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Published Feb 11, 2025 • 3 minute read
TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX: FTG) (OTCQX: FTGFF) (“FTG”) today announced the establishment of a new aerospace operation in Hyderabad, India, set to start production by the end of 2025. This new plant will support FTG’s strategic growth and expand its presence in the Indian market. The facility will focus on cockpit products ranging from backlit panels to higher level assemblies.
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FTG, headquartered in Canada, has been expanding its global presence through a number of strategic initiatives, and is today announcing its plans for an Aerospace design and manufacturing facility in Hyderabad, India. India was selected by FTG due to its growing prominence in the global aerospace and defence market, and its “Make in India” policies which encourage investment in the country.
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FTG will support customers around the world as well as in India from this new site. After evaluating numerous locations, the selected site is located at the Hyderabad Airport, in a Special Economic Zone (SEZ) which facilitates tariff free trade between India and the rest of the world. The facility construction is underway and is being built to suit FTG’s requirements. As part of the agreement, FTG has an option to expand the facility by over 200%.
Brad Bourne, President and CEO, FTG Corporation, commented, “this new manufacturing facility is a significant milestone for FTG, reinforcing our commitment to India’s ‘Make in India’ initiative. India is a growth market for FTG, and this expansion will enhance our ability to deliver high-quality, innovative solutions to the aviation and defence sectors. The Hyderabad facility will mark FTG’s fourth country for Aerospace manufacturing, after Canada, the US and China. We will continue to focus on commercial aerospace and defence avionics, with a special emphasis on Human Machine Interface (HMI) devices.”
FTG invites attendees to the Aero India 2025 Exhibition, to visit our booth at Hall J, for more details on this exciting new venture.
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ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill, Massachusetts and a joint venture in Tianjin, China.
FTG Aerospace designs, certifies, manufactures and provides in-service support for illuminated cockpit products and electronic assemblies for original equipment manufacturers and operators of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Calgary, Alberta, Chatsworth, California, Tianjin, China and Hyderabad, India.
The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol FTG, and on the OTCQX Exchange under the symbol FTGFF.
FORWARD-LOOKING STATEMENTS
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This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For further information please contact:
Bradley C. Bourne, President and CEO
Firan Technology Group Corporation
Tel: (416) 299-4000 x314
bradbourne@ftgcorp.com
Jamie Crichton, Vice President and CFO
Firan Technology Group Corporation
Tel: (416) 299-4000 x264
jamiecrichton@ftgcorp.com
Additional information can be found at the Corporation’s website www.ftgcorp.com
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Published Feb 10, 2025 • 6 minute read
BASE SHELF PROSPECTUS IS ACCESSIBLE, AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+
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NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
MONTREAL, Feb. 10, 2025 (GLOBE NEWSWIRE) — Rogers Sugar Inc. (the “Company” or “Rogers Sugar”) (TSX: RSI) announced today a public offering (the “Offering”) of $75,000,000 aggregate principal amount of Eighth Series convertible unsecured subordinated debentures (the “Offered Debentures”), at an offering price of $1,000 per Offered Debenture (the “Offering Price”). The Offered Debentures will bear interest at an annual rate of 6.0% per annum, payable semi-annually on the last day of June and December commencing on June 30, 2025. The Offered Debentures will mature on June 30, 2030 (the “Maturity Date”).
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The Offering is being made through a syndicate of underwriters co-led by TD Securities Inc. and Scotiabank (collectively, the “Underwriters”) on a bought deal basis. The Offered Debentures will be convertible at the holder’s option into common shares of the Company (the “Debenture Shares”) at any time prior to 5:00 p.m. (Montreal time) on the earlier of the business day immediately preceding the Maturity Date and the business day immediately preceding the date fixed by the Company for redemption of the Offered Debentures, at a conversion price of $7.10 per Debenture Share (the “Conversion Price”). The Offered Debentures will not be redeemable prior to June 30, 2028. On or after June 30, 2028 and prior to June 30, 2029, the Offered Debentures may be redeemed in whole or in part from time to time at the Company’s option, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares in the capital of the Company on the Toronto Stock Exchange (the “TSX”) for the 20 consecutive trading days ending on the fifth trading day preceding the date upon which the notice of redemption is given is at least 125% of the Conversion Price. On or after June 30, 2029 and prior to the Maturity Date, the Offered Debentures may be redeemed in whole or in part from time to time at the Company’s option at a price equal to their principal amount plus accrued and unpaid interest.
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The Company has granted to the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part and at any time up to 30 days after the closing of the Offering, to purchase up to an additional $11,250,000 aggregate principal amount of Offered Debentures (being up to 15% of the aggregate principal amount of Offered Debentures sold in the Offering) at the Offering Price, to cover over-allotments, if any, and for market stabilization purposes. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be $86,250,000.
The net proceeds of the Offering will be used to reduce amounts outstanding under the credit facility of Lantic Inc. (“Lantic”), a subsidiary of the Company, and for general corporate purposes.
The Offered Debentures will be offered in each of the provinces of Canada pursuant to a prospectus supplement to the Company’s final short form base shelf prospectus dated August 14, 2023 (the “Shelf Prospectus”) that will be filed by no later than February 12, 2025 (the “Prospectus Supplement”). The Offering is expected to close on or about February 19, 2025 and is subject to certain conditions, including regulatory and TSX approval.
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No securities regulatory authority has either approved or disapproved the contents of this press release. The Offered Debentures and the Debenture Shares issuable upon conversion of the Offered Debentures have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and accordingly will not be offered, sold or delivered, directly or indirectly within the United States of America (“U.S.”), its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the Offered Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Delivery of the Prospectus Supplement, and any amendments to the documents will be provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement and any amendment. The Prospectus Supplement will be (within two business days of the date hereof), accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement (when filed), and any amendment to the documents may be obtained without charge, from TD Securities Inc. at 1625 Tech Avenue, Mississauga, Ontario L4W 5P5 Attention: Symcor, NPM, or by telephone at (289) 360-2009 or by email at sdcconfirms@td.com by providing the contact with an email address or address, as applicable. The Shelf Prospectus, Prospectus Supplement and the documents incorporated therein contain important, detailed information about the Company and the proposed Offering. Prospective investors should read these documents before making an investment decision.
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Cautionary Statement Regarding Forward Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating to the Offering, the expected use of proceeds, the anticipated closing date of the Offering, and the receiving of all necessary regulatory approvals, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. Certain important estimates or assumptions by the Company in making forward-looking statements include, but are not limited to, the successful closing of the Offering, and all requisite regulatory and stock exchange approvals being obtained. There can be no assurance that these assumptions will prove to be correct. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
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Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not undertake 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.
About Rogers Sugar Inc.
Rogers Sugar is a corporation established under the laws of Canada. The Company holds all of the common shares of Lantic, and its administrative office is in Montréal, Québec. Lantic has been refining sugar for 135 years and operates cane sugar refineries in Montreal, Québec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic also operates a distribution center in Toronto, Ontario. Lantic’s sugar products are mainly marketed under the “Lantic” trademark in Eastern Canada, and the “Rogers” trademark in Western Canada and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups. Lantic owns all of the shares of The Maple Treat Company (“TMTC”) and its head office is located in Montréal, Québec. TMTC operates bottling plants in Granby, Dégelis and St-Honoré-de-Shenley, Québec and in Websterville, Vermont. TMTC’s products include maple syrup and derived maple syrup products supplied under retail private label brands in approximately 50 countries and are sold under various brand names. The Company’s goal is to offer the best quality sugars and sweeteners to satisfy its customers.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Jean-Sébastien Couillard
Vice President of Finance, Chief Financial Officer & Corporate Secretary
Tel: (514) 940-4350
Website: www.lanticrogers.com
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CALGARY, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”) announced that Sean Brown has stepped down today from his role as Senior Vice President and Chief Financial Officer.
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“On behalf of the Board and leadership team, I want to thank Sean for his role in building Gibson’s strong financial foundation,” said Curtis Philippon, President & Chief Executive Officer. “Also, his contributions to date to ensure a seamless transition are appreciated and I wish him the best in his future endeavors.”
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Concurrently, the Company is pleased to announce that effective immediately Riley Hicks, Senior Vice President, Corporate Development, Marketing & Strategy, will succeed Mr. Brown as Senior Vice President and Chief Financial Officer.
“Since joining Gibson in 2018, Riley has held critical roles in several areas of the business and was the ideal choice to step into the role of Chief Financial Officer,” Mr. Philippon added. “His deep knowledge of the business and proven leadership will be instrumental in driving our financial strategy forward, delivering long-term value to shareholders and will help position Gibson for future successes.”
Riley Hicks Biography
Mr. Hicks joined Gibson in 2018 and most recently held the position of Senior Vice President, Corporate Development, Marketing & Strategy. Prior to this position, Riley held various leadership roles across the finance, commercial, and marketing organizations. Before joining the Company, Riley developed a comprehensive understanding of the midstream and energy sector through experience in accounting, equity research, and corporate valuation consulting for energy clients. Riley holds a Bachelor of Science in Economics degree from Trinity College, an MBA from Northeastern University, and is a member of the Chartered Professional Accountants of Canada and Alberta (CPA).
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About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.
Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, statements concerning Gibson’s ability to execute its corporate strategy and achieve the expected outcomes therefrom. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements.. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form and Management’s Discussion and Analysis, each dated February 20, 2024, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.
For further information, please contact:
Investor Relations:
(403) 776-3077
investor.relations@gibsonenergy.com
Media Relations:
(403) 476-6334
communications@gibsonenergy.com
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Published Jan 29, 2025 • 14 minute read
Except where otherwise noted, all currency amounts are stated in United States dollars.
