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Copper Standard Resources Inc Management Reports 2025
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COPPER STANDARD RESOURCES
MANAGEMENT DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED MARCH 31, 2025
Copper Standard Resources Inc.
1. Introduction
This Management Discussion and Analysis ("MD&A") of Copper Standard Resources Inc. ("Copper Standard" or the "Company") has been prepared by management as of May 27, 2025 and should be read in conjunction with the Company's unaudited condensed consolidated financial statements for the three months ended March 31, 2025 and related notes thereto (the "Financial Statements") which have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), applicable to preparation of interim financial statements including International Accounting Standard 34- Interim Financial Reporting. Readers are encouraged to consult the Company's audited consolidated financial statements for the year ended December 31, 2024 and related notes thereto, which are available under Copper Standard's profile on SEDAR+ at www.sedarplus.com or its website at www.copperstandard.com. All dollar amounts herein are expressed in Canadian dollars unless otherwise stated.
This MD&A contains forward-looking statements and should be read in conjunction with the risk factors described under "Other Risks to Copper Standard" and "Cautionary Note Regarding Forward-Looking Information" towards the end of this MD&A.
2. Overview of Copper Standard
Copper Standard is engaged in the acquisition, exploration, discovery, and development of mineral interests focusing on copper and gold projects. The Company owns a 100% interest in the El Ferrol Property and has an option to acquire the two adjacent properties which make up the Colpayoc Copper-Gold Project (the "Colpayoc Project") in Peru. The Company also owns a 100% interest in the Pacaska, Capricho, and Paco Orco projects located in Peru.
The head office, principal address and registered office of the Company are located at Suite 3200, 733 Seymour Street, Vancouver, British Columbia, V6B 0S6.
3. Exploration and Evaluation Assets
Colpayoc Project
The Colpayoc project is approximately 10 kilometers west of the town of Cajamarca in northern Peru. The Cajamarca region hosts multiple porphyry and epithermal deposits located along the Chicama-Yanacocha Structural Zone, a major control on the magmatic activity in the region. The Yanacocha mine complex is the most prominent of these and the Colpayoc project lies 15 kilometers southwest of the nearest Yanacocha deposit.
The Colpayoc project porphyry system is similar to gold-enriched porphyry systems found throughout northern Chile, Peru, and Colombia which host copper-gold porphyry deposits with associated skarn and replacement mineralization that is typical of these metallogenic environments. The Daylight porphyry is about 600-800 meters in diameter as interpreted from the magnetic data and surface geologic mapping. The Montura porphyry target is located 600 meters southwest of the Daylight Zone and is about 300 meters in diameter based on induced polarization ("IP") chargeability and magnetic data. The magnetic data, surface geochemistry and alteration strongly suggest that the Montura and Daylight porphyries may coalesce at depth. The Rayo Grande Zone is located 1.5 kilometers west of the Daylight Zone and is defined by a strong IP chargeability and magnetic anomaly interpreted as a skarn target developed in Cretaceous clastic and calcareous sedimentary rocks.
The Company identified a strong IP chargeability anomaly in Q4 2024, adjacent to the Daylight Gold Zone, coinciding with the Montura Porphyry Zone. The chargeability anomaly is interpreted to be a porphyry copper-gold target at depth. The Daylight Zone gold zone contains more than 300,000 ounces of inferred mineral resources (19.9 million tonnes at 0.48 grams per tonne ("g/t")). The Company completed 1,926.1 metres of core drilling in 2024 verifying and expanding the oxide and mixed oxide gold mineralization in the Daylight Porphyry target, one of three targets on the Colpayoc Project. Significant drill results which may contribute to increasing the oxide gold resource include:
- DH COLP24 – 01: 109.0 meters (357 feet) @ 0.76 g/t Au and 0.13% Cu from surface;
Copper Standard Resources Inc.
