NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION IN WHICH SUCH DISTRIBUTION IS UNLAWFUL

ENDEAVOUR ANNOUNCES PRICING OF US$500 MILLION
5-YEAR SENIOR NOTES

London, 7 October 2021 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (the “Company”, together with its subsidiaries, the “Group”) is pleased to announce the pricing of its offering of US$500 million fixed rate senior notes due 2026 (the “Notes”) as part of its refinancing strategy.

The Company will pay interest on the Notes semi-annually at a rate equal to 5.00% per annum. The Notes will settle on or around 14 October 2021, subject to customary conditions, and the Notes will mature on 14 October 2026.

The proceeds of the Notes, together with cash available on the Group’s balance sheet, will be used: (i) to repay all amounts outstanding under the Group’s US$370 million bridge term loan facility, which was used to retire higher cost debt facilities acquired upon the acquisition of Teranga Gold Corporation (the “Bridge Facility”), (ii) to repay the US$130 million drawn under the Group’s existing revolving credit facility (the “Existing RCF”), and (iii) to pay fees and expenses in connection with the offering of the Notes.

As part of its Group refinancing strategy, the Company recently entered into a US$500 million unsecured revolving credit facility (the “New RCF”). The New RCF has a four-year tenor, with an interest rate ranging between 2.40 – 3.40% plus LIBOR (or SOFR) depending on leverage. The undrawn portion has a commitment fee of 35% of the applicable margin (0.84% based on currently applicable margin). The New RCF will replace the Bridge Facility and the Existing RCF, which will be cancelled upon settlement of the Notes offering. Effectiveness of the New RCF is conditioned upon the closing of the Notes offering.

The New RCF and the Notes will extend the maturities of the Company’s existing debt structure to 2025 and 2026 respectively, providing increased financial flexibility.

ABOUT ENDEAVOUR MINING PLC

Endeavour is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

IMPORTANT INFORMATION

This announcement is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Notes or the guarantees thereof (the “Guarantees”), nor shall it constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such offer, solicitation or sale would be unlawful. The Notes and the Guarantees have not been and will not be registered under the U.S. Securities Act of 1933 or the securities laws of any other jurisdiction. Securities may not be offered in the United States absent registration or an exemption from registration. No action has been or will be taken in any jurisdiction in relation to the Notes or the Guarantees to permit a public offering of securities. There is no assurance that any Notes offering will be completed or, if completed, as to the terms on which it is completed.

The Notes and the Guarantees are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”) or (ii) a customer within the meaning of Directive 2016/97/EU, as amended (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “EU PRIIPs Regulation”) for offering or selling the Notes or the Guarantees or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or the Guarantees or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.

The Notes and the Guarantees are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (the “UK”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) 2017/565 as it forms part of domestic law in the UK by virtue of the European Union (Withdrawal) Act 2018, as amended (the “EUWA”) or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the “FMSA”), and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) 600/2014 as it forms part of domestic law in the UK by virtue of the EUWA. Consequently, no key information document is required by Regulation (EU) 1286/2914 as it forms part of domestic law in the UK by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to UK retail investors in the UK has been prepared and therefore offering or selling the notes or otherwise making them available to any UK retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

MiFID II professionals / ECPs-only / No PRIIPs KID – Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (“KID”) has been prepared as not available to retail in the EEA.

UK MiFIR professionals / ECPs-only / No UK PRIIPs KID – Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No UK PRIIPs key information document (“KID”) has been prepared as not available to retail in the UK.

This announcement is being distributed to, and is directed at, only persons who (i) are outside the UK; (ii) are “qualified investors” within the meaning of Article 2 of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) as it forms part of retained EU law in the UK as defined in the EUWA (iii) have professional experience in matters relating to investments falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), or (iv) are persons who are high net worth bodies corporate, unincorporated associations and partnerships and the trustees of high value trusts, as described in Article 49(2)(a) to (d) of the Order or (iii) are persons to whom this communication may otherwise be lawfully communicated (all such persons together being referred to as “Relevant Persons”). The investments to which this announcement relates are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such investments will be available only to or will be engaged in only with, Relevant Persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Persons distributing this announcement must satisfy themselves that it is lawful to do so.

In any EEA Member State this communication is only addressed to and is only directed at “qualified investors” in that Member State within the meaning of Article 2(e) of the Prospectus Regulation.

The Notes have not been nor will they be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis which is exempt from the prospectus requirements of Canadian securities laws and the Notes will be subject to “hold period” resale restrictions under applicable Canadian securities laws.

The distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This announcement contains “forward-looking statements” within the meaning of applicable securities laws. All statements, other than statements of historical fact, are “forward-looking statements”, including but not limited to, statements with respect to the Group’s intentions with regards to any offering of the Notes and the Guarantees. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “can”, “could”, “would” and similar expressions.

Forward-looking statements, while based on management’s reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statement. Although the Company 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 should not place undue reliance on forward-looking statements. Please refer to the Group’s most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

These forward-looking statements speak only as of the date of this announcement. Except as required by applicable law and regulation, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

CONTACT INFORMATION

Attachment

• Bond Pricing Announcement

VANCOUVER, British Columbia, Oct. 07, 2021 (GLOBE NEWSWIRE) — Lupaka Gold Corp. ("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) provides an update on progress with its international arbitration claim against the Republic of Peru.

Over the past months, the Company, its legal team and associates in Peru and Canada have been compiling background information, relevant documents and witness statements to support the arbitration case against the Republic of Peru. As part of its case, Lupaka contracted an independent Quantum Evaluator to assess the damages. As of October 1, 2021, the first round of comprehensive submissions supporting Lupaka’s claim have been submitted to the Arbitration Tribunal. The Republic of Peru and its legal team will now review the material and respond.

A few relevant points are as follows:

1. The police developed a comprehensive and detailed plan to remove the illegal blockade and restore the Company’s access to the mine. Permission to execute this plan was requested from senior authorities in Lima but permission was not provided.

2. Many meetings were held and correspondence traded between the Company’s representatives and multiple levels of the Peruvian government. Despite the evidence that the situation should be resolved by the authorities, this was not done.

3. The company that foreclosed on and now owns the Invicta Project expressed a high level of confidence that they would have the community issues resolved and full access to the mine in a very short time frame. To the best of our knowledge the illegal blockade remains in place today (now three years since the permanent blockade was put in place) and the group that erected the illegal blockade is currently exploiting the mine.

4. The Company had all key permits in place as well as valid agreements with the two communities owning the surface rights on which mining activities were to take place and was about to go into full production when the illegal and violent blockade occurred.

After reviewing ongoing and recently completed arbitration cases, the Company considers its case to be exceptionally strong and well justified.

For ongoing updates and more detail with respect to the arbitration, please refer to the Company’s website (www.lupakagold.com/projects/arbitration).

For background on the basis for the arbitration please refer to the Company’s previous news releases, also available on the website (www.lupakagold.com/news/#2020).

With respect to the arbitration proceedings, Lupaka is represented by the international law firm, LALIVE (www.lalive.law), and has the financial backing of Bench Walk Advisors (www.benchwalk.com).

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

About Lupaka Gold
Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

About Bench Walk Advisors
Bench Walk Advisors is a global litigation financier with over USD 250m of capital deployed across in excess of 100 commercial cases. Bench Walk and its principals have consistently been ranked as leading lawyers and litigation funders in various global directories.

About LALIVE
LALIVE is an international law firm with offices in Geneva, Zurich and London, that specializes in international dispute resolution. The firm has extensive experience in international investment arbitration in the mining sector, amongst others, and is currently representing investors and States as counsel worldwide.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.
gellis@lupakagold.com
Tel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

Just because a business does not make any money, does not mean that the stock will go down. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.

So, the natural question for Prairie Mining (ASX:PDZ) shareholders is whether they should be concerned by its rate of cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.

View our latest analysis for Prairie Mining

Does Prairie Mining Have A Long Cash Runway?

You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. When Prairie Mining last reported its balance sheet in June 2021, it had zero debt and cash worth AU$5.0m. Importantly, its cash burn was AU$2.2m over the trailing twelve months. So it had a cash runway of about 2.2 years from June 2021. That's decent, giving the company a couple years to develop its business. You can see how its cash balance has changed over time in the image below.

How Is Prairie Mining's Cash Burn Changing Over Time?

In our view, Prairie Mining doesn't yet produce significant amounts of operating revenue, since it reported just AU$298k in the last twelve months. As a result, we think it's a bit early to focus on the revenue growth, so we'll limit ourselves to looking at how the cash burn is changing over time. Even though it doesn't get us excited, the 40% reduction in cash burn year on year does suggest the company can continue operating for quite some time. Admittedly, we're a bit cautious of Prairie Mining due to its lack of significant operating revenues. We prefer most of the stocks on this list of stocks that analysts expect to grow.

How Hard Would It Be For Prairie Mining To Raise More Cash For Growth?

While Prairie Mining is showing a solid reduction in its cash burn, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Companies can raise capital through either debt or equity. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

Prairie Mining has a market capitalisation of AU$80m and burnt through AU$2.2m last year, which is 2.8% of the company's market value. That means it could easily issue a few shares to fund more growth, and might well be in a position to borrow cheaply.

So, Should We Worry About Prairie Mining's Cash Burn?

As you can probably tell by now, we're not too worried about Prairie Mining's cash burn. For example, we think its cash burn relative to its market cap suggests that the company is on a good path. And even though its cash burn reduction wasn't quite as impressive, it was still a positive. Looking at all the measures in this article, together, we're not worried about its rate of cash burn; the company seems well on top of its medium-term spending needs. On another note, we conducted an in-depth investigation of the company, and identified 3 warning signs for Prairie Mining (1 can't be ignored!) that you should be aware of before investing here.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies insiders are buying, and this list of stocks growth stocks (according to analyst forecasts)

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

(Bloomberg) — If iron ore giant Vale SA decides to separate its base metals operations, it may look at the possibility of merging that business with the assets of another company.

Most Read from Bloomberg

• How Singapore's $50 Billion Financial District Will Change After Covid-19

• Before Interstates, America Got Around on Interurbans

• Left-Wing Rage Threatens a Wall Street Haven in Latin America

• Amazon Delivery Partners Rage Against the Machines: ‘We Were Treated Like Robots’

• Climate Scientists Created a SWAT Team for Weather Disasters

Chief Executive Officer Eduardo Bartolomeo opened the door to such a possibility during the Financial Times Mining Summit on Thursday.

The world’s second-largest producer of iron ore continues to weigh up the pros and cons of forming a seperate company with its copper and nickel mines in Canada, Brazil and Indonesia. The goal is to unlock value as the global transition toward clean energy gains momentum. A future merger would help Vale gain scale as new deposits get trickier and pricier to find and develop.

“When you have this vehicle you might find a way to merge with somebody who has synergies with you,” Bartolomeo said. “But this is a second step. First step is to look at yourself, fix yourself.”

Read More: Vale CEO Sees Iron Ore Market Staying ‘Relatively Tight’

Vale became the world’s biggest commercial producer of nickel after taking over Inco in 2006 for about $19 billion. The company calculates the nickel and copper business is worth about $25 billion, a value that’s not reflected in the current single structure.

“When people look at Vale, they look to iron ore,” he said.

The company sees an opportunity to grow in the electric-vehicle supply chain as the world tries to wean itself off fossil fuels.

