Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”)
is pleased to report financial and operating results for the second
quarter and first half of 2018.
All amounts are in US dollars unless otherwise
noted. This release should be read in conjunction with the
Company’s Financial Statements and Management’s Discussion and
Analysis available on the Company’s website and on SEDAR.
“Our cash balance increased by more than $72
million through the quarter to $142.5 million as a result of our
improved production at lower costs,” said Joseph Ovsenek, President
& CEO of Pretivm. “In the first half of the year, we’ve reached
steady state production, fully implemented our grade control
program and met our production guidance. We intend to build on this
positive momentum for the remainder of the year, firmly
establishing Pretivm as a premier high-grade gold producer.”
Second Quarter 2018 Summary
- Production of 111,340 ounces of
gold.
- Revenue of $146.5 million on
115,309 ounces of gold sold.
- Total cost of sales $86.4 million
or $749 per ounce of gold sold1.
- AISC1 of $648 per ounce of gold
sold.
- Net earnings of $31.1 million
($0.17 per share).
- Adjusted earnings1 of $47.0 million
($0.26 per share).
- Cash and cash equivalents of $142.5
million as at June 30, 2018.
- Achieved first half 2018 guidance
with a total of 187,029 ounces of gold produced at an AISC of $783
per ounce of gold sold.1 Refer to the “Non-IFRS
Financial Performance Measures” section at the end of this
news release.
Second Quarter Production
Overview
- Production totaled 111,340 ounces
of gold and 118,205 ounces of silver.
- Mill feed grade averaged 14.9 grams
per tonne gold for the quarter.
- Gold recoveries averaged
97.7%.
- Process plant throughput averaged
2,604 tonnes per day for total of 236,990 tonnes of ore.
- Mine development averaged over 740
meters per month during the quarter to prepare additional stopes
which will allow for optimization of ore grades feeding the
mill.
Gold production from March throughout the second
quarter reflected the full integration of the operational grade
control program. Grade control is critical for grade prediction and
the refinement of stope shapes, which results in reduced dilution
and optimized grade to the mill.
Operating Results
|
Three months ended June 30, |
Six months ended June 30, |
|
2018 |
|
2017(1) |
|
2018 |
|
2017(1) |
|
|
|
|
|
|
|
|
|
Ore mined |
t |
248,506 |
|
- |
|
516,845 |
|
- |
Mining rate |
tpd |
2,731 |
|
- |
|
2,855 |
|
- |
|
|
|
|
|
|
|
|
|
Ore milled |
t |
236,990 |
|
- |
|
498,433 |
|
- |
Head grade |
g/t
Au |
14.9 |
|
- |
|
11.9 |
|
- |
Recovery |
% |
97.7 |
|
- |
|
97.4 |
|
- |
Mill throughput |
tpd |
2,604 |
|
- |
|
2,754 |
|
- |
|
|
|
|
|
|
|
|
|
Gold ounces
produced |
oz |
111,340 |
|
- |
|
187,029 |
|
- |
Silver ounces
produced |
oz |
118,205 |
|
- |
|
212,935 |
|
- |
|
|
|
|
|
|
|
|
|
Gold ounces sold |
oz |
115,309 |
|
- |
|
183,960 |
|
- |
Silver
ounces sold |
oz |
118,366 |
|
- |
|
202,600 |
|
- |
The
following abbreviations were used above: t (tonnes), tpd (tonnes
per day), g/t (grams per tonne), Au (gold) and oz (ounces). (1) No
comparative data as the mine commenced commercial production as of
July 1, 2017. |
Second Quarter Financial
Overview
- Revenue of $146.5 million was
generated from mine operations.
- The Company sold 115,309 ounces of
gold at an average realized price1 of $1,278 per ounce
generating $147.4 million in revenue. The Company sold 118,366
ounces of silver generating $1.6 million in revenue. Treatment
costs and refining charges associated with concentrate sales, in
the amount of $4.3 million, were included within concentrate
revenue. The average London Bullion Market Association AM and PM
market price over the quarter ended June 30, 2018 was $1,306 per
ounce.
