Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF)
(“Orezone” or “Company”) reported its operational and financial
results for the three and six months ended June 30, 2024. The
Company will host a conference call and webcast on August 7, 2024
commencing at 8:00am PT to discuss its Q2-2024 results. Additional
details are provided at the end of this press release.
Patrick Downey, President and CEO, commented
“Second quarter results were impacted by lower-than-expected grid
power availability, and by lower scheduled head grades per the 2024
mine plan. Operating and financial results are anticipated to be
significantly stronger in the second half of 2024 as mining ramps
up in our newest mining areas, Siga East and Siga South, which will
provide a steady source of higher-grade, soft oxide ore to the
mill. This outlook is further underscored by a resumption in grid
power availability to historical levels, which for the month of
July exceeded 95%.
While the temporary reduction in grid power
availability in H1-2024 presented a challenge, our operating team
proved its resiliency, further optimizing and increasing plant
throughput, which culminated in a record 525,000 tonnes processed
in the month of June. This performance has continued into the third
quarter, and positions the Company well to achieve its 2024
guidance.
After the quarter end, the Company announced a
$105M financing package and positive construction decision for the
Bomboré Phase II hard rock expansion, in addition to a multi-year
discovery focused drill campaign. The Company looks forward to
providing further announcements on these strategic initiatives in
upcoming months.”
2024 SECOND QUARTER HIGHLIGHTS AND
SIGNIFICANT SUBSEQUENT EVENTS
(All mine site figures on a 100% basis) |
|
Q2-2024 |
|
Q2-2023 |
|
H1-2024 |
|
H1-2023 |
|
Operating Performance |
|
|
|
|
|
|
|
Gold production |
oz |
25,524 |
|
35,482 |
|
55,663 |
|
76,783 |
|
Gold sales |
oz |
24,937 |
|
33,608 |
|
56,166 |
|
76,747 |
|
Average realized gold price |
$/oz |
2,334 |
|
1,970 |
|
2,185 |
|
1,926 |
|
Cash costs per gold ounce sold1 |
$/oz |
1,386 |
|
924 |
|
1,242 |
|
854 |
|
All-in sustaining costs1 (“AISC”) per gold ounce sold |
$/oz |
1,613 |
|
1,109 |
|
1,452 |
|
1,006 |
|
Financial Performance |
|
|
|
|
|
|
|
Revenue |
$000s |
58,343 |
|
66,396 |
|
123,028 |
|
148,108 |
|
Earnings from mine operations |
$000s |
23,167 |
|
27,490 |
|
50,049 |
|
67,160 |
|
Net income attributable to shareholders of Orezone1 |
$000s |
8,939 |
|
11,380 |
|
20,636 |
|
33,940 |
|
Net income per common share attributable to shareholders of
Orezone1 |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
0.03 |
|
0.06 |
|
0.10 |
|
Diluted |
$ |
0.02 |
|
0.03 |
|
0.05 |
|
0.09 |
|
Adjusted EBITDA1 |
$000s |
20,491 |
|
31,526 |
|
46,419 |
|
74,171 |
|
Adjusted earnings attributable to shareholders of Orezone1 |
$000s |
3,326 |
|
11,236 |
|
11,062 |
|
35,810 |
|
Adjusted earnings per share attributable to shareholders of
Orezone1 |
$ |
0.01 |
|
0.03 |
|
0.03 |
|
0.10 |
|
Cash and Cash Flow Data |
|
|
|
|
|
|
|
Operating cash flow before changes in working capital |
$000s |
15,331 |
|
25,228 |
|
35,688 |
|
66,365 |
|
Operating cash flow |
$000s |
(51 |
) |
20,155 |
|
13,586 |
|
59,081 |
|
Free cash flow1 |
$000s |
(16,951 |
) |
8,016 |
|
(14,938 |
) |
39,514 |
|
Cash, end of period |
$000s |
11,446 |
|
32,309 |
|
11,446 |
|
32,309 |
|
1 Cash costs, AISC, Adjusted EBITDA, Adjusted
earnings, Adjusted earnings per share, and Free cash flow are
non-IFRS measures. See “Non-IFRS Measures” section below for
additional information.
