Core Viewpoint - Salazar Resources Limited has finalized a definitive agreement to acquire exploration properties in Ecuador from Silvercorp Metals Inc, enhancing its ownership in key projects and positioning itself for future growth [1][2]. Group 1: Transaction Details - The agreement involves the transfer of shares from Silvercorp's subsidiaries to Salazar, granting full ownership of the Santiago and Pijili Projects, which Salazar previously held a 20% interest in [2][7]. - The transaction includes a net smelter return (NSR) royalty structure, with Salazar acquiring an 80% interest in both the Santiago and Pijili Projects, and a 100% interest in the Tarqui and Quimi Projects, each subject to a 1.5% NSR royalty [6]. Group 2: Future Plans - The company plans to finalize an agreement for the farm-out of the Tarqui and Quimi projects, aiming to retain at least a 25% interest while receiving cash and equity in return for work commitments [3]. - A non-refundable payment of US$200,000 has been received from an Ecuadorian company, providing exclusivity for the upcoming agreements [3]. Group 3: Company Background - Salazar Resources is focused on exploration and development in Ecuador, with a strong understanding of the local geology and a pipeline of copper-gold projects [4]. - The company has a 25% carried interest in its maiden discovery, Curipamba, and is actively engaged with local communities through initiatives like The Salazar Foundation [4].

Core Viewpoint - The implementation of a new mining inspection fee by the Ecuadorian Control and Regulation Agency (ARCOM) aims to enhance oversight and combat illegal mining, but it poses a significant financial burden on mining companies, potentially harming the Ecuadorian mining industry and its investment reputation [1][3][5]. Company Summary - Salazar Resources Limited is required to pay approximately US$332,000 for its current concessions, with US$47,000 due in June 2025 and US$285,000 due in January 2026. This fee is about ten times higher than the company's annual concession fees in Ecuador [2]. - The company is actively collaborating with various chambers and associations in the Ecuadorian mining sector to communicate the detrimental impact of the new fee on the industry and the country's investment appeal [3]. - Salazar Resources has reached out to the Ecuadorian Government and is in discussions with the Mining Chamber of Ecuador to seek the rescindment of the regulation, while also exploring further actions [4]. Industry Summary - The new fee structure is viewed as unsustainable and is expected to hinder exploration activities, which are crucial for the mining industry's success. The CEO of Salazar Resources expressed concerns that this ruling could damage Ecuador's international reputation as a mining destination [5]. - The company emphasizes the importance of exploration in discovering new mineral deposits and believes that the fee will deter most exploration efforts in Ecuador [5].

Core Points - Scully Royalty Ltd. has filed its Annual Report on form 20-F for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The Annual Report includes updates on the Company's business, assets, and operations [1] - Shareholders can access the Annual Report and audited financial statements on the SEC website and the Company's website [2] - Stakeholders are encouraged to read the entire Annual Report for a comprehensive understanding of the Company's business and operations [3] - The Company provides a toll-free line and email for stakeholders to direct questions and book conference calls with senior management [3]

Letter to Shareholders [Update on the Scully Mine](index=2&type=section&id=Update%20on%20the%20Scully%20Mine) The company's primary asset is a royalty on the Scully Mine, whose operator has new funding and plans to restore production capacity - The company holds a royalty interest in the Scully iron ore mine, entitling it to **7.0% of revenue** from shipped iron ore and **4.2% from tailings**, with a minimum annual payment of **$3.25 million**[9](index=9&type=chunk) - The Scully Mine produces premium-grade ore with over **65% iron content**, which traded at an average **13% premium (US$14/tonne)** over the 62% Fe index in 2024[12](index=12&type=chunk)[13](index=13&type=chunk) - The