Pretivm Provides Leadership Transition Update

Rhea-AI Summary

Pretium Resources (PVG) announces leadership changes effective September 30, 2020. Tom S.Q. Yip resigns as Chief Financial Officer but will support a transition until October 30, 2020. Matthew Quinlan will take over the CFO role. Additionally, Kenneth C. McNaughton, Vice President and Chief Exploration Officer, is retiring, having significantly impacted the company's exploration success since 2011. CEO Jacques Perron acknowledged McNaughton's contributions to transforming Pretium into a mid-tier gold producer.

Positive

• Leadership transition with Matthew Quinlan appointed as CFO may bring fresh perspectives.
• Kenneth McNaughton's retirement opens opportunities for new strategic directions in exploration.

Negative

• Departure of experienced CFO Yip raises concerns about continuity in financial leadership.
• Retirement of McNaughton may impact ongoing exploration efforts and strategic initiatives.

VANCOUVER, British Columbia, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Further to its announcement regarding leadership change in respect of the Chief Financial Officer role (see news release dated August 31, 2020), Pretium Resources Inc. (TSX/NYSE: PVG) (“Pretivm” or the “Company”) announces that Tom S.Q. Yip, Executive Vice President and Chief Financial Officer, will step down from his role as Chief Financial Officer of the Company on September 30, 2020. Mr. Yip will continue to serve as Executive Vice President and assist with an orderly transition until October 30, 2020. Matthew Quinlan, Vice President, Finance, will succeed Mr. Yip as Chief Financial Officer of the Company effective September 30, 2020.

Additionally, Pretivm announces that Kenneth C. McNaughton, Vice President and Chief Exploration Officer, has informed the Company that he will be retiring effective September 30, 2020.

Mr. McNaughton has been responsible for Pretivm’s greenfield exploration programs since joining the Company in 2011, shortly after it was formed to advance the early exploration-stage Brucejack Project. He had led the exploration programs for both the Brucejack and Snowfield projects prior to their acquisition by Pretivm and had been responsible for the exploration program in 2009, when bonanza-grade drilling results established Brucejack as a high-grade gold discovery. Most recently, Mr. McNaughton led Pretivm’s team responsible for the Bowser regional exploration program.

“Ken was instrumental in the formation of Pretivm and its transformation from an exploration company to a mid-tier gold producer,” said Jacques Perron, President and Chief Executive Officer of Pretivm. “I would like to thank Ken for his years of service with the Company and wish him a happy retirement.”

About Pretivm

Pretivm is an intermediate gold producer with the high-grade gold underground Brucejack Mine.

For further information contact:

Troy Shultz
Manager, Investor Relations &
Corporate Communications

Pretium Resources Inc.
Suite 2300, Four Bentall Centre, 1055 Dunsmuir Street
PO Box 49334 Vancouver, BC V7X 1L4
(604) 558-1784
invest@pretivm.com
(SEDAR filings: Pretium Resources Inc.)

Regarding Forward-Looking Statements

This news release contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation (collectively herein referred to as “forward-looking information”), including the “safe harbour” provisions of Canadian provincial securities legislation and the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended. Wherever possible, words such as “plans”, “expects”, “guidance”, “projects”, “assumes”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”, “intends”, “modeled”, “targets” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking information. Forward-looking information may include, but is not limited to: the Company’s leadership changes and transition plans. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking information including, without limitation, those risks identified in our final short form base shelf prospectus and Form F-10, each dated June 16, 2020 and the documents incorporated, or deemed to be incorporated, by reference therein, and our other disclosure documents as filed in Canada on SEDAR at www.sedar.com and in the United States through EDGAR at the Security and Exchange Commission’s (the “SEC”) website at www.sec.gov (collectively, the “Pretivm Disclosure Documents”). Our forward-looking information is based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, including, without limitation, those set out in the Pretivm Disclosure Documents. Forward-looking information is not a guarantee of future performance. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Forward-looking information involves statements about the future and is inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. For the reasons set forth above, readers should not place undue reliance on forward-looking information. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, readers should not place undue reliance on forward-looking information. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.

FAQ

Who is the new CFO of Pretium Resources after the September 2020 leadership change?

Matthew Quinlan succeeds Tom S.Q. Yip as Chief Financial Officer of Pretium Resources effective September 30, 2020.

What prompted the leadership changes at Pretium Resources in September 2020?

The changes were part of an orderly transition as Tom S.Q. Yip stepped down from his CFO role, while Kenneth C. McNaughton announced his retirement.

How will the leadership changes affect Pretium Resources' strategy?

The impact remains to be seen, but fresh leadership can refresh strategies and address current business challenges.