-
Safety: Continued strong safety performance with
1.32 million and 2.73 million hours worked without a lost-time
injury for Q2-2024 and H1-2024, respectively.
-
Grid Power: Gold production,
plant throughput, and AISC in Q2-2024 were negatively affected by
lower-than-normal availability of the national grid. The Bomboré
mine successfully connected to the grid at the end of January 2024
and expected to operate on grid power at its historical
availability of over 90%. However, Burkina Faso receives power from
neighbouring Côte d’Ivoire and Ghana which began to temporarily
reduce power exports in March 2024 due in part to conduct repairs
to power generation plants. As a result, grid utilization at the
Bomboré mine averaged 34% in Q2-2024 with grid blackouts and power
dips contributing to 176 hours (8%) of plant downtime. During the
quarter, power costs using on-site diesel generators averaged
approximately $0.59/kwh whereas grid power cost approximately
$0.22/kwh, and this higher power cost impacted AISC for Q2-2024 by
an estimated $110 per ounce. Encouragingly, grid availability for
July 2024 has significantly improved with utilization in excess of
95% which will help increase gold production and lower operating
costs in H2-2024.
- Rescoped
Phase II Hard Rock Expansion: On May 6, 2024, the Company
announced a rescoping of its Phase II expansion into two stages to
better align capital requirements with available financing. The
Company will now construct a 2.5 million tonnes per annum (“Mtpa”)
hard rock plant for stage one in comparison to the larger 4.4 Mtpa
hard rock plant outlined in the 2023 feasibility study.
- Phase II
Expansion Construction Decision and Financing: On July 10,
2024, the Company announced that its Board of Directors had
approved a positive construction decision on the Phase II expansion
after the Company had secured binding commitments totaling over
$105 million in additional debt and equity for the construction.
The commitments consisted of binding term sheets for a XOF 35.0
billion (~$58 million) senior secured term loan with Coris Bank
International (“Coris Bank”) and a C$64.9 million (~$47 million)
non-brokered private placement of 92,743,855 common shares of
Orezone at C$0.70 per share with Nioko Resources Corporation. The
Company expects to close on both the loan and private placement in
Q3-2024.
-
Multi-year Exploration Campaign: On July 25, 2024,
the Company announced it will initiate a 30,000 metre, multi-year
discovery focused drill program designed to test the broader size
and scale of the Bomboré mineralized system which has a shallow
average drill depth for resource definition of only 200 metres
across a 14 km strike length. An initial drill program of 5,000
metres centred on the Maga Zone will commence in August 2024.
- Debt
Reduction: Scheduled principal repayment of XOF 6.0
billion ($9.9 million) made in H1-2024 on the Company’s Phase I
senior loan with Coris Bank. Outstanding principal on the Phase I
senior debt stood at XOF 31.0 billion (~$51 million) on June 30,
2024.
-
Liquidity: Cash stood at $11.4 million on June 30,
2024, a decrease of $4.2 million from March 31, 2024 and a decrease
of $20.9 million from December 31, 2023. On May 10, 2024, the
Company closed and drew down on a XOF 12.0 billion ($19.8 million)
bridge loan with Coris Bank in order to improve the Company’s cash
position which was heavily impacted in H1-2024 by a $22.1 million
increase in non-cash working capital, mainly from the build-up of
value-added tax (“VAT”) receivables, payment of income taxes, and
reduction in trade payables.
- Board
Changes: At the June 7, 2024 annual general meeting of
shareholders (“AGM”), Ms. Tara Hassan was elected as a new director
and Mr. Sean Harvey was appointed by the directors as the new Board
Chair following the meeting. Mr. Halvorson, a director since 2009
and Board Chair since 2018, and Mr. Charles Oliver, a director
since 2017, two long-serving directors that have made substantial
contributions to the Company’s success, did not stand for
re-election at the AGM.
The Phase II Hard Rock
Expansion
A hard rock plant, to complement the existing
Phase I oxide plant, is required to process the fresh rock and
lower transition mineral reserves of the Bomboré orebody.
Prior to a formal construction decision on the
Phase II expansion, the Company undertook early works activities in
order to maintain schedule to deliver first gold before the end of
2025. Approved early works in progress or completed in H1-2024
included front-end engineering and design (“FEED”) with Lycopodium
Minerals Canada Ltd. (“Lycopodium”), additional camp accommodations
and offices, geotechnical investigations, and bulk earthworks on
the new plant layout area.
