipate a busy and productive second half of the year as we refine targets for drilling and building resources.’

About the San Pietro Project

Golden Arrow acquired San Pietro in March 2022 (see News Release: ). The San Pietro Project includes 18,448 hectares of exploration and exploitation concessions in the Atacama region of Chile, approximately 100 kilometres north of Copiapo in an active mining district that is home to all the major Iron-oxide copper-gold (‘ IOCG ‘) deposits in Chile. There is excellent mining infrastructure in the area, and the property is situated between and adjacent to Capstone Copper’s Santo Domingo IOCG mine development project and Mantoverde IOCG mine property. [Proximity to other mining projects in the area does not provide any assurances with respect to the prospects at the San Pietro Project.]

Prior to 2013, the Project saw approximately US$15 million in historic exploration work, including over 34,000 metres of drilling, over 1,000 surface samples and multiple geophysical surveys. The Rincones target was the primary focus of the historic work, with multiple drill holes returning significant copper, gold and cobalt assays, including: 28 metres averaging 1.14% Cu, 0.12g/t Au, and 335ppm Co, in RA-12-DH-003.

Golden Arrow’s due diligence review confirmed the considerable potential of the known targets and identified areas where new interpretations and additional work are expected to improve the prospects for resources.

Qualified Persons

The technical portions of this news release have been reviewed and approved by Brian McEwen, P.Geol., VP Exploration and Development to the Company and a Qualified Person as defined in National Instrument 43-101. 

About Golden Arrow:

Golden Arrow Resources Corporation is a mining exploration company with a successful track record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The Company is well leveraged to the price of gold, having monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSR Mining Inc.

Golden Arrow is actively exploring the advanced San Pietro Cu-Au-Co project in Chile, and a portfolio that includes more than 180,000 hectares of prospective properties in Argentina. 

The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

ON BEHALF OF THE BOARD

‘Joseph Grosso’

________________________________________________________Mr. Joseph Grosso, Executive Chairman, President and CEO

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.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company’s plans for its mineral properties; the Company’s business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company’s public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws.

SOURCE Golden Arrow Resources Corporation

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Else Nutrition Enters Canada, Reaching Millions Of New Potential Customers

(MENAFN– iCrowdNewsWire)

Growing consumer awareness of plant-based foods supports Else’s high growth in the Canadian baby food market, which is projected to reach $2.4 billion by 2026.



VANCOUVER, BC, June 13, 2022 – ELSE NUTRITION HOLDINGS INC. ( BABY ) ( BABYF ) ( 0YL.F ) (“Else” or the “Company”) is pleased to announce that it will be formally launching in the Canadian market in July 2022, following two years of solid growth in the United States. Else Nutrition will distribute and sell all 3 of its current category segments within the portfolio: Super Cereals (babies 6+ months), Toddler Nutrition (12-36 months), and the Kids Protein Shakes (2 years+) – spanning both retail and online channels.

The Canadian baby food market is healthy, well-diversified, continues to grow in size, is projected to reach $2.4 billion by 2026, and growing at a CAGR of 7.6% from 2019 to 2026. Nonetheless, to date, there are few alternatives in the plant-based segment. Recent data shows that two-thirds (67%) of Canadians consume plant-based foods frequently, while 31% plan to eat more Plant-Based foods within the following year. Else Nutrition provides parents with a healthy and safe alternative to plant-based diets for their babies, toddlers, and kids.

CEO & Co-Founder of Else Nutrition, Hamutal Yitzhak:“Entering Canada is an important milestone for the company. It enables us to reach new markets in a country seeing unprecedented adoption of plant-based diets and natural food innovation. Our data has already shown strong interest from Canadian consumers both online and brick-and-mortar, and we anticipate a favorable response from Canadian families. Given the ongoing challenges within the baby food supply chain, it has become critical for Else to enter the Canadian market right now, with a strategic plan to help Canadian parents provide healthy, Clean Label nutrition to their children.”

Else Nutrition Canada will be led by Mr. Avi Markus, former Vice President of Sales Operations for North America, now promoted to Vice President, Country Manager, Canada. Mr. Markus joined the company in early 2020 and was tasked to develop the core infrastructure for retail sales and business development in the US. His leadership has led to a solid retail foundation with robust US distribution and wholesale relationships, during an exceptionally challenging retail climate, via two of the largest natural foods distributors in the United States: KeHe Distributors and UNFI (United Natural Foods). Mr. Markus, based in Toronto, Ontario, will have a mandate to develop the Else Nutrition brand within the Canadian market via brick & mortar and various online channels. Prior to joining Else, Mr. Markus held extensive CPG leadership roles, including founding partner with BEON Energems (caffeine-infused energy chocolates) in the United States and Nouristhea Corp (organic loose-leaf teas) in Canada. Mr. Markus also spent several years both with Shoppers Drug Mart, within the Shoppers Optimum loyalty Program, and Unilever Canada, where he embarked on his marketing career. He holds a bachelor’s degree from Western University (London, Ontario) and an MBA from the Schulich of Business (Toronto, Ontario).

Else Nutrition will launch three flavors (original, mango, banana) of its Super Cereals for Babies, two flavors (chocolate and vanilla) of its Plant-Based Shakes for Kids, and a Plant-Based Toddler Formula

For more information, visit: or @elsenutrition on Facebook and Instagram .

About Else Nutrition Holdings Inc.

