Sierra Metals Reports Consolidated Financial Results for the First Quarter Of 2022

Research, News, and Market Data on Sierra Metals

Conference Call May 12, 2022 At 11:00 AM (EDT)

  ______________________________________________________________________
(All $ figures reported in USD)

• Revenue from metals payable of $57.2 million in Q1 2022, an 18% decrease from $69.6 million in Q1 2021 and an 8% decrease from Q4, 2021.
• Adjusted EBITDA of $16.0 million in Q1 2022, a 43% decrease from $27.9 million in Q1 2021 and a 15% decrease from Q4, 2021.
• Operating cash flows before movements in working capital of $10.7 million in Q1 2022, a 58% decrease from $25.3 million in Q1 2021 and a 31% decrease of from Q4, 2021.
• Copper equivalent production of 15.9 million pounds; a 38% decrease from Q1 2021 and an 11% decrease from Q4, 2021.
• Cash costs and AISC per copper equivalent payable pound compared to Q1 2021 increased at Yauricocha 48% and 41% respectively; at Bolivar cash costs and AISC per copper equivalent payable pound increased by 187% and 152%, respectively, driven by higher costs and lower copper equivalent pounds payable; and at Cusi cash costs per silver equivalent payable ounce decreased by 28% and 34%, respectively.
• Net income attributable to shareholders for Q1 2022 was $0.4 million (Q1 2021: $3.1 million) or $0.00 per share (basic and diluted) (Q1 2021: $0.02);
• Adjusted net income attributable to shareholders ⁽¹⁾ of $5.9, or $0.04 per share, for Q1 2022 as compared to the adjusted net income of $4.7 million, or $0.03 per share for Q1 2021;
• After reaching the Bolivar Northwest orebody at the end of Q1 2022, a continued focus on meeting maximum permitted throughput at Yauricocha and an increase in throughput with higher grades at Cusi, production is on track to reach the Company’s H1 guidance of 34.0 to 39.5 million copper equivalent pounds.
• $19.5 million of cash and cash equivalents as at March 31, 2022 .
• $61.6 million in net debt as at March 31, 2022.

A
shareholder conference call to be held Thursday, May 12, 2022, at 11:00 AM
(EDT). Click here to register.

Luis
Marchese, CEO of Sierra Metals, commented, “Following a difficult start to
the year, the Company continues on its path towards operational recovery.
During the first quarter, lower throughput and grades resulted in a decrease in
the production of all metals along with significant increases to cash costs and
all-in sustaining costs at both Yauricocha and Bolivar.

He
continued, “Our turnaround program continues at Bolivar. With close to 20,000
meters in exploration drilling completed, we have now accessed the Bolivar
NorthWest zone, which is expected to provide ore for the next several quarters.
As previously stated, production at the Mine is expected to improve for the
balance of the year as we ramp up production to full capacity. Additionally,
with the discovery of the new Fortuna zone at Yauricocha, we expect to see an
improvement in throughput and grades during the second half of the year.
Continued drilling will help us better understand the patterns within the high
grade orebody and provide potential to find additional high value targets.
Meanwhile, we are pleased with Cusi’s performance during the first quarter. As
a result of increased throughput and higher grades, the Mine is on track to
meet production guidance for the year and continue its positive contribution to
the Company’s EBITDA. Mine development at Cusi will continue with the goal of
targeting a throughput increase to 1,200 tonnes per day.”

He
concluded, “The outlook for a full recovery at our largest mines is
encouraging. With the first quarter behind us, we continue to proceed in a
disciplined manner. Our goal is to ensure that our current guidance is met and
that we are making the right decisions now for future performance at our mines,
so that we can deliver improved value for our shareholders going forward.”

TORONTO–(BUSINESS WIRE)– 
Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) today reported revenue of $57.2 million and an adjusted EBITDA of $16.0 million on the throughput of 590,730 tonnes and metal production of 15.9 million copper equivalent pounds for the three-month period ended March 31, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220511005888/en/

Q1
2022 Consolidated Operating Highlights

The Yauricocha Mine achieved a throughput of 315,250 tonnes or 3% lower in Q1 2022 compared to Q1 2021. This 3% decrease was due to delays in shotcrete work resulting from lower equipment availability and shortage of manpower. Labor shortages were also experienced in development and mining areas due to the continued impact of COVID-19. The delays in preparation of the polymetallic mining zones forced the mine to focus on copper sulfides during the quarter, which resulted in higher copper head grades, but negatively impacted grades for all other metals, except gold. Q1 2022 copper and gold production was 60% and 19% higher, while silver, lead and zinc production was 43%, 56% and 57% lower respectively as compared to Q1 2021. Lower throughput combined with the impact of lower grades, except for copper and gold, resulted in a 32% decrease in copper equivalent pounds produced in Q1 2022 compared to Q1 2021. Cash costs per copper equivalent payable pound increased 48% and AISC per copper equivalent payable pound increased by 41% as compared to Q1 2021.

The Bolivar Mine processed 187,556 tonnes in Q1 2022, representing a 50% decrease from tonnes processed in Q1 2021. Ore tonnage and grades at Bolivar in Q1 2022 were negatively impacted due to the presence of intrusive rock in the Mina de Fierro zone and lower than expected grades from the Bolivar West ore body. Grades for copper, silver and gold were 25%, 44% and 16% lower respectively, as compared to Q1 2021. The decrease in throughput and grades resulted in a 64% decrease in copper equivalent pounds produced during Q1 2022 as compared to Q1 2021. Production is expected to improve for the balance of the year, in particular, during the second half of 2022, due to the full turn-around effort currently underway. Mining started in the Bolivar Northwest zone, which is expected to support the bulk of production for the coming quarters. Cash costs and AISC per copper equivalent payable pound increased by 187% and 152%, respectively, as compared to Q1 2021.

The Cusi Mine achieved a 15% increase in throughput at 11% higher silver grades during Q1 2022, resulting in 37% higher silver equivalent production as compared to Q1 2021 as higher head grades resulted from positive reconciliations to the resources in the mined zones. Cusi production is on track to meet production guidance for the year. Cash costs and AISC per silver equivalent ounce decreased by 28% and 34%, respectively, as compared to Q1 2021.

Consolidated production of silver decreased 24% to 0.7 million ounces, copper decreased 20% to 6.3 million pounds, lead decreased 53% to 4.2 million pounds, zinc decreased 57% to 10.5 million pounds, and gold decreased 27% to 1,923 ounces compared to Q1 2021.

Q1
2022 Consolidated Financial Highlights

Revenue from metals payable of $57.2 million in Q1 2022 decreased by 18% from $69.6 million in Q1 2021. The decrease in revenues was largely the result of lower throughput at the Bolivar mine and lower grades from the Bolivar and Yauricocha mine. Higher average realized prices for all metals, except silver, could not compensate for the lower metals production.

