First Majestic Updates 2018 Mineral Reserve and Resource Estimates
FIRST MAJESTIC SILVER CORP .
Suite 1800 – 925 West Georgia Street
Vancouver, B.C., Canada V6C 3L2
Telephone: (604) 688‐3033 Fax: (604) 639‐8873
Toll Free: 1‐866‐529‐2807
Web site: www.firstmajestic.com; E‐mail: [email protected]
NEWS RELEASE
New York ‐ AG March 29, 2019
Toronto – FR
Frankfurt – FMV
First Majestic Updates 2018 Mineral Reserve and Resource Estimates
FIRST MAJESTIC SILVER CORP . (the "Company" or “First Majestic”) is pleased to announce its 2018 Mineral Reserve
and Resource estimates for its existing mineral property assets in Mexico with an effective date of December 31,
2018. The Company completed a total of 211,695 metres of diamond drilling at its operating mines in 2018,
representing a 35% increase in metres drilled compared to the prior year.
2018 HIGHLIGHTS (compared to the prior estimate of December 31, 2017)
Proven and Probable Reserves increased 46% to 170.9 million silver equivalent ounces
Added San Dimas Reserves consisting of 100.4 million silver equivalent ounces; or up 32% compared to
post acquisition estimates due to higher conversion of Resources to Reserves resulting from successful
infill drilling in the Jessica, Roberta and Regina mining areas
San Martin Reserves declined 71% to 6.1 million silver equivale nt ounces resulting from an increase in
cut‐off grades due to lower metal price assumptions and an incr ease in operating costs, as well as re‐
assessing the dilution and mining recovery factors to reflect current mining conditions
La Parrilla Reserves declined 75% to 3.6 million silver equival ent ounces resulting from mine depletion
and an increase in cut‐off grades due to lower metal price assu mptions and an increase in operating
costs
Excluded La Guitarra Reserves after placing the operation in care and maintenance
Measured and Indicated Resources increased 82% to 259.8 million silver equivalent ounces
Added San Dimas M&I Resources of 130.2 million silver equivalent ounces; up 8% compared to previous
estimates
Upgraded 8.8 million silver equivalent ounces at the Ermitaño Silver/Gold Project from Inferred to
Indicated Resources
Inferred Resources increased 3% to 212.7 million silver equivalent ounces
Added San Dimas Inferred Resources of 112.6 million silver equivalent ounces
Increased Ermitaño’s Inferred Resource by 20% to 49.0 million silver equivalent ounces
Reclassified 92.9 million silver equivalent ounces at La Joya to historical estimates
The following table shows the total tonnage mined from each of the Company’s producing properties during 2018,
including total ounces of silver and silver equivalent ounces p roduced from each property and the tonnage mined
from delineated Reserves and Resources at each property. A portion of the production from each mine came from
material other than Reserves or Resources, as set out below under the heading “Material Mined from Areas Not in
Reserves or Resources”.
2018 PRODUCTION TABLE
Units SAN DIMAS SANTA
ELENA
LA
ENCANTADA
SAN
MARTIN
LA
PARRILLA DEL TORO LA
GUITARRA TOTAL
Ore Processed Tonnes 435,289 899,370 916,894 284,656 491,637 267,170 80,435 3,375,452
Material Mined from
Reserves Tonnes 434,838 876,070 205,931 235,154 472,546 235,387 43,963 2,503,890
Material Mined from
Areas Not In Reserves
or Resources
Tonnes 451 23,300 710,963 49,502 19,091 31,783 36,472 871,561
Silver Produced Ounces 3,621,868 2,223,246 1,603,740 1,746,139 1,340,385 785,154 358,919 11,679,452
Silver‐Equivalent
Produced from Other
Metals (1)
Ounces 4,429,737 3,791,441 7,155 423,199 982,671 647,158 282,260 10,563,619
Silver‐Equivalent
Produced Ounces 8,051,605 6,014,687 1,610,895 2,169,338 2,323,056 1,432,312 641,179 22,243,071
(1) Silver‐equivalent ounces are estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process
and the metal payable of the corresponding contract of each min e. Details as to the method of calculation can be found in the applicable tables in each
mine section of the 2018 Annual Information Form.