mine's operator, Tacora Resources, emerged from CCAA in September 2024, backed by a new consortium of investors including Cargill, Millstreet Capital Management, and O'Brien Staley Partners, with a **US$250 million equity injection**[18](index=18&type=chunk) Historical Mine Production (Tonnes Shipped) | Year | Tonnes Shipped | | :--- | :--- | | 2019 (H2) | 1,100,000 | | 2020 | 2,600,000 | | 2021 | 2,800,000 | | 2022 | 2,700,000 | | 2023 | 3,500,000 | | 2024 | 3,100,000 | - Tacora has commenced a multi-year capital investment plan to restore the Scully Mine to its historic nameplate production capacity of **six million tonnes per annum**[25](index=25&type=chunk) [Dividends](index=7&type=section&id=Dividends) The company has resumed its cash dividend policy, declaring a $0.37 per share dividend for February 2025 - The company resumed its cash dividend policy, declaring a dividend of **$0.37 (US$0.26) per Common Share** to be paid on February 21, 2025, to shareholders of record on January 24, 2025[30](index=30&type=chunk) [Rationalization of Non-Core Assets](index=7&type=section&id=Rationalization%20of%20Non-Core%20Assets) The company is divesting non-core assets, resulting in an $18.6 million non-cash impairment loss in 2024 - Certain assets and liabilities were classified as held for sale as of December 31, 2024, representing approximately **20% of consolidated total assets** after impairment[32](index=32&type=chunk) - These assets held for sale generated **$9.0 million in revenue** and a **net loss of $4.5 million** in 2024; a non-cash impairment loss of **$18.6 million** was recognized in connection with this classification[32](index=32&type=chunk)[33](index=33&type=chunk) Assets and Liabilities Held for Sale (as of Dec 31, 2024) | Category | Amount (C$) | | :--- | :--- | | Total Assets | 88,500 | | Total Liabilities | (18,107) | | **Net** | **70,393** | [Liquid Assets](index=8&type=section&id=Liquid%20Assets) The company maintains strong liquidity with $165.1 million in total liquid assets, despite a strategic decrease in cash balances Liquid Assets and Working Capital (in C$'000s) | As at December 31 | 31-Dec-24 | 30-Jun-24 | 31-Dec-23 | | :--- | :--- | :--- | :--- | | Cash | $19,052 | $35,897 | $78,252 | | Short-term securities | $23,487 | $10,259 | $12,958 | | Receivables | $42,274 | $72,450 | $70,330 | | **Classified within assets held for sale:** | | | | | Cash | $32,704 | $32,015 | — | | Short-term securities | $4,638 | $3,471 | — | | Receivables | $42,905 | $8,668 | — | | **Total liquid assets** | **$165,060** | **$162,760** | **$161,540** | | **Working Capital** | **$136,831** | **$141,416** | **$143,972** | [2024 Financial Results](index=10&type=section&id=2024%20Financial%20Results) The company reported a net loss of $20.6 million in 2024, driven by lower revenue and a significant non-cash impairment charge Financial Position Summary (in C$'000s) | Metric | 31-Dec-24 | 31-Dec-23 | | :--- | :--- | :--- | | Total assets | $438,095 | $452,467 | | Total liabilities | $127,770 | $122,797 | | **Book Value** | **$302,277** | **$322,459** | | **Book Value per Share** | **$20.39** | **$21.76** | - Revenue for 2024 decreased to **$35.3 million** from $54.9 million in 2023, primarily due to the disposition of energy interests and decreased royalty income[42](index=42&type=chunk) - The company recognized a non-cash impairment loss of **$18.6 million** on assets classified as held for sale[43](index=43&type=chunk) Net Income (Loss) Comparison | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net (Loss) Income Attributable to Shareholders | ($20.6 million) | $1.4 million | | (Loss) Earnings Per Share (basic and diluted) | ($1.39) | $0.09 | PART I [ITEM 3: KEY INFORMATION](index=15&type=section&id=ITEM%203%3A%20KEY%20INFORMATION) The company faces risks from volatile iron ore prices, high competition, and significant revenue concentration in the Scully Mine royalty - The company's financial results are expected to fluctuate significantly due to varying iron ore prices, production levels at the Scully Mine, and the uncertain timing of merchant banking transactions[75](index=75&type=chunk) - A significant portion of revenue (approximately **57% in 2024**) comes from the Scully Mine royalty interest, concentrating