Else Nutrition GH Ltd. is an Israel-based food and nutrition company focused on developing innovative, clean, and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the“2017 Best Health and Diet Solutions” award at Milan’s Global Food Innovation Summit. Else Plant-Based Complete Nutrition for Toddlers was recently ranked as the #1 Top Seller in the baby and toddler formula category on Amazon. The Company recently received the World Plant-Based Award for“Best dairy alternative product” in New York at World Plant-Based Expo in late 2021. The holding company, Else Nutrition Holdings Inc., is a publicly-traded company listed on the Toronto Stock Exchange under the trading symbol BABY and is quoted on the US OTC Markets QX board under the trading symbol BABYF and on the Frankfurt Exchange under the symbol 0YL. Else’s Executives include leaders hailing from leading infant nutrition companies. Many of Else advisory board members had past executive roles in companies such as Mead Johnson, Abbott Nutrition, Plum Organics, and leading infant nutrition Societies, and some of them currently serve in different roles in leading medical centers and academic institutes such as Boston Children’s Hospital, Pediatrics at Harvard Medical School, USA, Tel Aviv University, Schneider Children’s Medical Center of Israel, Rambam Medical Center and Technion, Israel and University Hospital Brussels, Belgium.

For more information, visit elsenutrition.com or @elsenutrition on Facebook and Instagram.

Investor Relations Contact:

Lytham Partners, LLC
Mr. Ben Shamsian
New York | Phoenix
E:
P: 646-829-9701

Toronto Stock Exchange

Neither the Toronto Stock Exchange nor its regulation services provider (as that term is defined in the policies of the Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release contains statements that may constitute“forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as“will” or similar expressions. Forward-looking statements in this press release include statements with respect to the anticipated dates for filing the Company’s financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs, and assumptions, which are based on management’s perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements made in this press release assume, among others, the expectation that there will be no interruptions or supply chain failures as a result of COVID 19 and that the manufacturing, broker, and supply logistic agreement with the Company do not terminate. Actual results may differ from the estimates, beliefs, and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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Great Panther Mining Receives Continued Listing Standards Notice From NYSE American'

(MENAFN– PR Newswire)



Great Panther Mining Limited Logo (CNW Group/Great Panther Mining Limited)

TSX: GPR | NYSE American: GPL

This news release constitutes a ‘designated news release’ for the purposes of the Company’s prospectus supplement dated October 15, 2021, to its short form base shelf prospectus dated September 10, 2021.

VANCOUVER, BC, June 10, 2022 /PRNewswire/ – Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) (‘Great Panther’ or the ‘Company’), a growth-oriented precious metals producer focused on the Americas, reports that it has received notice (the ‘Notice’) from NYSE American LLC (‘NYSE American’) that it has fallen below the continued listing requirement related to the price of its common stock on the NYSE American. The NYSE American determined that because the Company’s securities have been selling for a low price per share for a substantial period, which the NYSE determines to be a 30-trading-day average of less than $0.20, the Company was not in compliance with Section 1003(f)(v) of the NYSE American Company Guide.

The Company intends to take steps to regain compliance with NYSE American continued listing requirements. In the Notice, the NYSE American informed the Company that its continued listing is predicated on demonstrating sustained price improvement above $0.20 per share no later than by December 6, 2022, which could be achieved by effecting a reverse stock split of its common stock. At the Company’s upcoming AGM on June 29, 2022, shareholders will be asked to vote on a resolution that will grant the Company’s Board of Directors the discretion to authorize a reverse stock split in order to satisfy continued listing requirements. More information can be found in the Company’s Management Information Circular dated May 16, 2022, available on the Company’s website at , on SEDAR at or on EDGAR at .

The Company’s listing on the Toronto Stock Exchange (‘TSX’) is unaffected by any actions of the NYSE. The Company’s common stock will continue to be listed on the NYSE American while it attempts to regain compliance with the listing standards, subject to the Company’s compliance with other continued listing requirements. The NYSE American notification does not affect the Company’s business operations or its reporting obligations under the Securities and Exchange Commission regulations and rules.

ABOUT GREAT PANTHER

Great Panther is a growth-oriented precious metals producer focused on the Americas. The Company owns a portfolio of assets in Brazil, Mexico and Peru that includes three gold and silver mines, an advanced development project and a large land package with district-scale potential. Great Panther is focused on creating long-term stakeholder value through safe and sustainable production, reinvesting into exploration and pursuing acquisition opportunities to complement its existing portfolio. Great Panther trades on the Toronto Stock Exchange under the symbol GPR and on the NYSE American under the symbol GPL.

For more information, please contact:

Fiona Grant LeydierVice President, Investor RelationsT : +1 604 638 8956TF : 1 888 355 1766E : [email protected] W :

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, ‘forward-looking statements’). Such forward-looking statements may include, but are not limited to, statements regarding the Company’s expectations that it will meet the NYSE American continued listing standards, and the Company’s growth orientation and focus on creating long-term stakeholder value through safe and sustainable production, reinvesting into exploration and pursuing acquisition opportunities to complement its existing portfolio.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory risks and uncertainties, including risks relating to the Company’s ability to regain compliance with NYSE American listing standards, and those described in respect of Great Panther in its most recent annual information form and management’s discussion and analysis filed with the Canadian Securities Administrators and available at and its most recent annual report on Form 40-F and management’s discussion and analysis on Form 6-K filed with the Securities and Exchange Commission and available at .