(2) Totals may not add up due to rounding.
Metal price assumptions used to estimate the 2018 Reserves were r e d u c e d t o r e f l e c t a c o n s e r v a t i v e v i e w a n d
relatively inline with the three‐year rolling price averages. Price assumptions for Mineral Reserves estimation
decreased to $17.00/oz for silver (‐$1.00/oz), $1,250/oz for gold (‐$50/oz), $1.10/lb for lead (‐$0.10/lb) and $1.20/lb
for zinc (‐$0.20/lb) when compared to the previous estimates.
RESERVES AND RESOURCES UPDATE
As of December 31, 2018, Proven and Probable Reserves totaled 170.9 million silver equivalent ounces, representing
a 46% increase in metal content compared to the prior estimate of December 31, 2017. This increase reflects the
incorporation of the high grade reserves of the San Dimas mine after its acquisition on May 10, 2018 and the results
of the infill exploration and development programs, offset by the effect of mining depletion, the reduction of
reserves primarily at San Martin and La Parrilla, the eliminati on of reserves from La Guitarra which was put in care
and maintenance in August 2018, as well as the impact of lower metal price assumptions.
The Company’s consolidated Measured and Indicated Mineral Resou rces have increased 17% in terms of tonnage
and 82% in terms of silver equivalent metal content as the resu lt of incorporating the high grade resources of San
Dimas as well as conversion of Inferred Resources at Ermitaño f ollowing its successful 2018 exploration program.
These increases were partially offset by production depletion and reductions in metal price used for Mineral
Resources estimation.
Consolidated Inferred Mineral Resources increased by 3% in terms o f s i l v e r e q u i v a l e n t m e t a l c o n t e n t a f t e r t h e
incorporation of resources from San Dimas which was offset by t he subtraction of resources from La Joya which is
now considered a historical estimate.
The complete 2018 Mineral Reserve and Resource estimates for all metals, tonnage and grades are shown below in
the following tables:
Proven and Probable Mineral Reserves with an effective date of December 31, 2018
(1) Mineral Reserves have been classified in accordance with t he Canadian Institute of Mining, Metallurgy and Petroleum (“CIM ”) Definition Standards on
Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into National Instrument 43‐101 (NI43‐101).
(2) The Mineral Reserves statement provided in the table above is based on internal estimates prepared as of December 31, 201 8. The information provided
was reviewed and prepared under the supervision of Ramon Mendoza Reyes, PEng, and a Qualified Person ("QP") for the purposes of NI43‐101.
(3) Silver‐equivalent grade is estimated considering metal pri ce assumptions, metallurgical recovery for the corresponding mi neral type/mineral process and
the metal payable of the corresponding contract of each mine. E stimation details are listed in each mine section of the 2018 A nnual Information Form
(“AIF”).
(4) Metal prices considered for Mineral Reserves estimates were $17.00/oz Ag and $1,250/oz Au, $1.00/lb Pb, and $1.20/lb Zn.
(5) A two‐step constraining approach has been implemented to e stimate reserves for each mining method in use: A General Cut‐O ff Grade (GC) was used to
delimit new mining areas that will require development of acces s and infrastructure and all sustaining costs. A second Incremental Cut‐Off Grade (IC) was
considered to include adjacent mineralized material which recoverable value pays for all associated costs, including but not l imited to the variable cost of
mining and processing, indirect costs, treatment, administration costs and plant sustaining costs.
The cut‐off grades, metallurgical recoveries, payable terms an d modifying factors used to convert Mineral Reserves from Miner al Resources are different
for all mines. These cut‐off grades and economic parameters are listed in the applicable section describing each mine below in the AIF .
