Category: Canada

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Serabi Gold Files NI 43-101 Technical Report for the Coringa Gold Project

Serabi Gold (AIM:SRB, TSX:SBI; OTCQX: SRBIF) the Brazilian focused gold mining and development company, is pleased to announce that it has publicly filed its detailed Technical Report (the “Technical Report”) of its updated preliminary economic analysis (“PEA”) and updated mineral resource estimate (“Mineral Resource Estimate”) for its 100% owned Coringa Gold Project (the “Project”), located in Pará State, Brazil, within the Tapajós region. The Technical Report is dated November 13, 2024, effective April 16, 2024, and supports the scientific and technical disclosure in the PEA and Mineral Resource Estimate (see October 7, 2024, press release).

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The Technical Report is titled “Coringa Project, Preliminary Economic Assessment, NI 43-101 Technical Report, Pará State, Brazil” and was prepared by NCL Ingeniería y Construcción SpA (“NCL”) of Santiago, Chile for the Project and has been reviewed and approved by the following qualified persons under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in accordance with the rules of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), which is an internationally recognised standard pursuant to the AIM Rules.

Qualified Persons

• Mr. Carlos Guzmán, RM CMC, FAusIMM, Principal/Project Director, NCL
• Mr. Gustavo Tapia, RM CMC, Metallurgical and Process Consultant, GT Metallurgy
• Mr. Nicolás Fuster, RM CMC, MAusIMM, Geologist

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

The person who arranged for the release of this announcement on behalf of the Company was Andrew Khov, Vice President, Investor Relations & Business Development.

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About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Para State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the construction of the Coringa Gold project. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada.

Enquiries

SERABI GOLD plc
Michael Hodgson        t +44 (0)20 7246 6830
Chief Executive        m +44 (0)7799 473621

Clive Line        t +44 (0)20 7246 6830
Finance Director        m +44 (0)7710 151692

Andrew Khov         m +1 647 885 4874
Vice President, Investor Relations &
Business Development
        e contact@serabigold.com

        www.serabigold.com

BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish        t +44 (0)20 7628 3396

PEEL HUNT LLP
Joint UK Broker
Ross Allister        t +44 (0)20 7418 9000

TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868

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CAMARCO
Financial PR – Europe
Gordon Poole / Emily Hall                t +44 (0)20 3757 4980

HARBOR ACCESS
Financial PR – North America
Jonathan Patterson / Lisa Micali                t +1 475 477 9404

Copies of this announcement are available from the Company’s website at www.serabigold.com.

See www.serabigold.com for more information and follow us on twitter @Serabi_Gold

Assay Results
Assay results reported within this release include those provided by the Company’s own on-site laboratory facilities at Palito and have not yet been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company’s activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company’s management are satisfied that the Company’s own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.

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Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.

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Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 30 years’ experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.

Notice
Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release

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MONTREAL, Nov. 20, 2024 (GLOBE NEWSWIRE) — Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (“Osisko Development” or the “Company“) is pleased to announce the approval of the BC Mines Act permits for its 100%-owned Cariboo Gold Project (“Cariboo” or the “Project“) located in central British Columbia (“BC“), Canada. The approval of these permits marks an important milestone in enabling the Company to move forward with the construction and operation of the underground Cariboo Gold Project.

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“Receipt of the construction and operating permits for the Cariboo Gold Project is a major milestone and monumental achievement for Osisko Development and its stakeholders. It is the culmination of almost five years of extensive discussion and consultation with provincial regulators, Indigenous nations and host communities in ensuring the Project becomes a model for responsible mine development and environmental stewardship that redefines mining for a better future,” commented Sean Roosen, Founder, Chairman and CEO.

“As permitting complexity and timelines increase globally, BC’s new environmental assessment and permitting framework demonstrates the province’s commitment to sustainable mine development relying on a robust consultation process, on predictable, legislated timelines, alongside a clear set of information requirements. We commend all those involved in ensuring the Cariboo Gold Project is successful in navigating this new rigorous review process and in securing key permits for construction and operation.”