- Total cost of sales was $86.4
million or $749 per ounce of gold sold.
- Total cash cost was $548 per ounce
of gold sold and AISC was $648 per ounce of gold sold.
- Sustaining capital expenditures
amounted to $3.2 million (including $1.1 million deferred
development costs incurred during production).
- Earnings from mine operations were
$60.1 million.
- Net earnings were $31.1 million or
$0.17 per share.
- Adjusted earnings1 were $47.0
million or $0.26 per share.
- Cash generated from operating
activities was $77.3 million.
- Cash and cash equivalents were
$142.5 million as at June 30, 2018 increasing $86.2 million from
$56.3 million at December 31, 2017. The Company has working capital
of $133.2 million excluding the current portion of long-term debt
as at June 30, 2018 compared to $40.6 million as at December 31,
2017.1 Refer to the “Non-IFRS Financial Performance Measures”
section at the end of this news release.
The Company continues to evaluate options to
refinance the credit facility and repurchase the precious metals
stream.
Financial Results
|
Three months ended June 30, |
|
Six months ended June 30, |
|
In thousands of USD, except for per ounce data |
2018 |
|
2017 |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
Revenue(1) |
$ |
146,478 |
|
- |
|
|
235,900 |
|
- |
|
Earnings from mine
operations (1,2) |
$ |
60,070 |
|
- |
|
|
76,904 |
|
- |
|
Net earnings (loss) for
the period |
$ |
31,097 |
|
(2,495 |
) |
|
23,039 |
|
(6,758 |
) |
Per share
- basic |
$/share |
0.17 |
|
(0.01 |
) |
|
0.13 |
|
(0.04 |
) |
Per share
- diluted |
$/share |
0.17 |
|
(0.01 |
) |
|
0.13 |
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
Adjusted earnings
(loss) (2) |
$ |
47,048 |
|
(3,178 |
) |
|
52,845 |
|
(9,267 |
) |
Per share
- basic (2) |
$/share |
0.26 |
|
(0.02 |
) |
|
0.29 |
|
(0.05 |
) |
|
|
|
|
|
|
|
|
|
Total cash and
cash equivalents |
$ |
142,495 |
|
55,311 |
|
|
142,495 |
|
55,311 |
|
Cash generated from
(used by) operating activities |
|
77,276 |
|
(4,824 |
) |
|
101,995 |
|
(7,557 |
) |
Total assets |
$ |
1,731,950 |
|
1,649,593 |
|
|
1,731,950 |
|
1,649,593 |
|
Long-term debt (3) |
$ |
292,330 |
|
616,101 |
|
|
292,330 |
|
616,101 |
|
|
|
|
|
|
|
|
|
|
Total cash costs
(1,2) |
$/oz |
548 |
|
- |
|
|
657 |
|
- |
|
All-in sustaining costs
(1,2) |
$/oz |
648 |
|
- |
|
|
783 |
|
- |
|
|
|
|
|
|
|
|
|
|
Average realized price
(1,2) |
$/oz |
1,278 |
|
- |
|
|
1,276 |
|
- |
|
Average
realized cash margin (1,2) |
$/oz |
730 |
|
- |
|
|
619 |
|
- |
|
(1) No
comparative data as the mine commenced commercial production as of
July 1, 2017.(2) Refer to the "Non-IFRS Financial Performance
Measures" section for a reconciliation of these amounts.(3)
Long-term debt does not include the current portion of the
Company’s senior secured credit facility in the amount of $393,531
as at June 30, 2018. |
Delivering on First Half 2018
Guidance
Production totaled 187,029 ounces of gold and
212,935 ounces of silver delivering on our first half 2018
production guidance of 150,000 to 200,000 ounces of gold.