risk on this single asset and its third-party operator[95](index=95&type=chunk) - The company has **no decision-making power** over the operation of the Scully Mine and has limited access to technical or geological data, creating risks if the operator's interests are not aligned or if operations are scaled back[87](index=87&type=chunk)[88](index=88&type=chunk)[90](index=90&type=chunk) - The business is highly competitive, facing competition from larger merchant banks, investment firms, and mineral royalty companies with substantially greater capital and resources[80](index=80&type=chunk) - The operations of the company's European banking subsidiary are subject to extensive regulation, which could limit business opportunities and increase compliance costs[100](index=100&type=chunk) [ITEM 4: INFORMATION ON THE COMPANY](index=26&type=section&id=ITEM%204%3A%20INFORMATION%20ON%20THE%20COMPANY) The company's core business is its Scully Mine royalty, supported by a merchant banking segment and a strategy of non-core asset rationalization - The company's core asset is a net revenues royalty interest in the Scully Mine, with a rate of **7.0% on iron ore** shipped from the mine and **4.2% on tailings**[135](index=135&type=chunk) - The company operates through two primary segments: (i) **Royalty**, which includes the iron ore mine interest, and (ii) **Merchant Banking**, which includes regulated merchant banking activities in Europe[136](index=136&type=chunk)[148](index=148&type=chunk) Iron Ore Products Shipped from Scully Mine (tonnes) | Year | Tonnes Shipped | | :--- | :--- | | 2024 | 3,060,800 | | 2023 | 3,535,238 | - The operator of the Scully Mine emerged from CCAA proceedings in September 2024 with a **US$250 million equity injection** and new offtake and transport arrangements[142](index=142&type=chunk)[154](index=154&type=chunk) - The company has a dividend policy and declared a dividend of **$0.37 (US$0.26) per common share** in December 2024[145](index=145&type=chunk) [ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS](index=37&type=section&id=ITEM%205%3A%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) Revenue decreased to $35.3 million and a net loss of $20.6 million was reported, largely due to an $18.6 million non-cash impairment [Rationalization of Non-Core Assets](index=38&type=section&id=Rationalization%20of%20Non-Core%20Assets) The company classified non-core assets as "held for sale," resulting in an $18.6 million non-cash impairment loss in 2024 - The company is rationalizing non-core assets to simplify its corporate structure and focus on its iron ore royalty[227](index=227&type=chunk) - Assets held for sale represented about **20% of consolidated total assets** and generated **$9.0 million in revenue** and a **net loss of $4.5 million** in 2024[229](index=229&type=chunk) - A non-cash impairment loss of **$18.6 million** was recognized in connection with the classification of these assets as held for sale[231](index=231&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Revenue fell to $35.3 million in 2024, leading to a net loss of $20.6 million due to lower royalty income and a large impairment Selected Operating Results (in C$'000s, except per share) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Revenue | $35,302 | $54,944 | $63,689 | | Net (loss) income | ($20,588) | $1,391 | ($23,398) | | (Loss) earnings per share | ($1.39) | $0.09 | ($1.58) | Revenue by Segment (in C$'000s) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | Royalty | $20,053 | $35,323 | | Merchant Banking | $6,221 | $7,374 | | All Other | $9,028 | $12,247 | | **Total** | **$35,302** | **$54,944** | - The decrease in 2024 revenue was mainly due to the disposition of energy interests in March 2023 and decreased royalty income; a single customer in the Royalty segment accounted for **57% of total revenue**[238](index=238&type=chunk) EBITDA Reconciliation (in C$'000s) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net (loss) income for the year | ($20,268) | $1,399 | | Income tax expense (recovery) | $1,245 | $8,798 | | Finance costs | $2,493 | $1,763 | | Depreciation, depletion and amortization | $7,221 | $7,929 | | **EBITDA (loss)** | **($9,309)** | **$19,889** | [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and