Vale has faced setbacks in its base metals operations in the past week or so, with miners trapped in a Canadian underground mine, a fire at Brazil’s Salobo copper mine and a temporary halt of nickel mining at Onca Puma.

Most Read from Bloomberg Businessweek

• Anyone Seen Tether’s Billions?

• As Louisianans Flee Hurricanes, Natural Gas Dollars and Jobs Flood In

• Atlanta’s Wealthiest and Whitest District Wants to Secede

• ‘Most Americans Today Believe the Stock Market Is Rigged, and They’re Right’

• The Left-for-Dead Hospital That Got a Second Chance for $1

©2021 Bloomberg L.P.

(Reuters) -The chief executive of Vale SA said on Thursday the Brazilian iron ore miner is not looking into a near-term spin-off for its base metal, and the company later said the unit needs to be "transformed" before that longstanding plan can be carried out.

"We are not talking about a spin off yet. The problem here is the size of the business," said Eduardo Bartolomeo, Vale's Chief Executive Officer as part of the Financial Times' Mining Summit.

Vale had a longstanding plan to sell the unit, that was still being considered as recently as April of this year. The plan had first been developed in 2014, postponed to 2015, and then the idea was temporarily abandoned.

Bartolomeo said part of the problem was the value of the business, saying it brings in $3.5 billion in revenue a year, which would put a sale value at "more or less $25 billion."

To get to a spin-off, Vale said in a statement after the event, "the business still needs to be adjusted, transformed, and go through an internal transformation."

Vale, one of the world's largest iron ore miners, is still dealing with the consequences of a dam burst in 2019, which killed 270 in the town of Brumadinho.

Aside from the lives lost, the environmental damage, fines and complicated legal proceedings that targeted its top executives, the incident also depressed the company's value.

"We are perceived as a risky stock," Bartolometo said, adding however that "Vale did the homework. Now it's not a risky company."

(Reporting by Marcelo Rochabrun; Editing by David Gregorio)

Vale S.A VALE recently announced that it has temporarily suspended production of copper concentrate at its Salobo mine in Brazil after a fire partially affected a conveyor belt. The company stated that other activities, including mine and maintenance operations, are running as usual. The impacted site is currently undergoing an assessment, and the company expects to resume operations by the end of this month.

Vale’s Salobo mine, located in Marabá, in the southeast of Pará, is the largest copper deposit ever discovered in Brazil. The low-cost copper-gold mine began operating in 2012. In October 2018, the company announced the approval of the Salobo III mine expansion, which is currently in progress. Start-up is expected in 2022 and the expansion is expected to increase capacity by 30-40 kt per year.

In 2020, Vale produced 360.1 kt of copper with Salobo contributing 172.7 kt, or 48% of the total output. In the first half of 2021, the company produced 179 kt of copper. Of this, Salobo’s contribution was 83.5 kt. In the second quarter of 2021, copper production in Salobo was 38.7 kt, 13.5% higher than the first quarter, due to the ramp-up of mine maintenance activities. Movement at Salobo mine has been improving with increased availability of equipment as the ramp-up of the mine maintenance workshop continues. Total mine movement at Salobo has increased 31.2% in the second quarter compared to the first quarter. Improvement in mine movement is expected to have continued in the third quarter as well.

This news comes on the heels of Vale’s announcement that it has halted all activities at Onça Puma mine, Brazil, following the suspension of its operation license by a State Agency on allegations that the company has failed to comply with conditions for licensing. Vale is currently evaluating the direct impact of the shutdown on total production. Onca Puma accounted for 7.5% of the company's total nickel production in 2020.

Vale’s Base Metals business, which includes exploration efforts related to nickel, copper, cobalt, PGMs and gold and silver, has gone through a broad safety review of the operational process, resulting in comprehensive overhaul of maintenance standards, procedures, training and oversight. It anticipates improvements from maintenance activities to materialize throughout the business this year. The company anticipates to attain 500 ktpy (kilo tons per year) with projects — Salobo III, Alemao and Cristalino — already in pipeline. Carajas is expected to act as a key catalyst in copper growth. Vale uncovered 1.9 Mt of copper equivalent in the last two years that will support growth in the future. The long-term outlook for copper is positive as copper demand is expected to improve, partly driven by electric vehicles and renewable energy and infrastructure investments, while future supply growth remains challenged on account of declining ore grades and the lack of major discoveries.

So far this year, shares of Vale have fallen 16.2%, compared with the industry’s decline of 17.9%.

Image Source: Zacks Investment Research

The drop in Vale’s share price this year can primarily be attributed to the recent plunge in iron ore prices due to weak demand in China on account of its intensified curbs on steel production. In the third quarter of 2021, iron ore plummeted 49% — the first quarterly loss since the first quarter of 2020. Copper prices have dipped lately on a stronger dollar and easing supply disruption threat in Peru, the world's second largest producer of mined copper.

Zacks Rank & Key Picks

Vale currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the basic materials space include Nucor Corporation NUE, Methanex Corporation MEOH and The Chemours Company CC. While Nucor and Methanex sport a Zacks Rank #1 (Strong Buy), Chemours carries a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Nucor has an estimated earnings growth rate of 537.4 % for the ongoing year. So far this year, the company’s shares have appreciated 82.9%.

Methanex has a projected earnings growth rate of 409.3 % for 2021. The company’s shares have gained 6% so far this year.

Chemours has an estimated earnings growth rate of 86.4% for the current year. The company’s shares have increased 23.7% year to date.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

VALE S.A. (VALE) : Free Stock Analysis Report

Nucor Corporation (NUE) : Free Stock Analysis Report

Methanex Corporation (MEOH) : Free Stock Analysis Report

The Chemours Company (CC) : Free Stock Analysis Report

To read this article on Zacks.com click here.

(Reuters) – Fortescue Metals Group Ltd's green energy unit said on Thursday it bought a 60% stake in Dutch-based renewable firm High yield Energy Technologies (HyET) Group in a bid to cut costs and boost green energy production.

Fortescue Future Industries (FFI) is part of Fortescue Metals' plan to become the world's first major supplier of green iron ore, and aims to supply 15 million tonnes of green hydrogen globally by 2030.

Fortescue Metals, the world's No.4 iron ore producer, is pursuing some of the most ambitious green plans in the industry with its efforts to diversify into renewable energy and green hydrogen through FFI.

"HyET Hydrogen's technology will support FFI in reducing costs in other areas of the green hydrogen supply chain," said Julie Shuttleworth, chief executive officer of FFI.

FFI, which plans to spend between $400 million and $600 million in the year to June 2022 on developing green transport and decarbonisation technologies, expects to cut down costs at its Powerfoil factory in Australia from the acquisition.

As part of the deal, FFI will provide a majority share of financing for the expansion of HyET Solar's Dutch Solar photovoltaics factory. Financial terms of the stake acquisition were not disclosed.

(Reporting by Tejaswi Marthi in Bengaluru; Editing by Subhranshu Sahu)

Peel Mining (ASX:PEX) has had a rough three months with its share price down 5.9%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Specifically, we decided to study Peel Mining's ROE in this article.

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

View our latest analysis for Peel Mining

How Do You Calculate Return On Equity?

ROE can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Peel Mining is:

4.2% = AU$3.7m ÷ AU$87m (Based on the trailing twelve months to June 2021).

The 'return' is the yearly profit. So, this means that for every A$1 of its shareholder's investments, the company generates a profit of A$0.04.

Why Is ROE Important For Earnings Growth?

We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.

Peel Mining's Earnings Growth And 4.2% ROE

At first glance, Peel Mining's ROE doesn't look very promising. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 13%. In spite of this, Peel Mining was able to grow its net income considerably, at a rate of 56% in the last five years. Therefore, there could be other reasons behind this growth. For instance, the company has a low payout ratio or is being managed efficiently.

Next, on comparing with the industry net income growth, we found that Peel Mining's growth is quite high when compared to the industry average growth of 24% in the same period, which is great to see.

Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Peel Mining is trading on a high P/E or a low P/E, relative to its industry.

Is Peel Mining Using Its Retained Earnings Effectively?

Peel Mining doesn't pay any dividend to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.

Conclusion

Overall, we feel that Peel Mining certainly does have some positive factors to consider. Even in spite of the low rate of return, the company has posted impressive earnings growth as a result of reinvesting heavily into its business. While we won't completely dismiss the company, what we would do, is try to ascertain how risky the business is to make a more informed decision around the company. You can see the 4 risks we have identified for Peel Mining by visiting our risks dashboard for free on our platform here.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Insiders who purchased PepinNini Minerals Limited (ASX:PNN) shares in the past 12 months are unlikely to be deeply impacted by the stock's 13% decline over the past week. Even after accounting for the recent loss, the AU$744k worth of stock purchased by them is now worth AU$989k or in other words, their investment continues to give good returns.

While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, logic dictates you should pay some attention to whether insiders are buying or selling shares.

See our latest analysis for PepinNini Minerals

PepinNini Minerals Insider Transactions Over The Last Year

The insider Peter Proksa made the biggest insider purchase in the last 12 months. That single transaction was for AU$506k worth of shares at a price of AU$0.54 each. That means that even when the share price was higher than AU$0.38 (the recent price), an insider wanted to purchase shares. It's very possible they regret the purchase, but it's more likely they are bullish about the company. We always take careful note of the price insiders pay when purchasing shares. As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price.

Happily, we note that in the last year insiders paid AU$744k for 2.60m shares. But they sold 128.50k shares for AU$57k. In the last twelve months there was more buying than selling by PepinNini Minerals insiders. Their average price was about AU$0.29. It is certainly positive to see that insiders have invested their own money in the company. However, we do note that they were buying at significantly lower prices than today's share price. The chart below shows insider transactions (by companies and individuals) over the last year. By clicking on the graph below, you can see the precise details of each insider transaction!

PepinNini Minerals is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.

Does PepinNini Minerals Boast High Insider Ownership?

Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. A high insider ownership often makes company leadership more mindful of shareholder interests. PepinNini Minerals insiders own about AU$5.8m worth of shares. That equates to 34% of the company. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders.

What Might The Insider Transactions At PepinNini Minerals Tell Us?

It doesn't really mean much that no insider has traded PepinNini Minerals shares in the last quarter. But insiders have shown more of an appetite for the stock, over the last year. Overall we don't see anything to make us think PepinNini Minerals insiders are doubting the company, and they do own shares. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. Every company has risks, and we've spotted 4 warning signs for PepinNini Minerals (of which 2 don't sit too well with us!) you should know about.

Of course PepinNini Minerals may not be the best stock to buy. So you may wish to see this free collection of high quality companies.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

VANCOUVER, British Columbia, October 06, 2021–(BUSINESS WIRE)–Fancamp Exploration Ltd. ("Fancamp" or the "Corporation") (TSX Venture Exchange: FNC) today announced the voting results at its annual general meeting ("AGM"), which was held earlier today in Montreal, Quebec.

A total of 126,670,684 million shares, representing approximately 71.76% of the Corporation’s issued and outstanding shares, were voted in connection with the meeting. The Corporation is pleased to announce that all resolutions put forward to shareholders in the Corporation’s management information circular ("Circular") dated June 2, 2021 were overwhelmingly approved, including the election of management nominees Mark Billings, Ashwath Mehra, Rajesh Sharma, Paul Ankcorn, H. Dean Journeaux, and Charles Tarnocai.

