Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or
the “Company”) is pleased to announce an update of its National
Instrument 43-101 (“NI 43-101”) compliant mineral reserves and
resources along with a life-of-mine ("LOM") production plan for its
Xavantina Operations, located in Mato Grosso State, Brazil. The
updated mineral reserve and mineral resource estimates incorporate
drilling activities through September 30, 2022 while mining
depletion has been updated through the effective date of the
estimate, October 31, 2022.
HIGHLIGHTS
- 18% increase in
proven and probable mineral reserves at the Xavantina Operations as
compared to the 2021 estimate, including a 15% increase at the
Santo Antônio Vein and a 45% increase at the Matinha Vein
- Proven and
probable mineral reserve compound annual growth rate ("CAGR") of
approximately 95% from 2018 to 2022
- 22% increase in
measured and indicated mineral resources at the Xavantina
Operations, inclusive of mineral reserves, as compared to the 2021
estimate
- Updated LOM
production plan demonstrates the success of the Company's NX 60
initiative, with the Xavantina Operations expected to achieve over
60,000 ounces of gold production in 2024 following the commencement
of production from the Matinha Vein in the second half of 2023
- Updated LOM
production plan reflects an 8% increase in projected mill head
grades when compared to the same-year projections outlined in the
Company's 2022 5-Year Outlook (please refer to press release dated
January 11, 2022)
- Excess mill
capacity of approximately 25% continues to offer further expansion
potential
"Our Xavantina Operation continues to thrive and
expand," stated David Strang, Chief Executive Officer. "Since
acquiring the mine in 2016 with no mineral reserves, no mine life,
and approximately 25,000 ounces of annual gold production, we have
added significant value to this operation through our investments
in exploration and underground infrastructure. We expect to produce
over 50,000 ounces of gold this year and have a mine life that now
extends to 2028. Importantly, we continue to see strong additional
exploration potential at both the Santo Antônio and Matinha veins
as well as across our regional exploration targets.
"Today's update also highlights the success of
our NX 60 initiative, with our LOM plan showing 60,000 ounces of
gold production in 2024 following the commencement of production
from the Matinha Vein later this year. While I am pleased with
Xavantina's continued growth, I believe there is still significant
value to unlock at this asset. Moving forward, we hope to identify
an additional vein that can serve as a third source of ore for the
Xavantina mill, allowing us to achieve potential throughput rates
of up to 300,000 tonnes per annum."
Xavantina Operations Proven &
Probable Mineral Reserve Evolution Since IPO(contained
gold)
Note: Mineral reserve estimates were prepared in
accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) Definition Standards for Mineral Resources and
Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the
“CIM Standards”), and the CIM Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines, adopted by CIM Council
on November 29, 2019 (the “CIM Guidelines”), using geostatistical
and/or classical methods, plus economic and mining parameters
appropriate for the deposit. Please see the 2018 Xavantina
Technical Report, 2019 Xavantina Technical Report and 2020
Xavantina Technical Report, as applicable and as defined below, for
a discussion on the assumptions, parameters and methods used to
estimate the mineral resources and reserves. Please refer to the
press release dated January 6, 2022 for a discussion on the
assumptions, parameters and methods used to estimate the mineral
resources and reserves for 2021. Please refer to the Notes on
Mineral Reserves and Mineral Resources section of this press
release for a discussion on the assumptions, parameters and methods
used to estimate the mineral reserves. 2022 mineral reserve
estimate effective date of October 31, 2022. All figures have been
rounded to the relative accuracy of the estimates.
