Dundee Precious Metals

Dundee Precious MetalsDundee Precious Metals (T.DPM) is a Canadian-based international mining company engaged in the acquisition, exploration, development, mining and processing of precious metal properties. Our current operations are in Namibia and Bulgaria, with exploration in Armenia, Bulgaria and Serbia.

 

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Eloro Resources Amends Payment Schedule for Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that, by mutual agreement with Empresa Minera Villegas S.R.L. (“Minera Villegas”), the title holder of the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia (“Iska Iska”), the payment schedule in connection with the US$4,450,000 remaining portion of the aggregate US$10,000,000 payment required for Eloro to earn a 100% interest in Iska Iska has been amended, as follows:

US$
Credit for expenditures incurred by the Company on the Mina Casiterita property (1)1,800,000
Payment due on July 15, 20251,000,000
Payment due on January 6, 20261,650,000
4,450,000

Note (1) – The US$1,800,000 incurred by the Company in exploration expenditures on the adjacent Mina Casiterita property is deducted from the remaining Iska Iska option payments and will be applied towards the Mina Casiterita and Mina Hoyada option agreement.

Concurrently, the Mina Casiterita and Mina Hoyada option agreement (see Eloro’s press release dated November 22, 2022) was amended to provide for the Company to make a cash payment of US$1,800,000 within 12 months from the date on which the mining rights for Mina Casiterita and Mina Hoyada are duly obtained and subject to all required regulatory approval, issue the titleholder 200,000 common shares of the Company when the transfer of the properties is completed.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

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NexGen Announces Voting Results for Election of Directors and Appoints Sharon Birkett to Its Board of Directors

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is pleased to announce the voting results for the election of the Company’s Board of Directors and the appointment of Sharon Birkett to the Company at its annual general and special meeting of shareholders held on June 17, 2025 (the “Meeting“).

Election of Directors

All nine nominees were elected to the NexGen Board of Directors at the Meeting. Each director will hold office until the Company’s next annual meeting of shareholders, or until they resign or a successor is elected or appointed. The voting results were as follows:

NomineeVotes For% ForVotes Withheld% Withheld
Leigh Curyer340,185,60699.40%2,062,2640.60%
Christopher McFadden328,587,88896.01%13,659,9803.99%
Richard Patricio178,050,71557.17%133,393,36242.83%
Sharon Birkett340,874,77499.60%1,373,0960.40%
Warren Gilman278,012,00281.29%63,989,03118.71%
Sybil Veenman289,918,98484.71%52,328,88615.29%
Karri Howlett289,495,53584.69%52,331,28315.31%
Bradley Wall294,660,08886.15%47,383,10513.85%
Ivan Mullany223,720,84765.53%117,693,01334.47%

 

Update on Director Nominees

Ms. Birkett has extensive public and private equity experience, having served nearly two decades as Chief Financial Officer for Multi-Color/Collotype Labels, overseeing finance and accounting, corporate control functions, financial planning and analysis, board of directors reporting, compliance, and financial transactions. During her tenure, she completed 30 bolt-on acquisitions ranging from $20 million to over $1 billion, driving significant investor value. She is a qualified audit committee financial expert who advises and guides global organizations, boards of directors, and stakeholders on financial management, rapid business growth, risk, tax, treasury, audit, and compliance.

Ms. Birkett previously served as Director of Finance for Avery Dennison Materials Pty Ltd, a subsidiary of Avery Dennison Corporation. She is a member of the Australian Society of Certified Practicing Accountants and currently serves as an independent director and audit committee chair of ENVU, a private-equity owned global provider of professional herbicides, insecticides and pesticides for non-agricultural uses.

Christopher McFadden, Chair of the Board of Directors, commented: “On behalf of the entire team at NexGen, I would like to warmly welcome Ms. Birkett to the Company’s Board. Ms. Birkett brings to the Board strong expertise in strategic corporate governance and financial management. She has a proven track record in corporate leadership and business growth, having played a key role in the transformation of organizations into muti-billion dollar enterprises unlocking significant shareholder value. This skillset will serve NexGen well as the Company advances toward final approvals for the Rook I Project, securing financing, initiating construction and ultimately transitioning into production.”

Miss Birkett’s appointment follows the retirement of long-serving Board member and Chair of the Audit Committee, Trevor Thiele, whom after 12 years of exemplary service to NexGen and its valued shareholders, has chosen not to stand for re-election. Ms. Birkett will assume the role of Chair of the Audit Committee effective immediately following Mr. Thiele’s retirement.

Mr. McFadden continued, “I would also like to take this opportunity to acknowledge the significant contribution from Mr. Thiele, who has demonstrated exemplary service to the NexGen Board of Directors and our valued shareholders over the past 12 years. With his extensive experience in senior finance roles, and his strong understanding of the global nuclear landscape, Mr. Thiele has played an instrumental leadership role in guiding the Company through exponential growth, while ensuring the integrity and effectiveness of NexGen’s financial reporting and internal controls. On behalf of the Board and the entire NexGen team, we wish Mr. Thiele the very best and thank him for his outstanding service.”

Following the mailing of the Management Information Circular, Ms. Susannah Pierce informed the Company that she would not be standing for re-election at the Meeting due to other professional commitments. As a result, she is not included among the nominees listed above. The Company and its Board of Directors thank Ms. Pierce for her valuable contributions and dedicated service during her tenure.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE” and on the Australian Securities Exchange under the ticker symbol “NXG” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

Contact Information

Leigh Curyer
Chief Executive Officer

NexGen Energy Ltd.
+1 604 428 4112
lcuryer@nexgenenergy.ca
www.nexgenenergy.ca

Travis McPherson
Chief Commercial Officer
NexGen Energy Ltd.
+1 604 428 4112
tmcpherson@nexgenenergy.ca
http://www.nexgenenergy.ca

Monica Kras
VP, Corporate Development
+44 7307 191933
mkras@nxe-energy.ca
http://www.nexgenenergy.ca

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the delivery of clean energy fuel for the future, the development of the largest low cost producing uranium mine globally and incorporating elite standards in environmental and social governance, delivering a project that leads the entire mining industry socially, technically and environmentally, providing generational long-term economic, environmental and social benefits for Saskatchewan, Canada and the world, planned exploration and development activities and budgets, the interpretation of drill results and other geological information, mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed), requirements for additional capital, capital costs, operating costs, cash flow estimates, production estimates, the future price of uranium and similar statements relating to the economics of a project, including the Rook I Project. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof 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” or the negative connotation thereof.

Forward-looking information and statements are based on NexGen’s current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including, among others, that, the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company’s mineral reserve and resource estimates; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; and other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third-party financing, uncertainty of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal title and consultation issues, exploration and development risks, climate change, uninsurable risks, reliance upon key management and other personnel, risks related to title to its properties, information security and cyber threats, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, changes in laws, regulations and policy, competition for resources, political and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed or referred to in the Company’s most recent Annual Information Form under “Risk Factors” and management’s discussion and analysis under “Other Risks Factors” filed on SEDAR+ at www.sedarplus.ca and 40-F filed on Edgar at www.sec.gov.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

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NexGen Releases 2024 Sustainability Report

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is proud to announce the release of its 2024 Sustainability Report (“the Report”) that covers the period January 1, 2024, to December 31, 2024. The Report marks the fifth year that NexGen has reported on the Company’s robust Environmental, Social, and Governance profile. In addition to reporting in accordance with the Global Reporting Initiative (“GRI”) Standards, the Report demonstrates alignment with the Task Force of Climate-related Financial Disclosures (“TCFD”).

The Report is available on the Company’s website: 2024 Sustainability Report

Leigh Curyer, Chief Executive Officer, commented: “2024 proved to be a landmark year for NexGen – one defined by major achievements that bring us to the final stages of delivering the world’s largest high-grade uranium project, while delivering the most elite standards of health and safety, environmental protection and social well-being for all of our stakeholders. The exciting new discovery at Patterson Corridor East, further underscores the exceptional prospectivity of our land package and the long-term growth potential for the Company. With each milestone, we are not only advancing the Rook I Project but also shaping the landscape of responsible resource development. As we move toward becoming one of the most strategic mining companies, our steadfast commitment to sustainable development, elite environmental stewardship, and genuine community partnerships remains at the core of everything we do.”