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Financial and Production Highlights
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VANCOUVER, British Columbia, Jan. 29, 2025 (GLOBE NEWSWIRE) — For the fourth quarter of 2024, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $45 million ($0.67 net income per common share on a diluted basis) compared to net income of $31 million ($0.35 net income per common share on a diluted basis) in the third quarter of 2024. Adjusted EBITDA for the fourth quarter of 2024 was $224 million and Adjusted net income was $84 million ($1.24 Adjusted net income per common share). This compares with Adjusted EBITDA of $216 million and Adjusted net income of $82 million ($1.21 Adjusted net income per common share) for the third quarter of 2024.
Our average realized price in the fourth quarter was $370 per tonne compared to $356 per tonne in the third quarter of 2024. The increase in our average realized price was driven by tightening market conditions from lower supply compared to the third quarter coupled with steady demand.
For the year ended December 31, 2024, Methanex reported net income attributable to Methanex shareholders of $164 million ($2.39 net income per common share on a diluted basis), Adjusted EBITDA of $764 million and an Adjusted net income of $252 million ($3.72 Adjusted net income per common share). This compares with a net income attributable to Methanex shareholders of $174 million ($2.57 net income per common share on a diluted basis), Adjusted EBITDA of $622 million and an Adjusted net income of $153 million ($2.25 Adjusted net income per common share) for the year ended December 31, 2023.
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Rich Sumner, President & CEO of Methanex, said, “2024 was a significant year for Methanex. Thanks to the dedication of our global team, we achieved the best safety performance in the company’s history, successfully achieved commercial production at G3, and announced the acquisition of OCI Global’s methanol business. Our top priorities for 2025 are operating our assets and supply chain safely, reliably, and efficiently, closing the OCI acquisition and integrating the business, and generating strong cash flows to continue to decrease leverage.”
FURTHER INFORMATION
The information set forth in this news release summarizes Methanex’s key financial and operational data for the fourth quarter of 2024. It is not a complete source of information for readers and is not in any way a substitute for reading the fourth quarter 2024 Management’s Discussion and Analysis (“MD&A”) dated January 29, 2025 and the unaudited condensed consolidated interim financial statements for the period ended December 31, 2024, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended December 31, 2024 are also available on the Canadian Securities Administrators’ SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission’s EDGAR website at www.sec.gov.
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FINANCIAL AND OPERATIONAL DATA
| Three Months Ended | Years Ended | |||||||||||||||
| ($ millions except per share amounts and where noted) | Dec 31
2024 |
Sep 30 2024 |
Dec 31 2023 |
Dec 31
2024 |
Dec 31 2023 |
|||||||||||
| Production (thousands of tonnes) (attributable to Methanex shareholders) 1 | 1,868 | 1,347 | 1,779 | 6,358 | 6,642 | |||||||||||
| Sales volume (thousands of tonnes) | ||||||||||||||||
| Methanex-produced methanol | 1,455 | 1,378 | 1,712 | 6,094 | 6,455 | |||||||||||
| Purchased methanol | 911 | 987 | 890 | 3,471 | 3,527 | |||||||||||
| Commission sales | 198 | 258 | 260 | 904 | 1,187 | |||||||||||
| Total sales volume | 2,564 | 2,623 | 2,862 | 10,469 | 11,169 | |||||||||||
| Methanex average non-discounted posted price ($ per tonne) 2 | 547 | 519 | 421 | 508 | 434 | |||||||||||
| Average realized price ($ per tonne) 3 | 370 | 356 | 322 | 355 | 333 | |||||||||||
| Revenue | 949 | 935 | 922 | 3,720 | 3,723 | |||||||||||
| Net income (attributable to Methanex shareholders) | 45 | 31 | 33 | 164 | 174 | |||||||||||
| Adjusted net income 4 | 84 | 82 | 35 | 252 | 153 | |||||||||||
| Adjusted EBITDA 4 | 224 | 216 | 148 | 764 | 622 | |||||||||||
| Cash flows from operating activities | 281 | 210 | 195 | 737 | 660 | |||||||||||
| Basic net income per common share | 0.67 | 0.46 | 0.50 | 2.43 | 2.57 | |||||||||||
| Diluted net income per common share | 0.67 | 0.35 | 0.50 | 2.39 | 2.57 | |||||||||||
| Adjusted net income per common share 4 | 1.24 | 1.21 | 0.52 | 3.72 | 2.25 | |||||||||||
| Common share information (millions of shares) | ||||||||||||||||
| Weighted average number of common shares | 67 | 67 | 67 | 67 | 68 | |||||||||||
| Diluted weighted average number of common shares | 67 | 68 | 68 | 68 | 68 | |||||||||||
| Number of common shares outstanding, end of period | 67 | 67 | 67 | 67 | 67 | |||||||||||
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| 1 | Methanex-produced methanol represents our equity share of volume produced at our facilities and excludes volume marketed on a commission basis related to the 36.9% of the Atlas facility and 50% of the Egypt facility that we do not own. |
| 2 | Methanex average non-discounted posted price represents the average of our non-discounted posted prices in North America, Europe, China and Asia Pacific weighted by sales volume. Current and historical pricing information is available at www.methanex.com. |
| 3 | The Company has used Average realized price (“ARP”) throughout this document. ARP is calculated as revenue divided by the total sales volume. It is used by management to assess the realized price per unit of methanol sold, and is relevant in a cyclical commodity environment where revenue can fluctuate in response to market prices. |
| 4 | Note that Adjusted net income, Adjusted net income per common share, and Adjusted EBITDA are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to the Additional Information – Non-GAAP Measures section on page 14 of our fourth quarter MD&A dated January 29, 2025 for a description of each non-GAAP measure. |
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| Three Months Ended | Years Ended | |||||||||||||||
| ($ millions) | Dec 31
2024 |
Sep 30 2024 |
Dec 31 2023 |
Dec 31
2024 |
Dec 31 2023 |
|||||||||||
| Net income attributable to Methanex shareholders | $ | 45 | $ | 31 | $ | 33 | $ | 164 | $ | 174 | ||||||
| Mark-to-market impact of share-based compensation | 22 | (18 | ) | 3 | 2 | 16 | ||||||||||
| Gas contract settlement, net of tax | — | — | — | — | (31 | ) | ||||||||||
| Depreciation and amortization | 91 | 99 | 100 | 386 | 392 | |||||||||||
| Finance costs | 49 | 28 | 30 | 133 | 117 | |||||||||||
| Finance income and other expenses | 37 | (42 | ) | (11 | ) | (12 | ) | (40 | ) | |||||||
| Income tax expense (recovery) | 9 | 11 | (14 | ) | 30 | 1 | ||||||||||
| Asset impairment charge | — | 125 | — | 125 | — | |||||||||||
| Earnings of associate adjustment | 3 | 14 | 15 | 43 | 67 | |||||||||||
| Non-controlling interests adjustment | (32 | ) | (32 | ) | (8 | ) | (107 | ) | (74 | ) | ||||||
| Adjusted EBITDA | $ | 224 | $ | 216 | $ | 148 | $ | 764 | $ | 622 | ||||||
| Three Months Ended | Years Ended | |||||||||||||||
| ($ millions except number of shares and per share amounts) | Dec 31 2024 |
Sep 30 2024 |
Dec 31 2023 |
Dec 31 2024 |
Dec 31 2023 |
|||||||||||
| Net income attributable to Methanex shareholders | $ | 45 | $ | 31 | $ | 33 | $ | 164 | $ | 174 | ||||||
| Mark-to-market impact of share-based compensation, net of tax | 19 | (15 | ) | 3 | 2 | 13 | ||||||||||
| Impact of Egypt and New Zealand gas contract revaluation, net of tax | 20 | (24 | ) | (1 | ) | (4 | ) | (3 | ) | |||||||
| Impact on earnings of associate of gas contract settlement, net of tax | — | — | — | — | (31 | ) | ||||||||||
| Asset impairment charge, net of tax | — | 90 | — | 90 | — | |||||||||||
| Adjusted net income 1 | $ | 84 | $ | 82 | $ | 35 | $ | 252 | $ | 153 | ||||||
| Diluted weighted average shares outstanding (millions) | 67 | 68 | 68 | 68 | 68 | |||||||||||
| Adjusted net income per common share 1 | $ | 1.24 | $ | 1.21 | $ | 0.52 | $ | 3.72 | $ | 2.25 | ||||||
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PRODUCTION HIGHLIGHTS
| (thousands of tonnes) | Annual Operating Capacity1 |
2024
Production |
2023 Production |
Q4 2024 Production |
Q3 2024 Production |
Q4 2023 Production |
|
| USA (Geismar) 2 | 4,000 | 2,529 | 2,142 | 839 | 605 | 587 | |
| Trinidad (Methanex interest) 3 | 1,960 | 956 | 1,074 | 205 | 262 | 283 | |
| New Zealand 4 | 1,720 | 670 | 1,381 | 143 | 72 | 344 | |
| Chile | 1,700 | 1,180 | 993 | 387 | 173 | 403 | |
| Egypt (50% interest) | 630 | 460 | 504 | 155 | 93 | 20 | |
| Canada (Medicine Hat) | 600 | 563 | 548 | 139 | 142 | 142 | |
| 10,610 | 6,358 | 6,642 | 1,868 | 1,347 | 1,779 |
| 1 | The operating capacity of our production facilities may be higher or lower than original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing operating efficiencies at these facilities. Actual production for a facility in any given year may be higher or lower than operating capacity due to a number of factors, including natural gas availability, feedstock composition, the age of the facility’s catalyst, turnarounds and access to CO2 from external suppliers for certain facilities. We review and update the operating capacity of our production facilities on a regular basis based on historical performance. |
| 2 | G3 produced first methanol in July 2024 and passed its commercial and technical performance tests in October 2024. |
| 3 | The operating capacity of Trinidad is made up of the Titan (100% interest) and Atlas (63.1% interest) facilities. The Atlas facility is currently idle. Refer to the Trinidad section below. |
| 4 | The operating capacity of New Zealand is made up of the two Motunui facilities, one of which is idle. Refer to the New Zealand section below. |
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Key production and operational highlights during the fourth quarter include:
United States
Geismar produced 839,000 tonnes in the fourth quarter of 2024 compared to 605,000 tonnes in the third quarter of 2024. Production was higher in the fourth quarter with higher production from the Geismar 3 plant. The plant produced first methanol at the end of July and successfully completed its commercial performance tests in early October. In mid-November, a proactive shutdown of G3 was taken to inspect some of the newly commissioned equipment to ensure reliability. The plant successfully restarted and resumed full operating rates in early December.