Total cost of sales, which includes production
costs, depreciation and depletion, royalties and selling costs was
$159.0 million or $864 per ounce of gold sold and total cash cost
was $657 per ounce of gold sold. AISC was $783 per ounce of gold
sold within our first half 2018 AISC guidance range of $700 to $900
per ounce of gold sold.
Second Half 2018 Outlook
H2 2018 production guidance
Gold production at the Brucejack Mine for the
second half of 2018 is expected in the range of 200,000 to 220,000
ounces, for total 2018 gold production of 387,000 to 407,000
ounces.
H2 2018 financial guidance
All-in sustaining costs for the second half of
2018 are expected to range from $710 to $770 per ounce gold sold.
All-in sustaining costs do not include the estimated $25 million of
capital cost required to increase the mill capacity to
3,800 tpd (see Organic Growth Opportunities below). As
production has now reached steady state at the Brucejack Mine, an
increased focus will be placed on operational efficiency to reduce
costs.
Organic Growth
Opportunities
Application to increase production rate
On December 20, 2017, the Company submitted an
application to the BC Ministry of Energy, Mines and Petroleum
Resources and the BC Ministry of Environment and Climate Change
Strategy to increase the Brucejack Mine production rate to 3,800
tonnes per day. The increase would result in an annual average
production rate of 1.387 million tonnes, up from 0.99 million
tonnes (a daily average of 3,800 tonnes from 2,700 tonnes). Based
on preliminary engineering, the capital cost to increase the mill
capacity is estimated to be less than $25 million. The approval
process is expected to be completed by year end.
Exploration drilling for resource expansion and
porphyry source
The underground exploration drilling conducted
to evaluate the potential extension of the Valley of the Kings to
the east while assessing the potential for a porphyry source at
depth was successfully completed (see news release dated June 18,
2018). Two holes, both over 1,500-meters in length and drilled east
from the Valley of the Kings intersected alteration, veining, and
mineralization throughout, confirming the presence of
Brucejack-style mineralization starting from the eastern edge of
the Valley of the Kings to beneath the Flow Dome Zone. Anomalous
copper and molybdenum mineralization intersected at depth in both
holes indicate proximity to porphyry-style mineralization at
depth.
These drill results, along with a follow-up
surface geophysical program and mineral chemistry evaluation, will
be used for planning a future underground drill program focused
on resource expansion of the Valley of the Kings to the
east.
Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine
Engineer, Pretium Resources Inc. is the Qualified Person (“QP”)
responsible for Brucejack Mine development. Warwick Board, Ph.D.,
P.Geo, Pr.Sci.Nat., Vice President, Geology and Chief Geologist,
Pretium Resources Inc. is the QP responsible for the Brucejack Mine
grade control program and the Brucejack Mine exploration
drilling.
Regional grass-roots exploration
The 2018 regional grass-roots exploration
program which includes geophysical studies, continued regional
prospecting and mapping and diamond drilling on several high
priority gold targets is currently underway. The 2018 program
follows up on the comprehensive regional exploration that has
previously been completed on the 1,250-square kilometer,
wholly-owned property. To date, the program has resulted in the
identification of several distinct areas that have the potential to
host mineralized zones similar to the Valley of the Kings and Eskay
Creek deposits.
Subsequent to the end of the quarter, a private
placement of 227,273 flow-through common shares of the Company at a
price of C$13.20 per flow-through share was completed on July 25,
2018 for total gross proceeds of approximately C$3.0 million. The
proceeds of the private placement of flow-through common shares are
being used to fund a portion of the 2018 grass-roots exploration
program.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief
Exploration Officer, Pretium Resources Inc. is the QP responsible
for the regional grass-roots exploration program.
Our unaudited condensed consolidated interim
Financial Statements and Management’s Discussion and Analysis for
the three and six months ended June 30, 2018 are filed on SEDAR and
available on our website at www.pretivm.com.
Webcast and Conference Call
The webcast and conference call to discuss the
second quarter 2018 operational and financial results will take
place Friday, August 10th, 2018 at 8:00 am PT (11:00 am ET).
