VANCOUVER,
BC, March 11, 2024 /CNW/ - Panoro Minerals
Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the
"Company") announces that it has received approximately CA
$2.7M ($US
2.0M) from Calisto Cobre Resources Corp. ("Calisto") as
per terms of the Company's sale in December
2021 of 90% of the shares of Antilla
Copper S.A., a former wholly owned subsidiary of Panoro, to
Calisto.
As disclosed in its August
8, 2023 news release, the Company received Payment #1 of $CA
10.0M ($US
7.3M) on closing in December
2021 and in August 2023 agreed
to amendments to the share purchase agreement and shareholders'
agreement (the "Amended Agreements") with Calisto that extended the
timeline for receipt of the next payment, $CA 2.8M ($US 2.1M)
(the "Second Payment"), to March 31,
2024. Pursuant to the Amended Agreements, the Company
received an immediate payment of $CA 300,000 ($US 226,380) made towards the Second
Payment.
On March 4, 2024,
Calisto paid a total of $CA 2.7M
($US 2.0M) to Panoro consisting of
$CA 2.5M ($US
1.8M), the balance of the Second Payment and accrued
interest at a rate of 6.7% of approximately $CA 230,000
($US 170,370).
"Panoro is pleased to have received Payment #2 in
advance of the March 31, 2024
timeline per the Amended Agreement. The cash injection will be used
in updating the PEA for the Cotabambas Project to reflect the
many enhancements to the project resulting from the updated mineral
resource estimate announced in January
2024. The enhancements envisioned for Cotabambas
include the addition of a high grade starter pit, potential
reduction in initial capex with a reduced throughput start-up
focused on the high grade starter pit, increased metallurgical
recoveries, concentrate trucking route alternatives, reduced
footprint for tailings and wasterock storage in addition to others.
The updated PEA will be a snapshot for the
ongoing prefeasibility studies (PFS) where several trade-off
studies are already complete. The updated PEA and
subsequent PFS will incorporate a new mine plan incorporating
the results of the updated mineral resource estimate. These
combined factors should greatly enhance the permitting and
financing trajectories for the Cotabambas Project and de-risk the
project development. Calisto Cobre is making steady progress at the
Antilla Project, providing Panoro confidence in the timelines for
the receipt of Payments #3 and #4 in 2025 and 2026."
Payment #3 of $CA 7.0M ($US 5.2M)
from Calisto is payable within 12 months of Calisto obtaining
drilling permits and completing land access agreements at the
Antilla Project. Payment #4 will be due after Calisto
completes a study of the Antilla Project with Panoro receiving 13%
of the estimated Net Present Value, less the $CA 20M ($US 14.8M)
total of Payments #1, #2 and #3. In addition, Panoro will
retain a 10% interest in the Antilla Project plus a 2% NSR royalty
and whereby if Panoro's interest in Antilla is diluted to below 5%,
Panoro's interest will convert to an additional 1% NSR royalty for
a total of 3% NSR royalty, subject to certain NSR buyback
provisions.
CAUTION REGARDING FORWARD LOOKING
STATEMENTS: Information and statements contained in this news
release that are not historical facts are "forward-looking
information" within the meaning of applicable Canadian securities
legislation and involve risks and uncertainties.
Examples of forward-looking information and
statements contained in this news release include information and
statements with respect to:
- Panoro delineating growth potential at the Cotabambas Project,
while optimizing project economics;
- mineral resource estimates and assumptions; and
- the PEAs, including, but not limited to, base case
parameters and assumptions, forecasts of net present value,
internal rate of return and payback.
Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. In some
instances, material assumptions and factors are presented or
discussed in this news release in connection with the statements or
disclosure containing the forward-looking information and
statements. You are cautioned that the following list of material
factors and assumptions is not exhaustive. The factors and
assumptions include, but are not limited to, assumptions
concerning: metal prices and by-product credits; cut-off grades;
short and long term power prices; processing recovery rates; mine
plans and production scheduling; process and infrastructure design
and implementation; accuracy of the estimation of operating and
capital costs; applicable tax and royalty rates; open-pit design;
accuracy of mineral reserve and resource estimates and reserve and
resource modeling; reliability of sampling and assay data;
representativeness of mineralization; accuracy of metallurgical
test work; and amenability of upgrading and blending
mineralization.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
which could cause actual events or results to differ materially
from those expressed or implied by the forward-looking statements,
including, without limitation:
- risks relating to metal price fluctuations;
- risks relating to estimates of mineral resources, production,
capital and operating costs, decommissioning, or reclamation
expenses, proving to be inaccurate;
- the inherent operational risks associated with mining and
mineral exploration, development, mine construction and operating
activities, many of which are beyond Panoro's control;
- risks relating to Panoro's or its partners' ability to enforce
legal rights under permits or licenses or risk that Panoro or its
partners will become subject to litigation or arbitration that has
an adverse outcome;
- risks relating to Panoro's or its partners' projects being
in Peru, including political,
economic, and regulatory instability;
- risks relating to the uncertainty of applications to obtain,
extend or renew licenses and permits;
- risks relating to potential challenges to Panoro's or its
partners' right to explore or develop projects
- risks relating to mineral resource estimates being based on
interpretations and assumptions which may result in less mineral
production under actual circumstances;
- risks relating to Panoro's or its partners' operations being
subject to environmental and remediation requirements, which may
increase the cost of doing business and restrict operations;
- risks relating to being adversely affected by environmental,
safety and regulatory risks, including increased regulatory burdens
or delays and changes of law;
- risks relating to inadequate insurance or inability to obtain
insurance;
- risks relating to the fact that Panoro's and its partners'
properties are not yet in commercial production;
- risks relating to fluctuations in foreign currency exchange
rates, interest rates and tax rates;
- risks relating to Panoro's ability to raise funding to continue
its exploration, development, and mining activities; and
- counterparty risk under Panoro's agreements.
This list is not exhaustive of the factors that
may affect the forward-looking information and statements contained
in this news release. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in the forward-looking information. The forward-looking information
contained in this news release is based on beliefs, expectations,
and opinions as of the date of this news release. For the reasons
set forth above, readers are cautioned not to place undue reliance
on forward-looking information. Panoro does not undertake to update
any forward-looking information and statements included herein,
except in accordance with applicable securities laws.
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 release.
SOURCE Panoro Minerals Ltd.