Trinidad
In Trinidad, the Titan plant, which restarted in late September, produced 205,000 tonnes (Methanex interest) in the fourth quarter of 2024 compared to the 262,000 tonnes produced primarily by the Atlas plant in the third quarter of 2024. Production was lower in the fourth quarter compared to the third quarter due to the Atlas methanol plant being idled in September and the Titan methanol plant resuming operations.
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New Zealand
New Zealand produced 143,000 tonnes in the fourth quarter of 2024 compared to 72,000 tonnes in the third quarter of 2024. Production in the fourth quarter was higher compared to the third quarter with the restart of Motunui II in November. In August, operations were temporarily idled as we entered short-term commercial arrangements to provide contracted natural gas into the New Zealand electricity market until the end of October 2024. In the fourth quarter, gas availability was seasonally high, allowing the plant to operate at full rates. Based on the current outlook from our gas suppliers we expect 500,000 to 700,000 tonnes of production from New Zealand in 2025. Future production will be dependent on gas availability and any on-selling of gas into the electricity market to support New Zealand’s energy needs. We are in continuing discussions with our gas suppliers to ensure our contractual entitlements, which are in place until 2029, are being respected as well as engaging with our gas suppliers and government agencies in supporting efforts to improve energy balances in the country.
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Chile
Chile produced 387,000 tonnes in the fourth quarter of 2024 compared to 173,000 tonnes in the third quarter of 2024. Production was higher in the fourth quarter compared to the third quarter primarily due to higher gas supply from Argentina as the Southern hemisphere winter months ended and demand for natural gas in the region decreased. We have gas contracts in place with Chilean and Argentinean gas producers until 2030 and 2027, respectively, which underpin approximately 55% of the site’s gas requirements year round. We continue to expect seasonality in production but are seeing positive developments making gas available for longer periods. Based on contracted gas, 2025 production is expected to be between 1.3 – 1.4 million tonnes.
Egypt
Egypt produced 310,000 tonnes (Methanex interest – 155,000 tonnes) in the fourth quarter of 2024 compared to 186,000 tonnes (Methanex interest – 93,000 tonnes) in the third quarter of 2024. Production increased compared to the third quarter as temperatures moderated, the gas balances in the country stabilized and we operated at full rates. We are monitoring the gas market closely and would expect to experience some curtailments in 2025, particularly in the summer months, depending on gas supply and demand dynamics.
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Canada
Medicine Hat produced 139,000 tonnes in the fourth quarter compared to 142,000 tonnes in the third quarter of 2024.
Outlook
Our expected production guidance for 2025 is approximately 7.5 million tonnes (Methanex interest), which excludes any incremental production from OCI assets post-acquisition closing date. In 2025, production will be impacted by three turnarounds occurring in the first three quarters of 2025. Actual production may vary by quarter based on gas availability, turnarounds, unplanned outages and unanticipated events.
In the first quarter of 2025, we expect significantly higher Adjusted EBITDA compared to the fourth quarter, with produced sales expected to be closer to production levels in the fourth quarter of 2024, and a higher average realized price. Based on our January and February posted prices we expect that our average realized price range will be between approximately $395 to $405 per tonne for these two months.
CONFERENCE CALL
A conference call is scheduled for January 30, 2025 at 11:00 am ET (8:00 am PT) to review these fourth quarter results. To access the call, dial the conferencing operator fifteen minutes prior to the start of the call at (647) 932-3411, or toll free at (800) 715-9871. The conference ID for the call is #2019292. A simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com/investor-relations/events and will also be available following the call.
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ABOUT METHANEX
Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol “MX” and on the NASDAQ Global Market in the United States under the trading symbol “MEOH”.
FORWARD-LOOKING INFORMATION WARNING
This fourth quarter 2024 press release contains forward-looking statements with respect to us and the chemical industry. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company’s control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Methanex does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Refer to Forward-Looking Information Warning in the fourth quarter 2024 Management’s Discussion and Analysis for more information which is available from the Investor Relations section of our website at www.methanex.com, the Canadian Securities Administrators’ SEDAR+ website at www.sedarplus.ca and on the United States Securities and Exchange Commission’s EDGAR website at www.sec.gov.
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NON-GAAP MEASURES
Throughout this document, the Company has used the terms Adjusted EBITDA, Adjusted net income, Adjusted net income per common share, and Total debt and lease obligations attributable to Methanex shareholders. These items are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price, the impact of the Egypt and New Zealand gas contract revaluation and the impact of certain items associated with specific identified events. Refer to Additional Information – Non-GAAP Measures on page 14 of the Company’s MD&A for the period ended December 31, 2024 for reconciliations to the most comparable GAAP measures. Unless otherwise indicated, the financial information presented in this release is prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
For further information, contact:
Sarah Herriott
Director, Investor Relations
Methanex Corporation
604-661-2600
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Published Jan 29, 2025 • 3 minute read
ROUYN-NORANDA, Quebec, Jan. 29, 2025 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges
and GLBXF – OTCQX International in the US) is pleased to provide a brief update regarding our Tyrone property and Kewagama Gold Royalty.
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Globex’s Tyrone property is located in the Eeyou Istchee James Bay region of Quebec and consists of 41 claims surrounded by Azimut Exploration Inc.’s Kukamas property currently subject to a joint venture with KGHM International Ltd.
Azimut, on January 20, 2025, announced initial near surface drill results from holes targeting a recent nickel, copper, platinum group element discovery. The initial drill holes returned significant mineralization including the following:
8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m
6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m
3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.5 m
This discovery is located near the southeast boundary of Globex’s Tyrone property. Previous mapping and geophysics suggest that the mineralized rock formations trend onto Globex’s Tyrone claims. The Tyrone property has numerous showings and drill intersections of precious and base-metals as shown on the maps below.
Shareholders can access the Azimut press release here for details on the adjoining discovery.
Tyrone Geology Map – Globex Mining Enterprises Inc.
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Tyrone Vertical Gradient Map – Globex Mining Enterprises Inc.
Globex is also pleased to report that Radisson Mining Resources Inc. announced on January 13, 2025, that they will be undertaking 22,000 metres of drilling on the O’Brien Gold Mine property at Cadillac, Quebec.
A portion of the drilling will target gold zones on the Kewagama Gold Mine portion of the property on which Globex holds a 2% Net Smelter Royalty. Previous drilling on the Kewagama Gold Mine property was successful in intersecting high-grade gold mineralization such as the following:
7.97 g/t Au over 3.20 m
6.40 g/t Au over 4.00 m
9.70 g/t Au over 4.00 m, incl. 37.7 g/t Au over 1 m
6.53 g/t Au over 4.50 m
7.13 g/t Au over 1.00 m
Source: Radisson Press Release of May 7, 2024.
Globex also holds a 1% Net Smelter Royalty on the western portion of the O’Brien property covering the New Alger Gold Mine (also called the Thompson-Cadillac Gold Mine).
Below please see a longitudinal section of the O’Brien property highlighting the Kewagama intersections and a more detailed portion of the Kewagama Gold Mine portion of the longitudinal section and a cross section.
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Globex is very pleased by the potential progress indicated in both property areas.
2024-05-03-longitudinal-Kewagama – Radisson Mining Resources
2024-05-07 Pontiac Sediment Trend 4 – Radisson Mining Resources
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 |
|
| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
Forward-Looking Statements: Except for historical information, this news release may contain certain “forward-looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDARplus.ca.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0d9544a3-e6e8-462b-b5b7-d31c389c1173
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ac4de3e-1f29-4d25-81a3-2e50d269fd8a
https://www.globenewswire.com/NewsRoom/AttachmentNg/deb32fa2-1b5c-47f8-aefc-626237bf9769
https://www.globenewswire.com/NewsRoom/AttachmentNg/ab71cb77-a522-4b1b-8676-ca1c4d5dd8ae
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Published Jan 27, 2025 • 24 minute read
(All dollar figures are in US dollars, unless otherwise stated)
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VANCOUVER, British Columbia, Jan. 27, 2025 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is pleased to announce the results of an updated Technical Report for the Lamaque Complex1 (“Lamaque Complex Technical Report”), including an updated life-of-mine (“LOM”) plan based on Mineral Reserves from Triangle, Ormaque and Parallel (the “Reserve Case”) and a Preliminary Economic Assessment (“PEA”) extended LOM plan primarily2 based on Inferred Mineral Resources (“Inferred Resources”) from Triangle and Ormaque (the “PEA Case”).
