Pretium Resources Inc. (TSX/NYSE:PVG) (“Pretivm” or the “Company”)
announces operating and financial results for the first quarter
2020 (See “Key Operating Metrics” and “Key Financial Metrics”
tables below).
Impact of COVID-19
The Company’s primary commitment is the safety
and health of our workforce and neighbouring communities in
northwest British Columbia. A significant number of steps have been
taken to limit the risk of COVID-19 exposure for our staff, their
families and communities (see news release dated April 2, 2020).
There are no confirmed cases of COVID-19 at Brucejack as of April
30, 2020.
Throughout the COVID-19 pandemic, the Brucejack
Mine has operated continuously under the strict guidance and
directives of federal, provincial and regional health authorities,
while ensuring the well-being of our employees, communities and
other stakeholders.
Only personnel necessary to support gold
production continue to work at the mine while COVID-19 restrictions
are in place. Consequently, all capital projects and expansion
drilling have been placed on hold and crews have been
demobilized.
Supplies and Inventory
At present, interruptions to the supply chain
are not anticipated. Supply chains are being monitored and
increased inventory levels have been established with supplies on
order accordingly.
Doré and Concentrate Sales
Doré and flotation concentrate sales are
proceeding as planned without any disruptions to date. With
multiple off-takers for both doré and flotation concentrate, no
sales disruptions are anticipated at this time.
Production
The COVID-19 pandemic did not impact first
quarter gold production. Milled tonnes for the quarter totaled
345,139 or 3,793 tonnes per day. A shortage of personnel at the
outset of the COVID-19 crisis in March resulted in a minor impact
on development and a delay to the start of the reverse circulation
grade control drill program. A total of 2,784 meters of lateral
development and 60 meters of vertical development were achieved. We
are reviewing the future impact to development, stope availability
and production should the restrictions related to COVID-19
persist.
Looking ahead, the Company currently expects a
modest impact on costs should operations continue with enhanced
safety measures in effect. However, COVID-19 may have a significant
impact on cost and production if the current situation continues or
if government authorities mandate temporary closures or if the
Company is not able to maintain operations.
2020 Guidance
2020 Production and Financial Guidance Maintained
The Company produced 82,888 ounces of gold
during the first quarter of 2020 and expects to achieve its 2020
gold production guidance at the Brucejack Mine of 325,000 ounces to
365,000 ounces. With the expectation that Brucejack continues to
operate within the current framework of the restrictions,
production is planned to continue for 2020 at a rate of 3,800
tonnes per day with the average annual gold grade ranging between
7.6 grams per tonne and 8.5 grams per tonne at an average gold
recovery of 97%.
The all-in sustaining cost1 (“AISC”) was $996
per ounce of gold sold for the first quarter 2020. The Company
expects to achieve its 2020 financial guidance with AISC ranging
from $910 to $1,060 per ounce gold sold. AISC estimates include
costs associated with continued lateral development at a rate of
approximately 1,000 meters per month through 2020. In addition, the
AISC estimates include costs associated with a high-density reverse
circulation drill program to increase the volume of grade
information necessary to enhance mine planning and optimize gold
production. This program has been placed on hold while COVID-19
restrictions are in place.
2020 Free Cash Flow Forecast Maintained
First quarter free cash flow1 was $41.8 million
at an average realized gold price1 of $1,605 per ounce. The Company
remains on target to achieve free cash flow for 2020 in the range
of $100.0 million to $170.0 million. The 2020 free cash flow
forecast is based on an average gold price of $1,450 per ounce.
Capital expenditures include approximately $30.0
million of sustaining capital expenditures, approximately $15.0
million in expansion capital expenditures, and approximately $10.0
million for regional exploration. Certain of these capital
expenditures are on hold and may be deferred as only personnel
necessary to support gold production continue to work at the mine
while COVID-19 restrictions are in place.
Subsequent to quarter end, as a precautionary
measure in response to the continuing operational risks related to
COVID-19, the Company drew down $16.0 million of the Company’s
revolving portion of the Loan Facility to increase available
liquidity. The Company will focus on liquidity rather than
discretionary debt reduction until the restrictions related to the
COVID -19 pandemic have been lifted.
____________________________________1 Refer to
the “Non-IFRS Financial Performance Measures” section at the end of
this news release for reconciliation.