Key Highlights from the Report:

Completion of Federal Environmental Assessment Technical Review and Setting of Hearing Dates

NexGen achieved a historic regulatory milestone, successfully completing the Canadian Nuclear Safety Commission (“CNSC”) Environmental Assessment (“EA”) technical review in November of 2024 – a first for a greenfield uranium mine and mill in Canada in 20 years. This follows the completion of the Provincial EA in November 2023. The Company is now preparing for the CNSC Commission Hearing currently scheduled to be complete in February 2026, and pending a positive EA decision, is ready to immediately commence construction.

2024 ABEX Community Involvement Award

NexGen was honoured with the 2024 ABEX Community Involvement Award from the Saskatchewan Chamber of Commerce for its genuine approach to building strong resilient communities through innovative and inclusive programs that are delivering a positive impact in the region.

Expanded Training and Education Programs

Expansion of the Company’s education and training initiatives included the launch of NexGen’s ‘Pathways to Your Future’ career development program. This, alongside other NexGen-initiated and funded programs have equipped over 500 local participants in the Local Priority Area (“LPA”) with essential technical and workplace skills for careers in uranium mining since 2023.

Local Employment and Procurement Opportunities

Prioritizing communities within the Local Priority Area (“LPA”), NexGen exceeded its aspirational employment and procurement targets, with 82% of Rook I site employees being LPA residents, and 94% of Rook I cash expenditure awarded to LPA suppliers.

Environmental Performance Through Energy Efficiency

NexGen optimized power generation at the Rook I Project through the implementation of a centralized power generation system and the installation of a pilot 24-kilowatt solar power system.

Active Environmental Management During Exploration

NexGen minimized its environmental footprint during exploration activity through a single area focused drill program, resulting in a 73% reduction in overall land disturbance. Additionally, the Company reclaimed 83% of land disturbed by exploration activity in 2024.

Economic Impact Update

Building on the updated initial capital, and sustaining and operating costs released during 2024, an economic impact study of the Rook I Project points to the significant scale of its potential positive effects. The forecasted total economic impact to the Province of Saskatchewan and Canada over the development and 11-year production period is $37 billion, with an average of 1,400 annual total jobs. Importantly, the Project is being permitted for a 24-year mine life, underscoring the opportunity for potentially greater long-term benefits, both economically and socially, well beyond the initial forecast.

Climate-Related Disclosure Alignment (“TCFD”)

NexGen completed a comprehensive TCFD gap analysis, followed by a climate-related risk assessment that evaluated physical and transition risks over short, medium, and long-term time horizons, ensuring that climate-related risks and opportunities are effectively integrated into NexGen’s broader risk management and strategic planning.

The 2024 Report has been prepared in accordance with the GRI Standards, in alignment with the TCFD and has been reviewed and approved by NexGen’s Executive Team, the Sustainability Committee as well as the full Board of Directors. NexGen will continue to optimize its sustainability reporting in line with the Company’s focus on accountability and transparency.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE” and on the Australian Securities Exchange under the ticker symbol “NXG” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

For additional information and media inquiries:

Leigh Curyer
Chief Executive Officer
NexGen Energy Ltd.
+1 604 428 4112
lcuryer@nxe-energy.ca
www.nexgenenergy.ca

Travis McPherson
Chief Commercial Officer
NexGen Energy Ltd.
+1 604 428 4112
tmcpherson@nxe-energy.ca

Monica Kras
Vice President, Corporate Development
NexGen Energy Ltd.
+44 (0) 7307 191933
mkras@nxe-energy.ca

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to setting industry benchmarks with innovative and sustainable mining solutions and reflecting ongoing commitments to maximizing benefits to partners and stakeholders, the successful execution of the shaft sinking contract, the seamless transition to major construction following anticipated federal Environmental Assessment and licence approvals, the delivery of clean energy fuel for the future, the development of the largest low cost producing uranium mine globally and incorporating elite standards in environmental and social governance, delivering a project that leads the entire mining industry socially, technically and environmentally, providing generational long-term economic, environmental and social benefits for Saskatchewan, Canada and the world, planned exploration and development activities and budgets, the interpretation of drill results and other geological information, mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed), requirements for additional capital, capital costs, operating costs, cash flow estimates, production estimates, the future price of uranium and similar statements relating to the economics of a project, including the Rook I Project. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof 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” or the negative connotation thereof.

Forward-looking information and statements are based on NexGen’s current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including, among others, that, third-party contractors, including Thyssen, will perform their contracts as expected and on time, the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company’s mineral reserve and resource estimates; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; and other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third-party financing, uncertainty of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal title and consultation issues, exploration and development risks, climate change, uninsurable risks, reliance upon key management and other personnel, risks related to title to its properties, information security and cyber threats, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, changes in laws, regulations and policy, competition for resources, political and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed or referred to in the Company’s most recent Annual Information Form under “Risk Factors” and management’s discussion and analysis under “Other Risks Factors” filed on SEDAR+ at www.sedarplus.ca and 40-F filed on Edgar at www.sec.gov.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

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NexGen Announces Regulatory Approval of 2025 Site Program at Rook I Property

NexGen Energy Ltd.  (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is pleased to announce that the Saskatchewan Ministry of Environment has granted approval for NexGen’s 2025 Site Program (the “Program”) at its 100%-owned Rook I Property in the Athabasca Basin, Saskatchewan. The Program includes the establishment of a temporary exploration airstrip, expansion of the exploration accommodation camp facilities by 373 beds and site access road improvements.

The Program will commence in the coming weeks and conclude with camp commissioning in Q1 2026. This program builds on NexGen’s disciplined, strategic approach to implementing infrastructure enhancements required to support the Company’s exploration programs at PCE and that forecast across NexGen’s dominant land package in northwestern Saskatchewan into the future.

The drill results of high-grade basement hosted mineralization discovered at PCE 3.5km east from the Arrow deposit indicate another significant scale zone “Arrow style” of mineralization is materializing and warrant these infrastructure enhancements incorporating best practice safety and environmental principles.

Incorporating NexGen’s longstanding approach to economic capacity building, the Program will prioritize Local Priority Area participation, generating new employment and contracting opportunities for Indigenous and community members, reflecting NexGen’s industry leading and genuine approach to local communities.

Leigh Curyer, Founder and Chief Executive Officer, commented: “The 2025 Site Program marks an exciting strategic milestone for our current and future activities, with key infrastructure improvements that will optimize safety, environmental protection, and efficiency for our people and our programs. These infrastructure enhancements create the conditions for a high-performing operational platform capable of fully evaluating the significant resource potential across our Rook I Property. This Program is a direct reflection of NexGen’s proactive approach to responsible resource development, elite planning and demonstrates our continued commitment to building lasting value while creating meaningful opportunities for local Indigenous and community members.”

The Honourable Premier of Saskatchewan Scott Moe, commented: “I congratulate and thank NexGen for their major investment in Saskatchewan to date. The Rook I Project is one of the most significant projects across the country and we are keen to see it prioritized by the Government of Canada accordingly. Our government is proud to approve these infrastructure activities which are well within our jurisdiction and that are scheduled to commence imminently. NexGen is an example of strategically delivering a generational opportunity for Saskatchewan to become the world’s leader in the mining of uranium, and I look forward to working with newly elected Prime Minister Mark Carney to expedite the final Federal approval of this generational opportunity for Saskatchewan and Canada.”

2025 Site Program Overview

Temporary Exploration Airstrip

  • Establishment of a gravel exploration airstrip (<1,000m) on the Rook I Property to enhance health and safety of workers and accommodate an increase in the regional exploration program, augmenting emergency response capabilities and human and environmental protection through the reduction of vehicular transportation of personnel to site.

Expansion of Temporary Exploration Camp Facilities

  • Engineering, procurement, and installation of hard-walled modular facilities to accommodate 373 additional beds, ensuring the site can house and service the expanded technical teams and specialized personnel as exploration activities intensify.

Site Access Improvements

  • Improvements to the 13 km Rook I access road to enhance overall worker and equipment safety, including widening the road surface to allow for safe, two-way traffic flow.
  • Enhanced road base construction to support increased frequency of supply deliveries and specialized exploration equipment.