Yauricocha’s cash cost per copper equivalent payable pound was $2.19 (Q1 2021 – $1.48), and AISC per zinc equivalent payable pound of $3.73 (Q1 2021 – $2.65). Higher unit costs resulted from a 37% decrease in copper equivalent payable pounds.

Bolivar’s cash cost per copper equivalent payable pound was $4.55 (Q1 2021 – $1.58), and AISC per copper equivalent payable pound was $7.33 (Q1 2021 – $2.91) for Q1 2022. Unit costs at Bolivar increased as the 50% decrease in tonnage processed resulted in higher operating costs per tonne. Further, lower grades resulted in a 56% decrease in the copper equivalent payable pounds as compared to Q1 2021.

Cusi’s cash cost per silver equivalent payable ounce was $13.48 (Q1 2021 – $18.72), and AISC per silver equivalent payable ounce was $19.94 (Q1 2021 – $30.28) for Q1 2022 as compared to Q1 2021. Unit costs for Q1 2022 declined at Cusi due to the 49% increase in the silver equivalent payable ounces sold as compared to Q1 2021.

Adjusted EBITDA⁽¹⁾ of $16.0 million for Q1 2022 decreased compared to $27.9 million in Q1 2021. The decrease in adjusted EBITDA in Q1 2022 resulted from lower revenues and lower gross margins as compared to Q1 2021.

Net income attributable to shareholders for Q1 2022 was $ 0.4 million (Q1 2021: $3.1 million) or $0.00 per share (basic and diluted) (Q1 2021: $0.02).

Adjusted net income attributable to shareholders ⁽¹⁾ of $5.9 million, or $0.04 per share, for Q1 2022 as compared to the adjusted net income of $4.7 million, or $0.03 per share for Q1 2021.

Cash flow generated from operations before movements in working capital of $10.7 million for Q1 2022 decreased compared to $25.3 million in Q1 2021. The decrease in operating cash flow is mainly the result of lower consolidated revenues generated and lower gross margins realized.

Cash and cash equivalents of $19.5 million and working capital of $12.4 million as at March 31, 2022 compared to $34.9 million and $17.3 million, respectively, at the end of 2021. Cash and cash equivalents decreased during Q1 2022 due to $3.9 million used in operating cash activities, $10.7 million of cash used in investing activities and $0.9 million used in financing activities.

The Company has access to an available credit line with a Peruvian Bank in the amount of US$14 million as well as other short term lines and prepayment facilities with its commercial offtakers.

⁽¹⁾ This is a non-IFRS performance measure. See the Non-IFRS Performance Measures section of the MD&A.

Outlook
2022

Yauricocha:

• Lost production during Q1/2022 is expected to be recovered in the coming quarters by making use of spare capacity at the plant, with increased throughput. Our drilling campaign remains focused on the upper areas of the mine to identify new mineable areas within the permitted levels.
• Expect to access the newly discovered high grade Fortuna orebody as early as Q3, 2022.
• Yauricocha Mine remains on track to achieve copper equivalent production guidance of 45 to 49 million copper equivalent pounds.

Bolivar:

• Expect improved production for the balance of 2022, in particular, during the second half of the year, due to the full turn-around effort currently underway. Mining started in the Bolivar NW zone, which is expected to support the bulk of the production for the coming quarters.
• Infill drilling and development will continue.
• Bolivar Mine is expected to meet copper equivalent production guidance of 23.8 to 29.9 million copper equivalent pounds.

Cusi:

• Focus on development to target throughput of 1,200 TPD.
• Cusi Mine is on track to meet production guidance of 1.75 million to 1.85 million silver equivalent ounces.

Exploration
Update

Peru:

During the first quarter, 2,053 meters of surface exploration was completed in the Yauricocha Medio (1,095 meters), Kilcasca (449 meters), Exito (373 meters) and Fortuna (136 meters) zones;

Underground exploration continued during Q1 2022 with the aim to replace and increase mineral resources. Approximately 4,213 meters of drilling was completed mainly in France Chert, Adrico Sur and Amoeba zones;

Drilling during the first quarter allowed for the recent discovery of the Fortuna zone, which belongs to system of high-grade polymetallic bodies associated with structural traps. A structural analysis of the area as well as further drilling is required, to understand the patterns for the presence of this type of orebody. A program of at least 1,500 meters of additional drilling is proposed.

An analysis of the structural patterns within the Fortuna orebody with a review of geophysical information to look for correlations, can allow for important targets for future additional drilling.

Mexico:

Bolivar

At Bolivar during Q1 2022, 19,739 meters were drilled from surface including 780 meters drilled in the Bolivar West, 13,353 meters in the Bolivar North-West and 441 meters in the Gallo Inferior encountering skarn intersections with mineralization in all the zones. Additionally, infill drilling of 2,078 meters was completed in the Bolivar West zone and 3,087 meters in the Gallo Inferior (Mina de Fierro).

Additional exploration will focus on 2 areas:

Bolivar East, an area of high grade zinc, silver and gold. The Company is currently carrying out geochemistry analysis as well as a review of geophysics with the aim of initiating a drilling campaign later this year; and

La Sidra, a high grade epithermal system of silver and gold. Necessary drilling permits are already in place for this zone. The zone lies within close proximity to current operations, potentially allowing for improved mineral value to support the Bolivar mine.

Cusi

During Q1 2022, the Company completed 7,092 meters of infill drilling to support the development of the Santa Rosa de Lima vein and NE Trend.

The exploration focus in the short term is to continue investigating the NE SW system as it has significant potential, both laterally and at depth.

Covid-19
Update

The COVID-19 pandemic has impacted the Company’s operations, and this is reflected in delays in mine development and preparation of areas for mining and consequent lower head grades. Lower volume of sales is a result of decrease in concentrate production attributable to lower grades. Costs are also negatively impacted mainly due to indirect fixed costs which have to be incurred, despite lower production. The Company continues to take proactive and reactive mitigation measures to minimize any potential impacts COVID-19 may have on its employees, communities, operations, supply chain, and finances.

During the quarter ended March 31, 2022, the Company has continued its efforts to safeguard the health of its employees, while continuing to operate safely. During this quarter, the company still suffered some delays in mine development leading to lower head grades, and forced deferral of some exploration and capital projects.

Due to the current vaccination efforts at Yauricocha, 100% of onsite personnel have been vaccinated with three doses, significantly reducing any further risk of serious infection caused by COVID. The Company is constantly updating its guidelines by closely following the health updates issued by the Peruvian government.

In Mexico, there has been significant progress with the vaccination program. Currently, most personnel at Bolivar and Cusi are vaccinated with at least two doses with plans to achieve full vaccination with three doses by the end of Q3 2022.