- DH COLP24 – 03: 8.5 meters (27 feet) @ 5.11 g/t Au from 121.7 meters (399 feet);
- DH COLP24 – 07A: 200.1 meters (656 feet) @ 0.52 g/t Au from surface to End of Hole;
- Including: 118.0 meters (387 feet) @ 0.68 g/t Au and 0.11% Cu from surface;
- DH COLP24 – 08: 138.0 meters (452 feet) @ 0.34 g/t Au from surface to End of Hole;
- Including: 44.0 meters (144 feet) @ 0.54 g/t Au from 7.0 meters (22 feet); and
- DH COLP24 – 09: 118.8 meters (389 feet) @ 0.46 g/t Au from surface to End of Hole.
Drill holes COLP24 01, 07, and 07A intersected broad zones of mineralization, expanding the mineralized zone at depth and demonstrating that the system remains open along trend to the south towards the Montura target, and at depth. Drill hole COLP24 07A was mineralized along its entire length. Drill holes COLP24 08 and 09 were drilled on the western side of the Daylight Porphyry target and expanded the known mineralization and showed that the western side of the resource is open to the west, north, and south. Drill holes COLP24 – 02, 03, 05, and 06 were drilled on the east side of the resource and show limited expansion but mineralization remains open to the north towards the Crater target, west, and south.
The gold and copper mineralization occurs within three phases of a nested intrusive complex which confirms the potential for larger primary copper-gold porphyry deposits, particularly in the untested targets of Montura, and Rayo Grande.
A summary of significant gold and copper intercepts above 0.2 g/t Au cut-off grade are provided below:
| Drill Hole | From (m) | To (m) | Interval (m) | Weighted Average Au g/t | Weighted Average Cu% |
|---|---|---|---|---|---|
| COLP24 - 001 | Surface | 109.0 | 109.0 | 0.76 | 0.13 |
| COLP24 - 002 | 1.0 | 35.2 | 34.2 | 0.22 | 0.03 |
| COLP24 - 003 | 121.7 | 130.2 | 8.5 | 5.11 | 0.08 |
| COLP24 - 004 | 61.5 | 78.9 | 17.4 | 0.21 | 0.02 |
| COLP24 - 005 | 192.1 | 222.6 | 30.5 | 0.30 | 0.02 |
| COLP24 - 006 | 83.8 | 103.4 | 19.6 | 0.44 | 0.05 |
| COLP24 - 007 | Surface | 17.9 | 17.9 | 0.53 | 0.12 |
| COLP24 - 07A | Surface | 200.1 | 200.1 | 0.52 | 0.08 |
| Inc. | Surface | 118.0 | 118.0 | 0.68 | 0.11 |
| COLP24 - 008 | 1.2 | 139.2 | 138.0 | 0.34 | 0.06 |
| Inc. | 7.0 | 51.0 | 44.0 | 0.54 | 0.10 |
| Inc. | 32.0 | 44.9 | 12.9 | 0.90 | 0.11 |
| COLP24 - 009 | 0.3 | 119.1 | 118.8 | 0.46 | 0.12 |
The Company completed a 23.4-line km dipole-dipole induced polarization ("IP") survey covering the main target areas of drilling and the adjacent targets. The IP survey lines were 4.0 km long oriented east-west and separated by 200 meters. The survey was completed in September 2024 and initial processing were completed by the
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Copper Standard Resources Inc.
geophysical contractor and downstream processing was completed by Wave Geophysics (Colorado). IP results and magnetics models were integrated with drill results to help identify the most favorable targets for the underlying porphyry copper-gold system drill targets at Montura and Rayo Grande, in the area surrounding the Daylight Porphyry Zone.
Pacaska Project
The Pacaska Project contains a high-quality epithermal gold-silver target at surface with a copper-gold porphyry target at depth. The project contains a widespread mineralized footprint that sits within 7,650 hectares of mining concessions. The geology and alteration at Pacaska are similar to world-class epithermal gold deposits like the Pierina mine and Yanacocha mine in Peru. Rock sampling at Pacaska has returned widespread elevated gold mineralization in the 0.2 – 1.0 g/t Au range with local values up to 17 g/t gold and 11% copper. In 2019, an extensive 300 line-km ground magnetics survey and a 30 line-km IP geophysical survey were completed. Multiple strong targets were identified which were possibly porphyry copper system related. The project is also subject to a Net Smelter Return (“NSR”) royalties totaling 1.5%.