Webcast and conference call details:
Friday, August 10, 2018 at 8:00 am PT (11:00 am
ET) |
Webcast |
www.pretivm.com |
Toll Free (North
America) |
1-800-319-4610 |
International and
Vancouver |
604-638-5340 |
A recorded playback will be available until
August 24, 2018:
Toll Free (North
America) |
1-800-319-6413 |
Access Code |
2187 |
About Pretivm
Pretivm is emerging as the premier low-cost
intermediate gold producer with production at the high-grade
underground Brucejack Mine in northern British Columbia now at
steady state.
For further information contact:
Joseph Ovsenek |
Troy Shultz |
President &
CEO |
Manager, Investor
Relations & |
|
Corporate
Communications |
Pretium Resources Inc.Suite 2300, Four Bentall Centre, 1055
Dunsmuir StreetPO Box 49334 Vancouver, BC V7X 1L4(604)
558-1784invest@pretivm.com(SEDAR filings: Pretium Resources
Inc.)
Non-IFRS Financial Performance Measures
The Company has included certain non-IFRS
measures in this new release. Refer to the Company’s MD&A for
an explanation and discussion of non-IFRS measures. The Company
believes that these measures, in addition to measures prepared in
accordance with IFRS, provide investors an improved ability to
evaluate the underlying performance of the Company and to compare
it to information reported by other companies. The non-IFRS
measures are intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with International Financial
Reporting IFRS. These measures do not have any standardized meaning
prescribed under IFRS, and therefore may not be comparable to
similar measures presented by other issuers.
Total cost of sales and cash costs
Total cash costs is a common financial
performance measure in the gold mining industry but has no standard
meaning. The Company reports total cash costs on a gold ounce sold
basis. The Company believes that, in addition to measures prepared
in accordance with IFRS, such as revenue, certain investors can use
this information to evaluate the Company’s performance and ability
to generate operating earnings and cash flow from its mining
operations. Management uses this metric as an important tool to
monitor operating cost performance.
Total cash costs include cost of sales such as
mining, processing, maintenance and site administration, royalties
and selling costs and changes in inventories less non-cash
depreciation and depletion, site share-based compensation and
silver revenue divided by gold ounces sold to arrive at total cash
costs per ounce of gold sold. Other companies may calculate this
measure differently.
The following table reconciles these non-IFRS
measures to the most directly comparable IFRS measure disclosed in
the financial statements.
For the three months ended |
For the six months ended |
In thousands of USD, except for per ounce data |
June 30,2018 |
|
June 30,2017 |
|
June 30,2018 |
|
June 30,2018 |
|
|
|
|
|
|
|
|
|
Gold ounces sold |
|
115,309 |
|
|
- |
|
183,960 |
|
|
- |
|
|
|
|
|
|
|
|
|
Cost of sales per ounce sold reconciliation |
|
|
|
|
|
|
Cost of sales |
$ |
86,408 |
|
$ |
- |
$ |
158,996 |
|
$ |
- |
Cost of sales per ounce of gold sold |
$ |
749 |
|
$ |
- |
$ |
864 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
Total cash
costs reconciliation |
|
|
|
|
|
|
|
|
Cost of sales |
$ |
86,408 |
|
$ |
- |
$ |
158,996 |
|
$ |
- |
Less: Depreciation and
depletion |
|
(20,875 |
) |
|
- |
|
(33,867 |
) |
|
- |
Less: Site share-based
compensation |
|
(689 |
) |
|
- |
|
(1,240 |
) |
|
- |
Less: Silver
revenue |
|
(1,640 |
) |
|
- |
|
(2,961 |
) |
|
- |
Total cash costs |
$ |
63,204 |
|
$ |
- |
$ |
120,928 |
|
$ |
- |
Total cash costs per ounce of gold sold |
$ |
548 |
|
$ |
- |
$ |
657 |
|
$ |
- |
All-in sustaining costs
The Company believes that AISC more fully
defines the total costs associated with producing gold. The Company
calculates AISC as the sum of total cash costs (as described
above), sustaining capital expenditures, accretion on
decommissioning and restoration provision, treatment and refinery
charges netted against concentrate revenue, site share-based
compensation, and corporate administrative costs, all divided by
the gold ounces sold to arrive at a per ounce amount.
