All amounts are in U.S. dollars unless otherwise
indicated.
VANCOUVER, BC, July 6, 2021 /PRNewswire/ - Maverix Metals Inc.
(the "Company" or "Maverix") (NYSE American: MMX) (TSX: MMX) is
pleased to provide an update on several assets in its gold-focused
royalty and stream portfolio.
Dan O'Flaherty, CEO of Maverix,
commented, "Recently, there have been several announcements related
to assets where we hold a royalty interest, which bode well for our
future organic growth. In particular, the planned expansion to
double production at Beta Hunt and the results of a preliminary
economic assessment at Koné highlight the potential to add
significant revenue and attributable gold equivalent ounces for
Maverix in the near-term, at no additional cost. Additionally, we
are pleased to announce that our 2021 Asset Handbook is now
available on our website and invite everyone to learn more about
our diverse portfolio of royalties and streams."
Beta Hunt (4.75% Gold Royalty and 1.5% Nickel NSR)
On June 28, 2021, Karora Resources
Inc. ("Karora") announced a three year organic production growth
plan which includes a significant expansion of its Beta Hunt gold
mine in Western Australia. The
expansion includes adding a second decline and an expanded trucking
fleet to increase mining throughput which is expected to
approximately double the production capacity of the mine from the
current rate of approximately 75,000 – 85,000 tonnes per month
(tpm) to 160,000 – 170,000 tpm by the end of 2024. For reference,
the Beta Hunt mine produced 66,479 ounces of gold in 2020. Further
production upside potential includes the high-grade Larkin Zone, where an initial mineral resource
is expected to be included in Karora's 2021 mineral resource and
reserve update, and the newly discovered high-grade 30C and 50C
nickel troughs. In addition, drilling underground is active on four
exploration targets – A Zone North, Western Flanks North, Fletcher
and the 50C nickel trough, with all four targets representing
potential extensions to existing mineral resources or known
mineralization.
For more information, please refer to karoraresources.com and
see the news release dated June 28,
2021.
Koné (2% NSR)
On May 25, 2021, Montage Gold
Corp. ("Montage") announced the results of a preliminary economic
assessment ("PEA") for its Koné gold project in Côte d'Ivoire. The
PEA outlined an 11 million tonne per annum operation with average
annual production of 205,000 ounces of gold per year over a 14.7
year mine life generating an after-tax net present value at a 5%
discount rate of $652 million and a
31% IRR at a $1,600 per ounce gold
price. Montage is currently moving forward with a feasibility study
which they expect to deliver by the end of 2021. In addition,
Montage is advancing permitting and project financing discussions
in parallel with the feasibility study.
For more information, please refer to montagegoldcorp.com and
see the news release dated May 25,
2021.
Enchi (2% NSR)
On June 8, 2021, Newcore Gold Ltd.
("Newcore") announced an updated PEA for its Enchi gold project in
Ghana. The PEA outlined an open
pit, heap leach operation producing an average of approximately
90,000 ounces of gold per year over an 11 year mine life generating
an after-tax net present value at a 5% discount rate of
$212 million and a 42% IRR at a
$1,650 per ounce gold price.
Exploration and drilling activities continue as part of Newcore's
current 66,000 metre drill program, which includes testing a series
of highly prospective targets directed at extending the existing
mineral resources along strike and down dip and further drilling of
advanced gold targets across the 216 square kilometre property.
Maverix owns a 2% NSR royalty on Enchi, of which 1% may be
bought back for a cash payment of $3.5
million. For more information, please refer to
newcoregold.com and see the news release dated June 8, 2021.
Silvertip (2.5% NSR)
On June 15, 2021, Coeur Mining,
Inc. ("Coeur") provided an exploration update on its Silvertip mine
located in British Columbia.
Through the first four months of 2021 Coeur drilled approximately
31,825 metres focusing on resource expansion, while also conducting
infill drilling on select areas of the deposit focused on
converting existing resources to reserves. Underground drilling has
discovered a new mineralized zone called the Southern Silver Zone,
located adjacent to and enveloping the historic 65 Zone manto
mineralization. The grade and orientation of the Southern Silver
Zone suggests an opportunity for bulk mining, which has the
potential to lead to improved project economics. Coeur expects to
make a decision on a potential expansion and restart of the mine
towards the end of this year.
For more information, please refer to coeur.com and see the news
release dated June 15, 2021.
2021 Asset Handbook
Maverix has published its 2021 Asset Handbook, which provides
detailed information on the Company's diverse portfolio of
royalties and streams. The report is available on the Company's
website at maverixmetals.com.
Qualified Person
Brendan Pidcock, P.Eng., is Vice
President Technical Services for Maverix, and a qualified person
under National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, has reviewed and approved the scientific and
technical disclosure contained in this news release.
