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Kenmare Resources plc

(“Kenmare” or “the Company”)

 

26 May 2022

 

Report on payments to governments 2021

 

Introduction

 

This report details payments to governments made by Kenmare Resources plc (the “Company”) and its subsidiary undertakings (the “Group”) for the financial year ended 31 December 2021.

This report has been prepared in accordance with the requirements of Part 2A of the Transparency (Directive 2004/109/EC) Regulations, 2007 (as amended) (“Part 2A”), Part 26 of the Companies Act 2014 (“Part 26”) and rule DTR 4.3A of the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTR 4.3A”). Part 2A and Part 26 enact in Ireland domestic rules in line with Directive 2013/34/EU (the “EU Accounting Directive (2013)”) and apply to large Irish incorporated companies, like the Company, that are involved in the exploration, discovery, development, and extraction of minerals. DTR 4.3A imposes equivalent requirements on issuers, like the Company, admitted to trading on the London Stock Exchange that are similarly involved in the exploration, development and extraction of minerals.

This report is available for download at https://www.kenmareresources.com/investors/reports-and-presentations

It has also been submitted to Euronext Dublin and the UK National Storage Mechanism and will shortly be available for inspection at the following locations:

https://direct.euronext.com/#/oamfiling

and

https://data.fca.org.uk/#/nsm/nationalstoragemechanism

About Kenmare Resources plc

Kenmare Resources plc is an Irish incorporated company with a premium listing on the London Stock Exchange and a secondary listing on Euronext Dublin. Kenmare operates the Moma Titanium Minerals Mine (the “Moma Mine”), which is located on the northern coast of Mozambique. Moma is one of the world’s largest producers of minerals sands products, accounting for production of approximately 8% of global titanium feedstocks and supplying to customers operating in over 15 countries. The Group’s products are key raw materials, ultimately consumed in everyday quality-of-life products such as paints, plastics, and ceramic tiles.

The Group consists of the parent company (Kenmare Resources plc) and its subsidiary undertakings. The mining operations at the Moma Mine are carried out by the Mozambique branch of Kenmare Moma Mining (Mauritius) Limited (“KMML”) and downstream processing is undertaken by the Mozambique branch of Kenmare Moma Processing (Mauritius) Limited (“KMPL”), both of which are wholly-owned subsidiary undertakings of the Company. KMML and KMPL account for 100% of the Group’s turnover and 99% of the Group’s total assets. Therefore, all revenues and operating costs of the Group’s mining and processing operations are recorded by KMML and KMPL within the same tax jurisdiction, namely Mozambique.

The parent company, Kenmare Resources plc, conducts no direct exploration or mining activities. The Group’s corporate costs are recorded by the parent company.

Scope of report

Disclosure of payments to governments is required in respect of payments arising from the exploration, discovery, development and extraction of minerals; the payments included within this report therefore relate to the Group’s mining and processing activities at the Moma Mine in Mozambique.

Groups are required to prepare a consolidated report disclosing payments made by the parent company and its subsidiary undertakings. Accordingly, this report reflects payments made by the Group companies conducting mining and processing activities, namely KMML and KMPL. The Group owns 100% of these entities and the amounts reflect 100% of the payments made by these subsidiary undertakings.

For a broader discussion of the Group’s payments to governments and its contribution to its host communities, please see the Group’s 2021 Sustainability Report, available on the Company’s website at www.kenmareresources.com/investors/reports-and-presentations

Payments

The payments disclosed in this report are on a cash basis.

The payments made to governments are required to be analysed into the following categories:

• Production entitlements - this category includes the host government’s share of production, which is usually outlined in a production sharing agreement. In 2021, the Group did not make relevant payments in this category.
   
• Taxes - this category includes taxes paid to governments on income, profits or production arising from the Group’s exploration, discovery, development and extraction of minerals. Taxes levied on consumption such as value added taxes, personal income taxes and sales taxes are excluded. KMML is subject to a corporation tax rate of 35% of the taxable profits of its Mozambique branch. Taxable profits of the branch are calculated by reference to the cash costs of producing Heavy Mineral Concentrate (“HMC”) net of allowable tax deductions and increased by a defined margin.

KMML’s Mozambique branch produces one product from its mining activities, namely HMC. HMC is sold to KMPL, which processes it into finished products (ilmenite, zircon, rutile and mineral sands concentrate), which are exported worldwide to third party customers. The cash costs of mining include the costs of mine face preparation, dredging and dry mining operations, Wet Concentrator Plant operations, rehabilitation and support services.

The margin applied to the cash costs of mining is stipulated in the Mineral Licensing Contract, dated 21 January 2002. The contract is between KMML and the Ministry of Mineral Resources and Energy (MIREME) of the Republic of Mozambique, acting for and on behalf of the Government of the Republic of Mozambique, which details the terms and conditions for the exploration, development and production of heavy minerals in the areas of Moma, Congolone and Quinga. The margin is determined by dividing the prices for sale of finished products to third party customers earned by KMPL in the year by the prices earned in the prior year, adjusted for inflation and applying this factor to the prior year margin. For the fiscal year ending 31 December 2021 the margin was 54.8%.

KMPL has the benefit of operating within an Industrial Free Zone (“IFZ”) and as an IFZ company, it is exempted from corporation tax.

• Royalties – this category includes payments to a government for the rights to extract minerals or other materials. Typically amounts are levied based on production levels or revenues. KMML is subject to a mining royalty of 3% based on HMC sold to KMPL. The royalty is calculated by multiplying the cash costs of producing HMC, plus the margin as detailed above, by 3%.