2022 LOM Plan, Mining & Milling
Operations
The Company’s updated LOM production plan,
prepared in conjunction with the updated mineral reserve estimate,
outlines a six-year mine life with total production of nearly
323,000 ounces and average annual production of approximately
57,350 ounces of gold from 2023 to 2026. In total, from 2023 to
2028, 1,272,773 tonnes of ore are projected to be mined and
processed at an average gold grade of approximately 8.52 grams per
tonne.
|
|
Unit |
|
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
|
LOM |
Mining
& Milling Operations |
|
|
|
|
|
|
Tonnes Mined & Processed |
|
kt |
|
169,469 |
221,771 |
218,435 |
215,852 |
215,841 |
231,405 |
|
1,272,773 |
Grade Processed |
|
Au gpt |
|
10.56 |
9.12 |
9.07 |
8.86 |
7.15 |
6.88 |
|
8.52 |
Recovery |
|
% |
|
92.6 |
92.6 |
92.6 |
92.6 |
92.6 |
92.6 |
|
92.6 |
Recovered Gold |
|
koz |
|
53,269 |
60,256 |
59,012 |
56,920 |
45,964 |
47,407 |
|
322,828 |
2022 MINERAL RESERVE AND RESOURCE ESTIMATE
|
|
2022 Mineral Reserves & Resources |
|
2021 Mineral Reserves & Resources |
|
Change |
|
|
Tonnes(kt) |
|
Grade(Au gpt) |
|
Contained Au(koz) |
|
Tonnes(kt) |
|
Grade(Au gpt) |
|
Contained Au(koz) |
|
Contained Au(koz) |
|
% |
Santo Antonio
Vein |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proven Reserves |
|
301 |
|
10.89 |
|
105.4 |
|
— |
|
— |
|
— |
|
105.4 |
|
|
NA |
|
Probable Reserves |
|
799 |
|
8.32 |
|
213.6 |
|
958 |
|
9.01 |
|
277.5 |
|
(63.9) |
|
|
(23) |
|
Proven & Probable Reserves |
|
1,100 |
|
9.02 |
|
318.9 |
|
958 |
|
9.01 |
|
277.5 |
|
41.5 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured Resources |
|
246 |
|
13.35 |
|
105.8 |
|
— |
|
— |
|
— |
|
105.8 |
|
|
NA |
|
Indicated Resources |
|
826 |
|
10.41 |
|
276.5 |
|
950 |
|
10.56 |
|
322.4 |
|
(45.9) |
|
|
(14) |
|
Measured & Indicated |
|
1,073 |
|
11.09 |
|
382.3 |
|
950 |
|
10.56 |
|
322.4 |
|
59.9 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred Resources |
|
77 |
|
9.29 |
|
23.0 |
|
248 |
|
2.99 |
|
23.9 |
|
(0.9) |
|
|
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matinha
Vein |
|
|
|
|
|
|
|
|
|
|
|
|
Proven Reserves |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
NA |
|
Probable Reserves |
|
213 |
|
6.24 |
|
42.6 |
|
146 |
|
6.26 |
|
29.4 |
|
13.3 |
|
|
45 |
|
Proven & Probable Reserves |
|
213 |
|
6.24 |
|
42.6 |
|
146 |
|
6.26 |
|
29.4 |
|
13.3 |
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured Resources |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
NA |
|
Indicated Resources |
|
186 |
|
8.92 |
|
53.3 |
|
124 |
|
8.55 |
|
34.1 |
|
19.2 |
|
|
56 |
|
Measured & Indicated |
|
186 |
|
8.92 |
|
53.3 |
|
124 |
|
8.55 |
|
34.1 |
|
19.2 |
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred Resources |
|
207 |
|
11.03 |
|
73.5 |
|
310 |
|
10.47 |
|
104.2 |
|
(30.7) |
|
|
(30) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brás &
Buracão Veins |
|
|
|
|
|
|
|
|
|
|
|
|
Measured Resources |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
NA |
|
Indicated Resources |
|
7 |
|
3.36 |
|
0.7 |
|
7 |
|
3.36 |
|
0.7 |
|
— |
|
|
— |
|
Measured & Indicated |
|
7 |
|
3.36 |
|
0.7 |
|
7 |
|
3.36 |
|
0.7 |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred Resources |
|
157 |
|
4.71 |
|
23.8 |
|
157 |
|
4.71 |
|
23.8 |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Xavantina Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Proven Reserves |
|
301 |
|
10.89 |
|
105.4 |
|
— |
|
— |
|
— |
|
105.4 |
|
|
NA |
|
Probable Reserves |
|
1,012 |
|
7.88 |
|
256.2 |
|
1,104 |
|
8.64 |
|
306.8 |
|
(50.6) |
|
|
(16) |
|