NexGen has the most significant land position in Saskatchewan’s southwest Athabasca Basin, where it holds over 190,000 hectares. From an exploration perspective, the Company is currently focused on the continued material growth of mineralization at PCE – located just 3.5 km east of the world-class Arrow Deposit. Planning is already underway for potential future programs at PCE as the balance of the 2025 drilling program is preparing to recommence in June.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE” and on the Australian Securities Exchange under the ticker symbol “NXG” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

Contact Information

Leigh Curyer
Chief Executive Officer

NexGen Energy Ltd.
+1 604 428 4112
lcuryer@nxe-energy.ca
www.nexgenenergy.ca

Travis McPherson
Chief Commercial Officer
NexGen Energy Ltd.
+1 604 428 4112
tmcpherson@nxe-energy.ca
http://www.nexgenenergy.ca

Monica Kras
Vice President, Corporate Development
+44 7307 191933
mkras@nxe-energy.ca
http://www.nexgenenergy.ca

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof 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” or the negative connotation thereof. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen’s Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen’s 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov .

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

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NexGen Announces Best Assays from Patterson Corridor East in Hole RK-25-232

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is thrilled to announce the Company’s best discovery phase assay results, with 15.0 meters (m) at 15.9% U3O8, including a peak intercept of 0.5 m at an exceptional 68.8% U3O8, in drillhole RK-25-232. Included within this phenomenal intercept is 3.0 m at 47.8% U3O8 and 1.5 m at 29.4% U3O8. This result ranks among the highest-grade basement hosted uranium vein intercepts in the world.

Assay results from two of the best holes drilled to date at PCE, RK-24-222 and RK-25-232, indicate intense high-grade mineralization 200 m apart (Figures 1 and 2, Tables 1 and 2), confirming scale and continuity early in the discovery phase. Winter activity since the last update continued to build momentum, adding 9 new intersections of off-scale (>61,000 cps) mineralization, bringing the total to 13 high-grade intercepts and reinforce confidence in the materiality of this emerging mineralization. Since discovery (see March 11, 2024, news release), 64 drillholes totalling 47,425.9 m have been completed, with 35 intersecting mineralization that remains open in most directions.

Further, RK-24-222 returned 17.0 m at 3.85% U3O8 including 3.0 m at 10.1% U3O8 and an intercept of 0.5 m at 28.2% U3O8 within massive replacement style uranium mineralization. These results are accelerating NexGen’s understanding of the PCE system and shaping the next phase of exploration targeting. Assays at SRC lab continue to see backlogs with NexGen now having received 75% of the 2024 assay results. Remaining will follow as they are received back from the independent lab. Drilling at PCE will resume on June 1st, 2025, and reporting of 2025 assays will be completed on an ongoing basis.

Leigh Curyer, Chief Executive Officer, commented: “Patterson Corridor East has delivered these exceptional assay results. RK-25-232 is an exceptionally high calibre intersection considering the program is very early in the evaluation of PCE.

Identical to Arrow, mineralization at PCE is wholly hosted in competent basement rock and exhibits all the same characteristics of an intense high-grade mineralized system. PCE is only 3.5 km from the future Rook I Project that is in the final Federal approval stage with the CNSC having received Provincial Approval in November 2023.

The scale of 2025 program drilling at PCE underscores NexGen’s commitment to advancing new sources of uranium supply at a time the world is committing to the deployment of nuclear energy. Notably, President Trump last Thursday, signing four executive orders to immediately accelerate the deployment of nuclear energy in the US, with objective of increasing US nuclear energy output from 100GW to 400GW by 2050. The importance of Rook I and the further development of PCE has never been greater to meet the world’s nuclear fuel requirements for the approaching decades.”

Jason Craven, Vice President, Exploration, commented: “These assays received to date confirm advancement of our 3D model of PCE which sets us up for targeting future drill hole locations at PCE. The focus to both expand the overall footprint as well as define and expand the high-grade sub-domains within PCE. Mineralization style and intensity, mirrored with Arrow 3.5 km away, speaks to the broader endowment of the underexplored NexGen portfolio in southwest Athabasca Basin. NexGen provides everyone with the tremendously unique opportunity of building a true tier one mine whilst simultaneously developing the exciting PCE.”

Other Highlights

  • RK-24-207 returned 9.5 m at 2.91% U3O8 including 0.5 m at 28.2% U3O8located approximately 79 m from RK-25-232 and 82 m from RK-24-222.
  • RK-25-239 and RK-25-244 intersected 10.3 m containing >10,000 cps including 1.1 m of cumulative >61,000 cps, and 7.5 m containing >10,000 cps including 2.6 m of cumulative >61,000 cps, respectively. Although assays are pending, RK-25-239 and RK-25-244 speak to the consistency of the system and repeatability of uranium mineralization that is further substantiated by the exceptional assay results of RK-25-232 and RK-24-207.

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Table 1: 2025 Assay results received since March 24, 2025 news release to present

DrillholeUnconformity Depth (m)SRC Geoanalytical Results
(Cutoff 0.01%)
Hole IDAzimuthDipTotal Depth (m)From
(m)
To
(m)
Width
(m)
U3O8
(wt%)
RK-25-225330-70684108.6Assays Pending
RK-25-226330-70655.5N/AAssays Pending
RK-25-227330-70657113.4Assays Pending
RK-25-228330-75609117.1Assays Pending
RK-25-229350-70681.4113.2Assays Pending
RK-25-230330-70598112.5Assays Pending
RK-25-231329-69.5885102.7Assays Pending
RK-25-232330-70552.4112.538838910.01
392.53963.50.04
40840910.05
409.5413.540.04
414.54150.50.01
426.54281.50.02
431431.50.50.01
433433.50.50.01
43543830.05
440452Assays Pending
4524671515.9
incl.458.5461.5347.8
incl.459.54600.568.8
incl.463.54651.529.4
467542Assays Pending
RK-25-233330-70694109.7Assays Pending
RK-25-234330-70747113Assays Pending
RK-25-235270-70858105.5Assays Pending
RK-25-236267-65541129Assays Pending
RK-25-237340-70816104.6No Significant Intersections
RK-25-238a279-67165123.4No Significant Intersections
RK-25-239278-68594123.4Assays Pending
RK-25-240270-70893106.1Assays Pending
RK-25-241320-71534117.2Assays Pending
RK-25-242270-70555124.5Assays Pending
RK-25-243276-66579126.8Assays Pending
RK-25-244330-70586.6112.4Assays Pending

 

  • All depths and intervals are meters downhole, true thicknesses are yet to be determined.
  • Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
  • Maximum internal dilution 2.0 m downhole.
  • Minimum thickness of 0.5 m downhole.
  • Cutoff grade 0.01% U3O8.
  • All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.