Other companies may calculate this measure
differently as a result of differences in underlying principles and
policies applied. Differences may also arise due to a different
definition of sustaining versus non-sustaining capital.
The following table reconciles this non-IFRS
measure to the most directly comparable IFRS measure disclosed in
the financial statements.
For the three months ended |
For the six months ended |
In thousands of USD, except for per ounce data |
June 30,2018 |
|
June 30,2017 |
|
June 30,2018 |
|
June 30,2017 |
Gold ounces sold |
|
115,309 |
|
- |
|
183,960 |
|
- |
All-in
sustaining costs reconciliation |
|
|
|
|
|
|
|
|
Total cash costs |
$ |
63,204 |
$ |
- |
$ |
120,928 |
$ |
- |
Sustaining capital
expenditures (1) |
|
3,153 |
|
- |
|
7,624 |
|
- |
Accretion
on decommissioning andrestoration provision |
141 |
|
99 |
|
296 |
|
182 |
Treatment and refinery
charges |
|
4,229 |
|
- |
|
8,120 |
|
- |
Site share-based
compensation |
|
689 |
|
- |
|
1,240 |
|
- |
Corporate
administrative costs (2) |
|
3,358 |
|
2,548 |
|
5,824 |
|
10,523 |
Total all-in sustaining costs |
$ |
74,774 |
|
2,647 |
$ |
144,032 |
$ |
10,705 |
All-in sustaining costs per ounce of gold
sold |
$ |
648 |
|
- |
$ |
783 |
$ |
- |
(1) Sustaining capital expenditures includes
deferred development costs.(2) Includes the sum of corporate
administrative costs per the statement of earnings (loss) and
comprehensive earnings (loss), excluding depreciation within those
figures.
Total cash costs and AISC reconciliation
Total cash costs and AISC are calculated based
on the definitions published by the World Gold Council (“WGC”) (a
market development organization for the gold industry comprised of
and funded by 18 gold mining companies from around the world). The
WGC is not a regulatory organization.
Average realized price and average realized cash
margin
Average realized price and average realized cash
margin per ounce sold are used by management and investors to
better understand the gold price and cash margin realized
throughout a period.
Average realized price is calculated as revenue
from contracts with customers less silver revenue divided by gold
ounces sold. Average realized cash margin represents average
realized price per gold ounce sold less total cash costs per ounce
sold.
The following table reconciles this non-IFRS
measure to the most directly comparable IFRS measure disclosed in
the financial statements.
For the three months ended |
For the six months ended |
In
thousands of USD, except for per ounce data |
|
June 30,2018 |
|
June 30,2017 |
|
June 30,2018 |
|
June 30,2017 |
|
|
|
|
|
|
|
|
|
Revenue from contracts
with customers(1) |
$ |
149,057 |
|
$ |
- |
$ |
237,646 |
|
$ |
- |
Less:
Silver revenue |
|
(1,640 |
) |
|
- |
|
(2,961 |
) |
|
- |
Gold revenue(2) |
$ |
147,417 |
|
$ |
- |
$ |
234,685 |
|
$ |
- |
Gold
ounces sold |
|
115,309 |
|
|
- |
|
183,960 |
|
|
- |
Average
realized price |
$ |
1,278 |
|
$ |
- |
$ |
1,276 |
|
$ |
- |
Less:
Total cash costs per ounce of sold |
|
(548 |
) |
|
- |
|
(657 |
) |
|
- |
Average realized cash margin per ounce of gold
sold |
$ |
730 |
|
$ |
- |
$ |
619 |
|
$ |
- |
(1) Revenue from contracts with customers is
recognized net of treatment costs and refinery charges on revenue
generated from concentrate sales in the amount of $4,305 and $8,273
for the three and six months ended June 30, 2018, respectively. The
portion of these treatment costs and refinery charges related to
gold concentrate sales were $4,229 and $8,120 for the three and six
months ended June 30, 2018, respectively.(2) Gold revenue excludes
the loss on trade receivables at fair value related to provisional
pricing adjustments in the amount of $2,579 and $1,746 for the
three and six months ended June 30, 2018, respectively.