a low net debt-to-equity ratio of 0.06, despite a decrease in cash from investing activities Net Debt-to-Equity Ratio (in C$'000s) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total debt | $36,545 | $36,107 | | Less: cash | ($19,052) | ($78,252) | | Net debt | $17,493 | N/A | | Shareholders' equity | $302,277 | $322,459 | | **Net debt-to-equity ratio** | **0.06** | **N/A** | Summary of Cash Flows (in C$'000s) | Cash Flow Activity | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Operating activities | ($31,543) | $26,181 | $30,637 | | Investing activities | $2,760 | ($6,307) | ($4,677) | | Financing activities | ($1,157) | ($3,815) | ($17,192) | | **(Decrease) increase in cash** | **($26,496)** | **$14,535** | **$8,844** | - The decrease in cash to **$19.1 million** from $78.3 million was primarily due to the purchase of securities, an increase in receivables, and the classification of assets as held for sale[296](index=296&type=chunk) - In August 2024, the maturity of the company's **€25.0 million bonds** was extended from 2026 to 2033, and the interest rate was increased from 4.00% to **5.70%**[304](index=304&type=chunk) [ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](index=57&type=section&id=ITEM%206%3A%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section details executive compensation, board structure, and employee data, including $2.1 million in aggregate officer compensation for 2024 - Aggregate cash compensation paid to directors and officers during fiscal year 2024 was approximately **$2.1 million**[351](index=351&type=chunk) Executive Officer Compensation Summary for FY 2024 (C$) | Name and Principal Position | Salary | Non-equity incentive | All other compensation | Total compensation | | :--- | :--- | :--- | :--- | :--- | | Michael J. Smith, Executive Chairman | $650,080 | $82,000 | $280,730 | $1,012,810 | | Samuel Morrow, President, CEO & CFO | $532,694 | $160,034 | $330,347 | $1,122,066 | - As of December 31, 2024, the company had **71 employees**[370](index=370&type=chunk) - As of December 31, 2024, there were **1,516,120 stock options outstanding** under the 2017 Equity Incentive Plan[371](index=371&type=chunk)[378](index=378&type=chunk) [ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](index=63&type=section&id=ITEM%207%3A%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) Two major shareholders control over 49% of common shares, and the company has significant related party transactions Major Shareholders (as of April 24, 2025) | Name | Amount Owned | Percent of Class | | :--- | :--- | :--- | | Peter Kellogg, group | 5,293,276 | 35.7% | | Lloyd Miller, III | 2,008,407 | 13.6% | - The company has arrangements with a company controlled by its Chairman, resulting in a receivable balance of **$22.4 million** as of December 31, 2024[386](index=386&type=chunk) - In 2024, the company paid royalty expenses of **$0.7 million** to a company in which it holds a minority interest and that is a subsidiary of the Scully Mine operator[387](index=387&type=chunk) [ITEM 8: FINANCIAL INFORMATION](index=64&type=section&id=ITEM%208%3A%20FINANCIAL%20INFORMATION) The company faces a significant legal claim of approximately $121 million, which it deems without merit, and maintains its dividend policy - The company is a defendant in a legal action related to guarantees of a former parent, with the claim amounting to approximately **$121 million (€81 million)** plus interest and costs as of Dec 31, 2024; management believes the claim is without merit[392](index=392&type=chunk) - A dividend of **$0.37 (US$0.26) per Common Share** was declared in 2024, to be paid on February 21, 2025[394](index=394&type=chunk) [ITEM 10: ADDITIONAL INFORMATION](index=66&type=section&id=ITEM%2010%3A%20ADDITIONAL%20INFORMATION) The company is a tax-exempt Cayman Islands entity with anti-takeover provisions and potential PFIC status risks for U.S. shareholders - The company is an exempted company organized under the laws of the Cayman Islands and is **not subject to taxes** on profits, income, gains, or appreciation in that jurisdiction[404](index=404&type=chunk)[430](index=430&type=chunk) - The company's Articles of Association contain **anti-takeover provisions**, such as authorizing the board