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The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold, while the PEA Case shows the potential to extend mine life incrementally by 9 years and incremental gold production of 1.5 million ounces. The Lamaque Complex Technical Report has been filed on SEDAR+.
Lamaque Complex Technical Report Highlights
Table 1 summarizes key metrics for the Reserve Case and PEA Case from the Lamaque Complex Technical Report which are based on the Mineral Reserve and Mineral Resource estimates that are shown in Appendix A.
Highlights of the Reserve Case
Highlights of the PEA Case
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1 The Lamaque Complex includes
the Triangle, Ormaque, Parallel and Plug No. 4 deposits, and the Sigma Mill (see Figure 2).
2
The PEA case includes a non-material amount of Measured and Indicated Mineral Resources ( 2%).
3 These are forward looking non-IFRS measures or ratios. Refer to the section “Forward-Looking Non-IFRS and Other Financial Measures and Ratios” for explanations and discussions of these non-IFRS financial measures or ratios.
The PEA Case is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the forecast production amounts will be realized. The basis for the PEA and the qualifications and assumptions made by the qualified persons who undertook the PEA are set out in the advisories contained in this news release. The results of the PEA had no impact on the results of any prefeasibility or feasibility study in respect of the Lamaque Complex.
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Maximizes installed capacity of plant and infrastructure with two mining centres. The installed capacity of the Sigma Mill, along with extensive infrastructure both on surface and underground, can be maximized with the addition of a paste plant and additional tailings capacity to bring the Ormaque deposit into production.
Strong collaboration and support from the Val-d’Or communities. We expect a transparent and predictable regulatory environment, reflective of Québec being a Tier 1 mining jurisdiction.
Significant exploration potential to grow Mineral Resources in existing deposits. The Ormaque deposit remains open at depth and laterally both in the upper and lower sections of the deposit. The Triangle deposit remains open at depth and we continue to drill Plug No. 4 and other advanced targets on the property.
Well-positioned with a large, under-explored land package in the Val d’Or area. The Company continues to assess exploration opportunities across the Lamaque Complex as well as its 100%-owned Bourlamaque property (contiguous to the Lamaque Complex) and in the wider Abitibi region.
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“This marks another major milestone for the Lamaque Complex,” said George Burns, President and CEO. “After acquiring this asset in 2017, we successfully brought the Triangle deposit into commercial production in 2019, and it has since produced nearly one million ounces of gold. With the development of the Ormaque deposit, we will be adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as we leverage the existing plant and infrastructure.
“Ormaque is located just off the existing Triangle–Sigma decline and was discovered through surface drilling in 2019 (see Figure 2 and Figure 3). An Inferred Mineral Resource was declared in February 2021 and an exploration drift was developed to allow underground conversion drilling of the upper sections of the deposit. A bulk sample of Ormaque material was processed at the Sigma Mill in December and preliminary results are in-line with expectations and support the current Ormaque Mineral Reserves and block model. The second phase of the bulk sample is expected for the second half of 2025, followed by an expected ramp-up phase beginning in 2026. We expect to reach full production in 2028.
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“The Ormaque and Triangle deposits are located within the prolific Val-d’Or district of the Abitibi. This district hosts the historic Lamaque and Sigma Mines, which collectively produced nearly 10 million ounces of gold. Based on the existing resource base and favorable findings of the report, we maintain an optimistic view of the long-term potential at the Lamaque Complex.
“Our skilled and dedicated workforce, strategic position in the Abitibi region and collaborative relationships with First Nations and the local community, positions us to deliver sustainable, long-term benefits for the Val-d’Or region, while continuing to create value for our shareholders.”
Table 1: Key metrics based on the Lamaque Complex Technical Report
| Unit | Reserve Case (includes Mineral Reserves only) |
PEA Case (includes Inferred Mineral Resources2 and is incremental to Reserve Case) |
|
| Production | |||
| Mine Life | yrs | 8 | 9 |
| Total Material Processed | Mt | 5.7 | 7.1 |
| Average Gold Grade | g/t | 6.55 | 6.78 |
| Total Gold Produced | koz | 1,168 | 1,500 |
| Operating Costs | |||
| Direct Operating Cost | $/t | 188 | 180 |
| Total Cash Cost3 | $/oz | 944 | 873 |
| AISC3 | $/oz | 1,176 | 1,156 |
| Capital Costs | |||
| Growth Capital Costs3 | US$M | 227 | 33 |
| Sustaining Capital Costs3 | US$M | 270 | 424 |
| Total Capital Cost | US$M | 497 | 457 |
| Economics @ $2,000/oz Au | |||
| LOM After-tax Cash Flow | US$M | 669 | 1,085 |
| After-tax NPV(5%) | US$M | 555 | 623 |
| IRR | % | n/a | 43.5 |
| Economics @ $2,600/oz Au | |||
| LOM After-tax Cash Flow | US$M | 1,257 | 1,788 |
| After-tax NPV(5%) | US$M | 1,064 | 1,059 |
| IRR | % | n/a | 68.2 |
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2 The PEA case includes a non-material amount of Measured and Indicated Mineral Resources ( 2%).
3
These are forward looking non-IFRS measures or ratios. Refer to the section “Forward-Looking Non-IFRS and Other Financial Measures and Ratios” for explanations and discussions of these non-IFRS financial measures or ratios.
Figure 1: Lamaque Complex Production Profile (Reserve Case + PEA Case)
Figure 2: Lamaque Complex property map showing location of gold deposits and key infrastructure
Figure 3: Lamaque Complex long-section showing location of gold deposits and key infrastructure
Significant Value Creation Since Acquisition
Eldorado acquired the Lamaque Complex in 2017 for total consideration of $430 million4. Since acquisition, it has generated over $3005 million of net cash flow and has been one of the Company’s most stable operations. Looking forward, we expect the Lamaque Complex to generate significant value and remain a cornerstone asset for the Company over the next decade and beyond. At a gold price of $2,000/oz, the Reserve Case generates an after-tax NPV5% of $555 million, while the PEA Case generates an incremental after-tax NPV5% of $623 million. At a gold price of $2,600/oz, the Reserve Case generates an after-tax NPV5% of $1.1 billion while the PEA Case generates an incremental after-tax NPV5% of $1.1 billion (see Figure 4).
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Figure 4: Lamaque Complex track record of value creation since acquisition (US$ million)
4 Acquisition cost is based on headline transaction of C$590 million converted to USD at FX rate of 1.37.
5
Net cash flow generated from acquisition to December 31, 2024.
At the time of acquisition, the Lamaque Complex contained Measured and Indicated Mineral Resources (“M&I Resources”) of 1.4 million ounces of gold, Inferred Mineral Resources of 864,000 ounces of gold, and no Mineral Reserves. Since acquisition, the Lamaque Complex has produced nearly one million ounces of gold, while growing Mineral Reserves and Mineral Resources significantly (see Figure 5).
Figure 5: Lamaque Complex Mineral Reserve and Mineral Resource Growth since acquisition (koz Au)6,7
6 Depletion is based on contained gold processed as of December 31st, 2024.
7M&I Mineral Resources are exclusive of Mineral Reserves.
Lamaque Complex Planned Drilling and Regional Exploration
Exploration activities will continue at the Lamaque Complex, with a focus on resource conversion drilling at Lower Triangle, Ormaque and Plug No. 4, as well as testing for extensions at Ormaque and earlier stage targets close to Lamaque Complex infrastructure. Plans include:
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Figure 6 – Lower Triangle Mineral Resource conversion drilling (2025-2027)
Figure 7 – Ormaque Mineral Resource conversion drilling (2025)
Figure 8 – Plug No. 4 Mineral Resource conversion drilling (2025, with conditional 2026-2027 conceptual plan)
Interactive VRIFY 3D Model
To view an interactive 3D model that includes updated views of the Mineral Reserve and Mineral Resource shells use the following link: https://vrify.com/decks/17646?auth=80334cc6-3e93-4722-ac41-9313e4c8591a or visit Eldorado Gold’s website: www.eldoradogold.com.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
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647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com
ADVISORIES AND DETAILED NOTES ON MINERAL RESERVES AND RESOURCES
General
Mineral Resources and Mineral Reserves are as of September 30, 2024.
The Mineral Resources and Mineral Reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during exploration drilling programs are consistent with industry standards and independent certified assay labs are used.
Mineral Reserves are included in the Mineral Resources.
The Mineral Resources and Mineral Reserves are disclosed on a total project basis.
Measured and Indicated Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. With respect to “Inferred Mineral Resources”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “Measured Mineral Resource”, “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category.
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Additional information regarding the Lamaque Complex (which is considered to be a mineral property material to the Company) is contained in the Lamaque Complex Technical Report effective December 31, 2024 available under the Company’s profile at www.sedarplus.com and at www.sec.gov.
Unless otherwise noted in this new release, Jessy Thelland, géo, Technical Services Director Lamaque at Eldorado Gold (Québec) Inc., who is a qualified person under NI 43-101, has approved all scientific and technical information in this news release.
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
There are differences between the standards and terms used for reporting mineral reserves and resources in Canada, and in the United States pursuant to the United States Securities and Exchange Commission’s (the “SEC”). The terms mineral resource, measured mineral resource, indicated mineral resource and inferred mineral resource are defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council, and must be disclosed according to Canadian securities regulations.
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These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this news release with respect to mineral deposits may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.
Mineral Reserve Notes
Eldorado reports Mineral Reserves in accordance with CIM Definition Standards. Mineral Reserves for the Lamaque Complex – Ormaque, Triangle and Parallel were determined using a long-term gold price of $1,450/oz. A reserve test is undertaken every year to confirm future undiscounted cash flow from reserve mine plan is positive.