(6) Dilution for underground mining includes consideration for planned dilution due to geometric aspects of the designed stop es and economic zones, and
additional dilution consideratio n due to material handling and other operating aspects. Dilution and mining recovery factors a re listed in the applicable
section describing each mine below in the AIF .
(7) Tonnage is expressed in thousands of tonnes, metal content is expressed in thousands of ounces.
(8) Totals may not add up due to rounding.
Mine Category Mineral Type Tonnage Grades Metal Content
kt Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag‐Eq (g/t) Ag (k Oz) Au (k Oz) Ag‐E q (k Oz)
SAN DIMAS Proven (UG) Sulphides 1,629 323 4.09 ‐ ‐ 630 16,940 214.4 32,980
Probable (UG) Sulphides 3,794 303 3.34 ‐ ‐ 553 36,980 407.1 67,450
Total Proven and Probable (UG) Sulphides 5,423 309 3.56 ‐ ‐ 576 53,920 621.5 100,430
SANTA ELENA Proven (UG) Sulphides 2,028 113 1.58 ‐ ‐ 238 7,340 103.2 15,520
Probable (UG) Sulphides 576 102 1.28 ‐ ‐ 202 1,880 23.6 3,740
Probable (Pad) Oxides 1,349 36 0.94 ‐ ‐ 111 1,570 40.7 4,800
Total Proven and Probable (UG+Pad) Oxides + Sulphides 3,953 85 1.32 ‐ ‐ 189 10,790 167.5 24,060
LA ENCANTADA Probable (UG) Oxides 1,311 189 ‐ ‐ ‐ 189 7,950 ‐ 7,950
Probable (UG) Oxides ‐ Flotation 809 147 ‐ 2.35 ‐ 196 3,820 ‐ 5,090
Probable (Tailings) Oxides 4,138 110 ‐ ‐ ‐ 110 14,630 ‐ 14,630
Total Probable (UG) Oxides + Tailings 6,257 131 ‐ 0.30 ‐ 138 26,400 ‐ 27,670
LA PARRILLA Probable (UG) Oxides 70 233 0.17 ‐ ‐ 247 520 0.4 560
Probable (UG) Sulphides 308 166 0.05 2.00 2.10 308 1,650 0.5 3,050
Total Probable (UG) Oxides 378 179 0.08 1.63 1.71 297 2,170 0.9 3,610
SAN MARTÍN Proven (UG) Oxides 79 175 0.27 ‐ ‐ 195 445 0.7 495
Probable (UG) Oxides 615 245 0.50 ‐ ‐ 282 4,840 9.9 5,580
Total Proven and Probable (UG) Oxides 694 237 0.47 ‐ ‐ 272 5,285 10.6 6,075
DEL TORO Proven (UG) Transition + Sulphide s 42 205 0.29 2.44 0.65 325 280 0.4 450
Probable (UG) Transition + Sulphide s 639 200 0.28 4.41 4.08 419 4,110 5.7 8,620
Total Proven and Probable (UG) Transition + Sulphide s 681 200 0.28 4.29 3.87 413 4,390 6.1 9,070
Total Proven and Probable All mineral types 17,387 184 1.44 0.31 0.19 306 102,955 8 0 6 . 6 170,915
Measured and Indicated Mineral Resources with an effective date of December 31, 2018
(1) Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on
Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43‐101.
(2) The Mineral Resources information provided above is based on internal estimates prepared as of December 31, 2018. The information provided was
reviewed and compiled by Ramon Mendoza Reyes, PEng, QP for First Majestic, and is based on internal work prepared under the supervision of First
Majestic internal QPs, who have the appropriate relevant qualifications, and experience in geology and resource estimation.
(3) Metal prices considered for Mineral Resources estimates were $17.50/oz Ag, $1,300/oz Au, $1.00/lb Pb, and $1.20/lb Zn.
(4) Silver‐equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and
the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the AIF .
