Category: Canada

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TORONTO — Great Quest Gold Ltd. (TSX-V: GQ) (“Great Quest” or the “Company”) provides an update to its shareholders on the progress at the Belmont prospect and announces the resignation of Dr. David Shaw from the Company’s Board of Directors.

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A combination of surface geochemistry, geophysics and geological mapping has led to the definition of 18 individual targets at the Belmont Prospect in Namibia. These targets will form the basis of a drilling campaign planned for early next year.

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Highlights

• Assays for 2,139 calcrete samples, 376 soil samples and 22 rock-chip samples have been received
• Highest rock-chip sample assayed 12.45 g/t Au
• Highest soil sample assayed 611ppb Au
• 1,543 line kilometers of drone-based Magnetic survey completed and processed
• 18 individual targets defined within the greater Belmont prospect

Surface Geochem

A total of 2,139 calcrete samples and 376 soil samples were collected as infill surface samples on a 200m x 50m grid. This sampling aimed at enhancing surface geochemical resolution across the Belmont prospect. When combined with previously assayed surface geochemical data, several robust surface anomalies were identified (see Figure 1). Additionally, 22 rock chip samples were collected from various targets to better understand the mineralization controls within the target zones. All samples were submitted to the ALS labs for gold analysis. Calcrete and soil samples underwent cyanide and aqua regia digestion, respectively, with an ICP-MS finish, while rock chip samples were analyzed using fire assay with an ICP-AES finish.

Drone Magnetic Survey

A drone-based magnetic survey covering 1,543 line-kilometers has been completed. The survey was conducted at a flight altitude of 25 meters, with a line spacing of 50 meters and a tie-line spacing of 500 meters. A DJI Matrice 350RTK drone equipped with a Geometrics MagArrow magnetometer was utilized, flying at a constant speed of 7 m/s while recording data at 1000 Hz. A Geometrics G-857 Proton Magnetometer served as the base station throughout the survey.

Data processing was carried out in the Oasis Montaj software and included diurnal corrections, line leveling, microline leveling, and heading error adjustments. Final magnetic maps were generated using various filters, including TMI, 1VD, and AS (see Figure 2). These high-resolution magnetic maps were used to delineated both macro and micro structural features, some of which are thought to have played a significant role in the mineralizing system. Additionally, several magnetic anomalies were identified that coincide with surface geochemical anomalies (see Figure 4).

As part of the survey, a high-resolution aerial image was captured across the entire prospect. The processed image, with a 4 cm pixel resolution, was used to refine geological mapping of the area.

Belmont Targets

All available exploration datasets, including surface geochemistry, geophysical maps, geological mapping, and aerial imagery, were integrated to create a comprehensive target map for the Belmont prospect. Given the prospect’s size, it was divided into smaller sub-targets, each evaluated based on its individual characteristics. This process resulted in the identification of 18 targets across the broader Belmont prospect (refer to Figure 3).

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Some previously identified targets were refined and better defined during this phase, while others were newly recognized. The target numbers do not indicate priority but were assigned sequentially as the targets were identified across multiple phases of exploration. Currently, the priority targets are BK1, BK2, and BK8.

BK1 – This high-priority target is situated in the hanging wall of the Khorixas-Gaseneirob Thrust zone and is defined by a prominent calcrete geochemical anomaly spanning 1,800 x 900 meters. The area is covered by 3 to 10 meters of calcrete, with limited trenching and RAB drilling revealing a lithological sequence of alternating chloritic schists, arkoses, and quartzites. Alteration in the form of kaolinization and carbonatization is present. Limited rock chip sampling from outcropping quartz veins within the target area returned gold grades of up to 2.5 g/t Au. High-resolution magnetic data identified a linear magnetic anomaly coinciding with part of the surface calcrete anomaly. This BK1 magnetic anomaly extends over approximately 800 meters of strike length.

BK2 – Is located approximately 2.5km to the south-west of BK1 and is interpreted to be located on a splay of the major Khorixas-Gaseneirob Thrust Zone. The majority of the target zone is covered by 1 to 8 meters of calcrete, however, weathering has allowed for some outcrop of gossanous quartz veins. The target stretches approximately 2km in length and is defined by a WNW-ESE rock chip trend that peaks at 47.0 g/t Au. Recent diamond drilling has yielded 18m at 1.72 g/t Au defined by sulphide rich quartz veins within an altered meta-arkose. This diamond hole was a step back of a previous RAB hole that intersected 6m at 6.85 g/t Au.