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| Asset | Mining Type(s) | Qualified Person | Company |
| Lamaque Complex: Triangle, Parallel, Plug No.4 |
Underground | Jessy Thelland, géo (OGQ No. 758) Technical Services Director Lamaque |
Eldorado Gold (Québec) Inc., as subsidiary of Eldorado Gold Corporation |
| Lamaque Complex: Ormaque |
Underground | Phillippe Groleau, Eng, (OIQ No. 5032770) Senior Strategic Planner |
Eldorado Gold (Québec) Inc., as subsidiary of Eldorado Gold Corporation |
Mineral Resource Notes
Eldorado reports Mineral Resources in accordance with CIM Definition Standards. All Mineral Resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The Resource cut-off grades or values (e.g. gold equivalent) are determined using a long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Resource grades are reported undiluted from within the constraining volumes that satisfy RPEEE. Due to the presence of narrow veins, conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent modifying factors associated with mining.
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Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Eldorado’s Mineral Resources are inclusive of Reserves.
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| Asset | Mining Type(s) | Qualified Person | Company |
| Lamaque Complex: Triangle, Parallel, Plug No. 4 | Underground | Jessy Thelland, géo (OGQ No. 758). Technical Services Director, Lamaque |
Eldorado Gold (Québec), Inc., as subsidiary of Eldorado Gold Corporation |
| Lamaque Complex: Ormaque | Underground | Jessy Thelland, géo (OGQ No. 758) Technical Services Director, Lamaque |
Eldorado Gold (Québec) Inc., as subsidiary of Eldorado Gold Corporation |
Notes on the PEA
Readers should take care to differentiate the PEA discussed in this news release from the economic analysis for the Lamaque Complex Mineral Reserves. The PEA only demonstrates the potential viability of Inferred Mineral Resources and is not as comprehensive as the economic analysis for the Lamaque Complex Mineral Reserves. The level of detail, precision and confidence in outcomes between the economic analysis for the Lamaque Complex Mineral Reserves and the Lamaque Complex Mineral Resources described in the PEA is significantly different.
The PEA is preliminary in nature and is based on numerous assumptions and the incorporation of Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves except as allowed for by National Instrument 43-101 in PEA studies. There is no guarantee that Inferred Mineral Resources can be converted to Indicated or Measured Mineral Resources and, as such, there is no guarantee that the economics described herein will be achieved. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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The PEA Case is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the forecast production amounts will be realized. The results of the PEA had no impact on the results of any prefeasibility or feasibility study in respect of the Lamaque Complex.
The Qualified Person made various assumptions in preparing the PEA, including the following: physical assumptions about mining dilution, rate of development, milling throughput and recovery rate (including mining rate decrease due to depth); future gold prices, exchange rates and energy costs; operating expenses including mining and processing costs; capital expenditures required to execute the incremental plan; continuation of existing mining methods, process plans and business operations; the Company’s ability to obtain all required approvals and permits in a timely manner and its ability to comply with any associated conditions of those approvals and permits; and the future geopolitical, economic, permitting and legal climate applicable to the Lamaque Complex. For additional information, see the Lamaque Complex Technical Report effective December 31, 2024 available under the Company’s profile at www.sedarplus.com and at www.sec.gov.
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Even though the Qualified Person believes that the assumptions made in preparing the PEA are reasonable, many assumptions may be difficult to predict and are beyond our control.
Forward-Looking Non-IFRS Financial Measures and Ratios
Certain non-IFRS forward-looking measures related to the Lamaque Complex, including total cash costs, all-in sustaining cost (“AISC”), growth capital costs, and sustaining capital costs are included in this news release. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
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With respect to the non-IFRS measures disclosed in this news release, the Company defines them as follows:
Total Cash Costs
We define total cash costs following the recommendations of the Gold Institute Production Cost Standard. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting total cash costs of production by gold mining companies. Total cash costs include direct operating costs (including mining, processing and administration), refining and selling costs (including treatment, refining and transportation charges and other concentrate deductions), and royalty payments, but exclude depreciation and amortization, share based payments expenses and reclamation costs. Revenue from sales of by-products including silver, lead and zinc reduce total cash costs.
All-In Sustaining Costs (AISC)
We define AISC based on the definition set out by the World Gold Council, including the updated guidance note dated November 14, 2018. We define AISC as the sum of total cash costs (as defined above), sustaining capital expenditure relating to current operations (including capitalized stripping and underground mine development), sustaining leases (cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized evaluation costs), reclamation cost accretion and amortization related to current gold operations and corporate and allocated general and administrative expenses. Corporate and allocated general and administrative expenses include general and administrative expenses, share-based payments and defined benefit pension plan expense. Corporate and allocated general and administrative expenses do not include non-cash depreciation. As this measure seeks to reflect the full cost of gold production from current operations, growth capital and reclamation cost accretion not related to operating gold mines are excluded. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest), except for financing charges related to leasing arrangements, and costs related to business combinations, asset acquisitions and asset disposals are also excluded.
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Sustaining Capital
Sustaining capital is capital required to maintain current operations at existing levels, including capitalized stripping and underground mine development. Sustaining capital excludes non-cash sustaining lease additions, unless otherwise noted, and does not include capitalized interest, expenditure related to development projects, or other growth or sustaining capital not related to operating gold mines.
Growth Capital
Growth capital is capital investment for new operations, major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
Our September 30, 2024 Management’s Discussion & Analysis (“MD&A”), available on SEDAR+ at www.sedarplus.com and on the Company’s website under the ‘Investors’ section, contains explanations and discussions of historic total cash costs., AISC, sustaining capital and growth capital for the Lamaque Complex for the three and nine months ended September 30, 2024, as well as the comparable measures as at September 30, 2023. For a discussion of the composition and usefulness of certain of these non-IFRS measures and a reconciliation of these historical measures to production costs, see specifically “Non-IFRS and Other Financial Measures and Ratios” in the Company’s Management Discussion & Analysis for the periods ended December 31, 2023 and September 30, 2024.
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Our September 30, 2024, MD&A discloses the following with respect to the Lamaque Complex:
| Three months ended Sept 30/24 | Three months ended Sept 30/23 | Nine months ended Sept 30/24 | Nine months ended Sept 30/23 | |
| Total cash costs ($/oz sold) | 728 | 648 | 755 | 697 |
| AISC ($/oz sold) | 1,189 | 1,099 | 1,228 | 1,143 |
| Sustaining Capital ($M) | 20.4 | 18.3 | 62.3 | 52.9 |
| Growth Capital ($M) | 6.4 | 8.2 | 18.9 | 15.3 |
The forward-looking total cash costs, AISC, sustaining capital and growth capital disclosed in this news release have been calculated consistent with both the methodology noted above and the methodology underpinning the disclosures in the September 30, 2024 MD&A (that is, there are no significant differences in methodology between the historic and forward-looking non-IFRS measures).
Cautionary Note about Forward-Looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof 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.
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Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to the expectations regarding the Reserve Case and the PEA Case for the Lamaque Complex, including gold production, costs and economics, including assumptions used to determine the Reserve Case and the PEA Case; intentions to mine the Ormaque deposit, including the expected mining techniques, the capacity of the Sigma Mill, and leveraging of existing infrastructure and development of additional infrastructure; potential exploration activities and 2025 plans to develop another underground exploration drift and to continue conversion drilling; the second phase of the bulk sample of Ormaque and the timing thereof, including permitting, and its expected ramp-up and full production; mineral reserves and mineral resources, including specific metrics and mine plans related thereto; future gold price assumptions; future infrastructure plans; exploration opportunities including evaluation of near mine targets; and generally long term views, strategy and plans related to the Lamaque Complex and its impact, including regarding support of the relevant communities.
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Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market 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 such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about: our ability to execute our planned mining activities at the Lamaque Complex, including development of another underground exploration draft, and drilling; our ability to obtain all required approvals and permits in a timely manner and our ability to comply with all the conditions that are imposed in such approvals and permits; timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold and other commodities and the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to unlock the potential of our property portfolio; our ability to address the negative impacts of climate change and adverse weather; the cost of, and extent to which we use, essential consumables (including fuel, explosives, and cement) ; the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in. In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
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Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
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 include, among others, risks relating to our operations; community relations and social license; liquidity and financing risks; climate change; inflation risk; environmental matters; production and processing; waste disposal; geotechnical and hydrogeological conditions or failures; the global economic environment; risks relating to any pandemic, epidemic, endemic or similar public health threats; reliance on a limited number of smelters and off-takers; labour (including in relation to employee/union relations, employee misconduct, key personnel, skilled workforce, and contractors); indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and change in credit ratings); government regulation; the Sarbanes-Oxley Act; commodity price risk; mineral tenure; permits; risks relating to environmental sustainability and governance practices and performance; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); non-governmental organizations; corruption, bribery and sanctions; information and operational technology systems; litigation and contracts; estimation of mineral reserves and mineral resources; different standards used to prepare and report mineral reserves and mineral resources; credit risk; price volatility, volume fluctuations and dilution risk in respect of our shares; actions of activist shareholders; reliance on infrastructure, commodities and consumables (including power and water); currency risk; interest rate risk; tax matters; dividends; reclamation and long-term obligations; acquisitions, including integration risks, and dispositions; regulated substances; necessary equipment; co-ownership of our properties; the unavailability of insurance; conflicts of interest; compliance with privacy legislation; reputational issues; competition. as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in our business” in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect our business and operations.
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The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.
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. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the U.S.
