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Operational Highlights 2024
The Company has initiated copper concentrate production after the successful commissioning of the recently refurbished and upgraded mineral processing facility at Punitaqui. Mining activities to establish access to the mineralized zones in both Cinabrio and San Andres continue to ramp up with stockpiling of fresh mill feed. Cinabrio is the original mine that supplied feed for the first 10 years of prior operations, primarily by Glencore plc.
During the ramp up period of the mines, the Company is looking to boost the revenue stream by processing mill feed from external sources. Supply to the mill over the coming months will be a combination of fresh material from the Punitaqui mines and feed from outside sources including material from private mines in the area, and copper smelter slags.
Anglo-American Agreement
The source of slags supply is made possible by the Anglo-American PLC (“Anglo”) agreement announced on
Milestones
The timeline from first fresh mine feed through the mill to reaching planned capacity is expected to require approximately nine months, reaching a run rate of ~90,000 tonnes per month. BMR expects that the Punitaqui full annual copper production rate will be in the range of 19 million to 23 million pounds of copper in concentrate with an operating margin of
While the Cinabrio and San Andres mines are reaching full production, the Company will continue processing mill feed from outside sources and advancing toward its newly discovered Cinabrio Norte zone, to commence production of mill feed from that zone in H2 2025.
As part of the ongoing operational readiness during 2024, BMR is executing underground infill and extensional drilling at San Andreas and Cinabrio. The drilling program is designed to further define areas that could be included in near-term mine sequencing and for grade control purposes. The company looks forward to reporting the results of this drilling during the course of the year.
Closing of Convertible Debenture Offering
BMR is also pleased to announce that it has closed its
As previously announced, the Debentures will mature on
The holder of a Debenture may, at their option, at any time preceding the Maturity Date, convert all, but not less than all, of the principal amount of such Debenture into common shares of the Company at the conversion price of
All Debentures issued in the Private Placement and in connection with the debt consolidation are subject to a four month hold period under applicable Canadian securities laws and under the policies of the
MI 61-101 Matters
Weston Energy II LLC’s participation in the Private Placement constitutes a “related party transaction” for the purposes of MI 61-101. The transaction is exempt from the formal valuation requirements of MI 61-101 as the fair market value of the transaction does not exceed 25% of BMR’s market capitalization and BMR is not listed on a specified market (pursuant to the exemptions set forth in Section 5.5(a) and 5.5(b) of MI 61-101, respectively) and is further exempt from the minority shareholder approval requirements of MI 61-101 by virtue of Section 5.7(1)(a) and 5.7(1)(b) of MI 61-101 which provides that a related party transaction is exempt from the minority shareholder approval requirements if the fair market value of the transaction is not more than 25% of the issuer’s market capitalization or is not more than
Additional Disclosure Regarding the Fiera Credit Agreement
BMR is also providing additional information in connection with the
Exchange Rates
All USD amounts for which CAD equivalent amounts are given in this news release were calculated at CAD/USD exchange rate of 1.3734, the exchange rate published by the
About
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements
This news release includes certain “forward-looking statements” under applicable securities laws. 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. Forward-looking statements reflect the beliefs, opinions and projections of the Company on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the ability of the Company to meet its anticipated development schedule, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law. For further information regarding the risks please refer to the risk factors discussed in Battery’s most recent Management Discussion and Analysis filed on SEDAR+.
Contact Details
+1 604-229-3830
info@bmrcorp.com
IBN (InvestorBrandNetwork)
Corporate Communications
+1 310-299-1717
editor@investorbrandnetwork.com
Company Website
https://bmrcorp.com/
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