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Can-Fite Presented NASH Phase II Namodenoson Data at a Late Breaking Session of the American Association for the Study of Liver Diseases (AASLD) Conference

Can-Fite Presented NASH Phase II Namodenoson Data at a Late Breaking Session of the American Association for the Study of Liver Diseases (AASLD) Conference

Dr. Safadi, the study’s Principal Investigator: “Namodenoson’s very impressive study data may result in a promising drug for the treatment of NAFLD/NASH due to the combination of good efficacy and favorable safety.”

PETACH TIKVA, Israel–(BUSINESS WIRE)–Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address inflammatory, cancer and liver diseases, today announced that Dr. Rifaat Safadi, Principal Investigator of the Company’s Phase II study of Namodenoson in the treatment of NAFLD/NASH delivered a late-breaking oral presentation at the AASLD conference, The Liver Meeting Digital Experience™ 2020.

Titled “A Phase 2, Randomized, Double-Blind, Placebo-Controlled Dose-Finding Study Of The Efficacy And Safety Of Namodenoson (CF102), An A3 Adenosine Receptor (A3AR) Agonist, In Treating Non-Alcoholic Fatty Liver Disease (NAFLD) And Non-Alcoholic Steatohepatitis (NASH)” the oral presentation was given on Sunday, November 15 by Dr. Safadi, Head of the Liver Unit, Gastroenterology and Liver Diseases, Division of Medicine at Hadassah Medical Center, Professor of Internal Medicine, Bowel, Liver Disease, and Metabolic Syndrome at Hebrew University in Israel.

The double-blind, placebo-controlled, dose-finding efficacy and safety study enrolled 60 patients with NAFLD with or without NASH. Patients with evidence of an active inflammation were treated twice daily with 12.5 mg (n=21) or 25 mg (n=19) of oral Namodenoson vs. placebo (n=20). The patients were treated for 12 weeks and followed-up until week 16. As a result of the study, 25 mg was determined to be the optimal dose.

Data presented during the oral presentation included:

  • Anti-Inflammatory effect – a significant decrease in the liver enzymes ALT and AST and significant improvement in the positive cytokine adiponectin was recorded in the Namodenoson 25 mg treated group
  • Reduced liver fat content – manifested by a significant reduction in % of liver fat volume assessed by MRI-PDFF and a decrease in the Controlled Attenuation Parameter (CAP – score ≥ 331) measured by FibroScan in the Namodenoson 25 mg group
  • Decrease in FIB-4 and FAST – non-invasive tests showed anti-fibrosis effect in Namodenoson 25 mg group
  • Decrease in body weight – a linear decrease in body weight was recorded in the 25 mg and 12.5 mg Namodenoson groups with a better effect in the higher dose
  • Safety – Namodenoson continued to have a safe profile and was very well tolerated with no drug emergent severe adverse effects and no hepatotoxicity

“We were very pleased that the AASLD accepted our late breaking abstract for an oral presentation, a prominent platform through which we shared these important study results with the leading scientists and health care professionals committed to preventing and curing liver diseases. We thank Dr. Safadi for delivering the presentation,” stated Can-Fite CEO Dr. Pnina Fishman.

Dr. Safadi added, “Namodenoson’s very impressive study data may result in a promising drug for the treatment of NAFLD/NASH due to the combination of good efficacy and favorable safety.”

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI) is an advanced clinical stage drug development Company with a platform technology that is designed to address multi-billion dollar markets in the treatment of cancer, liver, inflammatory disease and COVID-19. The Company’s lead drug candidate, Piclidenoson, is currently in a Phase III trial for rheumatoid arthritis/psoriasis and a Phase II study in the treatment of moderate COVID-19. Can-Fite’s liver drug, Namodenoson, is headed into a Phase III trial for hepatocellular carcinoma (HCC), the most common form of liver cancer, and successfully achieved its primary endpoint in a Phase II trial for the treatment of non-alcoholic steatohepatitis (NASH). Namodenoson has been granted Orphan Drug Designation in the U.S. and Europe and Fast Track Designation as a second line treatment for HCC by the U.S. Food and Drug Administration. Namodenoson has also shown proof of concept to potentially treat other cancers including colon, prostate, and melanoma. CF602, the Company’s third drug candidate, has shown efficacy in the treatment of erectile dysfunction. These drugs have an excellent safety profile with experience in over 1,500 patients in clinical studies to date. For more information please visit: www.can-fite.com.

Forward-Looking Statements

This press release may contain forward-looking statements, about Can-Fite’s expectations, beliefs or intentions regarding, among other things, market risks and uncertainties, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, Can-Fite or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by Can-Fite with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of Can-Fite’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause Can-Fite’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause Can-Fite’s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: our history of losses and needs for additional capital to fund our operations and our inability to obtain additional capital on acceptable terms, or at all; uncertainties of cash flows and inability to meet working capital needs; the impact of the COVID-19 pandemic; the initiation, timing, progress and results of our preclinical studies, clinical trials and other product candidate development efforts; our ability to advance our product candidates into clinical trials or to successfully complete our preclinical studies or clinical trials; our receipt of regulatory approvals for our product candidates, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of our product candidates; our ability to establish and maintain strategic partnerships and other corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability to operate our business without infringing the intellectual property rights of others; competitive companies, technologies and our industry; statements as to the impact of the political and security situation in Israel on our business; and risks and other risk factors detailed in Can-Fite’s filings with the SEC and in its periodic filings with the TASE. In addition, Can-Fite operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. Can-Fite does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.

Can-Fite BioPharma

Motti Farbstein

[email protected]

+972-3-9241114

KEYWORDS: United States North America Israel Middle East New York

INDUSTRY KEYWORDS: Professional Services Health Finance General Health Clinical Trials Pharmaceutical Biotechnology

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Provectus Biopharmaceuticals Announces Presentation of PV-10® Pancreatic Cancer Data at 2020 Society for Immunotherapy of Cancer (SITC) Annual Meeting

KNOXVILLE, TN, Nov. 16, 2020 (GLOBE NEWSWIRE) — Provectus (OTCQB: PVCT) today announced that H. Lee Moffitt Cancer Center (Moffitt) presented non-clinical data from ongoing research on investigational autolytic cancer immunotherapy PV-10, an injectable formulation of Provectus’ proprietary small molecule rose bengal disodium (RBD), as a single-agent and in combination with gemcitabine chemotherapy for the treatment of pancreatic cancer at the Society for Immunotherapy of Cancer’s (SITC) 35th Anniversary Annual Meeting & Pre-Conference Programs (SITC 2020), held online from November 9-14, 2020.

RBD selectively accumulates in the lysosomes of cancer cells upon contact, disrupts these lysosomes, and causes the cancer cells to die. Intralesional (IL) (aka intratumoral) administration of PV-10 causes acute destruction of injected tumors, resulting in the release of danger-associated molecular pattern molecules (DAMPs) and tumor antigens. These signaling factors may initiate an immunologic cascade, where the innate immune system response may facilitate systemic anti-tumor immunity by the adaptive immune system. PV-10-mediated DAMP release may activate CD8+ T cells, CD4+ T cells, and NKT cells.

