Latest news with #DrewClark
Technical.ly
4 days ago
- Business
- Technical.ly
As Trump admin promotes AI plan, experts consider next steps for regulation
As the debate over artificial intelligence regulation intensifies, the divide over how and whether to rein in the technology is becoming increasingly stark. That dilemma was on display yesterday at Broadband Breakfast's latest weekly live virtual session, where a panel of experts debated competing visions for the future of AI. The panel aired the same day the Trump administration announced its AI action plan, a series of policy recommendations that pushed scaling back regulations and eliminating what a statement called 'ideological bias' in AI. The plan outlines priorities including expanding data center infrastructure and promoting American AI technology in both government and private sectors. The online discussion was moderated by Drew Clark, CEO of Breakfast Media and a longtime advocate for broadband expansion. As part of the organization's work to cover tech developments and broadband issues, Clark regularly hosts the weekly panels, which cover a wide range of topics related to internet policy. The most recent discussion touched on issues such as federal versus state AI regulations and the potential impact of AI on jobs. Here are a few key takeaways from the discussion. Best regulator remains unclear Since the president's reconciliation bill dropped a proposed AI moratorium, which would have barred states from regulating AI for 10 years, experts differ on how to best approach AI regulation. Sarah Oh Lam, senior fellow at the Technology Policy Institute, emphasized the need to strike a balance between protecting state interests and fostering AI innovation. She noted that while many existing state laws are narrow and sector-specific, targeting areas like employment or judicial proceedings, recent legislation in states like Colorado and California takes a much broader approach. 'I think it's more art than science … coming to the right balance of being able to set a floor to protect innovation and advancement of frontier models, but also letting states have some local jurisdiction,' Lam said. Chris Chambers Goodman, a professor at Pepperdine Caruso School of Law in Los Angeles, also acknowledged the downsides of a patchwork of state laws, warning that inconsistencies in definitions and regulatory scope could lead to compliance challenges and legal uncertainty. At the same time, she argued that states should serve as laboratories for experimenting with new regulations. The scholar, whose work focuses on equal protection issues including algorithmic bias, is concerned about the shift from the Biden administration's focus on safety and privacy to the Trump administration's push for rapid AI acceleration. 'We're supposed to let the states try things out, come up with rules and regulations, and then after studying if these have been effective, Congress could decide on legislation that was actually based on best practices,' Goodman said. How Trump's plan influences competition with China The experts also debated the role of China in shaping US AI policy, offering sharply contrasting views on whether the United States should treat artificial intelligence as a geopolitical race. While some panelists called for urgency and limited regulation to stay ahead, others warned that framing AI development as a race with China could lead to risky, short-sighted decisions. Adam Thierer, senior fellow at the free market-focused R Street Institute, argued that the US is locked in a 'stiff competition with China,' where leadership in AI has national security and ideological implications. He supported the Trump administration's new plan as a step toward fostering innovation and asserting American leadership in emerging technologies. 'It's not just about money and commerce,' Thierer said. 'It's also about values.' Professor Yonathan Arbel of the University of Alabama School of Law took a more cautious view. While he agreed that the US should remain competitive, he pushed back against the 'race' narrative, questioning what winning actually means in a fast-evolving field where breakthroughs are quickly matched. Arbel warned that racing ahead without proper safeguards could create harms that are difficult to undo, especially as AI systems become less transparent. 'I don't love the race metaphor, and I think it leads us down a very dark road where we have to win no matter what the price is,' Arbel said. The people's role in responsible AI use Goodman warned that AI use in government services can impact due process. She cited Covid-era welfare benefits systems that used algorithms to flag people as fraudulent based on frequent address changes, which were common due to the instability of the pandemic. 'The government owes its citizens and residents the right to due process,' she said. 'And when decisions are made by AI technologies that are infringing on those rights, then we really do have a big issue.' Lam also pointed out how humans still play a role in deploying and interpreting AI tools and how that can affect liability moving forward. 'Officials have choices between different models,' Lam said. 'So one pushback is: How is AI different from just software liability?' Maria Eberhart is a 2025-2026 corps member for Report for America, an initiative of The Groundtruth Project that pairs emerging journalists with local newsrooms. This position is supported in part by the Robert W. Deutsch Foundation and the Abell Foundation. Learn more about supporting our free and independent journalism.