Following the Board’s positive construction
decision to proceed with the expansion in early July 2024, the
Company has released awards on four long-lead equipment packages
including a 9MW SAG mill.
The capital cost estimate for this expansion is
estimated at $85 million.
2024 Guidance for Bomboré
Mine
Operating Guidance (100% basis) |
Unit |
2024 Guidance |
H1-2024 Actuals |
Gold production |
Au oz |
110,000 – 125,000 |
55,663 |
All-In Sustaining Costs123 |
$/oz Au sold |
$1,300 - $1,375 |
$1,452 |
Sustaining capital2 |
$M |
$14 - $15 |
$7.3 |
Growth capital (excluding Phase II Expansion)2 |
$M |
$16 - $17 |
$9.4 |
Growth capital – Phase II Expansion |
$M |
see commentary below |
Unchanged |
- AISC is a non-IFRS measure. See
“Non-IFRS Measures” section below for additional information.
- Foreign exchange rates used to
forecast cost metrics include XOF/USD of 600 and CAD/USD of
1.30.
- Government royalties included in AISC
assumes an average gold price of $2,000 per oz.
Gold production in 2024 is forecasted to range
between 110,000 to 125,000 gold ounces with production more
weighted to the second half of the year due to mining in the higher
grade southern zone of the mining permit. Mining was confined to
the northern zone of the mining permit in the first half of the
year with staged access to higher-grade southern pits (Siga East
and Siga South) planned in the second half as Phases II and III of
the resettlement action plan (“RAP”) progress. Mining in the Siga
East pit commenced in June 2024 and will continue to ramp up
through Q3-2024. Haul roads to Siga South are in place and grade
control drilling is being advanced in key areas with mining
scheduled in Q4-2024.
AISC per ounce sold for 2024 is estimated to
fall within the range of $1,300/oz to $1,375/oz. AISC per ounce
sold in H2-2024 is forecasted to be materially lower than H1-2024
as mining advances south to Siga East and Siga South thereby
accessing softer near surface oxide ore at higher grades resulting
in better gold production and operating costs. In addition, grid
availability is expected to now continue at normal high levels in
H2-2024 (as evidenced by grid availability in excess of 95% in July
2024) resulting in higher mill throughput and lower power
costs.
BOMBORÉ GOLD MINE (100% BASIS) –
OPERATING HIGHLIGHTS
|
|
Q2-2024 |
|
Q2-2023 |
|
H1-2024 |
|
H1-2023 |
|
Safety |
|
|
|
|
|
Lost-time injuries frequency rate |
per 1M hours |
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
Personnel-hours worked |
000s hours |
1,322 |
|
1,037 |
|
2,372 |
|
1,965 |
|
Mining Physicals |
|
|
|
|
|
Ore tonnes mined |
tonnes |
1,966,547 |
|
1,927,753 |
|
4,369,080 |
|
4,132,809 |
|
Waste tonnes mined |
tonnes |
3,451,757 |
|
3,152,264 |
|
6,574,856 |
|
5,534,399 |
|
Total tonnes mined |
tonnes |
5,418,305 |
|
5,080,017 |
|
10,943,936 |
|
9,667,208 |
|
Strip ratio |
waste:ore |
1.76 |
|
1.64 |
|
1.50 |
|
1.34 |
|
Processing Physicals |
|
|
|
|
|
Ore tonnes milled |
tonnes |
1,428,396 |
|
1,400,160 |
|
2,784,015 |
|
2,845,853 |
|
Head grade milled |
Au g/t |
0.64 |
|
0.87 |
|
0.71 |
|
0.92 |
|
Recovery rate |
% |
86.8 |
|
91.1 |
|
88.0 |
|
91.7 |
|
Gold produced |
Au oz |
25,524 |
|
35,482 |
|
55,663 |
|
76,783 |
|
Unit Cash Cost |
|
|
|
|
|
Mining cost per tonne |
$/tonne |
3.29 |
|
2.86 |
|
3.38 |
|
2.89 |
|
Mining cost per ore tonne processed |
$/tonne |
8.87 |
|
6.46 |
|
8.46 |
|
6.49 |
|
Processing cost |
$/tonne |
9.19 |
|
10.72 |
|