Conference
Call and Webcast

Sierra Metals’ senior management will host a conference call on Thursday, May 12, 2022, at 11:00 AM (EDT) to discuss the Company’s financial and operating results for the three months ended March 31, 2022.

Via
Webcast:

A live audio webcast of the meeting will be available on the Company’s website:

https://event.on24.com/wcc/r/3724262/ABA56A91A50DA5A991E18125DC207388

The webcast, along with presentation slides, will be archived for 180 days on www.sierrametals.com.

Via
phone:

For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.

US/CAN dial-in number (Toll Free): 1 844 200 6205
US dial-in number (Local): 1 646 904 5544
Canada dial-in number (Local): 1 226 828 7575
All other locations: +1 929 526 1599
Access code: 020167
Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.

Qualified
Persons

Américo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning, is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About
Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals

Forward-Looking
Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2021 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects,” “anticipates,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential” or variations thereof, or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 16, 2022 for its fiscal year ended December 31, 2021 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs,

expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

View source version on 
businesswire.com: https://www.businesswire.com/news/home/20220511005888/en/

For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:

Investor
Relations
Sierra Metals Inc.
+1 (416) 366-7777
Email: 
info@sierrametals.com

Luis
Marchese
CEO

Sierra Metals Inc.
+1(416) 366-7777

Source: Sierra Metals Inc.

Endeavour Silver Announces Strong Q1 2022 Financial and Operating Results with Earnings Per Share of $0.07

Research, News, and Market Data on Endeavour Silver

Highlights	Three Months Ended March 31
	2022	2021	% Change
Production
Silver ounces produced	1,314,955	1,048,100	25%
Gold ounces produced	8,695	11,109	(22%)
Payable silver ounces produced	1,303,540	1,036,710	26%
Payable gold ounces produced	8,549	10,894	(22%)
Silver equivalent ounces produced (2)	2,010,555	1,936,820	4%
Cash costs per silver ounce (2)	10.21	7.86	30%
Total production costs per ounce (2)	15.13	15.41	(2%)
All-in sustaining costs per ounce (2)	20.90	19.94	5%
Processed tonnes	206,147	209,453	(2%)
Direct operating costs per tonne (2)	122.86	112.36	9%
Direct costs per tonne (2)	148.53	126.23	18%
Silver co-product cash costs (2)	15.18	15.16	0%
Gold co-product cash costs (2)	1,226	950	29%
Financial
Revenue ($ millions)	57.7	34.5	67%
Silver ounces sold	1,717,768	623,379	176%
Gold ounces sold	8,381	10,663	(21%)
Realized silver price per ounce	24.38	27.17	(10%)
Realized gold price per ounce	1,970	1,703	16%
Net earnings ($ millions)	11.7	12.2	(5%)
Adjusted net earnings (loss) (2) ($ millions)	11.7	(4.5)	357%
Mine operating earnings ($ millions)	20.3	5.7	258%
Mine operating cash flow before taxes (2) ($ millions)	26.7	13.3	101%
Operating cash flow before working capital changes (2)	20.6	5.2	293%
EBITDA (2) ($ millions)	25.6	24.0	7%
Working capital (2) ($ millions)	168.4	113.1	49%
Shareholders
Earnings per share – basic ($)	0.07	0.08	(13%)
Adjusted earnings (loss) per share – basic (8) ($)	0.07	(0.03)	339%
Operating cash flow before working capital changes per share (2)	0.12	0.03	266%
Weighted average shares outstanding	171,557,220	159,670,842	7%

Date & Time:		Wednesday, May 11, 2022 at 10:00 a.m. PT / 1:00 p.m. ET
Telephone:		Toll-free in Canada and the US +1-800-319-4610 Local or International +1-604-638-5340 Please allow up to 10 minutes to be connected to the conference call.
Replay:		A replay of the conference call will be available by dialing (toll-free) +1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The replay passcode is 8312#. The replay will also be available on the Company’s website at www.edrsilver.com .

Image Credit: Kim Alaniz (Flickr)

Will Reduced Diamond Production in Europe Bode Well for Producers Elsewhere?

They say that if the economy is faltering that you should invest in hard assets, or companies that produce them. Hard asset investing can include commodities like gold, silver, and platinum with value extending to equities of producers of these durable metals. It may also include collectibles like fine art and diamonds and other gemstones. In the case of diamonds, the axiom extends to producers (mining companies) as well.

Diamond Supply Side Down

Demand for diamonds did not dip during the pandemic, sales just moved from brick and mortar to online purchases. So the pace remained consistent, which is usuall at about the same pace they are consumed. Diamonds are scarce, so by definition, supply is typically tight. But, the recent Russia/Ukraine issues have had an impact since 30-35% of the worlds diamonds that once were sold out of Russia are off now limits. 

Diamond Price Index (DPI) provided by diamondse.info, June 2009 – May 2022

Taking up the Slack

With demand remaining consistent at 130 million carats per year and supply being significantly pinched, those able to supply diamonds stand to fare much better than other years since the unmet need for diamonds from non-conflict areas is likely to be much stronger as a result.

When people in North America think of diamond mining, they usually think of South Africa, not Europe. The impact of what is going on in Europe is not interrupting operations in South Africa’s ability to add new diamonds to market.

One junior diamond mining company which has a well-established prior operational and production history in South Africa, extensive prior experience supplying rough diamonds to the world market, and a long-established alliance with Tiffany & Co., DeBeers, and others is Diamcor Mining Inc. (DMIFF,
DMI:CA).

Diamcor’s focus is on idetification, acquisition, and operation of diamond projects with near term production potential. This allows this company to avoid the high risks and costs associated with traditional exploration.

In a video from the recent NobleCon18, Dean Taylor, CEO of Diamcor Mining discussed that his company is production-focused, bringing supply of raw diamonds to sellers. In addition to having a strategic alliance with Tiffany’s the retailer is also a shareholder of the company.

To gain deeper understanding of the supply factors impacting world diamond production and partnerships, as well as Diamcor’s business specifically and value, watch the video here. 

Take-Away

As we have seen with other industries that impact our everyday life at the grocery store, gas stations, and elsewhere, geopolitical events have an effect on prices and company earnings. Diamonds and gemstones are not what is being discussed when we chat over the fence with our neighbors, but this may mean that the opportunities have not yet been recognized by the investing masses.

