TORONTO, Euro Sun Mining Inc. announced its intention to seek a listing of the Company’s shares on the London Stock Exchange (LSE) Main Market.
Key Company Highlights
– The Company’s main asset, the Rovina Valley Project (“the Project” or “RVP”), which contains the Rovina, Colnic and Ciresata deposits, is one of the largest undeveloped copper-gold projects in Europe, holding approximately 400Mt of confirmed resources containing 7.0 million ounces of gold and 1.4 billion lbs of copper.
– The Rovina Valley gold and copper project is 100% held by the Company.
– Euro Sun recently completed a Definitive Feasibility Study (“DFS”) on the Rovina Valley Project, outlining its robust economics and a full project outline towards construction.
– The results of the DFS were announced in March 2021, showing average annual gold equivalent production of 146,000 ounces in the first 10 years, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum at an average AISC of $790/gold equivalent ounce with a mine life of 16.8 years.
– The DFS has been based solely on the development of the Colnic and Rovina deposits. Further development of the Ciresata resource could extend the life of the operation while utilising the same infrastructure and processing capabilities that would already be in operation.
– The management team and Board, which comprises six independent non-executive directors and one executive director, has a proven track record in financing large scale mining projects and a significant focus on corporate governance and experience overseeing companies listed on leading international stock exchanges.
Scott Moore, Chief Executive Officer of Euro Sun, commented: “The decision to list in London, the world’s most dominant capital market for mining stocks, fully underpins our overarching strategy of producing critical metals from our asset located in the EU to meet the increasing demand from European markets, which are taking steps to become more self-sufficient and cut their reliance on countries such as China for strategic resources.
There is currently a short supply of copper and gold produced within Europe, and ESM is well placed to help fill that gap. Once in production, we expect to be one of the most efficient and environmentally responsible producers of copper and gold not only in Europe but globally. The Board looks forward to the opportunity to raise the Company’s profile through the London listing ahead of what management expects will be several value-accretive catalysts.
“The Project, which has already been awarded its mining exploitation permit, is one of the largest undeveloped projects of its kind in Europe, with 10.1 million ounces of gold equivalent of measured and indicated resource[1]. The Project is targeted to be in production in 2024 and will use simple and low-impact mining to produce a clean copper and gold concentrate product, ideally suited for European smelters.
“Equally as important as RVP’s size and location is our commitment to responsible practices. We have clear Environmental, Social and Governance commitments that are aligned with internationally recognised standards and goals. We take pride in our low-impact approach, which will use dry-stacking, existing infrastructure, renewable/ grid electricity, and zero cyanide. We have and continue to work with all levels of government and the local communities to maintain our social license to operate and ensure we leave a lasting socio-economic benefit for years to come.”
The London Stock Exchange was established in 1698 and has long been home to some of the world’s largest and best-known mining companies. Admission of Euro Sun’s shares to the Main Market of the LSE will provide the Company with access to a highly liquid market and a larger pool of active investors who have a long and established history of investing in resource stocks.
These investors have a deep understanding of the sector but limited exposure to mid-tier gold and copper developers in low-risk jurisdictions.
The Company is not intending to raise capital in conjunction with listing. The application for listing the Company’s Shares and the LSE Admission will not affect Euro Sun’s current listing on the Toronto Stock Exchange.
Euro Sun will keep the market informed of progress on the LSE Admission.
Euro Sun Mining is a Toronto Stock Exchange listed company focused on unlocking value through the responsible development of the Rovina Valley Project, one of Europe’s largest gold copper projects. Euro Sun Mining has clear Environmental, Social and Governance commitments that are aligned with internationally recognised standards and goals.
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