Moffitt’s poster presentation, authored by Innamarato et al. and entitled “Intralesional injection of rose bengal augments the efficacy of gemcitabine chemotherapy against pancreatic tumors,” concluded:

  • PV-10 kills human and murine pancreatic tumor cells in vitro,
  • The combination therapy of PV-10 and gemcitabine reduces the growth rate of murine Panc02 tumors in vivo,
  • Immunogenic Panc02OVA tumors are more sensitive in vivo to single-agent PV-10,
  • The combination therapy reduces the growth of non-injected bystander Panc02OVA tumors in vivo, and
  • Reduced tumor growth after PV-10 treatment is associated with the release of DAMPs.

PV-10-mediated DAMP-release has been demonstrated in three different cancers, varying from immunologically “cold” to “hot” tumor types:

Dominic Rodrigues, Vice Chair of the Company’s Board of Directors said, “We are grateful to the leadership and researchers of the Pilon-Thomas Lab at Moffitt Cancer Center for their translational investigation of cancer immunotherapy PV-10 in melanoma, breast cancer, and now pancreatic cancer. The non-clinical results presented at this year’s annual meeting of the Society for Immunotherapy of Cancer demonstrate that intralesional administration of PV-10 can enhance the efficacy of gemcitabine chemotherapy against pancreatic tumors.”

Mr. Rodrigues added, “A key aspect of our drug development strategy for intralesional administration of PV-10 in solid tumor cancers is targeting disease indications where there is high unmet need among patients, limited activity from approved therapies, and the opportunity to display the contribution of PV-10’s functional immune response to successful patient treatment outcomes. Pancreatic cancer is a deadly disease for which PV-10 could enhance standard of care chemotherapy.”

A copy of the poster presentation is available on Provectus’ website at https://www.provectusbio.com/media/docs/publications/Panc-PV10-Poster-SITC-2020-2.pdf.

About Rose Bengal Disodium

RBD is 4,5,6,7-tetrachloro-2′,4′,5′,7′-tetraiodofluorescein disodium, a halogenated xanthene and Provectus’ proprietary lead molecule. The Company manufactures cGMP RBD using a patented process designed to meet stringent modern global quality requirements for pharmaceuticals and pharmaceutical ingredients.

An IL formulation (i.e., by direct injection) of cGMP RBD drug substance, cGMP PV-10, is being developed as an autolytic immunotherapy drug product for solid tumor cancers. By targeting tumor cell lysosomes, RBD treatment may yield immunogenic cell death in solid tumor cancers that results in tumor-specific reactivity in circulating T cells, including a T cell mediated immune response against treatment refractory and immunologically cold tumors.1,2,3 Adaptive immunity can be enhanced by combining immune checkpoint blockade (CB) with RBD.4 IL PV-10 is undergoing clinical study for relapsed and refractory adult solid tumor cancers, such skin and liver cancers.

IL PV-10 is also undergoing preclinical study for relapsed and refractory pediatric solid tumor cancers, such as neuroblastoma, Ewing sarcoma, rhabdomyosarcoma, and osteosarcoma.5,6

A topical formulation of cGMP RBD drug substance, PH-10®, is being developed as a clinical-stage immuno-dermatology drug product for inflammatory dermatoses, such as atopic dermatitis and psoriasis. RBD can modulate multiple interleukin and interferon pathways and key cytokine disease drivers.7

Oral formulations of cGMP RBD are undergoing preclinical study for relapsed and refractory pediatric blood cancers, such as acute lymphocytic leukemia and acute myelomonocytic leukemia.8,9

Oral formulations of cGMP RBD are also undergoing preclinical study as prophylactic and therapeutic treatments for high-risk adult solid tumor cancers, such as head and neck, breast, pancreatic, liver, and colorectal cancers.

Different formulations of cGMP RBD are also undergoing preclinical study as potential treatments for multi-drug resistant (MDR) bacteria, such as Gram-negative bacteria.

Tumor Cell Lysosomes as the Seminal Cancer Drug Target

Lysosomes are the central organelles for intracellular degradation of biological materials, and nearly all types of eukaryotic cells have them. Discovered by Christian de Duve, MD in 1955, lysosomes are linked to several biological processes, including cell death and immune response. In 1959, de Duve described them as ‘suicide bags’ because their rupture causes cell death and tissue autolysis. He was awarded the Nobel Prize in 1974 for discovering and characterizing lysosomes, which are also linked to each of the three primary cell death pathways: apoptosis, autophagy, and necrosis.

Building on the Discovery, Exploration, and Characterization of Lysosomes

Cancer cells, particularly advanced cancer cells, are very dependent on effective lysosomal functioning.10 Cancer progression and metastasis are associated with lysosomal compartment changes11,12, which are closely correlated (among other things) with invasive growth, angiogenesis, and drug resistance13.

RBD selectively accumulates in the lysosomes of cancer cells upon contact, disrupting the lysosomes and causing the cells to die. Provectus1,14, external collaborators5, and other researchers15,16,17 have independently shown that RBD triggers each of the three primary cell death pathways: apoptosis, autophagy, and necrosis.

Cancer Cell Autolytic Death via RBD: RBD-induced autolytic cell death, or death by self-digestion, in Hepa1-6 murine hepatocellular carcinoma (HCC) cells can be viewed in this Provectus video of the process (ethidium homodimer 1 [ED-1] stains DNA, but is excluded from intact nuclei; lysosensor green [LSG] stains intact lysosomes; the video is provided in 30-second frames, with a duration of approximately one hour). Exposure to RBD triggers the disruption of lysosomes, followed by nucleus failure and autolytic cell death. Identical responses have been shown by the Company in HTB-133 human breast carcinoma (which can be viewed in this Provectus video of the process, with a duration of approximately two hours) and H69Ar human multidrug-resistant small cell lung carcinoma. Cancer cell autolytic cell death was reproduced by research collaborators in neuroblastoma cells to show that lysosomes are disrupted upon exposure to RBD.5

Tumor Autolytic Death via RBD: RBD causes acute autolytic destruction of injected tumors (via autolytic cell death), mediating the release of DAMPs and tumor antigens; release of these signaling factors may initiate an immunologic cascade where local response by the innate immune system may facilitate systemic anti-tumor immunity by the adaptive immune system. The DAMP release-mediated adaptive immune response activates lymphocytes, including CD8+ T cells, CD4+ T cells, and NKT cells, based on clinical and preclinical experience in multiple tumor types. Mediated immune signaling pathways may include an effect on STING, which plays an important role in innate immunity.9

Orphan Drug Designations (ODDs)

ODD status has been granted to RBD by the U.S. Food and Drug Administration for metastatic melanoma in 2006, hepatocellular carcinoma in 2011, neuroblastoma in 2018, and ocular melanoma (including uveal melanoma) in 2019.