Lhtako Dené Nation Chief Clifford Lebrun remarked, “The Cariboo Gold Project represents a significant opportunity for Lhtako Dené Nation and we are pleased that it has received its BC Mines Act Permits. The Mine and its surrounding infrastructure is firmly located in our core traditional territory, and we have been active participants at every stage of the project from mineral exploration to the Environmental Assessment and the BC Mines Act Permit. We look forward to a sustainable and growing relationship with Osisko Development as the project proceeds through to operation.”

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Honourable Jagrup Brar, British Columbia’s Minister of Mining and Critical Minerals, noted,
“My congratulations to Osisko Development Corporation for your hard work and collaboration with partners and local communities in reaching this important milestone and obtaining a permit for the Cariboo Gold mine. The first project wholly assessed under the new 2018 Environmental Assessment Act, Cariboo Gold is crucial for BC, creating good jobs and opening up long-term opportunities for local businesses, communities, and First Nations, all while adhering to top-tier environmental protection.”

With the key Project construction and operating permits secured, and the remaining Environmental Management Act permits referred to the Statutory Decision Maker of the Ministry of Energy and Climate Solutions – with a decision expected shortly – the Company is advancing discussions, which are active and ongoing, on various funding options, including a comprehensive financing package.

Progress continues on the ongoing bulk sample and underground development in the Lowhee Zone alongside the optimized feasibility study work, which are slated to be completed in Q1 2025 and Q2 2025, respectively. Additionally, work advances on other pre-construction activities, including on certain detailed engineering and project execution work. Execution on these milestones will play a crucial role in ongoing financing discussions.

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A formal positive final investment decision and the engagement on a project financing package in the coming months would allow for full-scale construction to commence in the second half of 2025 with a targeted completion date at the end of 2027.

DEVELOPING A GENERATIONAL DISTRICT IN THE CARIBOO REGION

The Cariboo Gold Project is estimated to operate over an initial 12-year mine life, based on the 2023 Cariboo FS (as defined herein), not including any potential future mine life extensions from resource conversion or further exploration success. Key highlights of the Project include:

• Gold production of up to 223 thousand ounces (“koz“) per annum during peak operations and averaging 194 koz of gold per annum during Phase 2 at 4,900 tonnes per day;
  • Work is advancing on an optimized feasibility study which is expected to be completed in Q2 2025 (see Optimized Feasibility Study);
• Direct employment of approximately 634 workers during the project construction period and up to 488 employees during peak steady-state operations, creating safe and empowering employment for the community;
• Beyond direct job creation, the Project’s activities are anticipated to contribute to significant economic development including the creation of ancillary job opportunities among suppliers, various sub-contractors and other groups within the local communities and broader Cariboo region;
• Over the initial 12-year mine life, the Company anticipates investing C$588.4 million in initial and expansion capital costs and C$466.6 million in sustaining capital costs, with the overwhelming majority to be spent locally and in the province of BC;
• Access to the predominantly green hydroelectric BC power grid provides unparalleled opportunities to minimize the Project’s carbon footprint by deploying a largely electric equipment fleet, while benefitting from favourable energy pricing at 6.6¢ per kWh (CAD$);
• Low impact mining from deploying ore sorter and roadheader technologies that significantly reduce the carbon footprint by generating fewer waste rock at lower energy intensity relative to other traditional mining operations;
• Significant exploration upside at depth with the current Mineral Reserves and Resources only defined over an average depth of 350 meters from surface, while considerable potential also exists on the broader Cariboo property across a combined 83 km mineralized trend.

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CARIBOO GOLD PROJECT PERMITS

Following a robust and rigorous review process by a dedicated Mine Review Committee, set up by the Major Mines Office, the Company received or referred the following permits for the Cariboo Gold Project:

• M-247 – Mines Act permit for the Mine Site Complex and Bonanza Ledge (received);
• M-198 – Mines Act permit for the QR Mill (received);
• PE-111511 – Environmental Management Act Permit for the Mine Site Complex (referred);
• PE-12601 – Environmental Management Act Permit for QR Mill (referred); and
• PE-17876 – Environmental Management Act Permit for Bonanza Ledge (referred).

The Mines Act permits grant the Company the ability to proceed with the construction, operation and reclamation activities on each of the site boundaries, as outlined within the scope of the Project. The Environmental Management Act permits pertain to any Project-related discharge activities to the environment, including water and air, and the framework and limitations thereof, within the areas outside of the immediate mine site boundaries.