Paul Hoffman

Managing Editor, Channelchek

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Diamcor Mining (DMIFF) NobleCon18 Presentation Replay

Sources

https://www.aljazeera.com/economy/2022/5/9/angolas-endiama-says-sanctions-against-russia-could-hurt-its-diamond-operations

http://www.diamcormining.com/investors/diamond-information/

https://www.diamondse.info/diamonds-price-index.asp

 

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Friday, May 06, 2022

Coeur Mining (CDE)
First Quarter Miss; Upside Remains Despite Lowered Price Target

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

First quarter 2022 results. Coeur reported a first quarter adjusted net loss of $13.8 million or $(0.05) per share, compared to net income of $13.9 million, or $0.06 per share during the prior year period, and our loss estimate of $7.9 million, or $(0.03) per share. Coeur reported full year adjusted EBITDA of $41.5 million compared to our estimate of $40.5 million. First quarter sales included 1.8 million ounces of silver and 28,242 million ounces of gold. Coeur’s gold hedging program now covers 70% of its 2022 expected gold production at an average forward price of $1,955 per ounce and 38% of its 2023 expected gold production at an average forward price of $1,982 per ounce.

Updating estimates. While we have lowered our full year 2022 EPS estimate to $0.02 from $0.05 to reflect first quarter results and higher interest expense, our EBITDA estimate has been increased to $182.1 from $180.9 to reflect adjustments, including to amortization. During the quarter, Coeur bolstered its balance sheet by increasing available borrowing capacity under its revolving credit facility to $390 million from $300 million and completed a $100 million at-the-market equity offering with the sale of roughly 22 million shares. As of May 2, there were 280,806,345 shares issued and outstanding. For the balance of the year, we expect Coeur to lean on its borrowing capacity if needed. …

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Alvopetro Announces April 2022 Sales Volumes and Q1 2022 Results Webcast

Research, News, and Market Data on Alvopetro Energy

CALGARY, AB, May 5, 2022 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces April sales volumes of 2,494 boepd, including natural gas sales of 14.3 MMcfpd and associated natural gas liquids sales from condensate of 107 bopd, based on field estimates. 

Upcoming Q1 2022 results webcast

Alvopetro anticipates announcing Q1 2022 results on May 12, 2022 after markets close and will host a live webcast to discuss the results at 8:00 am Mountain time on May 13, 2022. Details for joining the event are as follows:

Date: May 13, 2022

Time: 8:00 AM Mountain/10:00 AM Eastern

Link: https://us06web.zoom.us/j/84318417369

Dial-in Numbers: https://us06web.zoom.us/u/kckYUds2mG

Webinar ID: 843 1841 7369

 

The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com.

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation. 

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube: https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd.’s vision is to become a leading
independent upstream and midstream operator in Brazil. Our strategy is to unlock
the on-shore natural gas potential in the state of Bahia in Brazil,
building off the development of our Caburé natural gas field and our strategic
midstream infrastructure.

Neither the 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 news release.

All amounts contained in
this new release are in United States dollars, unless otherwise stated and all
tabular amounts are in thousands of United States dollars, except as otherwise
noted.

Abbreviations:
boepd	=	barrels of oil equivalent (“boe”) per day
bopd	=	barrels of oil and/or natural gas liquids (condensate) per day
MMcf	=	million cubic feet
MMcfpd	=	million cubic feet per day

 

BOE Disclosure. The term barrels of oil
equivalent (“boe”) may be misleading, particularly if used in isolation.
A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of
natural gas to barrels of oil equivalence is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. All boe conversions in this news release
are derived from converting gas to oil in the ratio mix of six thousand cubic
feet of gas to one barrel of oil.

SOURCE Alvopetro Energy Ltd.

For further information: Corey C. Ruttan, President, Chief Executive Officer and Director, or Alison Howard, Chief Financial Officer, Phone: 587.794.4224, Email: info@alvopetro.com,
www.alvopetro.com, (TSX-V: ALV) (OTCQX: ALVOF)

Cypress Development Completes Enertopia Asset Acquisition

Research, News, and Market Data on Cypress Development

VANCOUVER, BC, May 5, 2022 /PRNewswire/ – Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce that it has completed its acquisition of Enertopia Corporation’s (“Enertopia”) Clayton Valley Lithium Claystone Project (“Enertopia Project”) located adjacent to the Cypress Clayton Valley Lithium Project in Nevada (“Cypress Project”).

“We are pleased with the addition of Enertopia’s property,” commented Dr. Bill Willoughby, President, and CEO of Cypress. “The property is a continuation of the lithium-bearing units in Cypress’ project, with Enertopia’s drilling having shown similar values of lithium. With this consolidation, the data will be incorporated into our resource model and has the potential to enhance the project through our Feasibility Study underway. We expect this consolidation of Clayton Valley lithium claystone projects to be of significant value for both Enertopia and Cypress shareholders.”

The purchase consideration for the Enertopia Project comprised US$1.1 million in cash and the issuance of 3,000,000 common shares in the capital of Cypress (“Consideration Shares”). The transaction also included Enertopia entering into an Irrevocable Proxy and Voting Agreement and Lock-Up Agreement with Cypress in relation to the Consideration Shares. (See Company’s February 24, 2022 new release for further information).  In terms of these agreements, Enertopia inter alia agreed to; (i) vote in favor of shareholder resolutions supported by Cypress’ Board of Directors (ii) certain limitations to the circumstances under which it could sell the Consideration Shares, and (iii) a 12-month standstill in relation to certain corporate activities pertaining to Cypress shares.

In connection with the transaction, the Company has agreed to pay a finder’s fee of US$105,000 to an arm’s-length party, subject to TSX Venture Exchange approval.

About Cypress Development Corp

Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

ON BEHALF OF CYPRESS DEVELOPMENT CORP.

WILLIAM WILLOUGHBY, PhD., PE

President & Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking
Statements

This release includes
certain statements that may be deemed to be “forward-looking
statements”. Forward-looking statements are subject to risks,
uncertainties and assumptions and are identified by words such as “expects,”
“estimates,” “projects,” “anticipates,”
“believes,” “could,” “scheduled,” and other
similar words. All statements in this release, other than statements of
historical facts, that address events or developments that management of the
Company expects, are forward-looking statements. Although management believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from
those in the forward-looking statements. The Company undertakes no obligation
to update these forward-looking statements if management’s beliefs, estimates
or opinions, or other factors, should change. Factors that could cause actual
results to differ materially from those in forward-looking statements, include
market prices, exploration, and development successes, continued availability
of capital and financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for
further information.

SOURCE Cypress Development Corp.

Allegiant Partner Drills 31 Metres of 456 g/t AgEq Silver Equivalent at Mogollon Property

Research, News, and Market Data on Allegiant Gold

Reno, Nevada /May 5, 2022 –
Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX)
is pleased to announce that Summa Silver Corp. (“Summa”) announced drill results from the first six holes drilled at the Mogollon Property (“Mogollon”) in the State of New Mexico.  Summa is currently working to earn a 75% interest in Mogollon by making share and cash payments totaling US$3 million and spending an additional US$3 million in work commitments. 