Capricho Project
Capricho contains an outcropping porphyry copper – molybdenum system within a 3,768-hectare concession package. Prospecting work on the claims has uncovered porphyry copper mineralization in stockworks and altered intrusive rocks. The concessions contain enrichment zones with values reported up to 3% copper. Solaris Resources Inc. (“Solaris”) has an option to earn a 75% interest over three stages. Solaris must obtain all necessary agreements and permits for drilling and thereafter spend US$5 million on the project during the first three years for a 51% interest. An additional 24% interest, for a total of 75%, can be earned after Solaris spends US$14.5 million on the project over the next four years, solely funding a Pre-Feasibility Study (“PFS”) on the project, and paying US$0.5 million to the Company. The project is also subject to a NSR royalties totaling 2%.
Paco Orco Capricho Project
Paco Orco contains outcropping gossans interpreted to result from weathering of carbonate replacement-style Pb-Zn-Cu-Ag mineralization. The 4,400-hectare project contains mineralized gossan and jasperoid outcrops extending more than two kilometers and is largely unexplored. Surface rock samples from the weathered gossans have produced values up to 0.58% lead, 0.26% zinc, and 58 g/t silver. Solaris has an earn-in option agreement on Paco Orco for up to 75% interest. Solaris has agreed to obtain all necessary drill permits and thereafter spend US$4 million on the project during the first three years for a 51% interest. An additional 24% interest, for a total of 75%, can be earned after Solaris spends US$11.5 million on the project over the next four years, fully funding a PFS for the project, and paying US$0.5 million to the Company.
Both Capricho and Paco Orco are located within the World Class Andahuaylas – Yauri porphyry copper belt which hosts more than 20 major deposits, including the Tintaya mine and the Las Bambas mine. The project is also subject to a 1% NSR royalty.
The Company is continuously evaluating certain alternatives to advance all of its projects which may include finding exploration partners via joint-venture agreements, selling or disposing of assets, or certain other alternatives.
4. Summary of Annual Data and Quarterly Results
The following table is a summary of the Company’s financial results and position for the last three years:
| Twelve months ended | |||
|---|---|---|---|
| In Canadian dollars unless otherwise stated | 31-Dec-2024 | 31-Dec-2023 | 31-Dec-2022 |
| Revenue | - | - | - |
| Comprehensive loss | 855,149 | 1,284,298 | 672,000 |
| Total assets | 19,450,743 | 14,077,690 | 11,477,405 |
| Total non-current liabilities | - | - | - |
Copper Standard Resources Inc.
The following table is a summary of the Company’s financial results and position for the eight most recently completed quarters:
| Three months ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| In Canadian dollars | ||||||||
| unless otherwise stated | 31-Mar-25 | 31-Dec-24 | 30-Sep-24 | 30-Jun-24 | 31-Mar-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 |
| Net loss | 455,050 | 381,002 | 68,351 | 136,356 | 269,440 | 416,170 | 130,381 | 438,944 |
| Basic loss per share | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.02 |
| Diluted loss per share | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.02 |
| Weighted average shares | ||||||||
| (basic and diluted) | 49,645,979 | 45,390,040 | 41,893,464 | 41,893,464 | 41,260,377 | 31,397,495 | 30,505,167 | 30,505,167 |
| Total assets | 19,635,427 | 19,450,743 | 15,224,833 | 14,994,354 | 15,142,262 | 14,077,690 | 10,702,768 | 10,900,010 |
| Long-term liabilities | - | - | - | - | - | - | - | - |
Total assets primarily consist of the Company’s exploration properties. The Company has incurred some general and administrative expenses during the periods shown, resulting in a small net loss in each period and a commensurate reduction in the total assets of the Company. The loss per share remained reasonably consistent throughout the periods shown. In Q2 2023, the Company recorded an impairment of $229,657 related to its former Green Mountain property, which resulted in an increase in the loss for the period and a reduction in total assets. In Q4 2023 and Q1 2024, the Company completed a financing resulting in an increase in total assets and weighted average shares outstanding (see “6. Liquidity and Capital Resources”). Also, in Q4 2023, there was an increase in loss due to a larger than usual unrealized foreign exchange loss resulting from volatile currency fluctuations in the quarter. The loss in Q3 2024 was mitigated by a substantial gain on the revaluation of an investment in Pucara Gold Ltd. (“Pucara”) which will not be recurring in future quarters. In Q4 2024, the company completed the acquisition of Pucara resulting in an increase in total assets and shares outstanding.
