Author: GlobeNewswire

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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

TORONTO, April 24, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) announces that it has closed its previously announced public offering (the “Offering”) conducted by Eight Capital, as lead agent and sole bookrunner, and Echelon Wealth Partners Inc. (together with Eight Capital, the “Agents”).

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Pursuant to the Offering, the Company issued 14,057,500 units (the “Units”) at a price of $0.51 per Unit for aggregate gross proceeds of $7,169,325, which includes the partial exercise of the over-allotment option granted to the Agents. Each Unit consists of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one Common Share until April 24, 2027 at an exercise price of $0.64, subject to adjustment in certain events.

In connection with the Offering, the Agents received an aggregate cash fee of $500,799.60 and 981,960 common share purchase warrants (each, an “Agents’ Warrant”). Each Agents’ Warrant is exercisable into one Common Share at an exercise price of $0.51 until April 24, 2026.

Concurrent Private Placement

Concurrent with closing of the Offering, the Company has also completed the issue and sale of 2,696,228 Units (the “PP Units”), on a private placement basis, to MSG Sports Ventures, LLC (“MSG Sports”), a wholly-owned subsidiary of Madison Square Garden Sports Corp. (NYSE: MSGS), for total gross proceeds of $1,375,076.28 (the “Concurrent Private Placement”).

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All securities issued and made issuable under the Concurrent Private Placement are subject to Canadian hold period and may not be traded until August 25, 2024, except as permitted by applicable securities legislation and the rules and policies of the Toronto Stock Exchange, in addition to applicable U.S. resale restrictions. No finder’s fees or commissions were paid in connection with the Concurrent Private Placement.

The Concurrent Private Placement with MSG Sports constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Concurrent Private Placement by MSG Sports does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of the Concurrent Private Placement as the details of the Concurrent Private Placement and the participation therein by MSG Sports were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.

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Xtract One intends to use the proceeds of the Offering and the Concurrent Private Placement for working capital and general corporate purposes.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable state securities laws.

About Xtract One

Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One’s innovative Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based software allows venue and building operators to identify weapons and other threats inside and outside of facilities and receive valuable intelligence for optimizing operations. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.

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For further information, please contact:

Xtract One Inquiries: info@xtractone.com, www.xtractone.com

Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 347-394-8807

Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding the intended use of proceeds from the Offering and Concurrent Private Placement, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the Company’s limited operating history and lack of historical profits; risks related to the Company’s business and financial position; fluctuations in the market price of the Company’s Common Shares; that the Company may not be able to accurately predict its rate of growth and profitability; the failure of the Company to use any of the proceeds received from the Offering or the Concurrent Private Placement in a manner consistent with current expectations; reliance on management; the Company’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, clients and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no intention to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason, except as required by law.

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All dollar amounts shown in United States dollars, unless otherwise indicated.

VANCOUVER, British Columbia, April 23, 2024 (GLOBE NEWSWIRE) — Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) is pleased to announce that it has entered into a binding share purchase agreement (the “SPA”) with certain funds managed by Orion Mine Finance Management LP (“Orion”) to acquire Orion’s 40% interest in Greenstone Gold Mine GP Inc., giving Equinox Gold 100% ownership of the Greenstone Mine (“Greenstone”) in Ontario, Canada (the “Transaction”).

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Under the terms of the SPA, Equinox Gold will pay $995 million to acquire Orion’s 40% interest in Greenstone, payable as follows:

• 42.0 million common shares of Equinox Gold valued at $250 million;
• $705 million in cash payable on closing; and
• $40 million in cash payable by December 31, 2024.

Equinox Gold will fund the cash consideration with net proceeds from both a new $500 million three-year term loan and a bought deal equity financing of common shares of Equinox Gold for approximately $260 million.

Anticipated Benefits to Equinox Gold Shareholders

• Rare opportunity to consolidate a world-class gold mine – Consolidates 100% ownership of Greenstone, one of the largest and highest-grade open pit gold mines in Canada, a top mining jurisdiction, at the beginning of its expected 14+ year mine life and into a historically strong gold price environment.
• Increases production and is significantly accretive to near-term EBITDA and cash flow – Increases the Company’s annual gold production by an expected 160,000 low-cost ounces per year with significant near-term EBITDA and cash flow per share accretion. Consolidated Greenstone will be Equinox Gold’s largest mine, producing an expected average of 400,000 ounces of gold per year over the first five years, and is expected to be one of the world’s lowest-cost open-pit gold mines, with cash costs in the industry’s lower quartile.

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• Delivers substantial growth and exploration potential – Consolidates the Greenstone underground deposit, a key expansion opportunity at Greenstone, as well as multiple gold deposits in a highly prospective land package over a 100-km trend to the west of Greenstone, enhancing the Company’s long-term growth profile with both expansion and exploration potential.

Ross Beaty, Chairman of Equinox Gold, stated: “When we acquired our 60% interest in Greenstone in 2021, our goal was to ultimately own the whole mine. Consolidating 100% of Greenstone into Equinox Gold delivers our shareholders full exposure to a mine of outstanding scale and quality, in one of the best mining jurisdictions in the world, while meaningfully growing our expected production, cash flow and reserves.”

Greg Smith, President and CEO of Equinox Gold, commented: “Opportunities to own gold mines like Greenstone are incredibly rare in our industry, and the Greenstone Mine will now be the foundation for long-term value creation in our company. I also welcome Orion as a shareholder of Equinox Gold and thank them for being a great partner over the last few years, as together with the Greenstone team we have executed a very successful mine build. Greenstone is well into hot commissioning, with first gold in sight. Now, as full owners, we remain focused on advancing Greenstone to commercial production and look forward to surfacing its full potential.”

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Istvan Zollei, Managing Partner of Orion, stated: “Orion has been an investor in the Greenstone gold project since 2016, and collaborative joint venture partners with Equinox Gold since 2021. We’ve been very pleased to see the crucial construction and operational milestones being delivered by the team and look forward to seeing the mine achieve its full potential. Our partnership with Equinox Gold has been outstanding and synergistic, and we look forward to our ongoing cooperation with the Equinox Gold team as a supportive shareholder.”