According to the May 3, 2022 news release issued by Summa, the following key highlights were reported:

• 31.0
  metres at 459 grams per tonne silver equivalent* (3.88 g/t gold, 129 g/t silver) including 0.5 m at 6,311 g/t silver equivalent (66.8 g/t Au, 638 g/t Ag) and two m at 1,223 g/t silver equivalent (9.32 g/t Au, 431 g/t Ag) in MOG22-05 where total grade thickness through all mineralization is 14,233 g/t AgEq*m;
• Aggressive step-out: Hole
  MOG22-05 is a 270-metre step-out from previously reported MOG22-04 which intersected 11.6
  m at 450 g/t silver equivalent (2.7 g/t Au, 220 g/t Ag);
• Open in all directions: The newly drilled mineralized zone at the Consolidated Extension target remains open to expansion in all directions;
• Aggressive drill plan: The company anticipates a minimum of 25,000 m of drilling in 50 holes is necessary for a spacing of approximately 50 m between holes covering an area of approximately 500 by 300 m to publish its first resource estimate on this first Mogollon property target;
• Work just beginning: The Consolidated Extension target represents only 1.5 per cent of the total prospective vein and structure length present on the property. All other prospective areas remain largely unexplored;
• Drilling to resume at Mogollon: The company is planning to resume drilling at Mogollon within 30 days and after the completion of required continuing wildlife surveys;

*Silver equivalent (AgEq) based on an Ag/Au ratio of 85:1 at Mogollon, true widths are unknown.

Full details of the results can be seen in the Summa news release dated May 3, 2022, inclusive of QA/QC procedures.
 

Peter Gianulis, CEO of
Allegiant Gold, commented: “We are excited about the recent drill results reported by Summa and look forward to the aggressive ongoing drilling program they have outlined at Mogollon, one of the best projects in our portfolio.  Summa has proven to be an excellent partner with strong technical capabilities and qualifications that will prove invaluable in proving up one of the best underground silver/gold projects remaining in the U.S.”
 

ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

 

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

ir@allegiantgold.com

Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.

Certain statements and
information contained in this press release constitute “forward-looking
statements” within the meaning of applicable U.S. securities laws and
“forward-looking information” within the meaning of applicable Canadian securities
laws, which are referred to collectively as “forward-looking
statements”. The United States Private Securities Litigation Reform Act of
1995 provides a “safe harbor” for certain forward-looking statements.
Allegiant Gold Ltd.’s
(“Allegiant”) exploration plans for its gold exploration properties, the drill
program at Allegiant’s Eastside project, the preparation and publication of an
updated resource estimate in respect of the Original Zone at the Eastside
project, Allegiant’s future exploration and development plans, including
anticipated costs and timing thereof; Allegiant’s plans for growth through
exploration activities, acquisitions or otherwise; and expectations regarding
future maintenance and capital expenditures, and working capital
requirements.  Forward-looking statements are statements and information
regarding possible events, conditions or results of operations that are based
upon assumptions about future economic conditions and courses of action. All
statements and information other than statements of historical fact may be
forward-looking statements. In some cases, forward-looking statements can be
identified by the use of words such as “seek”, “expect”, “anticipate”,
“budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”,
“predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and
similar words or phrases (including negative variations) suggesting future
outcomes or statements regarding an outlook.  Such forward-looking
statements are based on a number of material factors and assumptions and
involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements, or industry results, to
differ materially from those anticipated in such forward-looking information. You
are cautioned not to place undue reliance on forward-looking statements
contained in this press release. Some of the known risks and other factors
which could cause actual results to differ materially from those expressed in
the forward-looking statements are described in the sections entitled “Risk
Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed
with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile
at www.sedar.com. 
Actual results and future events could differ materially from those anticipated
in such statements. Allegiant undertakes no obligation to update or revise any
forward-looking statements included in this press release if these beliefs,
estimates and opinions or other circumstances should change, except as
otherwise required by applicable law.

Element79 Gold Announces $5M Equity Facility Upsized to $10M

News and Market Data on Element79 Gold

VANCOUVER, BC / ACCESSWIRE
/ May 5, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) (“Element79 Gold”, the “Company”) is pleased to announce that Crescita Capital LLC (“Crescita”) has increased its equity drawdown facility commitment to the Company from $5,000,000 to $10,000,000. The additional funding is being made available pursuant to an amendment dated May 2, 2022 (the “Amendment”) to the original Investment and Advisory Agreement with Crescita dated September 14, 2020 (the “Original Agreement”, and together with the Amendment, the “Agreement”). The Company is able to make drawdown requests for funding, from time to time, pursuant to the facility and on closing of each drawdown, the Company will issue common shares to Crescita in accordance with the terms of the Agreement.

The Company has fully utilized the initial $5,000,000 of Crescita’s invested capital in its corporate development and project advancement since its IPO in August 2021, including completing the Phase 1 exploration program on the Dale property, the drilling program on the Snowbird property, and closing on the acquisition of the Nevada portfolio. Element79 Gold intends to utilize the additional capital to continue progress on its high-tempo development strategy, including the upcoming acquisition of the high-grade Peruvian gold portfolio of Calipuy Resources Inc. (“Calipuy”), the continued advancement of the 43-101 compliant mineral resource at the Company’s flagship Maverick Springs Project, and further exploration of the highly prospective Battle Mountain Portfolio. Near term, additional diamond drilling and metallurgical studies are planned to enable a significant portion of the Maverick Springs resource to be upgraded from the inferred to the indicated category.

“Securing this additional capital, particularly in this market environment where many investors are tightening their purse strings, could not be a stronger vote of confidence for Element79 Gold” remarked James Tworek, CEO of Element79 Gold. “We appreciate Crescita’s repeated investment and belief in our story. The timing is excellent. Element79 Gold now enters into its next phase of development from a position of strength, with the ability to focus on the long-term strategic wins for all our stakeholders.”

In addition to providing for the additional $5,000,000 equity drawdown commitment (the “Second Commitment”), the Amendment provides for certain amendments to the Original Agreement including the addition of the requirement for the Company to make a top up payment to Crescita in the event that the volume weighted average price of the Company’s common shares is less than the subscription price paid by Crescita for a particular drawdown in the 30 days following the drawdown, and amends the fees payable to Crescita for the Second Commitment. The Company will pay an 8% fee to Crescita on the Additional Commitment, which fee will be satisfied by the issuance of 533,333 common shares at a deemed price per share equal to the last closing price of the shares prior to the date of the Amendment, less the maximum discount permitted by the Canadian Securities Exchange. These shares are subject to a four-month hold. A copy of the Original Agreement and Amendment are both filed on SEDAR under the Company’s profile.