5. Results of Operations
Three months ended March 31, 2025 compared to the three months ended March 31, 2024
The Company incurred a net loss of $455,050 in the three months ended March 31, 2025, as compared to $269,440 in the same period in the prior year. The table below details the changes in the expenditures for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024:
| Expense/Other income or loss | Change from prior period | Explanation for the change |
|---|---|---|
| Exploration and evaluation expenditures | Increase in expense of $113,137 | The increase is a result of the Company evaluating prospective copper-gold project opportunities as well as exploration expenses relating to the projects acquired in the fourth quarter of 2024. |
| Foreign exchange loss | Increase in loss of $22,771 | The increase is attributable to the effect of exchange rate fluctuations on the Company's foreign currency holdings. |
| General and administrative | Increase in expense of $16,751 | The increase is a result of additional administrative costs for the projects acquired in the fourth quarter of 2024. |
| Insurance expense | Increase in expense of $235 | Materially consistent. |
| Interest income | Decrease in income of $25,989 | The decrease is a result of less cash on hand in the current quarter to generate interest income. |
Copper Standard Resources Inc.
| Listing and filing fees | Decrease in expense of $3,208 | Materially consistent. |
|---|---|---|
| Management fees | Increase in expense of $5,750 | The increase in management fees is due to additional fees paid to the Chief Financial Officer. |
| Marketing fees | Decrease in expense of $370 | Materially consistent. |
| Professional fees | Increase in expense of $26,853 | The increase in the expense is the result of additional professional fees relating to the Pucara acquisition. |
| Salaries and wages | Increase in expense of $42,836 | The increase is a result of the appointment of a Chief Executive Officer in 2024. |
| Share-based compensation | Decrease in expense of $65,134 | The decrease is a result of the comparative period including an expense for stock options granted on September 1, 2022, these options vested fully on September 1, 2024 and therefore there was no expense in the current quarter. |
Cash Flows
In the three months ended March 31, 2025, the Company’s cash and cash equivalents balance increased by $72,782 (2024 -$519,874). This change is as a result of: incurring $410,638 (2023 - $159,894) in cash operating expenses, an outflow of $6,795 (2024 - $257,430) relating to timing differences with respect to non-cash working capital, an inflow of $630,000 relating to the issuance of 2,100,000 shares for warrant and option exercises and deferred acquisition costs of $139,785 (2024 - $105,290).
6. Liquidity and Capital Resources
As at March 31, 2025, the Company had a cash and cash equivalents balance of $692,997 (December 31, 2024 - $620,215) and a working capital surplus of $360,409 (December 31, 2024 - $280,832).
On March 28, 2025, the Company issued 2,100,000 shares upon exercise of 1,900,000 warrants and 200,000 stock options at an exercise price of $0.30 each for gross proceeds of $630,000. The weighted average share price on March 26, 2025, at date of exercise of both warrants and options was $0.30.
As part of the acquisition of Pucara on November 20, 2024, the Company issued 280,000 stock options and 1,400,000 warrants in exchange for Pucara options and warrants on the same terms adjusted for the exchange ratio used in the transaction. The stock options vested immediately, and 70,000 stock options are exercisable for $4.00 and expire on August 14, 2025, and 210,000 stock options are exercisable for $1.10 and expire on February 28, 2027. The warrants have an exercise price of $0.80 and expire December 2, 2027.
On July 8, 2024, the Company issued 500,000 stock options with an exercise price of $0.45. The options are under a semi-annual vesting schedule with 25% of the shares vesting every six months starting on July 8, 2024. The options expire five years from the grant date.
Colpayoc Project
The Company has an option to earn up to a 100% interest in the Colpayoc Project, which comprises the wholly-owned El Ferrol mineral claim, and the Jose IV and V claims.
Jose IV and V Mineral Claims
The Company may earn a 75% interest in the Jose IV and V mineral claims upon completion of US$3,000,000 in exploration expenditures and making a US$1,500,000 option payment to the owners of the mineral claims by
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Copper Standard Resources Inc.