Table 2: 2024 Assays received since May 29, 2024

DrillholeUnconformity Depth (m)SRC Geoanalytical Results
(Cutoff 0.01%)
Hole IDAzimuthDipTotal Depth (m)From
(m)
To
(m)
Width
(m)
U3O8
(wt%)
RK-24-193310-70621N/A383.5385.520.06
389.53900.50.09
393.53940.50.02
400.5403.530.03
40640710.03
412.54141.50.03
416.54192.50.18
419.54200.50.81
420.54254.50.23
426.54281.50.18
428.54290.50.06
429.54311.50.51
43243740.73
442.54430.50.08
44945120.16
RK-24-194310-7042098.8No Significant Intersections
RK-24-195310-70588.0N/ANo Significant Intersections
RK-24-196310-70841.0103.4702704.52.50.90
705.57060.50.02
723.57240.50.05
73173320.35
incl.731.57320.51.19
734.57350.50.01
741741.50.50.24
742.57430.50.01
744.57472.50.25
747.57480.50.03
748.5750.520.09
751751.50.50.01
754.5755.510.01
757757.50.50.07
758758.50.50.02
760.57610.50.01
765.57660.50.03
RK-24-197310-70792.0117.7518518.50.50.01
521522.51.50.02
523.55306.50.97
incl.526.55292.52.26
53153210.02
532.5534.520.03
544545.51.50.01
54655480.61
incl.548.55490.53.97
incl.552.55530.54.53
554.55550.50.01
55655710.01
RK-24-198310-70743.2117.3No Significant Intersections
RK-24-199310-70807.0107.1No Significant Intersections
RK-24-200310-70804.0112.6611611.50.50.03
612612.50.50.01
613613.50.50.03
61962010.01
623623.50.50.02
RK-24-201310-70939.0108.9673.56740.50.03
674.56761.50.07
677.56780.50.02
678.5679.510.04
680.56810.50.02
694.5697.530.09
69869910.01
699.57043.50.04
708708.50.50.03
721.57220.50.01
765.57660.50.03
819819.50.50.03
822.58230.50.02
867.58680.50.01
RK-24-202310-701138.2106.3886886.50.50.02
887.58880.50.03
895.58960.50.45
92292310.01
926.59270.50.05
927.5928.510.10
931932.51.50.23
933.5934.513.49
incl.934934.50.56.96
936936.50.52.44
943.5944.510.12
951.59520.52.37
966966.50.51.46
967.59680.52.75
976.59770.50.01
980980.50.50.31
981981.50.50.06
98398630.25
996.59970.50.02
997.5998.510.14
1005100720.06
10091009.50.50.01
1016.51017.510.04
1026.51028.520.03
RK-24-203310-70738.0103.7No Significant Intersections
RK-24-204290-70822.0110.155156390.06
574602210.31
incl.575575.50.51.19
incl.58158211.67
incl.587.55880.51.10
RK-24-205320-701032.0109.17427483.50.16
7667765.30.11
779.5780.510.01
783.5795.511.50.14
802808.530.03
853.58540.50.04
RK-24-206298-751377.096.5No Significant Intersections
RK-24-207330-70801.0114.950450620.05
506.5507.510.03
508508.50.50.03
509510.51.50.05
511511.50.50.01
51451840.09
519535161.83
incl.522531.59.52.91
incl.525525.50.528.2
53653820.62
538.55390.50.09
539.55400.50.01
54054110.88
553.5554.510.03
557.55591.50.02
560560.50.50.01
567.55680.50.05
572.55730.50.03
581.55820.50.04
582.55830.50.01
583.5584.510.03
585.55860.50.12
588588.50.50.01
59559610.03
596.55970.50.01
600.56010.50.01
60360410.02
616.56170.50.03
619619.50.50.06
62662710.03
636636.50.50.01
640640.50.50.01
644645.51.50.03
717.5718.510.12
729730.51.50.46
730.5734Assays Pending
RK-24-208310-70756104.3Assays Pending
RK-24-209310-70840110.7Assays Pending
RK-24-210310-701095102.4Assays Pending
RK-24-211310-701302103.1Assays Pending
RK-24-212315-70137121No Significant Intersections
RK-24-213310-7093687No Significant Intersections
RK-24-214310-70989111.6Assays Pending
RK-24-215310-70840114.8Assays Pending
RK-24-216310-70107199.778778920.21
789.57911.50.09
790.57910.50.01
791.57920.50.04
80580610.05
807.5808.510.02
811.58120.50.76
814.58172.50.17
RK-24-217310-701185105.6No Significant Intersections
RK-24-217a310-70120105.1No Significant Intersections
RK-24-218310-70696109.6494.5495.510.03
515.55193.50.09
52052110.01
RK-24-219310-70118799.8No Significant Intersections
RK-24-220310-70732116445.54471.50.04
450450.50.50.01
452469170.43
incl.457457.50.51.52
incl.457.54580.53.30
incl.462.5463.511.06
incl.465.54660.51.26
469.54700.50.01
471471.50.50.02
475.5488.5130.32
incl.484.54850.51.16
incl.485485.50.52.35
incl.486486.50.52.18
48949450.20
494.5499.550.38
500500.50.50.01
503504.51.50.05
520.55210.50.02
521.55220.50.02
522.55230.50.01
525.5526.510.01
539.55400.50.52
544.55461.50.02
570.55710.50.02
579.55811.50.04
583584.51.50.07
585.55860.50.01
596.5597.510.12
599.56000.50.03
RK-24-221310-70861.6115.9Assays Pending
RK-24-222354-65753108.4587.5604.5Assays Pending
604.5621.5173.85
incl.607610310.1
621.5688Assays Pending
RK-24-223345-66876106.8633635.52.51.90
incl.633.56340.58.56
645.5647.521.41
incl.646.5647.512.21
675676.51.50.42
678678.50.50.02
679.56800.50.06
689.5693.540.93
695.56971.50.05
701.57020.50.01
702.57030.50.01
703703.50.50.01
705705.50.50.01
707.57080.50.01
713.57140.50.07
714.5715.510.03
716718.52.50.25
720.5721.510.09
722723.51.51.18
incl.723723.50.52.15
726727.51.50.34
728.5764.5Assays Pending
764.57683.50.57
768.5777.5Assays Pending
RK-24-224310-70744115.8493504Assays Pending
50450510.34
505.55093.50.36
509539Assays Pending

 

  • All depths and intervals are meters downhole, true thicknesses are yet to be determined.
  • Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
  • Maximum internal dilution 2.0 m downhole.
  • Minimum thickness of 0.5 m downhole.
  • Cutoff grade 0.01% U3O8.
  • All depths and intervals are meters downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.

