Cerro de Pasco Resources Receives Final Approval to List on the TSX Venture Exchange

Rhea-AI Summary

Cerro de Pasco Resources (GPPRF) has received final approval to list its common shares on the TSX Venture Exchange (TSXV), effective March 13, 2025. Trading will begin on March 14, 2025, under the symbol 'CDPR'. The company will delist from the Canadian Securities Exchange (CSE) on March 14, while maintaining its listings on OTCQB (GPPRF) and Frankfurt Stock Exchange (N8HP).

The company has initiated a two-phase work program on the El Metalurgista concession. The original budget of $1,024,500 ($508,500 for Phase 1, $516,000 for Phase 2) has been revised due to inflation and additional programs. The updated Phase 1 budget is now $1,607,359, with $620,000 yet to be expended. The work includes data verification for the Excelsior Stockpile and Quiulacocha Tailings drilling and metallurgical testing.

Positive

• Uplisting to TSXV from CSE, potentially increasing visibility and trading liquidity
• Secured funding for comprehensive two-phase work program
• Expanded scope of Phase 1 to include additional geophysical and environmental programs

Negative

• 54% budget increase for Phase 1 due to inflation and additional programs ($508,500 to $1,607,359)

MONTRÉAL, March 12, 2025 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCQB: GPPRF) (FRA: N8HP) (“CDPR” or the “Corporation”) is pleased to announce that it has received final approval from TSX Venture Exchange (“TSXV”) for the listing of its common shares (the “Shares”) on the TSXV effective as of the close of market on March 13, 2025. The common shares will commence trading on the TSXV at the opening of market on Friday, March 14, 2025. The Corporation has applied to have its shares delisted from the Canadian Securities Exchange (“CSE”). The last day of trading of the Corporation’s common shares on the CSE will be March 14, 2025. The Corporation will continue to trade under its existing symbol “CDPR” on the TSXV.

The Corporation’s common shares will continue to trade on the United States OTCQB under the symbol “GPPRF”, and on the Frankfurt Stock Exchange under the symbol “N8HP”.

Budgeted Work Program of the Metalurgista Project⁽¹⁾

As outlined in the Corporation's news release dated March 4, 2025, CDPR has initiated the two-phase work program on the El Metalurgista concession recommended in the technical report titled "National Instrument 43-101 El Metalurgista Concession - Pasco, Peru", prepared for the Corporation by CSA Global and dated March 15, 2021, with an effective date of August 31, 2020 (the "2021 Technical Report"). The 2021 Technical Report is accessible on the Corporation's issuer profile at www.sedarplus.ca.

The 2021 Technical Report recommendations comprised two phases, Phase 1 $508,500 and Phase 2 $516,000, for a total of $1,024,500 which covered the data verification program for the Excelsior Stockpile and Quiulacocha Tailings drilling and metallurgical test programs.

As a result of the addition of the geophysical program and environmental program along with work toward the items associated with an NI 43-101 technical report, as well as the increase of costs due to inflationary pressures since 2021, the Phase 1 budget was updated to $1,607,359, with $620,000 of the revised budget yet to be expended.

Phase 2 metallurgical testwork will depend on the outcomes of work completed in Phase 1, especially the geometallurgical study and the metallurgical testwork. At this stage, a work program has only been planned to support the evaluation of potential re-processing of the historical Quiulacocha tailings and the budget for Phase 2 remains the same. Testwork will focus on reproducing Phase 1 results with Phase 2 drill samples and confirming process design.

⁽¹⁾ Kirkham Geosystems (2025). Reconciliation Report: El Metalurgista Project dated February 19, 2025 with an effective date of December 31, 2024.

About Cerro de Pasco Resources Inc.

Cerro de Pasco Resources is focused on the development of its principal 100% owned asset, the El Metalurgista mining concession, comprising silver-rich mineral tailings and stockpiles extracted over a century of operation from the Cerro de Pasco open pit mine in Central Peru. The Company’s approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy. The asset is one of the world’s largest above-ground resources.

Contact Information

Cerro de Pasco Resources Inc.
Guy Goulet, CEO
Tel.: 579 476-7000
Email: ggoulet@pascoresources.com

Forward-Looking Statements and Disclaimer

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “expected” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements, including the expectations of to the Corporation’s objectives, goals or future plans, including the budgeted work program, the Corporation’s management regarding the listing of its shares on the TSXV and delisting from the CSE, are based on the Corporation’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Corporation will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

FAQ

When will GPPRF start trading on the TSX Venture Exchange?

GPPRF will begin trading on the TSXV on March 14, 2025, under the symbol 'CDPR'.

What is the total budget for GPPRF's El Metalurgista project work program?

The updated total budget is $2,123,359, with Phase 1 at $1,607,359 and Phase 2 at $516,000.

How much of GPPRF's Phase 1 budget remains to be spent?

$620,000 of the Phase 1 budget is yet to be expended.

What work is included in GPPRF's El Metalurgista project program?

The program includes data verification for Excelsior Stockpile and Quiulacocha Tailings drilling, metallurgical testing, geophysical and environmental programs.