(Trading Symbol: TSX-V: SFR OTCQB: SRAFF)
Sandfire Resources America Inc.
(Trading Symbol: TSX-V: SFR OTCQB: SRAFF)
17 E Main; PO Box 431
White Sulphur Springs, MT 59645
Tel: (406) 547-3466
Fax: (406) 547-3719
Web: www.sandfireamerica.com
Email: [email protected]
Trading Symbol: TSX-V: SFR OTCQB: SRAFF
"Sandfire Resources America Inc. Announces Drilling Results,
Project Advancements at Black Butte, Board Changes and Loan
Variation Renewal"
White Sulphur Springs, Montana – July 17, 2025 –Sandfire Resources America
Inc. (“Sandfire America” or the “Company”) is pleased to announce that its 2024-2025
drilling program was completed in mid-May 2025. Since the Company’s news release
dated December 18, 2024, drilling has focused on further definition of the Johnny Lee
Lower Copper Zone. Highlights include:
- 8.11 meters of 4.66% copper in hole SC24-311,
- 14.99 meters of 7.99% copper in hole SC24-312,
- 10.58 meters of 4.69% Cu in hole SC25-316,
- 11.73 meters of 8.80% Cu in hole SC25-325, and
- 4.91 meters of 9.74% Cu in hole SC25-328. See Table 1 below.
At the last estimate, the Johnny Lee Lower Copper Zone consist ed of a measured and
indicated resource of 1.2 million tonnes grading 6.8% Cu , and an inferred resource of
0.5 million tonnes grading 5.9% Cu (2020 Technical Report authored by GR
Engineering*). Holes in the 2024- 2025 drilling program were designed to both infill and
better define the outer boundaries of the Lower Copper Zone resource and provide sample
material for geotechnical and metallurgical testing. S ince December 2023, the Company
has drilled approximately 28,000 meters. Geological and geochemical results from the
drilling program and from metallurgical and geotechnical testing will provide information
for an updated mineral resource estimate for the Johnny Lee deposit, which will be
incorporated into an updated technical report (in accordance with requirements pursuant to
National Instrument 43- 101 – Standards of Disclosure for Mineral Projects.), at the P re-
feasibility study level, for the Johnny Lee deposit (“Updated Technical Report”), with
expected completion in late 2025.
Senior VP of Exploration and Technical Services Jerry Zieg shared, “ We are pleased with
the outcome of the drilling program which has confirmed that the mineralization of the high-
grade Johnny Lee Lower Copper zone extends beyond the existing resource boundary. We
look forward to incorporating this into the Updated Technical Report in the coming months.”
Project Advancements
Following the successful completion of the drilling program, a technical report update on
the Johnny Lee deposit has now commenced at a Pre-Feasibility Study level. The company
notes that since the last technical report dated October 19, 2020, several key factors which
could impact the project need to be re-evaluated, including:
2
• an update of capital and operating cost estimates noting the global mining industry
has been subjected to material cost escalation over the last five years;
• assessment of the impact of cost escalation on the size of the lower grade Upper
Copper Zone mineral resource and mineral reserve at Johnny Lee;
• an updated mineral resource estimate incorporating the latest drilling information at
Johnny Lee and Lowry; and
• an updated mining plan to support reporting of a revised mineral reserve for Johnny
Lee.
CEO Lincoln Greenidge states,
“We are pleased with the work done thus far and the results of the most recent drilling
program. The global transition to clean energy, electrifi cation, and modern infrastructure
has triggered unprecedented demand for copper. With declining reserve grades globally,
increasing capital intensity, the fact that there have been no major copper discoveries in the
past decade, increasing scrutiny over supply chain ethics, geopolitical risk, and
environmental impacts, we are in an exciting position with a fully permitted project that can
be part of the solution as we complete the Updated Technical Report and move the project
forward.”
Board Changes
The Company is pleased to announce the appointment of Mr. Stef Weber to its Board of
Directors, effective immediately. This appointment follows the resignation of Ms. Gemma
Tually from the Board.