As announced on September 22, 2021, Mr. Greg Ferron has been appointed to Fancamp’s Board of Directors (the "Board"), replacing Mr. Paul Ankcorn, who has stepped down. Mr. Mathieu Stephens has also been appointed to the Board, replacing Mr. H. Dean Journeaux who has resigned.

The shareholders of Fancamp voted to re-appoint MNP LLP, Chartered Accountants as Fancamp’s auditors for the next ensuing year. The shareholders of Fancamp also re-approved the Corporation’s "rolling10%" stock option plan.

Fancamp thanks shareholders for their consistent strong support and looks forward to moving forward with its plan to create value for all shareholders.

Advisors

Lavery, de Billy, L.L.P. and Goodmans LLP are serving as legal advisor to Fancamp. Harris & Company LLP is serving as litigation counsel to Fancamp. Kingsdale Advisors is acting as strategic shareholder and communications advisor to Fancamp. Koffman Kalef LLP is serving as legal advisor to the Special Committee.

About Fancamp Exploration Ltd. (TSX-V: FNC)

Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing mineral properties through exploration and development. The Corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including gold, rare earth metals, strategic and base metals, zinc, chromium, titanium and more. Fancamp is also building on the industrial possibilities inherent in dealing with some of these materials, notable being the development of its Titanium technology strategy. The Corporation is managed by a new and focused leadership team with decades of mining, exploration and complementary technology experience.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20211005006252/en/

Contacts

Rajesh Sharma, Chief Executive Officer
+1 (604) 434 8829
info@fancamp.ca

Debra Chapman, Chief Financial Officer
+1 (604) 434 8829
info@fancamp.ca

VANCOUVER, British Columbia, October 06, 2021–(BUSINESS WIRE)–Fancamp Exploration Ltd. ("Fancamp" or the "Corporation") (TSX Venture Exchange:FNC) is pleased to announce that it has successfully acquired a total of 2,348,485 common shares ("ScoZinc Shares") of ScoZinc Mines Ltd. ("ScoZinc") on October 5, 2021, further to Fancamp’s news release dated September 16, 2021. Of the 2,348,485 ScoZinc Shares, Fancamp acquired 1,969,697 ScoZinc Shares by way of private placement at $0.66 per share for a total purchase price of $1,300,000, of which a termination fee of $300,000 payable to ScoZinc was credited towards the purchase price and Fancamp paid the balance of $1,000,000 in cash, and 378,788 ScoZinc Shares at a deemed issue price of $0.66 per share in settlement of an outstanding loan of $250,000 to ScoZinc (the "Transaction"). The ScoZinc Shares are subject to a hold period expiring February 6, 2022.

Immediately prior to the closing of the Transaction, Fancamp had no beneficial ownership of any ScoZinc Shares. Upon closing of the Transaction, Fancamp currently has beneficial ownership of 2,348,485 ScoZinc Shares, representing 13.1% of the outstanding ScoZinc Shares, a total increase of 13.1% of Fancamp’s beneficial shareholding percentage in the ScoZinc Shares.

Fancamp has acquired the ScoZinc Shares for investment purposes. Fancamp may acquire additional ScoZinc Shares or dispose of ScoZinc Shares (through market or private transactions) from time to time.

A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or from Debra Chapman at Fancamp at +1 (604) 434 8829.

About Fancamp Exploration Ltd. (TSX-V:FNC)
Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing mineral properties through exploration and development. The Corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including gold, rare earth metals, strategic and base metals, zinc, chromium, titanium and more. Fancamp is also building on the industrial possibilities inherent in dealing with some of these materials, notable being the development of its Titanium technology strategy. The Corporation is managed by a new and focused leadership team with decades of mining, exploration and complementary technology experience.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005322/en/

Contacts

Rajesh Sharma, Chief Executive Officer
+1 (604) 434 8829
info@fancamp.ca

Debra Chapman, Chief Financial Officer
+1 (604) 434 8829
info@fancamp.ca

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. With that in mind, we've noticed some promising trends at Lynas Rare Earths (ASX:LYC) so let's look a bit deeper.

What is Return On Capital Employed (ROCE)?

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Lynas Rare Earths:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets – Current Liabilities)

0.11 = AU$156m ÷ (AU$1.5b – AU$108m) (Based on the trailing twelve months to June 2021).

Thus, Lynas Rare Earths has an ROCE of 11%. On its own, that's a standard return, however it's much better than the 9.5% generated by the Metals and Mining industry.

Check out our latest analysis for Lynas Rare Earths

Above you can see how the current ROCE for Lynas Rare Earths compares to its prior returns on capital, but there's only so much you can tell from the past. If you're interested, you can view the analysts predictions in our free report on analyst forecasts for the company.

What Does the ROCE Trend For Lynas Rare Earths Tell Us?

Lynas Rare Earths has recently broken into profitability so their prior investments seem to be paying off. The company was generating losses five years ago, but now it's earning 11% which is a sight for sore eyes. In addition to that, Lynas Rare Earths is employing 103% more capital than previously which is expected of a company that's trying to break into profitability. We like this trend, because it tells us the company has profitable reinvestment opportunities available to it, and if it continues going forward that can lead to a multi-bagger performance.

The Bottom Line

To the delight of most shareholders, Lynas Rare Earths has now broken into profitability. Since the stock has returned a staggering 1,087% to shareholders over the last five years, it looks like investors are recognizing these changes. With that being said, we still think the promising fundamentals mean the company deserves some further due diligence.

One more thing to note, we've identified 1 warning sign with Lynas Rare Earths and understanding this should be part of your investment process.

While Lynas Rare Earths may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

It is usually uneventful when a single insider buys stock. However, When quite a few insiders buy shares, as it happened in Dundee Precious Metals Inc.'s (TSE:DPM) case, it's fantastic news for shareholders.

While insider transactions are not the most important thing when it comes to long-term investing, logic dictates you should pay some attention to whether insiders are buying or selling shares.

See our latest analysis for Dundee Precious Metals

Dundee Precious Metals Insider Transactions Over The Last Year

In the last twelve months, the biggest single sale by an insider was when the President, David Rae, sold CA$304k worth of shares at a price of CA$7.60 per share. That means that even when the share price was below the current price of CA$7.90, an insider wanted to cash in some shares. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. However, while insider selling is sometimes discouraging, it's only a weak signal. This single sale was 100% of David Rae's stake. David Rae was the only individual insider to sell over the last year. Notably David Rae was also the biggest buyer, having purchased CA$337k worth of shares.

Over the last year, we can see that insiders have bought 85.27k shares worth CA$337k. But insiders sold 40.00k shares worth CA$304k. Overall, Dundee Precious Metals insiders were net buyers during the last year. The average buy price was around CA$3.95. It is certainly positive to see that insiders have invested their own money in the company. However, we do note that they were buying at significantly lower prices than today's share price. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction!

There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of growing companies that insiders are buying.

Insider Ownership

Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Our data indicates that Dundee Precious Metals insiders own about CA$11m worth of shares (which is 0.7% of the company). Whilst better than nothing, we're not overly impressed by these holdings.

So What Do The Dundee Precious Metals Insider Transactions Indicate?

The fact that there have been no Dundee Precious Metals insider transactions recently certainly doesn't bother us. On a brighter note, the transactions over the last year are encouraging. Overall we don't see anything to make us think Dundee Precious Metals insiders are doubting the company, and they do own shares. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. While conducting our analysis, we found that Dundee Precious Metals has 2 warning signs and it would be unwise to ignore them.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Vancouver, British Columbia–(Newsfile Corp. – October 6, 2021) – Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) (the "Company") today announced positive results from a ten-hole core drilling program totaling 5,147 feet (1,569 meters) that was recently completed. The ten-hole program was designed to assess the likelihood that further drilling would upgrade portions of the resource from Inferred to Indicated and expand the overall size of the current resource. Mr. Travis Naugle, CEO states, "We believe that additional drilling could accomplish these exciting objectives." These results are further discussed below and outlined in Table 1 below.

Three holes (QM-319, QM-320, and QM-328) were drilled on the north to northwestern edge of the current resource. Each hole intersected oxide and chalcocite mineralization. Significant intercepts include drill hole QM-320 (31.1 m @ 0.58% Cu, including 22.6 m @ 0.70% Cu); QM-328 (23.5 m @ 0.44% Cu); and QM-319 (10.8 m @ 0.14% Cu). Each drill hole contains additional acid soluble copper intercept (Table 1).

Holes QM-326 and QM-327, drilled on the southern edge of the current oxide resource (Figure 1), each intersected near surface oxide mineralization. Significant intercepts include 6.7 m @ 0.27% Cu and 7.3 m @ 0.70% copper from QM-326 and QM-327, respectively. Both holes also indicate the potential for additional oxide resource expansion to the south and southeast (Figure 2).

Drill holes QM-321 and QM-322 were drilled on the south/southeastern edge of the current oxide resource. Both drill holes intersected near surface oxide mineralization; QM-321 intersected 13.7 m @ 0.17% copper and QM-322 intersected 31.1 m @ 0.11% Cu. Both drill holes also indicate the potential for an additional oxide resource to the south. In addition, QM-322 was collared on a legacy MacArthur sub-grade stockpile, from which 12.3 m @ 0.13% copper was identified. The MacArthur sub-grade stockpile has not previously been sampled but based on these results, the Company may consider evaluating it for additional resource potential.

It is expected that the above results could increase the resource (Figure 2) and upgrade a portion of the current resource from inferred to measured/indicated status. The MacArthur resource estimate is in the process of being updated by Independent Mining Consultants (IMC); it is expected to be completed before the end of 2021.

Two additional drill holes (QM-323 and QM-324) were drilled to explore for additional oxide resource farther east and infill from previous oxide intercepts in this area. Each drill hole identified short, scattered oxide intercepts, and identified additional chalcocite and chalcopyrite mineralization. QM-323 includes 24.4 m @ 0.20% copper in the form of chalcopyrite and QM-324 includes 9.8 m @ 0.39% copper in the form of chalcocite and chalcopyrite. Please see Table 1 for additional intercepts. The potential for additional drilling in this area is under further evaluation.

Drill holes QM-319 and QM-320 were drilled to depths of 243.8 m and 362.3 m, respectively, to test under-drilled induced polarization geophysical anomalies. Both drill holes intersected zones of primary mineralization, occurring as wispy quartz-sericite-biotite-sulfide veinlets/vein haloes, which are commonly associated with porphyry-style mineralization in the Yerington District. These two drill holes provide important guidance for primary sulfide drilling in future programs.

*Drill intercepts are based on actual core lengths and may not reflect the true width of mineralization

Figure 1, Plan Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1020/98721_Figure%201%20Plan%20Map.jpg

Figure 2, Section 1

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1020/98721_Figure%202%20Section1.jpg

Quality Assurance and Control

All drilling described is from core, contracted to National EWP, Elko, Nevada. Core samples were either sawed or split by SPS personnel in Yerington, Nevada and shipped to Skyline Assayers and Laboratories in Tucson, Arizona for sample preparation. Copper analyses were assayed using their "SEA-Cu" (total copper) "SEACuSEQ" (sequential copper leach) procedure with a 50 ppm detection limit. Commercially prepared standards and blanks are inserted by SPS at 50-foot intervals to insure precision of results as a quality control measure. SPS has a chain of custody program to ensure sample security during all stages of sample collection, cutting, shipping, and storage.