BK3 – This lesser target is located 1km south of BK2 and is defined by several grab samples with elevated gold, the highest being 31 g/t Au.

BK4 – The southernmost target in the Belmont area, defined by 3 grab samples with >3.9 g/t Au and elevated gold in soil values. This target lies adjacent to the Belmont Thrust in an area with sub-cropping arkosic metaquartzite beds.

BK5 – A target area of about 600 x 300m, which lies 2.3km down-strike of the BK1 target. Like BK1, this target is interpreted to be located adjacent to the major Khorixas-Gaseneirob Thrust, straddling a block of thrusted basement rocks belonging to the Huab Metamorphic Complex (interpreted from the magnetics data and confirmed by the presence of minor gneissic outcrop in a nearby riverbed). BK5 also seems to be located at the junction of a later ~E-W structure and the beforementioned Khorixas-Gaseneirob Thrust. This E-W structure seems to also correlate with the BK2 trend and might represent the down strike continuation thereof. Geochemically the target is defined by elevated gold in calcrete, peaking at 26.9 ppb Au.

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BK6 – This target lies about 600m down-strike of the BK5 target, along the Khorixas-Gaseneirob Thrust Zone. Like, BK5, it is located adjacent to thrusted basement rocks and like BK5 it also lies at the intersection of two structural trends: the SE-NW Khorixas-Gaseneirob Thrust Zone and a younger E-W fault, which is interpreted to be related to dextral rotation during the later stages of Damaran deformation. The BK6 calcrete anomaly peaks at 402.9 ppb Au.

BK7 – A minor target with elevated gold in calcrete values.

BK8 – The BK8 target is a significant gold in soil anomaly towards the western end of the Belmont area. The soil anomaly is roughly 1.6km in length and 500m in width, with a peak gold in soil value of 1.49 g/t Au. Grab samples have also returned up to 16.45 g/t Au.

BK8 is located adjacent to a large jog in the Khorixas-Gaseneirob Thrust, in a tightly folded sequence of muscovite-chlorite schist and arkosic metaquartzites of the Kuiseb Formation. The target is centred around a series of iron-oxide rich (oxidized sulphides) quartz veins, striking roughly NW-SE. Alteration in the form of iron carbonate spotting is commonly associated with the mineralized quartz veins, especially within the muscovite-chlorite schists.

A strong magnetic anomaly is also evident within the BK8 target area as well as in the folded sequence immediately to the south. Field investigations have not been able to directly identify the source of this magnetic anomaly, but widespread alteration, now visible as iron-oxide enriched muscovite-chlorite schists, might be associated.

BK9 – The westernmost target, defined by elevated gold in calcrete and up to 12.45 g/t Au in grab samples.

BK10 – A minor target along the far south-eastern extent of the Belmont prospect area. This target is underlain by a very thick calcrete cap, believed to be 20 – 40m thick, which forms party of the Ugab Calcrete Terrace.

BK11 – This target is about 1km SSE of BK1 and is defined by elevated gold in calcrete, gold in grab samples and a mag anomaly. The target also seems to occur along one of the earlier mentioned E-W faults, which are believed to be late Damaran in age.

BK12 – A gold in calcrete target with visible gold in grab samples, assaying up to 49.9g/t Au.

BK13 – A gold in calcrete anomaly of about 800m in length, with a supporting grab sample of 8g/t Au. BK13 seems to occupy the same E-W structural zone as BK7 and BK11.

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BK14 – A minor gold in calcrete target along the far south-eastern extent of the Belmont prospect area.

BK15 – This anomaly is situated towards the southern-end of the Belmont Prospect (1km south of BK2 and 3,5km south of BK1). Here calcrete cover begins to thin and minor sub cropping arkosic metaquartzite can be seen, hence the target was defined by both soil and calcrete samples. A peak calcrete value of 40ppb Au and a peak gold in soil value of 611ppb define this anomaly, alongside several supporting calcrete and soil samples.