Potential Road to
Cashflow Operations: Tailings Utilization and Pre-Production Cashflow

The additional capital will be used to start technical work leading to a PEA and also unlocking the potential for preproduction cashflow through at Machacala as the project develops into 350tpd production. This will also allow the Company to investigate opportunities for cashflow, including reprocessing the historic tailing, estimated to contain approximately 200,000 tonnes at Machacala which were estimated in 1997 by Gold Hawk to contain grades of 1.26 g/t gold and 74 g/t silver.⁽¹⁾ Previous metallurgical studies by Gold Hawk show 87% recoveries of gold and 50%+ recovery of silver in 24 hours of leaching of un-milled tailings, with re-milling able to increase recoveries to 90% of gold and 73% of silver in 24 hours of leaching. While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

“The Peruvian assets, and particularly Machacala, have a clear path towards production in the near-term,” commented Antonios Maragakis. “These funds will be critical in progressing the key geological and engineering work to unlock the mines’ potential in an expedited manner”.

While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

Jason Wells, Managing Director of Crescita Capital stated: “We are excited to continue to financially support Element79 Gold and its transition from an exploration company to a producer. The upside that this brings all of the shareholders is significant”.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a “qualified person” as defined by National Instrument 43-101.

About Element79
Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com.

On Behalf of the Company

James Tworek
CEO

Contact Information

Investor Relations Department

Phone: +1 (604) 200-3608
E-mail: investors@element79.gold

Cautionary Note
Regarding Forward Looking Statements

This press contains “forward?looking information” and “forward-looking statements” under applicable securities laws (collectively, “forward?looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the availability of funding for the Company and issuance of shares to Crescita pursuant to the Agreement; the Company’s plans for use of the funding provided by Crescita; the Company’s plans for exploration and development of the properties the own or are proposing to acquire; the completion of the acquisition of Calipuy and the advancement of its properties; the prospects for mineral resources on certain properties; the prospects for leaching and milling at certain properties; the Company’s business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated, including the risk that the Company does not advance its properties as planned;, that the results of exploration and development are not favorable to the Company; that the projects are not feasible; and the risk that Crescita is not able to fund drawdowns as requested by the Company. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward?looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward?looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company’s other public disclosure documents, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward?looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward?looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

1. Gold Hawk Resources Inc News Release, 2004-06-28

Neither the Canadian
Securities Exchange nor the Market Regulator (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.

SOURCE: Element79 Gold Corp.

Wednesday, May 04, 2022

Comstock Mining (LODE)
Going All In

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Focusing on its mission. Comstock Mining hosted a webcast to discuss first quarter results and recent developments. The company is going all in on technologies that enable systemic decarbonization. Its renewable fuels division is advancing technologies to commercialize the conversion of woody biomass into advanced cellulosic fuels. Its lithium-ion battery (LIB) recycling business, LiNiCo, is commercializing a process to crush and separate lithium-ion batteries, extract lithium, nickel, cobalt, and graphite, and use the recovered metals to produce 99% pure cathode active precursor products.

Making significant headway. Comstock is currently building commercial pilot scale cellulosic fuels and LIB facilities, and the company is preparing to commence crushing and separating operations that will produce mineral-rich black mass at its 137,000 square foot LIB recycling facility later this year and deploy lithium extraction in the same facility next year. The company’s pilot scale cellulosic fuel system will also be operational at its Wisconsin facility later this year. Comstock has established a near-term goal to commission its first 100 million gallon biorefinery by 2025 and LiNiCo expects to produce marketable, battery-grade lithium carbonate by the end of the second quarter of 2023….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Tuesday, May 03, 2022

Alliance Resource Partners (ARLP)
Solid First Quarter; Outlook Remains Bullish

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid first quarter performance. Alliance reported first quarter net income of $36.7 million, or $0.28 per unit compared to $24.7 million, or $0.19 per unit, during the prior year period. The company generated EBITDA of $152.3 million compared to $94.3 million during the prior year period. Results would have been stronger had it not been for transportation constraints that hindered the company’s ability to ship approximately 1.1 million tons of contracted tonnage during the first quarter. These shipments are expected to be delivered throughout the balance of the year. Additionally, financial results were negatively impacted by a $37.3 million one-time non-cash deferred income tax expense and liability to convert the holding company for ARLP’s oil & gas royalty activities, to a corporate taxable entity. Excluding the one-time tax item, adjusted EPU were $0.58.

Updating estimates. We have increased our full year GAAP and adjusted EPU estimates to $3.10 and $3.40, respectively, from $2.85 and $3.15. Our estimates reflect continued strength in commodity prices. We forecast 2022 adjusted EBITDA of $744.6 million and distributable cash flow of $515.1 million….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Sierra Metals Subsidiary in Peru, Sociedad Minera Corona Reports Q1-2022 Financial Results

Research, News, and Market Data on Sierra Metals

TORONTO–(BUSINESS WIRE)–Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) announces the filing of Sociedad Minera Corona S.A.’s (“Corona”) unaudited Financial Statements and the Management Discussion and Analysis (“MD&A”) for the first quarter of 2022 (“Q1 2022”).

 

The Company holds an 81.8% interest in Corona. All amounts are presented in US dollars unless otherwise stated and have not been adjusted for the 18.2% non-controlling interest.

Corona’s Q1-2022 financial statements have not been reviewed by the Sierra Metals Board. The Company will be releasing its Q1-2022 consolidated financial statements on May 11^th, 2022 with an investor conference call taking place on May 12^th, 2022.

Corona’s Highlights for the
Three Months Ended March 31, 2022

• Revenues of US$35.8 million, a 15%
  decrease from Q1 2021.
• Adjusted EBITDA of US$14.8 million, an
  8% decrease from Q1 2021.
• Total tonnes processed of 315,250, a
  3% decrease from Q1 2021.
• Net production revenue per tonne of
  ore milled decreased by 5% to US$121.34.
• Cash Cost per copper equivalent
  payable pound higher by 48% to US$2.19.
• All-in sustaining cost
  (“AISC”) per copper equivalent payable pound higher by 40% to
  US$3.70.
• Copper equivalent pounds production
  decreased 32% to 10.9 million pounds.
• $17.0 million of cash and cash
  equivalents as at March 31, 2022.
• $70.3 million of working capital as at
  March 31, 2022.

The Yauricocha mine processed 315,250 tons during the Q1 2022, which represents a decrease of 3% compared Q1 2021. Labor shortages were experienced in development and mining areas due to the impact of COVID-19 in January and February.

The delays in preparation of the polymetallic mining zones forced the mine to focus on copper sulfides during the quarter, which resulted in higher copper head grades, but negatively impacted grades for all other metals, except gold. Q1 2022 copper and gold production was 60% and 19% higher, while silver, lead and zinc production were 43%, 56% and 57% lower respectively as compared to Q1 2021. Copper equivalent production for Q1 2022 from Yauricocha was 10,876 pounds or 32% lower than the same quarter of 2021. This reflects the decrease in average ore grade on current permitted mining areas.

Luis Marchese, CEO of Sierra Metals, commented, “During Q1 2022, 
Yauricocha metal production was negatively impacted due to
decreasing ore grades in the currently permitted mining areas, and Covid
related labour shortages in the early part of the year.”