There is no assurance that these forward-looking statements will prove accurate or that actual results will not vary materially from these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward-looking statements and information are designed to help readers understand management’s current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law. 

SOURCE Great Panther Mining Limited

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WELL Health Provides Business Update Reflecting Record Revenues In May Setting The Stage For Strong Q2'

(MENAFN– PR Newswire)

  • WELL experienced record revenues in May 2022 driven by a 40% YoY increase in total omni-channel patient visits(1) for the month
  • WELL’s US focused virtual patient services businesses continue to grow rapidly, with Circle Medical and Wisp exceeding $110 million in annualized revenue run-rate on a combined basis in May 2022, reflecting over 150% YoY growth and delivering positive Adjusted EBITDA(2)
  • WELL provides progress update on its recent CognisantMD acquisition which continues to grow profitably and exceed plan expectations
  • WELL reaffirms its expectation to exceed $525 million in revenue for 2022, as well as approaching $100 million in Adjusted EBITDA(2)
  • WELL will be releasing its inaugural ESG report on June 17th, and has committed to achieving at least 33% female representation on its Board of Directors by the end of 2022

VANCOUVER, BC, June 10, 2022 /PRNewswire/ – WELL Health Technologies Corp. (TSX: WELL) (‘ WELL ‘ or the ‘ Company ‘), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased provide a business update for May 2022.

WELL achieved a total of 260,337 omni-channel patient visits(1) in May 2022, representing a year-over-year increase of 40% compared to May 2021. Combining WELL’s omni-channel patient visits(1), MyHealth’s diagnostic visits and Wisp’s asynchronous patient consultations, WELL achieved a total of 311,739 patient interactions in May 2022, a record month for the Company. WELL also reaffirms the Company is on track to meet the previously stated guidance of over $525 million in revenue and approaching $100 million in Adjusted EBITDA(2) for the full year 2022.

‘Both April and May have thus far reflected record revenue performances for WELL and setting the stage for a strong fiscal Q2 performance. Our revenue growth continues to be resilient while we leverage structural advantages in our business as the largest owner operator of outpatient clinics in Canada and one of the largest providers of virtual care services in Canada and a rapidly emerging provider in the United States.’, said Hamed Shahbazi, Chairman and CEO of WELL. ‘Patient visits continue to be a strong leading indicator for WELL’s business, and we continue to see significant growth on a sequential and year-over-year basis. Between our balanced focus on growth and profitability and the additional cash on our balance sheet, we are in a fantastic position to be opportunistic in the market and generate long term value for our shareholders.’

Circle Medical and Wisp Update

WELL’s US-based virtual patient services businesses, which includes Circle Medical and Wisp, continued to demonstrate robust growth in May 2022. Preliminary results of the two businesses generated positive Adjusted EBITDA(2) and a combined revenue run-rate exceeding $110 million. It is expected that the combined businesses will exceed $130 million on a run-rate basis later this year. Circle Medical’s YoY growth in May 2022 was driven by patient visits increasing 484%. Similarly, Wisp’s growth in May 2022 was driven by a 55% YoY increase in asynchronous patient consultations, driving significant incremental e-pharmacy revenue.

Ocean by CognisantMD Update

WELL’s subsidiary CognisantMD (or ‘ Ocean ‘ platform) has experienced impressive growth with significant uptake in eReferrals and eConsults, addressing the strong provincial demand for solutions to surgical wait time increases driven by COVID. The platform is now supporting over 45,000 monthly patient referrals and consults in Ontario and Nova Scotia, with additional expansion expected in the coming months. Additional highlights are as follows:

  • 1800 + physicians are using online booking on Ocean which equates to about 2.6M Canadians having access to online booking.
  • 5800 + physicians are using secure patient messaging on Ocean, making it easier for patients to connect with their healthcare provider.
  • 640,000+ eReferrals and eConsults have been sent on Ocean, with real-time updates for patients. This improves transparency and reduces wait times for patient care.

These figures are expected to accelerate as Ocean continues to become the preferred e-referral tool for public health authorities seeking a robust and proven solution.

ESG and Governance Update

WELL is also pleased to announce that the Company will be launching its inaugural ESG report in time for the Annual Shareholder’s meeting that is taking place June 17th, 2022. This report, created with thought leadership from its internal team supported by its professional consultants, will provide details regarding ESG initiatives that WELL undertook in 2021, with a view into 2022 and beyond. The report will also provide further evidence of WELL’s commitment to positively impacting the healthcare sector and creating societal value for patients, practitioners, and team members overall.

Diversity is highlighted in the ESG report and is an invaluable strength at WELL. Currently WELL has 70% of our Senior Executive team representing a visible minority. Furthermore, WELL is committed to achieving at least 33% female representation on its board by the end of 2022.

Footnotes:

  • Omni-channel patient visits is defined by all patient visits generated by all sources and channels. This includes any patient visits delivered by a WELL healthcare practitioner (inclusive of in-person or virtual) or a non-WELL practitioner but facilitated by WELL’s virtual care tools. This figure does not include visits for diagnostic testing consultations or any asynchronous physician consultations.
  • Adjusted EBITDA is a non-GAAP metric and defined by EBITDA (i) less net rent expense on premise leases considered to be finance leases under IFRS and (ii) before transaction, restructuring, and integration costs, time-based earn-out expense, change in fair value of investments, share of loss of associates, foreign exchange gain/loss, and stock-based compensation expense, and (iii) Revenue precluded from recognition under IFRS 15 that relates to certain patient services revenue that the Company believes should be recognized as revenue based on its contractual relationships.
  • WELL HEALTH TECHNOLOGIES CORP.