BK16 – A minor gold in calcrete target, roughly 2km south of BK1.

Annex – The Annex target seems to represent the along strike continuation of the BK2 target. The target is structurally and lithologically similar to BK8, which lies 3.5km to the north. The only difference being that Annex lies adjacent to the Belmont Thrust, whereas BK8 is associated with the Khorixas-Gaseneirob Thrust zone. Annex is primarily defined by several mineralized grab samples (iron-oxide-rich quartz veins), including one with visible gold which assayed 41.2 g/t Au.

VG Hill – The VG Hill target is different to the other targets discussed, mainly due to the fact that it occurs in the Mulden Formation sandstones and not Kuiseb Formation schists and metaquartzites. Generally, the Mulden Fm isn’t seen as a highly prospective unit and thus the discovery of several visible-gold-bearing quartz veins, assaying up to 144 g/t Au, came as a surprise. Structurally, VG Hill occurs along a highly prospective zone, with complex folding and long-lived structures. The Khorixas-Gaseneirob Thrust forms a large jog immediately south of the target where it is covered by a thick layer of alluvium.

Thrust Zone – This target is an area of interest between the BK8 & BK1 target areas (see Figure 6). The target follows the interpreted Khorixas-Gaseneirob Thrust (KGT) zone, where it is obscured by cover and alluvium. The KGT has proven to be highly prospective in the Belmont area, with several of the primary target areas being hosted adjacent or within the thrust. Cover has however obscured several kilometers of this prospective zone and hence future work will aim to get residual samples in order to define any covered anomalies.

Future Work

The completed soil and calcrete sampling, coupled with the detailed drone-based magnetics survey, has successfully highlighted or consolidated new and existing targets. The ongoing interpretation of the magnetics data should enable the company to further refine these targets for drill testing, which is scheduled to begin in early 2025.

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Drilling will be focused on the three primary targets, BK1, BK2 and BK8, but will also include several of the secondary targets as listed in this report. Additionally, the Thrust Zone target, which straddles the interpreted Khorixas-Gaseneirob thrust where it runs beneath cover, will be tested via shallow drilling to the top of bedrock/calcrete.

Work on the K17 prospect is ongoing, with a detailed drone-based magnetics survey currently underway. The magnetics survey is aimed at identifying zonation within the broad alteration zone, specifically alteration associated with magnetite, which is known to occur in a zoned fashion proximal to mineralized zones.

“We are excited about the sampling results coming from our Belmont project”, commented Dr. Andreas Rompel, President and Chief Exploration Officer, “the number of targets and the results from the rock chip sampling encourage us immensely and we are looking forward to start the drilling campaigns on the various targets.”

Quality Assurance & Quality Control (QA/QC)

The Company has implemented a comprehensive QA/QC program in line with the E2941 − 21 Standard Practices for Extraction of Elements from Ores. Calcrete and soil samples were processed using cyanide and aqua regia digestion methods, respectively, with an ICP-MS finish. Rock chip samples were analyzed using fire assay with an ICP-AES finish. All samples were prepared at the ALS facility in Okahandja, Namibia, before being shipped to ALS Johannesburg for wet analysis and fire assay. ALS, an independent laboratory with a global presence, follows ASTM procedures for sample preparation. Rock chip and calcrete samples weighed 3 kg, were crushed, and a 250 g split was taken for pulverization (±0.5000 g). Soil samples, weighing 250 g each, were directly pulverized for analysis.

Qualified Person

The scientific and technical information in this release has been reviewed and approved by Dr. Andreas Rompel, Pr.Sci.Nat. (400274/04), FSAIMM, the Company’s “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Dr. David Shaw Steps Down from Great Quest Board of Directors

Great Quest announces the resignation of Dr. David Shaw from the Company’s Board of Directors, effective immediately. Dr. Shaw has faithfully served on the Board of Directors since December, 2010. The Company wishes to thank him for his contributions and dedicated service.

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Jed Richardson, CEO and Executive Chairman of Great Quest, commented, “We wish to thank David for his valuable insights and oversight as a director over the past 14 years and wish him a very happy retirement.”