Transaction Funding

A syndicate of banks comprising The Bank of Nova Scotia, Bank of Montreal, ING Capital LLC and National Bank of Canada have provided underwritten commitments for a term loan of $500 million to be used to partially fund the cash consideration pursuant to the SPA (the “Term Loan”). The Term Loan will have a three-year term with no principal payments during the first two years. Commencing two years after the closing date, the Term Loan will be repaid in quarterly installments equal to 10% of the then outstanding principal amount of the Term Loan, with the remaining principal amount to be repaid at maturity. Interest, covenants and other terms are substantially consistent with the Company’s existing revolving credit facility. The Term Loan is expected to be completed in connection with closing of the Transaction. 

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In addition, Equinox Gold has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, National Bank Financial Inc. and Scotiabank as joint book-runners (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 49,060,000 common shares of Equinox Gold (the “Common Shares”) at a price of $5.30 per Common Share (the “Offering Price”), for aggregate gross proceeds of approximately $260 million (the “Offering”).

The Company has granted the Underwriters an over-allotment option, exercisable in whole or in part at any time at the Offering Price up to 30 days after closing of the Offering, to purchase up to an additional 15% of the number of Common Shares issued pursuant to the Offering. 

The Company intends to use the net proceeds of the Offering to fund a portion of the cash consideration pursuant to the SPA due at closing of the Transaction with any excess net proceeds used for general working capital and corporate purposes, including repayment of certain indebtedness.

Closing of the Offering is expected to occur on or about April 26, 2024, subject to customary closing conditions, including the receipt of all necessary approvals of the Toronto Stock Exchange (the “TSX”) and the NYSE American in accordance with their applicable listing requirements.

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The Offering will be made in each of the provinces and territories of Canada, other than Quebec, by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated November 21, 2022 (the “Base Shelf Prospectus”). The Company has filed a registration statement on Form F-10 (the “Registration Statement”) (including the Base Shelf Prospectus) and the Prospectus Supplement with the U.S. Securities and Exchange Commission (the “SEC”) in accordance with the multi-jurisdictional disclosure system established between Canada and the United States for the Offering. The Offering may also be made on a private placement basis in other international jurisdictions in reliance on applicable private placement exemptions. Before investing, prospective investors should read the Base Shelf Prospectus, the Prospectus Supplement, when available, the documents incorporated by reference therein, the Registration Statement containing such documents and other documents the Company has filed with the SEC for more complete information about the Company and the Offering.

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When available, these documents may be accessed for free on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on the SEC’s Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”) at www.sec.gov. Alternatively, copies of these documents, when available, may be obtained upon request by contacting BMO Nesbitt Burns Inc. by mail at Brampton Distribution Centre c/o The Data Group of Companies, 9195 Torbram Road, Brampton, ON, L6S 6H2, by telephone at 905-791-3151 Ext 4312, or by email at torbramwarehouse@datagroup.ca, and in the United States by contacting BMO Capital Markets Corp. by mail at 151 W 42nd Street, 32nd Floor, New York, NY 10036, Attn: Equity Syndicate Department, by telephone at 1-800-414-3627, or by email at bmoprospectus@bmo.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

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Additional Transaction Details

Completion of the Transaction is expected to occur in Q2 2024 and is subject to customary closing conditions and receipt of certain regulatory and other approvals. The Transaction does not require shareholder approval.

Pursuant to and in compliance with U.S. securities laws, the Company is restricted from marketing activities related to the Transaction prior to closing of the Offering.

Advisors and Counsel

GenCap Mining Advisory Ltd. is acting as financial and debt advisor and Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to Equinox Gold.

RBC Capital Markets is acting as financial advisor and Torys LLP is serving as legal counsel to Orion.

Equinox Gold Contacts

Greg Smith, President & CEO
Rhylin Bailie, Vice President, Investor Relations
Tel: +1 604-558-0560
Email: ir@equinoxgold.com

About Equinox Gold

Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines, commissioning underway at a new mine, and a plan to achieve more than one million ounces of annual gold production by advancing a pipeline of expansion projects. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX.

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Cautionary Notes

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements and forward-looking information in this news release relate to, among other things: the Company’s ability to successfully complete the Transaction and the timing thereof, including receipt of all required regulatory approvals and financing; the proposed benefits of the Transaction to the Company’s business, financial condition, cash flows and results of operations and to its shareholders being attained, including with respect to life of mine, production, cash flow, EBITDA and cash costs estimates, and with respect to exploration and growth opportunities; the completion of the Offering, including the receipt of TSX and NYSE American; approval; the intended use of net proceeds from the Offering; the completion and closing of the Term Loan; the use of funds available pursuant to the Term Loan; the anticipated costs of the Transaction; the Company’s expectations for the operation of Greenstone, including production capabilities and future financial or operating performance; the strategic vision for the Company and expectations regarding exploration potential, production capabilities and future financial or operating performance; and the Company’s ability to successfully advance its growth and development projects. Forward-looking statements or information generally identified by the use of the words “will”, “advance”, “plan”, “expect”, “achieve”, “on track”, “on schedule”, “target”, “continue”, and similar expressions and phrases or statements that certain actions, events or results “could”, “would” or “should”, or the negative connotation of such terms, are intended to identify forward-looking statements and information. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements as the Company can give no assurance that such expectations will prove to be correct. The Company has based these forward-looking statements and information on the Company’s current expectations and projections about future events and these assumptions include, but are not limited to: commissioning at Greenstone being completed and performed in accordance with current expectations, including estimated capital costs remaining as expected; availability of funds for the Company’s projects and future cash requirements; Greenstone Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; Equinox Gold’s ability to achieve the production, cost and development expectations for its respective operations and projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; no labour-related disruptions and no unplanned delays or interruptions in scheduled commissioning, construction, development and production, including by blockade; the expansion projects at Los Filos, Castle Mountain and Aurizona being completed and performed in accordance with current expectations; tonnage of ore to be mined and processed; ore grades and recoveries remaining consistent with mine plans; all necessary permits, licenses and regulatory approvals are received in a timely manner; successful relationships between the Company and its joint venture partner and between the Company and its Indigenous partners at Greenstone; and the Company’s ability to comply with environmental, health and safety laws. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.

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The Company cautions that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements and information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental risks, geotechnical failures, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and Indigenous partners; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mining; increased competition in the mining industry; and those factors identified in the section titled “Risks and Uncertainties” in Equinox Gold’s Management’s Discussion & Analysis dated February 21, 2024 for the year ended December 31, 2023, and in the section titled “Risks Related to the Business” in Equinox Gold’s most recently filed Annual Information Form, both of which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements and information are designed to help readers understand management’s views with respect to future events and speak only as of the date they are made. Except as required by applicable law, Equinox Gold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement or information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements and information. If Equinox Gold updates any one or more forward-looking statements, no inference should be drawn that Equinox Gold will make additional updates with respect to those or other forward-looking statements. All forward-looking statements and information contained in this news release are expressly qualified in their entirety by this cautionary statement.