9.21 |
|
9.95 |
|
Site general and admin (“G&A”) cost |
$/tonne |
3.96 |
|
3.73 |
|
3.87 |
|
3.47 |
|
Cash cost per ore tonne processed |
$/tonne |
22.02 |
|
20.91 |
|
21.54 |
|
19.91 |
|
Cash Costs and AISC Details |
|
|
|
|
|
Mining cost (net of stockpile movements) |
$000s |
12,672 |
|
9,050 |
|
23,539 |
|
18,467 |
|
Processing cost |
$000s |
13,120 |
|
15,006 |
|
25,640 |
|
28,328 |
|
Site G&A cost |
$000s |
5,654 |
|
5,217 |
|
10,788 |
|
9,883 |
|
Refining and transport cost |
$000s |
136 |
|
164 |
|
253 |
|
312 |
|
Government royalty cost |
$000s |
4,595 |
|
3,930 |
|
9,727 |
|
8,842 |
|
Gold inventory movements |
$000s |
(1,625 |
) |
(2,299 |
) |
(209 |
) |
(280 |
) |
Cash costs1 on a sales
basis |
$000s |
34,552 |
|
31,068 |
|
69,738 |
|
65,552 |
|
Sustaining capital |
$000s |
3,281 |
|
4,308 |
|
7,299 |
|
7,838 |
|
Sustaining leases |
$000s |
73 |
|
- |
|
146 |
|
187 |
|
Corporate G&A cost |
$000s |
2,319 |
|
1,883 |
|
4,388 |
|
3,614 |
|
All-In Sustaining Costs1
on a sales basis |
$000s |
40,225 |
|
37,259 |
|
81,571 |
|
77,192 |
|
Gold sold |
Au oz |
24,937 |
|
33,608 |
|
56,166 |
|
76,747 |
|
Cash costs per gold ounce
sold1 |
$/oz |
1,386 |
|
924 |
|
1,242 |
|
854 |
|
All-In Sustaining Costs per gold ounce
sold1 |
$/oz |
1,613 |
|
1,109 |
|
1,452 |
|
1,006 |
|
1 Non-IFRS measure. See “Non-IFRS Measures” section
for additional details.
Bomboré Production Results
Q2-2024 vs Q2-2023
Gold production in Q2-2024 was 25,524 ounces, a
decline of 28% from the 35,482 ounces produced in Q2-2023. The
lower gold production is attributable to a 26% decrease in head
grades and a 5% decrease in plant recoveries, partially offset by a
2% increase in plant throughput. The better head grades achieved in
Q2-2023 were primarily the result of processing high-grade
stockpiles accumulated during the Phase I construction, which were
fully depleted by June 2023, and from the sequencing of
higher-grade pits in earlier periods of the mine plan. Plant
recoveries were lower in Q2-2024 primarily due to the greater blend
of transition ore in the mill feed as mining deepens in certain
pits. The presence of transition ore results in slightly lower
metallurgical recoveries and additional plant maintenance due to
the harder nature of the ore. In addition, instability in
operational controls from grid power interruptions unrelated to
Bomboré operations contributed to a marginal dip in recoveries in
Q2-2024.
Plant downtime caused by grid blackouts and
power dips, and time lost to switch to back-up gensets, also
negatively impacted plant operations in Q2-2024. In response, the
Company successfully improved hourly plant throughput by increasing
mill power draw and reducing residence time in the CIL circuit
without a noticeable effect on recovery rates, leading to a monthly
record of 525K tonnes processed in June 2024.
Plant throughput, head grades, and recoveries
are expected to improve from a greater blend of softer oxide ore as
mining continues to ramp up at Siga East in Q3-2024. Furthermore,
reliability of the national grid has significantly increased since
the start of July 2024.
H1-2024 vs H1-2023
Gold production in H1-2024 was 55,663 ounces, a
decline of 28% from the 76,783 ounces produced in H1-2023. The
lower gold production is attributable to a 23% decrease in head
grades, a 4% decrease in plant recoveries, and a 2% decrease in
plant throughput namely for the same reasons as explained in the
above section.