December 5, 2025. After earning a 75% interest, the Company may acquire the remaining 25% upon completion of an additional US$2,000,000 in exploration expenditures, making a US$1,500,000 option payment to the owners of the mineral claims, and granting a 2% NSR royalty to the current owners of the mineral claims all by December 5, 2027. The Company has the option to buy back a portion or all of the 2% NSR royalty by making certain payments within one year of the commencement of commercial production. The Company has incurred exploration expenditures of $5,277,701 (US$3,897,455) (US$3,800,220 – 2024) as of March 31, 2025.
Ongoing Operations
Management believes that the Company has sufficient funds on hand to meet its current obligations with respect to ongoing operations, however, it is more than likely the Company will need to raise additional capital through further rounds of equity financing, or other alternatives, to fulfill the commitments as and when they arise.
As of the date hereof, the Company does not have any further commitments for capital expenditures or other contractual obligations other than those discussed elsewhere in this MD&A. The Company has no debt other than its accounts payable and accrued liability balances.
7. Transactions with Related Parties
Related parties are those persons having authority and responsibility for planning, directing, and controlling the activities of the Company, either directly or indirectly. Related parties of the Company include the members of the Board of Directors, officers of the Company, close family members of these individuals, and any companies controlled by these individuals. Pathway Capital Ltd. ("Pathway") is considered a related party of the Company as it is controlled by the President and a Director of the Company.
On September 30, 2024, the Company amended an administrative services agreement with Pathway to pay for management fees, rent and other administrative services. During the three months ended March 31, 2025, Copper Standard paid or accrued $9,000 to Pathway under the amended agreement (2024 - $15,000), these expenses are included under general and administrative expenses in the consolidated statement of loss and comprehensive loss. As at March 31, 2025, the Company had an accounts payable balance of $11,577 owing to Pathway (December 31, 2024 - $15,641).
Compensation of key management personnel:
Key management personnel include people who have the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company considers its Board of Directors, as well as the Chief Executive Officer, President, and Chief Financial Officer to be key management personnel.
During the three months ended March 31, 2025, the Company’s compensation cost for key management personnel was as follows:
| Three months ended March 31, 2025 $ | Three months ended March 31, 2024 $ | |
|---|---|---|
| Salaries and wages | 60,836 | 18,000 |
| Management fees | 14,750 | - |
| Share-based compensation | 36,632 | 60,303 |
| Total | 112,218 | 78,303 |
8. Disclosure of Data for Outstanding Common Shares, Stock Options and Warrants
As of the date of this MD&A, there were 51,652,646 common shares of the Company issued and outstanding. In addition, the Company had 3,655,000 stock options and 19,710,297 share purchase warrants outstanding.
Copper Standard Resources Inc.
9. Significant Judgements and Estimates
The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes the estimates and assumptions used in the Financial Statements are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows.
Significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the annual financial statements as at and for the year ended December 31, 2024.
10. Financial Instruments
As at March 31, 2025, the Company’s financial instruments consist of cash and cash equivalents, receivables, and accounts payable and accrued liabilities. The Company classifies cash and cash equivalents and receivables as financial assets held at amortized cost. The Company classifies accounts payable and accrued liabilities as financial liabilities, and these are held at amortized cost. The fair value of all of the Company’s financial instruments approximates their carrying value.
The risk exposure arising from these financial instruments is summarized as follows:
(a) Credit risk
Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s financial assets are cash and cash equivalents and receivables. The Company holds its cash and cash equivalents in bank accounts with highly rated financial institutions, therefore minimizing the Company’s credit risk. Receivables are due from government agencies.
(b) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Company has sufficient funds as of March 31, 2025 to cover its liabilities. The Company’s ability to continue to meet its liabilities when due, beyond the current cash and cash equivalents balance, is dependent on the Company’s ability to obtain financing.
The Company has accounts payable and accrued liabilities of $463,071 (2024 - $497,749), which are due within 12 months following March 31, 2025. The Company’s exposure to liquidity risk is high.
(c) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company’s income or value of its holdings or financial instruments.