Technical information in this news release was approved by Thomas Patton, Chairman to the Company and a qualified person as defined in NI 43-101.

About Quaterra Resources Inc.

Quaterra Resources Inc. is a copper-gold exploration company focused on projects with the potential to host large-scale mineral deposits attractive to major mining companies. It is advancing its Yerington copper project in the historic Yerington Copper District, Nevada and continues to investigate opportunities to acquire prospects in North America on reasonable terms and the partnerships with which to advance them.

On behalf of the Board of Directors,

Stephen Goodman,
President, Quaterra Resources Inc.

For more information please contact:

Karen Robertson
Corporate Communications
778-898-0057

Email: info@quaterra.com
Website: www.quaterra.com

Disclosure note:

Some statements in this news release are forward-looking statements under applicable United States and Canadian laws. These statements are subject to risks and uncertainties which may cause results to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98721

Shares Outstanding: 277,847,367
Trading Symbols: TSX: GGD
OTCQX: GLGDF

HALIFAX, NS, Oct. 6, 2021 /PRNewswire/ – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to report production for the year ending September 30, 2021 of 2,270,073 silver equivalent ounces ("AgEq"), consisting of 1,138,358 silver ounces, 13,447 gold ounces, and 470 tonnes of copper. Quarterly production at Parral was 526,044 silver equivalent ounces, consisting of 221,202 silver ounces, 3,437 gold ounces, and a record 138 tonnes of copper.

"Parral in 2021 proved to be a very stable operation, producing 2.3 million silver equivalent ounces similar to the prior year, and generated in excess of $US 22 million in free cash flow over the year," said Brad Langille, President and CEO. "We believe that the reinvestment of this free cash flow into the Los Ricos project is generating exceptional value growth for our shareholders."

Table 1: Quarterly Production Summary

Table 2: Annual Production Summary

Mr. Robert Harris, P.Eng. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release.

About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

CAUTIONARY STATEMENT:
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold's securities in the United States.

This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding production and cash flows of the Parral tailings mine, the ability of GoGold to self fund its ongoing exploration and administrative costs, future operating margins, future production and processing, and future plans and objectives of GoGold, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold's expectations include exploration and development risks associated with GoGold's projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold's Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

View original content:https://www.prnewswire.com/news-releases/parral-reports-annual-production-of-2-3m-ageq-oz-and-quarterly-production-of-526k-ageq-oz-301393880.html

SOURCE GoGold Resources Inc.

TORONTO, October 06, 2021–(BUSINESS WIRE)–Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") is pleased to announce that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") with Gold Resource Corporation ("GORO") (NYSE American: GORO) providing for the acquisition by GORO of all the issued and outstanding common shares of Aquila by way of a plan of arrangement under the Business Corporations Act (Ontario) (the "Transaction").

As announced by Aquila on September 7, 2021, pursuant to the Transaction GORO will, through a wholly-owned subsidiary, acquire all the issued and outstanding Aquila shares for 0.0399 of a GORO share per Aquila share (the "Exchange Ratio"). Based upon the 20-day volume-weighted average price ("VWAP") of GORO’s shares on the NYSE American stock exchange on September 3, 2021, being the last trading day prior to the date of the announcement of the Transaction, the Exchange Ratio represents a 29% premium to the 20-day VWAP of Aquila’s shares on the Toronto Stock Exchange as of such date.

Upon closing of the Transaction, the existing GORO and Aquila shareholders will own approximately 85.1% and 14.9%, respectively, of the combined company on a fully diluted basis.

Barry Hildred, Executive Chair of Aquila, commented, "We believe strongly that the Transaction outlined in the Arrangement Agreement provides significant benefits to Aquila shareholders. GORO has a strong balance sheet, it owns a consistently profitable mine in the Americas, and it has a highly accomplished technical and operating team. As such, this Transaction materially de-risks the financing and development of the Back Forty Project for the benefit of our stakeholders."

Guy Le Bel, President & CEO of Aquila, added, "The new Gold Resource Corporation will be a multi-jurisdictional, diversified precious and base metal producer with an attractive growth profile underpinned by the Back Forty Project. We look forward to closing the Transaction in short order."

Strategic Rationale for the Transaction

As previously announced on September 7, 2021, the benefits of the Transaction to GORO and Aquila shareholders include the following:

• Enhanced Market Presence and Re-Rating Potential. GORO currently benefits from inclusion in the VanEck Junior Gold Miners ETF (the "GDXJ") and from an average daily trading volume of approximately 1 million shares, trailing three months. The Transaction is intended to result in the Back Forty Project being placed into production on a more accelerated basis, funded by cash flow generation, thus elevating the combined company to intermediate producer status. Following the completion of the Transaction, GORO is expected to continue to be included in the GDXJ and to benefit from an enhanced capital markets profile in the United States and Canada, as well as increased trading liquidity and broadened appeal to global index, resource, and generalist investors. This offers the potential for a re-rating to a multiple more in line with other intermediate gold producers.

• Enhanced Project and Jurisdictional Diversification. Each of GORO and Aquila is currently a single-asset, single-jurisdiction company. Through the Transaction, GORO and Aquila shareholders will have the opportunity to participate in the ongoing growth of a multi-jurisdictional, diversified precious and base metal producer with exposure to gold, silver, zinc, copper and lead through GORO’s producing Don David Gold Mine in Oaxaca, Mexico and Aquila’s Back Forty Project in Menominee County, Michigan.

• Growth Profile and Financial Strength of Combined Company. The combined company is expected to benefit from a peer leading growth profile, a robust balance sheet with no debt and cash of US$30.2 million at June 30, 2021, free cash flow generation from its Don David Gold Mine and the synergies that generally accrue from scale in the areas of general and administrative expenses, from less duplication of salaries, wages and other public company expenses, improved concentrate sales and marketing and supply chain efficiencies.

• Materially De-Risks the Financing and Development of the Back Forty Project for Aquila Shareholders. Benefitting from the free cash flow generated by the Don David Gold Mine, Aquila shareholders will not be diluted by a near-term equity financing that would otherwise be required to advance the Back Forty Project through the final stages of permitting and engineering. GORO is supportive of Aquila’s project development plans including continuing working towards an optimized Feasibility Study. The combined Company’s position of financial strength is also expected to result in an improved ability to access required additional financing to fund the Back Forty Project’s construction capital expenditures.

• All-Stock Transaction Enables Aquila Shareholders to Maintain Upside Exposure. Through their ownership in the combined company, Aquila shareholders will maintain exposure to the value that is expected to be unlocked as the Back Forty Project is advanced towards construction and production. Despite being a proven gold producer, GORO currently trades at only approximately 2.5 times free cash flow from operations. Aquila shareholders will participate in the anticipated re-rating of GORO from a one mine company in Mexico to a two-mine company with jurisdictional diversification.

• Experienced Management Team. The combined company will benefit from GORO’s and Aquila’s technical and operational teams’ expertise in polymetallic open pit and underground mines. The GORO executive team has a demonstrated record of success in developing and operating mining projects in the Americas.

• Demonstrated Consistent Dividend History. Post-Transaction, GORO intends to continue to pay dividends in accordance with its past practice. GORO has made consistent dividend payments to its investors for more than ten years.

Transaction Summary

The Transaction will require the approval of (i) 66⅔ percent of the votes cast by Aquila shareholders and (ii) a simple majority of the votes cast by the minority shareholders (excluding shareholders whose votes are required to be excluded pursuant to Multilateral Instrument 61 – 101) at a special meeting of shareholders (the "Aquila Shareholder Meeting"). The Aquila Shareholder Meeting is scheduled to be held on November 17, 2021. The Transaction is also subject to approval by the Ontario Superior Court of Justice (Commercial List) and applicable stock exchange approvals. The Transaction does not require the approval of GORO’s shareholders.

In addition to shareholder, court and regulatory approvals, the Transaction is also subject to the satisfaction of certain other closing conditions that are customary for a transaction of this nature, and each of GORO and Aquila has provided appropriate interim period covenants regarding the operation of its business in the ordinary course. The Arrangement Agreement includes customary deal protection provisions pursuant to which Aquila has agreed not to solicit any other acquisition proposal (subject to customary fiduciary out rights), has agreed to grant GORO the right to match any superior proposal, and will pay a termination fee of US$1,000,000 to GORO if the Arrangement Agreement is terminated in certain circumstances.

Details of the Transaction and the Arrangement Agreement will be set out in the management information circular to be prepared and mailed to Aquila shareholders in connection with the Aquila Shareholder Meeting.

Subject to all conditions precedent to completion of the Transaction being met, the Transaction is expected to close in late November 2021. In connection with the closing of the Transaction, Aquila will apply to have its shares delisted from the Toronto Stock Exchange.

Support for the Transaction from Key Aquila Stakeholders

Each of Orion Mine Finance and Hudbay Minerals Inc., which hold 28.3% and 10.4%, respectively, of the issued and outstanding Aquila shares, has entered into a voting support agreement with GORO pursuant to which they have agreed to vote their Aquila shares in favour of the Transaction. In addition, all of the directors and officers of Aquila holding approximately 1.9% of the issued and outstanding Aquila shares in aggregate have also executed a voting support agreement.

Osisko Bermuda Limited, which is a wholly-owned subsidiary of Osisko Gold Royalties Ltd, and a party to gold and silver stream agreements with Aquila relating to the Back Forty Project, has also reiterated that it considers GORO to be an approved purchaser under those agreements, and that it is supportive of the Transaction.

Board Approvals

The Arrangement Agreement has been unanimously approved by the boards of directors of both GORO and Aquila. The Aquila board’s approval of the Arrangement Agreement was based in part on the unanimous recommendation of a special committee of independent directors of Aquila which was appointed to consider the Transaction. The board of Aquila has received an opinion from PI Financial Corp. that based upon and subject to the assumptions, limitations, and qualifications set forth therein, the consideration to be received by Aquila shareholders pursuant to the Transaction is fair, from a financial point of view, to Aquila shareholders.

Advisors

Goodmans LLP is Aquila’s Canadian legal advisor and Scotiabank and PI Financial Corp. are Aquila’s financial advisors.

ABOUT AQUILA

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development‐stage company focused on high grade polymetallic projects in the Upper Midwest, USA. Aquila’s experienced management team is currently advancing pre-construction activities for its flagship 100%‐owned gold and zinc‐rich Back Forty Project in Michigan.

The Back Forty Project is a volcanogenic massive sulfide deposit with open pit and underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan’s Upper Peninsula. Back Forty contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc in the Measured & Indicated Mineral Resource classifications, with additional exploration upside. An optimized Feasibility Study for the Project is underway.

Additional disclosure of Aquila’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.aquilaresources.com or on SEDAR at www.sedar.com.

ABOUT GOLD RESOURCE CORPORATION

Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of a new board and senior leadership, the Company focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine, to close the acquisition of Aquila Resources Inc., and to develop the Back Forty Project in Michigan, USA. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.