to issue preference shares and limiting shareholders' ability to requisition meetings[421](index=421&type=chunk)[429](index=429&type=chunk) - The company does not believe it is currently a Passive Foreign Investment Company (PFIC), but its status is not guaranteed for any taxable year, which could result in **adverse U.S. federal income tax consequences** for U.S. Holders[441](index=441&type=chunk) [ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=74&type=section&id=ITEM%2011%3A%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to market risks from interest rates, foreign currency, and equity prices, which it manages with financial instruments - The company is exposed to market risks including changes in interest rates, foreign currency exchange rates, and equity prices[456](index=456&type=chunk) - Derivative instruments may be used to manage certain exposures to commodity price and currency exchange rate risks, but **not for speculative purposes**[457](index=457&type=chunk) [ITEM 15: CONTROLS AND PROCEDURES](index=75&type=section&id=ITEM%2015%3A%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls, procedures, and internal control over financial reporting were effective as of year-end 2024 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2024[464](index=464&type=chunk) - Management concluded that the company's internal control over financial reporting was **effective** as of December 31, 2024, based on the COSO framework[467](index=467&type=chunk) [ITEM 16: Corporate Governance and Accountability](index=76&type=section&id=ITEM%2016%3A%20Corporate%20Governance%20and%20Accountability) Key governance events include a change of auditor, adoption of a cybersecurity program, and confirmation of an audit committee financial expert - Effective December 5, 2024, the company's auditor resigned and was replaced by **AOGB CPA Limited**[485](index=485&type=chunk) Principal Accountant Fees for FY 2024 (in thousands) | Fee Type | AOGB CPA Limited (US$) | Smythe LLP (C$) | | :--- | :--- | :--- | | Audit Fees | $680.0 | - | | Audit-Related Fees | $0 | $435.0 | | Tax Fees | $0 | $60.1 | | All Other Fees | $0 | $8.6 | - The company has implemented a cybersecurity risk management program, which is overseen by the Board's Audit Committee and managed at the executive level by the CFO[491](index=491&type=chunk)[493](index=493&type=chunk)[494](index=494&type=chunk) ITEM 18: FINANCIAL STATEMENTS [Report of Independent Registered Public Accounting Firm](index=81&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Auditors issued an unqualified opinion on the financial statements, highlighting the valuation of the mine interest and properties as Critical Audit Matters - The auditor, AOGB CPA Limited, issued an **unqualified opinion** on the 2024 consolidated financial statements[501](index=501&type=chunk) - **Critical Audit Matters** for the 2024 audit included the assessment of the recoverable amount of the interest in the Scully iron ore mine and the fair value of investment properties, due to the high degree of judgment and subjectivity in the assumptions used[506](index=506&type=chunk)[509](index=509&type=chunk) [Consolidated Financial Statements](index=87&type=section&id=Consolidated%20Financial%20Statements) The statements show a net loss of $20.6 million and negative operating cash flow of $31.5 million for 2024 Consolidated Statements of Financial Position (in C$'000s) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total current assets | $175,319 | $164,545 | | Total non-current assets | $262,776 | $287,922 | | **Total assets** | **$438,095** | **$452,467** | | Total current liabilities | $38,488 | $20,573 | | Total non-current liabilities | $89,282 | $102,224 | | **Total liabilities** | **$127,770** | **$122,797** | | **Shareholders' equity** | **$302,277** | **$322,459** | Consolidated Statements of Operations (in C$'000s) | | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Gross revenues | $35,302 | $54,944 | $63,689 | | (Loss) income before income taxes | ($19,023) | $10,197 | ($23,956) | | **Net (loss) income attributable to owners** | **($20,588)** | **$1,391** | **($23,398)** | Consolidated Statements of Cash Flows (in C$'000s) | | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Cash flows from operating