First Quarter 2020 Operating and Financial
Highlights
Key Operating Metrics
|
3 months ended Mar 31, |
|
|
2020 |
2019 |
|
Gold produced
(oz) |
82,888 |
79,180 |
|
Head grade (g/t
Au) |
7.8 |
8.7 |
|
Ore mined (wet
tonnes) |
357,674 |
308,387 |
|
Mining rate
(tpd) |
3,930 |
3,427 |
|
Ore milled (dry
tonnes) |
345,139 |
295,122 |
|
Mill throughput
(tpd) |
3,793 |
3,279 |
|
Recovery
(%) |
96.4 |
96.8 |
|
Silver produced
(oz) |
123,926 |
108,234 |
|
Gold sold
(oz) |
80,460 |
81,434 |
|
Silver sold (oz) |
114,640 |
96,974 |
|
Abbreviations: t (tonnes), tpd (tonnes per day), g/t (grams per
tonne), Au (gold) and oz (ounces).
Key Financial Metrics
|
3 months ended Mar 31, |
|
In thousands
of USD, except for per ounce data |
2020 |
2019 |
|
Revenue ($) |
126,560 |
103,119 |
|
Cost of sales
($) |
89,505 |
73,967 |
|
Cost of sales ($/oz of
gold sold1) |
1,112 |
908 |
|
Earnings from mine
operations ($) |
37,055 |
29,152 |
|
Net earnings
($) |
6,237 |
4,166 |
|
Net earnings
($/share) |
0.03 |
0.02 |
|
Adjusted earnings
($)1 |
25,863 |
16,527 |
|
Adjusted earnings
($/share)1 |
0.14 |
0.09 |
|
Cash generated by
operating activities ($) |
52,538 |
39,944 |
|
Free cash flow
($)1 |
41,803 |
35,019 |
|
AISC
($/oz)1 |
996 |
868 |
|
Average realized price
($/oz)1 |
1,605 |
1,319 |
|
Average realized cash
margin ($/oz)1 |
768 |
571 |
|
Long-term debt
($)2 |
382,831 |
460,286 |
|
Cash & cash equivalents ($) |
40,566 |
50,868 |
|
- Refer to the “Non-IFRS Financial Performance Measures” section
at the end of this news release for reconciliation.
- As at March 31, 2020, long-term debt does not include the
current portion of the Company’s Loan Facility in the amount of
$66,667 (2019 – $75,687).
First Quarter 2020 Production
Overview
- Production totaled 82,888 ounces of gold and 123,926 ounces of
silver in the first quarter 2020. Gold production was similar to
the comparable period in 2019 when 79,180 ounces of gold and
108,234 ounces of silver were produced. Gold production increased
primarily due to an increase in tonnes milled offset by a decrease
in head grade.
- In the first quarter, 345,139 tonnes of ore were processed,
equivalent to a throughput rate of 3,793 tonnes per day. This was
an increase from the comparable period in 2019, in which a total of
295,122 tonnes of ore were processed, equivalent to a throughput
rate of 3,279 tonnes per day. During the quarter, the mill operated
at the permitted level of 3,800 tonnes per day whereas, in the
comparable period in 2019, the mill was in the early phases of the
planned production ramp-up, following receipt of our amended
permits in late 2018.
- The mill feed grade averaged 7.8 grams per tonne gold for the
quarter compared to 8.7 grams per tonne gold in the comparable
period in 2019. The first quarter 2020 mill feed grade is within
the estimated 2020 guidance range as we are processing all
immediately available stopes above the grade cut-off to ensure
consistent mill supply while continuing to advance
development.
- Gold recovery for the first quarter of 2020 was 96.4% compared
to 96.8% in the comparable period in 2019. We continue to review
the mill process to optimize recoveries.
- In the first quarter, 357,674 tonnes of ore were mined,
equivalent to a mining rate of 3,930 tonnes per day. This was an
increase from the comparable period in 2019, in which a total of
308,387 tonnes of ore were mined, equivalent to a mining rate of
3,427. Through 2020 mining will continue to focus on
advancing underground development to open up the mine to operate at
a production rate of 3,800 tonnes per day. Through the first half
of 2020 development will advance at depth on the 1080-meter Level
and west to the Brucejack Fault Zone. The increased development
should provide sufficient access to build the stope inventory
required to allow mining operations to optimize gold production.
First Quarter 2020 Financial
Overview
- In the first quarter, the Company generated revenue of $126.6
million compared to revenue of $103.1 million in the first quarter
2019. Revenue in the first quarter of 2020 includes a $0.4 million
loss on trade receivables at fair value related to provisional
pricing adjustments.
