RE:RE:Q report should be out this weekNice update...What's not to like? We have a winner here if you just stay the course
First Quarter Highlights
Matt Manson, President, and CEO commented: "The first quarter of 2022 ended with important achievements for Marathon in the permitting and financing of the Valentine Gold Project. Over two days in mid-March we were very pleased to report the emphatic approval in of the Project at the Newfoundland and Labrador cabinet, marking the completion of our provincial EA process, and the completion of the technical and public review phase under our federal EA process. This has allowed us to guide to the commencement of early works in the third quarter and, subject to a formal board construction decision, full construction mobilization by year-end. Then, at the end of March, we announced the closing of our previously announced US$185 million term loan with Sprott Resource Lending, which will comprise the debt portion of our project financing." Mr. Manson continued: "Alongside our project permitting and financing achievements, and the ongoing engineering and procurement work in support of our project-build, we will be updating the Project's Mineral Resource estimate by mid-year, which will incorporate 100,000 metres of drilling at the Berry Deposit and the results of our 2021 Reverse Circulation drill program. This new estimate is expected to be both larger, with an expected increase in open-pit Measured and Indicated Resources, and more robust. We will then demonstrate the impact of this new estimate in an updated technical report, scheduled for the fourth quarter, which will reflect a new, longer-term vision for the Project's mine plan, the current cost environment, a higher gold price environment, and our settled development schedule. Taken together, this work will present a major new gold mining project that is well conceived, well engineered, well financed, and fully permitted, with clear cost and schedule-to-complete objectives, and a mineral resource that is both tested and still growing. Our treasury at quarter-end was strong, at $72.4 million, and we continue to enjoy all the advantages of building a mining team and business located in the central region of Newfoundland and Labrador."