activities | ($31,543) | $26,181 | $30,637 | | Cash flows from investing activities | $2,760 | ($6,307) | ($4,677) | | Cash flows from financing activities | ($1,157) | ($3,815) | ($17,192) | | **(Decrease) increase in cash** | **($26,496)** | **$14,535** | **$8,844** | [Notes to Consolidated Financial Statements](index=92&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes detail an $18.6 million impairment loss from assets held for sale, segment performance, and significant related party transactions - As of Dec 31, 2024, assets of **$88.5 million** and liabilities of **$18.1 million** were classified as held for sale, resulting in an impairment loss of **$18.6 million** for the year[737](index=737&type=chunk) Segment Income (Loss) Before Income Taxes (in C$'000s) | Segment | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Royalty | ($3,469) | $11,120 | $1,012 | | Merchant Banking | $1,797 | ($55) | $2,900 | | All Other | ($17,351) | ($868) | ($27,868) | | **Total** | **($19,023)** | **$10,197** | **($23,956)** | - The carrying value of the iron ore royalty interest was **$192.1 million** as of December 31, 2024, down from $196.6 million at year-end 2023 due to depletion[778](index=778&type=chunk) - In 2024, the maturity of the subsidiary's **€25.0 million bonds** was extended to 2033, and the interest rate was increased to **5.70%** per annum[794](index=794&type=chunk) - As of Dec 31, 2024, the company had a receivable of **$22.4 million** from an affiliate controlled by the Executive Chairman[764](index=764&type=chunk)[834](index=834&type=chunk)

Company Overview - Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador [4] - The company has a wholly owned pipeline of copper-gold exploration projects across Ecuador and aims to make another commercial discovery while farm-out non-core assets [5] - Salazar Resources has a 25% stake in its maiden discovery, Curipamba, and a 20% stake in two copper-gold porphyry projects, Pijili and Santiago, with plans to acquire the remainder from Silvercorp [5] Private Placement Financing - The company has raised gross proceeds of $1,066,940 by issuing 15,242,000 common shares at a price of $0.07 per share [1] - An additional 9,758,000 shares for $683,060 are expected to be fully subscribed in the near future [1] - Certain insiders, including Nick DeMare, participated in the financing, which is classified as a "related party transaction" but is exempt from formal valuation and minority shareholder approval requirements [2] Use of Proceeds - Proceeds from the private placement will be used for working capital, tenure payments on recently acquired properties, and exploration activities [1]

Core Viewpoint - Salazar Resources Limited has entered into a binding agreement to purchase exploration properties in Ecuador from Silvercorp Metals Inc., aiming to enhance its ownership and operational capabilities in the region [1][3]. Transaction Details - The agreement involves the transfer of shares from two Ecuadorian subsidiaries of Silvercorp to Salazar, which includes several mineral exploration properties in exchange for net smelter return (NSR) royalties [2]. - Specific terms include: - Santiago Project: 1.5% NSR royalty with a $3 million repurchase option [2]. - Pijilí Project: 1.5% NSR royalty with a $1 million option to repurchase 1% NSR [2]. - Tarqui Project: 1.5% NSR royalty with a $1 million option to repurchase 1% NSR [2]. - La Canela Project: 1.5% NSR royalty with a $1 million option to repurchase 1% NSR [2]. Ownership and Strategic Implications - Salazar currently holds a 20% stake in the Santiago and Pijilí projects, and this transaction will provide full ownership of these properties, which were previously under an Exploration Alliance agreement [3]. - The completion of the transaction is anticipated in the first quarter of 2025, subject to final agreements and customary closing conditions [3]. Company Background - Salazar Resources is focused on value creation through exploration and development in Ecuador, with a strong understanding of local geology and a history of significant project discoveries [4]. - The company has a portfolio of copper-gold exploration projects and aims to make further commercial discoveries while engaging with local communities [4][5].