Adjusted earnings (loss) and adjusted basic
earnings (loss) per share
Adjusted earnings (loss) and adjusted basic
earnings (loss) per share are used by management and investors to
measure the underlying operating performance of the Company.
Presenting these measures helps management and investors evaluate
earning trends more readily in comparison with results from prior
periods.
Adjusted earnings (loss) is defined as net
earnings (loss) adjusted to exclude specific items that are
significant, but not reflective of the underlying operations of the
Company, including: gain (loss) on financial instruments at fair
value, amortization on the Company’s senior secured term credit
facility, accretion on convertible notes, impairment provisions and
reversals and deferred income tax expense (recovery). Adjusted
basic earnings (loss) per share is calculated using the weighted
average number of shares outstanding under the basic method of
earnings (loss) per share as determined under IFRS. The following
table reconciles this non-IFRS measure to the most directly
comparable IFRS measure disclosed in the financial statements.
For the three months ended |
For the six months ended |
In thousands of USD, except for per ounce data |
June 30,2018 |
|
June 30,2017 |
|
June 30,2018 |
|
June 30,2017 |
|
|
|
|
|
|
|
|
|
Basic
weighted average shares outstanding |
182,464,495 |
|
|
180,849,628 |
|
|
182,421,838 |
|
|
180,753,483 |
|
|
|
|
|
|
|
|
|
|
Adjusted earnings (loss) and adjusted basic earnings (loss)
per share reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) for
the period |
$ |
31,097 |
|
$ |
(2,495 |
) |
$ |
23,039 |
|
$ |
(6,758 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
(Gain) loss
on financial instruments at fair value |
(3,581 |
) |
|
531 |
|
|
(944 |
) |
|
3,760 |
|
Amortization of discount on senior secured term credit
facility |
6,674 |
|
|
- |
|
|
12,908 |
|
|
- |
|
Accretion on
convertible notes |
|
1,388 |
|
|
- |
|
|
2,761 |
|
|
- |
|
Deferred income tax
expense (recovery) |
|
11,470 |
|
|
(1,214 |
) |
|
15,081 |
|
|
(6,269 |
) |
Adjusted earnings (loss) |
$ |
47,048 |
|
$ |
(3,178 |
) |
$ |
(52,845 |
) |
$ |
(9,267 |
) |
Adjusted basic earnings (loss) per share |
$ |
0.26 |
|
$ |
(0.02 |
) |
$ |
0.29 |
|
$ |
(0.05 |
) |
Additional non-IFRS financial measures
“Earnings from mine operations” provides useful
information to management and investors as an indication of the
Company’s principal business activities before consideration of how
those activities are financed, sustaining capital expenditures,
corporate administrative costs, foreign exchange gains (losses),
derivative costs, interest and finance income and expense and
taxation.
“Working capital” is defined as current assets
less current liabilities and provides useful information to
management and investors about liquidity of the Company.