About Maverix
Maverix is a gold-focused royalty and streaming company with a
globally diversified portfolio of over 100 assets. Maverix's
mission is to increase per share value by acquiring precious metals
royalties and streams. Its shares trade on both the NYSE American
and the TSX under the symbol "MMX".
Cautionary statements to U.S. investors
Information contained or referenced in this press release or in
the documents referenced herein concerning the properties,
technical information and operations of Maverix has been prepared
in accordance with requirements and standards under Canadian
securities laws, which differ from the requirements of US
securities laws. The terms "mineral resource" and "inferred mineral
resource" used in this press release or in the documents
incorporated by reference herein are mining terms as defined in
accordance with NI 43-101 under guidelines set out in the
Definition Standards for Mineral Resources and Mineral Reserves
adopted by the Canadian Institute of Mining, Metallurgy and
Petroleum Council on 11 December
2005. While the terms "mineral resource", and "inferred
mineral resource" are recognized and required by Canadian
securities laws, they are not recognized by SEC standards and
normally are not permitted to be used in reports filed with the
SEC. Investors are cautioned not to assume that all or any part of
the disclosed mineral resource estimates will ever be confirmed or
converted into reserves that meet the definitions used by the
SEC. Disclosure of contained ounces are or may be permitted
disclosure under regulations applicable to Maverix; however, the
SEC normally only permits issuers to report mineralization that
does not constitute "reserves" by SEC standards as in-place tonnage
and grade without reference to unit of production measures.
Accordingly, certain information contained in this press release
concerning descriptions of mineralization and mineral resources
under these standards may not be comparable to similar information
made public by US companies subject to reporting and disclosure
requirements of the SEC.
Cautionary note regarding forward-looking statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. Forward-looking statements and information include, but
are not limited to, completion of certain anticipated milestones,
transactions and developments by the operators of certain
underlying projects and mines in respect of Maverix's royalty and
stream portfolio, anticipated future cash flows, future financial
reporting by Maverix, the receipt of payments from Maverix's mining
royalty and streaming portfolio, the requirements for regulatory
approvals and third party consents, and the completion of mine
expansion under construction phases at the mines or properties that
Maverix holds an interests in. Forward-looking statements and
information are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions that, while believed
by management to be reasonable, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual actions, events or results to be materially different from
those expressed or implied by such forward-looking information,
including but not limited to: impact of general business and
economic conditions; the absence of control over mining operations
from which Maverix will purchase gold and other metals or from
which it will receive royalty payments and risks related to those
mining operations, including risks related to international
operations, government and environmental regulation, delays in mine
construction and operations, actual results of mining and current
exploration activities, conclusions of economic evaluations and
changes in project parameters as plans continue to be refined;
accidents, equipment breakdowns, title matters, labor disputes or
other unanticipated difficulties or interruptions in operations;
problems inherent to the marketability of gold and other metals;
the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; industry conditions,
including fluctuations in the price of the primary commodities
mined at such operations, fluctuations in foreign exchange rates
and fluctuations in interest rates; government entities
interpreting existing tax legislation or enacting new tax
legislation in a way which adversely affects Maverix; stock market
volatility; regulatory restrictions; liability, competition, the
potential impact of epidemics, pandemics and other public health
crises, including the current outbreak of the novel coronavirus
known as COVID-19 on Maverix's business, operations and financial
condition, loss of key employees, as well as those risk factors
discussed in the section entitled "Risk Factors" in Maverix's
annual information form dated March 23,
2021 available at www.sedar.com. Maverix has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers are advised not to place
undue reliance on forward-looking statements or information.
Maverix undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available.
Technical and third-party information
The disclosure herein and relating to properties and operations
on the properties in which Maverix holds royalty, stream or other
interests is based on information publicly disclosed by the owners
or operators of these properties and information/data available in
the public domain as at the date hereof, and none of this
information has been independently verified by Maverix.
Specifically, as a royalty or stream holder, Maverix has limited,
if any, access to properties included in its asset portfolio.
Additionally, Maverix may from time to time receive operating
information from the owners and operators of the properties, which
it is not permitted to disclose to the public. Maverix is dependent
on, (i) the operators of the properties and their qualified persons
to provide information to Maverix, or (ii) on publicly available
information to prepare disclosure pertaining to properties and
operations on the properties on which Maverix holds royalty, stream
or other interests, and generally has limited or no ability to
independently verify such information. Although Maverix does not
have any knowledge that such information may not be accurate, there
can be no assurance that such third-party information is complete
or accurate. Some information publicly reported by operators may
relate to a larger property than the area covered by Maverix's
royalty, stream or other interest. Maverix's royalty, stream or
other interests often cover less than 100% and sometimes only a
portion of the publicly reported mineral reserves, mineral
resources and production of a property.
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SOURCE Maverix Metals Inc.