APPENDIX A – Mineral Reserves and Mineral Resources
Table 2: Lamaque Complex Mineral Reserves as of September 30, 20241
| Proven Mineral Reserves | Probable Mineral Reserves | Proven & Probable Mineral Reserves | |||||||
| Tonnes | Grade | Contained | Tonnes | Grade | Contained | Tonnes | Grade | Contained | |
| (x1000) | g/t | ounces (x 1000) | (x1000) | g/t | ounces (x 1000) | (x1000) | g/t | ounces (x 1000) | |
| Triangle, Parallel | 1,357 | 5.70 | 249 | 1,956 | 6.50 | 409 | 3,313 | 6.19 | 658 |
| Ormaque | 3 | 7.76 | 1 | 2,661 | 7.22 | 618 | 2,664 | 7.22 | 619 |
| Total | 1,360 | 5.72 | 250 | 4,617 | 6.92 | 1,027 | 5,977 | 6.65 | 1,277 |
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1Values may not sum due to rounding. Mineral Resources are inclusive of Mineral Reserves.
Table 3: Lamaque Complex Mineral Resources as of September 30, 20241
| Measured Mineral Resources | Indicated Mineral Resources | M&I Mineral Resources | Inferred Mineral Resources | |||||||||
| Tonnes | Grade | Contained | Tonne | Grade | Contained | Tonnes | Grade | Contained | Tonnes | Grade | Contained | |
| (x1000) | g/t | oz (x 1000) | (x1000) | g/t | oz (x 1000) | (x1000) | g/t | oz (x 1000) | (x1000) | g/t | oz (x 1000) | |
| Triangle, Plug No. 4, Parallel | 2,269 | 6.55 | 477 | 4,367 | 6.74 | 947 | 6,636 | 6.67 | 1,424 | 8,188 | 6.58 | 1,731 |
| Ormaque | 3 | 7.76 | 1 | 1,414 | 16.44 | 747 | 1,417 | 16.41 | 748 | 1,750 | 14.87 | 837 |
| Total | 2,272 | 6.55 | 478 | 5,781 | 9.12 | 1,694 | 8,053 | 8.39 | 2,172 | 9,938 | 8.04 | 2,568 |
1Values may not sum due to rounding.
For further information including the ‘Advisories and Detailed Notes on Mineral Reserves and Resources’ please see the news release dated December 11, 2024 titled ‘Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2024 Gold Mineral Reserves Increased to 11.9 Million Oz with M&I Gold Mineral Resources of 22.0 Million Oz; Inaugural Mineral Reserve Declared at Ormaque; Outline of 2025 Reporting Schedule.’
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Author of the article:
Published Jan 27, 2025 • 24 minute read
(All dollar figures are in US dollars, unless otherwise stated)
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VANCOUVER, British Columbia, Jan. 27, 2025 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is pleased to announce the results of an updated Technical Report for the Lamaque Complex1 (“Lamaque Complex Technical Report”), including an updated life-of-mine (“LOM”) plan based on Mineral Reserves from Triangle, Ormaque and Parallel (the “Reserve Case”) and a Preliminary Economic Assessment (“PEA”) extended LOM plan primarily2 based on Inferred Mineral Resources (“Inferred Resources”) from Triangle and Ormaque (the “PEA Case”).
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The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold, while the PEA Case shows the potential to extend mine life incrementally by 9 years and incremental gold production of 1.5 million ounces. The Lamaque Complex Technical Report has been filed on SEDAR+.
Lamaque Complex Technical Report Highlights
Table 1 summarizes key metrics for the Reserve Case and PEA Case from the Lamaque Complex Technical Report which are based on the Mineral Reserve and Mineral Resource estimates that are shown in Appendix A.
Highlights of the Reserve Case
Highlights of the PEA Case
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1 The Lamaque Complex includes
the Triangle, Ormaque, Parallel and Plug No. 4 deposits, and the Sigma Mill (see Figure 2).
2
The PEA case includes a non-material amount of Measured and Indicated Mineral Resources ( 2%).
3 These are forward looking non-IFRS measures or ratios. Refer to the section “Forward-Looking Non-IFRS and Other Financial Measures and Ratios” for explanations and discussions of these non-IFRS financial measures or ratios.
The PEA Case is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the forecast production amounts will be realized. The basis for the PEA and the qualifications and assumptions made by the qualified persons who undertook the PEA are set out in the advisories contained in this news release. The results of the PEA had no impact on the results of any prefeasibility or feasibility study in respect of the Lamaque Complex.
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Maximizes installed capacity of plant and infrastructure with two mining centres. The installed capacity of the Sigma Mill, along with extensive infrastructure both on surface and underground, can be maximized with the addition of a paste plant and additional tailings capacity to bring the Ormaque deposit into production.
Strong collaboration and support from the Val-d’Or communities. We expect a transparent and predictable regulatory environment, reflective of Québec being a Tier 1 mining jurisdiction.
Significant exploration potential to grow Mineral Resources in existing deposits. The Ormaque deposit remains open at depth and laterally both in the upper and lower sections of the deposit. The Triangle deposit remains open at depth and we continue to drill Plug No. 4 and other advanced targets on the property.
Well-positioned with a large, under-explored land package in the Val d’Or area. The Company continues to assess exploration opportunities across the Lamaque Complex as well as its 100%-owned Bourlamaque property (contiguous to the Lamaque Complex) and in the wider Abitibi region.
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“This marks another major milestone for the Lamaque Complex,” said George Burns, President and CEO. “After acquiring this asset in 2017, we successfully brought the Triangle deposit into commercial production in 2019, and it has since produced nearly one million ounces of gold. With the development of the Ormaque deposit, we will be adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as we leverage the existing plant and infrastructure.
“Ormaque is located just off the existing Triangle–Sigma decline and was discovered through surface drilling in 2019 (see Figure 2 and Figure 3). An Inferred Mineral Resource was declared in February 2021 and an exploration drift was developed to allow underground conversion drilling of the upper sections of the deposit. A bulk sample of Ormaque material was processed at the Sigma Mill in December and preliminary results are in-line with expectations and support the current Ormaque Mineral Reserves and block model. The second phase of the bulk sample is expected for the second half of 2025, followed by an expected ramp-up phase beginning in 2026. We expect to reach full production in 2028.
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“The Ormaque and Triangle deposits are located within the prolific Val-d’Or district of the Abitibi. This district hosts the historic Lamaque and Sigma Mines, which collectively produced nearly 10 million ounces of gold. Based on the existing resource base and favorable findings of the report, we maintain an optimistic view of the long-term potential at the Lamaque Complex.
“Our skilled and dedicated workforce, strategic position in the Abitibi region and collaborative relationships with First Nations and the local community, positions us to deliver sustainable, long-term benefits for the Val-d’Or region, while continuing to create value for our shareholders.”
Table 1: Key metrics based on the Lamaque Complex Technical Report
| Unit | Reserve Case (includes Mineral Reserves only) |
PEA Case (includes Inferred Mineral Resources2 and is incremental to Reserve Case) |
|
| Production | |||
| Mine Life | yrs | 8 | 9 |
| Total Material Processed | Mt | 5.7 | 7.1 |
| Average Gold Grade | g/t | 6.55 | 6.78 |
| Total Gold Produced | koz | 1,168 | 1,500 |
| Operating Costs | |||
| Direct Operating Cost | $/t | 188 | 180 |
| Total Cash Cost3 | $/oz | 944 | 873 |
| AISC3 | $/oz | 1,176 | 1,156 |
| Capital Costs | |||
| Growth Capital Costs3 | US$M | 227 | 33 |
| Sustaining Capital Costs3 | US$M | 270 | 424 |
| Total Capital Cost | US$M | 497 | 457 |
| Economics @ $2,000/oz Au | |||
| LOM After-tax Cash Flow | US$M | 669 | 1,085 |
| After-tax NPV(5%) | US$M | 555 | 623 |
| IRR | % | n/a | 43.5 |
| Economics @ $2,600/oz Au | |||
| LOM After-tax Cash Flow | US$M | 1,257 | 1,788 |
| After-tax NPV(5%) | US$M | 1,064 | 1,059 |
| IRR | % | n/a | 68.2 |
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2 The PEA case includes a non-material amount of Measured and Indicated Mineral Resources ( 2%).
3
These are forward looking non-IFRS measures or ratios. Refer to the section “Forward-Looking Non-IFRS and Other Financial Measures and Ratios” for explanations and discussions of these non-IFRS financial measures or ratios.
Figure 1: Lamaque Complex Production Profile (Reserve Case + PEA Case)
Figure 2: Lamaque Complex property map showing location of gold deposits and key infrastructure
Figure 3: Lamaque Complex long-section showing location of gold deposits and key infrastructure
Significant Value Creation Since Acquisition
Eldorado acquired the Lamaque Complex in 2017 for total consideration of $430 million4. Since acquisition, it has generated over $3005 million of net cash flow and has been one of the Company’s most stable operations. Looking forward, we expect the Lamaque Complex to generate significant value and remain a cornerstone asset for the Company over the next decade and beyond. At a gold price of $2,000/oz, the Reserve Case generates an after-tax NPV5% of $555 million, while the PEA Case generates an incremental after-tax NPV5% of $623 million. At a gold price of $2,600/oz, the Reserve Case generates an after-tax NPV5% of $1.1 billion while the PEA Case generates an incremental after-tax NPV5% of $1.1 billion (see Figure 4).
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Figure 4: Lamaque Complex track record of value creation since acquisition (US$ million)
4 Acquisition cost is based on headline transaction of C$590 million converted to USD at FX rate of 1.37.
5
Net cash flow generated from acquisition to December 31, 2024.