Work is ongoing with the Ministry of Water, Land and Resource Stewardship and the Ministry of Forests, which is tracking well, on obtaining all necessary approvals for the construction of the transmission line.

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INDIGENOUS NATIONS

The Company is committed to advancing collaborative partnerships with Indigenous nations related to the Project as evidenced by years of extensive consultation and the signing and ongoing implementation of the participation agreements with each of the Lhtako Dené Nation in 2020 and the Williams Lake First Nation in 2022. The Company is working towards an agreement with the Xatśūll First Nation, with whom it continues to engage and consult. This includes good faith and reasonable offers for financial and other benefits along substantially similar frameworks as those agreed to by Lhtako Dené Nation and Williams Lake First Nation.

The Company is dedicated to developing a modern, safe and sustainable operation at the Cariboo Gold Project, and remains committed to engaging in constructive dialogue to ensure all Indigenous nations and stakeholders benefit from the development of the Project, whilst ensuring it remains viable.

OPTIMIZED FEASIBILITY STUDY

The Company is advancing work on an optimized feasibility study (“OFS“) for the Cariboo Gold Project, which is anticipated to be completed in Q2 2025. The scope of the OFS will take into account and include, among other things, certain mining and processing flowsheet optimizations including improvements to the flotation circuit, an accelerated development timeline directly to 4,900 tonnes per day throughput, updated metal price and foreign exchange assumptions, and updated operating and capital cost estimates to reflect the current environment. The OFS work follows the framework set out in the existing ongoing permitting process.

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BULK SAMPLE AND UNDERGROUND DEVELOPMENT UPDATE

In Q1 2024, under an existing provincial permit, the Company commenced an underground development drift from the existing Cow Portal into the Cariboo Gold Project’s mineral deposit at the Lowhee Zone. The objective of the bulk sample work program is to develop into the ore body and extract a 10,000 tonne bulk sample of mineralized material for mining, ore sorting and processing testing.

• For the development of the underground drift the Company has been utilizing a combination of continuous mining using a fully-electric Sandvik roadheader, which has been performing favorably, and traditional drilling and blasting.
• To date, approximately 1,083 meters of development has been completed or approximately 92%, with another 89 meters remaining to reach the target area.
• The Company anticipates completing the bulk sample program and release the results thereof in Q1 2025.

Figure 1: Bulk sample location and ramp progress (November 17, 2024).

Figure 2: Main decline ramp overall view (left) and development of Lowhee top sill access for stope extraction (right).

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Figure 3: Visible sulfide mineralization within the bulk sample stope area development.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Daniel Downton, P.Geo., Chief Resource Geologist of Osisko Development, a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“).

Technical Reports

Information relating to the Cariboo Gold Project and the current feasibility on the Cariboo Gold Project and the assumptions, qualifications and limitations thereof is supported by the technical report titled “Feasibility Study for the Cariboo Gold Project, District of Well, British Columbia, Canada“, dated January 10, 2023 (amended January 12, 2023) with an effective date of December 30, 2022 prepared for the Company by independent representatives BBA Engineering Ltd. and supported by independent consulting firms, including InnovExplo Inc., SRK Consulting (Canada) Inc., Golder Associates Ltd. (amalgamated with WSP Canada Inc. on January 1, 2023, to form WSP Canada Inc.), WSP USA Inc., Falkirk Environmental Consultants Ltd., Klohn Crippen Berger Ltd., KCC Geoconsulting Inc., and JDS Energy & Mining Inc. (the “ 2023 Cariboo FS“). Reference should be made to the full text of the Cariboo Technical Report, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under Osisko Development’s issuer profile and on the Company’s website at www.osiskodev.com.

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ABOUT
OSISKO
DEVELOPMENT
CORP.

