Kore Mining Enhances Environmental, Social and Governance Practices and Grants Annual Incentives

Rhea-AI Summary

KORE Mining Ltd. (TSXV: KORE, OTCQX: KOREF) has established a new Environmental, Health, Safety and Sustainability Committee to enhance its ESG practices. Chaired by CEO Scott Trebilcock, the committee aims to focus on sustainability and governance issues as integral to the company's mining operations. The committee's first meeting was held recently, and management has been tasked with developing a robust ESG policy. Additionally, KORE has granted 2,075,000 share-based options to its directors and employees, equating to approximately 1.85% of the outstanding shares, with an exercise price of C$0.62.

Positive

• Formation of the Environmental, Health, Safety and Sustainability Committee focusing on ESG practices.
• Committee aims to elevate stakeholder engagement and enhance program transparency.
• Share-based incentives granted, aligning management's interests with shareholder value, representing 1.85% of outstanding shares.

Negative

• None.

VANCOUVER, BC, July 30, 2021 /PRNewswire/ - KORE Mining Ltd. (TSXV: KORE) (OTCQX: KOREF) ("KORE" or the "Company") is pleased to announce its Board of Directors has formed a new Board Committee, the Environmental, Health, Safety and Sustainability Committee ("Committee") to oversee KORE's environmental, social and governance ("ESG") practices.  ESG considerations have come to be recognized by investors, communities and regulators as fundamental to long-term success of any mining company, throughout all stages of their development.  The scope of the Committee will include safety, health, sustainability, community and social considerations, environment and the governance of those issues.

The newly formed Committee is chaired by CEO Scott Trebilcock, and other Committee members are Mr. Brendan Cahill and Mr. Don MacDonald, who both bring decades of experience in managing the wide array of ESG issues related to mine development.  The formation of the Committee will elevate these significant topics to the regular Board agenda and focus attention on enhancing programs and transparency.

Mr. Trebilcock stated: "The formation of the ESG Committee will help us focus on key stakeholder issues as we continue work to advance the Imperial and Long Valley gold projects in California. We are confident our work in this area will demonstrate to investors, local communities and other stakeholders that we take ESG matters seriously with a commitment to high standards."

The Committee held its first meeting this past week and has mandated management to develop a values statement and a robust policy with respect to ESG.  KORE's governance matters that are unrelated to safety, health, sustainability, community and the environment will continue to be managed by the Compensation and Governance Committee whose charter remains unchanged.

KORE's Board, pursuant to the Company's stock option plan, has granted annual share-based incentives to certain directors, officers, employees and consultants of the Company. The issuance of 2,075,000 options are part of KORE's regular annual incentives to attract and retain skilled directors, officers, staff and consultants. The grant represents approximately 1.85% of KORE's current issued and outstanding shares.  The options are exercisable at C$0.62, with a third vesting in 6 months, another third in 12 months and the balance 18 months after the date of grant. Options to directors and officers have a 5-year term and to employees and consultants have a 3-year term. 

About KORE Mining
KORE is 100% owner of the Imperial and Long Valley gold projects in California. Both projects have positive preliminary economic assessments.  KORE is supported by strategic investor Eric Sprott who owns 26% of KORE's basic shares. KORE management and Board are aligned with shareholders, owning an additional 35% of the basic shares outstanding. KORE is actively advancing its Imperial Gold project and is aggressively exploring across its portfolio of assets.

Further information on KORE can be found on the Company's website at www.koremining.com or by contacting us at info@koremining.com or by telephone at (888) 407-5450.

On behalf of KORE Mining Ltd
"Scott Trebilcock"
Chief Executive Officer
(888) 407-5450

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

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SOURCE Kore Mining

FAQ

What is the purpose of KORE Mining's new Board Committee established on July 30, 2021?

The new Board Committee is aimed at overseeing KORE Mining's Environmental, Health, Safety and Sustainability practices, focusing on ESG issues.

Who chairs the newly formed ESG Committee at KORE Mining?

The ESG Committee is chaired by CEO Scott Trebilcock.

What are the main responsibilities of the ESG Committee at KORE Mining?

The Committee will oversee safety, health, sustainability, community, social considerations, and governance related to these issues.

When did the ESG Committee hold its first meeting?

The ESG Committee held its first meeting in the week prior to the press release on July 30, 2021.

How many share-based options were granted by KORE Mining as part of its incentive program?

KORE Mining granted 2,075,000 share-based options as part of its annual incentive program.

What is the exercise price of the options granted by KORE Mining?

The exercise price of the options granted by KORE Mining is C$0.62.