    Per: ‘Hamed Shahbazi’ Hamed ShahbaziChief Executive Officer, Chairman and Director

    About WELL Health Technologies Corp.

    WELL is a technology enabled healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL’s own omni-channel patient services offerings. As such, WELL owns and operates Canada’s largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol ‘ WELL ‘ and on OTCQX under the symbol ‘ WHTCF ‘. To learn more about the Company, please visit:  .

    Forward-Looking Information

    This news release may contain ‘Forward-Looking Information’ within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the Company’s goals, strategies and growth plans; including but not limited to Circle Medical and Wisp revenues exceeding $110 million in annualized revenue run-rate on a combined basis and to exceed $130 million later in 2022 and the Company’s expectation to exceed $525 million in revenue for 2022, as well as approaching $100 million in Adjusted EBITDA. Forward-Looking Information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking generally can be identified by the use of forward-looking words such as ‘may’, ‘should’, ‘will’, ‘could’, ‘intend’, ‘estimate’, ‘plan’, ‘anticipate’, ‘expect’, ‘believe’ or ‘continue’, or the negative thereof or similar variations. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking and the forward-looking statements are not guarantees of future performance. WELL’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL ‘s control, and undue reliance should not be placed on such statements. Forward-looking information is qualified in its entirety by inherent risks and uncertainties, including: direct and indirect material adverse effects from the COVID-19 pandemic; adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at  , including its most recent Annual Information Form. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.

    This news release contains future-oriented financial information and financial outlook information (collectively, ‘ FOFI ‘) about estimated annual run-rate revenue and Adjusted EBITDA, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of WELL may vary from the amounts set out herein and such variation may be material. WELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL’s anticipated future business operations on an annual basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

    SOURCE WELL Health Technologies Corp.

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    3Iq Launches 3Iq Coinshares Bitcoin Feeder ETF And 3Iq Coinshares Ether Feeder On Cboe Australia

    (MENAFN– Newsfile Corp) 3iQ launches 3iQ CoinShares Bitcoin Feeder ETF and 3iQ CoinShares Ether Feeder on Cboe Australia

    Toronto, Ontario–(Newsfile Corp. – June 7, 2022) – 3iQ Digital Asset Management (3iQ), is pleased to announce the launch in Australia of the 3iQ CoinShares Bitcoin Feeder ETF (the Bitcoin ETF) and the 3iQ CoinShares Ether Feeder ETF (the Ether ETF) , both of which have commenced trading on Cboe Australia.

    The Bitcoin ETF and the Ether ETF aim to provide investors with exposure to bitcoin and ether, respectively, and the daily price movements of the U.S. dollar price of underlying crypto asset and the opportunity for potential long-term capital growth. Units of both ETFs are available for purchase in Australian dollars.

    Both of these ETFs is domiciled in Australia and acts as a ‘feeder fund’ giving investors access to the 3iQ CoinShares Bitcoin ETF and the 3iQ CoinShares Ether ETF (together, the Underlying ETFs), respectively, both of which are listed on the Toronto Stock Exchange.

    The Underlying ETFs invest in long-term holdings of bitcoin and ether, respectively, purchased from bitcoin/ether exchanges and OTC trading counterparties vetted by 3iQ, in order to provide investors with a convenient, simpler alternative to a direct investment in bitcoin/ether.

    Investing in the 3iQ Australian ETFs offers a range of benefits for Australian investors which includes the following:

    • Access to 3iQ’s deep experience and expertise in digital asset investments: 3iQ was founded in 2012 and is Canada’s first, and largest, investment fund manager to manage a public bitcoin and ether investment fund
    • Transparent costs and risk mitigation when compared with buying, holding and selling bitcoin/ether at a digital asset trading platform or through opening an individual digital asset wallet that supports the cryptocurrency
    • Liquidity through trading on Cboe and daily redemption of units
    • Dual regulated fund structure, with the Australian ETFs subject to regulation in Australia, and the Underlying ETFs subject to regulation in Canada
    • Historically, one of the lowest tracking errors amongst digital asset-based ETFs in Canada

    Fred Pye, Chairman and CEO of 3iQ, commented, ‘We are delighted to launch the 3iQ CoinShares Bitcoin Feeder ETF and the 3iQ CoinShares Ether Feeder ETF on the Cboe today. Our ETFs give retail and institutional investors regulated access to the digital asset market, providing a safer alternative to a direct investment in cryptocurrencies. 3iQ is one of the oldest and largest digital asset managers in the world and we now manage over C$1.7 billion in crypto assets, our experience and knowledge in the space provides investors with unparalleled crypto investment solutions.’

    About 3iQ Corp.

    Founded in 2012, 3iQ Corp. (3iQ) is Canada’s largest digital asset investment fund manager with more than C$1.7 billion in assets under management . 3iQ was the first Canadian investment fund manager to offer a public bitcoin investment fund, The Bitcoin Fund (TSX: QBTC) (TSX: QBTC.U), and a public ether investment fund, The Ether Fund (TSX: QETH.UN)(TSX: QETH.U). More recently, 3iQ launched the 3iQ CoinShares Bitcoin ETF (TSX: BTCQ) (TSX: BTCQ.U) and the 3iQ CoinShares Ether ETF (TSX: ETHQ) (TSX: ETHQ.U). 3iQ offers investors convenient and familiar investment products to gain exposure to digital assets.