About Great Quest

Great Quest Gold Ltd. is a Canadian mineral exploration company focused on developing high-potential gold and lithium projects in Namibia, Morocco, and Mali. The Company’s flagship asset is the Damara Gold Project in Namibia, which includes the Khorixas, Omatjete, and Outjo projects, covering over 300,000 hectares. Khorixas has yielded high-grade grab samples up to 49.9 g/t Au, while Omatjete and Outjo present significant gold and lithium opportunities. In Mali, Great Quest is advancing the Sanoukou Gold Project, a 24 km² concession in the Kayes region. Great Quest Gold Ltd. is listed on the TSX Venture Exchange under the symbol GQ and on the Frankfurt Stock Exchange under the symbol GQM.

ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST GOLD LTD.

Jed Richardson

CEO and Executive Chairman

Disclaimer for Forward-Looking Information

This news release may contain forward-looking statements. Forward-looking statements include, without limitation, the mineralization and prospectivity of the Belmont Prospect, exploration of the Omatjete target, the Company’s exploration program and the Company’s future plans. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209403570/en/

Contacts

For more information:
Please contact Tom Panoulias by email at IR@greatquest.com

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Mr. Collins Brings Over 35 Years of Advisory and Investment Banking Experience in Industrials, Chemicals and Energy to the Standard Lithium Board

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VANCOUVER, British Columbia, Dec. 10, 2024 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI) (FRA:S5L), a leading near-commercial lithium company, is pleased to announce the appointment of Paul Collins as an independent member of its board of directors.

Robert Cross, Non-Executive Chairman of the Board of Directors, commented, “On behalf of the Standard Lithium Board, I am delighted to welcome Paul as an independent director. He brings over 35 years of advisory and investment banking experience in industrials, chemicals and energy to the Board. Throughout his career, Paul served as a trusted advisor to executives and boards on strategic issues, including financing, capital allocation and transactions.”

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“Paul adds significant strategic leadership to Standard’s board as our focus turns to bringing production online for our shareholders,” said David Park, Chief Executive Officer and Director of Standard Lithium. “2025 is expected to be a pivotal year for the Company as we pursue customer off-take commitments and financing. His experience in these areas will be indispensable as we continue to advance our world-class lithium brine projects in partnership with Equinor.”

Mr. Collins has advised on company strategy, mergers and acquisitions and corporate finance. From 2014 to 2023, he was Senior Advisor and Partner at Centerview Partners, LLC, where he worked with C-suites and boards on long-term strategic issues and financing in the industrials and chemicals sectors. Prior to joining Centerview, Mr. Collins served as the Vice Chairman of Barclay’s North American Investment Banking Division, Energy and Chemicals from 2008 to 2014. Previously, he held various leadership positions at Lehman Brothers, Merrill Lynch, the Blackstone Group and Salomon Brothers. During his tenure in investment banking, he advised on approximately $190 billion in various transactions worldwide.

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Mr. Collins holds a Master of Business Administration from the Wharton School, University of Pennsylvania and a Civil Law degree with Honors from University College in Dublin, Ireland.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

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Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views 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. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

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This news release constitutes a “designated news release” for the purposes of the Company’s amended and restated prospectus supplement dated October 4, 2024, to its short form base shelf prospectus dated November 10, 2023.

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TORONTO, Ontario and BROSSARD, Québec , Dec. 09, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms” or the “Company”), a global vertically integrated Bitcoin data center company, today announced that, in connection with the Securities and Exchange Commission’s (“SEC”) review of its annual report for the fiscal year ended December 31, 2023 (the “SEC Review”), and in consultation with its Audit Committee of the Board of Directors and management, the Company has determined that its previously issued consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 and the related management’s discussion and analysis for the year ended December 31, 2023, as well as the unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2024 and 2023 (such interim periods together with the fiscal years ended December 31, 2023 and 2022, the “Restatement Periods”) and the related management’s discussion and analysis for the three and nine months ended September 30, 2024, should be restated to correct a material error in the classification of proceeds derived from the sale of digital assets.

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Shareholders and users of Bitfarms’ financial statements should note that the restatements are not a result of any change to its operations, business or financial operating performance for the periods being restated. For any and all of the Restatement Periods, there is no impact on the Company’s overall cash position or net cash flows.