Proven & Probable Reserves |
|
1,313 |
|
8.57 |
|
361.6 |
|
1,104 |
|
8.64 |
|
306.8 |
|
54.8 |
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured Resources |
|
246 |
|
13.35 |
|
105.8 |
|
— |
|
— |
|
— |
|
105.8 |
|
|
NA |
|
Indicated Resources |
|
1,019 |
|
10.09 |
|
330.6 |
|
1,081 |
|
10.28 |
|
357.3 |
|
(26.7) |
|
|
(7) |
|
Measured & Indicated Resources |
|
1,265 |
|
10.73 |
|
436.4 |
|
1,081 |
|
10.28 |
|
357.3 |
|
79.1 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred Resources |
|
441 |
|
8.48 |
|
120.2 |
|
714 |
|
6.61 |
|
151.9 |
|
(31.6) |
|
|
(21) |
|
Note: 2022 mineral reserve and resource
estimates are effective as at October 31, 2022. Presented mineral
resources are inclusive of mineral reserves. All figures have been
rounded to reflect the relative accuracy of the estimates. Summed
amounts may not add due to rounding. Mineral resources that are not
mineral reserves do not have a demonstrated economic viability. See
below notes on mineral reserve and resource estimates for
additional technical and scientific information.
NOTES ON MINERAL RESERVES AND RESOURCES
Mineral reserve and mineral resource estimates
are effective as at October 31, 2022. Mineral resources are
presented inclusive of mineral reserves. All figures have been
rounded to the relative accuracy of the estimates. Summed amounts
may not add due to rounding. Mineral resources that are not mineral
reserves do not have a demonstrated economic viability.
Mineral reserve and resource estimates for the
Xavantina Operations are prepared under the supervision of and
verified by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974),
MAIG (No. 8444), MAusIMM (No. 3219148) and Resource Manager of the
Company who is a “qualified person” within the meanings of NI
43-101.
Reference herein of $ or USD is to United States
dollars and BRL is to Brazilian reais. Mineral Reserves for the
Xavantina Operations have been estimated using a gold price of
$1,650/oz, and the exchange rate used for mineral reserve and
resource estimates was USD/BRL 5.00.
Grade shells using a value of 1.20 gpt gold were
used to generate a 3D mineralization model of the Xavantina
Operations. Within the grade shells, mineral resources were
estimated using ordinary kriging within 10 meter by 10 meter by 2
meter block size, with a minimum sub-block size of 1.0 meter by 1.0
meter by 0.5 meter, and the mineral resource estimate was
constrained using a minimum stope dimension of 2.0 meters by 2.0
meters by 1.5 meters, a cut-off of 1.20 gpt based on underground
mining and processing costs of US$72 per tonne and a gold price of
US$1,900 per ounce.
Mineral reserve estimates were prepared in
accordance with the CIM Standards and the CIM Guidelines, using
geostatistical and/or classical methods, plus economic and mining
parameters appropriate for the deposit. Mineral reserves are the
economic portion of the measured and indicated mineral resources.
Mineral reserve estimates include operational dilution of 17.4%
plus planned dilution of approximately 8.5% within each stope for
room-and-pillar mining areas and operational dilution of 3.2% plus
planned dilution of 21.2% for cut-and-fill mining areas. Mining
recovery of 92.5% and 94.7% assumed for room-and-pillar and
cut-and-fill areas, respectively. Practical mining shapes
(wireframes) were designed using geological wireframes / mineral
resource block models as a guide.
Please refer to the Company's press release
dated January 6, 2022 for technical information and assumptions
related to the 2021 mineral reserve and mineral resource estimate.
