Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - York Harbour Metals Inc. (TSXV: YORK) (OTCQB: YORKF) (FSE: 5DE) ("York Harbour" or the "Company"):
Dear Shareholders,
As the newly appointed CEO of York Harbour Metals, it is my privilege to address you during what has undeniably been a challenging period for our industry and specifically for our Company. Despite the adversity faced by most junior mining companies last year, our resolve remains unshaken, fueled by the promising potential of our projects and the unwavering support you have provided.
Firstly, I extend my heartfelt thanks for your patience and support as we navigate through the capital markets' volatility and the significant transitions within our Company. My primary focus since assuming leadership has been to implement strategic changes essential for our growth and sustainability. This includes refining our future strategy, exploring financing options and strategic alliances, and critically, reducing our operational expenses to ensure a leaner, more efficient operation.
Operational Efficiency and Financial Health
In my quest to safeguard our Company's financial health, I have taken decisive steps to significantly reduce our burn rate. Management salaries have been reduced to zero, with the only salaried positions being those critical to our operations: the CFO, Corporate Secretary, and Investor Relations. This decision reflects our collective commitment to the Company's long-term success, with past management debts being converted into shares at a future date. This initiative has reduced our monthly burn rate to below $20,000, demonstrating our management team's dedication and willingness to sacrifice for our shared vision.
Project Updates and Strategic Directions
Our portfolio, including the York Harbour Copper Property and the neighbouring Bottom Brook Rare Earth/Critical Elements Property, remains our cornerstone. Our comprehensive review of these projects has revealed untapped potential and new opportunities for exploration.
York Harbour - Copper Property: With the expertise of Alex Bugden, G.I.T. our exploration manager & onsite geologist, and fresh insights from external geologists, we have identified new targets and areas for exploration. Our technical audit has confirmed that significant portions of this large property remain unexplored, especially at depths beyond 300 metres. With all necessary permits in place, we are poised to pursue these high-priority targets aggressively.
Bottom Brook - Rare Earth & Critical Elements Property: Following a recent drill program, we have uncovered promising intercepts of sulphides and rare earths previously overlooked. We are now undertaking a more thorough analysis to ensure that the full potential of these finds is realized. This reassessment underscores our commitment to meticulous exploration and maximizing value from our assets.
Looking Forward
Recognizing the current market challenges, we have initiated discussions with potential partners and are exploring all avenues to advance our projects responsibly. Our strategic focus is on minimizing dilution, maintaining financial discipline, and positioning ourselves for success in more favourable market conditions. We remain committed to exploring joint ventures or buyout options that align with our goal of enhancing shareholder value without compromising our principles.
In closing, I want you to know that our team is fully engaged, with our sleeves rolled up, ready to tackle the challenges and seize the opportunities ahead. We are diligently working towards realizing the full potential of our projects, confident that our strategic adjustments and operational efficiencies will pave the way for York Harbour Metals' for short & long-term success.
Thank you once again for your trust and support. Your belief in our vision fuels our determination to overcome obstacles and achieve the excellence that our projects are capable of. I look forward to sharing our progress with you in the coming months.
Sincerely,
Blair Naughty
CEO, York Harbour Metals
Cell: 604-346-7613
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200279