Table 4: 2025 Spectrometer results from March 24, 2025 news release to present

DrillholeUnconformity Depth (m)Handheld Spectrometer Results (RS-125)
Hole IDAzimuthDipTotal Depth
(m)
From
(m)
To
(m)
Width
(m)
CPS Range
RK-25-235270-70858105.5No Significant Intersections.
RK-25-237340-70816.0104.6No Significant Intersections.
RK-25-238a279-67165123.4No Significant Intersections.
RK-25-239278-68594123.4212.52130.5<500 – 850
3653661<500
390.5391.51<500 – 800
391.53920.5<500 – 2400
392394.52.5<500
394.53950.5<500 – 950
395395.50.5<500 – 800
395.53960.5<500
396396.50.5<500 – 600
396.53970.5500 – 1100
397397.50.5<500
398398.50.5<500 – 700
398.53990.5<500 – 900
400.5402.52<500
405405.50.5<500
406.54070.5<500
407407.50.5700 – 1400
407.54080.5700 – 14000
4084091<500 – 700
409409.50.5<500 – 3100
409.54100.5<500 – 1200
410410.50.5<500 – 700
411411.50.5<500
414414.50.5<500
414.54150.5600 – 800
415415.50.5<500
416.5418.52<500
418.54190.5<500 – 600
419419.50.5<500
419.5420.51<500 – 550
420.5421.51<500
422.54230.5<500
424.54250.5<500
425.54260.5<500
428.5429.51<500
430431.51.5<500
432433.51.5<500
433.54340.5<500 – 650
434434.50.5<500 – 1100
434.54350.5<500
435435.50.5<500 – 600
435.54360.5600 – 2000
436436.50.5700 – 1000
436.54370.52500 – 3500
437437.50.57000 – 31000
437.54380.512000 – 28000
438438.30.317000 – 35000
438.3438.40.1>61000
438.4438.50.117000 – 32000
438.54390.512000 – 49000
439439.50.523000 – 51000
439.54400.530000 – 40000
440440.50.526000 – 41000
440.5440.70.2>61000
440.7440.90.236000 – 50000
440.94410.1>61000
441441.40.4>61000
441.4441.60.230000 – 50000
441.64420.410000 – 46000
442442.50.510000 – 54000
442.54430.53000 – 13000
443443.50.53000 – 45000
443.54440.51500 – 25000
444444.50.52500 – 28000
444.54450.5400 – 1350
445445.50.5<500 – 800
445.54460.5<500 – 700
448449.51.5<500
449.54500.5<500 – 700
450450.50.5<500 – 600
450.54510.5<500 – 700
451451.50.5700 – 3500
451.54520.5500 – 1100
453454.51.5<500
4564571<500
458458.50.5<500
461.54620.5<500
463464.51.5<500
466.54670.5<500
468468.50.5<500 – 550
468.54690.5<500
469.54700.5<500 – 550
470471.51.5<500
471.54720.5<500 – 3200
472472.50.51200 – 11000
472.54730.51100 – 4600
473473.50.5<500
476476.50.5<500
476.54770.5<500 – 600
4774781<500
478478.50.5<500 – 3100
478.54790.5600 – 5000
479479.50.5<500 – 1100
480.5481.51<500
482.54830.5<500
483.54840.5<500
4844851<500 – 550
486486.50.5<500
486.54870.5700 – 2000
487487.50.51000 – 9000
487.54880.5<500 – 1100
490490.50.5<500
490.5490.70.21500 – 4000
490.74910.3>61000
491491.50.51000 – 34000
498498.50.5<500 – 580
498.54990.5<500 – 960
499499.50.5<500 – 2600
499.55000.5<500 – 1200
501.55020.5<500
502.55030.5<500
503.55040.51200 – 57000
504504.50.51200 – 10000
505.55060.5<500 – 800
507.55080.5<500 – 5400
508508.50.51100 – 4500
509.55100.5<500
514.55150.5<500 – 1400
518.55190.5<500
519519.50.5<500 – 600
519.55200.5<500 – 1400
RK-25-240270-70893106.1653.5654.51.0<500
658.56590.5<500
659.56600.5<500
660660.50.5<500 – 1000
660.56610.5<500 – 650
661661.50.5<500 – 5400
661.56620.5<500
6626631.0<500 – 1000
663663.50.5<500 – 950
663.56640.5<500 – 800
664664.50.53400 – 19000
664.56650.5<500 – 700
665665.50.5600 – 3300
665.56660.5700 – 33000
666666.50.5500 – 1200
666.56670.5700 – 2200
667667.50.51200 – 2900
667.56680.5<500 – 1200
668668.50.51100 – 8600
668.5669.51.0<500 – 1400
669.56700.5<500
670670.50.51100 – 3900
670.56710.5<500 – 600
671.56720.5<500 – 700
672672.50.5<500 – 1200
673673.50.5<500 – 6000
673.56740.5<500 – 3200
675675.50.5900 – 15000
675.56760.5500 – 1700
676676.50.5500 – 1800
676.56770.5<500 – 1300
677677.50.5<500 – 600
677.56780.5500 – 900
678678.50.5<500 – 1800
678.56790.5<500
679679.50.5600 – 3000
679.56800.5<500
680680.50.5<500 – 550
680.56810.5600 – 1100
681681.50.5600 – 3200
681.56820.5600 – 2300
682682.50.5500 – 600
682.56830.5500 – 700
683683.50.5<500 – 550
683.56840.5<500
684684.50.5700 – 3000
684.56850.53600 – 12000
685685.10.14000 – 8000
685.1685.60.5>61000
685.6685.80.215000 – 20000
685.86860.2>61000
686686.50.51000 – 5500
686.56870.57000 – 47000
687687.50.52200 – 25000
687.56880.51000 – 3800
688688.50.5600 – 1500
688.56890.5<500 – 1000
689689.50.5500 – 700
689.56900.5<500
690690.50.5<500 – 1100
690.56910.51200 – 1500
691691.50.5700 – 1000
691.56920.5800 – 1100
692692.50.5<500 – 800
692.5693.51.0<500
694.56950.5<500
695695.50.5<500 – 750
695.5696.51.0<500 – 800
696.56970.5<500 – 700
697697.50.5<500
697.56980.5<500 – 550
698698.50.51000 – 4600
698.56990.5<500 – 900
699.57000.5500 – 1000
700700.50.5<500 – 1300
700.57032.5<500
703703.50.5<500 – 700
703.57040.5<500 – 550
705.57060.5<500
706706.50.5<500 – 3500
714.57150.5550 – 10000
715715.50.5<500
717.57180.5500 – 1300
718.57223.5<500
726.57270.5<500 – 800
7287302.0<500
730730.50.5<500 – 550
731731.50.5<500
732.57330.51100 – 11000
733733.50.54000 – 7000
733.57340.5<500 – 9000
734734.50.5<500
734.57350.5<500 – 550
735735.50.5<500 – 6100
735.57360.5800 – 25000
736736.50.5<500 – 1500
736.57370.5<500 – 540
7377381.0<500 – 600
738738.50.56000 – 20000
738.57390.5750 – 10000
739739.50.5<500
739.57400.5<500 – 1100
740740.50.5<500 – 600
740.57410.5<500 – 550
741741.50.5600 – 2500
741.57420.5500 – 4600
742742.50.5<500 – 700
742.5742.90.4<500
749.5750.51.0<500
752.57530.5<500 – 900
754.57550.5<500
755755.50.5<500 – 780
755.57560.5<500 – 620
756.57570.5<500 – 520
757759.52.5<500
760760.50.5<500 – 980
760.57610.5530 – 1050
761761.50.5500 – 1800
761.57620.5<500
762762.50.5830 – 8400
762.57630.5530 – 2200
763763.50.5890 – 2700
763.57640.5260 – 1200
764.57650.51000 – 1700
765765.50.5600 – 1900
765.57660.5<500 – 1000
766.57670.5<500 – 850
767767.50.5<500 – 1500
774774.50.52000 – 5000
774.57750.5<500 – 1100
775775.50.51100 – 2700
775.57760.5<500 – 2100
776.57770.5<500 – 1100
778778.50.5<500 – 1100
780780.50.52500 – 7000
798.57990.5<500 – 8400
804.58050.5<500 – 560
RK-25-241320-71534117.2396396.50.5<500 – 650
396.53970.5<500
413413.50.5<500 – 850
413.54140.5<500 – 2500
414414.50.5<500 – 800
414.54150.5<500 – 1700
415415.50.5<500
415.54160.5<500
416416.50.5<500 – 6500
416.54170.5<800 – 2000
417417.50.51000 – 3500
417.54180.52000 – 11000
418418.50.53500 – 11000
418.54190.51000 – 6500
419419.50.5<500
421421.50.5<500
423.54240.5<500
424424.50.5<500 – 1500
424.54250.5<500 – 600
425425.50.5<500 – 1100
425.54260.5<500 – 700
426426.50.5<500
427.5428.51.0<500
428.54290.5<500 – 600
432432.50.5<500 – 700
432.54330.5<500
434434.50.5<500
434.54350.5500 – 800
435436.51.5<500
436.54370.5<500 – 700
437437.50.5<500 – 550
437.54380.5<500
438438.50.5<500 – 550
439.54400.5<500 – 550
440440.50.5<500 – 2000
444444.50.5<500 – 900
447.5448.51.0<500
448.54490.5<500 – 1100
449449.50.58000 – 54000
449.54500.515000 – 26000
450450.50.54000 – 15000
450.54510.5<500 – 1500
451451.50.5<500
451.54520.5<500
452452.50.5<500 – 550
452.54541.5<500
454454.50.5500 – 1200
454.54550.5500 – 5000
455455.50.51500 – 34000
455.54560.5500 – 1100
456456.50.5500 – 1500
456.54570.5500 – 1100
461461.50.5<500
462462.50.5<500
462.54630.5<500 – 1000
463463.50.5<500
463.54640.5<500 – 1100
464464.50.5800 – 1200
464.54650.5<500
465465.50.5<500 – 550
466466.50.5<500
467467.50.5<500
471471.50.5<500
489489.50.5<500
496496.50.5<500
497.54980.5<500
498498.50.5<500 – 520
501501.50.5<500 – 850
503503.50.5<500 – 700
RK-25-242270-70555.00124.50No Significant Intersections.
RK-25-243276-66579.00126.80207.52080.5<500 – 690
208208.50.5<500
360364.54.5<500
365365.50.5<500 – 1000
365.53660.5650 – 1200
366366.50.5<500 – 1200
366.53670.5<500 – 2500
367367.50.5<500 – 4000
367.53680.5<500 – 850
368368.50.51000 – 25000
368.53690.5<500 – 16000
371371.50.5<500 – 800
371.53720.5<500
372372.50.5<500
372.53730.5<500 – 800
373373.50.5<500 – 1000
374374.50.5<500 – 700
375375.50.5<500
376.53770.5<500 – 750
384.53850.5<500 – 900
385385.50.5<500
385.53860.5<500 – 800
386386.50.5<500 – 1000
386.53870.5<500 – 900
387387.50.5<500 – 3500
400.54010.5<500
4024031.0<500
404.54061.5<500
406406.50.5<500 – 1000
406.5407.51.0<500
409409.50.5<500 – 940
409.54100.5<500 – 1900
410410.50.5<500 – 650
410.54110.5<500
411411.50.5<500 – 3900
411.5414.53.0<500
417417.50.5<500 – 800
417.54180.5<500 – 1550
418418.50.5<500 – 850
418.54190.5<500 – 1100
4194201.0<500
421.54220.5<500
422422.50.5<500 – 600
422.54241.5<500
424424.50.5<500 – 1100
424.54250.5600 – 1100
425425.50.51500 – 2400
425.54260.5500 – 2600
426426.50.51100 – 11000
426.54270.5<500
432433.51.5<500
433.54340.5<500 – 550
434434.50.5<500 – 1100
434.54350.5<500 – 580
435435.50.5<500
435.54360.5900 – 1100
436436.50.5<500 – 1300
436.54370.5<500
446.54470.5<500 – 720
452452.50.5<500
453453.50.5<500
453.54540.5<500 – 950
455.54560.5<500 – 660
4564571.0<500
459.5460.51.0<500
472472.50.5<500 – 3200
473473.50.5<500
475475.50.5<500
476.54770.5<500
478478.50.5<500
480480.50.5<500 – 7500
480.54810.5<500 – 650
481481.50.5<500
481.54820.5<500 – 1800
482482.50.5<500
488488.50.5<500
488.54890.5<500 – 4500
489489.50.5<500
489.54900.5<500 – 730
490490.50.5<500 – 1500
490.54910.5<500 – 700
503503.50.5<500 – 1300
RK-25-244330-70586.60112.40412412.50.5<500 – 920
412.54130.51100 – 4400
413413.50.5<500 – 620
4144151.0<500
420.54210.5<500
421.54220.5<500 – 780
422422.50.5<500 – 830
422.54230.5<500 – 660
423423.50.5<500 – 950
423.54240.5<500 – 920
424424.50.5<500 – 540
424.54250.5<500
427.54280.5<500
428428.50.5<500 – 6400
428.54290.5<500
430430.50.5<500
434434.50.5<500
453.54540.5<500
4544551.0<500
455455.50.5<500 – 700
455.54560.5<500 – 2400
456.5458.52.0<500
458.54590.5<500 – 1800
459459.50.5<500
462464.52.5<500
464.54650.5<500 – 1900
465465.50.51100 – 3600
465.54660.5910 – 1800
466466.50.5<500 – 1400
466.54670.5880 – 7000
467467.50.5780 – 3500
467.54680.5550 – 700
468468.50.51200 – 17000
468.54690.51500 – 24000
469469.50.5<500 – 1400
469.54700.5<500 – 540
470470.50.5<500 – 830
470.54710.5<500
471471.50.5<500 – 1400
471.54720.5720 – 1600
472472.50.51500 – 13000
472.54730.57000 – 30000
473473.20.220000 – 55000
473.2473.50.3>61000
473.54740.57000 – 40000
474474.50.54500 – 9000
474.54750.51300 – 26000
475475.10.19000 – 26000
475.1475.40.3>61000
475.4475.50.119000 – 41000
475.5477.31.8>61000
477.3477.40.110000 – 15000
477.4477.60.2>61000
477.64780.410000 – 21000
478478.50.5720 – 1500
478.54790.5<500 – 800
4794801.0<500
480480.50.5<500 – 4400
480.54810.5550 – 5100
481481.50.5520 – 5700
481.54820.5600 – 60000
482482.50.5<500 – 750
482.54863.5<500
489.54900.5<500
490490.50.5<500 – 630
490.54910.5<500 – 680
497497.50.5<500
497.54980.5<500 – 710
499499.50.5<500
5105111.0<500
528528.50.5<500
528.55290.5<500 – 1400
529529.50.5700 – 14000
529.55300.5<500 – 7200
530530.50.5<500 – 3200
530.55310.51000 – 5600
531531.50.5<500