At the time of acquisition, the Lamaque Complex contained Measured and Indicated Mineral Resources (“M&I Resources”) of 1.4 million ounces of gold, Inferred Mineral Resources of 864,000 ounces of gold, and no Mineral Reserves. Since acquisition, the Lamaque Complex has produced nearly one million ounces of gold, while growing Mineral Reserves and Mineral Resources significantly (see Figure 5).
Figure 5: Lamaque Complex Mineral Reserve and Mineral Resource Growth since acquisition (koz Au)6,7
6 Depletion is based on contained gold processed as of December 31st, 2024.
7M&I Mineral Resources are exclusive of Mineral Reserves.
Lamaque Complex Planned Drilling and Regional Exploration
Exploration activities will continue at the Lamaque Complex, with a focus on resource conversion drilling at Lower Triangle, Ormaque and Plug No. 4, as well as testing for extensions at Ormaque and earlier stage targets close to Lamaque Complex infrastructure. Plans include:
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Figure 6 – Lower Triangle Mineral Resource conversion drilling (2025-2027)
Figure 7 – Ormaque Mineral Resource conversion drilling (2025)
Figure 8 – Plug No. 4 Mineral Resource conversion drilling (2025, with conditional 2026-2027 conceptual plan)
Interactive VRIFY 3D Model
To view an interactive 3D model that includes updated views of the Mineral Reserve and Mineral Resource shells use the following link: https://vrify.com/decks/17646?auth=80334cc6-3e93-4722-ac41-9313e4c8591a or visit Eldorado Gold’s website: www.eldoradogold.com.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
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647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com
ADVISORIES AND DETAILED NOTES ON MINERAL RESERVES AND RESOURCES
General
Mineral Resources and Mineral Reserves are as of September 30, 2024.
The Mineral Resources and Mineral Reserves were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Sample preparation, analytical techniques, laboratories used, and quality assurance and quality control protocols used during exploration drilling programs are consistent with industry standards and independent certified assay labs are used.
Mineral Reserves are included in the Mineral Resources.
The Mineral Resources and Mineral Reserves are disclosed on a total project basis.
Measured and Indicated Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. With respect to “Inferred Mineral Resources”, there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “Measured Mineral Resource”, “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category.
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Additional information regarding the Lamaque Complex (which is considered to be a mineral property material to the Company) is contained in the Lamaque Complex Technical Report effective December 31, 2024 available under the Company’s profile at www.sedarplus.com and at www.sec.gov.
Unless otherwise noted in this new release, Jessy Thelland, géo, Technical Services Director Lamaque at Eldorado Gold (Québec) Inc., who is a qualified person under NI 43-101, has approved all scientific and technical information in this news release.
Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources
There are differences between the standards and terms used for reporting mineral reserves and resources in Canada, and in the United States pursuant to the United States Securities and Exchange Commission’s (the “SEC”). The terms mineral resource, measured mineral resource, indicated mineral resource and inferred mineral resource are defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council, and must be disclosed according to Canadian securities regulations.
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These standards differ from the requirements of the SEC applicable to domestic United States reporting companies. Accordingly, information contained in this news release with respect to mineral deposits may not be comparable to similar information made public by United States companies subject to the SEC’s reporting and disclosure requirements.
Mineral Reserve Notes
Eldorado reports Mineral Reserves in accordance with CIM Definition Standards. Mineral Reserves for the Lamaque Complex – Ormaque, Triangle and Parallel were determined using a long-term gold price of $1,450/oz. A reserve test is undertaken every year to confirm future undiscounted cash flow from reserve mine plan is positive.
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| Asset | Mining Type(s) | Qualified Person | Company |
| Lamaque Complex: Triangle, Parallel, Plug No.4 |
Underground | Jessy Thelland, géo (OGQ No. 758) Technical Services Director Lamaque |
Eldorado Gold (Québec) Inc., as subsidiary of Eldorado Gold Corporation |
| Lamaque Complex: Ormaque |
Underground | Phillippe Groleau, Eng, (OIQ No. 5032770) Senior Strategic Planner |
Eldorado Gold (Québec) Inc., as subsidiary of Eldorado Gold Corporation |
Mineral Resource Notes
Eldorado reports Mineral Resources in accordance with CIM Definition Standards. All Mineral Resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The Resource cut-off grades or values (e.g. gold equivalent) are determined using a long-term gold price ($1,800/oz) and modifying factors derived in the resource to reserve conversion process (or by comparison to similar projects for our resource-only properties). These values are then used to create constraining volumes that provide limits to the reported Resources. Resource grades are reported undiluted from within the constraining volumes that satisfy RPEEE. Due to the presence of narrow veins, conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent modifying factors associated with mining.
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Underground Resources were constrained by volumes whose design was guided by a combination of the reporting cut-off grade or value, contiguous areas of mineralization and mineability. Eldorado’s Mineral Resources are inclusive of Reserves.
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| Asset | Mining Type(s) | Qualified Person | Company |
| Lamaque Complex: Triangle, Parallel, Plug No. 4 | Underground | Jessy Thelland, géo (OGQ No. 758). Technical Services Director, Lamaque |
Eldorado Gold (Québec), Inc., as subsidiary of Eldorado Gold Corporation |
| Lamaque Complex: Ormaque | Underground | Jessy Thelland, géo (OGQ No. 758) Technical Services Director, Lamaque |
Eldorado Gold (Québec) Inc., as subsidiary of Eldorado Gold Corporation |
Notes on the PEA
Readers should take care to differentiate the PEA discussed in this news release from the economic analysis for the Lamaque Complex Mineral Reserves. The PEA only demonstrates the potential viability of Inferred Mineral Resources and is not as comprehensive as the economic analysis for the Lamaque Complex Mineral Reserves. The level of detail, precision and confidence in outcomes between the economic analysis for the Lamaque Complex Mineral Reserves and the Lamaque Complex Mineral Resources described in the PEA is significantly different.
The PEA is preliminary in nature and is based on numerous assumptions and the incorporation of Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves except as allowed for by National Instrument 43-101 in PEA studies. There is no guarantee that Inferred Mineral Resources can be converted to Indicated or Measured Mineral Resources and, as such, there is no guarantee that the economics described herein will be achieved. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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The PEA Case is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the forecast production amounts will be realized. The results of the PEA had no impact on the results of any prefeasibility or feasibility study in respect of the Lamaque Complex.
The Qualified Person made various assumptions in preparing the PEA, including the following: physical assumptions about mining dilution, rate of development, milling throughput and recovery rate (including mining rate decrease due to depth); future gold prices, exchange rates and energy costs; operating expenses including mining and processing costs; capital expenditures required to execute the incremental plan; continuation of existing mining methods, process plans and business operations; the Company’s ability to obtain all required approvals and permits in a timely manner and its ability to comply with any associated conditions of those approvals and permits; and the future geopolitical, economic, permitting and legal climate applicable to the Lamaque Complex. For additional information, see the Lamaque Complex Technical Report effective December 31, 2024 available under the Company’s profile at www.sedarplus.com and at www.sec.gov.
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Even though the Qualified Person believes that the assumptions made in preparing the PEA are reasonable, many assumptions may be difficult to predict and are beyond our control.
Forward-Looking Non-IFRS Financial Measures and Ratios
Certain non-IFRS forward-looking measures related to the Lamaque Complex, including total cash costs, all-in sustaining cost (“AISC”), growth capital costs, and sustaining capital costs are included in this news release. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
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With respect to the non-IFRS measures disclosed in this news release, the Company defines them as follows:
Total Cash Costs
We define total cash costs following the recommendations of the Gold Institute Production Cost Standard. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting total cash costs of production by gold mining companies. Total cash costs include direct operating costs (including mining, processing and administration), refining and selling costs (including treatment, refining and transportation charges and other concentrate deductions), and royalty payments, but exclude depreciation and amortization, share based payments expenses and reclamation costs. Revenue from sales of by-products including silver, lead and zinc reduce total cash costs.
All-In Sustaining Costs (AISC)
We define AISC based on the definition set out by the World Gold Council, including the updated guidance note dated November 14, 2018. We define AISC as the sum of total cash costs (as defined above), sustaining capital expenditure relating to current operations (including capitalized stripping and underground mine development), sustaining leases (cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized evaluation costs), reclamation cost accretion and amortization related to current gold operations and corporate and allocated general and administrative expenses. Corporate and allocated general and administrative expenses include general and administrative expenses, share-based payments and defined benefit pension plan expense. Corporate and allocated general and administrative expenses do not include non-cash depreciation. As this measure seeks to reflect the full cost of gold production from current operations, growth capital and reclamation cost accretion not related to operating gold mines are excluded. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest), except for financing charges related to leasing arrangements, and costs related to business combinations, asset acquisitions and asset disposals are also excluded.
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Sustaining Capital
Sustaining capital is capital required to maintain current operations at existing levels, including capitalized stripping and underground mine development. Sustaining capital excludes non-cash sustaining lease additions, unless otherwise noted, and does not include capitalized interest, expenditure related to development projects, or other growth or sustaining capital not related to operating gold mines.
Growth Capital
Growth capital is capital investment for new operations, major growth projects or enhancement capital for significant infrastructure improvements at existing operations.
Our September 30, 2024 Management’s Discussion & Analysis (“MD&A”), available on SEDAR+ at www.sedarplus.com and on the Company’s website under the ‘Investors’ section, contains explanations and discussions of historic total cash costs., AISC, sustaining capital and growth capital for the Lamaque Complex for the three and nine months ended September 30, 2024, as well as the comparable measures as at September 30, 2023. For a discussion of the composition and usefulness of certain of these non-IFRS measures and a reconciliation of these historical measures to production costs, see specifically “Non-IFRS and Other Financial Measures and Ratios” in the Company’s Management Discussion & Analysis for the periods ended December 31, 2023 and September 30, 2024.