(5) The cut‐off grades used to estimate Mineral Resources are different for all mines. The cut‐off grades and factors are listed in the applicable section
describing each mine section of the AIF .
(6) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves.
(7) The La Guitarra mine was placed on care and maintenance on August 3, 2018 and is no longer a material property.
Mine / Project Category Mineral Type Tonnage Grades Metal Content
kt Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag‐Eq (g/t) Ag (k Oz) Au (k Oz) Ag‐E q (k Oz)
SAN DIMAS Measured (UG) Sulphides 1,412 505 7.33 ‐ ‐ 1,059 22,930 332.7 48,080
Indicated (UG) Sulphides 3,193 427 4.93 ‐ ‐ 800 43,840 505.7 82,080
Total Measured and Indicated (UG) Sulphides 4,604 451 5.66 ‐ ‐ 879 66,770 838.4 130,160
SANTA ELENA Measured Santa Elena (UG) Sulphides 2,508 132 1.84 ‐ ‐ 280 10,640 148.7 22,550
Indicated Santa Elena (UG) Sulphides 915 124 1.60 ‐ ‐ 253 3,650 47.1 7,430
Indicated Ermitaño (UG) Sulphides 704 65 4.05 ‐ ‐ 389 1,460 91.7 8,810
Indicated (Pad) Oxides 1,179 39 1.04 ‐ ‐ 122 1,480 39.3 4,630
Total Measured and Indicated (UG+Pa dOxides + Sulphides 5,306 101 1.92 ‐ ‐ 255 17,230 326.8 43,420
LA ENCANTADA Indicated Veins Systems (UG) Oxides 1,339 255 ‐ ‐ ‐ 255 10,960 ‐ 10,960
Indicated Breccias (UG) Oxides ‐ Flotation 830 238 ‐ 3.36 ‐ 337 6,350 61.5 8,990
Indicated (Tailings) Oxides 4,200 110 ‐ ‐ ‐ 110 14,850 ‐ 14,850
Total Indicated (UG) Oxides + Tailings 6,370 157 ‐ 0.44 ‐ 170 32,160 62 34,800
LA PARRILLA Indicated (UG) Sulphides 999 184 0.06 2.01 1.78 318 5,910 44.3 10,230
Indicated (UG) Oxides 142 254 0.15 ‐ ‐ 265 1,160 ‐ 1,210
Total Measured and Indicated (UG) Oxides + Sulphides 1,142 193 0.07 1.76 1.55 312 7,070 44.3 11,440
SAN MARTÍN Measured (UG) Oxides 112 268 0.46 ‐ ‐ 302 960 1.7 1,090
Indicated (UG) Oxides 1,485 291 0.57 ‐ ‐ 334 13,880 27.1 15,940
Total Measured and Indicated (UG) Oxides 1,597 289 0.56 ‐ ‐ 332 14,840 28.8 17,030
DEL TORO Measured (UG) Transition + Sulphides 60 225 0.35 2.60 0.66 362 430 0.7 700
Indicated (UG) Transition + Sulphides 896 218 0.30 4.47 3.98 477 6,290 8.7 13,760
Total Measured and Indicated (UG) Transition + Sulphides 956 219 0.31 4.35 3.77 470 6,720 9.4 14,460
LA GUITARRA Measured (UG) Sulphides 384 292 1.84 ‐ ‐ 431 3,610 22.7 5,330
Indicated (UG) Sulphides 243 250 1.98 ‐ ‐ 399 1,950 15.5 3,120
Total Measured and Indicated (UG) Sulphides 627 276 1.89 ‐ ‐ 419 5,560 38.2 8,450
Total Measured and Indicated All mineral types 20,601 2 2 7 1.88 0.43 0.26 392 150,350 1,347.4 259,760
Inferred Mineral Resources with an effective date of December 31, 2018
(1) Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on
Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43‐101.
