Montreal, Quebec, May 03, 2024 – Sama Resources Inc. (“Sama” or the “Company”) (TSX-V: SME OTC PINK SHEETS: SAMMF) today announced that the Company has filed on SEDAR+ an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101) supporting the results of a Preliminary Economic Assessment (“PEA”) for the Samapleu-Grata Nickel-Copper project located in Côte d’Ivoire, West Africa. The Samapleu-Grata Nickel-Copper Project belong to Sama Nickel Corporation owned jointly at 60/40 between Ivanhoe Electric Inc. (NYSE American, TSX: IE) and Sama.
Sama notes that there has been an adjustment in the post-tax NPV reported in its March 21, 2024 press release and the Report. The press release disclosed a post-tax NPV8 of US$257M and a post-tax IRR of 22.3%, whereas the Report discloses a post-tax NPV8 of US$277M and a post-tax IRR of 21.9%. The US$20M increase in post-tax NPV8 and 0.4% decrease in post-tax IRR is the result of certain tax adjustments within the financial model. When the tax calculations were corrected, the post-tax NPV increased and post-tax IRR decreased accordingly.
The effective date of the Report is March 21, 2024.
The full Report entitled “NI 43-101 Preliminary Economic Assessment for the Samapleu and Grata Deposits Project” can also be found on the Company’s website at https://samaresources.com/the-samapleu-grata-yepleu-ni-cu-pge-deposits-yacouba-intrusive-complex-western-cote-divoire/ and on SEDAR under the Company’s issuer profile at www.sedarplus.ca.
Grant of Stock Options
The Company is pleased to announce, subject to regulatory acceptance, that the Company has granted an aggregate total of 680,000 incentive stock options to certain officers, employees and consultants, subject to certain vesting provisions. These options will be exercisable at a price of $0.11 per common share and will expire on May 03, 2034.
About Sama Resources Inc.
Sama is a Canadian-based, growth-oriented resource company focused on exploring the Samapleu nickel-copper project in Côte d’Ivoire, West Africa. The Company is managed by experienced industry professionals with a strong track record of discovery. Sama is committed to advancing the Samapleu-Grata Nickel-Copper Project. Sama’s projects are located approximately 600 km northwest of Abidjan in Côte d’Ivoire and are flanked to the west by the Ivorian and Guinean borders. Sama’s projects are located adjacent to the large world-class nickel-cobalt laterite deposits of Sipilou and Foungouesso, forming a 125 km-long new Base Metal Camp in West Africa. Sama owns 40% interest in the Samapleu nickel-copper project in Côte d’Ivoire with its joint venture partner Ivanhoe Electric owning 60%.
For more information, please visit www.samaresources.com.
About Ivanhoe Electric Inc.
Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. Ivanhoe Electric uses its accurate and powerful TyphoonTM geophysical surveying system, together with advanced data analytics provided by its subsidiary, Computational Geosciences Inc., to accelerate and de-risk the mineral exploration process as we seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Ivanhoe Electric believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Ivanhoe Electric’s mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of its portfolio of electric metals exploration projects, headlined by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, as well as other exploration projects in the United States, it intends to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. Ivanhoe Electric also operate a 50/50 joint venture with Saudi Arabian Mining Company Ma’aden to explore for minerals on ~48,500 km2 of underexplored Arabian Shield in the Kingdom of Saudi Arabia. Website: www.ivanhoeelectric.com.
Contact Information:
Dr. Marc-Antoine Audet, P. Geo, President and CEO
Tel: (514) 726-4158
Mr. Matt Johnston, Vice President of Corporate Development
Tel: (604) 443-3835
Renmark Financial Communications Inc.
Bettina Filippone
[email protected]
Tel: (416)-644-2020 or (212)-812-7680
www.renmarkfinancial.com
Forward-Looking Statements
Certain of the statements made and information contained herein are “forward-looking statements” or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information such as “will”, could”, “expect”, “estimate”, “evidence”, “potential”, “appears”, “seems”, “suggest”, are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the ability of the company to convert resources in reserves, its ability to see through the next phase of development on the project, its ability to produce a pre-feasibility study or a feasibility study regarding the project, its ability to execute on its development plans in terms of metallurgy or exploration, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties.
In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.