Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) reports its financial results for the three months and nine months ended September 30, 2024.

Optimization and ramp up of operations at both Campo Morado and Tahuehueto continued to progress well during the third quarter. The Company is pleased to announce highlights of this transitional quarter which will set the stage for important catalysts ahead.

Highlights

• Despite several planned and unplanned mill shutdowns this quarter at both operations for testing and adjustments as part of the optimization and ramp up process, Q3 generated a positive mine operating profit of US$1.7 million and US$8.0 million over the first nine months.
• EBITDA[1] was negative for Q3 coming in at (US$1.1 million). EBITDA for the nine months ended September 30, 2024, was US$11.4 million, a 396% increase over the same period last year.
• Net quarterly revenue for Q3 2024 was US$18.1 million, up 60% from the same period last year. Total net revenue for the nine months ended September 30, 2024, was US$52.6 million.
• Mine operating cash flow before taxeswas US$2.4 million in the third quarter and US$9.8 million over the first nine months.
• Production of 11,988 oz of gold equivalent during Q3 comprising 3,604 oz gold, 158,778 oz silver, 5,876,385 lbs zinc, 1,817,924 lbs copper, and 1,141,934 lbs lead. Over the nine months ended September 30, 2024, the Company produced 40,083 oz of gold equivalent.

• The Campo Morado Improvement Project (“CMIP”) continues to make excellent progress. The aim of the CMIP is to ensure reliable, efficient and steady plant operation for years to come. Our near-term objective of achieving 2,000 tpd throughput is on track. Copper recoveries remain strong and are now close to 80%.  The copper-lead separation initiative is well underway. In the next few months, the mill will be producing separate zinc, copper and bulk (lead and precious metals) concentrates which will increase the quantity of saleable metals.
• Campo Morado recently celebrated one year of zero lost time injuries at the mine.
• Mobilization of our new mine contractor, Cominvi, S.A. de C.V., to Campo Morado is nearing completion. Working with Cominvi will allow Luca to increase production at Campo Morado and provide cost effective access to newer mining equipment for the Company’s ongoing operations without incurring significant capital expenditures.
• Ramp up and commissioning at the Tahuehueto gold mine is progressing well with throughputs starting to hit objective levels of +800 tpd. The mine continues to make progress toward commercial production. 
• An exploration drilling campaign is underway at Tahuehueto. Tahuehueto comprises a large, epithermal gold/silver vein system and this campaign is the first significant exploration drill program on the property in over 10 years. The Company expects the current campaign to include up to 5,000 metres of diamond core drilling in 26 holes from underground over the next 4-6 months. The drill plan takes advantage of recently developed areas to potentially extend the resource along the modeled veins.
• The Company has started to pay down its term debt through cashflow and expects to be debt free by mid-2026.
• The Company recently closed a fully subscribed brokered private placement pursuant to the “listed issuer financing exemption” under Part 5A of NI 45-106 – Prospectus Exemptions resulting in the issuance and sale of 19,000,000 units of the Company (the “LIFE Units”) at a price of C$0.45 per LIFE Unit for aggregate gross proceeds of C$8,550,000 (the “LIFE Offering”). The Company also closed a concurrent non-brokered private placement of 6,126,167 units of the Company (the “Non-LIFE Units”) at a price of C$0.45 per Non-LIFE Unit for aggregate gross proceeds of C$2,756,775. The combined gross proceeds raised pursuant to the Financings was C$11,306,775.
• Luca welcomed three senior professionals to the team to oversee and direct the Company’s exploration strategy. Paul Gray will join as VP Exploration and will lead and direct all exploration activities. Gillian Kearvell will join as senior geological consultant and will work with Paul Gray focusing on building the Company’s resource base as well as assist in developing a long-term organic growth strategy. Fernando Teliz will manage the drill campaigns and their execution.  