Cautionary statement regarding forward-looking information

This press release may contain certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". In particular, this news release contains forward-looking information pertaining to the following: statements regarding the Transaction, including with respect to the benefits of the Transaction and expectations regarding the combined company (including its growth profile and resource profile, the development of the Back Forty Project, cash flow generation from the Don David Gold Mine, and its market presence and re-rating potential and expectations regarding the payment of dividends); the timing of key Transaction milestones and closing; the ability of GORO and Aquila to satisfy the conditions to and to complete the Transaction; and expectations regarding the impact of the Transaction on GORO and Aquila including in respect of anticipated financial and operating results, strategy and business, and on stakeholders in general. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the satisfaction of the conditions precedent to the closing of the Transaction (including the obtaining of all shareholder, court, and regulatory approvals); risks associated with the Transaction and acquisitions generally; the Arrangement Agreement may be terminated in certain circumstances; Aquila will incur costs even if the Transaction is not completed; all necessary approvals and consents may not be obtained; uncertainty regarding the ability of the parties to complete all Transaction milestones on the intended timing; inherent risks of mining exploration, development and production operations; economic factors affecting the Company and/or GORO; the integration of the businesses of the Company and GORO; political conditions and the regulatory environment in the United States and Mexico; and the scope, duration, and impact of the COVID-19 pandemic on the Company and GORO as well as the scope, duration and impact of government action aimed at mitigating the pandemic; and other related risks and uncertainties, including, but not limited to, risks and uncertainties disclosed in Aquila’s filings on its website at www.aquilaresources.com and on SEDAR at www.sedar.com. Aquila undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, mineral resources that are not mineral reserves do not have demonstrated economic viability.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005518/en/

Contacts

Guy Le Bel, President & CEO, Director
Tel: 450.582.6789
glebel@aquilaresources.com

David Carew, VP Corporate Development & IR
Tel: 647.943.5677
dcarew@aquilaresources.com

DENVER, CO / ACCESSWIRE / October 6, 2021 / Gold Resource Corporation ( " GRC " or the " Company ") (NYSE American:GORO) is pleased to announce that it has entered into a definitive arrangement agreement (the " Arrangement Agreement ") with Aquila Resources Inc. (" Aquila ") (TSX:AQA)(OTCQB:AQARF) providing for the acquisition by GRC of all the issued and outstanding common shares of Aquila by way of a plan of arrangement under the Business Corporations Act (Ontario) (the " Transaction ").

As announced by GRC on September 7, 2021, pursuant to the Transaction GRC will, through a wholly-owned subsidiary, acquire all the issued and outstanding Aquila shares for 0.0399 of a GRC share per Aquila share (the " Exchange Ratio "). Based upon the 20-day volume-weighted average price (" VWAP ") of GRC's shares on the NYSE American stock exchange on September 3, 2021, being the last trading day prior to the date of the announcement of the Transaction, the Exchange Ratio represents a 29% premium to the 20-day VWAP of Aquila's shares on the Toronto Stock Exchange as of such date. The Exchange Ratio represents consideration of C$0.09 per Aquila share (the " Per Share Price "), reflecting a premium of 12.5%, based upon the closing prices of the Aquila shares and the GRC shares on September 3, 2021. The Per Share Price implies an aggregate acquisition price for 100% of the outstanding Aquila shares of approximately C$30.9 million.

Upon closing of the Transaction, the existing GRC and Aquila shareholders will own approximately 85.1% and 14.9%, respectively, of the combined company on a fully diluted basis.

Allen Palmiere, President and Chief Executive Officer of GRC, said: "This Transaction offers an attractive opportunity to the shareholders of Aquila and GRC to develop the Back Forty Project using GRC's strong balance sheet and cash flows. In addition, the combination of our complementary gold-rich assets will enhance both our mineral inventory and jurisdiction diversification. The announcement by Aquila yesterday, that it had closed the sale of its Bend and Reef exploration properties, was an important step in the process for signing the Arrangement Agreement. With this Transaction, we look forward to becoming a new intermediate gold producer with a peer leading growth profile."

Strategic Rationale for the Transaction
As previously announced on September 7, 2021, the benefits of the Transaction to GRC and Aquila shareholders include the following:

• Accretive Transaction for GRC Shareholders. The Transaction is expected to be immediately accretive to GRC shareholders on a net asset value basis.

• Significantly Improved Gold Resource Profile. Based upon the parties' respective public disclosure and GRC's technical due diligence to date on the Back Forty Project, GRC anticipates that its gold resources have the potential to increase by in excess of 500% upon completion of the Transaction.

• Growth Profile and Financial Strength of Combined Company. The combined company is expected to benefit from a peer leading growth profile, a robust balance sheet with no debt and cash of US$30.2 million at June 30, 2021, free cash flow generation from its Don David Gold Mine and the synergies that generally accrue from scale in the areas of general and administrative expenses, from less duplication of salaries, wages and other public company expenses, improved concentrate sales and marketing and supply chain efficiencies. Its position of financial strength is expected to result in an improved ability to access required additional financing to fund the Back Forty Project's capital expenditures.

• Enhanced Project and Jurisdictional Diversification. Each of GRC and Aquila is currently a single-asset, single-jurisdiction company. Through the Transaction, GRC and Aquila shareholders will have the opportunity to participate in the ongoing growth of a multi-jurisdictional, diversified precious and base metal producer with exposure to gold, silver, zinc, copper and lead through GRC's producing Don David Gold Mine in Oaxaca, Mexico and Aquila's Back Forty Project in Menominee County, Michigan.

• Enhanced Market Presence and Re-Rating Potential. GRC currently benefits from inclusion in the VanEck Junior Gold Miners ETF (the " GDXJ ") and from an average daily trading volume of approximately 1 million shares, trailing three months. The Transaction is intended to result in the Back Forty Project being placed into production on a more accelerated basis, funded by cash flow generation, thus elevating the combined company to intermediate producer status. Following the completion of the Transaction, GRC is expected to continue to be included in the GDXJ and to benefit from an enhanced capital markets profile in the United States and Canada, as well as increased trading liquidity and broadened appeal to global index, resource, and generalist investors. This offers the potential for a re-rating to a multiple more in line with other intermediate gold producers.

• Experienced Management Team. The combined company will benefit from GRC's and Aquila's technical and operational teams' expertise in polymetallic open pit and underground mines. The GRC executive team has a demonstrated record of success in developing and operating mining projects in the Americas.

• Immediate and Significant Premium to Aquila Shareholders. Based on the 20-day VWAPs of the GRC shares and the Aquila shares, the Transaction offers an immediate and significant premium to Aquila's shareholders of 29%. Given the current market environment and lack of liquidity for the shares of Aquila, GRC continues to believe that this a compelling value proposition.

Demonstrated Consistent Dividend History. Post-Transaction, GRC intends to continue to pay dividends in accordance with its past practice. The recent dividend of US$0.01 per GRC share, paid to shareholders on September 30, 2021, continues the more than ten years of consistent dividend payments by GRC.

Support for the Transaction from Key Aquila Stakeholders

• Each of Orion Mine Finance and Hudbay Minerals Inc., which hold 28.3% and 10.4%, respectively, of the issued and outstanding Aquila shares, has entered into a voting support agreement with GRC pursuant to which they have agreed to vote their Aquila shares in favour of the Transaction. In addition, all of the directors and officers of Aquila holding approximately 1.9% Aquila shares in aggregate have also executed a voting support agreement.

• Osisko Bermuda Limited which is a wholly-owned subsidiary of Osisko Gold Royalties Ltd and a party to gold and silver stream agreements with Aquila relating to the Back Forty Project, has also reiterated that it considers GRC to be an approved purchaser under those agreements, and that it is supportive of the Transaction.

Board Approvals
The Arrangement Agreement has been unanimously approved by the boards of directors of both GRC and Aquila. The Aquila board's approval of the Arrangement Agreement was based in part on the unanimous recommendation of a special committee of independent directors of Aquila which was appointed to consider the Transaction. The board of Aquila has received an opinion from one of its financial advisors, PI Financial Corp., that based upon and subject to the assumptions, limitations, and qualifications set forth therein, the consideration to be received by Aquila shareholders pursuant to the Transaction is fair, from a financial point of view, to Aquila shareholders.

Transaction Summary
The Transaction will require the approval of 66⅔ percent of the votes cast by Aquila shareholders at a special meeting of shareholders (the " Aquila Shareholder Meeting "). The Aquila Shareholder Meeting is scheduled to be held on November 17, 2021. The Transaction is also subject to approval by the Ontario Superior Court of Justice (Commercial List) and applicable stock exchange approvals. The Transaction does not require the approval of GRC's shareholders.

In addition to shareholder, court and regulatory approvals, the Transaction is also subject to the satisfaction of certain other closing conditions that are customary for a transaction of this nature, and each of GRC and Aquila has provided appropriate interim period covenants regarding the operation of its business in the ordinary course. The Arrangement Agreement includes customary deal protection provisions pursuant to which Aquila has agreed not to solicit any other acquisition proposal (subject to customary fiduciary out rights), has agreed to grant GRC the right to match any superior proposal, and will pay a termination fee of US$1,000,000 to GRC if the Arrangement Agreement is terminated in certain circumstances.

Details of the Transaction and the Arrangement Agreement will be set out in the management information circular to be prepared and mailed to Aquila shareholders in connection with the Aquila Shareholder Meeting. A copy of the Arrangement Agreement will be filed with the Securities and Exchange Commission on Form 8K and will be available on GRC's website under the Reports and Filings tab located in the Investors section located here: https://goldresourcecorp.com/investors/reports-and-filings/ .

Subject to all conditions precedent to completion of the Transaction being met, the Transaction is expected to close in late November 2021. In connection with the closing of the Transaction, Aquila will apply to have its shares delisted from the TSX.

Advisors
Fasken Martineau DuMoulin LLP and Davis Graham & Stubbs LLP are GRC's Canadian and U.S. legal advisors, respectively, and Beacon Securities Limited is GRC's financial advisor.

About Gold Resource Corporation
Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of a new board and senior leadership, the Company focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine, to close our acquisition of Aquila Resources Inc., and to develop the Back Forty Project in Michigan, USA. For more information, please visit GRC's website, located at www.goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.

About Aquila Resources Inc.
Aquila Resources Inc. is a development‐stage company focused on the development its 100%-owned gold-rich Back Forty Project in Michigan.

Forward-Looking Information and other Cautionary Statements
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "plan", "target", "anticipate", "believe", "estimate", "intend", "propose", "potential" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation: statements regarding the Transaction, including statements with respect to the benefits of the Transaction and expectations regarding the combined company (including its growth profile and resource profile, the development of the Back Forty Project, cash flow generation from the Don David Gold Mine, its market presence and re-rating potential and expectations regarding the payment of dividends); the timing of key Transaction milestones and closing; the ability of GRC and Aquila to satisfy the conditions to and to complete the Transaction; and expectations regarding the impact of the Transaction on GRC and Aquila including in respect of anticipated financial and operating results, strategy and business, and on stakeholders in general.

