Forward-Looking Statements

This website contains forward-looking statements or forward-looking information under applicable Canadian securities laws and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (hereinafter collectively referred to as “forward-looking statements”) concerning the Company’s plans for its properties, operations and other matters.  These statements relate to analyses and other information that are based on management assumptions and estimates of future results and estimates of amounts not yet determinable.

Statements concerning estimates of mineral resources and mineral reserves  may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed, and in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically and legally exploited.  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” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. 

Forward-looking statements made or incorporated by reference ion this website include, but are not limited to, statements with respect to:

  • expectations regarding the presence and continuity of mineral deposits;
  • anticipated tonnages and grades of the Mineral Resources and Mineral Reserves;
  • the Company’s expected development of, and metal production from, the Corani Property;
  • the Company’s ability to raise capital, including securing project financing, for development and construction of the Corani Property and/or working capital purposes;
  • anticipated construction timelines for the Corani Property;
  • the reliability of capital and operating cost estimates for the Corani Property;
  • the capacities of various machinery and equipment;
  • the availability of personnel, machinery and equipment at estimated prices;
  • potential Corani project financing structure and costs;
  • anticipated mining losses and dilution;
  • exchange rates;
  • appropriate discount rates;
  • tax rates and royalty rates applicable to the proposed Corani mining operation;
  • expectations regarding environmental or social issues that may affect exploration or development progress;
  • future environmental and social initiatives and plans;
  • future community benefits payments under the Corani LOM Agreement;
  • the formation of joint ventures and/or strategic partnerships with respect to the Company’s properties; and
  • exploration activities and/or plans on the Company’s early-stage exploration properties.

Forward-looking statements are subject to a variety of inherent risks and uncertainties, both general and specific, which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation:

  • risks related to silver, lead, zinc, and other commodity price fluctuations;
  • risks and uncertainties relating to the interpretation of drill results, and the geology, grade and continuity of mineral deposits;
  • risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses;
  • risks related to the escalation of estimates of Corani Property capital costs;
  • risks related to the metallurgical characteristics of mineralization contained within the Company’s properties differing from current expectations or being not yet fully determined;
  • the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations and/or the results of economic studies including Feasibility studies;
  • risks related to exploration and development programs and their timing and success;
  • risks related to the disruption or delay of exploration and development activities as a result of the ongoing Covid-19 pandemic or other local, national, or global health and safety emergencies;
  • risks related to variations in mineral content within the material identified as mineral reserves and mineral resources from that predicted;
  • risks related to variations in the expected rates of recovery and extraction;
  • mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in production;
  • risks related to actual metal production rates and amounts differing from those anticipated and/or forecasted in Feasibility studies;
  • risks related to the ability to obtain financing required to develop mining properties or to complete significant technical, environmental or engineering studies, including increases in financing costs or adverse changes to the terms of available financing;
  • the potential for delays in exploration or development activities or the completion of Feasibility studies and other geologic reports or studies, including changes in development or mining plans due to changes in logistical, technical or other factors and changes in project parameters as plans continue to be refined;
  • risks related to the Company’s ability to collect, track and report on social and environmental programs and metrics and its ability to meet evolving global reporting standards accurately and in a timely manner;
  • the uncertainty of profitability based upon the Company’s history of losses;
  • risks related to developments in world metal and minerals markets;
  • risks related to foreign exchange fluctuations, including the fluctuations in the Canadian dollar and the Peruvian Sole relative to other currencies;
  • risks related to increases in the estimated capital and operating costs or the emergence of unanticipated costs;
  • difficulties attracting the necessary work force;
  • tax rates or royalties being greater than assumed;
  • the effects of competition in the markets in which the Company operates;
  • risks related to operations and infrastructure;
  • risks related to environmental regulation and liability;
  • risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”);
  • risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations and regulatory approvals relating to the continued exploration and development of the Company’s projects; 
  • legal risks; 
  • political and regulatory risks associated with mining and exploration; and
  • other risks and uncertainties related to the Company’s prospects, properties and business strategy.

These forward-looking statements are based on certain assumptions that the Company believes are reasonable, including that:

  • silver, base metal and other commodity prices used in the 2019 Corani feasibility study will be sustained or improve;
  • development of the Company’s Corani Property will be viable operationally and economically and proceed as expected;
  • contracted service providers will perform substantially as agreed;
  • any additional financing required by the Company will be available on reasonable terms; and
  • the Company will not experience any material accident, labour dispute, social disruption or failure of plant or equipment.

Some of the important risks and uncertainties that could affect forward-looking statements are described under “Description of the Business – Risk Factors” on pages 11-22 of the Company’s Annual Information Form dated April 21, 2021.  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 forward-looking statements.  Forward-looking statements are made based on management’s judgement, beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if such judgement, beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws.  Accordingly, readers should appreciate the inherent uncertainty of, and not place undue reliance on, forward-looking statements.


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