(2) The Mineral Resources information provided above is based on internal estimates prepared as of December 31, 2018. The information provided was
reviewed and compiled by Ramon Mendoza Reyes, PEng, QP for First Majestic, and is based on internal work prepared under the supervision of First
Majestic internal QPs, who have the appropriate relevant qualifications, and experience in geology and resource estimation.
(3) Metal prices considered for Mineral Resources estimates were $17.50/oz Ag, $1,300/oz Au, $1.00/lb Pb, and $1.20/lb Zn.
(4) Silver‐equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and
the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the Annual Information Form (AIF).
(5) The cut‐off grades used to estimate Mineral Resources are different for all mines. The cut‐off grades and factors are listed in the applicable section
describing each mine section of the AIF .
(6) The La Guitarra mine was placed on care and maintenance on August 3, 2018 and is no longer a material property.
2019 EXPLORATION PROGRAM
For 2019, First Majestic is planning to invest a total of $26.2 million towards exploration to drill approximately
188,000 metres across its core Mexican assets. The 2019 drilling program will consist of approximately 11,600 metres
of sustaining diamond drilling to support mining activities at the six operating mines; approximately 152,000 metres
of expansionary diamond drilling intended to improve confidence and increase Mineral Resources with a focus on
the Santa Elena Main Vein and the Central Block at San Dimas; and drill approximately 8,400 metres intended to test
greenfield targets at Santa Elena and Del Toro. Furthermore, due to the exploration success in 2018 at Ermitaño, the
Company is planning to complete a 16,000 metre drill program in 2019 to investigate the continuity of mineralization
at shallow depths that may be amenable to open pit extraction.
The Company also announces that its 2018 Annual Information Form has been filed on SEDAR. In addition, a Form
40‐F report has been filed with the United States Securities an d Exchange Commission and is available on EDGAR.
Both documents are also available on the Company’s website at www.firstmajestic.com.
Shareholders may also receive a copy of First Majestic’s Annual Report which includes the audited financial
statements, without charge, upon request to First Majestic, Sui te 1800 ‐ 925 West Georgia Street Vancouver, B.C.,
Canada, V6C 3L2 or to [email protected].
Mine / Project Category Mineral Type Tonnage Grades Metal Content
kt Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag‐Eq (g/t) Ag (k Oz) Au (k Oz) Ag‐E q (k Oz)
SAN DIMAS Inferred Total (UG) Sulphides 5,708 341 3.60 ‐ ‐ 614 62,640 661.3 112,640
Inferred Santa Elena Mine (UG) Sulphides 931 90 1.09 ‐ ‐ 177 2,700 32.7 5,310
SANTA ELENA Inferred Ermitaño (UG) Sulphides 4,637 59 3.36 ‐ ‐ 329 8,820 501.5 48,980
Inferred Total (UG) Sulphides 5,568 64 2.98 ‐ ‐ 303 11,520 534.2 54,290
LA ENCANTADA Inferred Veins Systems (UG) Oxides 608 234 ‐ ‐ ‐ 234 4,580 ‐ 4,580
Inferred Breccias (UG) Oxides 902 201 ‐ ‐ ‐ 201 5,830 ‐ 5,830
Inferred Ojuelas (UG) Oxides ‐ Flotation 88 183 ‐ 3.41 ‐ 283 520 6.7 810
Inferred Total (UG) Oxides 1,598 213 ‐ 0.19 ‐ 218 10,930 6.7 11,220
LA PARRILLA Inferred (UG) Oxides 870 189 0.07 1.83 1.95 321 5,290 35.1 8,970
Inferred (UG) Sulphides 471 226 0.06 ‐ ‐ 231 3,430 ‐ 3,490
Inferred Total (UG) Oxides + Sulphides 1,341 202 0.06 1.19 1.27 289 8,720 35.1 12,460
SAN MARTÍN Inferred Total (UG) Oxides 1,634 232 0.30 ‐ ‐ 254 12,180 15.7 13,360
DEL TORO Inferred Total (UG) Transition + Sulphide s 560 219 0.18 3.33 1.23 377 3,960 3.3 6,790
LA GUITARRA Inferred Total (UG) Sulphides 164 268 1.39 ‐ ‐ 373 1,420 7.3 1,970
Total Inferred All mineral types 16,573 209 2.30 0.23 0.14 399 111,370 1,263.6 212,730
Mr . Ramon Mendoza Reyes, Vice President Technical Services for First Majestic, is a "Qualified Person" as such term
is defined under National Instrument 43‐101, and has reviewed a nd approved the technical information disclosed
in this news release.