Bomboré Operating Costs
Q2-2024 vs Q2-2023
AISC per gold ounce sold in Q2-2024 was $1,613,
a 45% increase from $1,109 per ounce sold in Q2-2023. The higher
AISC is primarily the result of: (a) lower Q2-2024 gold production
and sales as explained above; (b) greater per ounce royalty costs
from new royalty rates that took effect in October 2023, coupled
with a higher realized selling price; and (c) increased mining
costs with deeper pits, harder transition ore being mined and
higher strip ratio per tonne processed.
Cash cost per ore tonne processed in Q2-2024 was
$22.02 per tonne, an increase of 5% from $20.91 per tonne in
Q2-2023. The higher cash cost in Q2-2024 was predominantly due to
greater mining and site G&A costs with costs per ore tonne
processed increasing by 37% ($8.87 versus $6.46) for mining and 5%
($3.96 versus $3.73) for site G&A. Mining costs have increased
as lower benches are mined resulting in longer hauls and more
transition material that requires drill-and-blast prior to
excavation and greater rehandle prior to feeding into the dump
pocket on the ROM pad. In addition, unit mining costs have
increased from a higher strip ratio and more management fees from
the mobilization of a second mining contractor in July 2023 to
supplement material movement of the main mining contractor. Site
G&A costs reflect greater spending for security as the Company
expands its operations into the southern portion of the mining
permit.
Processing costs per ore tonne in Q2-2024 was
$9.19 per tonne, a decrease of 14% from $10.72 per tonne in
Q2-2023. Unit processing costs were expected to decline by over $3
per tonne in Q2-2024 from 2023 levels upon the introduction of grid
power to the Bomboré mine at the end of January 2024; however, the
power cost savings from using grid power have been offset by a
greater blend of transition ore requiring higher per tonne
consumption of power, grinding media, and main reagents, and more
plant maintenance to address higher equipment wear. Furthermore,
the mine relied on more self-generated power beginning in March
2024 from lower-than-expected grid availability directly impacted
by issues with the Ghanian and Côte d’Ivoire supply systems as
explained above. Grid utilization was historically low in Q2-2024,
but gradually improved throughout the quarter from 18% in April to
58% in June, and normalizing to over 95% starting in July.
H1-2024 vs H1-2023
AISC per gold ounce sold in H1-2024 was $1,452,
a 44% increase from $1,006 per ounce sold in H1-2023. The higher
AISC were due namely for the same reasons as explained in the above
section.
Bomboré Growth Capital
Projects
Grid Power Connection
The commissioning of the powerline to connect
Bomboré to Burkina Faso’s national energy grid commenced in January
2024 and was successfully energized by the end of the same month.
As of June 30, 2024, the Company has incurred costs of $19.7M, of
which $0.3M was incurred in Q2-2024 ($1.4M in H1-2024). The Company
continues to make minor upgrades to the grid connection by
installing equipment and software to reduce the transfer time to
back-up gensets.
RAP Phases II and III
RAP Phases II and III involve the construction
of three new resettlement communities (MV3, MV2, and BV2) in order
to relocate households currently residing within the southern half
of the Bomboré mining permit. The Company sequenced MV3 first,
followed by MV2 and BV2, to prioritize mining areas closest to the
processing plant.
The construction of homes and relocation of
families to the new MV3 resettlement community were successfully
completed in Q2-2024, and in parallel, construction of MV2
commenced with site establishment activities and award of contracts
to local companies. Compensation payments to affected residents for
loss of land, crops, trees, and private structures continue to
progress.
As of June 30, 2024, the Company has incurred
project-to-date costs of $18.6M for RAP Phases II and III, of which
$5.0M was incurred in Q2-2024 ($8.1M in H1-2024).
NON-IFRS MEASURES
The Company has included certain terms or
performance measures commonly used in the mining industry that is
not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”,
“adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per
share”, and “free cash flow”. Non-IFRS measures do not have any
standardized meaning prescribed under IFRS, and therefore, they may
not be comparable to similar measures presented by other companies.
The Company uses such measures to provide additional information
and they should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS. For a
complete description of how the Company calculates such measures
and reconciliation of certain measures to IFRS terms, refer to
“Non-IFRS Measures” in the Management’s Discussion and Analysis for
the three and six months ended June 30, 2024 which is incorporated
by reference herein.