Osisko Development Corp. is a North American gold development company focused on past-producing mining camps located in mining friendly jurisdictions with district scale potential. The Company’s objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project, located in central B.C., Canada, the Tintic Project in the historic East Tintic mining district in Utah, U.S.A., and the San Antonio Gold Project in Sonora, Mexico. In addition to considerable brownfield exploration potential of these properties, that benefit from significant historical mining data, existing infrastructure and access to skilled labour, the Company’s project pipeline is complemented by other prospective exploration properties. The Company’s strategy is to develop attractive, long-life, socially and environmentally sustainable mining assets, while minimizing exposure to development risk and growing mineral resources.

For further information, visit our website at www.osiskodev.com or contact:

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CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained in this news release may be deemed “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (together, “forward-looking statements”). These forward-looking statements, by their nature, require Osisko Development to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including the assumptions, qualifications and limitations relating to the significance of regional exploration potential; the ability of the Company to complete the OFS and the scope, results and timing of thereof; progress in respect of pre-construction activities at Cariboo; the potential for unknown mineralized structures to extend existing zones of mineralization; category conversion; the timing and status of permitting; future consultation efforts between Osisko Development and Xatśūll First Nation; the future development and operations at the Cariboo Gold Project; the results of ongoing stakeholder engagement; the capital resources available to the Company; the ability of the Company to execute its planned activities, including as a result of its ability to seek additional funding; the ability of the Company to obtain future financing and the terms of such financing including a fully-funded solution for the Cariboo Gold Project; management’s perceptions of historical trends, current conditions and expected future developments; the ability and timing for Cariboo to reach commercial production (if at all); sustainability and environmental impacts of operations at the Company’s properties; the results (if any) of further exploration work to define and expand mineral resources; the ability of exploration work (including drilling) to accurately predict mineralization; the ability of the Company to expand mineral resources beyond current mineral resource estimates; the ability of the Company to complete its exploration and development objectives for its projects in the timing contemplated and within expected costs (if at all); the ability and timing for Cariboo to reach commercial production (if at all); the ability to adapt to changes in gold prices, estimates of costs, estimates of planned exploration and development expenditures; the ability of the Company to obtain further capital on reasonable terms; the profitability (if at all) of the Company’s operations; as well as other considerations that are believed to be appropriate in the circumstances, and any other information herein that is not a historical fact may be “forward looking information”. Material assumptions also include, management’s perceptions of historical trends, management’s understanding of the permitting process and status thereof, the ability of exploration (including drilling and chip sampling assays, and face sampling) to accurately predict mineralization, budget constraints and access to capital on terms acceptable to the Company, current conditions and expected future developments, regulatory framework remaining defined and understood, results of further exploration work to define or expand any mineral resources, as well as other considerations that are believed to be appropriate in the circumstances. Osisko Development considers its assumptions to be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Development, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Development and its business. Such risks and uncertainties include, among others, risks relating to third-party approvals, including the issuance of permits by the government, capital market conditions and the Company’s ability to access capital on terms acceptable to the Company for the contemplated exploration and development at the Company’s properties; the ability to continue current operations and exploration; regulatory framework and presence of laws and regulations that may impose restrictions on mining; the ability of exploration activities (including drill results and chip sampling, and face sampling results) to accurately predict mineralization; errors in management’s geological modelling; the timing and ability of the Company to obtain required approvals and permits; the results of exploration activities; risks relating to exploration, development and mining activities; the global economic climate; metal and commodity prices; fluctuations in the currency markets; dilution; environmental risks; and community, non-governmental and governmental actions and the impact of stakeholder actions. Osisko Development is confident a robust consultation process was followed in relation to its received BC Mines Act permits for the Cariboo Gold Project and continues to actively consult and engage with Indigenous nations and stakeholders. While any party may seek to have the decision related to the BC Mines Act permits reviewed by the courts, the Company does not expect that such a review will impact its ability to proceed with the construction and operation of the Cariboo Gold Project in accordance with the approved BC Mines Act permits. Readers are urged to consult the disclosure provided under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2023 as well as the financial statements and MD&A for the year ended December 31, 2023, which have been filed on SEDAR+ (www.sedarplus.ca) under Osisko Development’s issuer profile and on the SEC’s EDGAR website (www.sec.gov), for further information regarding the risks and other factors facing the Company, its business and operations. Although the Company’s believes the expectations conveyed by the forward-looking statements are reasonable based on information available as of the date hereof, no assurances can be given as to future results, levels of activity and achievements. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. Forward-looking statements are not guarantees of performance and there can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5dbcc5e-81ad-4986-b941-485361750061