 

  • All depths and intervals are meters downhole, true thicknesses are yet to be determined.
  • “Off-scale” refers to >61,000 cps (counts per second) readings by gamma spectrometer type RS-125.
  • “Anomalous” means >500 cps readings by gamma spectrometer type RS-120.
  • Where “CPS Range” is <500 cps, this refers to local low radioactivity within the overall interval.
  • Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
  • Maximum internal dilution 2.0 m downhole.
  • All depths and intervals are meters downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low-cost producing uranium mine globally, incorporating the most elite environmental and social governance standards. The Rook I Project is supported by an N.I. 43-101 compliant Feasibility Study, which outlines the elite environmental performance and industry-leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational, long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE,” and on the Australian Securities Exchange under the ticker symbol “NXG,” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

Contact Information

Leigh Curyer
Chief Executive Officer

NexGen Energy Ltd.
+1 604 428 4112
lcuryer@nxe-energy.ca
www.nexgenenergy.ca

Travis McPherson
Chief Commercial Officer
NexGen Energy Ltd.
+1 604 428 4112
tmcpherson@nxe-energy.ca
www.nexgenenergy.ca

Monica Kras
Vice President, Corporate Development
NexGen Energy Ltd.
+44 7307 191933
mkras@nxe-energy.ca
www.nexgenenergy.ca

Technical Disclosure*

All technical information in this news release has been reviewed and approved by Jason Craven, NexGen’s Vice President, Exploration, a qualified person under National Instrument 43-101.

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.

A technical report in respect of the FS is filed on SEDAR+ ( www.sedarplus.com ) and EDGAR (www.sec.gov/edgar.shtml ) and is available for review on NexGen Energy’s website (www.nexgenenergy.ca ).

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (“SEC”) set by the SEC’s rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof 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” or the negative connotation thereof. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen’s Annual Information Form dated March 3, 2025 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen’s 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR+ at www.sedarplus.com and Edgar at www.sec.gov .

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

info

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Eloro Resources Announces Closing of $2.5 Million Non-Brokered Private Placement

Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce the closing of its previously announced non-brokered private placement offering (the “Offering”) for aggregate gross proceeds of $2.5 million. Under the Offering, the Company sold an aggregate of 2,631,578 units of the Company (the “Units”) at a price of C$0.95 per Unit.

Each Unit consists of one common share of the Company (each, a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share”) at an exercise price of C$1.40, at any time on or before May 2, 2028.

In connection with the Offering, the Company paid $75,000 in finder’s fees and $100,000 in advisory fees to certain arm’s length parties.

The Company intends to use the net proceeds from the Offering for continued exploration and development of the Iska Iska project, and general corporate purposes and working capital.

All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance. Completion of the Offering is subject to final approval of the Toronto Stock Exchange.

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

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Québec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. An NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding final approval of the Toronto Stock Exchange and the intended use of proceeds from the Offering). There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

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Eloro Resources Announces $2,500,000 Non-Brokered Private Placement Offering

 Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce it is proceeding with a non-brokered private placement offering (the “Offering”) of up to 2,631,579 units of the Company (the “Units”) at a price of C$0.95 per Unit for aggregate gross proceeds of up to $2,500,000.

Each Unit will consist of one common share of the Company (each, a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share”) at an exercise price of C$1.40, at any time on or before the date which is 36 months following the Closing Date (as herein defined).

In connection with the Offering, the Company may pay cash finder’s fees and advisory fees to certain arm’s length parties.

The Company intends to use the net proceeds from the Offering for continued exploration and development of the Iska Iska project, and general corporate purposes and working capital.

The Offering is scheduled to close on May 2, 2025 (the “Closing Date”), or such other date as the Company shall determine. Closing of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance.

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

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Québec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. An NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding the closing of the Offering, the anticipated Closing Date of the Offering, and the intended use of proceeds from the Offering). There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

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Eloro Resources Announces Restart of Definition Drilling Targeting Major Tin Discovery and High Grade Silver Zones at its Iska Iska Ag-Sn-Polymetallic Project, Potosi Department, Bolivia

 Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that the next phase of definition drilling in the potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia will commence shortly. The program will consist of 4,300m of diamond drilling in 8 holes focussed on upgrading and expanding high grade tin mineralization hosted in intrusion and phreatomagmatic breccia (TIB and TPMB, respectively) and the shallow higher grade silver mineralized zone which is above the tin zone.

Holes will be drilled on a 50m by 50m spacing that has been found to be optimum for confirming continuity and grade of mineralization especially for high grade tin and silver.

Tom Larsen, Eloro’s CEO commented: “The late 2024 and early 2025 definition drilling program successfully extended high-grade tin and silver-polymetallic mineralization along strike and at depth and identified new, highly prospective targets that promise to significantly expand the known resource extents for the PEA. Over the past two years, we have substantially expanded the footprint of potentially economic mineralization and continue to aggressively test extensions of known mineralized trends. Additionally, ongoing metallurgical studies, especially on intersections with visibly coarse cassiterite, are yielding promising results as we advance the project toward a PEA.”

Tom Larsen continued “We are excited to commence our 2025 phase 1 drill campaign at Iska Iska. We are well-funded to undertake an aggressive drill program on and around Santa Barbara zone to further assess its true size potential with the objective of delivering an updated mineral resource to support the PEA in the coming months.”

