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Update on La Preciosa Silver Royalty
Trident Royalties Plc (AIM: TRR, OTC: TDTRF), the diversified mining royalty company, is pleased to note recent positive progress announced by Avino Silver and Gold Mines Ltd. ("Avino", TSX: ASM, NYSE AMERICAN: ASM) on its La Preciosa Silver Project ("La Preciosa"). On 15 May 2023, Trident announced the acquisition of royalty assets 1 comprising:
· 1.25% net smelter return royalty covering the Gloria and Abundancia veins at La Preciosa;
· 2.00% gross value return royalty covering all other areas of La Preciosa;
· US$8.75 million milestone payment, payable to Trident within 12 months of first silver production at La Preciosa.
LA PRECIOSA SILVER PROJECT
Avino recently reported that it has signed a long-term land-use agreement with a local community for the development of La Preciosa. La Preciosa hosts one of the largest undeveloped primary silver resources in Mexico and is located approximately 19 kilometres from the current Avino Mine operations, which has an operating 2,500 tonnes per day mill processing facility and all the necessary infrastructure to allow for mineral processing from La Preciosa.2
David Wolfin, Chief Executive Officer of Avino commented for the purpose of its announcement2:
"With this long-term land-use agreement in place, we can commence hauling of old surface stockpiles to our mill for processing. We are now able to begin the filing of our environmental permit for underground extraction. Pending regulatory approval, we can start developing the ramp down to our initial target of the high-grade Gloria vein. The La Preciosa mine represents a key pillar in our transformational growth strategy, as well as hosting a large endowment of silver and gold resources which we expect to process for years to come. We are delighted to work with our local community stakeholders to come to this amicable and cooperative result." 2
Adam Davidson, Chief Executive Officer of Trident commented:
"2024 is off to a great start at Trident with Avino's progress at La Preciosa. With the land-use agreement in place, Avino is moving to first production from its stockpiles while it obtains the requisite permits to commence underground production. We want to congratulate Avino on this milestone and look forward to continued growth at the broader Avino operation, with La Preciosa playing a key role moving forward."
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Director Share Purchase
The Company announces that Adam Davidson, Chief Executive Officer and executive director, has purchased 70,914 ordinary shares of £0.01 in the Company ("Ordinary Shares") on market at 36 pence per Ordinary Share. Following this share purchase, Adam Davidson holds 500,000 Ordinary Shares representing 0.2% per cent of the Company's voting rights.
Further details are set out in the PDMR form below, made in accordance with the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
Fourth Quarter 2023 Production and Operations Update
· Production for the Quarter was 7.35 mm therms
· Estimated revenues of £7.2m for the Quarter
Gas volumes produced and sold from the Saltfleetby Field equalled 7.35 mm therms in aggregate for the months of October, November and December 2023 combined, compared to 7.9 mm therms produced and sold in the third quarter. Fourth quarter production equates to an average of 2.45 mm therms per month (2.6 mm therms per month in the third quarter), as against hedged volumes of 1.5 mm therms per month for the third and fourth quarter. Operational efficiency was 87% for the fourth quarter (90% operational efficiency for the third quarter). Gas condensate (liquid) production averaged 130 bbl/day.
The quarter included a planned shutdown for 6 days during October for maintenance and remedial work on one of the two compressor engines on the Saltfleetby site. The compressor was returned to service on the 21st of October, allowing dual compressor operations to recommence.
The construction of the B07T permanent flowline was completed during the quarter with commissioning of the new flowline completing on the 3rd of November. B07T production losses were minimized to one day for completion of the tie-in work and for flowline commissioning activities.
A further planned intervention on one of the two compressor engines took place during November with the work successfully completed on the 22nd of November, allowing dual compressor operations to recommence.
Equipment hardware upgrades were implemented on one of the two compressor engines during December with the aim of improving engine reliability performance. Work was carried out across a small number of planned interventions prior to the festive period.
Well performance and well optimization trials were carried out during the quarter further to commissioning of the B07T permanent flowline and this work remains an ongoing focus for the sub-surface and operations team.
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Https://www.mining.com/uranium-hits-new-post-fukushima-high/
Gold price enters 2024 with sights set on record highs
https://www.mining.com/web/gold-price-enters-2024-with-sights-set-on-record-highs/
Gold price enters 2024 with sights set on record highs
https://www.mining.com/web/gold-price-enters-2024-with-sights-set-on-record-highs/
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