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CALGARY, Alberta, April 22, 2024 (GLOBE NEWSWIRE) — DIRTT Environmental Solutions Ltd. (“DIRTT” or the “Company”) (TSX: DRT; OTC: DRTTF), a global leader in industrialized construction, today provided an update outlining its continuing journey to excellence with its new executive leadership team and board of directors (the “Board”) in an investor presentation that is available on DIRTT’s website.

Highlights of the investor presentation include:

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• DIRTT shareholders elected a new Board in April 2022 and a new executive leadership team was appointed.
• Gross Profit Margin improved by 1,680 basis points from 2021 to 2023 after contracting by 2,310 basis points from 2018 to 2021.
• Net cash flows provided by operations were $14.8 million in 2023 after two years of negative net cash flows.
• A refocused commercial strategy has accelerated pipeline growth and improved revenue forecasting accuracy.
• New operational programs have enhanced inventory management, reduced external deficiencies, and improved lead times.
• Cost discipline remains a significant focus of the Board and executive leadership team, including appropriately right-sizing costs to anticipated revenue levels.

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DIRTT also announced today that it will release its first quarter 2024 financial results on Wednesday, May 8, 2024, after markets close.

A conference call and webcast for the investment community is scheduled for Thursday, May 9, 2024 at 08:00 a.m. MDT (10:00 a.m. EDT). The call and webcast will be hosted by Benjamin Urban, chief executive officer, and Fareeha Khan, chief financial officer.

The call is being webcast live on the Company’s website at dirtt.com. Alternatively, click here to listen to the live webcast. The webcast is listen-only.

A webcast replay of the call will be available through the Company’s website at dirtt.com/investors.

About DIRTT Environmental Solutions

DIRTT is a leader in industrialized construction. DIRTT’s system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT’s interior construction solutions are designed to be highly flexible and adaptable, enabling organizations to easily reconfigure their spaces as their needs evolve. Headquartered in Calgary, AB Canada, DIRTT trades on the Toronto Stock Exchange under the symbol “DRT”.

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FOR FURTHER INFORMATION PLEASE CONTACT

DIRTT Investor Relations at ir@dirtt.com 

FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are “forward-looking statements” within the meaning of “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 and “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact included in this news release are forward-looking statements. When used in this news release, the words “may,” “will,” “remain,” “would,” “could,” “can,” the negatives thereof, variations thereon and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular and without limitation, this news release contains forward-looking statements pertaining to DIRTT’s continuing journey to excellence, the cost management, right-sizing costs to expected revenue levels, and expanding EBITDA margins.

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Forward-looking statements are based on certain estimates, beliefs, expectations, and assumptions made in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that may be appropriate. Forward-looking statements necessarily involve unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed or implied by such statements. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, you should not place undue reliance on forward-looking statements. Factors that could have a material adverse effect on our business, financial condition, results of operations and growth prospects include, but are not limited to, risks described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC and applicable securities commissions or similar regulatory authorities in Canada on February 21, 2024. Our past results of operations are not necessarily indicative of our future results. You should not place undue reliance on any forward-looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. We undertake no obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under applicable securities laws. We qualify all of our forward-looking statements by these cautionary statements.

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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

TORONTO, April 22, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) is pleased to announce that it has increased the size of its previously announced public offering (the “Offering”). The Offering is being conducted by Eight Capital, as lead agent and sole bookrunner, and Echelon Wealth Partners Inc. (together with Eight Capital, the “Agents”) pursuant to which the Agents have agreed to conduct the Offering on a commercially reasonable best efforts basis.

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Pursuant to the Offering, the Company intends to issue up to 14,000,000 units (each, a “Unit”) at a price of $0.51 per Unit for gross proceeds of up to $7.14 million. Each Unit will consist of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant will be exercisable into one Common Share (each, a “Warrant Share”) for a period of 36 months from the closing of the Offering at an exercise price of $0.64, subject to adjustment in certain events. The Offering is expected to close on or about April 24, 2024 (the “Closing Date”) and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange (the “TSX”) and the applicable securities regulatory authorities.

The Company has granted the Agents an option (the “Over-Allotment Option”) to increase the size of the Offering by up to 15%, exercisable in whole or in part at any time, at the sole discretion of the Agents, to acquire either (i) additional Units, (ii) additional Shares or (iii) additional Warrants, or a combination thereof, for a period of 30 days from and including the Closing Date (as defined herein).

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The Units will be offered by way of a prospectus supplement to the Company’s short form base shelf prospectus dated February 6, 2024 (together, the “Prospectus”) to be filed in all provinces and territories of Canada, except Québec.

In connection with the Offering, the Company has agreed: (i) to pay to the Agents a cash commission equal to 7.0% of the aggregate gross proceeds of the Offering (including any gross proceeds raised on exercise of the Over-Allotment Option), other than in respect of gross proceeds raised from purchasers on the Company’s president’s list, for which the Agents will receive a cash commission equal to 3.5%; and (ii) to issue to the Agents an aggregate number of agents’ warrants (the “Agents’ Warrants”) equal to 7.0% of the aggregate number of Units issued pursuant to the Offering (including any Units issued on exercise of the Over-Allotment Option), other than in respect of Units sold to purchasers on the Company’s president’s list, for which the Agents will receive Agents’ Warrants equal to 3.5%. Each Agents’ Warrant will be exercisable into one Common Share (an “Agents’ Warrant Share”) at an exercise price of $0.51 for a period of 24 months from the Closing Date.

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The Company will apply to list the Common Shares, Warrant Shares, Agents’ Warrant Shares and Warrants issuable pursuant to the Offering on the TSX. Copies of the Prospectus, following filing thereof, can be obtained on the Company’s SEDAR+ profile at www.sedarplus.ca and from the Agents by contacting ecm@viiicapital.com. The Prospectus contains important detailed information about the Company and the proposed Offering. Prospective investors should read the Prospectus and the other documents the Company has filed on SEDAR+ before making an investment decision.