Mr. Weber brings over 25 years of global experience in the mining industry, with a strong
background in finance, project development, and corporate strategy. He has held senior
leadership roles in debt financing, joint ventures, mergers and acquisitions, a nd treasury
management. Mr. Weber began his career with PricewaterhouseCoopers and subsequently
spent 16 years in senior financial roles with Iscor Limited, Kumba Resources Limited, and
Exxaro Resources Limited.
He joined Sandfire Resources Limited in October 2019 following its acquisition of MOD
Resources Limited, where he served as Chief Financial Officer. Mr. Weber currently serves
as Head of Treasury for Sandfire Resources Limited. The Company thanks Ms. Tually for
her valuable contributions to the Board and wishes her well in her future endeavors.
Chair Jason Grace closed stating,
“We welcome Mr. Weber to the Board. His global mining and financial expertise will be
valuable as we continue advancing the project with strategic focus and determination.”
Loan Variation
The Company announces that it has entered into a fifth variation agreement (the "Fifth
Variation") to its bridge loan agreement, as amended (the “Bridge Loan”) with Sandfire BC
Holdings (Australia) Pty Ltd. ("Sandfire BC"), the Company's largest shareholder, and
Tintina Montana Inc., a wholly owned subsidiary of the Company ("Tintina Montana").
Pursuant to the Fifth Variation, the amount available to be borrowed under the Bridge Loan
3
will be increased from an aggregate of up to US$50 million to an aggregate of up to US$59.5
million through one or more advances and the latest maturity will be extended from June 30,
2025 to June 30, 2026, subject to the terms of the Fifth Variation and the Bridge Loan.
All other terms and conditions of the Bridge Loan shall remain in full force and effect, except
as amended by the Fifth Variation. No securities of the Company are issuable under the
Agreement.
Table 1. Black Butte Copper 2023-2025 Exploration Drilling Program Results
Drill hole
ID collar x collar y collar z azimuth dip total
depth From (m) To
(m)
Width
(m)
Cu
% Resource
SC23-
278 506700.0 5180717.0 1741.00 16.6 -67.9 489.29 64.98 81.36 16.38 1.42 Upper Copper
Zone
SC23-
278 433.46 446.37 12.91 4.7 Lower Copper
Zone
SC24-
279 506628.0 5180702.0 1748.00 36.8 -70.2 502.31 62.86 76.25 13.39 2.3 Upper Copper
Zone
SC24-
279 461.73 467.10 5.37 10.2 Lower Copper
Zone
SC24-
280 507100.0 5180848.7 1709.40 36.8 -70.2 442.48
weakly
mineralized
Lower Copper
Zone
SC24-
281 506441.5 5180834.2 1767.50 31.8 -77.5 486.61 94.98 100.58 5.60 1.84 Upper Copper
Zone
SC24-
281 431.66 437.54 5.88 4.60 Lower Copper
Zone
SC24-
282 507650.0 5180746.0 1735.00 194.2 -86.5 494.57
weakly
mineralized
Lower Copper
Zone
SC24-
283 507213.0 5180540.0 1713.00 43.0 -71.5 560.98 471.44 477.93 6.49 2.45 Lower Copper
Zone
SC24-
284 506900.0 5180832.0 1721.20 35.2 -83.0 426.11 383.44 392.98 9.54 7.42
Lower Copper
Zone
with 386.72 392.98 6.26 10.68
SC24-
285 506900.0 5180832.0 1721.20 28.9 -67.6 392.03 363.65 365.45 1.80 15.30
Lower Copper
Zone
SC24-
286 506609.0 5180868.0 1779.00 45.4 -73.9 495.67 77.23 80.77 3.54 4.67
Upper Copper
Zone
SC24-
286 438.25 446.78 8.53 6.60
Lower Copper