All forward-looking statements in this press release are based upon information available to GRC on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Such risks and uncertainties and other factors that could cause actual results and future to differ from those expressed or implied by the forward-looking statements include, but are not limited to: the satisfaction of the conditions precedent to the closing of the Transaction (including the obtaining of all shareholder, court and regulatory approvals); risks associated with the Transaction and acquisitions generally; the Arrangement Agreement may be terminated in certain circumstances; GRC will incur costs even if the Transaction is not completed; all necessary approvals and consents may not be obtained; uncertainty regarding the ability of the parties to complete all Transaction milestones on the intended timing; inherent risks of mining exploration, development and production operations; economic factors affecting the Company and/or Aquila; the integration of the businesses of the Company and Aquila; political conditions and the regulatory environment in the United States and Mexico; and the scope, duration, and impact of the COVID-19 pandemic on mining operations, Company employees, and supply chains as well as the scope, duration and impact of government action aimed at mitigating the pandemic. Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the periodic and current reports filed by the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

For further information please contact:

Gold Resource Corporation
Ann Wilkinson, VP, IR and Corporate Affairs
Phone: 720-459-3851
E-mail: Ann.Wilkinson@GRC-USA.com

SOURCE: Gold Resource Corporation

View source version on accesswire.com:
https://www.accesswire.com/666971/Gold-Resource-Corporation-Enters-Into-Arrangement-Agreement-With-Aquila-Resources-Inc

The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put in. But on the bright side, you can make far more than 100% on a really good stock. Long term Cameco Corporation (TSE:CCO) shareholders would be well aware of this, since the stock is up 163% in five years. It's also good to see the share price up 18% over the last quarter.

Since the stock has added CA$418m to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.

View our latest analysis for Cameco

Given that Cameco didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. When a company doesn't make profits, we'd generally expect to see good revenue growth. That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size.

In the last 5 years Cameco saw its revenue shrink by 7.4% per year. On the other hand, the share price done the opposite, gaining 21%, compound, each year. It's a good reminder that expectations about the future, not the past history, always impact share prices. Still, we are a bit cautious in this kind of situation.

The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).

If you are thinking of buying or selling Cameco stock, you should check out this FREE detailed report on its balance sheet.

What About Dividends?

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Cameco, it has a TSR of 178% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!

A Different Perspective

We're pleased to report that Cameco shareholders have received a total shareholder return of 118% over one year. That's including the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 23% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Case in point: We've spotted 2 warning signs for Cameco you should be aware of.

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CA exchanges.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Active investing isn't easy, but for those that do it, the aim is to find the best companies to buy, and to profit handsomely. When you buy and hold the right company, the returns can make a huge difference to both you and your family. For example, Hallador Energy Company (NASDAQ:HNRG) has generated a beautiful 371% return in just a single year. And in the last month, the share price has gained 43%. In contrast, the longer term returns are negative, since the share price is 46% lower than it was three years ago.

After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.

See our latest analysis for Hallador Energy

Hallador Energy isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. Shareholders of unprofitable companies usually expect strong revenue growth. That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size.

Hallador Energy actually shrunk its revenue over the last year, with a reduction of 16%. This is in stark contrast to the splendorous stock price, which has rocketed 371% since this time a year ago. There can be no doubt this kind of decoupling of revenue growth and share price growth is unusual to see in loss making companies. While this gain looks like speculative buying to us, sometimes speculation pays off.

The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).

This free interactive report on Hallador Energy's balance sheet strength is a great place to start, if you want to investigate the stock further.

A Different Perspective

It's good to see that Hallador Energy has rewarded shareholders with a total shareholder return of 371% in the last twelve months. That certainly beats the loss of about 9% per year over the last half decade. This makes us a little wary, but the business might have turned around its fortunes. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with Hallador Energy (at least 2 which shouldn't be ignored) , and understanding them should be part of your investment process.

Of course Hallador Energy may not be the best stock to buy. So you may wish to see this free collection of growth stocks.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

In this article we are going to estimate the intrinsic value of CNX Resources Corporation (NYSE:CNX) by estimating the company's future cash flows and discounting them to their present value. We will use the Discounted Cash Flow (DCF) model on this occasion. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.

Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

See our latest analysis for CNX Resources

Crunching the numbers

We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate:

10-year free cash flow (FCF) forecast

("Est" = FCF growth rate estimated by Simply Wall St)
Present Value of 10-year Cash Flow (PVCF) = US$2.7b

We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.0%. We discount the terminal cash flows to today's value at a cost of equity of 10.0%.

Terminal Value (TV)= FCF₂₀₃₁ × (1 + g) ÷ (r – g) = US$459m× (1 + 2.0%) ÷ (10.0%– 2.0%) = US$5.8b

Present Value of Terminal Value (PVTV)= TV / (1 + r)¹⁰= US$5.8b÷ ( 1 + 10.0%)¹⁰= US$2.3b

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$5.0b. In the final step we divide the equity value by the number of shares outstanding. Relative to the current share price of US$12.9, the company appears quite undervalued at a 44% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.

The assumptions

The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at CNX Resources as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 10.0%, which is based on a levered beta of 1.831. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

Moving On:

Valuation is only one side of the coin in terms of building your investment thesis, and it ideally won't be the sole piece of analysis you scrutinize for a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. What is the reason for the share price sitting below the intrinsic value? For CNX Resources, we've put together three pertinent elements you should further examine:

1. Financial Health: Does CNX have a healthy balance sheet? Take a look at our free balance sheet analysis with six simple checks on key factors like leverage and risk.

2. Future Earnings: How does CNX's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.

3. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!

PS. Simply Wall St updates its DCF calculation for every American stock every day, so if you want to find the intrinsic value of any other stock just search here.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

Drilling will Target Deeper Mineralization

Figure 1

Summary drilling results on the Tarabala Trend and the location of the planned diamond drill hole locations.

Figure 2

Property map showing the location of the Tarabala prospect.

TORONTO, Oct. 06, 2021 (GLOBE NEWSWIRE) — Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) announces that it has launched its previously reported follow-up field program on the Tarabala Trend, which consists of diamond drilling at the Tarabala artisanal workings, on its Sikasso Property in Southern Mali (Figure 2).

Highlights

• The annual rains have ended, and field teams have been mobilized to prepare drill pads for follow-up drilling at the Tarabala prospect

• Drilling will consist of at least 400 m of diamond core drilling over three to five 120-150 m holes focused on tracing the down-dip extension of wide zones of gold mineralization identified through earlier Air Core (AC) drilling.

• A follow-up, 2,000 m reverse circulation (RC) drill program is scheduled for December

Compass CEO, Larry Phillips, commented, “With the end of the wet season, this planned 400-to-600 m of diamond drilling at Tarabala is intended to determine the extent to which the near surface gold mineralization, identified by air core drilling, continues at depth and to establish the nature of the mineralized quartz veins. The information gleaned from this drilling will determine the focus of the main 2,000 m reverse circulation drilling program scheduled for December. We expect that it will take two weeks to prepare the drilling pads, and for the ground conditions to allow the safe movement of our drilling equipment.”

Compass Exploration Manager, Dr. Madani Diallo, added, “This deeper diamond drilling will add greater detail to what we’ve learned from our previous work on this highly-prospective rock belt. We are looking to establish the width and orientation of the veins, mineralogy, as well as the continuity of grade along strike and down dip. In addition to what our team has found in this area, we are further encouraged by the fact that recent drilling by other companies in this area of Mali have shown the gold potential increase at depth.”

Figure 1: Summary drilling results on the Tarabala Trend and the location of the planned diamond drill hole locations.
https://www.globenewswire.com/NewsRoom/AttachmentNg/de1d59c8-2b65-4804-9497-20a1b1cfcda5

Next Steps

A 400-600 m-diamond drilling program at the Tarabala prospect is planned to begin on October 16^th. Drilling will focus on determining the nature of the gold-bearing quartz veins (width, grade, orientation, and mineralogy) at depths of 60 to 120 m from the surface. Initial results will be used to finalize the location of an additional 2,000 m of deep RC holes in December, with a view of using the information gleaned to plan a potential resource definitional drilling program in Q1 2022.

Additional geochemical sampling and geophysical surveys are planned on the other exploration permits within the overall property.

Figure 2: Property map showing the location of the Tarabala prospect.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3a44b683-3e39-45a0-9ddc-e922428df2b6

Results from Previous Drilling

Air Core (AC) drilling on the Tarabala Trend first identified bedrock gold at the Tarabala prospect in April 2020. Subsequent drilling identified shallow gold mineralization at Massala West, a distance of 4 km (Figure 1). To-date, a total of 106 AC holes (4,972 m) and 5 RC holes (530 m) have been drilled at Tarabala over a distance of 1.5 km, and 102 AC holes (6,047 m) and 11 RC holes (1,056 m) at Massala West over 3 km.

AC results at Tarabala included wide intervals up to up to 16 m @ 1.51 g/t Au (from 16 m; SAAC02) and 17 m @ 0.73 g/t Au (from 18 m; SAAC109), and included higher grade sub-intervals such as 4 m @ 5.20 g/t Au (from 26 m; SAAC02) and 1 m @ 12.99 g/t Au (from 33 m; SAAC36). Follow-up RC drilling at Tarabala indicated that the mineralization continued at depth, but it was not tested deeper that 60 m from surface. The widest intercepts from the RC driller were 26 m @ 0.47 g/t Au (from 45 m; SARC001) and 25 m @ 0.58 g/t Au (from 67 m; SARC003). The best mineralization was identified in a 1-km-section of the 2.2 km long mineralized Tarabala Fault.

Two kilometers further north, AC drilling identified two discrete mineralized zones greater than 550 m at Massala West. The northern most zone contained the widest mineralized interval and the highest grade. Drill hole SAAC123 contained 24 m @ 2.35 g/t Au (from 18 m), which included 1 m @ 26.80 g/t Au (from 35 m). RC drilling in the two zones identified several mineralized intervals including the widest zone of 6 m @ 1.02 g/t Au (from 43 m; SARC010). Owning to drilling conditions during the rainy season, the planned RC drilling at Massala West was unable to target the main vein system at a depth of 80 m from the ground surface.

Massala West Extension and Dalaba Results

The remaining assay results relating to AC drilling at Massala West Extension (Figure 1) show that the structure continues to the north of the Massala West prospect over a distance of 600 m, as indicated by the presence of quartz veins. Only 1 m wide intercepts were recorded in each of the four fences drilled to test the structure, with the highest grade being 0.52 g/t Au. No further work is recommended for this area.

A thirteen-hole fence, located 750 m to the west of the Massala West Extension, was drilled at Dalaba to investigate the cause of a 1.05 g/t Au soil anomaly associated with a NE-trending fault. Two narrow intervals were identified close to the soil anomaly sample. These intervals graded 1 m @ 0.59 g/t (from 48 m; SAAC273) and 1 m @ 0.26 g/t Au (from 50 m; SAAC273). No further work is recommended at this time.

Technical Details

Air core holes from Massala West Extension reported here were drilled on an azimuth of 270° (towards the west), at dips of 55. AC hole lengths were all 60 m. At Dalaba, two of the fifteen holes were vertical, with the remainder drilled on an azimuth of 270° at 55° dip. All holes were drilled to a depth of 60 m, with the exception of one hole, which was drilled to 35 m. The drill fences were designed to test structures interpreted from Gradient IP surveying, and potential mineralized trends identified by Compass’s earlier drilling. Drilling was performed by Etasi and Co. Drilling (Mali). All samples were prepared by Compass staff and an appropriate number of standards, duplicates and blanks were submitted and analysed for gold at SGS (Bamako, Mali) by fire assay.

About Compass Gold Corp.

Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX- V. Through the 2017 acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located in three sites in southern Mali with a combined land holding of 867 sq. km. The Sikasso Property is located in the same region as several multi-million-ounce gold projects, including Morila, Syama, Kalana and Komana. The Company’s Mali-based technical team, led in the field by Dr. Madani Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is conducting the current exploration program. They are examining numerous anomalies first noted in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.”