    For more information about 3iQ:
    Visit us at 3iQ.ca
    Twitter: @3iQ_corp
    Linkedin:
    YouTube:

    Voxels HQ:

    Press Contact:
    Tara Christie
    E: tarac@3iQ.ca
    P: +1 (416) 639-2130

    Neither the 3iQ CoinShares Bitcoin Feeder ETF nor the 3iQ CoinShares Ether ETF are being offered for sale in Canada. Please read the prospectus of the 3iQ CoinShares Bitcoin ETF and the 3iQ CoinShares Ether ETF (the ‘Underlying ETFs’) before investing in the Underlying ETFs. Important information about the Underlying ETF is contained in the prospectus. Copies of the prospectus may be obtained from 3iQ Corp. or at will usually pay brokerage fees to your dealer if you purchase or sell units of the Underlying ETF on a stock exchange or other alternative Canadian trading system (an ‘exchange’). If units of the Underlying ETF are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.

    Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    IMPORTANT NOTICES

    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED THEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

    This announcement should not be distributed, forwarded, transmitted or otherwise disseminated in or into the United States. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or subscribe for securities in the United States or any other jurisdiction. The Underlying ETF’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘Securities Act’), or under the applicable securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, resold, transferred or delivered, directly or indirectly within, into or in the United States, absent registration or an applicable exemption from, or except in a transaction not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any relevant state or other jurisdiction of the United States. Neither this announcement, nor the fact that it has been disseminated, shall form the basis of, or be relied upon in connection with, any future information that we distribute.

    Not for distribution to Australian or U.S. newswire services or for dissemination in Australia or the United States.

    This announcement and the information contained herein is restricted and is not for release, publication, or distribution, in whole or in part, directly or indirectly in, or into or from Australia or the United States or any other jurisdiction in which the same would be unlawful. Further, this announcement is for information purposes only and shall not constitute an offer to sell or issue or the solicitation to buy, subscribe for or otherwise acquire any securities of 3iQ CoinShares Bitcoin ETF or 3iQ CoinShares Ether ETF in any jurisdiction in which any such offer or solicitation would be unlawful.



    To view the source version of this press release, please visit

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    Altaley Mining Closes Non-Brokered Private Placement And Reports On Q1 2022 Financials

    (MENAFN– EQS Group)

    Altaley Mining Corporation (TSXV: ATLY) (OTCQX: ATLYF) (FSE: TSGA) (the ‘ Company ‘ or ‘ Altaley ‘) is pleased to announce that it has closed the final tranche (the“ Final Tranche ”) of its non-brokered private placement previously announced on March 17, 2022 and has released its Q1 2022 financial results.

    Private Placement

    The Company has closed a Final Tranche and issued 2,169,418 units (each, a ‘ Unit ‘) at a price of $0.35 per Unit for gross proceeds of $759,296.30. In total, the Company issued 14,285,714 Units at a price of $0.35 per Unit for aggregate gross proceeds of $5,000,000. Each Unit consists of one common share (a ‘ Common Share ‘) and one-half of one common share purchase warrant (each whole such warrant, a ‘ Warrant ‘). Each Warrant will entitle the holder to purchase one additional Common Share of the Company at a price of $0.55 per Common Share within 24 months from the relevant closing date (the ‘ Closing Date ‘), subject to an acceleration clause. If, at any time between the Closing Date and the expiry date, the closing price of the Company’s common shares on the TSX Venture Exchange (the” Exchange ”) exceeds $0.75 for 15 consecutive trading days, then the Company will earn the right, by providing notice to the warrant holder via news release or written notice, to accelerate the expiry date of the warrants to 4 p.m. (Vancouver time) on that date which is 30 days from the date of the acceleration notice. See April 21, 2022, news release regarding first tranche closing. All securities issued under the Private Placement are subject to a hold period expiring four months and one day after the Closing Date. Total issued and outstanding Common Shares of the Company after completion of the Private Placement is 277,894,422.

    In accordance with applicable securities laws and the policies of the Exchange, the Company will issue 42,000 Units of the Company as a finder’s fee to certain finders in connection with the Final Tranche.

    A portion of the Final Tranche closing was purchased by an affiliate of a director of the Company. Accordingly, this participation in the Private Placement is considered a related-party transaction as such term is defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under MI 61-101 (sections 5.5(b) and 5.7(1)(b) of MI 61-101) on the basis that the Company is listed on the Exchange (and has no shares listed on the Toronto Stock Exchange or certain other named exchanges) and the fair market value of the securities distributed to the related party under the Private Placement was less than $2,500,000. The Private Placement was approved by the board of directors of the Company, which includes at least one independent director who is not an employee of the Company, which considered the best interests of the Company in completing the Private Placement. The Company did not file a material change report more than 21 days before the expected closing of the insider transactions as the details of the Private Placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons and in a time frame consistent with usual market practices for transactions of this nature.

    The net proceeds from the Units will be used by the Company for working capital purposes related to the ramp-up of mining and milling operations at the Tahuehueto Mine and for general working capital purposes.