Zone
SC24-
287 506850.0 5180852.0 1731.10 336.0 -71.5 431.90
weakly
mineralized
Lower Copper
Zone
SC24-
288 506850.0 5180852.0 1731.00 110.0 -78.8 460.25 396.15 409.34 13.19 12.77
Lower Copper
Zone
SC24-
289 506900.0 5180832.0 1721.00 51.0 -63.0 444.09
weakly
mineralized
Lower Copper
Zone
SC24-
290 506425.0 5180870.0 1767.00 82.0 -71.0 90.50 96.16 5.66 1.63
Upper Copper
Zone
SC24-
290 506425.0 5180870.0 1767.00 82.0 -71.0 513.31 476.68 481.39 4.71 4.54
Lower Copper
Zone
SC24-
291A 506622.0 5180877.0 1741.00 58.0 -68.5 507.03 67.25 70.37 3.12 3.67
Upper Copper
Zone
80.90 82.90 2.00 5.36
Upper Copper
Zone
SC24-
291A
weakly
mineralized
Lower Copper
Zone
SC24-
292 506361.5 5180939.0 1771.00 0.0 -84.5 453.54 120.21 125.89 5.68 2.32
Upper Copper
Zone
SC24-
292 369.02 371.81 2.79 4.08
Lower Copper
Zone
SC24-
293 506354.0 5180981.0 1773.00 346.0 -76.5 362.10 126.39 134.92 8.53 4.01
Upper Copper
Zone
SC24-
293
weakly
mineralized
Lower Copper
Zone
SC24-
294 506441.5 5180834.0 1768.00 64.0 -80.0 511.45 94.72 101.35 6.63 3.29
Upper Copper
Zone
SC24-
294 faulted away
Lower Copper
Zone
4
SC24-
295 506441.5 5180834.0 1767.55 38 -68 461.95
weakly
mineralized
Upper Copper
Zone
SC24-
295
weakly
mineralized
Lower Copper
Zone
SC24-
296 507052.4 5180697.0 1711.00 315° -72.5° 498.96 471.86 475.05 3.19 19.46
Lower Copper
Zone
SC24-
297 507061.5 5180693.0 1712.60 332° -71.5° 514.20 Faulted away
Lower Copper
Zone
SC24-
298 506454.0 5181004.0 1784.00 035° -86° 395.63 104.14 115.74 11.60 1.61
Upper Copper
Zone
with 104.14 109.22 5.08 3.35
Upper Copper
Zone
SC24-
298 368.31 372.95 4.64 1.81
Lower Copper
Zone
SC24-
299 507222.4 5180646.0 1715.00 54.5° -74° 518.60 Faulted away
Lower Copper
Zone
SC24-
300 507052.4 5180697.0 1711.00 319° -79° 501.30
weakly
mineralized
Lower Copper
Zone
SC24-
301 506899.0 5180826.0 1721.00 350° -59.5° 174.65 27.67 36.79 9.12 1.72
Upper Copper
Zone
SC24-
302 506899.0 5180826.0 1721.00 350° -59.5° 383.74 30.80 35.72 4.92 2.21
Upper Copper
Zone
357.36 360.20 2.84 8.98
Lower Copper
Zone
SC24-
303 506899.0 5180826.0 1721.00 17° -60° 398.37 29.65 34.25 4.60 3.41
Upper Copper
Zone
364.93 367.72 2.79 11.82
Lower Copper
Zone
SC24-
304 506852.0 5180856.0 1731.00 350° -70.5° 441.84
weakly
mineralized
Upper Copper
Zone
weakly
mineralized
Lower Copper
Zone
SC24-
306 506852.0 5180856.0 1731.00 003° -76° 412.94
weakly
mineralized
Upper Copper
Zone
weakly
mineralized
Lower Copper
Zone
SC24-
307 506700.0 5180717.0 1741.00 004° -63.5° 492.92 64.41 83.62 19.21 3.19
Upper Copper
Zone
450.22 454.48 4.26 7.39
Lower Copper
Zone
SC24-
308 506700.0 5180717.0 1741.00 010° -68.5° 523.34 63.09 78.60 15.51 3.47
Upper Copper
Zone
Faulted away
Lower Copper
Zone
SC24-
309 507213.0 5180540.0 1713.00 025° -77° 592.50 512.22 513.59 1.37 2.62
Lower Copper
Zone
SC24-
310 506609.0 5180868.0 1779.00 351.5° -79° 184.65 75.90 80.40 4.50 4.77
Upper Copper
Zone
SC24-
311 506609.0 5180868.0 1779.00 354° -81° 472.14 77.66 82.04 4.38 0.97
Upper Copper
Zone
441.81 449.92 8.11 4.66
Lower Copper
Zone
SC24-
312 507171.0 5180754.2 1710.00 035° -80° 480.36 425.66 440.65 14.99 7.99
Lower Copper
Zone
SC25-
313 507100.0 5180849.0 1709.00 355° -76° 386.49 364.39 366.59 2.20 8.01
Lower Copper
Zone
SC25-