- In the first quarter 2020, the Company sold 80,460 ounces of
gold at an average realized price1 of $1,605 per ounce, generating
$125.1 million in revenue from contracts with customers. In the
comparable period in 2019, the Company sold 81,434 ounces of gold
at an average realized price1 of $1,319 per ounce, generating
$102.4 million in revenue from contracts with customers. The
average London Bullion Market Association AM and PM market price
over the three months ended March 31, 2020 was $1,583 (2019 –
$1,304) per ounce of gold.
- Total cost of sales1 for the first quarter 2020 was $89.5
million or $1,112 per ounce of gold sold1 compared to $74.0 million
or $908 per ounce of gold sold1 in the comparable period in 2019.
Total cost of sales increased primarily due to higher
production costs for additional lateral development and drilling as
well as the higher depreciation and depletion charges resulting
from the 2020 updated Mineral Reserve update.
- Total cash cost for the first quarter 2020 was $787 per ounce
of gold sold2 compared to $686 per ounce of gold sold1 in the
comparable period in 2020. Total cash costs increased due to higher
production costs for additional lateral development and
drilling.
- AISC1 for the first quarter 2020 totaled $996 per ounce of gold
sold compared to $868 per ounce of gold sold in the comparable
period in 2019. AISC increased primarily due to higher production
costs for additional lateral development and drilling.
- Sustaining capital expenditures in the first quarter 2020
amounted to $6.0 million (including $0.4 million deferred
development costs incurred during production) compared to $3.7
million in the first quarter 2019.
- Earnings from mine operations were $37.1 million in the first
quarter 2020 compared to $29.2 million in the first quarter
2019.
- Net earnings were $6.2 million in the first quarter 2020
compared to $4.2 million in the first quarter 2019 with the
increase primarily a result of higher gold prices, a decrease in
loss on financial instruments at fair value offset by an increase
depreciation and depletion expense and deferred income tax expense.
Deferred income tax expense increased due to foreign exchange
movements impacting Canadian denominated tax pools.
- Adjusted earnings1 were $25.9 million in the first quarter 2020
compared to $16.5 million in the first quarter 2019.
- Cash generated from operating activities in the first quarter
2020 was $52.5 million compared to $39.9 million in the first
quarter 2019.
- Free cash flow1 generated in the first quarter 2020 was $41.8
million compared to $35.0 million in the first quarter 2019.
- Average realized cash margin1 in the first quarter 2020 was
$768 per ounce of gold sold compared to $571 per ounce of gold sold
in the first quarter of 2019.
- Cash and cash equivalents were $40.6 million as at March 31,
2020 increasing by $17.4 million from $23.2 million as at December
31, 2019.
- The Company repaid $16.7 million of its $480 million senior
secured loan facility (the “Loan Facility”). At the end of
the first quarter 2020 the outstanding balance on the Loan Facility
was $367.3 million.
- At March 31, 2020, $16.5 million was available under the Loan
Facility for additional liquidity. Subsequent to quarter end, as a
precautionary measure to increase available liquidity, the Company
drew down $16.0 million of the revolving portion of the Loan
Facility.
____________________________________1 Refer to the “Non-IFRS
Financial Performance Measures” section at the end of this news
release for reconciliation.
Updated Mineral Resource, Mineral Reserve and
Life of Mine Plan
In the first quarter, the Company announced an
updated Mineral Reserve estimate, Mineral Resource estimate and
Life of Mine Plan for the Brucejack Mine, which highlight the
continued robust economics of the long-life underground
operation.
Summary of the 2020 Updates
- 2020 Brucejack Mine Estimated Total Life of Mine Plan (Valley
of the Kings and West Zone)
- Average annual production of over 366,000 ounces of gold over
the first 5 years with average annual cash flow of $171 million
(post-tax) at $1,300/ounce gold.
- Average annual production of over 357,000 ounces of gold over
the first 10 years and average annual free cash flow of $181
million (post-tax) at $1,300/ounce gold.
- Average operating costs of $164/tonne milled over the first 10
years and average LOM operating costs of $163/tonne milled.
- At the mine level, average sustaining costs of $702/ounce of
gold sold over the first 10 years and average LOM sustaining costs
of $691/ounce.
- At the corporate level, average AISC of $747/ounce of gold sold
over the first 10 years and average LOM AISC of $743/ounce of gold
sold.