Bitfarms previously categorized proceeds derived from the sale of digital assets as a cash flow from operating activities. In conjunction with the SEC review, it was determined that proceeds from the sale of digital assets should be classified as cash flow from investing activities. Due to the materiality of the error in classification, the Company is restating the financial statements for the Restatement Periods. In addition to the correction to the consolidated statements of cash flows, the Company is also restating its financials to adjust for an error in the accounting for the redemption of warrants in 2023.

A summary of the restatements is described in further detail in the tables set forth below (expressed in thousands of U.S. dollars). More details may be found in the revised financial statements and related revised management’s discussion and analyses, which are available on the Company’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

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Adjustments to consolidated statements of cash flows for the year ended December 31, 2022* – Restatement

Adjustments to consolidated statements of cash flows for the year ended December 31, 2023* – Restatement

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Adjustments to consolidated statements of financial position as of December 31, 2023* – Restatement

Adjustments to consolidated statements of profit or loss and comprehensive profit or loss for the year ended December 31, 2023* – Restatement

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Adjustments to interim consolidated statements of cash flows for the nine months ended September 30, 2023 and 2024* – Restatement

Adjustments to consolidated statements of financial position as of September 30, 2024* – Restatement

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*U.S. $ in thousands

The Company’s management has previously concluded that the Company had a material weakness in its internal control over financial reporting during the Restatement Periods. Management is in the process of implementing remediation measures to address the material weakness in respect of the errors described above.

About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating Bitcoin data centers and two under development, and two under Hosting agreements, situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

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To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Forward-Looking Statements  

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the impact of the Restatement, the filing of the Restated Financials and Restated MD&A, the Company’s plans to remediate the material weakness in its internal control over financial reporting and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

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This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: the pending SEC Review; the potential that additional restatements of the financial statements will be required; the potential that the Company identifies additional material weaknesses in its control over financial reporting; the ability of the Company to remediate known material weaknesses; the acquisition, construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024 and the restated MD&A for the three and nine months ended September 30, 2024 filed on December 9, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such 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 any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, nor any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contacts:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contacts:

Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca

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ST. JOHN’S, Newfoundland and Labrador, Dec. 09, 2024 (GLOBE NEWSWIRE) — Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE: FTS) announced today that it will renew its at-the-market equity program (the “ATM Program”) allowing the Corporation to issue up to C$500,000,000 (or its U.S. dollar equivalent) of common shares (the “Common Shares”) from treasury to the public from time to time, at the Corporation’s discretion. Any Common Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”), the New York Stock Exchange (the “NYSE”) or any other marketplace on which the Common Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale.

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The ATM Program provides Fortis with additional financing flexibility to fund its capital program. The volume and timing of distributions under the ATM Program, if any, will be determined at the Corporation’s sole discretion. The ATM Program will be effective until January 10, 2027, unless terminated prior to such date by the Corporation. Fortis intends to use the net proceeds from the ATM Program, if any, for general corporate purposes. As Common Shares sold in the ATM Program will be distributed at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution.

Distributions of the Common Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated December 9, 2024 (the “Equity Distribution Agreement”) entered into with CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc., as Canadian agents (the “Canadian Agents”), and CIBC World Markets Corp., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC, as U.S. agents (together with the Canadian Agents, the “Agents”).

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The ATM Program is being established pursuant to: (a) a prospectus supplement dated December 9, 2024 (the “Prospectus Supplement”) to the Corporation’s Canadian short form base shelf prospectus (the “Shelf Prospectus”) filed today with securities regulatory authorities in each of the provinces of Canada; and (b) a prospectus supplement dated December 9, 2024 (the “U.S. Prospectus Supplement”) to the Corporation’s U.S. base prospectus (the “U.S. Base Prospectus”) included in its U.S. registration statement on Form F-10 (the “Registration Statement”) filed today with the U.S. Securities and Exchange Commission. The Corporation’s at-the-market equity program, which commenced on September 19, 2023, terminated upon filing of the Shelf Prospectus.

The Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement will be available on SEDAR+ at www.sedarplus.ca. The U.S. Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement will be available on EDGAR at www.sec.gov. Alternatively, the Agents will send copies of the Prospectus Supplement and the Shelf Prospectus or the U.S. Prospectus Supplement and the U.S. Base Prospectus, as applicable, upon request by contacting in Canada:

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CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, Ontario, M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.CanadianProspectus@cibc.com

RBC Dominion Securities Inc., attn: Distribution Centre, RBC Wellington Square, 8th Floor, 180 Wellington Street West, Toronto, Ontario, M5J OC2, by email at Distribution.RBCDS@rbc.com

Scotia Capital Inc., attn: Equity Capital Markets, 40 Temperance Street, 6th Floor, Toronto, Ontario, M5H 0B4, by email at equityprospectus@scotiabank.com

TD Securities Inc., attn: Symcor, NPM, 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, by email at sdcconfirms@td.com or by phone at 289-360-2009

or in the U.S.:

CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, Ontario, M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.USProspectus@cibc.com

RBC Capital Markets, LLC, attn: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281-8098, by email at equityprospectus@rbccm.com or by phone at 877-822-4089

Scotia Capital (USA) Inc., attn: Equity Capital Markets, 250 Vesey Street, 24th Floor, New York, New York 10281, by email at equityprospectus@scotiabank.com

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TD Securities (USA) LLC, attn: Equity Capital Markets, 1 Vanderbilt Avenue, New York, New York 10017, by email at TD.ECM_Prospectus@tdsecurities.com

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

About Fortis

Fortis is a well-diversified leader in the North American regulated electric and gas utility industry with 2023 revenue of $12 billion and total assets of $70 billion as at September 30, 2024. The Corporation’s 9,600 employees serve utility customers in five Canadian provinces, ten U.S. states and three Caribbean countries.

Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.sedarplus.ca or www.sec.gov.

Forward-Looking Information

Fortis includes “forward-looking information” in this news release within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as “forward-looking information”). Forward-looking information included in this news release reflects expectations of Fortis’ management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation, the renewal of the Corporation’s ATM Program, the filing by the Corporation of the Prospectus Supplement and U.S. Prospectus Supplement, the aggregate value of Common Shares which may be issued pursuant to the ATM Program and the Corporation’s expected use of the net proceeds of the ATM Program, if any.

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Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. For additional information with respect to certain of these risks or factors and risk factors relating to the Common Shares, reference should be made to the Prospectus Supplement filed, together with the Shelf Prospectus and the continuous disclosure materials filed from time to time by Fortis with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. All forward-looking information included in this news release is given as of the date of this news release and, except as required by law, we disclaim any intention or obligation to revise or update any forward-looking information, whether as a result of new information, future events or otherwise.

A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/b4dcd653-6d19-4a3b-b929-54e902a99290

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MONTRÉAL, Dec. 09, 2024 (GLOBE NEWSWIRE) — Osisko Gold Royalties Ltd (OR: TSX & NYSE) (the “Corporation” or “Osisko“) is pleased to announce that the Toronto Stock Exchange (the “TSX“) has approved the Corporation’s notice of intention to make a normal course issuer bid (the “NCIB Program“). Under the terms of the NCIB Program, Osisko may acquire up to 9,331,275 of its common shares (“Common Shares“) from time to time in accordance with the normal course issuer bid procedures of the TSX.

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The NCIB Program will be conducted through the facilities of the TSX or through alternative trading systems in Canada, if eligible, and will conform to their regulations. Purchases under the NCIB Program will be made by means of open market transactions or such other means as a securities regulatory authority may permit, including pre-arranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.

Repurchases under the NCIB Program may commence on December 12, 2024 and will terminate on December 11, 2025 or on such earlier date as the NCIB Program is completed. Daily purchases will be limited to 73,283 Common Shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the Common Shares on the TSX for the six-month period ending November 30, 2024, being 293,134 Common Shares.

The price that the Corporation may pay for any Common Share purchased in the open market under the NCIB Program will be the prevailing market price at the time of purchase (plus brokerage fees) and any Common Share purchased by the Corporation will be cancelled. In the event that the Corporation purchases Common Shares by pre-arranged crosses, exempt offers, block purchases or private agreements, the purchase price of the Common Shares may be, and will be in the case of purchases by private agreements, as may be permitted by the securities regulatory authority, at a discount to the market price of the Common Shares at the time of the acquisition.

