A year of progress as Amarillo meets key milestones for Posse Gold Project in 2020 TSX Venture Exchange:AGC – Gold Mine Saloon- Complete Guide to Gold, Stocks, Mining, Investing and More

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No Result View All Result Gold Mine Saloon- Complete Guide to Gold, Stocks, Mining, Investing and More No Result View All Result Home Gold A year of progress as Amarillo meets key milestones for Posse Gold Project in 2020 TSX Venture Exchange:AGC admin by admin February 26, 2021 in Gold 0A year of progress as Amarillo meets key milestones for Posse Gold Project in 2020 TSX Venture Exchange:AGC189 SHARES1.5k VIEWS Share on Facebook Share on Twitter

This information launch ought to be learn together with our consolidated monetary statements and administration’s dialogue and evaluation for the yr ended December 31, 2020. Each can be found at www.amarillogold.com, and underneath our firm profile at www.sedar.com.

All financial quantities are in Canadian {dollars} until said in any other case.

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TORONTO, Feb. 26, 2021 (GLOBE NEWSWIRE) — Amarillo Gold Company (TSXV: AGC, OTCQB: AGCBF) continued to maneuver towards its objective of changing into a Brazilian gold producer, mentioned the Firm at present because it introduced its monetary outcomes for the yr and three months ended December 31, 2020. Key achievements included delivering a constructive feasibility research, closing a big fairness financing, and, crucially, receiving the License to Set up for the Posse Gold Challenge after yr finish.

“I want to thank our devoted crew for his or her efforts in securing the License to Set up and additional advancing the challenge,” mentioned Mike Mutchler, Amarillo’s Chief Government Officer. “We’ve met the numerous milestones that we wanted to fulfill, and have begun to organize to interrupt floor on Posse as quickly as we finalize the steadiness of our building financing.”

On the Firm’s Mara Rosa Property within the State of Goiás, the primary focus was on advancing the Posse Gold Challenge. After publishing the feasibility research in August 2020, detailed engineering started on the processing plant, infrastructure, and earthworks areas. Orders have been positioned for choose lengthy lead time gear, and negotiations have been superior to buy mill and filtration plant gear. Amarillo additionally signed an settlement to construct a 138 kilovolt transmission line from Porangatu to Mara Rosa.

The exploration program alongside the Posse Pattern, aimed toward discovering satellite tv for pc gold deposits that would enhance Posse’s mine life, was additionally profitable. Trenching outcomes confirmed gold anomalies as much as 8 kilometres northeast of Posse, and an induced polarization survey was accomplished within the fourth quarter.

Amarillo secured a big fairness stake for a portion of its building financing for Posse after closing $57.2 million in fairness choices in August. The Firm is engaged on securing the steadiness underneath the steering of Auramet Worldwide, its monetary adviser. Technical due diligence is ongoing with the objective of achieving profitable financing.

At Lavras do Sul, the main focus was on beginning to unlock the district scale potential of this extremely potential property and open a second growth entrance. The Firm has recognized 22 targets and are following up on the Butia and Matilde targets.

On the company degree, Antenor Silva and David Laing, two mine builders with expertise in Brazil, joined the board of administrators.

Mr. Silva co-founded Yamana Gold, the place he was Chief Working Officer, then President and Chief Working Officer till his retirement in 2009. He was additionally a co-founder of MBAC Fertilizer Corp, and served as its Chief Government Officer till July 2016. He has sat on the boards of a number of public corporations, together with Yamana Gold, Colossus Minerals, Oceana Gold, and Valdiam Sources.

David Laing is a mining govt with 40 years of expertise in mining operations, mine building, mining finance, company growth, and firm constructing. He was most lately the Chief Working Officer of Equinox Gold, the place he led the rebuilding of the Aurizona Challenge in Brazil, a feasibility research on the restart of the Fort Mountain Mine in California, and the acquisition of the Mesquite Gold mine, additionally in California. He sits on the boards of Fortuna Silver Mines, Inc., Northern Dynasty Minerals Inc., Aton Sources, and Blackrock Gold Corp.