Concurrent Private Placement

In addition to and concurrent with the Offering, the Company has agreed to issue and sell Units (the “PP Units”), on a private placement basis (the “Concurrent Private Placement”), to MSG Sports Ventures, LLC (“MSG Sports”), a wholly-owned subsidiary of Madison Square Garden Sports Corp. (NYSE: MSGS), in order to permit MSG Sports to maintain its pro rata interest in the outstanding securities of the Company. The final number of PP Units to be sold and amount of proceeds to be raised under the Concurrent Private Placement will be equal to approximately 19.18% of the Units sold under the Offering as well as additional Units and/or Shares (if any) pursuant to the Over-Allotment Option, if any. No finder’s fees or commissions will be paid in connection with the Concurrent Private Placement.

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Closing of the Concurrent Private Placement is expected to occur concurrently with the closing of the Offering and is subject to certain conditions including, but not limited to, the concurrent completion of the Offering and the receipt of all necessary regulatory approvals, including the approval of the TSX. Closing of the Offering is not conditional on the closing of the Concurrent Private Placement.

Xtract One intends to use the proceeds of the Offering and the Concurrent Private Placement for working capital and general corporate purposes.

No securities regulatory authority has either approved or disapproved of the contents of
this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable state securities laws.

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About Xtract One

Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive threat detection systems that enable venue building operators to prioritize and deliver improved patron experiences while providing unprecedented safety. Xtract One’s innovative Gateway product enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic. Its AI-based software allows venue and building operators to identify weapons and other threats inside and outside of facilities and receive valuable intelligence for optimizing operations. For more information, visit www.xtractone.com or connect on Facebook, Twitter, and LinkedIn.

For further information, please contact:

Xtract One Inquiries: info@xtractone.com, www.xtractone.com

Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 347-394-8807

Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385

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FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding the anticipated Closing Date, intended use of proceeds from the Offering and Concurrent Private Placement, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the Company’s limited operating history and lack of historical profits; risks related to the Company’s business and financial position; fluctuations in the market price of the Company’s Common Shares; that the Company may not be able to accurately predict its rate of growth and profitability; the failure of the Company and/or the Agents to satisfy closing conditions to the Offering; whether the Over-Allotment Option will be exercised; whether the Concurrent Private Placement will be completed; the failure of the Company to satisfy certain TSX listing requirements; the failure of the Company to use any of the proceeds received from the Offering or the Concurrent Private Placement in a manner consistent with current expectations; reliance on management; the Company’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, clients and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no intention to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason, except as required by law.

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CALGARY, Alberta, April 22, 2024 (GLOBE NEWSWIRE) — XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANUA WKN: A3UNZ), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce a research paper titled “Raising serum uric acid with a uricase inhibitor worsens PKD in rat and mouse models” has been accepted for publication in the peer-reviewed American Journal of Physiology-Renal Physiology and published online April 19, 2024.

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This study reports health consequences associated with increasing serum uric acid (“SUA”) in mice or rat models of Autosomal Dominant Polycystic Kidney Disease (“ADPKD”), specifically the effects of increasing SUA on cyst growth and kidney size. Cyst genesis and cyst growth (together “cyst index”) and their rates of change are important indicators of disease progression and are correlated with declining filtering capacity and end stage renal disease (“ESRD”). This study shows, for the first time, that chronically increased SUA can significantly increase cyst index and increase kidney size in ADPKD.

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According to the study’s findings, saturating concentrations of SUA contributing to “crystal injury” were not necessary to negatively alter both structure and function of the ADPKD kidney. Moderately high SUA concentrations were also found to be associated with an increased inflammatory state (cytokine profile) in both serum and kidney tissue. Independent of the modifying effects of chronically increased SUA, a fundamental new discovery from this study was that over expression of xanthine oxidase (“XO”) in kidney tissue was present, suggesting aberrant purine metabolism may be present in ADPKD and suggesting a possible role of XO in disease progression.

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When considered together, SUA above the normal range and overexpression of XO, especially in the location of cysts, in an ADPKD kidney represents a strong impetus for the use of XO inhibition to attenuate this newly described mechanism of injury. Inhibition of XO using XORLO^™, XORTX’s proprietary formulation of oxypurinol, substantially lowered uric acid concentrations, attenuated the effects of chronically increased SUA on cyst index and kidney size in the RC/RC mouse model of ADPKD in this study.

Dr. Allen Davidoff, CEO of XORTX, stated, “We are pleased to have supported this pioneering research in polycystic kidney disease by Dr. Charles Edelstein of the University of Colorado. Identifying for the first time that increased serum uric acid and possibly overexpression of xanthine oxidase in the ADPKD kidney can accelerate disease progression has substantial implications. This study provides important novel insight into one modifying factor that has the potential to accelerate ADPKD progression. In human ADPKD, kidney size and declining kidney filtering capacity are correlated and are key indicators of disease progression and prognosis. Identifying any modifiable factor that explains variable outcomes in individuals with ADPKD is a seminal step forward in our understanding of this disease. XORLO^TM was shown to attenuate this effect. In concept, XORLO^TM should be capable of attenuating both of these modifiable factors. These mechanistic studies are important for the planning of future clinical studies of xanthine oxidase inhibition in patients with ADPKD.”

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About ADPKD

ADPKD is a rare disease that affects more that 10 million individuals worldwide.^1,2 ADPKD is typically diagnosed based upon expansion of fluid-filled cysts in the kidneys. Over time, the increasing number and size of cysts can contribute to structural and functional changes to kidneys and is frequently accompanied by chronic pain which is a common problem for patients with ADPKD.³ Expansion of cysts is thought to compress healthy functioning tissue surrounding the cysts and contribute to further loss of kidney function, fibrosis, impaired nutrient exchange and impaired kidney function, accompanied later by end-stage renal disease.¹ For individuals with progressing ADPKD, treatment recommendations include anti-hypertensive treatment, dietary restrictions, and, for a limited percentage of suitable patients, pharmacotherapy.⁴ New, more broadly applicable therapies to effectively slow decline of kidney function in ADPKD are needed.