    The private placement financing is subject to final Exchange approval

    Q1 2022 Financials

    During the three months ended March 31, 2022, Campo Morado produced 9,657 tonnes of zinc concentrate grading an average of 46% zinc, 1.58 g/t gold, 609 g/t silver and sold approximately 9,781 tonnes of zinc concentrate generating Q1-2022 revenue from zinc concentrate of US$12.34 million. Additionally, produced 2,379 tonnes of lead concentrate grading an average of 19% lead, 2.37% copper, 4.66 g/t gold, 647 g/t silver and sold 2,626 tonnes generating Q1-2022 revenue from lead concentrate of US$1.84 million.

    Approximately 176,610 tonnes of mineralized material were mined with average grades of 3.59% zinc, 0.91% lead, 103 g/t silver, 0.83 g/t gold achieving recoveries of 70.1% in zinc, 27.7% in lead, 9.8% in gold, and 27.6% in silver.

    An estimated 176,610 tonnes of mineralized material were processed through the processing plant at a C1 cash cost per lb of US$1.26.

    Ralph Shearing states, ‘Q1 2022 was a difficult quarter at Campo Morado where mechanical issues resulting in excessive mill downtime combined with lower recoveries, lower mill feed head grade mineralized material plus increased off taker charges all combined to substantially reduce operating profit and increase costs during the quarter. The mechanical issues have been resolved and the mine plan is producing increased grade mill feed with recoveries of zinc back on track. In addition, the mine started copper concentrate production during mid-May which we are expecting will add an additional revenue source to the project. We anticipate a much improved second quarter.”

    The following table and subsequent discussion provide a summary of the operating performance of the Company for the three months ended March 31, 2022, and 2021.



    Campo Morado Mine

    Production and concentrate sales in Q1-2022 were negatively affected compared to all quarters of 2021 as a result of the following;

    • lost production days largely related to mechanical issues with the SAG mill reduction gear box and scheduled maintenance, where a combined 11 days of operation were lost during the quarter,
    • maintenance costs for both plants increased as a result of the above mechanical issue.
    • average head grades and recoveries were lower by the following amounts:
      • Gold Head Grade from 1.07 g/T 2021 to 0.82 g/t 2022
      • Silver Head Grade from 124.7 g/t 2021 to 102.2 g/t 2022
      • Au recoveries from 13% in Zn con and 8% in Pb con to 10% and 6% respectively
      • Ag recoveries from 35% in Zn con and 9% in Pb con to 30% and 7% respectively
      • Pb recoveries from 29% to 25%
    • approximately 75% increase in offtake charges in Q1 2022 vs Q1-2021 (9% increase Q1-2022 vs Q4-2021) largely related to rollback, treatment, and escalator charges.

    The graphics below illustrate changes in costs, treatment charges, and credits between Q1-2021 and Q1-2022.





    About Altaley Mining Corporation

    Altaley Mining Corporation is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.

    Altaley’s Tahuehueto mining project is in north-western Durango State, Mexico where construction has been advanced to near completion on its 1,000 tonne per day processing facility and related mine infrastructure to initiate production of gold, silver, lead, and zinc in concentrates at Tahuehueto. The Company began initial pre-production in May 2022 and will be ramping up to full production capacity late 2022.

    Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average of 2,200 tonnes per day and is currently estimated to be Mexico’s 6th largest zinc producer.

    Visit:

    On Behalf of the Board of Directors

    (signed)“Ralph Shearing”Ralph Shearing, P. Geol,

    CEO, President and Director

    Cautionary Note Regarding Production Decisions and Forward-Looking Statements

    Neither 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.

    It should be noted that Altaley declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Altaley’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Altaley has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see News Release dated November 8, 2017, and April 4, 2018). ). Furthermore, It should be noted that Altaley intends to commence pre-production and ramp up to full commercial production at Tahuehueto prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Altaley’s pre-production and production decisions will be made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Tahuehueto mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make such production decisions. Altaley has completed a positive pre-feasibility study (the“Pre-Feasibility Study”) and updated mineral reserves/resources estimates at its flagship Tahuehueto Mine that provides a conceptual life of mine plan and a preliminary economic analysis based on a 1,000 tonne per day operation (see News Release dated March 7, 2022)

    Statements contained in this news release that are not historical facts are ‘forward-looking information’ or ‘forward-looking statements’ (collectively, ‘Forward-Looking Information’) within the meaning of applicable Canadian securities laws. Forward-Looking Information includes but is not limited to conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as ‘plans,’ ‘expects,’ ‘scheduled,’ ‘estimates,’ ‘forecasts,’ ‘intends,’ ‘anticipates’ or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that commencement of pre-production mining and milling operations at Tahuehueto will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information 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. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Contact Details

    Glen Sandwell

    +1 604-684-8071

    Company Website
    News Source: News Direct

    31.05.2022 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.
    The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
    Archive at

    Language: English
    Company: Altaley Mining Corp
    United States
    ISIN: CA02138F1071
    EQS News ID: 1365571

    End of News DGAP News Service

    MENAFN31052022004691010666ID1104302909

    Obsidian Energy Announces Extension To Our Syndicated Credit Facility And Development Drilling Program In Our Viking Play

    (MENAFN– Newsfile Corp) Obsidian Energy Announces Extension to our Syndicated Credit Facility and Development Drilling Program in our Viking Play

    • Syndicated credit facility revolving period extended to July 15, 2022, to accommodate timing of debt refinancing
    • Return to development drilling in Viking area

    Calgary, Alberta–(Newsfile Corp. – May 31, 2022) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (‘ Obsidian Energy ‘, the ‘ Company ‘, ‘ we ‘, ‘ us ‘ or ‘ our ‘) announces the extension of the revolving period in our syndicated credit facility to July 15, 2022, to accommodate timing associated with debt refinancing. We are also pleased to announce the return to development drilling in our Viking area, benefiting from our established inventory of quality locations and higher commodity prices.