Where applicable, please refer to the NI 43-101 technical report
entitled "Mineral Resource and Mineral Reserve Estimate of the NX
Gold Mine, Nova Xavantina" dated January 8, 2021 with an effective
date of September 30, 2020, prepared by Porfirio Cabaleiro
Rodrigues, FAIG, Paulo Roberto Bergmann, FAusIMM, Bernardo Horta de
Cerqueira Viana, MAIG and Leonardo de Moraes Soares, MAIG, all of
GE21 for technical information and assumptions related to the 2020
mineral reserve and mineral resource estimate (the “2020 Xavantina
Technical Report”). Where applicable, please refer to the NI 43-101
technical report entitled "Mineral Resource and Mineral Reserve
Estimate of the NX Gold Mine, Nova Xavantina" dated February 3,
2020 with an effective date of September 30, 2019, prepared by
Porfirio Cabaleiro Rodrigues, FAIG, Paulo Roberto Bergmann,
FAusIMM, Bernardo Horta de Cerqueira Viana, MAIG and Leonardo de
Moraes Soares, MAIG, all of GE21 for technical information and
assumptions related to the 2019 mineral reserve and mineral
resource estimate (the “2019 Xavantina Technical Report”). Where
applicable, please refer to the NI 43-101 technical report entitled
"Mineral Resource and Mineral Reserve Estimate of the NX Gold Mine,
Nova Xavantina" dated January 21, 2019 with an effective date of
August 31, 2018, prepared by Porfirio Cabaleiro Rodrigues, FAIG,
Paulo Roberto Bergmann, FAusIMM, Bernardo Horta de Cerqueira Viana,
MAIG and Leonardo de Moraes Soares, MAIG, all of GE21 for technical
information and assumptions related to the 2019 mineral reserve and
mineral resource estimate (the “2018 Xavantina Technical
Report”).
QUALIFIED PERSONS AND THE NI 43-101 TECHNICAL
REPORT
Mr. Cid Gonçalves Monteiro Filho, SME RM
(04317974), MAIG (No. 8444), MAusIMM (No. 3219148) has reviewed and
approved the scientific and technical information contained in this
press release. Mr. Monteiro is Resource Manager of the Company and
is a “qualified person” within the meanings of NI 43-101.
The Company will file the associated NI 43-101
compliant report on SEDAR (www.sedar.com) and EDGAR (www.sec.gov),
and publish this report on the Company’s website
(www.erocopper.com), within 45 days of this press release, which
will serve as an update to the 2020 Xavantina Technical Report.
QUALITY ASSURANCE & QUALITY CONTROL
Current QA/QC Program
At the Xavantina Operations, the Company is
currently drilling on surface with third-party contracted core
drill rigs. During the period from September 2020 to September
2022, third party drill rigs were operated by Servitec Foraco
Sondagem S.A. who is independent of the Company. Drill core is
logged, photographed and split in half using a diamond core saw at
our secure core logging and storage facilities. Half of the drill
core is retained on site and the other half-core is used for
analysis, with samples collected on a minimum of 0.2 meters and a
maximum of 2.0 meters with an average length of 0.5 meters.
Sampling commences at least 1.0 meter before the start of the
mineralized zone and continues at least 1.0 meter beyond the limit
of the mineralized zone. Sample collection is performed at our core
logging facilities with all sample preparation performed at ALS
Brasil Ltda.'s laboratory or SGS Geosol - Laboratórios Ltda's
laboratory, both of which are located in Goiânia, Brazil. Samples
are analyzed by the certified laboratories of ALS Peru S.A. or SGS
Geosol - Laboratórios Ltda, both of whom are independent of the
Company. Gold content is preferentially determined using screen
fire assay. If the sample isn't sufficiently weighted, fire assay
is used. All sample results used in the preparation of the 2022
updated mineral resource and reserve estimate have been monitored
through a quality assurance and quality control ("QA/QC") program
that includes the insertion of certified standards, blanks and
field duplicates at a rate of one standard, one blank, and one
field duplicate sample per every 20 samples for a blended rate of
approximately 5%.