References:

1. Wiley C., Kamat S., Stelhorn R., Blais J., Analysis of nationwide date to determine the incidence and diagnosis of autosomal dominant polycystic kidney disease in the USA, Kidney Disease, 5(2): 107-117, 2019
2. Bergmann C., Guay-Woodford L.M., Harris P.C., Horie S., Peters D.J., Torres V.E., Polycystic Kidney Disease, Nat Rev Dis Primers. 4(1): 50, 2018
3. https://pkdcure.org/living-with-pkd/chronic-pain-management/
4. Gimpel C., Bermann C., Bockenhauer D., et al., International consensus statement of the diagnosis and management of autosomal dominant polycystic kidney disease in children and young people, Nat Rev Nephrol 15(11):713-726, 2019

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Communications and Social Media Engagements

Further to the Company’s press release of April 8, 2024, XORTX continues its participation in important healthcare and investor conferences, including most recently the Noble Capital Markets Emerging Growth Virtual Healthcare Equity Conference and the CEM Scottsdale Capital Event. Additional information on how to listen to webcast presentations, where available, will be provided at a later date. The Company is also augmenting investor awareness through the engagement of marketing and communication consultants, including:

• LFG Equities has been engaged to provide marketing consulting and market communications services, for a fee of US$50,000 for a one-month period. The LFG Equities engagement can be extended by mutual consent and can be terminated by XORTX upon 10 days’ notice.

• IRPUB has been engaged to provide a XORTX awareness campaign for a fee of US$40,000 for a term of four months. The IRPUB engagement can be extended by mutual consent and can be terminated by XORTX at that time.

• FeMax Publishing and Consulting Ltd. has been engaged to analyze and assess European communications and investor contact outreach in Europe. The term of the contract is for 12 months with the assessment services at a monthly fee of €3,500 and the European Awareness campaign at a monthly fee of €8,500. The FeMax Publishing and Consulting engagement can be extended by mutual consent.

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About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with two clinically advanced products in development: 1) our lead, XRx-008 program for ADPKD is in preparation to conduct a single registration trial – XRX-OXY-201, that is eligible for accelerated approval; and 2) our secondary program in XRx-101 for acute kidney and other acute organ injury associated with Coronavirus / COVID-19 infection. In addition, XRx-225 is a pre-clinical stage program for Type 2 Diabetic Nephropathy. XORTX is working to advance its clinical development stage products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX, we are dedicated to developing medications to improve the quality of life and future health of patients. Additional information on XORTX is available at www.xortx.com.

For more information, please contact:

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Neither the TSX Venture Exchange nor Nasdaq has approved or disapproved the contents of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward Looking Statements

This press release contains express or implied forward-looking statements pursuant to applicable securities laws. These forward-looking statements and their implications are based on the current expectations of the management of XORTX only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by applicable law and stock exchange rules, XORTX undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting XORTX is contained under the heading “Risk Factors” in XORTX’s Annual Report on Form 20-F filed with the SEC, which is available on the SEC’s website, www.sec.gov (including any documents forming a part thereof or incorporated by reference therein), as well as in our reports, public disclosure documents and other filings with the securities commissions and other regulatory bodies in Canada, which are available on www.sedarplus.ca.

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ENDEAVOUR ANNOUNCES INDEPENDENT NON-EXECUTIVE

DIRECTOR NOMINATION

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London, 22 April 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour” or the “Company”) is pleased to announce that the Board has nominated John Munro as an Independent Non-Executive Director of the Company. His appointment will be voted on by shareholders at the Annual General Meeting (“AGM”) to be held on 30 May 2024. If elected at the AGM, John Munro will chair the Technical, Health and Safety Committee of the Board and join the Remuneration Committee.

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Srinivasan Venkatakrishnan, Chair of the Board, said: “I am delighted to welcome John Munro to the Endeavour Board. He brings considerable mining, operational and project development experience in Africa, as well as strategy and mining finance expertise globally. We look forward to welcoming him as a valuable addition to the Board, where he will continue to help Endeavour reinforce its operational excellence, as the business continues to grow.”

Tertius Zongo, an Independent Non-Executive Director has notified the Board that he will not seek re-election as a Director of the Company at the forthcoming AGM, in order to focus on his personal interests. He has been an important member of the Semafo and Endeavour Boards for the past 12 years. He will continue to assist the Company as a consultant on West African matters.

Srinivasan Venkatakrishnan, Chair of the Board, said: “On behalf of the Board, I would like to thank Tertius for his significant contribution to the business over the years and we wish him well and every success for the future. I am pleased that we can continue to benefit from his wisdom and experience in his new role.”

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John Munro brings over 30 years of experience in mining, having held a number of senior executive roles in the industry, leading mining operations and businesses in Africa and around the world, in a range of commodities. He holds a BSc Chemical Engineering from the University of Cape Town and a postgraduate Advanced Management Programme qualification from Harvard Business School.

There is no additional information requiring disclosure under LR 9.6.13 of the Listing Rules of the Financial Conduct Authority in relation to the appointment of John Munro.

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

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A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is admitted to listing and to trading on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

ABOUT JOHN MUNRO

John Munro has over 30 years’ experience in the international mining industry, with the last 20 years in senior executive roles, leading mining operations and businesses in Africa and around the world, in a range of commodities. In the early 2000s John was an executive of Gold Fields Limited, variously leading that company’s international operations, project development and strategy. In 2008 he was appointed CEO of Rand Uranium, a uranium and gold start up. Thereafter, John moved to London working initially in First Reserve Corporation’s mining acquisitions team before joining Cupric Canyon Capital in 2014. John held various executive roles at Cupric, including 2 years as CEO, leading the financing and development of that company, culminating in the sale to MMG Limited in 2024.

John was previously a non-executive director of Nordgold SE and is currently a non-executive director of Manuli Hydraulics, a private company.

Attachment

• 240422_EDV_Director Nomination

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WINNIPEG, Manitoba, April 17, 2024 (GLOBE NEWSWIRE) — (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI” or the “Company”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today announced it intends to release its first quarter 2024 financial results on Thursday, May 2, 2024 after market close, with a conference call and webcast to discuss the results on Friday, May 3, 2024, at 8:30 a.m. (Eastern Time, ET).

For attendees who wish to join by webcast, registration is not required; the event can be accessed at https://edge.media-server.com/mmc/p/zeudch8z. NFI encourages attendees to join via webcast as a results presentation will be presented and users can also submit questions to management through the platform. The results presentation will be available at www.nfigroup.com.

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Attendees who wish to join by phone must visit the following link and pre-register: https://register.vevent.com/register/BIfefc68e9b4b34db4ab3ec8162bfac924. An email will be sent to the user’s registered email address, which will provide the call-in details. Due to the possibility of emails being held up in spam filters, we highly recommend that attendees wishing to join via phone register ahead of time to ensure receipt of their access details.