QAQC

All AC samples were collected following industry best practices, and an appropriate number and type of certified reference materials (standards), blanks and duplicates were inserted to ensure an effective QAQC program was carried out. The 1 m interval samples were prepared and analyzed at SGS SARL (Bamako, Mali) by fire assay technique FAE505. All standard and blank results were reviewed to ensure no failures were detected.

Qualified Person

This news release has been reviewed and approved by EurGeol. Dr. Sandy Archibald, P.Geo, Compass’s Technical Director, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.

Forward‐Looking Information
This news release contains "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the Company’s planned exploration work and management appointments. Readers are cautioned not to place undue reliance on forward‐looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward‐looking information except as required by applicable law.

For further information please contact:

Website: www.compassgoldcorp.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Vancouver, British Columbia–(Newsfile Corp. – October 6, 2021) – Dynasty Gold Corp. (TSXV: DYG) (FSE: D5G) (OTC Pink: DGDCF) ("Dynasty" or the "Company") is pleased to report that pursuant to the Amending Agreement ("Agreement"), the Company has made the $100,000 payment to Teck Resources Limited ("Teck"). Following the payment, Teck has transferred its 100% interest of the Thundercloud property to Dynasty. Teck has also waived its back-in right per the Amending Agreement. For details of the terms in the Amending Agreement, please refer to the news release dated September 27, 2021.

About the Thundercloud Property

The Thundercloud property is in the Archean Manitou-Stormy Lakes Greenstone belt in Ontario, 47 kilometres southwest of Dryden. The geological setting is comparable to the Abitibi belt in Eastern Ontario but is much less explored. The belt contains numerous gold showings, several high grade mines discovered in the area including the Big Master Mine (1902-1943) and the Laurentian Mine (1906-1909). In recent years, close to 30 M oz of gold have been mined and discovered, such as New Gold's Rainy River Mine (6.4 million oz gold and 18.7 million oz silver), and Agnico Eagle's Hammond Reef deposit (5.8 million oz gold).

To date, more than $10M has been spent on drilling and other surface exploration work. The majority of the 12,000 meters drilling were focused on a very small area of the property. The excellent database built by Teck will provide a guide for future targeting. Potential discoveries for Thundercloud include bulk-tonnage orogenic gold mineralization or high grade deposits.

About Dynasty Gold Corp.

Dynasty Gold Corp. is a Canadian exploration company currently focused on gold exploration in North America with projects located in a greenstone belt in Ontario and the Midas gold camp in Nevada. In addition currently, the 70% owned Hatu Qi2 gold mine in the Tien Shan Gold belt, Xinjiang, China, is in legal dispute with Xinjiang Non-Ferrous Industrial Metals Group and its subsidiary Western Region Gold Co. Ltd.. For more information, please visit the Company's website www.dynastygoldcorp.com.

ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.

"Ivy Chong"

_________________________________
Ivy Chong, President & CEO

For additional information please contact:
Vancouver Office:
Ivy Chong
Phone: 604.633.2100. Email: ichong@dynastygoldcorp.com

This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98784

VANCOUVER, BC / ACCESSWIRE / October 6, 2021 / Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW)(FRA:MXR)(OTC PINK:MWSNF) is pleased to announce assay results from two trenches located 200 metres east of the current drilled area at the 100%-owned Sunday Creek project in the Victorian Goldfields of Australia. The project is an epizonal-style gold prospect located 56 kilometres north of Melbourne and contained within 19,365 hectares of granted exploration tenements (Figures 1 and 2).

Highlights:

• High grade gold has been discovered in trenching in an undrilled area 200 metres east of the Apollo mine area at Sunday Creek (Figures 3 and 4). Highlights include:

  • 14.0 metres at 11.5 g/t gold and 0.3% antimony (Trench 1)

    • including 8.0 metres @ 19.6 g/t gold and 0.4% antimony

  • 2 metres @ 4.9 g/t gold and 0.2% antimony (Trench 2)

• Mineralization remains open 10 kilometres to the east of these trenches where historic mining was common but no drilling has ever taken place. Mawson has recently completed a 1,600 sample soil survey within this 10 kilometre extension with results to be reported shortly;

• Drilling continues at Sunday Creek with 24 holes now completed for 5,561 metres drilled. Further drill results will be reported shortly with the aim to report a maiden resource in 2022;

• Given the advancement of the Company's Finnish assets, and recent gold discoveries made in Australia by the Company, Mawson has commenced an internal corporate strategic review to identify, examine and consider opportunities related to its Australian assets in order to enhance shareholder value. Results from the review will be announced shortly.

Michael Hudson, Executive Chairman, states: "With a drill rig continuously turning at Sunday Creek, our focus has turned to expanding the system beyond our current 700-metre-long drill footprint. We are excited to report that the mineralized system continues to grow into undrilled (and unmined) areas. Trenches reported here, which include 8.0 metres @ 19.6 g/t gold, are located 200 metres east of our drill areas. To find such high grade and continuous gold only one metre below surface, never before discovered, shows the prospectivity that this project, and Victoria in general, has to offer. With 10 kilometres of strike to test, we are excited about the future opportunities that Sunday Creek can deliver."

Mawson initially collected ten grab samples within a 10 metre by 20 metre area that highlighted the surface anomalism east of Mawson's drilling. These grab samples averaged 21.6 g/t Au, 0.3% Sb with a minimum of 6.3 g/t gold, 0.2% antimony and a maximum of 44 g/t gold, 0.5% antimony . To better define the anomaly and to understand the partially covered outcrop, 4 shallow trenches were dug using a small excavator and the floor and the walls of the trenches where sampled. Trench 1 intersected 14.0 metres at 11.5 g/t gold and 0.3% antimony, including 8.0 metres @ 19.6 g/t gold and 0.4% antimony from an iron rich highly altered siltstone with quartz stockwork veining. Trench 2 was then designed to cross-cut Trench 1, and intersected 2 metres @ 4.9 g/t gold and 0.2% antimony (Figure 4). Trenches 3 and 4 where then placed 5-6 metres either side and parallel to Trench 1. The true thickness of the gold mineralized interval is interpreted to be approximately 20% of the sampled thickness in Trench 1 and 95% in Trench 2. No significant gold results were returned from trenches 3 or 4, which can be explained by mineralization trending in a NW-SE orientation, which mimics the main, but not the only, structural controls to gold in the Sunday Creek area. Antimony assays are anomalous over a much larger area, suggesting the presence of leached multi-parallel vein sets (Figure 5). The location, orientation and length of these trenches was limited due to vegetation. A fifth trench located 40m to the northeast did not intersect any significant gold. Channel samples are considered representative of the in-situ mineralization sampled, while grab samples are selective by nature and are unlikely to represent average grades on the property.

Technical and Environmental Background

Analytical samples are transported to On Site Laboratory Services' Bendigo facility which operates under both ISO 9001 and NATA quality systems. Samples were prepared and analyzed for gold using the fire assay technique (25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis use aqua regia digest and ICP-MS methods. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content and blanks within interpreted mineralized rock. In addition, On Site inserts blanks and standards into the analytical process.

The trenches were dug using a small (<2 tonne) excavator. No trees were removed, the trenches were immediately rehabilitated and reseeded.

Qualified Person

Dr. Nick Cook (FAusMM), Chief Geologist for the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in this press release.

About Mawson Gold Limited (TSX:MAW)(FRA:MXR)(OTC PINK:MWSNF)

Mawson Gold Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland. Mawson also owns or is joint venturing into three high-grade, historic epizonal goldfields covering 470 square kilometres in Victoria, Australia and is well placed to add to its already significant gold-cobalt resource in Finland.

On behalf of the Board,

"Michael Hudson"
Michael Hudson, Executive Chairman

Further Information
www.mawsongold.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316,
info@mawsongold.com

Forward-Looking Statement

This news release contains forward-looking statements or forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements and are based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labor. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to: capital and other costs varying significantly from estimates; changes in world metal markets; changes in equity markets; ability to achieve goals; that the political environment in which the Company operates will continue to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general; reliance on a single asset; planned drill programs and results varying from expectations; unexpected geological conditions; local community relations; dealings with non-governmental organizations; delays in operations due to permit grants; environmental and safety risks; and other risks and uncertainties disclosed under the heading "Risk Factors" in Mawson's most recent Annual Information Form filed on www.sedar.com. While these factors and assumptions are considered reasonable by Mawson, in light of management's experience and perception of current conditions and expected developments, Mawson can give no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Figure 1: Location of Mawson's tenure in Victoria, Australia.

Figure 2: Plan location of the Sunday Creek Project historic mines and location Mawson drilling.

Figure 3: Plan location of the Sunday Creek Project historic mines and location Mawson drilling.

Figure 4: Relative locations of Trenches 1 – 4 from Sunday Creek showing gold assays.

Figure 5: Relative locations of Trenches 1 – 4 from Sunday Creek showing antimony assays.

SOURCE: Mawson Gold Limited

View source version on accesswire.com:
https://www.accesswire.com/666970/Mawson-Trenches-80-metres-196-gt-gold-and-04-Antimony-200-metres-Beyond-Drill-Extensions-at-Sunday-Creek-in-Victoria-Australia

TORONTO, Oct. 6, 2021 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces that the report for the third quarter ended September 30, 2021 will be published on Wednesday, October 27, 2021.

Third Quarter 2021 Results Conference Call and Webcast

The Company will hold a telephone conference call and webcast at 08:00 ET, 14:00 CET on Thursday, October 28, 2021. Conference call details are provided below. Please dial in 15 minutes prior to the call start to ensure placement into the conference on time.

Call-in number for the conference call (North America): +1 647 788 4922
Call-in number for the conference call (North America Toll Free): +1 877 223 4471
Call-in number for the conference call (Sweden): 020 012 3522

To view the live webcast presentation, please log on using this direct link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=AF1E3F1C-52B3-4392-A5C8-9604B9B04786.

The presentation slideshow will also be available in PDF format on the Lundin Mining website www.lundinmining.com before the conference call.

A replay of the telephone conference will be available after the completion of the call through November 28, 2021.

Call-in numbers for the replay are (North America): +1 800 585 8367 or (internationally) +1 416 621 4642.

The passcode for the replay is: 2057837

A replay of the webcast will be available by clicking on the direct link above.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

SOURCE Lundin Mining Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2021/06/c8534.html

Edmonton, Alberta–(Newsfile Corp. – October 6, 2021) – Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) (FSE: G6H) ("Grizzly" or the "Company") is pleased to announce a private placement (the "Private Placement") of up to 10,000,000 Units (as defined below) at a price of $0.05 per Unit, and up to 20,000,000 FT Units (as defined below) at a price of $0.05 per FT Unit, for aggregate gross proceeds of up to $1,500,000. Each Unit consists of one common share of the Company ("Common Share") and one non-transferable warrant, and each FT Unit consists of one Common Share issued as a flow-through share for the purposes of the Income Tax Act (Canada) and one half of one Warrant. Each whole Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.075 per Common Share until the earlier of: (a) 30 days following the issuance of a news release by the Company that the trading price of the Common Shares on the TSX Venture Exchange is at or greater than $0.10 per Common Share for 10 consecutive trading days (the "Acceleration"); and (b) 24 months from the date of issuance ("Warrant").