Cision Canada
22-07-2025
- Business
- Cision Canada
Summit Royalty to Acquire Cash Flowing 1.0% NSR Royalty on the Madsen Project
TORONTO, July 22, 2025 /CNW/ - Summit Royalty Corp. (" Summit" or the " Company"), a private royalty and streaming company, is pleased to announce that it has entered into a definitive agreement to acquire an existing 1.0% net smelter return ("NSR") royalty on the producing Madsen Project (" Madsen") from a Fund managed by Sprott Resource Lending Corp. for total consideration of $9.9 million. Madsen is located in the prolific Red Lake mining district of Ontario and is 100% owned and operated by West Red Lake Gold Mines Ltd. (TSXV: WRLG) (" West Red Lake"). Unless otherwise indicated, all $ amounts are expressed in US dollars. "We are very pleased to announce this royalty acquisition on a producing mine within Canada that materially enhances Summit's existing royalty portfolio," said Drew Clark, Founder and President of the Company. "Madsen is a storied mine within the prolific Red Lake mining district, having produced over 2.5 million ounces of high-grade gold during its lifetime. This acquisition materially increases Summit's cash flow and is accretive across all metrics and, importantly, provides Summit with a substantial portion of the Company's pro-forma net asset value to Canada. This acquisition also demonstrates our ability to continue to source deals on a bilateral basis outside of a typical sales process, which we will continue to do as we grow Summit into a preeminent cash flowing junior royalty and streaming company focused on precious metals." Key Acquisition Terms and Transaction Highlights A 1.0% NSR royalty that covers all mineral properties comprising Madsen, covering approximately 4,700 ha of highly prospective exploration ground. $9.9 million purchase price, with $7.9 million in cash due at closing and a contingent $2.0 million cash payment due after the earlier of: (i) production on Madsen exceeding 60 Koz of recovered gold (annualized) for three consecutive quarters; and (ii) total production on Madsen reaching a cumulative 150 Koz of recovered gold from the date of signing the definitive agreement. Accretive to Summit's pro-forma net asset value, revenue and cash flow per share, while allowing for potential tax synergies as a Canadian-domiciled corporation. Peak royalty revenue of over $2.5 million per annum, based on the analyst consensus production profile on Madsen and consensus gold prices. In conjunction with the previously announced reverse takeover of Eagle Royalties Ltd. (the " RTO Transaction") announced in Summit's July 2, 2025 news release, nearly half of Summit's pro-forma net asset value will be located in Canada following completion of the RTO Transaction and the acquisition of the NSR royalty on Madsen. Project Background Madsen is an underground gold mine located in Red Lake, Ontario, and is currently ramping-up to commercial production, which is expected in Q4-2025. West Red Lake acquired Madsen in 2023 and has since invested over C$160 million focused on technical and development work. When combined with the previous operator, over C$500 million has been invested in Madsen since 2017. Historically, Madsen produced 2.5 Moz Au at 9.7 g/t Au between 1938 to 1976 and 1997 to 1999. In May 2025, West Red Lake completed a 14,490 tonne bulk sample that resulted in strong grade and contained gold reconciliation and confirmed the efficacy of their strong emphasis on tighter drill spacing. As of December 31, 2021, and using a gold price of US$1,800 per ounce, Madsen had an Indicated Resource of 6.9 Mt at a grade of 7.4 g/t Au containing 1.7 Moz of gold, and an Inferred Resource of 1.8 Mt at a grade of 6.3 g/t Au containing an additional 0.4 Moz of gold. This 2021 resource estimate, done at a materially lower gold price, does not include the substantial amount of drilling completed by the previous operator and West Red Lake since the beginning of 2022. As of June 30, 2024, and using a US$1,680/oz gold price, Madsen has a Probable Reserve of 1.8 Mt at 8.2 g/t Au containing 0.5 Moz of gold. Royalty Coverage Area Advisors Haywood Securities Inc. is acting as financial advisor and Bennett Jones LLP is acting as legal advisor to Summit in connection with the acquisition of the NSR royalty and RTO Transaction. About Summit Royalty Corp. Summit is a private precious metals streaming and royalty company with an aggressive growth trajectory. Summit's current portfolio is backstopped by cash flow production with additional expansion and exploration upside. Summit intends to rapidly expand to be the next mid-tier streaming and royalty company through a series of actionable and accretive acquisitions which, given Summit's size, can have an outsized effect on its production and cash flow growth. Summit currently has no debt and sufficient cash on-hand for use in future acquisitions. Summit intends to complete a go-public transaction before year-end 2025. ON BEHALF OF THE BOARD OF DIRECTORS OF SUMMIT ROYALTY CORP. Drew Clark, President and Director [email protected] Qualified Person The scientific and technical information in this news release has been reviewed and approved by Richard Breger, Professional Geoscientist PGeo., member of the Association of Professional Geoscientists of Ontario and a technical advisor to Summit. Mr. Breger is a qualified person for purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101") and independent of Summit for purposes of Section 1.5 of NI 43-101. Forward-looking Statements This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the completion of the acquisition of the NSR on Madsen; the anticipated increase to Summit's cash flow, accretive effects and redistribution of Summit's pro forma net asset value; the Company's growth strategy; the deferred cash payment and future production on Madsen; the anticipated increase in cash flow per share; the potential tax synergies resulting from the acquisition; the expected peak royalty revenue of Madsen; the anticipated actions of the operator of Madsen, including expected timing of commercial production, if any; the Company's ability to expand and complete a series of actionable and accretive transactions; and the anticipated timing and completion of any go-public transaction, including the RTO Transaction. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: future prices of gold and silver; and the accuracy of anticipated production and cash flow from Madsen. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expected or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further acquisition activities; community and non-governmental actions; risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and other risks applicable to junior production royalties companies. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Cision Canada
02-07-2025
- Business
- Cision Canada
EAGLE ROYALTIES AND SUMMIT ROYALTY EXECUTE DEFINITIVE AGREEMENT FOR REVERSE TAKEOVER OF EAGLE ROYALTIES