QA/QC Validation
The QA/QC validation process undertaken for the
2022 updated mineral resource and reserve estimates for the
Xavantina Operations is consistent with the process set out in the
2020 Xavantina Technical Report.
ABOUT ERO COPPER CORP
Ero Copper Corp is a high-margin, high-growth,
clean copper producer with operations in Brazil and corporate
headquarters in Vancouver, B.C. The Company's primary asset is a
99.6% interest in the Brazilian copper mining company, MCSA, 100%
owner of the Company's Caraíba Operations (formerly known as the
MCSA Mining Complex), which are located in the Curaçá Valley, Bahia
State, Brazil and include the Pilar and Vermelhos underground
mines, the Surubim mine, and the Tucumã Project (formerly known as
Boa Esperança), an IOCG-type copper project located in Pará,
Brazil. The Company also owns 97.6% of NX Gold S.A. which owns the
Xavantina Operations (formerly known as the NX Gold Mine), namely
comprised of an operating gold and silver mine located in Mato
Grosso, Brazil. Additional information on the Company and its
operations, including technical reports on the Caraíba Operations,
Xavantina Operations and Tucumã Project, can be found on the
Company's website (www.erocopper.com), on SEDAR (www.sedar.com),
and on EDGAR (www.sec.gov). The Company’s shares are publicly
traded on the Toronto Stock Exchange and the New York Stock
Exchange under the symbol “ERO”.
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, VP, Corporate Development &
Investor Relations(604) 335-7504info@erocopper.com
CAUTION REGARDING FORWARD LOOKING INFORMATION
AND STATEMENTS
This press release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities
legislation (collectively, “forward-looking statements”).
Forward-looking statements include statements that use
forward-looking terminology such as “may”, “could”, “would”,
“will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”,
“estimate”, “forecast”, “schedule”, “anticipate”, “believe”,
“continue”, “potential”, “view” or the negative or grammatical
variation thereof or other variations thereof or comparable
terminology. Forward-looking statements may include, but are not
limited to, statements with respect to the Company's expected
production at the Xavantina Operations; the realization of the 2022
LOM Plan; the estimation of mine life, mineral reserves and mineral
resources; the discovery of additional mineralized veins and the
associated positive impact on throughput rates; the significance of
any particular exploration program or result and the Company’s
expectations for current and future exploration plans including,
but not limited to, planned areas of additional exploration and the
potential to convert any portion of the inferred mineral resource
base to economically viable mineral reserves; estimated completion
dates for certain milestones; estimated commencement date for
mining of certain mineralized zones; and any other statement that
may predict, forecast, indicate or imply future plans, intentions,
levels of activity, results, performance or achievements.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual results, actions, events, conditions,
performance or achievements to materially differ from those
expressed or implied by the forward-looking statements, including,
without limitation, risks discussed in this press release and in
the Company's Annual Information Form for the year ended December
31, 2022 and dated March 7, 2023 (the "AIF") under the heading
“Risk Factors”. The risks discussed in this press release and in
the AIF are not exhaustive of the factors that may affect any of
the Company’s forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results, actions, events, conditions, performance or achievements
to differ materially from those contained in forward-looking
statements, there may be other factors that cause results, actions,
events, conditions, performance or achievements to differ from
those anticipated, estimated or intended.
Forward-looking statements are not a guarantee
of future performance. 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. Forward-looking statements involve
statements about the future and are inherently uncertain, and the
Company’s actual results, achievements or other future events or
conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation, those referred to
herein and in the AIF under the heading “Risk Factors”.
The Company’s forward-looking statements are
based on the assumptions, beliefs, expectations and opinions of
management on the date the statements are made, many of which may
be difficult to predict and beyond the Company’s control. In
connection with the forward-looking statements contained in this
press release and in the AIF, the Company has made certain
assumptions about, among other things: continued effectiveness of
the measures taken by the Company to mitigate the possible impact
of COVID-19 on its workforce and operations; favourable equity and
debt capital markets; the ability to raise any necessary additional
capital on reasonable terms to advance the production, development
and exploration of the Company’s properties and assets; future
prices of copper, gold and other metal prices; the timing and
results of exploration and drilling programs; the accuracy of any
mineral reserve and mineral resource estimates; the geology of the
Caraíba Operations, the Xavantina Operations and the Tucumã Project
being as described in the respective technical report for each
property; production costs; the accuracy of budgeted exploration,
development and construction costs and expenditures; the price of
other commodities such as fuel; future currency exchange rates and
interest rates; operating conditions being favourable such that the
Company is able to operate in a safe, efficient and effective
manner; work force continuing to remain healthy in the face of
prevailing epidemics, pandemics or other health risks (including
COVID-19), political and regulatory stability; the receipt of
governmental, regulatory and third party approvals, licenses and
permits on favourable terms; obtaining required renewals for
existing approvals, licenses and permits on favourable terms;
requirements under applicable laws; sustained labour stability;
stability in financial and capital goods markets; availability of
equipment; positive relations with local groups and the Company’s
ability to meet its obligations under its agreements with such
groups; and satisfying the terms and conditions of the Company’s
current loan arrangements. Although the Company believes that the
assumptions inherent in forward-looking statements are reasonable
as of the date of this press release, these assumptions are subject
to significant business, social, economic, political, regulatory,
competitive and other risks and uncertainties, contingencies and
other factors that could cause actual actions, events, conditions,
results, performance or achievements to be materially different
from those projected in the forward-looking statements. The Company
cautions that the foregoing list of assumptions is not exhaustive.