Major Targets for Definition Drill Program, Santa Barbara Potential Starter Pit Area

The recently completed definition program intersected a number of significant tin and silver intersections in the potential starter area of Santa Barbara as outlined in Table 1 below. Figure 1 shows the location of definition drill holes recently completed along with the proposed next phase drilling program which is described in the following section below. The approximate boundary between the Ag-Zn Polymetallic Domain in the east and the Tin Domain in the west which is marked by a fault zone is also shown. The geophysical signature of these two major domains is strikingly different – the Ag-Zn Polymetallic Domain is very chargeable while the Tin Domain has low chargeability (see Eloro press release March 11, 2025 for further details).

Figures 1 and 2 are SW-NE cross sections which show the distribution of tin (Sn), silver (Ag) and zinc (Zn) in the two different domains. The Tin Domain in the west starts at approximately elevation 4,100m and there is a prominent high grade silver zone above this which is an important target. The Ag-Zn Polymetallic Domain has silver throughout it along with Zn. Zinc and tin only have a minor area of overlap in the domain contact area. Note that the section length is 1.2km, attesting to the remarkable extent of this mineralized system, which remains open along strike, across strike and at depth. The pit defining the August 23, 2023 mineral resource estimate (“MRE”) is shown for reference (see Eloro press release October 17, 2023). Section 2 is located 100m south of Section 1 and shows a similar pattern but there is a higher tin content in the upper high grade silver zone. Section 3 is a W-E section that shows a similar pattern to Section 2 with strong tin mineralization from surface to depth. This section is also 1.2km long.

Table 1. Highlights of Definition Drilling January 2024 – April 2025, Santa Barbara Starter Pit Area

Date of Press ReleaseDrill Hole IDIntercept (m)Ag (g/t)Sn (%)Zn (%)Pb (%)

Grade
(g Ag eq/t)

26-Nov-24DSB-68289.1366.900.110.630.42111.14
                                             incl.DSB-68122.03126.100.450.220.40160.72
6-Jan-25DSB-69142.5049.710.150.780.32106.97
                                            incl.DSB-6941.25127.490.310.780.32193.00
6-Jan-25DSB-70255.7530.080.131.630.98127.89
                                            incl.DSB-7081.0045.710.233.111.91232.35
6-Jan-25DSB-71127.5029.260.110.580.2271.46
                                            incl.DSB-7145.0053.170.190.720.40116.62
23-Jan-25DSB-7287.002.620.740.000.04147.41
                                             incl.DSB-7233.003.491.390.000.08275.12
20-Feb-25DSB-7336.0013.460.150.860.1974.09
20-Feb-25DSB-7491.5013.900.340.000.0379.47
DSB-74103.5016.670.310.000.0595.17
11-Mar-25DSB-75309.0090.920.040.150.1092.79
DSB-75135.00151.470.040.140.12147.80
15-Apr-25DSB-7652.50129.570.070.000.02128.42
15-Apr-25DSB-7779.505.890.230.000.0151.30

. Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted

Figure 1: Location Map of Recently Completed Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. Holes planned in this current program are shown in blue and listed in Table 2 below.

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Section 1: SW-NE Section, Santa Barbara Showing Metal Distribution in Major Domains with planned diamond drill holes (see Table 2 below)

Eloro Resources -2

 
Section 2: SW-NE Section, Santa Barbara Showing Metal Distribution in Major Domains with planned diamond drill holes (see Table 2 below)

Eloro Resources -3

 

Section 3: W-E Section, Santa Barbara Showing Metal Distribution in Major Domains showing planned drill hole (see Table 2 below)

Eloro Resources -4

 

Planned Definition Drill Program

The planned definition drill hole program will focus on the Tin Domain and the upper high grade silver zone above the tin mineralization as outlined in Table 2 below. The locations of these planned holes are shown in Figure 1 above.

Table 2. Planned Drill Holes in the Tin Domain

Drillhole NameCategoryEastingNorthingElevation (masl)Azimuth (°)Dip (°)Length (m)Likely
Lithology
DSB-78Infill2050557656072434022585550TIB (60)%,
TDC (20%), TPMB (20%)
DSB-79Infill2050767656025432422585500TIB (90%), TDC (10%)
DSB-80Infill2051737655978427922585550TDC (60%),
TIB (40%),
DSB-81Infill2051847656202433422585550TIB (60%), TDC (40%),
DSB-82Infill2050487656206436222585700TIB (80%),
TDC (20%),
DSB-83Step-out2049797656137435722585600TIB(70%),
TDC (15%) TPMB (15%)
DSB-84Step-out2049557655973437022585400TDC (80%), TPMB (20%)
DSB-85Step-out2049897655939435922585450TDC (80%), TIB (20%)
             Total Length                                                                                                                                                            4,300

Note: TIB = Intrusion breccia; TPMB = Phreatomagmatic breccia; and TDC = Dacite
Holes may be adjusted as the program progresses depending on results obtained.

Qualified Person (“QP”)

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release.   Dr. Pearson who has more than 50 years of worldwide mining exploration, development and production experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories were prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi, all located along the same overall geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (SBBP) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole from 0.0m to 257.5m. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December 18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn (130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11m in hole DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m in hole DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

On January 29, 2024, the Company reported that the new chargeability high outlined southeast of the MRE open pit by the expanded induced polarization (IP) survey indicates that the major mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the southeast for an overall strike length of at least 2km. This new area has not been drilled.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the preliminary economic assessment (“PEA”).

Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m including higher grade intervals of:

  • 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
  • 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
  • 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m

Further drill results were released on January 6, 2025:

  • Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193.00g Ag eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15% Sn (106.97g Ag eq/t) over 142.50m.
  • Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.35g Ag eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and 0.13% Sn (127.89g Ag eq/t) over 255.75m
  • Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag eq/t) over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn (71.46g Ag eq/t) over 127.50m.

On January 23, 2025, the Company reported discovery hole DSB-72 that opens up a major tin zone intersecting 33m grading 1.39% Sn within 87m grading 0.74% Sn. Tin mineralization is hosted in an extensive intrusion breccia unit (TIB) that is approximately 750m long by 450m wide and extends to a depth of at least 700m. Previous wide space reconnaissance drilling has intersected a number of significant Sn intersections in this breccia unit which is very under-drilled

High grade tin mineralization in Hole DSB-72 reported here occurs as visible coarse-grained high temperature cassiterite which is likely to be amenable to gravity separation. Core from this hole will be used for additional metallurgical testing. Geophysically, the intrusion breccia has low chargeability which contrasts considerably with the adjacent later epithermal Ag-Zn-Pb mineralization which is marked by a strong chargeability anomaly. The intrusive breccia is very likely an offshoot or apophysis from a large tin porphyry at depth. The likely top of this tin porphyry is marked by a highly conductive zone that is interpreted as a pyrite-pyrrhotite halo around this porphyry. Similar pyritic halos have been reported from other major tin deposits in the Bolivian Tin Belt.

With this discovery of a presumed shallow level apophysis of a tin porphyry at depth, Eloro is in a unique position of having two discernable different deposit styles juxtaposed against one another; a very large silver-zinc-lead dominant system next to a high-grade tin system. While these two systems are likely genetically related, this means that the Company may potentially have two giant deposits on the same property.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

Photos accompanying this announcement are available at

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https://www.globenewswire.com/NewsRoom/AttachmentNg/fe28b75e-de78-4a0a-aa51-dfbc00aecbde

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When a Plan Comes Together

I spoke to Cartier Resources (ECR.V) CEO Philippe Cloutier in early December of 2024. He had big plans for the Cadillac Project which included the Chimo mine and 15 kilometers of recently acquired and ground running along the Larder Lake/Cadillac fault in East Val D‘Or.  How big were the plans? 500 diamond drill holes Big and aimed at testing ten target zones. Cloutier saw the project as a full-on emerging gold mining camp. All he needed was 10 million dollars.

Even with gold prices hitting historic highs, raising money for a junior exploration company is tough. Gold bug money, a traditional source for junior financing, was flowing into the booming big company producers. Why not, with gold over $3300, Barrick, Newmont, Agnico Eagle are coining money. Institutional investors, high net worth individuals, family offices are much more comfortable putting their money into multi-million-ounce producers with multi-billion dollar market caps.

Cartier Resources is not producing any gold at all and has a market cap of around 38 million dollars. Where was Cloutier going to get 10 million dollars?

Cloutier said in our follow-up phone interview. “In December 2024, when Agnico Eagle took over O3 Mining they added O3’s shares in Cartier to their own position it took them to 27% ownership.”