TORONTO, July 2, 2025 /CNW/ - Summit Royalty Corp. ("Summit") and Eagle Royalties Ltd. (CSE: (" Eagle") are pleased to announce that they have entered into a definitive amalgamation agreement (the " Amalgamation Agreement") in respect of a reverse takeover transaction (the " RTO"), pursuant to which Summit will "go-public" by way of a reverse takeover of Eagle. In this news release, references to the " Resulting Issuer" are to Eagle after the closing of the RTO. On June 30, 2025 Eagle, Summit and a newly-formed subsidiary of Eagle (" Eagle Subco") incorporated under the Business Corporations Act (Ontario) (the " OBCA"), entered into the Amalgamation Agreement, which provides for, among other things, a three-cornered amalgamation (the " Amalgamation") pursuant to which (i) Eagle Subco will amalgamate with Summit under Section 174 of the OBCA to form one corporation, (ii) the securityholders of Summit will receive securities of the Resulting Issuer in exchange for their securities of Summit at an exchange ratio of five Resulting Issuer shares for each outstanding share of Summit (subject to adjustments in accordance with the Amalgamation Agreement) (the " Exchange Ratio"), and (iii) the transactions will result in a reverse takeover of Eagle, all in the manner contemplated by, and pursuant to, the terms and conditions of the Amalgamation Agreement. A copy of the Amalgamation Agreement will be available electronically on SEDAR+ ( under Eagle's issuer profile in due course. The Exchange Ratio implies estimated consideration of C$0.18 per Eagle share, representing a premium of 47% based on Eagle's closing price on June 30, 2025 on the Canadian Securities Exchange. Drew Clark, President and Director of Summit, stated: "We are excited to announce this RTO with Eagle as we move toward a public listing and the combination of two strong royalty portfolios. Eagle's portfolio of royalties, notably including a royalty on a portion of Banyan's 7Moz AurMac Gold Project, coupled with over 35 royalty interests predominately in Canada, will provide excellent optionality that will complement our cash-flowing portfolio. We look forward to partnering with Eagle shareholders as we work to aggressively grow our business after we close the RTO." Tim J. Termuende, President, CEO and Director of Eagle, stated: "We are very pleased to announce the RTO and partnership with Summit as Eagle enters this new and exciting chapter in its development. We believe that this transaction immediately unlocks value for Eagle shareholders through a significant upfront premium and look forward to becoming meaningful shareholders in the combined company. Summit's team of experienced royalty professionals will unlock significant value for Eagle's shareholders through the addition of Summit's current portfolio of cash-flowing royalty and streaming assets. I'd like to thank Eagle's shareholders and team for all of their continued efforts and support in this transaction. The transaction with Summit will accelerate the growth and development of the combined company." As part of the RTO, and subject to any required shareholder and regulatory approvals, Eagle will: (i) change its name to "Summit Royalty Corp." or such other name as may be requested by Summit; (ii) change its stock exchange ticker symbol to a symbol to be determined between the parties and acceptable to the target stock exchange (the " Exchange") on which the shares of the Resulting Issuer will trade (which may be the Canadian Securities Exchange (the " CSE") or the TSX Venture Exchange, as may be determined by Summit); (iii) reconstitute the board of directors and management of the Resulting Issuer; (iv) continue under the OBCA following completion of the RTO; (v) adopt a new equity compensation plan; (v) change its auditor; and (vi) if requested, consolidate its issued and outstanding shares at a consolidation ratio to be agreed between the parties (the " Consolidation"). Eagle intends to call an annual and special meeting of its shareholders to approve various corporate actions and seek approval of the RTO, which will result in a Fundamental Change (as defined in the policies of the CSE), by at least a majority of its shareholders pursuant to the policies of the CSE. In support of the RTO, all the directors and officers of Eagle, representing approximately 22% of the outstanding common shares of Eagle have entered into voting support agreements with Summit in support of the RTO (the " Eagle Support Agreements"). In addition, all of the directors and officers and certain shareholders of Summit representing approximately 78% of the outstanding common shares of Summit have entered into voting support agreements with Eagle in support of the RTO (the " Summit Support Agreements", together with the Eagle Support Agreements, the " Support Agreements"). The Amalgamation Agreement was negotiated at arm's length between representatives of Eagle and Summit. The board of directors of each of Eagle and Summit determined that the RTO is fair to the shareholders of Eagle and Summit, respectively. The common shares of Eagle will remain halted pending further filings with the Exchange. The Resulting Issuer is expected to be owned approximately (i) 80% by current shareholders of Summit, (ii) 20% by the current shareholders of Eagle, after giving effect to the RTO and without taking into account the effect of any financings before completion of the RTO. The full particulars of the RTO, the material properties of the Resulting Issuer, and the Resulting Issuer will be described in the management information circular of Eagle (the " Circular"), which will contain the information required pursuant to listing statement requirements under the policies of the Exchange. A copy of the Circular will be available electronically on SEDAR+ ( under Eagle's issuer profile in due course. Completion of the RTO is subject to a number of conditions, including, but not limited to, Exchange acceptance and required shareholder approvals of Eagle and Summit. There can be no assurance that the RTO will be completed as proposed or at all. The completion of the RTO is also subject to other customary conditions for a transaction of this nature. Investors are cautioned that, except as disclosed in the Circular to be prepared in connection with the RTO, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of Eagle should be considered highly speculative. Neither Exchange has in any way passed upon the merits of the proposed RTO and has neither approved nor disapproved the contents of this news release. Attributes of the Resulting Issuer The formation of the Resulting Issuer creates a public Canadian junior royalty and streaming company focused on precious metals. Following the completion of the RTO, the Resulting Issuer is anticipated to own interests in the following key assets: Bomboré Silver Stream (Ganzourgou Province, Burkina Faso) – a 50% silver stream on the operating Bomboré Mine owned and operated by Orezone Gold Corporation; Pitangui Royalty (Minas Gerais, Brazil) – an $80/oz production royalty on the first 250 Koz of gold sold, and a 1.5% NSR royalty thereafter on the Pitangui project currently under development by Jaguar Mining Inc.; AurMac Gold Project (Yukon, Canada) – a 0.5% to 2.0% NSR on the AurMac Gold Project operated by Banyan Gold Corp.; Zancudo Royalty (Titiribi, Colombia) – a 0.5% NSR royalty on the operating Zancudo Mine owned and operated by Denarius