As at March 31, 2025, the Company is exposed to currency risk through its assets and liabilities denominated in US dollars and Peruvian nuevo soles. A significant change in these exchange rates could have an effect on the Company’s results of operations, financial position, or cash flows. The Company has not hedged its exposure to currency fluctuations.
Based on the balances held in foreign currencies as at March 31, 2025, and assuming all other variables remain constant, a 10% change in the value of the US dollar and Peruvian nuevo soles against the Canadian dollar would result in an increase/decrease of approximately $13,019 in assets.
Capital Management
In the management of capital, the Company includes the components of shareholders’ equity. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and development of its mineral projects for the benefit of its stakeholders. As the
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Copper Standard Resources Inc.
Company is in the exploration stage, it has no income from operations, and its principal source of funds is from the issuance of its common shares.
The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, enter into joint-venture arrangements, or dispose of assets, amongst other alternatives.
The Company’s investment practice is to invest its excess cash and cash equivalents in highly liquid short-term interest-bearing investments selected with regards to expected timing of its expenditures. The Company is not subject to any externally imposed capital requirements.
11. Cautionary Note Regarding Forward-Looking Information
Certain information contained in this document constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements, including but not limited to statements with respect to future plans and objectives of Copper Standard; Copper Standard’s exploration plans, including plans for follow-up drilling and other work, the extent and nature of such exploration plans, timing of such exploration plans, and potential results of such exploration plans. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by the Company, are subject to risks and uncertainties, including the Company’s ability to advance exploration efforts; the results of such exploration efforts; copper, gold and other base and precious metal prices; cut-off grades; accuracy of mineral resource estimates and resource modeling; timing and reliability of sampling and assay data; representativeness of mineralization; timing and accuracy of metallurgical test work; anticipated political and social conditions; expected government policy, including reforms; ability to successfully raise additional capital; and other assumptions used as a basis for preparation of the Company’s technical report. The Company cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include the ability to raise funding to continue exploration, development and mining activities; share price fluctuation; global economic conditions; limited supplies, supply chain disruptions, and inflation; speculative nature of mineral exploration and development; risk of global outbreaks and contagious diseases; risks from international operations; risk associated with an emerging and developing market; relationships with, and claims by, local communities and indigenous groups; geopolitical risk; risks related to obtaining future environmental licenses for exploitation; permitting risk; anti-mining sentiment; failure to comply strictly with applicable laws, regulations and local practices may have a material adverse impact on the Company’s operations or business; the inherent operational risks associated with mining, exploration and development, many of which are beyond the Company’s control; land title risk; surface rights and access risk; fraud and corruption; ethics and business practices; Copper Standard may in the future become subject to legal proceedings; Copper Standard’s mineral assets are located outside Canada and are held indirectly through foreign affiliates; commodity price risk; exchange rate fluctuations; joint ventures; property commitments; infrastructure; lack of availability of resources; dependence on highly skilled personnel; competition; significant shareholders; reputational risk; conflicts of interests; uninsurable risks; information systems; public company obligations; internal controls provide no absolute assurances as to reliability of financial reporting and financial statement preparation, and ongoing evaluation may identify areas in need of improvement; the Company’s foreign subsidiary operations may impact its ability to fund operations efficiently, as well as the Company’s valuation and stock price; the value of the Company’s common shares, as well as its ability to raise equity capital, may be impacted by future issuances of shares; future sales of common shares by existing shareholders; environmental risks and hazards; and changes in climate conditions.
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Copper Standard Resources Inc.
Although the Company has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether due to new information, future events or results or otherwise, except as required by applicable law.
12. Other Risks to Copper Standard
The primary risk factors affecting Copper Standard are set forth in the Company’s prospectus dated November 30, 2020 and management information circular dated December 20, 2021, which are both available on www.sedarplus.com.
13. Qualified Person
The technical information contained in this document related to the Colpayoc Project drill program was based upon the Company’s news release titled, “Copper Standard Confirms Presence of Porphyry Copper-Gold System and Drills 118 M @ 0.68 G/T Au from Surface at its Colpayoc Property” and dated August 12, 2024, prepared under the supervision of Andy Swarthout, Chairman of the Company, who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.