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CALGARY, Alberta, Nov. 20, 2024 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR) is pleased to announce that it has entered into an agreement with Research Capital Corporation, as the lead agent and sole bookrunner, on behalf of a syndicate of agents, including Auctus Advisors LLP and Canaccord Genuity Corp. (collectively, the “Agents”) in connection with a brokered private placement of common shares of the Company (the “Common Shares”) at a price of $1.90 per Common Share for aggregate gross proceeds of up to $10,000,000 (the “Offering”).

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The lead investor and largest shareholder of the Company, EurAsia Resource Value S.E., along with certain insiders and other significant strategic investors of the Company, are expected to subscribe into the Offering.

Condor continues to make significant progress in Uzbekistan, achieving an average current production of 11,066 boe/d over the past seven days, which represents an approximate 11% increase relative to 10,010 boe/d in the third quarter of 2024. The Company is currently operating two workover rigs in Uzbekistan with plans to add a third workover rig in early 2025. The Company also intends to commence its infill drilling campaign during the first half of 2025.

The net proceeds of the Offering will be used for the ongoing workover program as part of Condor’s production enhancement service activities in Uzbekistan, accelerating a multi-well horizontal drilling program, purchasing additional in-field flowline water separation systems and field equipment, upgrading field facilities, working capital and general corporate purposes. Condor is continuing and expanding the workover program initiated in June 2024 comprised of plunger lift installations, production tubing replacements, perforating previously non-depleted and bypassed pay zones and other workover activities.

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The Company anticipates offering the Common Shares to qualified investors in (i) all the provinces of Canada, except Québec, pursuant to the listed issuer financing exemption (the “LIFE”) under Part 5A.2 of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”); and (ii) other qualifying jurisdictions, including but not limited to the United States, under applicable private placement exemptions. Common Shares sold pursuant to the LIFE in Canada will not be subject to resale restrictions under applicable Canadian securities laws, but any Common Shares sold in jurisdictions outside of Canada may be subject to hold periods and other resale restrictions. There is an offering document related to this Offering (the “Offering Document”) that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.condorenergies.ca. Prospective investors should read the Offering Document before making an investment decision.

The Offering is anticipated to close on or about December 5, 2024, or such later date as the Agents and the Company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange (the “TSX”).

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The Company has agreed to pay to the Agents a cash commission equal to 6% of the gross proceeds of the Offering. In addition, the Company has agreed to issue to the Agents broker warrants of the Company to acquire in aggregate the number of Common Shares equal to 3% of the number of Common Shares sold under the Offering. The Agents may exercise the broker warrants for a period of 24 months following the Offering at an exercise price of $2.20. Notwithstanding the foregoing, the Company has agreed to pay to the Agents a reduced cash commission equal to 2% of the gross proceeds of certain president’s list orders.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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About Condor

Condor is a Canadian-based, TSX-listed energy transition company focused on European and Asian markets. The Company produces natural gas and condensate in Uzbekistan stemming from a production enhancement services contract for increasing the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields. The Company also has ongoing initiatives to construct and operate LNG facilities in Kazakhstan and to develop and produce lithium brine in Kazakhstan.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact:
Don Streu, President and Chief Executive Officer
Sandy Quilty, Vice President of Finance and Chief Financial Officer
Telephone: (403) 201-9694

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking statements and forward-looking information as defined under applicable Canadian and U.S. securities laws (collectively, “forward-looking information”). Forward-looking information includes, without limitation, forecasts, estimates, plans, projections, targets, expectations and objectives for future operations and financial results, and the use of words such as “may”, “will”, “should”, “expect”, “anticipate”, “continue”, “plan”, “ongoing”, “strive”, “expand” and similar expressions are intended to identify forward-looking information. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. These forward‐looking statements or information relate to, among other things: Condor’s expectations as to the insiders and significant shareholders that will subscribe to the Offering; the aggregate gross proceeds of the Offering including the aggregate gross proceeds from insider and significant shareholder subscriptions; Condor’s continued energy production progress in Uzbekistan; Condor’s plans to add a third workover rig in Uzbekistan in early 2025; the timing and ability of Condor to commence its infill drilling campaign in Uzbekistan in the first half of 2025; the allocation and use of proceeds of the Offering ; Condor’s expectations as to the jurisdictions in which the Offering will take place; the anticipated closing date of the Offering and Condor’s expectation that its project to construct and operate LNG facilities in Kazakhstan will be ongoing.

