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Sandfire Resources America Inc. is a mining company based in White Sulphur Springs, Montana. The company has recently received a positive ruling from the Montana Supreme Court to reinstate the Mine Operating Permit for the Black Butte Copper Project, allowing for the construction of an underground copper mine. Sandfire America has successfully defended its permit in court, emphasizing safety and environmental protection in its operations. The company is committed to advancing the Black Butte Copper Project responsibly and sustainably.
With all necessary permits in place for the project, including water rights agreements, Sandfire America is poised to move forward with its mining operations. The company maintains a rigorous QA/QC protocol for its drilling and sampling processes to ensure the accuracy and reliability of its data. Sandfire America's dedication to safety, environmental stewardship, and community engagement sets it apart as a leader in the mining industry.
Sandfire Resources America Inc. has announced the grant of 1,774,306 restricted share units (RSUs) and 1,774,306 performance share units (PSUs) to certain company officers. The RSUs will vest in three equal tranches on July 1, 2025, 2026, and 2027. The PSUs will vest upon achievement of key performance indicators, not before two years after the grant date, in two equal tranches on July 1, 2026 and 2027.
Once vested, both RSUs and PSUs entitle holders to receive either one common share, cash equivalent, or a combination, minus applicable withholdings. After these grants, there are 3,548,612 shares issuable on settlement of all outstanding RSUs and PSUs. The grants are subject to TSX Venture Exchange approval.
Sandfire Resources America Inc. (SRAFF) has announced additional high-grade copper intersections from its 2024 exploration drilling program at the Black Butte Copper Project. Key highlights include:
- Hole SC24-286: 8.53 meters of 6.6% copper
- Hole SC24-288: 13.19 meters of 12.8% copper
The ongoing program aims to upgrade and expand the Johnny Lee Lower Copper Zone resource. Since December 2023, approximately 8,000 meters of a planned 20,000-meter drill program have been completed. The Johnny Lee deposit currently has a Measured and Indicated Mineral Resource of 10.9 million tonnes at 2.9% copper and an Inferred Mineral Resource of 2.7 million tonnes at 3.0% copper.
On June 28, 2024, Sandfire Resources America announced a third variation to its bridge loan agreement with Sandfire BC Holdings and Tintina Montana. The variation increases the borrowable amount from $32 million to $40 million and extends the maturity date to June 30, 2025. All other terms and conditions remain unchanged. No securities will be issued under this agreement.
Sandfire Resources America Inc. reported high-grade copper intersections at the Black Butte Copper Project. Initial drill results included hole SC24-279 with 5.37m of 10.2% copper and hole SC24-284 with 6.26m of 10.7% copper. The ongoing 2024 drill program focuses on upgrading and expanding the Johnny Lee Lower Copper Zone resource. The Company has drilled 4,420 meters of a planned 20,000-meter program. The Johnny Lee deposit has a Measured and Indicated Mineral Resource of 10.9Mt at an average copper grade of 2.9% and an Inferred Resource of 2.7Mt at an average copper grade of 3.0%. The Company received a Mine Operating Permit for mine development and completed a majority of Phase I construction.
Sandfire Resources America has appointed Lincoln Greenidge as the new CEO, effective immediately, succeeding Rob Scargill, who remains a director on the Board. Greenidge, a seasoned mining executive with a background in global companies, was the CFO for the past year and aims to advance the Black Butte Copper Project. He emphasizes copper’s importance in energy technologies. Alongside Greenidge, Sabino Di Paola has been appointed as CFO, bringing over 15 years of finance experience. The company acknowledges potential risks ahead, including regulatory hurdles and exploration challenges.
Sandfire Resources America has announced the change of its auditor from Ernst & Young LLP to McGovern Hurley LLP effective January 23, 2023. The company confirmed that there were no modified opinions or reportable events from the former auditor regarding its financial statements during the relevant period. This transition complies with the National Instrument 51-102 regulations, and the necessary documentation has been reviewed by the Board of Directors and filed on SEDAR.
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