Whereas Brazil has been hit laborious by Covid-19, the Firm has been very lucky. Neither of its operations have been affected by the pandemic, and the Firm has full entry to its properties. In Canada, Amarillo’s Toronto-based administration crew has been working from residence since mid March 2020. Thus far, Covid-19 has not had a fabric affect on the Firm’s monetary situation or its efficiency.

FINANCIAL RESULTS

The next desk summarizes the Firm’s main working expense classes for the fourth quarter of 2020 (This autumn 2020) and 2019 (This autumn 2019) and for the years ended December 31, 2020 and 2019.

  Three months endedYears ended  December 31December 31  2020 2019 2020 2019 Class $ $ $ $ Basic and administrative (G&A)     Consulting 160,831 40,153 371,223 323,434 Skilled 171,401 224,921 713,288 856,267 Salaries and advantages 142,401 172,478 667,522 698,986 Administrators’ charges 50,156 52,500 207,656 172,500 Advertising and promotion 27,522 60,852 107,417 314,507 Submitting and switch agent 66,327 16,953 135,904 78,509 Journey 63 12,964 9,688 41,304 Different G&A 53,606 71,013 194,610 260,285 Whole G&A 672,307 651,834 2,407,308 2,745,792 Restoration of authorized charges from WPC – – (187,000)– Inventory-based compensation 1,342,867 18,168 1,342,867 1,004,270 Monetary advisory companies 467,676 36,000 540,965 36,000 Overseas change loss/(achieve) 50,641 107,701 (195,284)153,489 Curiosity earnings (50,295)– (50,295)– Curiosity and finance expenses (18,204)111,590 11,273 121,041 Acquire on debt settlement – (5,417)– (5,417)Web loss and complete loss 2,464,992 919,876 3,869,834 4,055,175 

For the yr ended December 31, 2020, Amarillo recorded a lack of $3,869,834 (2019: $4,055,175) principally on account of the next.

Consulting charges of $371,223 in 2020 (2019: $323,434) consisted of:

  • monetary and technical advisory companies paid to numerous consultants of $211,441 (2019: $72,881)
  • advertising and investor relations consultants of $149,806 (2019: $182,400)
  • chief exploration geologist $nil (2019: $81,970) who departed in Q3 2019
  • charges in Brazil of $9,976 (2019: $3,148).

Skilled charges (together with authorized, audit, accounting and advisory) of $713,288 in 2020 (2019: $856,267) consisted of $251,669 (2019: $392,925) in Canada and $461,619 (2019: $463,342) in Brazil.

Salaries and advantages of $667,522 in 2020 (2019: $698,986) consisted of $542,707 (2019: $521,656) in Canada and $124,815 (2019: $177,330) in Brazil. Salaries in Canada relate to the CEO of $300,000 (2019: $300,000) and the CFO of $200,000 (2019: $200,000) plus authorities advantages. Salaries in Brazil declined as a result of weakening of the Brazilian actual versus the Canadian greenback.

Administrators’ charges in 2020 have been $207,656 (2019: $172,500). Administrators aside from the CEO are compensated an annual payment of $35,000, which was elevated from $20,000 each year efficient October 1, 2019. 5 administrators earned charges of $5,000 every per quarter in 2019 plus a further $72,000 for one of many administrators. In 2020, there have been six administrators who every earned $8,750 per quarter.

Advertising and promotion of $107,417 in 2020 (2019: $314,507) declined resulting from much less commerce exhibits and journey principally associated to the Covid-19 restrictions.

Submitting and switch agent charges of $135,904 in 2020 (2019: $78,509) elevated in 2020 in comparison with 2019 as a result of enhance in shares on account of the August 2020 issuance of shares.

Different common and administrative bills of $194,610 in 2020 (2019: $260,285) embrace $123,236 (2019: $215,569) associated to operations in Brazil, and $71,374 (2019: $44,716) associated to operations in Canada. Brazil bills declined as a result of weakening of the Brazilian actual versus the Canadian greenback. Canadian bills elevated resulting from a rise in web site, communications, and knowledge room upkeep.