- After tax net present value at a 5% discount of $1.50 billion
($1.80 billion pre-tax) at $1,300/ounce gold, $16.90/ounce silver
and exchange rate of US$0.76/C$1.00.
- 2020 Brucejack Mine Total Proven and Probable Mineral Reserve
Estimate
- 4.2 million ounces of gold (15.7 million tonnes grading 8.4
grams of gold per tonne after application of the Mine Call
Factor).
- The West Zone Mineral Reserve was not updated.
- Excludes all Mineral Reserve material mined prior to January 1,
2020.
- 2020 Valley of the Kings Proven and Probable Mineral Reserve
Estimate
- 3.6 million ounces of gold (12.8 million tonnes grading 8.8
grams of gold per tonne after application of the Mine Call
Factor).
- Excludes all Mineral Reserve material mined prior to January 1,
2020.
The information in this “Updated Mineral
Resource, Mineral Reserve and Life of Mine Plan” section has been
extracted from our news release dated March 9, 2020. For additional
information (including a list of qualified persons who have
reviewed, approved and verified such information) see news release
dated March 9, 2020 and the National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”) technical report
entitled “Technical Report on the Brucejack Gold Mine, Northwest
British Columbia”, with an effective date of March 9, 2020.
Qualified Persons
Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine
Engineer, Pretium Resources Inc. is the Qualified Person as defined
in NI 43-101 responsible for Brucejack Mine development, and has
reviewed and approved the scientific and technical information
contained in this news release relating thereto.
Our unaudited consolidated interim Financial
Statements and MD&A for the three months ended March 31, 2020
and 2019 are filed on SEDAR and EDGAR and are available on our
website at www.pretivm.com.
Webcast and Conference
Call
The webcast and conference call to discuss the
three months ended March 31, 2020 operating and financial results
and updates will take place Friday, May 1, 2020 at 8:00 am
PT (11:00 am ET).
Webcast and conference call details:
|
Friday, May 1, 2020 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 May 15, 2020:
|
Toll Free
(North America) |
1-800-319-6413 |
|
Access Code |
4424 |
About Pretivm
Pretivm is a low-cost intermediate gold producer with the
high-grade underground Brucejack Mine in northern British
Columbia.
For further information contact:Troy ShultzManager, 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, discussion and reconciliation of non-IFRS measures.
The Company believes that these measures, in addition to measures
prepared in accordance with International Financial Reporting
Standards (“IFRS”), provide readers with 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 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.
Forward-Looking Information
This news release contains “forward-looking
information”, “forward looking statements”, “future oriented
financial information” and “financial outlook” within the meaning
of applicable Canadian and United States securities legislation
(collectively herein referred to as “forward-looking information”),
including the “safe harbour” provisions of Canadian provincial
securities legislation and the U.S. Private Securities Litigation
Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act
of 1934, as amended, and Section 27A of the U.S. Securities Act of
1933, as amended. The purpose of disclosing future oriented
financial information and financial outlook is to provide a general
overview of management’s expectations regarding the anticipated
results of operations including cash generated therefrom 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 information. Forward-looking
information may include, but is not limited to, statements with
respect to: anticipated operational and financial impacts from the
COVID-19 pandemic; our COVID-19 response and contingency plans and
anticipated effects thereof; production and financial guidance, and
our expectations around achieving such guidance; our future
operational and financial results, including estimated cash flows
(including free cash flow forecasts) and the timing thereof;
expectations around grade of gold and silver production; the
Brucejack Mine production rate and gold recovery rate; capital
modifications and upgrades, underground development and anticipated
benefits thereof, and estimated expenditures and timelines in
connection therewith, including with respect to maintaining a
steady state production rate of, 3,800 tonnes per day; payment of
debt, operating and other obligations and commitments including
timing and source of funds; our mining (including mining methods),
expansion, exploration and development activities, including the
reverse circulation drill program, our infill, expansion and
underground exploration drill programs and our grassroots
exploration program, and the results, costs and timing thereof; our
operational grade control program, including plans with respect to
our infill drill program and our local grade control model; grade
reconciliation, updated geological interpretation and mining
initiatives with respect to the Brucejack Mine; our management,
operational plans and strategy; capital, sustaining and operating
cost estimates and timing thereof; the future price of gold and
silver; our liquidity and the adequacy of our financial resources
(including capital resources); our intentions with respect to our
capital resources; capital allocation plans; our financing
activities, including plans for the use of proceeds thereof; the
estimation of Mineral Reserves and Mineral Resources, including any
updates thereto; parameters and assumptions used to estimate
Mineral Reserves and Mineral Resources; realization of Mineral
Reserve and Mineral Resource estimates; our estimated life of mine
and life of mine plan for the Brucejack Mine; production and
processing estimates and estimated rates; estimated economic
results of the Brucejack Mine, including net cash flow and net
present value; predicted metallurgical recoveries for gold and
silver; geological and mineralization interpretations; development
of our Brucejack Mine and timing thereof; results, analyses and