He continued, “Looking ahead, our priority is to
treat ore at full plant capacity and incorporate the newly discovered
high-grade areas in order to maximize metal production at current prices.”

He concluded, “We expect that we will be able to
make up for the delay in production at Yauricocha, and with improved grades, we
are optimistic about our progress in the Mine’s performance going forward.”

The following table displays selected unaudited financial information for the three months ended March 31, 2022:

Press Release Selected Financial Results
(In thousands of US dollars, except cash cost and revenue			Three Months Ended
per tonne metrics)			March 31, 2022	March 31, 2021	Var %
Revenue		$	35,794	41,925	-15%
Adjusted EBITDA (1)			14,803	16,173	-8%
Cash Flow from operations			11,080	16,496	-33%
Gross profit			13,268	16,149	-18%
Income Tax Expense			1,268	(6,842)	-119%
Net Income			10,497	5,175	103%
Net production revenue per tonne of ore milled  (2)			121.34	128.10	-5%
Cash cost per tonne of ore milled (2)			59.19	60.43	-2%
Cash cost per copper equivalent payable pound  (2)			2.19	1.48	48%
All-In Sustaining Cost per copper equivalent payable pound (2)			3.70	2.65	40%
(In thousands of US dollars, unless otherwise stated)			March 31, 2022	December 31, 2021
Cash and cash equivalents		$	17,041	32,870
Assets			235,267	232,868
Liabilities			58,013	66,111
Equity			177,254	166,757
(1)		Adjusted EBITDA includes adjustments for depletion and depreciation, interest expense and other financing costs, interest income, share-based compensation, Foreign Exchange (gain) loss and income taxes; see non-IFRS Performance Measures section of the Company’s MD&A.
(2)		Net production revenue per tonne, cash cost per tonne, cash cost per copper equivalent payable pound and All-In Sustaining Cost per copper (‘AISC’) equivalent pound are non-IFRS performance measures. AISC includes the cost of sales, treatment and refining charges, sustaining capital expenditures, general and administrative expense, and selling expense, and exclude workers’ profit sharing, depreciation, and other non-cash provisions; see non-IFRS Performance Measures section of the Company’s MD&A.

The following table displays average realized metal prices information for the quarter ended March 31, 2022 vs March 31, 2021:

Average realized prices	Quarter ended March 31		Increase
In US$	2022	2021	(%)
Silver ($/oz)	23.95	26.44	-9%
Copper ($/lb)	4.53	3.88	17%
Zinc ($/lb)	1.69	1.24	36%
Lead ($/lb)	1.06	0.92	15%
Gold ($/oz)	1,875	1,778	5%

Corona’s Financial Highlights
for the Three Months Ended March 31, 2022

• Revenue from metals payable at the Yauricocha Mine in Peru of $35.8 million for Q1 2022 decreased by 15% compared to $41.9 million of revenues in Q1 2021. Despite higher metal prices, revenues decreased during Q1 2022 mainly due to lower metal production attributable to lower grades except copper. Copper equivalent payable pounds dropped 51% due to lower quantities of metals sold as compared to Q1 2021.
• Yauricocha’s cash cost per copper equivalent payable pound was $2.19 (Q1 2021 – $1.48), and AISC per copper equivalent payable pound of $3.70 (Q1 2021 – $2.65). Higher unit costs resulted from a 36% decrease in copper equivalent payable pounds.
• Adjusted EBITDA of US$14.8 million for the first quarter of 2022 compared to US$16.2 million for the same period of 2021. The decrease in Adjusted EBITDA for the first quarter of 2022 compared to the same period of the year 2021 was due to lower revenues from the Company, explained above.
• Operating cash flow before movements in working capital of US$11.1 million for the first quarter of 2022 compared to US$16.5 million in the same period of 2021.
• Cash and cash equivalents of $17.0 million as at March 31, 2022, compared to $32.9 million as at December 31, 2021. Cash and cash equivalents decreased as cash used in investing activities ($6.2 million) and financing activities ($10.5 million) exceeded cash flow of $0.8 million generated from operating activities.
• Net income of $10.5 million, or $0.292 per share for Q1 2022 compared to net income of $5.2 million, or $0.144 per share for Q1 2021. The increase in net income during Q1 2022 resulted from the recovery of deferred taxes and no current taxes as there was no taxable income during the quarter.

Corona’s Operational
Highlights for the Three Months Ended March 31, 2022:

The following table displays the production results for the three months ended March 31, 2022:

	Yauricocha Production	Three Months Ended March 31,
		2022	2021	% Var.
	Tonnes processed	315,250	326,211	-3%
	Daily throughput	3,603	3,728	-3%
	Silver grade (g/t)	39.40	54.35	-28%
	Copper grade	0.79%	0.56%	41%
	Lead grade	0.66%	1.34%	-51%
	Zinc grade	1.83%	3.71%	-51%
	Gold Grade (g/t)	0.52	0.43	21%
	Silver recovery	63.99%	79.05%	-19%
	Copper recovery	77.22%	66.26%	17%
	Lead recovery	82.50%	90.16%	-8%
	Zinc recovery	82.09%	90.34%	-9%
	Gold Recovery	20.06%	19.77%	1%
	Silver production (000 oz)	256	451	-43%
	Copper production (000 lb)	4,279	2,682	60%
	Lead production (000 lb)	3,828	8,706	-56%
	Zinc production (000 lb)	10,492	24,123	-57%
	Gold Production (oz)	1,057	890	19%
	Copper equivalent pounds (000’s)(1)	10,876	15,937	-32%
(1)		Copper equivalent pounds for Q1 2022 were calculated using the following realized prices: $23.95/oz Ag, $4.53/lb Cu, $1.69/lb Zn, $1.06/lb Pb, $1,875/oz Au. Copper equivalent pounds for Q1 2021 were calculated using the following realized prices: $26.44/oz Ag, $3.88/lb Cu, $1.24/lb Zn, $0.92/lb Pb, $1,778/oz Au.

Quality Control

Américo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning, is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Toronto Stock Exchange and the Bolsa de Valores de Lima under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc |
LinkedIn: Sierra Metals Inc | Instagram: sierrametals

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 16, 2022 for its fiscal year ended December 31, 2021 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Contacts

For further information regarding Sierra Metals, please visit www.sierrametals.com

Investor Relations
CEO

Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: 
info@sierrametals.com

Luis Marchese
Sierra Metals Inc.
Tel: +1 (416) 366-7777

Comstock Announces First Quarter 2022 Results

Research, News, and Market Data on Comstock Mining

VIRGINIA CITY, Nevada, May 03, 2022 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced its recent operational highlights, first quarter 2022 results, and updated outlook.