Other events or circumstances could cause actual results to differ
materially from those estimated or projected and expressed in, or
implied by, the forward-looking statements contained in this press
release. 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, readers should not place undue reliance on
forward-looking statements.Forward-looking statements contained
herein are made as of the date of this press release and the
Company disclaims any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or results or otherwise, except as and to the extent
required by applicable securities laws.
CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND
MINERAL RESERVE ESTIMATES
Unless otherwise indicated, all reserve and
resource estimates included in this press release and the documents
incorporated by reference herein have been prepared in accordance
with Ni 43-101 and the CIM Standards. NI 43-101 is a rule developed
by the Canadian Securities Administrators that establishes
standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the
requirements of the United States Securities and Exchange
Commission (the “SEC”), and reserve and resource information
included herein may not be comparable to similar information
disclosed by U.S. companies. In particular, and without limiting
the generality of the foregoing, this press release and the
documents incorporated by reference herein use the terms “measured
resources,” “indicated resources” and “inferred resources” as
defined in accordance with NI 43-101 and the CIM Standards.
Further to recent amendments, mineral property
disclosure requirements in the United States (the “U.S. Rules”) are
governed by subpart 1300 of Regulation S-K of the U.S. Securities
Act of 1933, as amended, which differ from the CIM Standards. As a
foreign private issuer that is eligible to file reports with the
SEC pursuant to the multi-jurisdictional disclosure system (the
“MJDS”), Ero is not required to provide disclosure on its mineral
properties under the U.S. Rules and will continue to provide
disclosure under NI 43-101 and the CIM Standards. If Ero ceases to
be a foreign private issuer or loses its eligibility to file its
annual report on Form 40-F pursuant to the MJDS, then Ero will be
subject to the U.S. Rules, which differ from the requirements of NI
43-101 and the CIM Standards.
Pursuant to the new U.S. Rules, the SEC
recognizes estimates of “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources.” In addition,
the definitions of “proven mineral reserves” and “probable mineral
reserves” under the U.S. Rules are now “substantially similar” to
the corresponding standards under NI 43-101. Mineralization
described using these terms has a greater amount of uncertainty as
to its existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, U.S. investors are
cautioned not to assume that any measured mineral resources,
indicated mineral resources, or inferred mineral resources that Ero
reports are or will be economically or legally mineable. Further,
“inferred mineral resources” have a greater amount of uncertainty
as to their existence and as to whether they can be mined legally
or economically. Under Canadian securities laws, estimates of
“inferred mineral resources” may not form the basis of feasibility
or pre-feasibility studies, except in rare cases. While the above
terms under the U.S. Rules are “substantially similar” to the
standards under NI 43-101 and CIM Standards, there are differences
in the definitions under the U.S. Rules and CIM Standards.
Accordingly, there is no assurance any mineral reserves or mineral
resources that Ero may report as “proven mineral reserves”,
“probable mineral reserves”, “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources”
under NI 43-101 would be the same had Ero prepared the reserve or
resource estimates under the standards adopted under the U.S.
Rules.
A graphic accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f3875a8-76d5-4118-9a26-7385d4e60ffe
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