Intellectual Property (IP)

Provectus’ IP includes a family of US and international (a number of countries in Asia, Europe, and North America) patents that protect the process by which cGMP RBD and related halogenated xanthenes are produced, avoiding the formation of previously unknown impurities that exist in commercial-grade rose bengal in uncontrolled amounts. The requirement to control these impurities is in accordance with International Council on Harmonisation (ICH) guidelines for the manufacturing of an injectable pharmaceutical. US patent numbers are 8,530,675, 9,273,022, and 9,422,260, with expirations ranging from 2030 to 2031.

The Company’s IP also includes a family of US and international (a number of countries in Asia, Europe, and North America) patents that protect the combination of RBD and CB (e.g., anti-CTLA-4, anti-PD-1, and anti-PD-L1 agents) for the treatment of a range of solid tumor cancers. US patent numbers are 9,107,887, 9,808,524, 9,839,688, and 10,471,144, with expirations ranging from 2032 to 2035; US patent application numbers include 20200138942.

About Provectus

Provectus Biopharmaceuticals, Inc. (Provectus or the Company) is a clinical-stage biotechnology company developing immunotherapy medicines for different disease areas based on an entirely- and wholly-owned family of small molecules called halogenated xanthenes. Information about the Company’s clinical trials can be found at the National Institutes of Health (NIH) registry, www.clinicaltrials.gov. For additional information about Provectus, please visit the Company’s website at www.provectusbio.com.

References

1. Wachter et al. Functional Imaging of Photosensitizers using Multiphoton Microscopy. Proceedings of SPIE 4620, 143, 2002.

2. Liu et al. Intralesional rose bengal in melanoma elicits tumor immunity via activation of dendritic cells by the release of high mobility group box 1. Oncotarget 7, 37893, 2016.

3. Qin et al. Colon cancer cell treatment with rose bengal generates a protective immune response via immunogenic cell death. Cell Death and Disease 8, e2584, 2017.

4. Liu et al. T cell mediated immunity after combination therapy with intralesional PV-10 and blockade of the PD-1/PD-L1 pathway in a murine melanoma model. PLoS One 13, e0196033, 2018.

5. Swift et al. Potent in vitro and xenograft antitumor activity of a novel agent, PV-10, against relapsed and refractory neuroblastoma. OncoTargets and Therapy 12, 1293, 2019.

6. Swift et al. In vitro and xenograft anti-tumor activity, target modulation and drug synergy studies of PV-10 against refractory pediatric solid tumors. 2018 ASCO Annual Meeting, J Clin Oncol 36, 2018 (suppl; abstr 10557).

7. Krueger et al. Immune Modulation by Topical PH-10 Aqueous Hydrogel (Rose Bengal Disodium) in Psoriasis Lesions. Psoriasis Gene to Clinic, 8th International Congress, Br J Dermatol 177.

8. Swift et al. In Vitro Activity and Target Modulation of PV-10 Against Relapsed and Refractory Pediatric Leukemia. 2018 ASH Annual Meeting, Blood 132, 2018 (suppl; abstr 5207).

9. Thakur et al. Association of heat shock proteins as chaperone for STING: A potential link in a key immune activation mechanism revealed by the novel anti-cancer agent PV-10. 2020 AACR VAM II, (abstr 5393).

10. Piao et al. Targeting the lysosome in cancer. Annals of the New York Academy of Sciences. 2016; 1371(1): 45.

11. Nishimura et al. Malignant Transformation Alters Intracellular Trafficking of Lysosomal Cathespin D in Human Breast Epithelial Cells. Pathology Oncology Research. 1998; 4(4): 283.

12. Gocheva et al. Distinct roles for cysteine cathepsin genes in multistage tumorigenesis. Genes & Development. 2006; 20(5): 543.

13. Fehrenbacher et al. Lysosomes as Targets for Cancer Therapy. Cancer Research. 2005; 65 (8): 2993.

14. Wachter et al. Imaging Photosensitizer Distribution and Pharmacology using Multiphoton Microscopy. Proceedings of SPIE 4622, 112, 2002.

15. Koevary. Selective toxicity of rose Bengal to ovarian cancer cells in vitro. International Journal of Physiology, Pathophysiology and Pharmacology 4(2), 99, 2012.

16. Zamani et al. Rose Bengal suppresses gastric cancer cell proliferation via apoptosis and inhibits nitric oxide formation in macrophages. Journal of Immunotoxicology, 11(4), 367, 2014.

17. Luciana et al. Rose Bengal Acetate photodynamic therapy-induced autophagy. Cancer Biology & Therapy, 10:10, 1048, 2010.

Trademarks

PV-10® and PH-10® are registered trademarks of Provectus, Knoxville, Tennessee, U.S.A.


FORWARD-LOOKING STATEMENTS:

The information in this press release may include “forward-looking statements,” within the meaning of U.S. securities legislation, relating to the business of Provectus and its affiliates, which are based on the opinions and estimates of Company management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “budget,” “plan,” “continue,” “estimate,” “expect,” “forecast,” “may,” “will,” “project,” “predict,” “potential,” “targeting,” “intend,” “could,” “might,” “should,” “believe,” and similar words suggesting future outcomes or statements regarding an outlook.

The safety and efficacy of the agents and/or uses under investigation have not been established. There is no guarantee that the agents will receive health authority approval or become commercially available in any country for the uses being investigated or that such agents as products will achieve any particular revenue levels.

Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof or as of the date specifically specified herein, and Provectus undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements are expressly qualified by this cautionary statement.

Risks, uncertainties, and assumptions include those discussed in the Company’s filings with the SEC, including those described in


Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019


and


Provectus’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2020


.

###

Contact:

Provectus Biopharmaceuticals, Inc.
Heather Raines, CPA
Chief Financial Officer
Phone: (866) 594-5999



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K92 Mining Inc Releases Strong 2020 Q3 Financial Results, Including Record Net Cash & Throughput Following Commissioning of Stage 2 Plant Expansion

VANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) — K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce results from its interim financial statements for the three and nine months ended September 30, 2020.

Third Quarter 2020 Highlights:

Safety

  • Strong safety record continues, with no lost time injuries and one of the best safety records in the Australasia region since start of operations.
  • Proactive and focused management of COVID-19. K92 continues to operate and has strong preventative and response plans.

Production

  • Record tonnage of 64,702 tonnes treated, a 102% increase from Q3 2019.
  • Quarterly production of 22,261 oz gold equivalent (“AuEq”) oz, comprising 21,298 oz of gold, 488,020 lbs copper and 7,127 oz silver.
  • Cash costs of US$695/oz gold and all-in sustaining costs (“AISC”) of US$834/oz gold(2).
  • Long hole stoping at the K1 and K2 Veins has continued to perform to design and has provided a notable positive impact on operational flexibility.

Financials

  • Sold 19,265 oz of gold, 487,087 lbs of copper and 7,166 oz of silver. Gold concentrate inventories of 5,859 oz as of September 30, 2020, a quarterly increase of 2,420 oz.
  • Quarterly revenue of US$35.6 million, a 70% increase from Q3 2019.
  • Operating cash flow (before working capital adjustments) of US$14.8 million or US$0.07 per share and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of US$17.4 million or US$0.08 per share.
  • Net income of US$9.4 million or US$0.04 per share.
  • Balance sheet significantly strengthened during Q3, with cash increasing by US$6.5 million to US$41.2 million and debt decreasing by US$2.1 million to US$7.0 million as at September 30, 2020.