A replay of the call will be accessible from about 12:00 p.m. ET on May 3, 2024, until 11:59 p.m. ET on May 2, 2025, at https://edge.media-server.com/mmc/p/zeudch8z. The replay will also be available on NFI’s website at: www.nfigroup.com.

Annual Meeting of Shareholders

NFI’s Annual Meeting of Shareholders (the “Shareholders’ Meeting”) will be held virtually on Friday, May 3, 2024, at 11:00 a.m. ET.

The materials for the Shareholders’ Meeting and voting instructions will be sent to shareholders in advance of the meeting. Details on how to join the meeting, along with other relevant documents, including the Management Information Circular, have been posted on NFI’s website at: https://www.nfigroup.com/events-and-presentation/annual-general-meeting.

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About NFI

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI meets today’s urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation.

With over 8,500 team members in ten countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer^® (heavy-duty transit buses), MCI^® (motor coaches), Alexander Dennis Limited (single- and double-deck buses), Plaxton (motor coaches), ARBOC^® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 100,000 buses and coaches around the world. NFI’s common shares trade on the Toronto Stock Exchange (“TSX”) under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, nfi.parts, www.alexander-dennis.com, arbocsv.com, and carfaircomposites.com.

For inquiries, please contact:
Stephen King
P: 204.792.1300
Stephen.King@nfigroup.com

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VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) — Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN; NYSE American: WRN) is pleased to announce that it has entered into an amended agreement with Eight Capital, on behalf of a syndicate of underwriters (the “Underwriters”) under which the Underwriters have agreed to buy from the Company, on a bought deal basis, 21,055,000 common shares of the Company (the “Common Shares”) at a price of $1.90 per Common Share for gross proceeds of $40,004,500 (the “Offering”). The Company has granted the Underwriters an over-allotment option to purchase up to an additional 3,158,250 Common Shares, representing 15% of the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time up to 30 days after the closing of the Offering.

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The net proceeds from the sale of the Common Shares are expected to be used to advance permitting and engineering activity at the Company’s Casino Project in the Yukon and for general corporate and working capital purposes.

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The Offering will be made by way of a short form prospectus (together with any amendments thereto, the “Prospectus”) filed in all of the provinces of Canada, except Québec, and in the United States pursuant to a prospectus filed as part of a registration statement on Form F-10 (together with any amendments thereto, the “Registration Statement”) under the Canada/U.S. multi-jurisdictional disclosure system. The Prospectus and the Registration Statement are subject to completion and amendment. Such documents contain important information about the Offering. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

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The Registration Statement relating to the Common Shares has been filed with the United States Securities and Exchange Commission but has not yet become effective. The Common Shares to be sold pursuant to the Offering described in this news release may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. Before readers invest, they should read the Prospectus in the Registration Statement and other documents the Company has filed with Canadian regulatory authorities and the United States Securities and Exchange Commission for more complete information about the Company and the Offering. The Prospectus is available on SEDAR+ at www.sedarplus.ca. The Registration Statement is available on EDGAR at www.sec.gov. Alternatively, the Prospectus and the Registration Statement may be obtained, for free upon request, from Enoch Lee at 100 Adelaide Street West, Suite 2900, Toronto, Ontario, Canada M4H 1S3.

The Offering is expected to close on or about April 30, 2024 and is subject to the Company receiving all necessary regulatory approvals, including that of the Toronto Stock Exchange and the NYSE American LLC.

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ABOUT WESTERN COPPER AND GOLD CORPORATION

Western Copper and Gold Corporation is developing the Casino Project, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com.

On behalf of the board,

“Sandeep Singh”

Sandeep Singh
Chief Executive Officer
Western Copper and Gold Corporation

info@westerncopperandgold.com

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements concerning the use of proceeds from the Offering, the necessary regulatory approvals required for the Offering being received and the expected closing date of the Offering. Statements that are not historical fact are “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” as that term is defined in National Instrument 51-102 (“NI 51-102”) of the Canadian Securities Administrators (collectively, “forward-looking statements”). Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. The material factors or assumptions used to develop forward-looking statements include, but are not limited to, the assumptions that all regulatory approvals of the Offering will be obtained in a timely manner; all conditions precedent to completion of the Offering will be satisfied in a timely manner; and that market or business conditions will not change in a materially adverse manner.

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Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties related to raising sufficient capital in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Western’s AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

Western’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

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MONTREAL, April 16, 2024 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce preliminary metallurgical and grindability testwork results from the Gaspé Copper Project located near Murdochville in the Gaspé peninsula in Québec. Testwork was performed on eighteen composite samples of mineralized drill core from selected intersections of the 2023 drill program at Copper Mountain, and employed a conventional copper-molybdenum flotation flowsheet and reagents.

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Highlights

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• Copper recoveries averaged 91.9% from nineteen bulk Cu-Mo locked-cycle flotation tests (including one composite sample) and averaged 94.2% from three locked-cycle Cu-Mo separation tests.
• Copper concentrate grades averaged 24.1% Cu from nineteen bulk Cu-Mo locked-cycle flotation tests and averaged 28.0% Cu from three locked-cycle Cu-Mo separation tests.
• Molybdenum recoveries averaged 84.3% and concentrate grades averaged of 1.18% Mo from nineteen locked-cycle Cu-Mo bulk tests. Molybdenum recoveries averaged 72.3% and concentrate grades averaged of 0.85% Mo from three bulk Cu-Mo locked-cycle Cu-Mo separation test. Molybdenum stage recoveries average 87.2% and concentrate grade averaged 58.8% Mo. The overall combined molybdenum recoveries averaged 65.2%.
• Silver recoveries averaged 71.1% from nineteen bulk Cu-Mo locked-cycle flotation tests and averaged 71.8% from the three locked-cycle Cu-Mo separation tests, with concentrate grades averaging 120 g/t Ag for all locked-cycle tests.
• Eighteen grindability tests produced an average Bond Rod Mill Work index (RWi) of 13.8 kWh/t and an average Bond Ball Mill Work Index (BWi) of 10.5 kWh/t, indicating average hardness of mineralized material.