Core Points - Salazar Resources Limited is changing its financial year-end from December 31 to March 31 to align with its strategic partner Silvercorp Metals Inc. [2] - The company retains a 25% ownership interest in the Curipamba project, while Adventus Mining Corporation, a subsidiary of Silvercorp, holds a 75% interest [2] - The company will report audited financial results for a transitional period of fifteen months ending March 31, 2025, with comparative statements for the year ended December 31, 2023 [3] - The transitional quarter will cover the nine months ending September 30, 2024, with results expected to be reported by November 29, 2024 [4] Company Overview - Salazar Resources Limited focuses on discovery, exploration, and development in Ecuador, with a strong understanding of the local geology [5] - The company has a pipeline of copper-gold exploration projects and aims to make further commercial discoveries while managing non-core assets [6] - Salazar Resources has a 25% carried interest in the Curipamba project and a 20% carried interest in two other copper-gold porphyry projects, Pijili and Santiago [6]

Core Points - Salazar Resources Limited has successfully closed a non-brokered private placement financing, issuing 7,140,000 shares at a price of $0.07 per share, raising a total of $499,800 [1] - The proceeds from the private placement will be utilized for working capital and exploration activities [1] - All securities issued are subject to a four-month hold period and require regulatory approvals, including acceptance from the TSX Venture Exchange [1] Insider Participation - Certain insiders of the company participated in the offering, purchasing a total of 1,671,000 shares [2] - This participation is classified as a "related party transaction" but is exempt from formal valuation and minority shareholder approval requirements due to the transaction's size relative to the company's market capitalization [2] - No directors of the company expressed any disagreements regarding the insider participation [2] Company Overview - Salazar Resources Limited is focused on exploration and development in Ecuador, with a strong understanding of the local geology [4] - The company has a pipeline of copper-gold exploration projects and aims to make further commercial discoveries while managing non-core assets [5] - Salazar Resources holds a 25% stake in the Curipamba project and a 20% stake in the Pijili and Santiago projects, all fully carried through to production or construction decisions [5]

Group 1 - Salazar Resources Limited has arranged a non-brokered private placement financing of up to 7,140,000 shares at a price of $0.07 per share, aiming to raise up to $499,800 [1] - Certain insiders will participate in the financing, and there is no finder's fee payable [1] - Proceeds from the financing will be used for working capital and exploration [1] Group 2 - Salazar Resources is focused on discovery, exploration, and development in Ecuador, with a strong understanding of the local geology [3] - The company has a wholly owned pipeline of copper-gold exploration projects in Ecuador and aims to make another commercial discovery [4] - Salazar Resources has a 25% stake in its maiden discovery, Curipamba, and a 20% stake in two copper-gold porphyry projects, Pijili and Santiago, both fully carried through to a construction decision [4]

Core Insights - Salazar Resources Limited has partnered with Silvercorp Metals Inc. following Silvercorp's acquisition of Adventus Mining, marking a significant milestone for Salazar's growth and commitment to advancing the mining industry in Ecuador [1][2] - The collaboration aims to leverage both companies' strengths to enhance exploration, development, and operational efficiencies, potentially creating substantial value for shareholders and stakeholders [1][2] Company Overview - Salazar Resources Limited focuses on value creation through discovery, exploration, and development in Ecuador, with a strong understanding of the local geology and involvement in major projects [3] - The company holds a 25% stake in the Curipamba project, which is fully carried through to production, and a 20% stake in two copper-gold porphyry projects, Pijili and Santiago, also fully carried through to a construction decision [3] - Salazar actively engages with local communities and co-founded The Salazar Foundation, which is dedicated to sustainable economic development [3] Partnership Details - The partnership with Silvercorp is expected to enhance operational capabilities and provide expanded exploration and development opportunities, aligning both companies' strategic goals [2] - The focus will be on exploring synergies across various projects, optimizing resource development, and enhancing operational efficiency while committing to sustainable practices and environmental stewardship [2]