Dan Barnholden, CEO stated, “We’ve had a busy quarter, and I’m pleased with the progress. The Company completed a financing totalling C$11.3 million which is allowing us to shorten the lead time on our value creation initiatives. Optimization at both Campo Morado and Tahuehueto continues to progress. The third quarter was a transitional quarter where a key focus was to complete work on the mines and mills which impacted our results, but this work is setting the stage for exciting growth ahead in Q4 and for 2025. The idea of the optimization program is to realize the full value of our two operating mines.  This initiative will maximize efficiency, production and financial results. We expect our fourth quarter and beyond to demonstrate the results of our optimization efforts. With optimized operations as a strong foundation, we can now begin to explore the enormous upside that both of our projects offer. We have a clear exploration strategy of first identifying additional near-mine mineralization that can be quickly added to the mine plans, leveraging extensive historical data and generate new information through drilling and other exploration tools to extend mine life and expand resources, and finally, demonstrate the district-scale potential at both Tahuehueto and Campo Morado by targeting high-impact exploration zones further from the mine sites.” <Listen to Dan explain Q3 results>

To view the full Financial Statements and Management’s Discussion & Analysis <Click Here>

Production and Financial Overview

CONSOLIDATED OPERATIONS

The Company operates the Campo Morado mine and Tahuehueto project. Consolidated operating results are as follows:

1. Gold equivalents are calculated using an 84.15:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0017:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q3 2024, an 81.00:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2 2024, an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; 85.07:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q4, 2023; 81.84:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q3 2023; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023; 83.71:1 (Ag/Au), 0.0008:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2023.
2. Production costs include mining, milling, and direct overhead cost at the operation sites. See reconciliation on page 29 of the September 30, 2024, MD&A.
3. Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs. See reconciliation on page 29 of the September 30, 2024, MD&A.
4. AISC per Au/Eq oz includes mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation, and sustaining capital. See Reconciliation to IFRS on page 29 of the September 30, 2024, MD&A.
5. See “Non-IFRS Financial Measures” on page 26 of the September 30, 2024, MD&A.
6. Based on provisional sales before final price adjustments, treatment, and refining charges.
7. All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 29 of the September 30, 2024, MD&A.
8. Average tonnes milled per day assumes the actual days in the month less 2 planned monthly down days.

About Luca Mining Corp.

Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines in Mexico. The Company produces gold, silver, zinc, copper and lead from these mines that each have considerable development and resource upside.

The Campo Morado mine, is an underground operation located in Guerrero State, a prolific mining region in Mexico. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimisation program which is already generating significant improvements in recoveries and grades, efficiencies, and cashflows.

The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State, Mexico, within the Sierra Madre Mineral Belt which hosts numerous producing and historic mines along its trend. The Company has completed the installation of major equipment and is commissioning its mill capacity to 1,000 tonnes per day, with key test work and production ramp-up underway, to achieve full production.

The Company expects its operations to start generating positive cash flows in 2024. Luca Mining is focused on growth with the aim of maximizing shareholder returns.

For more information, please visit: www.lucamining.com

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, CEO

Qualified Persons

The technical information contained in this News Release has been reviewed and approved by Mr. Paul Gray, Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43-101.

Cautionary Note Regarding Production Decisions and Forward-Looking Statements 

It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Positive operating cash flow is defined as excluding capital, debt repayment and Trafigura financing.

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the planned program to improve mining operations at Campo Morado, impact of debt reduction on the Company’s operations and timing to be debt free; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold, copper and other metals, economic and political conditions, and operations; the impact of debt reduction on the Company’s operations and operating performance, and increased financial flexibility resulting from such debt reduction. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither 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. 

For further information about Luca Mining Corp., please contact: 

Sophia Shane

Director of Corporate Development

sshane@lucamining.com

[1] EBITDA is a non-IFRS Financial Measure. Please refer to the September 30, 2024, MD&A for additional information about non-IFRS measures.

Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce the hiring of a highly experienced geological team to execute the Company’s ambitious exploration strategy at both Tahuehueto and Campo Morado. 

The primary objective of the exploration strategy is to create significant value by focusing on three key goals:

1. Identify additional high-grade, near-mine mineralization that can be quickly added to the mine plans at both Tahuehueto and Campo Morado, directly enhancing cash flow.
2. Leverage extensive historical data and generate new information through drilling and other exploration tools to extend mine life and expand resources.
3. Demonstrate the district-scale potential at both Tahuehueto and Campo Morado by targeting high-impact exploration zones further from the mine sites.

Luca is very pleased to welcome to the team three senior professionals to oversee and direct the Company’s exploration plans.   Paul Gray will join as VP Exploration and will lead and direct all exploration activities reporting to the CEO, Dan Barnholden.  Mr. Gray will also serve as Luca’s Qualified Person pursuant to National Instrument (“NI”) 43-101.  Gillian Kearvell will join as senior geological consultant and will work with Paul Gray focusing on building the Company’s resource base as well as assist in developing a long-term organic growth strategy. Fernando Teliz will manage the drill campaigns and their execution.   