Metals Corp.; and Lavras do Sul Royalty (Rio Grande do Sul, Brazil) – a 3.0% NSR royalty on the over 5,000 Ha Lavras do Sul project owned by Lavras Gold Corp. It is anticipated that the Bomboré Silver Stream and the Pitangui Royalty will be the only material interests in a mineral project of the Resulting Issuer, for purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, following the completion of the RTO. Board and Management Composition and Biographies The Board of Directors of the Resulting Issuer is expected to include Andrew Clark, Jerrold Annett, Steven Eddy, Russell Mills and Blair Zaritsky. Management of the Resulting Issuer is expected to include Andrew Clark (President, Chief Executive Officer and Director) and Connor Pugliese (Vice President, Corporate Development). The following are biographies of the currently proposed directors and senior officers of the Resulting Issuer: Drew Clark, CFA | President, Chief Executive Officer & Director: Drew is currently the President and Director of Summit. Drew has completed over $300 million of royalty deals through more than 30 transactions over the last 12 years. He was most recently VP of Corporate Development and first employee hired at Metalla Royalty & Streaming (TSX: MTA), where he was vital in helping to grow the company's portfolio from 18 to 100+ royalties and streams. He was previously VP Corporate Finance at a boutique investment bank and held other senior corporate development roles at Carlisle Goldfields and Premier Royalty, acquired by Alamos Gold and Sandstorm Gold, respectively. Drew started his career in equity research, becoming a published analyst prior to joining the issuer side in 2012. Jerrold Annett, | Director: Jerrold has over 30 years of mining and capital markets experience, most recently as Senior Vice President, Strategy & Capital Markets at Capstone Copper. He has over a decade of mining sales experience, including nine years as head of mining sales at Scotiabank, a position he left to join Arizona Mining, which was acquired for $1.6 billion in cash. A professional engineer by background, Jerrold started his career working for Teck Resources and Falconbridge as a metallurgist. Steven Eddy | Director: Steven most recently served as a Senior Vice President, Business Development, at IAMGOLD, where he led several enterprise-defining initiatives, including securing a joint venture partner and restructuring a gold development project exceeding $1 billion in capital. He has successfully executed over $900 million in acquisitions and $2.4 billion in divestitures, managing end-to-end deal processes involving strategic asset sales, joint ventures, and international negotiations. Russell Mills, CFA, MFin. | Director: Russell is currently a Partner at Mills Dunlop Capital Partners (" MDCP"), a boutique investment banking firm. He has nearly 20 years of experience advising mining companies, including recently as Managing Director, Investment Banking at a Toronto based Investment Bank for 10 years before becoming a Partner with MDCP. He has significant experience with executing complex merger and acquisitions and sophisticated equity transactions. Blair Zaritsky, CA, CPA | Director: Blair is currently CFO of Osisko Metals (TSXV: OM) and was the founding CFO of Osisko Mining (formerly, TSX: OSK), advancing the company from its go-public event to its all-cash acquisition by Gold Fields for over C$2.1 billion. Blair has raised over C$1.0 billion and completed over ten public M&A transactions during his 13-year tenure. Blair has also sat as audit chair on multiple boards throughout his career. Connor Pugliese | Vice President, Corporate Development: Connor is currently Vice President, Corporate Development at Summit. Connor is a corporate development professional with a strong background in finance and the mining sector. Before joining Summit, he worked at Redwood Materials, supporting the company's growth in the sustainable battery materials space. Prior to Redwood, he spent over four years at Triple Flag Precious Metals, where he helped execute over $1B in royalty and streaming deals. Connor began his career in investment banking, advising on M&A and capital markets transactions across the metals and mining sector. Bennett Jones LLP is legal counsel to Summit and Haywood Securities Inc. is financial advisor to Summit. McLeod Law LLP is legal counsel to Eagle. About Eagle Royalties Ltd. Eagle Royalties benefits from maintaining a strong treasury and holds a diverse portfolio of over 35 royalty interests in western Canada. Target commodities subject to royalties include a broad spectrum including critical metals, precious metals and industrial minerals. Its flagship royalty is associated with the AurMac Project located in Yukon, operated by Banyan Gold Corp. Eagle Royalties holds royalty interests ranging from 0.5% to 2% on claims that contain a significant portion of AurMac's inferred gold resource located at the Powerline and Airstrip deposit areas. Eagle Royalties also holds royalty interests on a number of historical base metal deposits located in Western Canada. About Summit Royalty Corp. Summit is a private precious metals streaming and royalty company with an aggressive growth trajectory. Summit's current portfolio is backstopped by cash flow production with additional expansion and exploration upside. Summit intends to rapidly expand to be the next mid-tier streaming and royalty company through a series of actionable and accretive acquisitions which, given Summit's size, can have an outsized effect on its production and cash flow growth. Summit currently has no debt and sufficient cash on-hand for use in future acquisitions. ON BEHALF OF THE BOARD OF DIRECTORS OF EAGLE ROYALTIES LTD. Tim J. Termuende President, Chief Executive Officer and Director Eagle Royalties Ltd. For more information contact: Mike Labach, Business Development Officer 1 866 HUNT ORE (486 8673) ON BEHALF OF THE BOARD OF DIRECTORS OF SUMMIT ROYALTY CORP. Drew Clark President and Director Summit Royalty Corp. For more information contact: Connor Pugliese, Vice President of Corporate Development [email protected] Forward-looking Statements Certain statements contained in this news release may be deemed "forward – looking statements" within the meaning of applicable Canadian securities laws. These forward – looking statements, by their nature, require Eagle and Summit to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward – looking statements. Forward – looking statements are not guarantees of performance. Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward – looking statements. Information contained in forward – looking statements, including with respect to the ability to satisfy or waive on satisfactory terms any conditions to the completion of the RTO (including but not limited to any required regulatory and shareholder approvals), ability to complete the RTO (if at all), the anticipated listing of the Resulting Issuer shares on the Exchange, anticipated benefits of the RTO (including anticipated synergies from combining Summit and Eagle's royalty portfolios and value for shareholders and impact on cash-flow), the expected premium to be realized by Eagle shareholders, the impact of Summit's experienced team, expected ownership of the Resulting Issuer, and the expected growth, expansion and development of Summit and the Resulting Issuer (including potential actionable and accretive acquisitions), and ability for Summit to become a mid-tier streaming and royalty company are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, current information available to the management of Eagle and Summit, as well as other considerations that are believed to be appropriate in the circumstances. Eagle and Summit consider their respective assumptions to be reasonable based on information currently available, but caution the reader that their assumptions regarding future events, many of which are beyond the control of Eagle and Summit, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Eagle and Summit, and their respective businesses. For additional information with respect to these and other factors and assumptions underlying the forward – looking statements made in this news release concerning Eagle, see the section entitled "Risks and Uncertainties" in the most recent management discussion and analysis of Eagle which is filed with the Canadian securities commissions and available electronically under Eagle's issuer profile on SEDAR+ ( The forward – looking statements set forth herein concerning Eagle and Summit reflect management's expectations as at the date of this news release and are subject to change after such date. Eagle and Summit disclaim any intention or obligation to update or revise any forward – looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
Malaysian Reserve
18-06-2025
- Business
- Malaysian Reserve
Summit Royalty Acquires Cash Flowing Portfolio of Royalties and Stream from IAMGOLD Corporation for $17.5 Million
TORONTO, June 18, 2025 /CNW/ – Summit Royalty Corp. ('Summit' or the 'Company'), a private royalty and streaming company, is pleased to announce the successful acquisition of a portfolio of cash flowing royalties and stream (the 'Portfolio') from IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) and its affiliates (collectively, 'IAMGOLD') for total consideration of $17.5 million. Unless otherwise indicated, all $ amounts are expressed in US dollars. Key Portfolio Assets The key assets in the Portfolio include: Bomboré Silver Stream (Ganzourgou Province, Burkina Faso) – a 50% silver stream on the operating Bomboré Mine owned and operated by Orezone Gold Corporation; Pitangui Royalty (Minas Gerais, Brazil) – an $80/oz production royalty on the first 250 Koz of gold sold, and a 1.5% NSR royalty thereafter on the Pitangui project currently under development by Jaguar Mining Inc.; Zancudo Royalty (Titiribi, Colombia) – a 0.5% NSR royalty on the operating Zancudo Mine owned and operated by Denarius Metals Corp.; and Lavras do Sul Royalty (Rio Grande do Sul, Brazil) – a 3.0% NSR royalty on the over 5,000 Ha Lavras do Sul project owned by Lavras Gold Corp. 'I am very pleased to announce the successful completion of Summit's cornerstone acquisition of royalty and stream assets from IAMGOLD' commented Drew Clark, Founder and President of Summit. 'Anchored by a cash flowing silver stream on the Bomboré mine operated by Orezone Gold Corporation and coupled with a suite of royalties with definitive timelines to production and meaningful expansion and exploration upside, Summit is poised to be the preeminent cash flowing junior royalty and streaming company focused on precious metals. This is an extremely exciting time for Summit and its shareholders as we look to aggressively scale Summit through a pipeline of actionable and accretive transactions in the coming months. We would like to thank IAMGOLD for their support throughout this process and welcome them as a shareholder in Summit. I would also like to thank our investors and advisors whose support was invaluable in culminating this transaction.' Acquisition and Financing Terms Summit acquired the Portfolio comprising seven royalties and one stream from IAMGOLD through a purchase and sale agreement for total consideration of $17.5 million comprising cash consideration of $10 million and common shares of Summit (each, a 'Share') valued at $7.5 million. To satisfy the $10 million of cash consideration, Summit successfully raised over $13 million through a non-brokered private placement comprised of leading institutions and sophisticated retail investors. Bomboré Mine (50% Silver Stream) The Bomboré mine ('Bomboré') is located in Ganzourgou Province, Burkina Faso, 85 km east of the capital city of Ouagadougou and is accessible via a paved highway. Constructed on-time and under budget by Orezone Gold Corporation (TSX:ORE) ('Orezone'), Bomboré achieved commercial production of its Phase I oxide plant on December 1, 2022, and has successfully operated above its planned nameplate capacity. In 2024, Bomboré produced approximately 119 Koz of gold at an all-in sustaining cost of under $1,450/oz sold. Orezone currently has a Proven and Probable reserve estimate at Bomboré of 2.4 Moz at 0.73 g/t gold, a Measured and Indicated resource estimate of 4.5 Moz at 0.78 g/t gold and an Inferred resource estimate of 0.6 Moz at 0.95 g/t gold. Orezone is currently constructing a parallel 2.5 Mtpa hard rock plant, which will increase production to over 170 Koz annually, commencing in Q4 2025. Construction is fully-funded and remains ahead of schedule and on budget. A secondary hard rock expansion, adding another 2.5 Mtpa processing capacity and increasing gold production to 220 – 250 Koz/year, is being evaluated for acceleration with commissioning in late 2026. Summit holds a 50% stream on payable silver production at Bomboré, subject to a minimum guaranteed delivery of 37.5 Koz of silver per annum. There are no ongoing payments on the stream, and if the minimum guaranteed delivery is not satisfied, Orezone will accrue the shortfall and make the payment in full five years following the initial silver delivery which occurred in December 2022. The accrual shortfall balance payable to Summit was ~58,000 ounces of silver as at the end of Q1 2025. If, prior to the fifth anniversary of the date of the commencement of commercial production, Orezone constructs a sulphide processing plant that is capable of processing 3.3 Mtpa, Orezone will have a right to buy back 50% of the stream for $7.15M. Onças de Pitangui Project ($80/oz for first 250 Koz of gold sold and 1.5% NSR thereafter) The Onças de Pitangui Project ('Pitangui') is located in the state of Minas Gerais in Brazil and is owned and operated by Jaguar Mining Inc. (TSX:JAG) ('Jaguar'). Pitangui is located 20 km east of the Turmalina Mining Complex ('MTL') and contains the São Sebastião gold deposit. Jaguar acquired MTL in September 2004 which has been in continuous operation since it commenced mining in late 2006. Jaguar completed the acquisition of Pitangui from IAMGOLD in September 2023 and released a technical report with an integrated mine plan for the deposit within MTL on March 31, 2025. The technical report outlines a detailed nine-year mine plan with development at Pitangui scheduled to commence in 2026, ramping up to full production in 2027 and averaging ~40 Koz of gold for at