“Cartier and Agnico spent the early part of the year amending an Investor Rights Agreement.  Then Cartier launched its private placement while having Agnico exercise it’s right to participate to maintain its pro rata share in Cartier or just over 3 million dollars worth.,” said Cloutier. “The rest of the private placement, which included both premium flow through and hard dollar units was taken up by a small number of high net worth individuals and institutions.” Adding, “A strong endorsement that the Big plan was Good, a total of $11.4M good.”

”So what’s this plan all about?” I asked. “We’re not prospecting with a drill. Last season we confirmed by drilling the gold endowment on ten separate targets. We’re going back to expand on the high-grade gold results, test new VRIFY AI (artificial intelligence-generated targets),” said Cloutier. “And one more thing. The gold resource and PEA serve to calibrate all future drilling to ensure we get the most bang for the buck from this extensive program.”

The plan includes 24/7 drilling over  18 months. “We’ll have two drills on site over the spring and summer. That number may go up to four in the winter when the swampy parts of the property are accessible. Ten different targets. 500 holes over 12 to 13 kilometres,” said Cloutier.

“A lot of juniors are having trouble raising money to drill,” said Cloutier. “We waited until we had the cash in the bank to launch all call for tenders to drill contractors and labs.”

“Tough financing conditions are leaving many juniors stranded and the few like Cartier get very competitive bids,” said Cloutier.

“Our plan is to drill short holes, 150 to 300 meters,” said Cloutier. “We want to get a handle on how large each of the deposits can be and the overall center of gravity of the system out there.  With the sheer amount of drilling and assaying to be done we are looking to have an all in, drilling and assaying, cost per meter around $120.”

“We’re looking for many more ounces,” said Cloutier. “When we’ve defined them, will issue a revised Mineral Resource Estimate and then a substantially revised PEA.”

ECR’s current PEA is based on a gold price of $1750 and a $0.77 Canadian dollar. Without finding a single additional ounce of gold, that PEA points to significant upside in value with gold trading over $3300 an ounce and the Canadian dollar at around 0.72.

Eyeballing only the gold sensitivity, the Internal Rate of Return is well over 50% with $3300 gold.

If Cloutier’s drilling rolls up the ounces and the gold price stands or rises, Cartier is well on its way to becoming the owner of a district scale gold camp.

Retail investors are, understandably, grumpy about a share price which bounces around $0.10 implying a market cap of under 40 million dollars. The private placement was priced at $0.13 per unit with a “Hard Dollar” warrant at 0.18. A clear premium.

Cloutier is not worried. He has a plan. His plan has been funded. The drilling contracts will soon be let. With two drills and short holes, plus labs eager to assay the hundreds of meters of core produced monthly, Cloutier knows he will have solid news flow for the next year and a half.

As money flows into the junior exploration sector, Cartier has positioned itself at the front of the line. Right where Cloutier thinks it should be.

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Cartier Resources Closes Offering with Paradigm Capital and Concurrent Offering for Aggregate Gross Proceeds of $11,398,596

 Cartier Resources Inc. (TSX-V: ECR) (“Cartier” or the “Corporation”) is pleased to announce that it has closed its previously announced private placement with Paradigm Capital Inc. (the “Agent”) for aggregate gross proceeds of $8,395,176.11 (the “Offering”) through a combination of: (i) 27,473,627 units of the Corporation issued on a charitable flow-through basis qualifying as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the “Premium FT Units”) at $0.182 per Premium FT Unit for gross proceeds of $5,000,200.11; and (ii) 26,115,200 units of the Corporation (the “Hard Dollar Units”) issued at $0.13 per Hard Dollar Unit for gross proceeds of $3,394,976.

Each Premium FT Unit consists of one common share in the capital of the Corporation (each a “Common Share”) and one common share purchase warrant (each a “Premium FT Warrant”), and each such Common Share and Premium FT Warrant qualifies as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)).

Each Hard Dollar Unit consists of one Common Share of the Corporation and one common share purchase warrant (each a “Hard Dollar Warrant”), and for certainty, each Common Share and Hard Dollar Warrant does not qualify as a “flow-through share” .

Each Premium FT Warrant and Hard Dollar Warrant entitles the holder thereof to acquire one Common Share of the Corporation (each a “Warrant Share”) on a non-flow-through basis at an exercise price of $0.18 until April 23, 2030. The expiry of both the Premium FT Warrants and the Hard Dollar Warrants may be accelerated by the Corporation if the daily volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSXV”) exceeds $0.18 for a period of twenty (20) consecutive trading days, at any time during the period beginning on April 23, 2028 and ending on April 23, 2030 (the “Acceleration Trigger”). Following an Acceleration Trigger, the Corporation may give notice in writing (the “Acceleration Notice”) to the holders of the Premium FT Warrants and the Hard Dollar Warrants that such warrants will expire thirty (30) days following the date on which the Acceleration Notice is given.

In addition, in connection with Agnico Eagle Mines Limited’s (“Agnico Eagle”) right to participate in certain equity offerings by the Corporation under an amended and restated investor rights agreement dated March 20, 2025, Agnico Eagle participated in a concurrent non-brokered private placement pursuant to which it purchased 23,103,226 units of the Corporation (the “Units”) at $0.13 per Unit for additional gross proceeds $3,003,419.38 (the “Concurrent Offering”). Each Unit consists of one Common Share and one Hard Dollar Warrant, which for certainty do not qualify as a “flow-through share”.

The Corporation intends to use the proceeds arising from the Premium FT Units to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” (as both terms are defined in the Income Tax Act (Canada)) (the “Qualifying Expenditures”) related to the projects of the Corporation in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the Premium FT Units with an effective date no later than December 31, 2025 and in an aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of the Premium FT Units. The gross proceeds from the Concurrent Offering will be used for exploration purposes, including a 100,000-metre diamond drill program on the Cadillac project, as well as for general and working capital purposes.

The Concurrent Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), due to the fact Agnico Eagle had, prior to the Concurrent Offering, beneficial ownership of, or control or direction over, securities of the Corporation carrying more than 10% of the voting rights attached to all the outstanding voting securities of the Corporation. The Corporation is relying on Section 5.5(b) of MI 61-101 for an exemption from the formal valuation requirement under MI 61-101, as the Corporation is not listed on specified markets. The Corporation is relying upon the exemptions from the minority shareholder approval requirements pursuant to Section 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the Offering and/or the Concurrent Offering exceeds 25% of the Corporation’s market capitalization calculated in accordance with MI 61-101. No formal valuation or other prior valuation has been prepared in respect of the Corporation. A material change report will be filed by the Corporation less than 21 days in advance of the closing date of the Concurrent Offering as the final details thereof were not settled until shortly prior to the closing of the Concurrent Offering and the Corporation wished to close the Offering and Concurrent Offering in a timely manner for sound business reasons.

On closing of the Offering and Concurrent Offering, Agnico Eagle beneficially owned, or exercised control and direction over, an aggregate of 120,126,170 Common Shares and 30,103,226 common share purchase warrants, representing approximately 27.22% of the issued and outstanding Common Shares on an undiluted basis and 31.87% of the issued and outstanding Common Shares on a partially-diluted basis.

In consideration of the services rendered by the Agent in connection with the Offering, the Company paid the Agent a cash commission of $503,710.57 (representing 6.0% of the aggregate gross proceeds arising from the Offering) and issued 2,143 553 non-transferable compensation options (representing 4% of the total number of shares issued under the Offering) each exercisable for one (1) Common Share at a price of $0.13 until April 23, 2027.

The securities issued under the Offering and Concurrent Offering are subject to a statutory four month and one day hold period under applicable Canadian securities laws expiring on August 24, 2025. The Offering and Concurrent Offering are subject to the final acceptance of the TSXV.

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 state in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable U.S. state securities laws, or in compliance with an exemption therefrom.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006, is an exploration company based in Val-d’Or. The Corporation’s projects are all located in Québec, which consistently ranks among the world’s top mining jurisdictions. Cartier is advancing the development of its flagship Cadillac project, consisting of the Chimo Mine and East Cadillac properties, and its other projects.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance including in respect of the use of proceeds arising from the Offering and the Concurrent Offering and the tax treatment of the flow through shares (often but not always using phrases such as “expects” or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “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 and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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.

For more information, contact:

Philippe Cloutier, P. Geo.
President and CEO
Phone: 819-856-0512
Email: philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

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