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Robert Wares, CEO and Chairman of the Board, commented: “Preliminary testwork on Copper Mountain material has produced excellent numbers. At approximately 92% average copper recoveries and 65% molybdenum recoveries, these results indicate that Gaspé Copper should produce both copper and molybdenum concentrates with excellent metal grades and a payable silver credit added to the copper concentrate. These results have surpassed expectations relative to historical numbers from past production at Copper Mountain and will provide positive input into ongoing PEA work. Pending multi-element analyses of final concentrates will provide trace element data that will establish if any smelter penalty thresholds are reached, and this additional information will be disclosed as soon as possible. Work on the updated Mineral Resource Estimate (MRE) for Copper Mountain is also progressing well and we expect to release the new MRE in the coming weeks.”

Metallurgical Testwork

A bench-scale metallurgical test work program was undertaken at Base Metallurgical Laboratories located in Kamloops British Columbia. The testwork program included:

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1) Sample Characterization;
2) Grindability;
3) Conventional flotation flowsheet and reagent schemes;
4) Batch and locked-cycle Cu-Mo bulk flotation tests to produce copper (Cu) and molybdenum (Mo) concentrates;
5) Composite Cu-Mo bulk flotation followed by Cu-Mo separation tests;
6) Head grades tested ranged from 0.21% to 0.90% copper, 44 to 1347 g/t molybdenum and 0.9 to 5.0 g/t silver;

Sample Selection

Eighteen composite samples, totaling of 1100 kg, produced from drill core providing a suitable range of copper grades were selected for metallurgical testing. Head assays for the eighteen composite samples ranged from 0.21% to 0.90% copper, 44 to 1347 g/t molybdenum, 0.9 to 5.0 g/t silver and 0.01 to 0.07 g/t gold. Table 1 provides drill hole intervals and composite head grades for the metallurgical samples:

Table 1 – Details of Metallurgical Sample Selection

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Testing Procedures

Composites were created based on the selected drill core intervals (Table 2). Once created each composite was stage crushed to nominal 1.5 inch (3.8 cm), representative mass was split out for SMC testing at the -31.5 mm and +26.5 mm range. Once SMC testing was completed the products were returned and the composites were again stage crushed to -½ inch (-1.3 cm) where 15 kg was removed for Rod Mill Work Index testing. The remaining mass was stage-crushed to -6 mesh. The crushed material was blended and split into 24 kg sub-lots, each sub-lot was rotary split into 2 kg charges. A single test charge was riffle split to remove 250 g for head assay. The head cuts were pulverized to 80% passing 75 µm.

Metallurgical samples comprising drill core were crushed, split and sub-sampled for comminution testwork and head assays. Samples were wet-grinded in a closed batch mill at 65% solids targeting the required grind size. Ground samples were discharged into a flotation cell and pulp-level adjusted to the appropriate volume and density for flotation testing. The pulp was conditioned with reagents before beginning flotation. A series of open-circuit batch rougher and cleaner flotation tests were undertaken to optimize flotation conditions prior to operating locked-cycle flotation tests. The combined rougher concentrate was dewatered ahead of regrinding while retaining the process water for the cleaner stage. The rougher concentrate was reground to a target size with the regrind discharge size confirmed by laser particle sizing. The reground product was cleaned in successive dilution stages. The final concentrate and intermediate tails were filtered and dried separately in a low temperature oven before assaying.

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The general approach to locked cycle testing was conducted as per the batch tests. Each cycle test was completed with 5 cycles, the rougher and 1^st cleaner were completed open circuit, the intermediate cleaner tailings were recirculated to the feed of each subsequent stage for the following cycle; that is the 3^rd cleaner tailing of cycle A was recirculated to the 2^nd cleaner Feed of cycle B, the 2^nd cleaner tail A was recirculated to the feed of the 1^st cleaner Feed B. This process continued for cycles C, D and E. All final products and final intermediate streams were filtered, dried, and assayed for metallurgical balancing. Locked cycle testing provides a methodology to best estimate steady-state metallurgical projections for a full-scale operation.

Reagents used for bulk Cu-Mo flotation included lime, potassium amyl xanthate (PAX), 3418A, and methyl isobutyl carbinol (MIBC). Nitrogen sparging, fuel oil, sodium hydrosulfide (NaHS) and MIBC were used for Cu-Mo separation.

Analysis was completed on pulverized sample splits using wet digestion methods for copper, molybdenum and silver. In each case, the samples were digested by a strong oxidization using a combination of Aqua-Regia, potassium chlorate and bromine. Copper was analyzed using atomic adsorption (AA) spectroscopy, and molybdenum and silver by inductively coupled plasma – optical emission spectroscopy (ICP-OES).

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Metallurgical tests assay quality is evaluated by producing material balances of all products reconciled head which is compared to the direct head for all elements in consideration.

Grindability

Grindability tests were performed on each of the metallurgical samples. The average SMC Axb value was 46.6, average Bond Ball Mill Work index (BWi) was 10.49 kWh/t, average Rod Mill Work Index (RWi) was 13.89 kWh/t and average Abrasion index (Ai) was 0.384.

Batch Flotation Tests

A composite sample was initially tested with average copper grade to determine the optimal grind size for further flotation tests. Four (4) grind sizes ranging from 80% passing (P₈₀) of 66 microns to 125 microns were tested. P₈₀ of 75 microns was selected as the primary grind size for further testing.

Bulk Cu-Mo Locked-Cycle Flotation

Cu-Mo locked cycle tests (LCT) were performed at a grind size of 75 microns for the rougher stage with regrind to a target of 30 microns for the cleaner stages. Table 2 shows the bulk Cu-Mo concentrate grades and recovery results. Copper concentrate grades ranged from 17.1% to 30.9% with recoveries ranging from 86.1% to 95.7%. Molybdenum grades ranged from 0.08% to 2.74% with recoveries ranging from 75.7% to 92.3%.

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Table 2. Bulk Cu-Mo LCT Results

Cu-Mo Separation

To produce molybdenum concentrates, due to the low feed concentrations, metallurgical samples were combined to produce three larger composite samples (low-, medium- and high-grade copper samples) for batch bulk flotation tests and subsequent Cu-Mo separation testing. Table 3 shows the composite sample head grades. Copper head grades ranged from 0.26% to 0.55%, molybdenum grades ranged from 135 to 234 g/t and silver head were consistently 2.2 g/t.