least six years. Jaguar currently has a Proven and Probable reserve estimate at Pitangui of 284 Koz at 4.16 g/t gold, a Measured and Indicated resource estimate of 457 Koz at 4.01 g/t gold and an Inferred resource estimate of 490 Koz at 3.64 g/t gold. Summit owns an $80/oz production royalty on the first 250 Koz of gold sold, and a 1.5% NSR royalty thereafter on Pitangui. Zancudo Mine (0.5% NSR royalty) The Zancudo Mine ('Zancudo') is located in Antioquia, Colombia and owned and operated by Denarius Metals Corp. (CBOE: DMET) ('Denarius'). Denarius recently commenced mining operations at Zancudo, with first production expected in Q2 2025. According to a Preliminary Economic Assessment ('PEA') completed for Denarius in October 2023, Zancudo is expected to produce over 575 Koz of payable gold and over 8.8 Moz of payable silver over a 10.3 year mine life. Economics indicated by the PEA were favourable, generating an after-tax IRR of 287% using long-term prices of $1,800/oz gold and $22/oz silver. Denarius currently has an Inferred resource estimate at Zancudo of 860 Koz of gold at 6.53 g/t and 14.1 Moz of silver at 107 g/t. Summit owns a 0.5% NSR royalty on Zancudo. Summit's Leadership Team Summit's leadership team and anticipated board will consist of a diversified slate of experienced mining executives with extensive knowledge of the sector. Summit currently has a small but capable team to enable quick decision making and to keep our corporate overhead low, using our available capital for accretive acquisitions to grow Summit into the next mid-tier royalty and streaming company. Upon the completion of a go-public transaction, which Summit intends to complete before year-end 2025, the directors identified below as proposed directors have agreed to join Summit's board of directors. Drew Clark, CFA | President & Director: Drew has completed over $300 million of royalty deals through more than 30 transactions over the last 12 years. He was most recently VP of Corporate Development and first employee hired at Metalla Royalty & Streaming (TSX: MTA), where he was vital in helping to grow the company's portfolio from 18 to 100+ royalties and streams. He was previously VP Corporate Finance at a boutique investment bank and held other senior corporate development roles at Carlisle Goldfields and Premier Royalty, acquired by Alamos Gold and Sandstorm Gold, respectively. Drew started his career in equity research, becoming a published analyst prior to joining the issuer side in 2012. Blair Zaritsky, CA, CPA | Proposed Director: Blair is currently CFO of Osisko Metals (TSX: OM) and was the founding CFO of Osisko Mining (formerly TSX: OSK), advancing the company from its go-public event to its all-cash acquisition by Gold Fields for over C$2.1 billion. Blair has raised over C$1.0 billion and completed over ten public M&A transactions during his 13-year tenure. Blair has also sat as audit chair on multiple boards throughout his career. Jerrold Annett, | Proposed Director: Jerrold has over 30 years of mining and capital markets experience, most recently as Senior Vice President, Strategy & Capital Markets at Capstone Copper. Has over a decade of mining sales experience, including nine years as head of mining sales at Scotiabank, a position he left to join Arizona Mining, which was acquired for $1.6 billion in cash. A professional engineer by background, Jerrold started his career working for Teck Resources and Falconbridge as a metallurgist. Russell Mills, CFA, MFin. | Proposed Director: Russell is currently a Partner at Mills Dunlop Capital Partners ('MDCP'), a boutique investment banking firm. He has nearly 20 years of experience advising mining companies, including recently as Managing Director, Investment Banking at a Toronto based Investment Bank for 10 years before becoming a Partner with MDCP. He has significant experience with executing complex merger and acquisitions and sophisticated equity transactions. Steven Eddy | Proposed Director: Steven most recently served as a Senior Vice President, Business Development, at IAMGOLD, where he led several enterprise-defining initiatives, including securing a joint venture partner and restructuring a gold development project exceeding $1 billion in capital. He has successfully executed over $900 million in acquisitions and $2.4 billion in divestitures, managing end-to-end deal processes involving strategic asset sales, joint ventures, and international negotiations. Additional additions to the management team include: Connor Pugliese | Vice President of Corporate Development: Connor is a corporate development professional with a strong background in finance and the mining sector. Before joining Summit, he worked at Redwood Materials, supporting the company's growth in the sustainable battery materials space. Prior to Redwood, he spent over four years at Triple Flag Precious Metals, where he helped execute over $1B in royalty and streaming deals. Connor began his career in investment banking, advising on M&A and capital markets transactions across the metals and mining sector. Richard Breger | Technical Advisor: Richard is a professional geologist with over 20 years of diverse industry experience, spanning both technical and financial aspects of the industry. He is currently the CEO at Harfang Exploration. Richard previously held senior roles at IAMGOLD and Coeur Mining, where he executed strategic royalty sales and significant transactions. He also brings additional capital markets experience from roles at Canaccord and Dundee. Advisors Haywood Securities Inc. and Mills Dunlop Capital Partners acted as financial advisors to Summit in relation to the Portfolio acquisition. Bennett Jones LLP acted as legal advisor to Summit for the Portfolio acquisition. Additionally, Robert Giustra acted as advisor and finder to the Company on the identification and acquisition of the Portfolio. About Summit Summit is a private precious metals streaming and royalty company with an aggressive growth trajectory. Summit's current portfolio is backstopped by cash flow production with additional expansion and exploration upside. Summit intends to rapidly expand to be the next mid-tier streaming and royalty company through a series of actionable and accretive acquisitions which, given Summit's size, can have an outsized effect on its production and cash flow growth. Summit currently has no debt and sufficient cash on-hand for use in future acquisitions. Summit intends to complete a go-public transaction before year-end 2025. Qualified Person The scientific and technical information in this news release has been reviewed and approved by Richard Breger, Professional Geoscientist PGeo., member of the Association of Professional Geoscientists of Ontario and a technical advisor to Summit. Mr. Breger is a qualified person for purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101') and independent of Summit for purposes of Section 1.5 of NI 43-101. Forward-looking Statements This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as 'expects', or 'does not expect', 'is expected', 'interpreted', management's view', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'potential', 'feasibility', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the Company's growth strategy; the Company's ability to build a pipeline of actionable and accretive transactions; the expected performance of Portfolio assets; the anticipated actions of the operators of the properties underlying the Portfolio assets; the anticipated timing and completion of any go-public transaction; and the anticipated board members. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: future prices of gold and silver; and the accuracy of anticipated production and cash flow from the Royalty Portfolio. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expected or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further acquisition activities; community and non-governmental actions; risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and other risks applicable to junior production royalties companies. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Cision Canada