Inventory-based compensation of $1,342,867 (2019: $1,004,270) associated to:

  • an expense of $1,070,960 (2019: $871,880) from 4,400,000 (2019: 4,600,000) inventory choice grants that vested instantly out of a granted complete of seven,930,000 (2019: 5,000,000).
  • the remaining 3,530,000 choices granted in 2020 vest over a three-year interval with an amortized expense of $271,907. The extra expense of $132,390 in 2019 resulted from the amortization of two,000,000 inventory choices granted in Q1 2018 that vest over a two-year interval.

Monetary advisory charges of $540,965 (2019: $36,000) associated to charges paid for monetary advisory companies in the hunt for building financing for the Posse Challenge. Charges have been paid in 2019 and 2020, as Amarillo continued to retain the monetary advisor. As well as, after attracting an lender, the Firm incurred extra charges for technical due diligence and impartial technical engineering oversight. Amarillo additionally incurred charges associated to beginning a challenge execution plan in anticipation of efficiently finishing the development financing and breaking floor as soon as a building choice is made.

Overseas change losses and features relate principally to the ANM legal responsibility for all intervals and to the WPC receivable to pay for this legal responsibility, which was recorded for the primary time in Q2 2020. Each gadgets are recorded in Brazilian reais.

Curiosity earnings of $50,295 (2019: $nil) is because of money readily available following the August 2020 financing that raised internet money of $55.1 million. Money readily available at December 31, 2020 was $52.4 million, most of which is invested briefly time period financial savings and funding accounts awaiting deployment for setting up Posse, exploration, and common company functions.

ABOUT AMARILLO

Amarillo is advancing two gold tasks situated close to glorious infrastructure in mining-friendly states in Brazil.

The event stage Posse Gold Challenge is on the Firm’s Mara Rosa Property in Goiás State. It has a constructive definitive feasibility research that exhibits it may be constructed right into a worthwhile operation with low prices and a powerful monetary return. Mara Rosa additionally exhibits the potential for locating extra near-surface deposits that can prolong Posse’s mine life past its preliminary 10 years. The exploration stage Lavras do Sul Challenge in Rio Grande do Sul State has greater than 22 prospects centered on historic gold workings.

Amarillo trades on the TSXV underneath the image AGC and the OTCQB underneath the image AGCBF. Go to www.amarillogold.com to be taught extra in regards to the Firm’s deal with changing into a mid-tier Brazilian gold producer.

CONTACT INFORMATION

Mike Mutchler
President & CEO
416-294-0736
[email protected]

Annemarie Brissenden
Investor Relations
416-844-6284
[email protected]

NOTES

Neither the TSX Enterprise Trade nor its Regulation Companies Supplier (as outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of the content material of this information launch.

Ahead-looking statements

This information launch comprises forward-looking statements relating to the Firm’s present expectations relating to future occasions, together with its enterprise, operations and situation, and administration’s aims, methods, beliefs and intentions.

Varied components could forestall or delay our plans, together with however not restricted to, the buying and selling value of the frequent shares of the Firm, capital market circumstances, impacts from the coronavirus or different epidemics, counterparty danger, TSXV approval(s), contractor availability and efficiency, climate, entry, mineral and gold costs, and success and failure of the exploration and growth carried out at numerous levels of this system. Permission from the federal government and neighborhood can be required to proceed with future mining manufacturing. Readers ought to overview the Firm’s ongoing quarterly and annual filings, in addition to another extra documentation comprising the Firm’s public disclosure file, for extra data on dangers and uncertainties relating to those forward-looking statements.

Readers also needs to overview the danger components relevant to junior mining exploration corporations typically to higher perceive the number of dangers that may have an effect on the Firm. The Firm undertakes no obligation to replace publicly or in any other case revise any Ahead-looking statements whether or not on account of new data or future occasions or in any other case, besides as could also be required by regulation.

PDF accessible: http://ml.globenewswire.com/Resource/Download/c852719a-e97b-4ad9-88a6-664b5ad67d9a

 

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