CONFERENCE CALL AND WEBCAST
The condensed consolidated interim financial
statements and Management’s Discussion and Analysis are available
at www.orezone.com and on the Company’s profile on SEDAR+ at
www.sedarplus.ca. Orezone will host a conference call and audio
webcast to discuss 2024 second quarter results on August 7, 2024 at
8:00am PT (11:00am ET).
WebcastDate: Wednesday, August 7,
2024Time: 8:00 am Pacific time (11:00 am Eastern time)Please
register for the webcast here: Orezone Q2-2024 Conference
Call and Webcast
Conference CallToll-free in U.S.
and Canada: 1-800-715-9871International callers: +646-307-1963Event
ID: 9401780
QUALIFIED PERSONSThe scientific
and technical information in this news release was reviewed and
approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical
Services and Mr. Dale Tweed, P. Eng., Vice-President of
Engineering, both of whom are Qualified Persons as defined under NI
43-101 Standards of Disclosure for Mineral Projects.
About Orezone Gold
Corporation
Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF)
is a West African gold producer engaged in mining, developing, and
exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso.
The Bomboré mine achieved commercial production on its Phase I
oxide operations on December 1, 2022, and is now focussed on its
staged Phase II hard rock expansion that is expected to materially
increase annual and life-of-mine gold production from the
processing of hard rock mineral reserves. Orezone is led by an
experienced team focused on social responsibility and
sustainability with a proven track record in project construction
and operations, financings, capital markets, and M&A.
The technical report entitled Bomboré Phase II
Expansion, Definitive Feasibility Study is available on SEDAR+ and
the Company’s website.
Patrick DowneyPresident and Chief Executive
Officer
Vanessa PickeringManager, Investor Relations
Tel: 1 778 945 8977 / Toll Free: 1 888 673
0663info@orezone.com / www.orezone.com
For further information please contact
Orezone at +1 (778) 945-8977 or visit the Company’s
website at
www.orezone.com.
The Toronto Stock Exchange neither approves nor
disapproves the information contained in this news release.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain information
that constitutes “forward-looking information” within the meaning
of applicable Canadian Securities laws and “forward-looking
statements” within the meaning of applicable U.S. securities laws
(together, “forward-looking statements”). Forward-looking
statements are frequently characterized by words such as “plan”,
“expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”,
“potential”, “possible” and other similar words, or statements that
certain events or conditions “may”, “will”, “could”, or “should”
occur.
All forward-looking statements are subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements including, but not
limited to, terrorist or other violent attacks, the failure of
parties to contracts to honour contractual commitments, unexpected
changes in laws, rules or regulations, or their enforcement by
applicable authorities; social or labour unrest; changes in
commodity prices; unexpected failure or inadequacy of
infrastructure, the possibility of project cost overruns or
unanticipated costs and expenses, accidents and equipment
breakdowns, political risk, unanticipated changes in key management
personnel, the spread of diseases, epidemics and pandemics
diseases, market or business conditions, the failure of exploration
programs, including drilling programs, to deliver anticipated
results and the failure of ongoing and uncertainties relating to
the availability and costs of financing needed in the future, and
other factors described in the Company's most recent annual
information form and management’s discussion and analysis filed on
SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place
undue reliance on forward-looking statements.
Forward-looking statements are based on the
applicable assumptions and factors management considers reasonable
as of the date hereof, based on the information available to
management at such time. These assumptions and factors include, but
are not limited to, assumptions and factors related to the
Company’s ability to carry on current and future operations,
including: development and exploration activities; the timing,
extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts,
studies and assessments; the Company’s ability to meet or achieve
estimates, projections and forecasts; the availability and cost of
inputs; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; the timely receipt of necessary
approvals or permits; the ability to meet current and future
obligations; the ability to obtain timely financing on reasonable
terms when required; the current and future social, economic and
political conditions; and other assumptions and factors generally
associated with the mining industry.
Although the forward-looking statements
contained in this press release are based upon what management of
the Company believes are reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this press release and are expressly
qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any
obligation to update or revise the forward-looking statements
contained herein to reflect events or circumstances occurring after
the date of this press release.
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