Growth

  • Successful commissioning of the Stage 2 Plant Expansion to double throughput capacity to 400,000 tonnes per year and continued development of the twin incline following the lifting of the State of Emergency in June.
  • Stage 3 Expansion Preliminary Economic Assessment announced on July 27, 2020, outlining a potential Tier 1 asset, with ~318,000 ounces per annum AuEq run-rate production at a life of mine average AISC cost of $362 per gold ounce net of by-product credits. At $1,500/oz gold, $18/oz silver and $3.00/lb copper prices, the estimate after-tax NPV5% is US$1.5 billion and is fully funded from mine cash flow. At US$1,900/oz gold prices the estimated after-tax NPV5% is US$2.0 billion.
  • Preliminary results reported from underground development on the Judd Vein #1 (“J1”), marking the first significant exploration undertaken by K92 on the near-mine infrastructure, underexplored, +2.5km strike vein system. A Phase 1 underground drill program commenced during the quarter after reporting the preliminary results.
  • Drill rigs increased to 9 at the end of the quarter and is expected to increase to 10 by year end, with plans to drill Kora, Kora South, Karempe and Judd epithermal vein systems plus the Blue Lake porphyry concurrently by year end.

For complete details of the interim consolidated financial statements and associated management’s discussion and analysis, please refer to the Company’s website or profile on SEDAR (www.sedar.com).  All amounts are in U.S. dollars unless otherwise indicated.

John Lewins, K92 Chief Executive Officer and Director, stated, “The third quarter achieved multiple important milestones in terms of both production and exploration. On production, the completion of the Stage 2 Plant Expansion commissioning represents a major step-change for Kainantu’s production capabilities, doubling mill throughput from 200,000 tpa (~550 tpd) to 400,000 tpa (~1,100 tpd). Since completing commissioning, the operation has performed well, and we expect a strong finish to 2020.

On exploration, the number of drill rigs has increased to nine and our tenth drill rig is expected to arrive by year end. The increase in drill rigs has not only provided a considerable boost to our drilling rates, but more importantly, our capacity to drill multiple targets concurrently. In late October, we announced our maiden drilling results on the Karempe Vein system, intersecting five sub-parallel veins and multiple high grade intersections including KRDD0005 recording 2.45 m at 39.82 g/t Au, 6 g/t Ag and 0.19% Cu (40.18 g/t AuEq, 2.30 m true width) on the KA1 Vein (see October 22, 2020 Press Release). Last week, we announced our first set of drilling results from our Phase 1 drill program at Judd, intersecting three sub-parallel veins systems including JDD0006 recording 7.25 m at 256.09 g/t Au, 113 g/t Ag and 0.42 % Cu (258.01 g/t AuEq, 5.30m true width) on the J1 vein (see November 9, 2020 Press Release). Both Karempe and Judd recorded mineralization similar to Kora. We have also recently commenced porphyry exploration, with the Phase 2 drill program at the Blue Lake porphyry now underway. Plans to add additional drill rigs are in progress for 2021, with an eleventh drill rig already scheduled to arrive in Q1.

Lastly, we would like to thank the extraordinary commitment of our workforce during the COVID-19 pandemic. The amount of progress achieved year to date has been outstanding. The support of all levels of government has also been a major factor.”

 
Mine Operating Activities
     
  Three months ended Three months ended
  September 30, 2020 September 30, 2019

Operating data
 		   
Head grade (Au g/t) 11.3 19.2
Gold recovery (%) 90.7% 94.1%
Gold ounces produced 21,298 18,636
Gold ounces equivalent produced (1) 22,261 19,170
Tonnes of copper produced 221 95
Silver ounces produced 7,127 5,284
     

Financial data (in thousands of dollars)
 		   
Gold ounces sold 19,265 15,652
Revenues from concentrate sales US$35,605 US$20,989
Mine operating expenses US$8,068 US$4,283
Other mine expenses  US$5,113 US$5,387
Depreciation and depletion US$2,702 US$2,569
     

Statistics (in dollars)
 		   
Average realized selling price per ounce, net US$1,815 US$1,409
Cash cost per ounce US$695 US$649
All-in sustaining cost per ounce  US$834 US$800
     

Notes:

(1) Gold equivalent for 2020 based on the following prices: gold $1,500 per ounce; silver $17.75 per ounce; and copper $2.70 per pound.  Gold equivalent for 2019 based on the following metal prices: gold $1,300 per ounce; silver $16.50 per ounce; and copper $2.90 per pound.

(2) The Company provides some non-international financial reporting standard measures as supplementary information that management believes may be useful to investors to explain the Company’s financial results.  Please refer to non-IFRS financial performance measures in the Company’s management’s discussion and analysis dated November 12, 2020, available on SEDAR or the Company’s website, for reconciliation of these measures.

K92 has not based its production decisions on mineral reserve estimates or feasibility studies, and historically such projects have increased uncertainty and risk of failure.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Conference Call Information

K92 will host a conference call and webcast to present the 2020 Q3 Financial Results at 8:30 am (EST) on Monday, November 16, 2020.

  • Listeners may access the conference call by dialing toll-free to 1-800-319-4610 within North America or +1-604-638-5340 from international locations.
    ° The conference call will also be broadcast live (webcast) and may be accessed via the following link: http://services.choruscall.ca/links/k92mining20201116.html

Qualified Person

K92 Mine Geology Manager and Mine Exploration Manager, Mr. Andrew Kohler, PGeo, a Qualified Person under the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects has reviewed and approved the technical content of this news release.

On Behalf of the Company,

John Lewins, Chief Executive Officer and Director

For further information, please contact David Medilek, P.Eng., CFA at +1-604-687-7130.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Kainantu Project, expectations of future cash flows, the planned plant expansion, production results, cost of sales, sales of production, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, assumptions contained in the PEA, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations in PNG, mitigation of the Covid-19 pandemic, continuation of the lifted state of emergency, and regulations and other matters. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 



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Weingarten Realty Continued Improvement in Cash Collections and Provides COVID-19 Update

Weingarten Realty Continued Improvement in Cash Collections and Provides COVID-19 Update

HOUSTON–(BUSINESS WIRE)–
Weingarten Realty (NYSE: WRI) provided the following business update regarding the COVID-19 pandemic for the REITworld: 2020 Investors Conference, including an update on rent collections for the third quarter and October of 2020. To view the Company’s updated investor presentation, please visit the REITworld 2020 Investor Presentation on our Webcasts & Presentations page at www.weingarten.com.

“Weingarten is well positioned to navigate the COVID pandemic. We are pleased with the increase in cash collections to 91% for the third quarter and 90% for October which we are reporting today. This demonstrates the strength of our transformed portfolio of primarily grocery-anchored centers that provide basic goods and services,” said Drew Alexander, Chairman, President and Chief Executive Officer.