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The Board of Directors of Osisko believes that the underlying value of the Corporation may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Corporation of, and be advantageous to, all remaining shareholders of the Corporation.

As of November 30, 2024, there were 186,625,503 Common Shares issued and outstanding. The 9,331,275 Common Shares that may be repurchased under the NCIB Program represent approximately 5% of the issued and outstanding common shares of the Corporation at such date.

Under the prior NCIB Program, which commenced on December 12, 2023 and will terminate on December 11, 2024, the Corporation received approval from the TSX to purchase up to 9,258,298 Common Shares. Under such NCIB Program, the Corporation purchased 26,000 Common Shares at a weighted average price of approximately $22.48 per Common Share through the facilities of the TSX.

About Osisko Gold Royalties Ltd

Osisko is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 185 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 3-5% net smelter return royalty on the Canadian Malartic Complex, which is home to one of Canada’s largest gold mines.

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Osisko’s head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.

Forward-looking statements
Certain statements contained in this press 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. Forward-looking statements are statements other than statements of historical fact, that address, without limitation, future events, that any purchase will be carried under the NCIB Program, management’s expectations on the growth of its asset base and expected development on time and on budget of the projects and properties underlying Osisko’s interests. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “scheduled” and similar expressions or variations (including negative variations), or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, most of which are beyond the control of Osisko, and actual results may accordingly differ materially from those in forward-looking statements. Such risk factors include, without limitation, (i) with respect to properties in which Osisko holds a royalty, stream or other interest; risks related to: (a) the operators of the properties, (b) timely development, permitting, construction, commencement of production, ramp-up (including operating and technical challenges), (c) differences in rate and timing of production from resource estimates or production forecasts by operators, (d) differences in conversion rate from resources to reserves and ability to replace resources, (e) the unfavorable outcome of any challenges or litigation relating title, permit or license, (f) hazards and uncertainty associated with the business of exploring, development and mining including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest or other uninsured risks, (ii) with respect to other external factors: (a) fluctuations in the prices of the commodities that drive royalties, streams, offtakes and investments held by Osisko, (b) fluctuations in the value of the Canadian dollar relative to the U.S. dollar, (c) regulatory changes by national and local governments, including permitting and licensing regimes and taxation policies, regulations and political or economic developments in any of the countries where properties in which Osisko holds a royalty, stream or other interest are located or through which they are held, (d) continued availability of capital and financing and general economic, market or business conditions, and (e) responses of relevant governments to infectious diseases outbreaks and the effectiveness of such response and the potential impact of such outbreaks on Osisko’s business, operations and financial condition; (iii) with respect to internal factors: (a) business opportunities that may or not become available to, or are pursued by Osisko, (b) the integration of acquired assets or (c) the determination of Osisko’s PFIC status (d) that financial information may be subject to year-end adjustments. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the absence of significant change in Osisko’s ongoing income and assets relating to determination of its PFIC status, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended and, with respect to properties in which Osisko holds a royalty, stream or other interest, (i) the ongoing operation of the properties by the owners or operators of such properties in a manner consistent with past practice and with public disclosure (including forecast of production), (ii) the accuracy of public statements and disclosures made by the owners or operators of such underlying properties (including expectations for the development of underlying properties that are not yet in production), (iii) no adverse development in respect of any significant property, (iv) that statements and estimates relating to mineral reserves and resources by owners and operators are accurate and (v) the implementation of an adequate plan for integration of acquired assets.

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For additional information on risks, uncertainties and assumptions, please refer to the most recent Annual Information Form of Osisko filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov which also provides additional general assumptions in connection with these statements. Osisko cautions that the foregoing list of risk and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Osisko believes that the assumptions reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be accurate as actual results and prospective events could materially differ from those anticipated such the forward-looking statements and such forward-looking statements included in this press release are not guarantee of future performance and should not be unduly relied upon. In this press release, Osisko relies on information publicly disclosed by other issuers and third parties pertaining to its assets and, therefore, assumes no liability for such third-party public disclosure. These statements speak only as of the date of this press release. Osisko undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

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