18-06-2025
- Business
- Cision Canada
Summit Royalty Acquires Cash Flowing Portfolio of Royalties and Stream from IAMGOLD Corporation for $17.5 Million
TORONTO, June 18, 2025 /CNW/ - Summit Royalty Corp. (" Summit" or the " Company"), a private royalty and streaming company, is pleased to announce the successful acquisition of a portfolio of cash flowing royalties and stream (the " Portfolio") from IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) and its affiliates (collectively, " IAMGOLD") for total consideration of $17.5 million. Unless otherwise indicated, all $ amounts are expressed in US dollars. The key assets in the Portfolio include: Bomboré Silver Stream (Ganzourgou Province, Burkina Faso) – a 50% silver stream on the operating Bomboré Mine owned and operated by Orezone Gold Corporation; Pitangui Royalty (Minas Gerais, Brazil) – an $80/oz production royalty on the first 250 Koz of gold sold, and a 1.5% NSR royalty thereafter on the Pitangui project currently under development by Jaguar Mining Inc.; Zancudo Royalty (Titiribi, Colombia) – a 0.5% NSR royalty on the operating Zancudo Mine owned and operated by Denarius Metals Corp.; and Lavras do Sul Royalty (Rio Grande do Sul, Brazil) – a 3.0% NSR royalty on the over 5,000 Ha Lavras do Sul project owned by Lavras Gold Corp. "I am very pleased to announce the successful completion of Summit's cornerstone acquisition of royalty and stream assets from IAMGOLD" commented Drew Clark, Founder and President of Summit. "Anchored by a cash flowing silver stream on the Bomboré mine operated by Orezone Gold Corporation and coupled with a suite of royalties with definitive timelines to production and meaningful expansion and exploration upside, Summit is poised to be the preeminent cash flowing junior royalty and streaming company focused on precious metals. This is an extremely exciting time for Summit and its shareholders as we look to aggressively scale Summit through a pipeline of actionable and accretive transactions in the coming months. We would like to thank IAMGOLD for their support throughout this process and welcome them as a shareholder in Summit. I would also like to thank our investors and advisors whose support was invaluable in culminating this transaction." Acquisition and Financing Terms Summit acquired the Portfolio comprising seven royalties and one stream from IAMGOLD through a purchase and sale agreement for total consideration of $17.5 million comprising cash consideration of $10 million and common shares of Summit (each, a " Share") valued at $7.5 million. To satisfy the $10 million of cash consideration, Summit successfully raised over $13 million through a non-brokered private placement comprised of leading institutions and sophisticated retail investors. Bomboré Mine (50% Silver Stream) The Bomboré mine (" Bomboré") is located in Ganzourgou Province, Burkina Faso, 85 km east of the capital city of Ouagadougou and is accessible via a paved highway. Constructed on-time and under budget by Orezone Gold Corporation (TSX: ORE) (" Orezone"), Bomboré achieved commercial production of its Phase I oxide plant on December 1, 2022, and has successfully operated above its planned nameplate capacity. In 2024, Bomboré produced approximately 119 Koz of gold at an all-in sustaining cost of under $1,450/oz sold. Orezone currently has a Proven and Probable reserve estimate at Bomboré of 2.4 Moz at 0.73 g/t gold, a Measured and Indicated resource estimate of 4.5 Moz at 0.78 g/t gold and an Inferred resource estimate of 0.6 Moz at 0.95 g/t gold. Orezone is currently constructing a parallel 2.5 Mtpa hard rock plant, which will increase production to over 170 Koz annually, commencing in Q4 2025. Construction is fully-funded and remains ahead of schedule and on budget. A secondary hard rock expansion, adding another 2.5 Mtpa processing capacity and increasing gold production to 220 – 250 Koz/year, is being evaluated for acceleration with commissioning in late 2026. Summit holds a 50% stream on payable silver production at Bomboré, subject to a minimum guaranteed delivery of 37.5 Koz of silver per annum. There are no ongoing payments on the stream, and if the minimum guaranteed delivery is not satisfied, Orezone will accrue the shortfall and make the payment in full five years following the initial silver delivery which occurred in December 2022. The accrual shortfall balance payable to Summit was ~58,000 ounces of silver as at the end of Q1 2025. If, prior to the fifth anniversary of the date of the commencement of commercial production, Orezone constructs a sulphide processing plant that is capable of processing 3.3 Mtpa, Orezone will have a right to buy back 50% of the stream for $7.15M. Onças de Pitangui Project ($ 80/oz for first 250 Koz of gold sold and 1.5% NSR thereafter) The Onças de Pitangui Project (" Pitangui") is located in the state of Minas Gerais in Brazil and is owned and operated by Jaguar Mining Inc. (TSX: JAG) (" Jaguar"). Pitangui is located 20 km east of the Turmalina Mining Complex (" MTL") and contains the São Sebastião gold deposit. Jaguar acquired MTL in September 2004 which has been in continuous operation since it commenced mining in late 2006. Jaguar completed the acquisition of Pitangui from IAMGOLD in September 2023 and released a technical report with an integrated mine plan for the deposit within MTL on March 31, 2025. The technical report outlines a detailed nine-year mine plan with development at Pitangui scheduled to commence in 2026, ramping up to full production in 2027 and averaging ~40 Koz of gold for at least six years. Jaguar currently has a Proven and Probable reserve estimate at Pitangui of 284 Koz at 4.16 g/t gold, a Measured and Indicated resource estimate of 457 Koz at 4.01 g/t gold and an Inferred resource estimate of 490 Koz at 3.64 g/t gold. Summit owns an $80/oz production royalty on the first 250 Koz of gold sold, and a 1.5% NSR royalty thereafter on Pitangui. Zancudo Mine (0.5% NSR royalty) The Zancudo Mine (" Zancudo") is located in Antioquia, Colombia and owned and operated by Denarius Metals Corp. (CBOE: DMET) (" Denarius"). Denarius recently commenced mining operations at Zancudo, with first production expected in Q2 2025. According to a Preliminary Economic Assessment (" PEA") completed