314 506609.0 5180868.0 1779.00 015° -75.5° 444.70 62.79 67.78 4.99 1.64
Upper Copper
Zone
SC25-
314 74.37 79.52 5.15 3.69
Upper Copper
Zone
SC25-
314
weakly
mineralized
Lower Copper
Zone
SC25-
316 507222.4 5180646.0 1715.00 016° -82° 517.55 480.22 490.80 10.58 4.69
Lower Copper
Zone
SC25-
316A 507240.2 5180705.9 1276.49 20° -82.2° 56.39
metallurgical
sample
Lower Copper
Zone
SC25-
318 507100.0 5180849.0 1709.00 315° -70.5° 456.50
weakly
mineralized
Lower Copper
Zone
SC25-
319 506609.0 5180868.0 1779.00 36.6° -68.5° 456.90 62.29 67.24 4.95 2.59
Upper Copper
Zone
76.18 81.56 5.38 6.45
Upper Copper
Zone
SC25-
319
weakly
mineralized
Lower Copper
Zone
5
SC25-
321 507171.0 5180754.2 1710.00 355° -65.5° 218.54 terminated early
SC25-
321A 507159.1 5180823.3 1578.67 353.8°
-
62.21° 311.90 Faulted away
Lower Copper
Zone
SC25-
322 507098.5 5180649.2 1711.00 002° -70.5° 486.83 430.97 436.47 5.50 5.70
Lower Copper
Zone
SC25-
323 507100.0 5180848.7 1709.00 339° -85° 300.32 terminated early
Lower Copper
Zone
SC25-
323A 507096.4 5180875.2 1456.43 350° -86° 187.06 140.65 145.15 4.50 2.80
Lower Copper
Zone
SC25-
324 506704.0 510527.0 1741.00 100° -61° 160.93 108.62 113.96 5.34 2.46
Upper Copper
Zone
122.40 125.67 3.27 2.58
Upper Copper
Zone
SC25-
325 506878.0 5180782.0 1726.00 016° -81.5° 462.75 41.11 44.12 3.01 1.21
Upper Copper
Zone
SC25-
325 377.58 389.31 11.73 8.80
Lower Copper
Zone
SC25-
326 506868.0 5180752.0 1729.00 328° -70° 437.39 46.97 51.82 4.85 3.71
Upper Copper
Zone
SC25-
326
weakly
mineralized
Lower Copper
Zone
SC25-
327 506665.0 5180695.0 1744.50 349.5° -72° 571.96 35.23 41.73 6.50 1.54
Upper Copper
Zone
56.07 68.31 12.24 2.77
Upper Copper
Zone
SC25-
327 Faulted away
Lower Copper
Zone
SC25-
328 506868.0 5180752.0 1729.00 357° -68.5° 449.93 49.38 51.88 2.50 2.40
Upper Copper
Zone
401.79 406.70 4.91 9.74
Lower Copper
Zone
SC25-
329 506665.0 5180695.0 1744.50 018° -71.5° 523.66 40.23 41.72 1.49 2.79
Upper Copper
Zone
462.60 468.09 5.49 2.54
Lower Copper
Zone
SC25-
330 506878.0 5180782.0 1726.00 58.5° -86.5° 486.58 32.53 34.00 1.47 1.61
Upper Copper
Zone
Faulted away
Lower Copper
Zone
SC25-
331 506425.0 5180870.0 1767.00 338.5° -82° 450.80 90.82 93.20 2.38 1.13
Upper Copper
Zone
97.26 98.76 1.50 1.03
Upper Copper
Zone
417.79 420.32 2.53 1.62
Lower Copper
Zone
423.42 425.56 2.14 2.36
Lower Copper
Zone
SC25-
332 506665.2 5180695.0 1744.50 053.5° -71.5° 534.80 69.03 84.16 15.13 2.62
Upper Copper
Zone
466.35 467.30 0.95 9.06
Lower Copper
Zone
SC25-
333 506441.5 5180834.0 1768.00 006° -64.5° 432.82
weakly
mineralized
Upper Copper
Zone
388.32 390.30 1.98 8.53
Lower Copper
Zone
SC25-
334 506863.1 5180748.0 1728.60 329° -76.5° 465.34 47.70 50.69 2.99 1.20
Upper Copper
Zone
411.91 414.50 2.59 1.79
Lower Copper
Zone
SC25-
335 506441.5 5180834.2 1768.00 010° -82.0° 470.61 94.23 102.80 8.57 1.35
Upper Copper
Zone
SC25-
335 428.80 431.97 3.17 3.86
Lower Copper
Zone
SC25-
336 506361.0 5180939.0 1771.00 305° -83° 417.27 126.68 131.46 4.78 2.19
Upper Copper
Zone
SC25-
336 368.83 371.92 3.09 6.93
Lower Copper
Zone
SC25-
337 506454.0 5181004.0 1784.00 68.5° -75° 413.61 105.72 116.29 10.57 1.10
Upper Copper
Zone
SC25-
337
weakly
mineralized
Lower Copper
Zone
SC25-