For further details of the updated collections information, please refer to the Company’s REITworld 2020 investor presentation that can be found on its website at www.weingarten.com.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2020, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 162 properties which are located in 15 states spanning the country from coast to coast. These properties represent approximately 31.0 million square feet of which our interests in these properties aggregated approximately 21.0 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. These risks and uncertainties include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, as well as those discussed in the Company’s regulatory filings with the Securities and Exchange Commission, which include other information or factors that may impact the Company’s performance.

Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, volume and pricing of properties held for disposition, volume and pricing of acquisitions, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the ranges indicated. The above ranges represents management’s estimate of results based upon these assumptions as of the date of this press release. Accordingly, there is no assurance that our projections will be realized.

Michelle Wiggs, Phone: (713) 866-6050

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property REIT

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Capstead Mortgage Corporation to Present Virtually and Host 1×1 Investor Meetings at Southwest IDEAS Investor Conference on November 18, 2020

Capstead Mortgage Corporation to Present Virtually and Host 1×1 Investor Meetings at Southwest IDEAS Investor Conference on November 18, 2020

DALLAS–(BUSINESS WIRE)–
Capstead Mortgage Corporation (NYSE: CMO) (“Capstead” or the “Company”) announced today that Management will participate in the virtual Southwest IDEAS Investor Conference on November 18, 2020.

Capstead’s presentation is scheduled to be available at 7:00 am CST on Wednesday, November 18, 2020 and will be accessible to registered attendees through the conference site at www.IDEASconferences.com. If interested in participating or learning more about the IDEAS conferences, please visit the IDEAS website.

Additionally, a webcast of the presentation will be available at 7:00 am CST on Monday, November 16, 2020 through the investor relations section of the Company’s website under the event calendar page of the news and market information tab at http://www.capstead.com.

About Capstead

Capstead is a self-managed real estate investment trust, or REIT, for federal income tax purposes. The Company earns income from investing in a leveraged portfolio of residential adjustable-rate mortgage pass-through securities, referred to as ARM securities, issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae.

Capstead’s investment strategy attempts to mitigate risks to book value by focusing on investments in agency-guaranteed residential mortgage pass-through securities, which are considered to have little, if any, credit risk and are collateralized by ARM loans with interest rates that reset periodically to more current levels.

Lindsey Crabbe

(214) 874-2339

 

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Construction & Property Professional Services REIT Finance

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Atkore International Is Great Place to Work Certified in 2020

Atkore International Is Great Place to Work Certified in 2020

HARVEY, Ill.–(BUSINESS WIRE)–
Atkore International Group Inc. (the “Company”) (NYSE: ATKR), a leading provider of electrical, safety and infrastructure solutions, today announced the Company has been designated as a Great Place to Work-Certified™ company. The Great Place to Work organization is the global authority on workplace culture and employee experience, and the leadership behaviors proven to deliver market-leading revenue and increased innovation.

“We are excited to receive certification as a Great Place to Work, especially in our first year of participation,” remarked Bill Waltz, Atkore President and Chief Executive Officer. “Our mission, values and culture have created a workplace that attracts the best talent. This certification helps further validate the value delivered through our focus on developing employees, supporting a diverse and inclusive culture, and driving reward and recognition at all levels of the organization.”

Company employees completed the program’s signature Trust Index© Survey that covered a variety of workplace quality experiences, including employees’ ability to perform their jobs, management credibility, respect and fairness, pride in their work and camaraderie within the organization. Rankings are based on employees’ experiences, no matter who they are or what they do. Highlights from the Company’s survey results include:

  • 89 percent believe people they are treated fairly, regardless of race.
  • 85 percent believe they are given a lot of responsibility.
  • 84 percent believe when you join the Company, you are made to feel welcome.

     

Mr. Waltz added, “At Atkore, we firmly believe that our employees are our most important asset. By developing a culture that is supportive of their needs, we are able to build an engaged and aligned team committed to achieving the organization’s goals.”

“We congratulate Atkore on their Certification,” said Sarah Lewis-Kulin, Vice President of Best Workplace List Research at Great Place to Work. “Organizations that earn their employees’ trust create great workplace cultures that deliver outstanding business results.”

About Atkore International

Atkore is forging a future where our employees, customers, suppliers, shareholders and communities are building better together – a future focused on serving the customer and powering and protecting the world.

With approximately 3,900 employees and 66 manufacturing and distribution facilities worldwide, Atkore is a leading provider of electrical, safety and infrastructure solutions. To learn more, please visit www.atkore.com.

About Great Place to Work®

Great Place to Work helps organizations quantify their culture and produce better business results by creating a high-trust work experience for all employees. Emprising®, their culture management platform, empowers leaders with the surveys, real-time reporting, and insights they need to make data-driven people decisions.

Lisa Winter

Vice President-Communications

708 225 2453

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Manufacturing Other Construction & Property Commercial Building & Real Estate Construction & Property Engineering

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Change Healthcare Launches Social Determinants of Health Analytics to Help Improve Patient Outcomes

Change Healthcare Launches Social Determinants of Health Analytics to Help Improve Patient Outcomes

Innovative services help healthcare organizations better assess, select, and implement SDoH programs across diverse population health segments

NASHVILLE, Tenn.–(BUSINESS WIRE)–
Today Change Healthcare (NASDAQ: CHNG) launched an innovative national data resource that connects the circumstances of people’s lives to the care they receive. The solution, Social Determinants of Health (SDoH) Analytics, is a resource to help health systems, insurers, and life sciences organizations explore how geodemographic factors affect patient outcomes.

Scientific research has shown that 80% of health outcomes are SDoH-related. Barriers such as food and housing availability, transportation insecurity, and education inequity must be addressed to reduce health disparities and improve outcomes. Change Healthcare’s SDoH Analytics links deidentified claims with factors such as financial stability, education level, ethnicity, housing status, and household characteristics to reveal the correlations between SDoH, clinical care, and patient outcomes. The resulting dataset is de-identified in accordance with HIPAA privacy regulations.

“All the work I do—for Mayo Clinic, the COVID-19 Healthcare Coalition, and The Fight Is In Us— is predicated on equity,” said John Halamka, president, Mayo Clinic Platform. “The only way we can eliminate racism and disparities in care is to better understand the challenges. Creating a national data resource on the social determinants of health is an impactful first step.”

Healthcare organizations can now use SDoH Analytics to assess, select, and implement effective programs to help reduce costs and improve patient outcomes. Organizations can choose one of three ways to use SDOH Analytics:

  • Receive customized reports identifying SDoH factors that impact emergency room, inpatient, and outpatient visits across diverse population health segments.
  • Append existing systems with SDoH data to close information gaps and help optimize both patient engagement and outcomes.
  • Leverage a secure, hosted environment with ongoing compliance monitoring for the development of unique data analytics, models, or algorithms.

“Health systems, insurers, and scientists can now use SDoH Analytics to make a direct connection between life’s circumstances and health outcomes,” said Tim Suther, senior vice president of Data Solutions at Change Healthcare. “This helps optimize healthcare utilization, member engagement, and employer wellness programs. Medical affairs and research are transformed. And most importantly, patient outcomes improve. SDoH Analytics makes these data-driven insights affordable and actionable.”