for Denarius in October 2023, Zancudo is expected to produce over 575 Koz of payable gold and over 8.8 Moz of payable silver over a 10.3 year mine life. Economics indicated by the PEA were favourable, generating an after-tax IRR of 287% using long-term prices of $1,800/oz gold and $22/oz silver. Denarius currently has an Inferred resource estimate at Zancudo of 860 Koz of gold at 6.53 g/t and 14.1 Moz of silver at 107 g/t. Summit owns a 0.5% NSR royalty on Zancudo. Summit's Leadership Team Summit's leadership team and anticipated board will consist of a diversified slate of experienced mining executives with extensive knowledge of the sector. Summit currently has a small but capable team to enable quick decision making and to keep our corporate overhead low, using our available capital for accretive acquisitions to grow Summit into the next mid-tier royalty and streaming company. Upon the completion of a go-public transaction, which Summit intends to complete before year-end 2025, the directors identified below as proposed directors have agreed to join Summit's board of directors. Drew Clark, CFA | President & Director: Drew has completed over $300 million of royalty deals through more than 30 transactions over the last 12 years. He was most recently VP of Corporate Development and first employee hired at Metalla Royalty & Streaming (TSX: MTA), where he was vital in helping to grow the company's portfolio from 18 to 100+ royalties and streams. He was previously VP Corporate Finance at a boutique investment bank and held other senior corporate development roles at Carlisle Goldfields and Premier Royalty, acquired by Alamos Gold and Sandstorm Gold, respectively. Drew started his career in equity research, becoming a published analyst prior to joining the issuer side in 2012. Blair Zaritsky, CA, CPA | Proposed Director: Blair is currently CFO of Osisko Metals (TSX: OM) and was the founding CFO of Osisko Mining (formerlyTSX: OSK), advancing the company from its go-public event to its all-cash acquisition by Gold Fields for over C$2.1 billion. Blair has raised over C$1.0 billion and completed over ten public M&A transactions during his 13-year tenure. Blair has also sat as audit chair on multiple boards throughout his career. Jerrold Annett, | Proposed Director: Jerrold has over 30 years of mining and capital markets experience, most recently as Senior Vice President, Strategy & Capital Markets at Capstone Copper. Has over a decade of mining sales experience, including nine years as head of mining sales at Scotiabank, a position he left to join Arizona Mining, which was acquired for $1.6 billion in cash. A professional engineer by background, Jerrold started his career working for Teck Resources and Falconbridge as a metallurgist. Russell Mills, CFA, MFin. | Proposed Director: Russell is currently a Partner at Mills Dunlop Capital Partners (" MDCP"), a boutique investment banking firm. He has nearly 20 years of experience advising mining companies, including recently as Managing Director, Investment Banking at a Toronto based Investment Bank for 10 years before becoming a Partner with MDCP. He has significant experience with executing complex merger and acquisitions and sophisticated equity transactions. Steven Eddy | Proposed Director: Steven most recently served as a Senior Vice President, Business Development, at IAMGOLD, where he led several enterprise-defining initiatives, including securing a joint venture partner and restructuring a gold development project exceeding $1 billion in capital. He has successfully executed over $900 million in acquisitions and $2.4 billion in divestitures, managing end-to-end deal processes involving strategic asset sales, joint ventures, and international negotiations. Additional additions to the management team include: Connor Pugliese | Vice President of Corporate Development: Connor is a corporate development professional with a strong background in finance and the mining sector. Before joining Summit, he worked at Redwood Materials, supporting the company's growth in the sustainable battery materials space. Prior to Redwood, he spent over four years at Triple Flag Precious Metals, where he helped execute over $1B in royalty and streaming deals. Connor began his career in investment banking, advising on M&A and capital markets transactions across the metals and mining sector. Richard Breger | Technical Advisor: Richard is a professional geologist with over 20 years of diverse industry experience, spanning both technical and financial aspects of the industry. He is currently the CEO at Harfang Exploration. Richard previously held senior roles at IAMGOLD and Coeur Mining, where he executed strategic royalty sales and significant transactions. He also brings additional capital markets experience from roles at Canaccord and Dundee. Advisors Haywood Securities Inc. and Mills Dunlop Capital Partners acted as financial advisors to Summit in relation to the Portfolio acquisition. Bennett Jones LLP acted as legal advisor to Summit for the Portfolio acquisition. Additionally, Robert Giustra acted as advisor and finder to the Company on the identification and acquisition of the Portfolio. About Summit Summit is a private precious metals streaming and royalty company with an aggressive growth trajectory. Summit's current portfolio is backstopped by cash flow production with additional expansion and exploration upside. Summit intends to rapidly expand to be the next mid-tier streaming and royalty company through a series of actionable and accretive acquisitions which, given Summit's size, can have an outsized effect on its production and cash flow growth. Summit currently has no debt and sufficient cash on-hand for use in future acquisitions. Summit intends to complete a go-public transaction before year-end 2025. Qualified Person The scientific and technical information in this news release has been reviewed and approved by Richard Breger, Professional Geoscientist PGeo., member of the Association of Professional Geoscientists of Ontario and a technical advisor to Summit. Mr. Breger is a qualified person for purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101") and independent of Summit for purposes of Section 1.5 of NI 43-101. Forward-looking Statements This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the Company's growth strategy; the Company's ability to build a pipeline of actionable and accretive transactions; the expected performance of Portfolio assets; the anticipated actions of the operators of the properties underlying the Portfolio assets; the anticipated timing and completion of any go-public transaction; and the anticipated board members. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: future prices of gold and silver; and the accuracy of anticipated production and cash flow from the Royalty Portfolio. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expected or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further acquisition activities; community and non-governmental actions; risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and other risks applicable to junior production royalties companies. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