338 506425.0 5180870.0 1767.00 33° -72.5° 459.33 99.82 101.01 1.19 1.42
Upper Copper
Zone
6
SC25-
338 405.20 408.16 2.96 2.41
Lower Copper
Zone
SC25-
339 506441.5 5180834.2 1768.00 43.5° -73.5° 467.56 92.50 94.00 1.50 1.51
Upper Copper
Zone
SC25-
339 433.42 434.75 1.33 1.34
Lower Copper
Zone
SC25-
341 506361.5 5180939.0 1771.00 45° -79.5° 406.02 114.00 120.84 6.84 2.03
Upper Copper
Zone
SC25-
341 367.27 370.93 3.66 4.27
Lower Copper
Zone
Intercept calculations included a minimum of 2 samples above a 1% copper cutoff grade.
1) Drilling conducted by Ruen Drilling of Hope, Idaho. HQ3-sized core was collected. Drill holes were oriented with dips varying
between -80 to -70 degrees in relatively variably dipping mineral zones. Intercepts may be slightly longer than true thickness.
2) After being logged and photographed in White Sulphur Springs, Montana, all mineralized zones were sampled by cutting half-core
splits which were delivered to ALS labs in Reno N evada for processing. ALS crushed the entire sample to 85% passing 2mm then
split off 1kg, which was ground to 85% passing 75 micron and wet-sieved the split to ensure grinding passed specifications and then
assayed for gold by fire assay with AA finish. Base m etals were analyzed using a 4-acid digestion and ICP-OES analysis. Various
other trace and major elements were also analyzed utilizing ICP procedures. Sandfire America utilized a QA/QC protocol which
included inserting Certified Reference Materials (CRM) on a minimum of 1 CRM in 20 samples insertion rate. Assays of duplicates,
and blanks were also included as part of the QA/QC program.
3) ALS Labs are accredited by ISO/IEC 170205:2017 methods for North America.
4) Drillhole collars are surveyed conforming to UTM NAD83 Zone 12.
5) The Company is aware of no drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliab ility of
the data referred to above.
Figure 1: Drilling completed at the Black Butte Project from mid-December 2024 to mid-May 2025. Black
diamonds show pierce points in Johnny Lee Lower Copper Zone. Colored areas show Measured
(red), Indicated (yellow), and Inferred (blue) resource areas from the 2020 Technical Report.
Johnny Lee Copper Deposit
The Johnny Lee deposit has a Measured and Indicated Mineral Resource of 10.9 million
tonnes (Mt) at an average copper grade of 2.9% for 311 thousand tonnes (kt) of contained
copper (Cu) at a 1.0% Cu cut -off grade, and an Inferred Mineral Resource of 2.7 Mt at an
average copper grade of 3.0% for 80 kt of contained Cu at a 1.0% Cu cut -off grade (2020
Technical Report*). The Company has received a Mine Operating Permit from the Montana
Department of Environmental Quality for mine development of this deposit and has
completed a majority of Phase I construction on surface construction facilities. The
Company received a decision from the Montana Supreme Court on February 26, 2024, to
re-instate the mine operating permit and allow construction to move forward. The Company
received a decision from the Montana Supreme Court on January 2, 2025, in favor of its
7
interpretation of Montana water law in designing its water mitigation plan for the Black
Butte Copper Operation. No other legal challenges remain in effect.