Paul Gray, P.Geo

Mr. Gray brings a proven track record of global precious metals and base metals exploration success spanning multiple continents over 30 years.  His expertise includes the design, management and execution of multi-million-dollar advanced exploration and resource delineation programs as well as the authorships of numerous NI 43-101 Technical Reports.  He is a member in good standing with the Engineers and Geoscientists of British Columbia and a Qualified Person as defined by NI 43-101. Mr. Gray brings a ‘boots on the ground’ approach to Luca’s exploration team where he will lead and direct all exploration activities. Most recently Paul was VP Exploration at Victoria Gold Corp. where he was responsible for the discovery and definition of near-mine and greenfield mineral resources.

Paul Gray commented, “I am excited to work with Luca’s team to unlock the impressive mineral potential at both the Campo Morado and Tahuehueto Projects. Luca represents a rare opportunity, in possession of two production assets in a mining friendly jurisdiction, both of which have a vast and quality historic geoscience database to work with, inclusive of multiple untested targets – the perfect recipe for mineral resource expansion and new discoveries.”

<Listen to Paul explain why he’s excited about the Company’s potential>

Gillian Kearvell, B.Sc.

Ms. Kearvell is a geologist with over 40 years of successful exploration experience working with both junior and senior companies throughout North America, including 30 years in Mexico. She is one of the foremost experts in the Guerrero Gold Belt where Luca’s Campo Morado mine is located. In several increasing management roles for Teck Exploration, she co-discovered the San Nicolas VMS deposit in Zacatecas and led Teck’s exploration team to develop the Guerrero Gold Belt exploration model and the subsequent discovery of the ELG and CML Gold Mines (Torex Gold, TSX: TXG), concurrent with managing prefeasibility studies for the Los Filos gold discovery for Teck (now Equinox Gold: TSX:EQX). Subsequently, as manager for Capstone Gold’s Cozamin mine, she participated in the discovery of their significant copper resources. As Vice President Corp Dev then VP Exploration for Newstrike she was instrumental in bringing the Guerrero Gold belt story to capital markets for the first time and in the discovery of the development stage Ana Paula gold resource (now Heliostar Metals, TSX.V:HSTR). Gillian will work with Paul Gray with a particular focus on growing the resource base of Luca’s Campo Morado and Tahuehueto mines and will assist in developing a long-term organic growth strategy. Gillian is based in Mexico and consults in a similar capacity for Angelwing Metals (TSX.V:AWM).

Gillian Kearvell commented, “I am delighted to be working with this amazing team and am excited by what we will accomplish together. Dan has a sound growth strategy to focus first on increasing the resource and the capacity at both mines that Paul and I feel confident can soon be accomplished over the short term. I am also very excited by the untapped organic growth potential I see at both Campo Morado and Tahuehueto, two highly underexplored projects with excellent upside. I very much look forward to working with Dan, Paul and Fernando and the rest of the team in Mexico as we focus on the near-term upside to increase profitability at both mines, while also developing and executing on a long-term exploration strategy that I fully expect will lead to new discoveries.”

Fernando Teliz, M.Sc.

Mr. Teliz brings to the Company a wealth of expertise in the design, development and evaluation of exploration programs from generative to advanced stage throughout the Americas and the identification of strategic opportunities to improve results based on 30 years of experience in Au/Ag/Cu/Zn/Mo mineral systems. Mr. Teliz spent almost 20 years working for Cominco Ltd. and then Teck Resources. He has consulted for some of the largest mining companies in the world in the last eight years, including Newcrest, Lundin Gold and Coeur.  He is based in Mexico and will oversee Luca’s exploration at Campo Morado and Tahuehueto. Mr. Teliz is member of the College of Mining, Metallurgist and Geological Professional Engineers of Mexico (CIMMGM).

Fernando Teliz commented, “I think we have one of the best exploration teams in Mexico and I look forward to working with them as we execute our strategic, high impact exploration programs at Campo Morado and Tahuehueto.  Luca Mining’s two mining projects are located in fertile mineral ground and have comprehensive historical exploration data sets that will be integrated into the current model providing an excellent foundation for our exciting exploration plans.”