    SYNDICATED CREDIT FACILITY UPDATE

    The Company has entered into an agreement with our lenders to extend the revolving period and borrowing base redetermination date under our syndicated credit facility to July 15, 2022, from May 31, 2022, to accommodate timing associated with the Company’s refinancing. The maturity date of both the syndicated credit facility and non-revolving term loan remain unchanged at November 30, 2022.

    As part of the extension, Obsidian Energy has agreed to an $8.7 million reduction of the syndicated credit facility with the aggregate amount available now set at $358.1 million, consisting of a $260.0 million revolving syndicated credit facility and a $98.1 million non-revolving term loan. Obsidian Energy also made a US$1.0 million repayment on our senior secured notes, which reduced the Company’s outstanding balance of these notes to US$36.7 million (maturity date of November 30, 2022). Upon completion of the refinancing, our debt structure is expected to provide the Company with a stable capital source that provides appropriate operational liquidity and a longer-term maturity profile.

    VIKING AREA UPDATE

    In May, we returned to the Viking for the first time since 2017, licensing eight 100 percent working interest wells and spudding the first well mid-month as part of a development program to revitalize this asset. Capital expenditures for the project are approximately $12.5 million with first production expected early in the third quarter. The Viking asset stands out as a light oil focused play with a material degree of associated natural gas. As a result, this asset offers highly economic returns with current commodity prices while providing the Company with the opportunity to continue drilling through the typical spring break-up period due to favourable ground conditions in the area.

    As commodity prices remain strong, we have ample capacity for further Viking development with our strong inventory of locations and 100 percent ownership of oil and gas infrastructure in the region. Overall, the eight wells are expected to add approximately 1,000 boe/d on a 30-day, initial production basis (67 percent light oil).

    HEDGING UPDATE

    The Company continues to have an active hedge program. We are primarily focused on near term WTI positions to protect cashflow given our first half capital program. In addition, we have built a solid foundation on summer AECO natural gas pricing, which is also highly constructive to the business. As at May 31, 2022, the following financial oil and gas contracts are in place on a weighted average basis:

    Term Notional Volume Pricing (CAD)
    Oil – WTI
    April 2022 8,183 bbl/d $ 121.81/bbl
    May 2022 8,347 bbl/d $ 135.63/bbl
    June 2022 1,750 bbl/d $ 138.07/bbl
    Natural Gas – AECO
    May – October 2022 23,695 mcf/d $ 4.53/mcf

    In addition, PROP Energy 45 Limited Partnership, our wholly owned limited recourse subsidiary that purchased 45 percent of the Peace River Oil Partnerships units from a third party on November 24, 2021, entered into the following financial hedges in conjunction with the acquisition financing:

    Term Notional Volume Pricing (USD)
    Oil – WTI
    Q2 2022 1,121 bbl/d $ 65.11/bbl
    Q3 2022 593 bbl/d $ 63.26/bbl
    Q4 2022 606 bbl/d $ 62.30/bbl
    Heavy Oil – WCS Differential
    Q2 2022 801 bbl/d ($15.43)/bbl

    ANNUAL AND SPECIAL MEETING

    The Annual and Special Meeting (the ‘ Meeting ‘) is scheduled for Thursday, June 16, 2022, at 9:00 am (Mountain Daylight Time) at the offices of Obsidian Energy. In association with the Meeting, our Interim President and CEO, Mr. Stephen Loukas and other members of management will host a webcast presentation after the formal portion of the meeting at 10:30 am (Mountain Daylight Time) (the ‘ Presentation ‘). Additional information about the Meeting and Presentation including links to the webcast and phone numbers to listen in can be found on our website .

    ADDITIONAL READER ADVISORIES

    OIL AND GAS INFORMATION ADVISORY

    Barrels of oil equivalent (‘boe’) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value. Boe/d means barrels of oil equivalent per day.

    ABBREVIATIONS

    Oil Natural Gas
    bbl/d Barrels per day mcf thousand cubic feet
    boe/d barrels of oil equivalent per day mcf/d thousand cubic feet per day
    WCS Western Canadian Select AECO Alberta benchmark price for natural gas
    WTI West Texas Intermediate

    FORWARD-LOOKING STATEMENTS

    Certain statements contained in this document constitute forward-looking statements or information (collectively ‘forward-looking statements’). Forward-looking statements are typically identified by words such as ‘anticipate’, ‘continue’, ‘estimate’, ‘expect’, ‘forecast’, ‘budget’, ‘may’, ‘will’, ‘project’, ‘could’, ‘plan’, ‘intend’, ‘should’, ‘believe’, ‘outlook’, ‘objective’, ‘aim’, ‘potential’, ‘target’ and similar words suggesting future events or future performance. In particular, this release contains, without limitation, forward-looking statements pertaining to the extension of our syndicated credit facility to July 15, 2022 and the applicable terms thereunder; our expectations of our debt structure post refinancing; our expectations for on production dates and capital expenditures for the Viking wells; the expected production results in connection with the Viking development drilling and ability to development more in the area; and our hedging program.