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Our September 30, 2024, MD&A discloses the following with respect to the Lamaque Complex:
| Three months ended Sept 30/24 | Three months ended Sept 30/23 | Nine months ended Sept 30/24 | Nine months ended Sept 30/23 | |
| Total cash costs ($/oz sold) | 728 | 648 | 755 | 697 |
| AISC ($/oz sold) | 1,189 | 1,099 | 1,228 | 1,143 |
| Sustaining Capital ($M) | 20.4 | 18.3 | 62.3 | 52.9 |
| Growth Capital ($M) | 6.4 | 8.2 | 18.9 | 15.3 |
The forward-looking total cash costs, AISC, sustaining capital and growth capital disclosed in this news release have been calculated consistent with both the methodology noted above and the methodology underpinning the disclosures in the September 30, 2024 MD&A (that is, there are no significant differences in methodology between the historic and forward-looking non-IFRS measures).
Cautionary Note about Forward-Looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof 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.
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Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to the expectations regarding the Reserve Case and the PEA Case for the Lamaque Complex, including gold production, costs and economics, including assumptions used to determine the Reserve Case and the PEA Case; intentions to mine the Ormaque deposit, including the expected mining techniques, the capacity of the Sigma Mill, and leveraging of existing infrastructure and development of additional infrastructure; potential exploration activities and 2025 plans to develop another underground exploration drift and to continue conversion drilling; the second phase of the bulk sample of Ormaque and the timing thereof, including permitting, and its expected ramp-up and full production; mineral reserves and mineral resources, including specific metrics and mine plans related thereto; future gold price assumptions; future infrastructure plans; exploration opportunities including evaluation of near mine targets; and generally long term views, strategy and plans related to the Lamaque Complex and its impact, including regarding support of the relevant communities.
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Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market 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 such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about: our ability to execute our planned mining activities at the Lamaque Complex, including development of another underground exploration draft, and drilling; our ability to obtain all required approvals and permits in a timely manner and our ability to comply with all the conditions that are imposed in such approvals and permits; timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold and other commodities and the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to unlock the potential of our property portfolio; our ability to address the negative impacts of climate change and adverse weather; the cost of, and extent to which we use, essential consumables (including fuel, explosives, and cement) ; the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in. In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
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Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
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 include, among others, risks relating to our operations; community relations and social license; liquidity and financing risks; climate change; inflation risk; environmental matters; production and processing; waste disposal; geotechnical and hydrogeological conditions or failures; the global economic environment; risks relating to any pandemic, epidemic, endemic or similar public health threats; reliance on a limited number of smelters and off-takers; labour (including in relation to employee/union relations, employee misconduct, key personnel, skilled workforce, and contractors); indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and change in credit ratings); government regulation; the Sarbanes-Oxley Act; commodity price risk; mineral tenure; permits; risks relating to environmental sustainability and governance practices and performance; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); non-governmental organizations; corruption, bribery and sanctions; information and operational technology systems; litigation and contracts; estimation of mineral reserves and mineral resources; different standards used to prepare and report mineral reserves and mineral resources; credit risk; price volatility, volume fluctuations and dilution risk in respect of our shares; actions of activist shareholders; reliance on infrastructure, commodities and consumables (including power and water); currency risk; interest rate risk; tax matters; dividends; reclamation and long-term obligations; acquisitions, including integration risks, and dispositions; regulated substances; necessary equipment; co-ownership of our properties; the unavailability of insurance; conflicts of interest; compliance with privacy legislation; reputational issues; competition. as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in our business” in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect our business and operations.
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The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.
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. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the U.S.
APPENDIX A – Mineral Reserves and Mineral Resources
Table 2: Lamaque Complex Mineral Reserves as of September 30, 20241
| Proven Mineral Reserves | Probable Mineral Reserves | Proven & Probable Mineral Reserves | |||||||
| Tonnes | Grade | Contained | Tonnes | Grade | Contained | Tonnes | Grade | Contained | |
| (x1000) | g/t | ounces (x 1000) | (x1000) | g/t | ounces (x 1000) | (x1000) | g/t | ounces (x 1000) | |
| Triangle, Parallel | 1,357 | 5.70 | 249 | 1,956 | 6.50 | 409 | 3,313 | 6.19 | 658 |
| Ormaque | 3 | 7.76 | 1 | 2,661 | 7.22 | 618 | 2,664 | 7.22 | 619 |
| Total | 1,360 | 5.72 | 250 | 4,617 | 6.92 | 1,027 | 5,977 | 6.65 | 1,277 |
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1Values may not sum due to rounding. Mineral Resources are inclusive of Mineral Reserves.
Table 3: Lamaque Complex Mineral Resources as of September 30, 20241
| Measured Mineral Resources | Indicated Mineral Resources | M&I Mineral Resources | Inferred Mineral Resources | |||||||||
| Tonnes | Grade | Contained | Tonne | Grade | Contained | Tonnes | Grade | Contained | Tonnes | Grade | Contained | |
| (x1000) | g/t | oz (x 1000) | (x1000) | g/t | oz (x 1000) | (x1000) | g/t | oz (x 1000) | (x1000) | g/t | oz (x 1000) | |
| Triangle, Plug No. 4, Parallel | 2,269 | 6.55 | 477 | 4,367 | 6.74 | 947 | 6,636 | 6.67 | 1,424 | 8,188 | 6.58 | 1,731 |
| Ormaque | 3 | 7.76 | 1 | 1,414 | 16.44 | 747 | 1,417 | 16.41 | 748 | 1,750 | 14.87 | 837 |
| Total | 2,272 | 6.55 | 478 | 5,781 | 9.12 | 1,694 | 8,053 | 8.39 | 2,172 | 9,938 | 8.04 | 2,568 |
1Values may not sum due to rounding.
For further information including the ‘Advisories and Detailed Notes on Mineral Reserves and Resources’ please see the news release dated December 11, 2024 titled ‘Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2024 Gold Mineral Reserves Increased to 11.9 Million Oz with M&I Gold Mineral Resources of 22.0 Million Oz; Inaugural Mineral Reserve Declared at Ormaque; Outline of 2025 Reporting Schedule.’
Photos accompanying this announcement are available at
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Published Jan 27, 2025 • 5 minute read
First payment of $400,000 received
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MONTREAL, Jan. 27, 2025 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, announces that its subsidiary, Pyro Green-Gas Inc. (“Pyro Green-Gas”), has signed a contract totaling US$1.74 million (approx. CA$2.5 million) with one of the world’s largest integrated environmental services companies as part of a large urban waste-to-energy project. An initial payment of CA$400,000 has been received. The multi-national, multi-billion-dollar revenue client provides services to public utilities in dozens of countries worldwide. The client’s name is being withheld for competitive and confidentiality reasons.
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The contract is for the engineering, design, and delivery of components related to gas “flaring”, that provides for the safe and environmentally friendly removal of peripheral emissions considered unworthy of processing during the production of renewable natural gas (“RNG”). The technology will be installed at a large US-based organic waste-to-RNG facility, which was built to produce pipeline-quality natural gas that can be added to the natural gas supply for a major U.S. metropolitan area.
Figure 1 – Advanced technology for efficient waste gas emission abatement in biogas, landfill gas, and industrial processing plants.
“This announcement highlights our continued commitment to providing sustainable technology solutions that contribute to the expansion of the energy grid, while also improving the environment by controlling and eliminating hazardous air pollutants,” noted P. Peter Pascali, President and CEO of PyroGenesis. “Our engineering skills and technologies are crucial to projects like this, where transforming organic waste to energy helps (i) introduce more capacity to the grid, (ii) reduce landfills, and (iii) solve the energy transition challenges facing large urban areas. We are excited to kick off this initial project with this internationally respected world-class customer, and we look forward to developing this partnership to drive innovation and address the pressing energy and environmental challenges of our times.”
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It is expected that this contract will be completed in 2025.
Pyro Green-Gas’ development of various technologies for use in gas flaring and renewable natural gas production are part of the Company’s three-tiered solution ecosystem that aligns with economic drivers that are key to global heavy industry. Flaring technologies are part of the Company’s Energy Transition & Emissions Reduction tier, where gas purification, separation and conversion technologies, and fuel switching utilize the Company’s electric-powered plasma torches, helps heavy industry reduce greenhouse gas emissions and fossil fuel use. The other tiers are Waste Remediation, and Commodity Security and Optimization.
About Pyro Green-Gas Inc.
Pyro Green-Gas Inc. offers technologies, equipment, and expertise in the area of biogas upgrading, as well as air pollution controls. Pyro Green-Gas designs and builds: (i) gas upgrading systems to convert biogas to renewable natural gas (“RNG”); (ii) pyrolysis-gas purification; (iii) biogas & landfill-gas flares and thermal oxidizers; and (iv) purification of coke-oven gas (“COG”) (a by-product in the primary steel industry arising from the conversion of coal into coke) into high purity hydrogen, which is in high demand across the industry. Pyro Green-Gas is also known for its line of landfill gas flares which reduce greenhouse gas emissions from landfills.
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About PyroGenesis Inc.
PyroGenesis, a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional “dirty” processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY).
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Cautionary and Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
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Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws.
Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.
For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
E-mail: ir@pyrogenesis.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8819022-5013-44c2-994e-784b1662a8b3
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