Forward-Looking Statements
This news release contains “forward-looking
information”, “forward looking statements”, “future oriented
financial information” and/or “financial outlooks” within the
meaning of applicable Canadian and United States securities
legislation (collectively herein referred to as “forward-looking
statements” or “forward-looking information”). The purpose of
disclosing future oriented financial information and financial
outlooks is to provide a general overview of management’s
expectations regarding the anticipated results of operations and
costs thereof and readers are cautioned that future oriented
financial information and financial outlook may not be appropriate
for other purposes. Wherever possible, words such as “plans”,
“expects”, “guidance”, “projects”, “assumes”, “budget”, “strategy”,
“scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”,
“intends”, “modeled’, “targets” and similar expressions or
statements that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved, or the
negative forms of any of these terms and similar expressions, have
been used to identify forward-looking statements and
information. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance are not statements of historical fact and may be
forward-looking statements. Forward-looking information may
include, but is not limited to, information with respect to:
production and cost guidance; anticipated results of our
operations; our planned mining, exploration and development
activities; our operational grade control program, including plans
with respect to our infill drill program and our local grade
control model; capital and operating cost estimates; production and
processing estimates; the future price of gold and silver; the
adequacy of our financial resources; our intentions with respect to
our capital resources; our financing activities, including plans
for the use of proceeds thereof; the estimation of mineral reserves
and resources including the 2016 Valley of the Kings Mineral
Resource estimate and the Brucejack Mineral Reserve estimate;
realization of mineral reserve and resource estimates; timing of
further development of our Brucejack Mine; costs and timing of
future exploration and development; results of future exploration
and drilling; capital and operating cost estimates; timelines and
similar statements relating to the economic viability of the
Brucejack Mine, including mine life, total tonnes mined and
processed and mining operations; timing, receipt, and anticipated
effects of approvals, consents and permits under applicable
legislation; our executive compensation approach and practice; our
relationship with community stakeholders; litigation matters;
environmental matters; and statements regarding USD cash flows
currency fluctuations and the recurrence of foreign currency
translation adjustments. Statements concerning mineral
resource estimates may also be deemed to constitute forward-looking
statements to the extent that they involve estimates of the
mineralization that will be encountered if the property is
developed. Forward-looking statements are subject to a variety of
known and unknown risks, uncertainties and other factors that could
cause actual events or results to materially differ from those
expressed or implied by the forward-looking statements, including,
without limitation, those related to: the accuracy of our mineral
resource and reserve estimates (including with respect to size,
grade and recoverability) and the geological, operational and price
assumptions on which they are based; uncertainties relating to
inferred mineral resources being converted into measured or
indicated mineral resources; commodity price fluctuations,
including gold price volatility; general economic conditions; the
inherent risk in the mining industry; significant governmental
regulations; currency fluctuations, and such other risks as are
identified in Pretivm’s Annual Information Form dated March 28,
2018, Form 40-F dated March 28, 2018, MD&A and other disclosure
documents filed on SEDAR at www.sedar.com and in the United States
through EDGAR at the Security and Exchange Commission’s website at
www.sec.gov (collectively, the “Pretivm Disclosure Documents”). Our
forward-looking statements are based on the assumptions, beliefs,
expectations and opinions of management on the date the statements
are made, many of which may be difficult to predict and beyond our
control. In connection with the forward-looking statements
contained in this news release, we have made certain assumptions
about our business, including about our exploration, development
and production activities, and the results, costs and timing
thereof; timing and receipt of approvals, consents and permits
under applicable legislation; the geopolitical, economic,
permitting and legal climate that we operate in; the price of gold
and other commodities; exchange rates; market competition; the
adequacy of our financial resources, and such other material
assumptions as are identified in the other Pretivm Disclosure
Documents. We have also assumed that no significant events will
occur outside of our normal course of business. Although we believe
that the assumptions inherent in the forward-looking statements are
reasonable as of the date of this news release, forward-looking
statements are not guarantees of future performance and,
accordingly, undue reliance should not be put on such statements
due to the inherent uncertainty therein. We do not assume any
obligation to update forward-looking statements, whether as a
result of new information, future events or otherwise, other than
as required by applicable law. For the reasons set forth above,
prospective investors should not place undue reliance on
forward-looking statements. Neither the TSX nor the NYSE has
approved or disapproved of the information contained herein.
Pretium Resources (NYSE:PVG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pretium Resources (NYSE:PVG)
Historical Stock Chart
From Apr 2023 to Apr 2024