Dan Barnholden, CEO, commented, “I am thrilled to welcome such experienced exploration professionals to the Luca team.   I have known Paul and Gillian for many years and am looking forward to getting to know Fernando. With the addition of this group of top-tier explorationists, I have a high degree of conviction that we will be successful in achieving our exploration goals. Our investment in exploration at Campo Morado and Tahuehueto at this critical juncture in the Company’s development will be a catalyst in demonstrating these assets’ extraordinary potential”. 

About Luca Mining Corp.

Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado mine, is an underground operation located in Guerrero State.  It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries and grades, efficiencies, and cashflows.

The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State. which hosts numerous producing and historic mines along its trend. The Company is commissioning its mill and is expected to achieve commercial production by the end of the year.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

Sophia Shane Director of Corporate Development sshane@lucamining.com +1 604 306 6867

Glen Sandwell Corporate Communications Manager ir@lucamining.com

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, anticipated discovery of higher-grade mineralization and ability to add to existing mine plans; other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Tahuehueto Project and Campo Morado properties that can be achieved; the geological mapping from mining activity at Tahuehueto Project and Campo Morado will continue to provide information to guide exploration program plans; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither 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.

Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce the recommencement of principal repayments on its term loans with Trafigura Mexico S.A. de C.V. (“Trafigura”), a significant milestone in the Company’s financial strategy. The Company is on track to eliminate its term debt in 2026, reflecting a stronger financial outlook and disciplined cash management.

Luca has outstanding loans with Trafigura totaling US$18.1 million. This total includes a non-interest-bearing convertible loan of US$5.8 million due in January 2027. The remaining US$12.3 million in term debt is scheduled for repayment by mid-2026, offering the Company added financial flexibility.

The Company commenced principal repayments to Trafigura on its outstanding term debt in October 2024, leveraging improved cash flow from its ongoing mining operations. This achievement reflects the Company’s commitment to optimizing financial performance while focusing on operational efficiency. Luca remains focused on strengthening its balance sheet and reducing debt to support its long-term financial stability.

“Recommencing principal repayments marks a pivotal moment for Luca as we continue to enhance our financial stability,” said Lisa Dea, CFO. “Our improved cash flow allows us to confidently resume debt repayments while maintaining our growth trajectory. This marks a critical step in strengthening our balance sheet and we are well-positioned to be debt-free by 2027. We are focused on using our cash flow to support both debt reduction and the continued success of our operations” <Listen to Lisa explain the company’s plans>

As Luca reduces its debt, the Company expects to gain greater financial flexibility, enabling a focus on future growth opportunities and enhancing long-term shareholder value.

Luca’s favourable debt status is a result of the Company successfully completing a restructuring transaction with Trafigura in January of this year. (See news release dated January 19, 2024.)  The key result of this transaction was converting US$5.8 million of the term loan into the non-interest-bearing convertible debenture referenced above.  A subsequent agreement was transacted in August 2024 (see Q2 Financial Statements) resulting in the principal payment dates of the term loan being pushed out, thereby giving the Company more options as we worked to improve our balance sheet.

Corporate Update

The Company also reports that Mr. Chris Richings, VP of Technical, has resigned from his position to pursue a new career opportunity.  The Company would like to thank Chris for his valuable contributions to Luca. His expertise and dedication have been instrumental to our progress, and we wish him continued success in his future endeavors.

About Luca Mining Corp.

Luca Mining Corp (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines located in Mexico’s prolific Sierra Madre mineralized belt home to numerous producing and historic mining operations. The Company produces gold, copper, zinc, silver, and lead, each with significant development potential and resource upside.

The Campo Morado mine, an underground operation in Guerrero State, produces copper-zinc-lead concentrates with precious metals credits. Currently, the mine is undergoing an optimization program that is already yielding substantial improvements in recovery rates, grades, efficiencies, and cash flows.

The TahuehuetoGold and Silver Mine, Luca’s newest underground operation in Durango State, is a key addition to the Company’s portfolio and to the region’s mining landscape. The mill at Tahuehueto is now in the commissioning phase, with commercial production expected by year-end

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

Sophia Shane

Director of Corporate Development

sshane@lucamining.com

+1 604 306 6867              

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, impact of debt reduction on the Company’s operations; conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, the impact of debt reduction on the Company’s operations and operating performance, and increased financial flexibility resulting from such debt reduction. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither 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.