ANA PAULA

2021-04-01

Ana Paula Sale Update The previously announced definitive agreement to sell its Ana Paula project (see press releases dated September 11, 2020 and January 4, 2021) expired on March 31, 2021. The acquiring company did not fulfill its obligations in relation to financing and receipt of certain regulatory and other approvals. Pete Dougherty, commented: “Our current growth strategy is focused around the Magino project and secondarily around the Cerro del Gallo project. We felt we had entered into a win-win agreement on the sale of Ana Paula whereby we could bring some value forward and also maintain upside to the project through an equity ownership and royalty. Unfortunately, the acquiring company was not able to fulfill its obligations and after extending the agreement once already, we feel we are better off pursuing other options for Ana Paula at this time. We believe Ana Paula has the ability to be a foundational asset in time and are excited about having exposure to the project. We expect to be in a position to publish an update pre-feasibility study for the Ana Paula project during the second quarter of 2021, which we feel will demonstrate a relatively 2 low capital cost, low operating cost, high-grade open pit project with future underground potential.”