“Healthcare providers have long known that diseases impact people differently based on various factors, a challenge that has become acutely clear during the COVID-19 pandemic,” said Michael Pencina, PhD, vice dean for Data Science and Information Technology at Duke University School of Medicine. “Access to social determinants of health data allows us to support fair and equitable care and to apply novel methodologies to new challenges. We are currently leveraging this data to help ensure that the right therapies are being used for the right patient at the right time in their treatment. And that should lead to better healthcare for all.”

Organizations can get started by visiting the SDoH Analytics site for more information.

Change Healthcare operates one of the nation’s largest datasets of deidentified claims and remittances. For details on how authorized healthcare stakeholders can use deidentified, aggregated data to help solve some of healthcare’s biggest problems, visit the Healthcare Data and Analytics Solutions site or contact the Change Healthcare sales team.

About Change Healthcare

Change Healthcare (Nasdaq: CHNG) is a leading independent healthcare technology company, focused on accelerating the transformation of the healthcare system through the power of the Change Healthcare Platform. We provide data and analytics-driven solutions to improve clinical, financial, administrative, and patient engagement outcomes in the U.S. healthcare system. Learn more at changehealthcare.com.

For more information on Change Healthcare, please visit our website, hear from our experts at Insights; Follow us on Twitter; Like us on Facebook; Connect with us on LinkedIn; and Subscribe to us on Libsyn, Apple Podcasts, Google Podcasts, and YouTube.

Katherine Wojtecki

External Communications

Change Healthcare

630-624-9142

[email protected]

KEYWORDS: United States North America Tennessee

INDUSTRY KEYWORDS: Data Management Health Technology Practice Management Software General Health

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Lordstown Motors Releases Business Updates; Remains on Track to Begin Production of the Lordstown Endurance in September 2021

LORDSTOWN, Ohio, Nov. 16, 2020 (GLOBE NEWSWIRE) — Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, today announced recent commercial, operational and strategic developments, as it remains on track to begin production of the Lordstown Endurance, the world’s first full-size, all-electric pickup truck, in September 2021.

With the completion of Lordstown Motors’ business combination and subsequent listing on the Nasdaq occurring after the conclusion of the third quarter of 2020, the company expects to report earnings on a normal schedule commencing with year-end results for 2020. In lieu of providing a more immediate update through an earnings release or conference call, Lordstown Motors has disclosed updates related to demand indicators, production milestones, hiring and facilities, service and internal promotions.

“We continue to make significant progress across all fronts, and we are excited to reveal these developments with the investment community and future customers today,” remarked Steve Burns, Chief Executive Officer of Lordstown Motors.

Notable developments are as follows:

  • Lordstown Motors has received
    approximately
    50,000
    non-binding
    production reservation
    s from commercial fleets for its Lordstown Endurance all-electric pickup truck, with an average order size of approximately 500 vehicles per fleet. This figure does not capture interest the company has received from organizations that are not in position to be able to place pre-orders, such as federal, state and municipal governments, and military fleets. Deliveries of the Lordstown Endurance are expected to begin in September 2021, with full production ramping up throughout 2022.

  • Lordstown Motors is currently building and testing Alpha 2 prototypes
    of the Endurance, incorporating learnings from the successful Alpha 0 prototype vehicle, as the company continues to prove out its technology. Lordstown Motors is also preparing to build its Beta series prototypes beginning in early 2021 using the production lines at the Lordstown, Ohio plant. The company expects to produce 40 to 50 Beta prototype vehicles, which will be used for crash, engineering and validation testing. The company also expects some of these vehicles may be sent to some initial customers for their feedback. The Lordstown Endurance has already achieved a 5-Star crash test rating via software crash simulation.

  • Lordstown Motors expects to increase its
    internal
    headcount to 500
    individuals
    by the end of
    2020
    and to 1,500
    employees
    by the end of 2021. The company currently employs more than 250 individuals in the areas of manufacturing, engineering, marketing, sales, facilities, human resources, IT, supply chain, accounting and finance. These employees are engineering the Endurance and preparing the plant for mass production. Lordstown Motors has also engaged approximately 150 contractors. Individuals interested in careers with Lordstown Motors Corp. can click here.

  • This week, Lordstown Motors will officially open a satellite research and development center in Farmington Hills, Michigan. This facility will include space for vehicle inspection and benchmarking, as well as labs for testing, validation and prototyping. Lordstown Motors understands that automotive engineering talent in the Detroit area is world-renowned and, with this new R&D Engineering Center, expects to access the deep automotive engineering talent pool and numerous automotive supplier partners that exist in the region.

  • Later t
    his month, Lordstown Motors will open a service center in Irvine, California
    ,
    in what will be its first service center outside of Ohio. The facility, combined with the company’s mobile service, will enable Lordstown Motors to service commercial users in the southern California region. The company has chosen California as the location for its first service center outside of Ohio due to the favorable regulatory backdrop in the state, which is aggressively promoting more widespread adoption of electric vehicles.

  • Construction has begun on a 700,000 square foot battery pack and hub motor production facility at Lordstown Motors’ 6.2 million square foot Ohio headquarters. Completion of the first stage of this facility is expected in time for Start of Production of the Endurance in 2021. When completed, Lordstown Motors expects the facility to be one of the largest of its kind in the United States.

  • Several senior members of the company’s management team have recently been promoted
    . These individuals include Rich Schmidt, who has been promoted to President, Shane Brown, who has been promoted to Chief Production Officer, and John Vo, who has been promoted to Vice President of Propulsion. Mr. Schmidt has more than 30 years of extensive automotive production experience, including at several major traditional automotive OEMs and at Tesla, where he was a senior production executive. As President, he will focus on ensuring the company’s goals are met and will be responsible for all operational activities and direction of the entire manufacturing process. Mr. Brown has more than 20 years of production experience at traditional OEMs. Mr. Vo has more than 20 years of experience in the production of industrial electronics, including seven years at Tesla, where his last role was Head of Global Manufacturing.

About Lordstown Motors Corp.

Lordstown Motors Corp. is an Ohio-based original equipment manufacturer of light duty fleet vehicles, founded by CEO Steve Burns with the purpose of transforming Ohio’s Mahoning Valley and Lordstown, Ohio, into the epicenter of electric-vehicle manufacturing. The company owns the 785 acre, 6.2 million square foot Lordstown Assembly Plant where it plans to build the Lordstown Endurance, believed to be the world’s first full-size, all-electric pickup truck designed to serve the commercial fleet market. For additional information visit www.lordstownmotors.com.