    With respect to forward-looking statements contained in this document, the Company has made assumptions regarding, among other things: that the Company does not dispose of or acquire material producing properties or royalties or other interests therein other than stated herein; the impact of regional and/or global health related events, including the ongoing COVID-19 pandemic, on energy demand and commodity prices; that the Company’s operations and production will not be disrupted by circumstances attributable to the COVID-19 pandemic and the responses of governments and the public to the pandemic; global energy policies going forward, including the continued ability of members of OPEC and other nations to agree on and adhere to production quotas from time to time; our ability to qualify for (or continue to qualify for) new or existing government programs created as a result of the COVID-19 pandemic or otherwise, and obtain financial assistance therefrom, and the impact of those programs on our financial condition; our ability to execute our plans as described herein and in our other disclosure documents and the impact that the successful execution of such plans will have on our Company and our stakeholders; future capital expenditure and decommissioning expenditure levels; future operating costs and general & administrative costs; future crude oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, WTI and world oil and natural gas prices; future hedging activities; future crude oil, natural gas liquids and natural gas production levels, including that we will not be required to shut-in production due to low commodity prices; future exchange rates and interest rates; future debt levels; our ability to execute our capital programs as planned without significant adverse impacts from various factors beyond our control, including extreme weather events, wild fires, infrastructure access and delays in obtaining regulatory approvals and third party consents; our ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; our ability to market our oil and natural gas successfully to current and new customers; our ability to obtain financing on acceptable terms, including our ability (if necessary) to continue to extend the revolving period and term out period of our credit facility, our ability to maintain the existing borrowing base under our credit facility, our ability (if necessary) to replace our syndicated bank facility and our ability (if necessary) to finance the repayment of our senior notes and our wholly-owned subsidiaries limited-recourse loan on maturity; and our ability to add production and reserves through our development and exploitation activities.

    Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements contained herein will not be correct, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the possibility that we change our 2022 budget in response to internal and external factors, including those described herein; the possibility that the Company will not be able to continue to successfully execute our business plans and strategies in part or in full, and the possibility that some or all of the benefits that the Company anticipates will accrue to our Company and our stakeholders as a result of the successful execution of such plans and strategies do not materialize; the possibility that the Company ceases to qualify for, or does not qualify for, one or more existing or new government assistance programs implemented in connection with the COVID-19 pandemic and other regional and/or global health related events or otherwise, that the impact of such programs falls below our expectations, that the benefits under one or more of such programs is decreased, or that one or more of such programs is discontinued; the impact on energy demand and commodity prices of regional and/or global health related events, including the ongoing COVID-19 pandemic, and the responses of governments and the public to the pandemic, including the risk that the amount of energy demand destruction and/or the length of the decreased demand exceeds our expectations; the risk that the significant decrease in the valuation of oil and natural gas companies and their securities and the decrease in confidence in the oil and natural gas industry generally that has been caused by the COVID-19 pandemic persists or worsens; the risk that the COVID-19 pandemic adversely affects the financial capacity of the Company’s contractual counterparties and potentially their ability to perform their contractual obligations; the possibility that the revolving period and/or term out period of our credit facility and the maturity date of our senior notes is not further extended (if necessary), that the borrowing base under our credit facility is reduced, that the Company is unable to renew or refinance our credit facilities on acceptable terms or at all and/or finance the repayment of our senior notes and limited recourse debt in connection with the Peace River Oil Partnership acquisition when they mature on acceptable terms or at all and/or obtain debt and/or equity financing to replace one or all of our credit facilities, limited recourse debt and senior notes; the possibility that we breach one or more of the financial covenants pursuant to our agreements with our lenders and the holders of our senior notes; the possibility that we are forced to shut-in production, whether due to commodity prices or changes to existing government curtailment programs or the imposition of new programs; the risk that OPEC and other nations fail to agree on and/or adhere to production quotas from time to time that are sufficient to balance supply and demand fundamentals for crude oil; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; industry conditions, including fluctuations in the price of crude oil, natural gas liquids and natural gas, price differentials for crude oil and natural gas produced in Canada as compared to other markets, and transportation restrictions, including pipeline and railway capacity constraints; fluctuations in foreign exchange or interest rates; unanticipated operating events or environmental events that can reduce production or cause production to be shut-in or delayed (including extreme cold during winter months, wild fires and flooding); the possibility that fuel conservation measures, alternative fuel requirements, increasing consumer demand for alternatives to hydrocarbons and technological advances in fuel economy and renewable energy generation systems could permanently reduce the demand for oil and natural gas and/or permanently impair the Company’s ability to obtain financing on acceptable terms or at all, and the possibility that some or all of these risks are heightened as a result of the response of governments and consumers to the ongoing COVID-19 pandemic. Additional information on these and other factors that could affect Obsidian Energy, or its operations or financial results, are included in the Company’s Annual Information Form (See ‘Risk Factors’ and ‘Forward-Looking Statements’ therein) which may be accessed through the SEDAR website ( ), EDGAR website ( ) or Obsidian Energy’s website. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

    Unless otherwise specified, the forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

    Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American in the United States under the symbol ‘OBE’.

    All figures are in Canadian dollars unless otherwise stated.

    CONTACT

    OBSIDIAN ENERGY
    Suite 200, 207 – 9th Avenue SW, Calgary, Alberta T2P 1K3
    Phone: 403-777-2500
    Toll Free: 1-866-693-2707
    Website: ;

    Investor Relations:
    Toll Free: 1-888-770-2633
    E-mail:



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