interpretations of exploration and drilling programs; timelines and
similar statements relating to the economic viability of the
Brucejack Mine, including mine life, total tonnes mined and
processed and mining operations; updates to our Mineral Reserves
and Mineral Resources and life of mine plan for the Brucejack Mine,
and the anticipated effects and timing thereof; timing, receipt,
and anticipated effects of, and anticipated capital costs in
connection with, approvals, consents and permits under applicable
legislation; our executive compensation policy, approach and
practice; our relationship with community stakeholders; litigation
matters; environmental matters; payment of taxes, our effective tax
rate and the recognition of our previously unrecognized income tax
attributes; new accounting standards applicable to the Company,
including methods of adoption and the effects of adoption of such
standards; statements regarding United States dollar cash flows,
currency fluctuations and the recurrence of foreign currency
translation adjustments; management and board of directors
succession plans; and the impact of financial instruments on our
earnings. 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
information.
Forward-looking information is subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual results, actions, events, conditions,
performance or achievements to materially differ from those
expressed or implied by the forward-looking information, including,
without limitation, those related to: future impacts of the
COVID-19 pandemic and government response to such pandemic; our
ability to continue operations at Brucejack in lieu of the pandemic
and the risk of future shut downs as a result thereof; the
effectiveness of preventative actions and contingency plans put in
place by the Company to respond to the COVID-19 pandemic;
escalation of travel restrictions on people or products;
uncertainty as to the outcome of legal proceedings; the effect of
indebtedness on cash flow and business operations; the effect of
restrictive covenants pursuant to the Loan Facility; assumptions
regarding expected capital costs, operating costs and expenditures,
production schedules, economic returns and other projections; our
production, grade of gold, cash flow and cost estimates, including
the accuracy thereof; commodity price fluctuations, including gold
price volatility; 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; our ability to maintain or increase
our annual production of gold at the Brucejack Mine or discover,
develop or acquire Mineral Reserves for production; dependency on
the Brucejack Mine for our future operating revenue; the
development of our properties and expansion of our operations; our
need or ability to raise enough capital to mine, develop, expand or
complete further exploration programs on our mineral properties;
our ability to generate operating revenues and cash flow in the
future; failure of counterparties to perform their contractual
obligations; general economic conditions; the inherent risk in the
mining industry; the commercial viability of our current and any
acquired mineral rights; availability of suitable infrastructure or
damage to existing infrastructure; transportation and refining
risks; maintaining satisfactory labour relations with employees and
contractors; significant governmental regulations, including
environmental regulations; non-compliance with permits that are
obtained or delay in obtaining or renewing, failure to obtain or
renew permits required in the future; increased costs and
restrictions on operations due to compliance with health, safety
and environmental laws and regulations; compliance with emerging
climate change regulation and the detrimental effects of climate
change; adequate internal control over financial reporting; various
tax-related matters; potential opposition from non-governmental
organizations; uncertainty regarding unsettled First Nations rights
and title in British Columbia; uncertainties related to title to
our mineral properties and surface rights; land reclamation and
mine closure requirements; our ability to identify and successfully
integrate any material properties we acquire; currency exchange
rate fluctuations; competition in the mining industry for
properties, qualified personnel and management; our ability to
attract and retain qualified management and personnel; disruption
from changes in management team or failure to successfully
transition new hires or promoted employees into their roles; some
of our directors’ and officers’ involvement with other natural
resource companies; potential inability to attract development
partners or our ability to identify attractive acquisitions;
compliance with foreign corrupt practices regulations and
anti-bribery laws; changes to rules and regulations, including
accounting practices; limitations in our insurance coverage and the
ability to insure against certain risks; risks related to ensuring
the security and safety of information systems, including cyber
security risks; significant growth could place a strain on our
management systems; share ownership by our significant shareholders
and their ability to influence our operations and governance and,
in case of sales of our shares by such significant shareholders,
our share price; failure to comply with certain terms of the
convertible notes; reputational risks; future sales or issuances of
our debt or equity securities; the trading price of our common
shares is subject to volatility due to market conditions; we are
limited in our ability to, and may not, pay dividends in the
foreseeable future; and certain actions under United States federal
securities laws may be unenforceable. This list is not exhaustive
of the factors that may affect any of our forward-looking
information. Although we have attempted to identify important
factors that could cause actual results, actions, events,
conditions, performance or achievements to differ materially from
those contained in forward-looking information, there may be other
factors that cause results, actions, events, conditions,
performance or achievements to differ from those anticipated,
estimated or intended.