Black Butte Copper Project
The Black Butte Copper Project consists of 60, 000 acres of mixed private and federal
mineral lands. Private lands contain two significant copper deposits, the Johnny Lee deposit
(see above) and the Lowry deposit (8.3 million tonnes @ 2.4% Cu, 2020 Technical Report).
Only the Johnny Lee deposit has Mine Operating Permit from the Montana DEQ. The copper
deposits are hosted in Mesoproterozoic sediments of the Belt Supergroup. Both host rocks
and mineralization are dated at approximately 1.5 Ma. The Company believes that its large
property position holds opportunity for future exploration success in discovery of additional
copper deposits.
Qualified Person
Jerry Zieg, Sr. Vice President of Exploration and Technical Services for the Company, is a
Qualified Person for the purposes of NI 43- 101 and has also reviewed and approved the
information of a scientific or technical nature contained in this news release. Mr. Zieg
managed the drill project geological team and reviewed all aspects of sample collection,
core logging, and analytical procedures chosen for the project on a near daily basis as
well as monitoring QA/QC practices and outcomes.
*(2020 Technical Report) - Feasibility Study (Johnny Lee Deposit) and Mineral Resource
Estimate Update (Lowry Deposit) – Technical Report NI 43-101” dated October 19, 2020,
and news release “Sandfire Resources America Achieves Major Milestones with
Completion of Black Butte Copper P roject Feasibility Study and Updated Mineral
Resource for Lowry Deposit” October 27, 2020, authored by GR Engineering.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications and Government Relations
Mobile: 406-224-8180
Office: 406-547-3466
Email: [email protected]
www.sandfireamerica.com
Cautionary Note Regarding Forward-Looking Statements:
Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities laws.
Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of
management of the Company regarding future events. Generally, forward -looking statements and information can be
identified by the use of forward-looking terminology such as “intends” or “expects,” or variations of such words and phrases
or statements that certain actions, events, or results “may,” “could”, “should”, “would” or “occur”. This information and these
statements, referred to herein as "forward ‐looking statements", are not historical facts, are made as of the date of this news
release and include without limitation, statements regarding the Company’s drilling program and the expected timing and
results thereof; the expansion and increased definition of the Johnny Lee Lower Copper Zone; the Company’s plans to add
a third drill and the expected timing thereof; the completion of an updated Feasibility Study for the Johnny Lee deposit and
the expected timing thereof; and that the results of the drill program will enhance the economics of the project.
8
In making these forward -looking statements, the Company has applied certain factors and assumptions that the Company
believes are reasonable, including that the Company will be able to complete its drilling program as planned or at all; that the
Company’s planned drilling program will achieve expected results; that the Company will be able to achieve further expansion
and increased definition of the Johnny Lee Lower Copper Zone; that the Company will be able to complete any
environmental review, permitting process, or engineering and economic studies required for resource development of the
Johnny Lee Lower Copper Zone; that the Company will be able to add a third drill to the Johnny Lee Lower Copper Zone
by January 2025, or at all; that the Company will be able to complete an updated Feasibility Study for the Johnny Lee deposit
in 2026 or at all; and that the work program will have the economic impact on the project anticipated by management.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from
results suggested in any forward -looking statements. These risks and uncertainties include, among other things, general
market, economic and business conditions, that results of exploration and development activities will not be consistent with
management’s expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or
financing, failure of plant, equipment or processe s to operate as anticipated, the risk of accidents, labor disputes, inclement
or hazardous wea ther conditions, unusual or unexpected geological conditions, ground control problems, earthquakes,
flooding and all of the other risks generally associated with the development of mining facilities.
Although management of the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward -looking statements or forward -looking information, there may be other factors
that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove
to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers
are cautioned n ot to place undue reliance on forward -looking statements. The Company does not intend, and expressly
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. We seek safe harbor.