Selected Strategic
Highlights – Cellulosic Fuels

• Demonstrated breakthrough renewable Bioleum™ alternative to fossil crude oil, derived from from woody biomass, for use in producing renewable diesel, sustainable aviation, gasoline, marine and other drop-in carbon-neutral fuels.
• Established our near-term goal to commission our first 100 million gallon Bioleum™ biorefinery by 2025.
• Commenced construction on a demonstration facility for production of Bioleum™ and other co-products.
• Commenced site evaluation and selection process, prioritizing target sites with ready access to available feedstock.
• Commenced direct discussions for renewable fuel offtake agreements to support our first biorefinery and beyond.

Selected Strategic Highlights
– Lithium Extraction and Electrification Products

• Received and installed proprietary lithium-ion battery (“LIB”) crushing, separation, and conditioning systems and commenced commissioning in our R&D facility.
• On schedule to be producing marketable black mass from LIB feedstock in our state-of-the-art, battery metal recycling facility in Nevada by the end of Q4 2022.
• On schedule to be producing marketable, battery-grade lithium carbonate in our state-of-the-art, battery metal recycling facility in Nevada by the end of Q2 2023.
• Commenced construction of prototype “lithium first” extraction system in our R&D facility.
• Commenced new and continued ongoing discussions with LIB feedstock sources.

Selected Financial
Results

• Advanced non-strategic asset monetization, exchanging $6.65 million note receivable for the Lucerne properties and an option for $7.75 million. Our announced transactions for a portion of our non-strategic mineral and other assets now total over $25 million of expected 2022 proceeds from Tonogold, Sierra Springs and others.
• Total assets increased to $115,119,393 as of March 31, 2022, as compared to $43,123,562 at December 31, 2020.
• Operating expenses were $4,442,713 for the first quarter 2022, including selling, general and administrative expenses of $2,402,766 and research and development expenses of $1,195,418, as compared to operating expenses of $3,621,695 for the fourth quarter of 2021, with increases primarily relating to increased research and development, employment costs and depreciation.
• First quarter 2022 net loss was $6,547,023 or $(0.09) per share, as compared to first quarter 2022 net income of $8,188,231 or $0.22 per share. The 2021 results were primarily driven by changes in fair values of derivatives.
• Debt was $4,529,068 on March 31, 2022, representing an unsecured promissory note.
• Cash and cash equivalents were $2,249,007 on March 31, 2022.
• Outstanding common shares were 67,707,832 at March 31, 2022, and 69,943,776 at April 28, 2022.

“Our financial results reflect the impact of our continued investment in the development and commercialization of our renewable energy businesses,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “Our Cellulosic Fuels and Battery Recycling demonstration systems are moving us rapidly towards commercialization. We are engaged in and securing untapped supplies of carbon neutral feedstocks to enable exponential and sustained growth.”

The Company expects to complete the demonstration of our breakthrough LIB crushing, separating, and conditioning process in the second quarter of this year, to successfully confirm LIB processing without discharge and the production of highly concentrated “black mass” powders. The Company expects to complete the submission of all expanded and modified operating permits for our LIB processes at our state-of-the-art, battery metal recycling facility in Nevada in the second quarter.

The Company is currently expanding its existing cellulosic demonstration systems in Wisconsin to include the production of Bioleum™ and expects these demonstration systems will be operational before the end of the fiscal year. The Company expects to release more detailed information about Bioleum™ and its planned biorefineries later this month at the Company’s Annual Meeting of Shareholders on May 26, 2022, at the Atlantis Hotel in Reno, Nevada.

The Company expects $15 million in proceeds over the next two quarters from the sale of its industrial and commercial properties. The Company is exploring options to monetize all non-strategic assets, with updates in the second and third quarters.

Conference Call Details

Comstock will host the conference call on Tuesday, May 3, 2022, at 8:00 a.m. PDT (11:00 a.m. EDT) and the webcast will include a moderated question and answer session following the Company’s prepared remarks.  Please click the link below to register in advance and please join the event at least 10 minutes prior to the scheduled start time. Once registered, you will receive a confirmation email containing information about joining the Webcast. Please click here to register in advance for this webcast.

About Comstock

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Forward-Looking
Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; and future prices and sales of, and demand for, our products and services. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Maple Gold Files Technical Report and Mineral Resource Estimate for the Douay Gold Project

Research, News, and Market Data on Maple Gold Mines

Vancouver, British Columbia–(Newsfile Corp. – May 2, 2022) – 
Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple
Gold” or the “Company“) is pleased to announce that it has filed a technical report in accordance with National Instrument 43-101 – 
Standards of Disclosure for Mineral Projects for the Douay Gold Project (“Douay”) and the Joutel Gold Project (“Joutel”), which are both held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited. The technical report entitled “NI
43-101 Technical Report on the Douay and Joutel Projects, Northwestern Québec,
Canada” was prepared by SLR Consulting (Canada) Ltd. to support the disclosure of the updated Douay mineral resource estimate, with an effective date of March 17, 2022, and to document the exploration status of Joutel. The technical report is available on SEDAR (www.sedar.com) and on the Company’s website (www.maplegoldmines.com).

Maple Gold’s news release dated March 17, 2022, which is also available on SEDAR and the Company’s website, summarizes key results, assumptions and estimates contained in the technical report. The Company is pleased to report that there are no material differences between the key results, assumptions and estimates contained in the news release dated March 17, 2022 and the content of the technical report filed today.

Qualified Persons

The mineral resources disclosed in this news release have been estimated by Ms. Marie-Christine Gosselin, P.Geo., an employee of SLR and independent of Maple Gold Mines. By virtue of her education and relevant experience, Ms. Gosselin is a “Qualified Person” for the purpose of NI 43-101. Mineral resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). Ms. Gosselin, P.Geo. has read and approved the contents of this press release as it pertains to the disclosed mineral resource estimates.

The scientific and technical data contained in this news release was reviewed and prepared under the supervision of Mr. Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under NI 43-101. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km² of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property.

The district-scale property package also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit 
www.maplegoldmines.com.

Cautionary Note Regarding Mineral Resource Estimate

Readers are cautioned that mineral resources are not mineral
reserves and have not demonstrated economic viability. The mineral resource
estimate is classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources
and Mineral Reserves” incorporated by reference into National Instrument
43-101 – Standards of Disclosure for Mineral Projects. There is no guarantee
that any part of the mineral resources discussed herein will be converted into
a mineral reserve in the future.

ON BEHALF OF MAPLE GOLD MINES LTD.

“Matthew Hornor”

B. Matthew Hornor, President & CEO

For Further Information Please Contact:

Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: 
jlang@maplegoldmines.com

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: 
kpatankar@maplegoldmines.com

NEITHER THE 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 PRESS RELEASE.

Forward Looking Statements:

This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The
Company does not intend, and expressly disclaims any intention or obligation
to, update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.