ABOUT THE COMPANY
First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the
development of its existing mineral property assets. The Company presently owns and operates the San Dimas
Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Enca ntada Silver Mine, the San Martin Silver Mine, the
La Parrilla Silver Mine and the Del Toro Silver Mine. Production from these mines are projected to be between 14.2
to 15.8 million silver ounces or 24.7 to 27.5 million silver equivalent ounces in 2019.
FOR FURTHER INFORMATION contact [email protected], visit our website at www.firstmajestic.com or call our
toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP .
“signed”
Keith Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD‐LOOKING INFORMATION
This press release contains “forward‐looking information” and " forward‐looking statements” under applicable Canadian and U.S. securities laws (collectively,
“forward‐looking statements”). These statements relate to futur e events or the Company's future performance, business prospect s or opportunities that are
based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience
and perception of historical trends, current conditions and expected future developments. Forward‐looking statements include, b u t a r e n o t l i m i t e d t o ,
statements with respect to: the Company’s business strategy; fu ture planning processes; commercia l mining operations; cash flo w; budgets; the timing and
amount of estimated future produc tion; recovery rates; mine pla ns and mine life; the future pr ice of silver and other metals; costs of production; costs and
timing of the development of new deposits; capital projects and exploration activities and the possible results thereof. Assumptions may prove to be incorrect
and actual results may differ ma terially from those anticipated . Consequently, guidance cannot be guaranteed. As such, investo rs are cautioned not to place
undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are
placed will occur. All statements other than statements of hist orical fact may be forward‐lookin g statements. Statements conce rning proven and probable
mineral reserves and mineral resource estimates may also be dee med to constitute forward‐lookin g statements to the extent that they involve estimates of
the mineralization that will be e ncountered as and if the prope rty is developed, and in the cas e of measured and indicated min eral resources or proven and
probable mineral reserves, such statements reflect the conclusi on based on certain assumptions that the mineral deposit can be economically exploited. Any
statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance
(often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “ e s t i m a t e ” , “ e x p e c t ” , “ m a y ” , “will”, “project”, “predict”,
“forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar e x p r e s s i o n s ) a r e n o t s t a t e m e n t s of historical fact and may be
“forward‐looking statements”.
Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors
that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to: risks related
to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue
t o b e r e f i n e d ; c o m m o d i t y p r i c e s ; v a r i a t i o n s i n o r e r e s e r v e s , g rade or recovery rates; actual performance of plant, equipment or processes relative to
specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable
legislation or application thereof; delays in obtaining approva ls or financing or in the completion of development or construc tion activities; exchange rate
fluctuations; requirements for a dditional capital; government r egulation; environmental risks; reclamation expenses; outcomes of pending litigation;
limitations on insurance coverage as well as those factors disc ussed in the section entitled "Description of the Business ‐ Ri sk Factors" in the Company's most
recent Annual Information Form, available on www.sedar.com, and F o r m 4 0 ‐ F o n f i l e w i t h t h e U n i t e d S t a t e s S e c u r i t i e s a n d E x c h a nge Commission in
Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained
in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can b e g i v e n t h a t t h e s e
expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as
of the date hereof. The Company does not intend, and does not a ssume any obligation, to update these forward‐looking statement s, except as required by
applicable laws.