Forward Looking Statements

This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: our limited operating history and our significant projected funding needs; risks associated with the conversion and retooling of our facility and ramp up of production; our inability to obtain orders from customers and potential customers’ inability to integrate our electric vehicles into their existing fleets; our inability to retain key personnel and to hire additional personnel; competition in the electric pickup truck market; our inability to develop a sales distribution network; and the ability to protect our intellectual property rights. Any forward-looking statements speak only as of the date on which they are made, and Lordstown Motors Corp. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Contacts:

Investors

[email protected] 

Media

Leigh Harmon
[email protected] 



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Builders FirstSource and BMC Stock Holdings Receive HSR Clearance for Proposed Combination

DALLAS and RALEIGH, N.C., Nov. 16, 2020 (GLOBE NEWSWIRE) — Builders FirstSource, Inc. (Nasdaq: BLDR) (“Builders FirstSource”) and BMC Stock Holdings, Inc. (NASDAQ: BMCH) (“BMC”), today announced the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”), effective on November 13, 2020. This concludes the Department of Justice’s HSR Act review of the proposed combination of the two companies. Builders FirstSource and BMC expect to close the transaction in late 2020 or the beginning of 2021, subject to the approval of the stockholders of each company, as well as the satisfaction or waiver of the remaining closing conditions.   The special meetings of each company’s respective stockholders relating to the proposed combination are scheduled to be held on December 22, 2020. Each company has set the close of business on November 13, 2020, as the record date for determining its stockholders who are entitled to notice of, and to vote at, its stockholder meeting.

Chad Crow, Chief Executive Officer of Builders FirstSource, said, “We are pleased to receive this clearance. We look forward to becoming the nation’s premier supplier of building materials, services and solutions when the transaction is completed. We are excited about the opportunities ahead and plan to quickly realize the benefits of this new, larger platform.”

Dave Flitman, Chief Executive Officer of BMC and future CEO of the Combined Company, added, “We are excited to take this additional step toward completing the strategic combination of two great organizations. Building on our shared commitment to helping customers thrive through our innovative services and solutions, we will have an expansive geographic footprint and enhanced local relationships in attractive, high-growth markets, allowing us to accelerate our growth strategy and create shareholder value.”

About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource is the largest U.S. supplier of building products, prefabricated components, and value-added services to the professional market segment for new residential construction and repair and remodeling. We provide customers an integrated homebuilding solution, offering manufacturing, supply, delivery and installation of a full range of structural and related building products. We operate in 40 states with approximately 400 locations and have a market presence in 77 of the top 100 Metropolitan Statistical Areas, providing geographic diversity and balanced end market exposure. We service customers from strategically located distribution and manufacturing facilities (certain of which are co-located) that produce value-added products such as roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes dimensional lumber and lumber sheet goods, millwork, windows, interior and exterior doors, and other building products. For more information about Builders FirstSource, visit the Company’s website at www.bldr.com.

About BMC Stock Holdings

With $3.6 billion in 2019 net sales, BMC is one of the nation’s leading providers of diversified building materials and solutions to new construction builders and professional remodelers in the U.S. Headquartered in Raleigh, North Carolina, the Company’s comprehensive portfolio of products and services spans building materials, including millwork and structural component manufacturing capabilities, consultative showrooms and design centers, value-added installation management and an innovative eBusiness platform. BMC serves 45 metropolitan areas across 18 states, principally in the South and West regions.

Cautionary Notice Regarding Forward-Looking Statements

This communication, in addition to historical information, contains “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of Builders FirstSource, Inc. (“Builders FirstSource”) and BMC Stock Holdings, Inc. (“BMC”). Words such as “may,” “will,” “should,” “plans,” “estimates,” “predicts,” “potential,” “anticipate,” “expect,” “project,” “intend,” “believe,” or the negative of these terms, and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. Any forward-looking statements involve risks and uncertainties that are difficult to predict or quantify, and such risks and uncertainties could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks, or uncertainties related to the novel coronavirus disease 2019 (also known as “COVID-19”) pandemic and its impact on the business operations of Builders FirstSource and BMC and on local, national and global economies, the growth strategies of Builders FirstSource and BMC, fluctuations of commodity prices and prices of the products of Builders FirstSource and BMC as a result of national and international economic and other conditions, or the significant dependence of both companies’ revenues and operating results on, among other things, the state of the homebuilding industry and repair and remodeling activity, lumber prices and the economy. Neither Builders FirstSource nor BMC may succeed in addressing these and other risks or uncertainties.

Forward-looking statements relating to the proposed business combination between Builders FirstSource and BMC include, but are not limited to: statements about the benefits of the proposed business combination between Builders FirstSource and BMC, including future financial and operating results; the plans, objectives, expectations and intentions of Builders FirstSource and BMC; the expected timing of completion of the proposed business combination; and other statements relating to the proposed merger that are not historical facts. Forward-looking statements are based on information currently available to Builders FirstSource and BMC and involve estimates, expectations and projections. Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties, and important factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the proposed business combination between Builders FirstSource and BMC, these factors could include, but are not limited to: the risk that a condition to closing of the business combination may not be satisfied, including as a result of the failure to obtain approval of stockholders of Builders FirstSource and BMC on the expected terms and schedule or at all; the length of time necessary to consummate the proposed business combination, which may be longer than anticipated for various reasons; the risk that the businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the proposed business combination may not be fully realized or may take longer to realize than expected; the assumptions on which the parties’ estimates of future results of the combined business have been based may prove to be incorrect in a number of material ways, which could result in an inability to realize the expected benefits of the proposed business combination or exposure to material liabilities; the diversion of management time on issues related to the business combination; the effect of future regulatory or legislative actions on the companies or the industries in which they operate; the risk that the credit ratings of the combined company may be different from what the parties expect; economic and foreign exchange rate volatility; changes in the general economic environment, or social or political conditions, that could affect the businesses; the potential effect of the announcement or consummation of the proposed business combination on relationships with customers, suppliers, competitors, lenders, landlords, management and other employees; the ability to attract new customers and retain existing customers in the manner anticipated or at all; the ability to hire and retain key personnel; reliance on and integration of information technology systems; the risks associated with assumptions the parties make in connection with the parties’ critical accounting estimates and legal proceedings; certain restrictions during the pendency of the business combination that may affect the ability of Builders FirstSource and BMC to pursue certain business opportunities or strategic transactions; and the potential of international unrest, economic downturn or effects of anticipated tax rates, raw material costs or availability, benefit or retirement plan costs, or other regulatory compliance costs.

Additional information concerning other risk factors pertaining to Builders FirstSource and BMC is also contained in the parties’ respective most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other information filed with the Securities and Exchange Commission (the “SEC”). Many of these risks and uncertainties are beyond Builders FirstSource’s or BMC’s ability to control or predict. Because of these risks and uncertainties, you should not place undue reliance on these forward-looking statements. It is not possible to anticipate or foresee all risks and uncertainties, and investors should not consider any list of risks and uncertainties to be exhaustive or complete. Furthermore, neither Builders FirstSource nor BMC undertakes any obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this communication. Nothing in this communication is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the earnings per share of the common stock of Builders FirstSource or of the common stock of BMC for the current or any future financial years, or the earnings per share of the common stock of the combined company, will necessarily match or exceed the historical published earnings per share of the common stock of Builders FirstSource or BMC, as applicable. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. All subsequent written and oral forward-looking statements concerning Builders FirstSource, BMC, the proposed business combination, the combined company or other matters and attributable to Builders FirstSource, BMC or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.