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Table 3. Composite Sample Assays for Cu-Mo Separation Tests

¹ Calculated head grade

Multiple large batch flotation tests were performed for each composite sample to produce bulk Cu-Mo concentrates followed by Cu-Mo separation tests. Three Cu-Mo separation locked-cycle tests were performed at a grind size of 30 microns for the rougher stage with regrind to a target of 15 microns for the cleaner stages. Table 4 shows final copper concentrate grades and recoveries for the locked-cycle tests. Copper grade ranged from 22.2% to 30.9% with recoveries ranging from 92.3% to 96.6%.

Table 4. Copper Concentrate Assays and Recoveries

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Table 5 shows final molybdenum concentrate grades and recoveries for the locked-cycle tests. Molybdenum grade ranged from 55.7% to 60.7% with recoveries ranging from 57.7% to 70.7%.

Table 5. Molybdenum Concentrate Assays and Recoveries

Full multi-element analyses of final concentrates are pending and further testing is planned during 2024 to further optimize metallurgical performance.

Qualified Person

Christian Laroche is a consultant for Synectiq Inc. and the independent Qualified Person (“QP”) responsible for the technical data related to all testing reported in this press release. Mr. Laroche is a registered member of the Ordre des Ingénieurs du Québec.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is a joint venture partner with Appian Capital Advisory LLP for the advancement of one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which the 2022 PEA (as defined herein) has indicated an after-tax NPV of C$602 million and an IRR of 25%, based on long-term zinc price of US$1.37/lb and the current mineral resource estimates that are amenable to open pit and shallow underground mining. The current mineral resource estimate in the 2022 PEA consists of 15.7 Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2 Mt grading 5.94% ZnEq
of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada” dated August 26, 2022 (with an effective date of July 30, 2022), which was prepared for Osisko Metals and PPML by representatives of BBA Engineering Inc., HydroRessources Inc., PLR Resources Inc. and WSP Canada Inc. (the “2022 PEA”). Please refer to the full text of the 2022 PEA, a copy of which is available on SEDAR (www.sedar.com) under the Osisko Metals’ issuer profile, for the assumptions, methodologies, qualifications and limitations described therein. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation, as well as 100 kilometres of viable haulage roads.

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In addition, the Company also acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Mount Copper Deposit that hosts (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects) an Inferred Mineral Resource of
456Mt grading 0.31% Cu (see April 28, 2022 news release of Osisko Metals entitled “Osisko Metals Announces Maiden Resource at Gaspé Copper – Inferred Resource of 456 Mt Grading 0.31% Copper”). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

For further information on this news release, visit www.osiskometals.com or contact:

Robert Wares, Chairman & CEO of Osisko Metals Incorporated

Email: info@osiskometals.com
www.osiskometals.com

Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals/, on LinkedIn at https://www.linkedin.com/company/osiskometals/, and on X at https://twitter.com/osiskometals.

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Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point and Gaspé Copper Projects, including, among other things, the results of the 2022 PEA on Pine Point and the IRR, NPV and estimated costs, production, production rate and mine life; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the metal concentrates; the potential economic impact of the projects on local communities, including but not limited to the potential generation of tax revenues and contribution of jobs; the timing and ability for Projects to reach construction decision (if at all); the estimated costs to take the Projects to construction decision (if at all) and the impact to the Company of the disposition of ownership interest and control in the Pine Point Project, which is a material property of the Company; Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore becoming a Control Person of the Company.

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Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability and timing for the Pine Point joint-venture parties to fund cash calls to advance the development of the Pine Point Project and pursue planned exploration and development; future spot prices of copper, zinc, lead and molybdenum; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR (www.sedar.com) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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TORONTO, April 15, 2024 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) (“Wesdome” or the “Company”) today announces first quarter 2024 (“Q1 2024”) production results. The Company is also providing notice that it will release first quarter 2024 financial results after market close on Wednesday, May 8, 2024.

All figures are expressed in Canadian dollars unless otherwise indicated.

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Q1 2024 Production Performance

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Anthea Bath, President and CEO of Wesdome, commented:

“The first quarter of 2024 saw combined production which was in line with expectations, as we begin a year focused on delivering significant production and free cash flow growth. Further to our annual guidance update in January, the remaining three quarters are expected to see stronger output levels, supporting total planned production of 160,000 to 180,000 ounces this year.

At Eagle River, processing of higher grade material drove outperformance compared to plan. Development performance related to the 300 Zone continues to perform in line with budget.

At the Kiena Mine, development and stope preparation activities advanced during the quarter as the site readies to ramp up and process higher grade material in the second quarter. We note that grade processed during the first quarter reflects a greater proportion of ore from the lower grade Martin Zone.

On the back of gold price strength and an increase in cash generation by our operations, we also took the opportunity late in the quarter to reduce the outstanding balance under our revolving credit facility by $10 million. With cash flows expected to increase in the coming months, we remain on track to close out the remaining balance on the facility by the third quarter,” Ms. Bath added.

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First Quarter 2024 Conference Call and Webcast
The Company will release its first quarter 2024 financial results after market close on Wednesday, May 8, 2024. At that time, the financial statements and management discussion and analysis will be available on the company’s website at www.wesdome.com and on SEDAR+ www.sedarplus.com. A conference call and webcast to discuss these results will be held on Thursday May 9, 2024 at 10:00 am ET.

About Wesdome Gold Mines Ltd.
Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company’s primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada’s next intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol “WDO,” with a secondary listing on the OTCQX under the symbol “WDOFF.”

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For further information, please contact:
Raj Gill, SVP, Corporate Development & Investor Relations
Trish Moran, VP, Investor Relations
Phone: +1 (416) 360-3743
E-Mail: invest@wesdome.com

To receive Wesdome’s news releases by email, please register using the Wesdome website at www.wesdome.com

Technical Disclosure
The technical and geoscientific content of this release have been reviewed, and approved by Michael Michaud, P.Geo, Senior Vice President, Exploration and Resources of the Company and Frédéric Langevin, Eng, Chief Operating Officer of the Company, each a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, which is based on expectations, estimates, projections, and interpretations as of the date of this release. Forward-looking information includes, without limitation, statements regarding the production and financial performance for the remainder of 2024, the anticipated growth in gold production and free cash flow, the completion of development activities and the processing of higher-grade material at the Eagle River and Kiena mines, the repayment of the balance under our revolving credit facility by the third quarter

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These forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled “Cautionary Note Regarding Forward Looking Information” and “Risks and Uncertainties” in the Company’s most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company’s website.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

PDF available: http://ml.globenewswire.com/Resource/Download/87d3dd9b-754c-4a57-be88-5447e0748e14

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