Our forward-looking information is 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 information contained in this news release, we have
made certain assumptions about, among other things: our business
and operations and that no significant event will occur outside of
our normal course of business and operations (other than as
expressly set out herein); planned exploration, development and
production activities and the results, costs and timing thereof;
future price of gold and silver and other metal prices; the
accuracy of our Mineral Resource and Mineral Reserve estimates and
related information, analyses and interpretations (including with
respect to any updates or anticipated updates); the geology and
mineralization of the Brucejack Project; operating conditions;
capital and operating cost estimates; production and processing
estimates; the results, costs and timing of future exploration and
drilling; timelines and similar statements relating to the economic
viability of the Brucejack Mine; timing and receipt of
governmental, regulatory and third party approvals, consents,
licenses and permits; obtaining required renewals for existing
approvals, consents, licenses and permits; the geopolitical,
economic, permitting and legal climate that we operate in; the
adequacy of our financial resources, and our ability to raise any
necessary additional capital on reasonable terms; our ability to
satisfy the terms and conditions of our debt obligations; commodity
prices; currency exchange rates and interest rates; political and
regulatory stability; requirements under applicable laws; market
competition; sustained labour stability and availability of
equipment; positive relations with local groups; favourable equity
and debt capital markets; and stability in financial capital
markets. Although we believe that the assumptions inherent in
forward-looking information are reasonable as of the date of this
news release, these assumptions are subject to significant
business, social, economic, political, regulatory, competitive and
other risks and uncertainties, contingencies and other factors that
could cause actual actions, events, conditions, results,
performance or achievements to be materially different from those
projected in the forward-looking information. The Company cautions
that the foregoing list of assumptions is not exhaustive. Other
events or circumstances could cause actual results to differ
materially from those estimated or projected and expressed in, or
implied by, the forward-looking information contained in this news
release.
Additional information about the risks and
uncertainties concerning forward-looking information and material
factors or assumptions on which such forward-looking information is
based is provided in our Annual Information Form and Form 40-F,
each dated February 21, 2020, for the year ended December 31, 2019,
our MD&A for the years ended December 31, 2019 and 2018, and
our other disclosure documents as filed in Canada on SEDAR at
www.sedar.com and in the United States through EDGAR at the
Security and Exchange Commission’s (the “SEC”) website at
www.sec.gov (collectively, “the Pretivm Disclosure Documents”).
Forward-looking information is not a guarantee
of future performance. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Forward-looking information
involves statements about the future and is inherently uncertain,
and our actual achievements or other future events or conditions
may differ materially from those reflected in the forward-looking
information due to a variety of risks, uncertainties and other
factors, including, without limitation, those referred to in this
news release and the Pretivm Disclosure Documents. For the reasons
set forth above, readers should not place undue reliance on
forward-looking information.
We do not assume any obligation to update
forward-looking information, 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
information. Neither the TSX nor the NYSE has approved or
disapproved of the information contained herein.
Cautionary Notes to United States Investors
Disclosure regarding our mineral properties,
including with respect to Mineral Reserve and Mineral Resource
estimates, in this news release was prepared 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. NI 43-101 differs significantly from the
disclosure requirements of the SEC generally applicable to United
States companies. For example, the terms “mineral reserve”, “proven
mineral reserve”, “probable mineral reserve”, “mineral resource”,
“measured mineral resource”, “indicated mineral resource” and
“inferred mineral resource” are defined in NI 43-101. These
definitions differ from the definitions in the disclosure
requirements promulgated by the SEC. Accordingly, information
contained in this news release will not be comparable to similar
information made public by United States companies reporting
pursuant to SEC disclosure requirements.
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