Denarius Announces First Quarter 2021 Results
31 Mai 2021 - 01:00PM
Denarius Silver Corp. (“Denarius” or “the Company”) (TSXV: DSLV)
announced today that it has filed its unaudited interim condensed
consolidated financial statements and accompanying management’s
discussion and analysis (MD&A) for the three months ended March
31, 2021. These documents can be found on its website at
www.denariussilver.com and by reviewing its profile on SEDAR at
www.sedar.com. All financial figures contained herein are expressed
in U.S. dollars unless otherwise noted.
Serafino Iacono, Interim Chief Executive Officer
of Denarius, commented, “We are excited about the prospects for
value creation in Denarius with our focus on advancing mining
projects in high-grade districts, including the recently acquired
Lomero polymetallic project in Spain and the Guia Antigua and
Zancudo silver-gold projects in Colombia. We have assembled a
portfolio of assets located in close proximity to productive
operations with robust infrastructure in place to help quickly
advance these projects. Our effort in the first quarter of 2021
centered on the formation of Denarius through the RTO Transaction
and raising the capital required for the exploration programs we
are imminently launching at the Lomero and Guia Antigua Projects,
full details of which we will be announcing shortly. Our early
stage work will include an update of the historic inferred resource
estimate for the Lomero Project. With forecasted growth in the
demand for copper, the Lomero Project positions the Company well to
participate in the evolving green metals market.”
First Quarter 2021
Highlights
- The Company, 1255269 B.C. Ltd. (the
“Guia Antigua Vendor”) and Gran Colombia Gold Titiribi Corp., a
wholly-owned subsidiary of Gran Colombia Gold Corp. (TSX: GCM),
successfully completed a reverse take over transaction (“RTO
Transaction”) on February 19, 2021, to create a new junior
exploration company focused on advancing two silver-gold
exploration projects, the Guia Antigua and Zancudo Projects, both
of which are located in high-grade mining districts in Colombia.
Concurrently with the closing of the RTO Transaction, the Guia
Antigua Vendor completed a private placement financing and the
gross proceeds of CA$8.4 million (approximately $6.7 million) were
released from escrow to the Company. These funds will be used by
the Company to continue with the exploration program at the Guia
Antigua Project and for general corporate purposes.
- On April 29,
2021, the Company added its third project (the “Lomero Project”)
with the acquisition of a 100% interest in the Investigation Permit
Nº 14,977, also identified as Rubia, covering the areas occupied by
the former Lomero-Poyatos Concessions and the mine within them in
southern Spain. The Lomero Project is a polymetallic deposit
located on the Spanish side of the prolific copper rich Iberian
Pyrite belt with a historical estimate in the inferred category of
20.93 Mt of 3.08 g/t gold, 62.38 g/t silver, 0.90% copper, 0.85%
lead and 3.05% zinc that remains open at depth and along strike.
The historical estimate is reported within a >25% sulphur
mineral envelope at a cut-off grade of 1.0 g/t Au for an
underground mining scenario. The historical resource estimate was
reported in a NI 43-101 technical report by Behre Dolbear with
effective date of 2011. The parameters used to make the historical
resource estimate are described in a NI 43-101 technical report by
Behre Dolbear with effective date of April 5, 2021 that was
published on SEDAR and the Company’s website on May 3, 2021. A
qualified person has not done sufficient work to classify the
historical estimate as current mineral resources or mineral
reserves, and the Company is not treating the historical estimate
as current mineral resources or mineral reserves.
- In March 2021, in preparation for
the Lomero Project acquisition and the planned exploration program
to be undertaken by the Company over the next approximately two
years at the Lomero Project, the Company completed a non-brokered
private placement financing of 75,000,000 subscription receipts at
a price of CA$0.45 per subscription receipt for aggregate gross
cash proceeds of approximately CA$33.8 million (equivalent to
approximately $26.9 million). The Subscription Receipts were
converted into common shares and warrants on April 29, 2021.
- Denarius commenced trading on the
TSX Venture Exchange (“TSXV”) under the symbol “DSLV” on March 8,
2021 and currently has 204.9 million common shares issued and
outstanding. The Company has a strong shareholder base with
approximately 27% owned by Gran Colombia Gold and 19% owned by King
Street Capital.
- The Company reported a net loss for
the first quarter of 2021 of $14.4 million, or $0.35 per share,
compared with net loss of $Nil in the first quarter of 2020. The
largest item affecting the net loss in the first quarter of 2021
was the $12.9 million one-time charge related to the RTO
Transaction.
- The Company had cash and cash
equivalents, including cash in escrow which has since been
released, at the end of March 2021 totaling $32.4 million. After
completing the Lomero Project acquisition and other expenditures,
the Company currently has a cash position of approximately $22
million to fund its exploration programs and corporate
expenditures.
About Denarius
Denarius is a Canadian-listed public company
engaged in the acquisition, exploration, development and eventual
operation of mining projects in high-grade districts, with its
principal focus on the Lomero Project in Spain and the Guia Antigua
Project in Colombia. The Company also owns the Zancudo Project in
Colombia which is currently being explored by IAMGOLD Corp.
pursuant to an option agreement for the exploration and potential
purchase of an interest in the project.
Additional information on Denarius can be found
on its website at www.denariussilver.com and by reviewing its
profile on SEDAR at www.sedar.com.
Qualified Persons Review
The scientific and technical information in this
news release has been reviewed and approved by Stewart Redwood, BSc
(Hons), PhD, FIMMM, FGS, a “Qualified Person” as defined under
National Instrument 43-101.
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to anticipated business plans or strategies. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Denarius to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that could cause actual results to differ materially from those
anticipated in these forward-looking statements are described under
the caption "Risk Factors" in the Company's Filing Statement dated
as of February 18, 2021 which is available for view on SEDAR at
www.sedar.com. Forward-looking statements contained herein are made
as of the date of this press release and Denarius disclaims, other
than as required by law, any obligation to update any
forward-looking statements whether as a result of new information,
results, future events, circumstances, or if management's estimates
or opinions should change, or otherwise. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
For Further Information,
Contact:
Mike DaviesChief Financial Officer(416)
360-4653investors@denariussilver.com
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