Additional Information and Where to Find It

In connection with the proposed business combination, Builders FirstSource filed with the SEC on October 8, 2020, a registration statement on Form S-4 (the “Registration Statement”) that includes a prospectus with respect to the shares of common stock to be issued by Builders FirstSource in the business combination and a joint proxy statement for Builders FirstSource’s and BMC’s respective stockholders (the “Joint Proxy Statement”). This Registration Statement has not yet been declared effective and the Joint Proxy Statement included therein is in preliminary form. Each of Builders FirstSource and BMC will send the definitive Joint Proxy Statement to its stockholders and may file other documents regarding the business combination with the SEC. This communication is not a substitute for the Registration Statement, the Joint Proxy Statement, or any other document that Builders FirstSource or BMC may send to its stockholders in connection with the proposed business combination. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. INVESTORS AND SECURITY HOLDERS OF BUILDERS FIRSTSOURCE AND BMC ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT BUILDERS FIRSTSOURCE, BMC, THE PROPOSED BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders of Builders FirstSource and BMC may obtain free copies of the Registration Statement, the Joint Proxy Statement, and other documents (including any amendments or supplements thereto) containing important information about Builders FirstSource and BMC filed with the SEC, through the website maintained by the SEC at www.sec.gov. Builders FirstSource and BMC make available free of charge at investors.bldr.com and ir.buildwithbmc.com, respectively, copies of materials they file with, or furnish to, the SEC.


Participants in the Solicitation

Builders FirstSource, BMC, and their respective directors, executive officers, and other members of management and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Builders FirstSource and BMC in connection with the proposed business combination.

The identity of Builders FirstSource’s directors and executive officers and their ownership of the common stock of Builders FirstSource is set forth in Builders FirstSource’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 21, 2020, and its proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on April 28, 2020.

The identity of BMC’s directors and executive officers and their ownership of BMC’s common stock is set forth in BMC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 27, 2020, and its proxy statement for its 2020 Annual Meeting of Stockholders, which was filed with the SEC on March 27, 2020.

Investors may obtain additional information regarding the interest of such participants and a description of their direct and indirect interests, by security holdings or otherwise, by reading the Registration Statement, the Joint Proxy Statement, and other materials filed with the SEC in connection with the proposed business combination when they become available. You may obtain these documents free of charge through the website maintained by the SEC at www.sec.gov and from the websites of Builders FirstSource or BMC as described above.

Contacts

Builders FirstSource
Investors
:

Binit Sanghvi
VP Investor Relations                                        
214-765-3804

Builders FirstSource Media:

ICR
Phil Denning and Dan McDermott
646-277-1258
[email protected]

BMC Stock Holdings Investors:

Michael Neese
SVP, Strategy & Investor Relations                                        
919-431-1796

BMC Stock Holdings Media:

Leigh Parrish / Sharon Stern / Clayton Erwin
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Source: Builders FirstSource, Inc.



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Bonavista Resources completes drill program at Hickey’s Pond and appoints Ms. Sherry Dunsworth as Technical Advisor

TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) — Bonavista Resources Corp. (“Bonavista ” or “the Company”), a private mineral exploration company, is pleased to announce that six diamond drill holes, totalling 951 m, were completed between September and October 2020 on the Hickey’s Pond prospect in eastern Newfoundland.

The drill program’s objectives were to test the subsurface below the Hickey’s Pond showing for continuity of mineralisation to depth, as well as to test the chargeability anomaly delineated in the Company’s 2019 ground and airborne surveys. This anomaly is coincident with the surface expression of the Hickey’s Pond showing and extends along strike under the pond and beyond for a length greater than 5 km. A total of six diamond drillholes were completed along 750 m of strike length.

In February of 2020, Bonavista completed one diamond drill hole at Hickey’s Pond and intersected 10.19 m of 1.63 g/t Au in a quartz-alunite-specularite-pyrite schist. In the drilling just completed, similar alteration was intersected in all six drill holes. Additionally, two zones of quartz-pyrite mineralisation were intersected downhole in HP-20-002 and HP-20-005, both spatially correlated with the Hickey’s Pond massive-quartz alteration zone that yielded results of 20.0 m of 9.34 g/t Au in the Company’s 2018 channel sampling program. A plan map of the collar locations and horizontal drill traces will be placed on Bonavista’s website.

Observations of the relationship between pyrite and epithermal alteration in drill core supports the hypothesis that the chargeability anomaly is related to epithermal alteration and outlines the potential overall size of the system to be explored at over 5 km of strike length at Hickey’s Pond. Assay results for the program are pending. Analytical laboratories are currently experiencing large backlogs; at current turnaround times the Company expects the last assay results to be received in mid to late December.

The Company is also pleased to announce that Ms. Sherry Dunsworth, MSc, PGeo, has accepted the role of Technical Advisor. Ms. Dunsworth is a structural geologist with over four decades of experience in the mining industry. In her last post as Senior VP of Exploration for Marathon Gold Corp., Sherry led an exploration team that brought the Valentine Lake project from discovery through to resources and reserves. She has extensive experience with both Newfoundland’s rocks and its regulatory and governmental framework and will bring a wealth of geological and operational knowledge to Bonavista’s technical team.

David Clark, President of the Company, comments: “I am excited that Sherry has accepted our invitation to join the team, following a visit to the property to seeoutcrop and core drilled to date. With Sherry as Technical Advisor and Phill Walford as Chair, Bonavista is lucky to have onboard two of the key people responsible for the success of Marathon Gold’s Valentine Lake project in central Newfoundland. It is very gratifying that they have chosen Bonavista Resources as their next project to work on and is a strong show of support for the Company and the project’s potential.”

Qualified Person

David Clark, MSc, PGeo, President of Bonavista Resources, is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). He has prepared the technical content of this news release.

Acknowledgement

The Company acknowledges the financial assistance of the Mineral Development Division, Department of Natural Resources of Newfoundland & Labrador, via its Junior Exploration Assistance Program. The program provides valuable financial rebates on exploration expenditures made in the province to qualifying exploration companies. The Company has benefited from the program yearly since 2018.

About Bonavista Resources

Bonavista is a private exploration company focused on exploring a large landholding in the underexplored Avalonian terrane on the Burin Peninsula, Newfoundland. This underexplored belt has direct analogues at Hope Brook in southwest Newfoundland (First Mining Gold) and Haile in South Carolina (OceanaGold), both multi million-ounce resources hosted in the same geological terrane as the Burin peninsula rocks. Limited historical exploration by previous explorers combined with comprehensive documentation of the overall alteration system by government and academic workers creates a compelling opportunity for the discovery of Newfoundland’s next multi million-ounce gold system. The Company’s Burin Gold Project hosts several historical high-sulphidation gold showings over ~20 km of prospective geology, the best known of which is the Hickey’s Pond showing.

For more information, visit www.bonavistaresources.com



or contact:

David Clark, MSc, PGeo, President

[email protected]