The Private Placement is being offered to qualified subscribers in the Provinces of Alberta, British Columbia, Ontario, and in other such jurisdictions in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.

In connection with the Private Placement, where permitted by applicable securities legislation, any Units sold to purchasers referred to the Company by registered broker dealers, limited market dealers, or other eligible arm's length persons (individually, a "Finder") may result in a cash commission in an amount equal to 7% of the gross proceeds of the Units and FT Units sold to such referred purchasers ("Finder fees"), to be paid out of the gross proceeds of Units to the Finder at closing. As additional consideration, the Company may issue to the Finder Common Share purchase warrants (the "Finder Warrants") entitling the Finder to purchase an additional number of Common Shares equal to 7% of the aggregate number of Units and FT Units sold by the Finder in the Private Placement, on the same terms as the Warrants. Subject to regulatory approval, each Finder Warrant will be exercisable to acquire one common share at $0.075 for a period of 24 months after the Closing Date, subject to the Acceleration.

The net proceeds from the sale of the Units will be used for general corporate and working capital purposes, and the proceeds from the sale of FT Units will be used to incur Canadian exploration expenses as defined in the Income Tax Act (Canada). All Common Shares issued under the Private Placement and any Common Shares issuable upon exercise of Warrants will be subject to a four month hold period from the date of closing of the Private Placement in accordance with applicable laws and regulations.

Exploration expenses will primarily be spent at Grizzly's Robocop and Greenwood Projects. Highlights for the Robocop Project include:

• The Robocop Project is comprised of 9,838 acres (3,981 ha) in nine mineral claims that are all road accessible, just off Provincial Highway 93 in southeast B.C. Sediment hosted Co-Cu-Ag mineralization is similar in style, age and host rocks to mineralization at Jervois Mining Ltd.'s Idaho Cobalt project and Hecla's Revett Formation hosted mineralization near Troy, Montana.

• Initial surface trenching in the late 1980's to early 1990's yielded up to 0.06% Co and 1.93% Cu over 6 metres (m) in one trench, and in a separate trench up to 0.146% Co, 1.8% Cu and 5.3 grams per tonne (g/t) Ag over 5 m in sediment-hosted sulphide mineralization within middle Proterozoic Purcell Group rocks (Thomson, 1990).

• A total of 15 drill holes in the area between 1990 and 2008 have yielded several intersections of near surface Co-Cu-Ag mineralization with grades of up to 0.134% Co, 1.19% Cu and 33.8 g/t Ag over 1.23 m core length in hole R-1990-5 and 0.14% Co, 0.9% Cu and 2.7 g/t Ag over 3.1 m core length in hole R-1990-6 (Thomson, 1990), along with an intersection of 0.18% Co, 0.28% Cu and 4.1 g/t Ag over 1 m core length in hole R-2008-02 (Pighin, 2009).

• All but one of the historical drillholes tested a single target in an area about 500 m by 350 m. The Property is approximately 10 km in length and 3.5 km in width and contains numerous untested anomalous soil +/- rock geochemical targets.

• The Robocop Project is currently awaiting drilling permits.

The Company also has drill-ready and permitted Cu-Au-Ag targets in the Greenwood area including the Motherlode and Dayton Prospects.

The Private Placement, Finder fees, and Finder Warrants are subject to acceptance of the TSX Venture Exchange. The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

The technical content of this news release and the Company's technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange, with 90 million shares issued, focused on developing its over 160,000 acres of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Chris Beltgens
Corporate Development
Tel: 604 347 9535
Email: cbeltgens@grizzlydiscoveries.com

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

Caution concerning forward-looking information

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98768.

VANCOUVER, British Columbia, Oct. 06, 2021 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) will release its third quarter 2021 earnings results on Wednesday, October 27, 2021 before market open.

The company will hold an investor conference call to discuss the third quarter 2021 earnings results at 11:00 a.m. Eastern time / 8:00 a.m. Pacific time on Wednesday, October 27, 2021. The conference call dial-in is 416.340.2217 or toll free 800.806.5484, quote 1852700 if requested. Media are invited to attend on a listen-only basis.

A live audio webcast of the conference call, together with supporting presentation slides, will be available on Teck's website at www.teck.com.

The recording of the live audio webcast will be available from 3:00 p.m. Pacific time October 27, 2021 on Teck’s website at www.teck.com.

About Teck
As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:
Ellen Lai
Coordinator, Investor Relations
604.699.4257
ellen.lai@teck.com

Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com

VANCOUVER, British Columbia, Oct. 06, 2021 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that partner company Valor Resources Limited (“Valor”) has provided an update on results from the recently completed on-ground field program at the Hook Lake Project. Following the on-ground field program that concluded in August and the subsequent reporting of high-grade uranium assay results, planning of a follow-up drill program is underway.

Hook Lake (Formally North Falcon Point) Project:
https://skyharbourltd.com/_resources/projects/Falcon-Point-Project.jpg

Highlights:

• Planning of diamond drilling program at Hook Lake Project well advanced

• All necessary permits in place for diamond drilling program to commence

• Drilling to test at depth and along strike from historical trench at Hook Lake / Zone S Prospect where recent surface sampling returned assays of up to 59.2% U3O8, 5.05% TREO, 507g/t Ag and 14.5% Pb

• Diamond drilling to also test targets at West Way Prospect

• Drilling set to commence in December 2021 with a program of at least 2,500m proposed

• Project Geologist seconded from Dahrouge Geological Consulting

Upcoming Drill Program and Geological Summary:

The diamond drilling program will be primarily focused on the area around the historical trench at the Zone S prospect where recent sampling by Valor returned assays of (see news release dated August 31^st, 2021):

• 59.2% U3O8, 499g/t Ag, 5.05% TREO, 14.4% Pb (Float sample)

• 57.4% U3O8, 507g/t Ag, 3.68% TREO, 14.5% Pb (Rock Chip sample)

• 46.1% U3O8, 435g/t Ag, 2.88% TREO, 8.8% Pb (Rock Chip sample)

• 6.92% U3O8, 0.81% TREO, 2% Pb (Rock Chip sample)

• 6.42% U3O8, 1.17% TREO, 1.8% Pb (Rock Chip sample)

*TREO = Total Rare Earth Oxides = La₂O₃, CeO₂, Pr₆O₁₁, Nd₂O₃, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃, Ho₂O₃, Er₂O₃, Yb₂O₃, Y₂O₃

All necessary permits for the drilling program have been granted by the Saskatchewan Ministry of Environment and all relevant stakeholders including First Nations communities are being contacted regarding the upcoming program. The drilling will be helicopter supported thereby reducing the environmental impact on the area.

Valor’s Executive Chairman Mr. George Bauk stated: “Following on from the results published in August 2021 and desktop reviews being undertaken, we are pleased to be finalising the upcoming drill program scheduled for December. We will be targeting three key areas to begin with and look forward to the results as they come to hand. Over the past month with the increase in the spot uranium price we have seen an unprecedented land grab in the Athabasca Basin. Most of the Basin has been pegged which highlights the excitement and prospectively of this area. We have seven projects in and around the Basin that demand exploration attention.”

Final drill hole locations are currently being determined with historical drilling data being digitised and compiled and integrated into a 3D geological model over the Zone S target area. The Hook Lake high-grade uranium (and rare earth) mineralisation is interpreted to be located at a dilational trap/jog which has formed at the intersection of a northeast-southwest trending shear zone and a possible north-south trending structure (potentially a re-activated Tabbernor fault structure). Besides the downdip and down-plunge potential of the immediate Hook Lake target, there is potential for further structural targets of this nature along strike to the northeast and southwest from the Hook Lake prospect.

Drilling is planned to commence in December with an expected program of 10-15 drill holes for a total of around 2,500m – 4,500m. Drilling will also test targets at the West Way prospect where recent surface sampling by Valor returned assays of up to 0.64% U3O8 and 3.4% Mo (previously reported in the August 31^st, 2021 news release).

The on-ground technical team in Canada has been boosted by the secondment of a full-time geologist from Dahrouge Geological Consulting from October for a period of at least 3 months. In addition, an Australian based geoscience consulting group, Terra Resources, has been contracted to provide geophysical services to Valor with particular emphasis on the Athabasca projects. Terra will also be carrying out historical data compilation for all the Company’s projects in the Athabasca, starting with the Hook Lake Project, capturing this data in a digital format, then integrating with other geoscientific data sets to develop 3D geological models and targets.

Other ongoing work for the Hook Lake Project is the mineralogical characterisation study of the high-grade uranium and REE samples from the Zone S prospect. Work is to be carried out by the Saskatchewan Research Council (SRC) Geoanalytical Laboratories which will include QEMSCAN Mineralogical analysis.

The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive Agreement with Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance of 233,333,333 shares of Valor.

About Hook Lake (previously North Falcon Point) Project:

Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralization including:

• Hook Lake / Zone S – High-grade surface outcrop with reported grades in grab samples up to 68% U₃O₈; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast

• Nob Hill – Fracture-controlled vein-type uranium mineralization on surface outcrop with up to 0.130% – 0.141% U₃O₈ in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m

• West Way – Vein type U mineralization within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U₃O₈ and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb

• Grid T – Fracture-hosted secondary uranium mineralization in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U

• Alexander Lake Boulder Field – 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively

• Thompson Lake Boulder Field – Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder

• NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni

The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.

About Valor Resources Ltd:

Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder value through acquisitions and exploration activities.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects covering over 250,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U₃O₈ over 5.9 metres including 20.8% U₃O₈ over 1.5 metres at a vertical depth of 265 metres. The Company is actively advancing the project through drill programs.

Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.

The Company also owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U₃O₈ at 0.03% and 5.3 million pounds of ThO₂ at 0.023%. Skyharbour has signed a Definitive Agreement with ASX-listed Valor Resources on the Hooke Lake (previously North Falcon Point) Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.

SKYHARBOUR RESOURCES LTD.

“Jordan Trimble”

Jordan Trimble
President and CEO

For further information contact myself or:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

Steven Burd led the grocery chain as it invested more than $350 million in a deal that never fully materialized.

The investment bank rejiggered its list of favorite steel names. Even the new winners were having a down day.

ENDEAVOUR ANNOUNCES TOTAL VOTING RIGHTS

London, 05 October 2021 – The following notification is made in accordance with the UK Financial Conduct Authority's (“FCA”) Disclosure Guidance and Transparency Rule 5.6.

As at 6pm on 30 September 2021, the issued ordinary share capital of Endeavour Mining plc (LSE: EDV, TSX: EDV) (“the Company”) was 249,128,987 ordinary shares of US$0.01 each. 110,000 shares were held in treasury pending cancellation, and therefore the total number of voting rights in the Company as at 6pm on 30 September 2021 was 249,018,987.

This figure for the total number of voting rights may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

In addition, as at 30 September 2021, the Company had in issue 4,450,000,000 deferred shares of US$1 each. These deferred shares do not carry voting rights and were issued solely to enable the proposed reduction of capital to be effected on the terms set out in the notice of meeting dated 11 August 2021. The Company expects that these deferred shares will be cancelled in the near future, once the reduction of capital has been confirmed by the court.

CONTACT INFORMATION

ABOUT ENDEAVOUR MINING PLC

Endeavour is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London Stock Exchange and the Toronto Stock Exchange, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

Attachment

• 211005 – NR – Total Voting Rights