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Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general economic, market and business conditions; volatility in market conditions including market prices for natural gas; risks related to the exploration, development and production of natural gas and condensate reserves; risks inherent in the Company’s international operations; risks related to the timing of completion of the Company’s projects and financings; competition for capital; the availability of capital on acceptable terms; reliance on third parties to execute the Company’s strategy; and increasing regulations affecting the Company’s future operations. Additional risk factors relevant to the Company and the Common Shares are discussed under the heading “Risk Factors” in the Company’s annual information form for the year ended December 31, 2023 and under the heading “Forward-Looking Statements” in the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024, both of which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

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The above summary of assumptions and risks related to forward-looking information is provided in this news release to assist prospective investors with understanding the risks associated with an investment in the Common Shares and may not be appropriate for other purposes. The Company’s actual results could differ materially from those expressed in or implied by these forward-looking statements, and no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Readers are therefore cautioned that they should not unduly rely on the forward-looking statements included in this news release.

The forward-looking statements included in this news release are expressly qualified by this cautionary statement and are made only as of the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as required by applicable securities laws.

ABBREVIATIONS

The following is a summary of abbreviations used in this news release:

boe/d  Barrels of oil equivalent per day
$          Canadian Dollars
LNG    Liquefied Natural Gas

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VANCOUVER, British Columbia, Nov. 20, 2024 (GLOBE NEWSWIRE) — Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that independent proxy advisory firm Institutional Shareholder Services Inc. (“ISS”) has recommended Anfield shareholders (“Shareholders”) vote “FOR” the resolution approving the previously announced plan of arrangement involving Anfield and IsoEnergy Ltd. (the “Arrangement”) at the upcoming Special Meeting of Shareholders (the “Meeting”) to be held on December 3, 2024.

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In its report, ISS stated, among other things, that, “The proposed amalgamation makes strategic sense as it appears to represent the best alternative among the opportunities available to improve the ability to increase shareholder value, and it is anticipated the transaction will enhance value for shareholders through ownership in a company with growth potential, and with an improved balance sheet.”

The
Board
of
Directors
of Anfield recommends
that Shareholders vote FOR the special resolution approving the Arrangement.

The proxy voting deadline is 10:00 a.m. (Vancouver time) on Friday, November 29, 2024.

Meeting Details

The Meeting will begin on Tuesday, December 3, 2024, at 10:00 a.m. (Vancouver time). The Meeting will be held in person at 1111 West Hastings Street, 15^th Floor, Vancouver British Colombia V6E 2J3.

For complete details and links to all relevant documents related to the Meeting please visit https://anfieldenergy.com/special-meeting-vote/.

Shareholder Questions and Voting Assistance

Shareholders who have questions about voting their shares may contact the Company’s proxy solicitation agent and shareholder communications advisor, Laurel Hill Advisory Group:

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Toll Free: 1-877-452-7184 (for Shareholders in North America)

International: +1 416-304-0211 (for Shareholders outside Canada and the US)

By Email: assistance@laurelhill.com

About
Anfield

Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly traded corporation listed on the TSX Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD).

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer

Contact:
Anfield Energy, Inc. Clive Mostert
Corporate Communications 780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has either approved or disapproved of the contents of this news release.

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None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and any securities issuable in the Arrangement are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “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” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to the Transaction, including statements with respect to the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act with respect to the securities issuable in the Arrangement and any other activities, events or developments that the companies expect or anticipate will or may occur in the future.

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Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the exemption under Section 3(a)(10) of the U.S. Securities Act with respect to the securities issuable in the Arrangement will be available. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

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Such statements represent the current views of the Company with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: the inability of the parties to the Arrangement to rely on the exemption under Section 3(a)(10) of the U.S. Securities Act with respect to the securities issuable in the Arrangement. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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