KMPL is subject to a revenue royalty of 1% on revenue recognised. 

• Dividends - this category includes dividend payments other than dividends paid to a government as an ordinary shareholder of the Company or one of its subsidiary undertakings. In 2021, the Group did not make relevant payments in this category.
   
• Bonuses - this category includes bonuses paid to a government for and in consideration of signature, discovery, production, awards, grants and transfers of extraction rights and production bonuses. In 2021, the Group did not make relevant payments in this category.
   
• Fees – this category includes licence fees, rental fees, entry fees and other considerations for mining licences or concessions.
   
• Infrastructure improvements – this category includes payments to governments for infrastructure other than in circumstances where the infrastructure is expected to be primarily dedicated to operational activities throughout its useful life. Payments that form part of the Group’s social investment activities (which are primarily organised and administered by Kenmare Moma Development Association) are excluded. Such payments would include contributions in respect of local schools, healthcare or community facilities, or improvements to the general environment of local communities.

Government

“Government” means any national, regional or local authority of a country, and includes a department, agency or undertaking that is a subsidiary undertaking where the authority is the parent undertaking.

All payments referred to this report are made to the Government of Mozambique or its agencies; in particular, they are made to Autoridade Tributária Unidade dos Grandes Contribuintes–Nampula, a department of the Mozambican tax authority.

Analysis by project/entity

An analysis of payments by project is required where payments are attributable to specific projects. Projects are defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. Where agreements are substantially interconnected in operating and geographical terms, with substantially similar terms, those agreements should be treated as a single project. Payments may be disclosed at an entity level where payments are made in respect of obligations imposed at that entity level rather than at a project level. Payments below are disclosed at the entity level for KMML and KMPL, which between them operate the Moma Mine, which is treated as one project for purposes of this Report.

Materiality

Under Part 2A and Part 26, a payment need not be disclosed if it is a single payment of less than the equivalent of €100,000 or a series of related payments in a single year whose total is less than the equivalent of €100,000.

Currency and rounding

All monetary amounts in this report refer to United States dollars unless otherwise indicated. The amounts shown in this report have been rounded to the nearest $1,000.

Payments to governments – 2021

	Production entitlements	Taxes	Royalties	Dividends	Bonuses	Fees	Infrastructure improvements	Total
	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Country summary
Government of Mozambique	-	6,156	8,863	-	-	388	-	15,407
Total	-	6,156	8,863	-	-	388	-	15,407
Entity report
KMML	-	6,156	4,200	-	-	388	-	10,744
KMPL	-	-	4,663	-	-	-	-	4,663
Total	-	6,156	8,863	-	-	388	-	15,407

This report for Kenmare Resources plc (registered number 37550) was approved by the Directors of the Company on 25 May 2022 and signed on their behalf by

Michael Carvill

Director        

 

Tony McCluskey

Director                                                

 

For further information, please contact:

 

Kenmare Resources plc

Jeremy Dibb / Katharine Sutton

Investor Relations

ir@kenmareresources.com

Tel: +353 1 671 0411

Mob: +353 87 943 0367 / +353 87 663 0875

 

Murray (PR advisor)

Doug Keatinge

dkeatinge@murraygroup.ie

Tel: +353 1 498 0300

Mob: +353 86 037 4163

 

About Kenmare Resources

 

Kenmare Resources plc is one of the world’s largest producers of mineral sands products. Listed on the London Stock Exchange and the Euronext Dublin, Kenmare operates the Moma Titanium Minerals Mine in Mozambique. Moma’s production accounts for approximately 8% of global titanium feedstocks and the Group supplies to customers in more than 15 countries. Kenmare produces raw materials that are ultimately consumed in everyday quality-of life items such as paints, plastics and ceramic tiles.

 

Four-part documentary delves into groundbreaking work conducted by teams of staff and students

THUWAL, Saudi Arabia, May 25, 2022 (GLOBE NEWSWIRE) -- National Geographic is shining the spotlight on Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) in Chasing Answers, a new four-part series that explores the emergence of the Thuwal-based institution as a hub for groundbreaking scientific research and development in the region and the world. The documentary, produced by National Geographic, will premiere on National Geographic (English) and National Geographic Abu Dhabi (Arabic) on Wednesday, June 1st at 9pm KSA.

Home to elite scientists from all over the world, KAUST focuses on research that applies science and technology to areas of global concern. The series delves into three areas in particular - human need, social advancement and environmental sustainability - highlighting important projects with significant impact on both nature and mankind.

Episodes include Powering the Future, which will take a look at a team of KAUST researchers, as they spend countless hours tackling climate change and testing alternative energy solutions. Red Sea Explored is a deep dive into projects that include underwater internet and coral spawning.

The episode (Feeding) The 10 Billion Challenge shows the inroads being made by the KAUST team in answering the ever-daunting question of how to feed the world’s growing population. We Are Doers focuses on a group of problem-solvers as they look for ways to use technology to help overcome issues ranging from the global microchip shortage to filling knowledge gaps in our understanding of the past and our ambitions for the future.

Chasing Answers will air at 9pm KSA time each Wednesday for four weeks starting June 1st.

About King Abdullah University of Science & Technology 

Established in 2009, King Abdullah University of Science and Technology (KAUST) is a graduate research university devoted to finding solutions for some of the world’s most pressing scientific and technological challenges in the areas of food and health, water, energy, environment and the digital domain. KAUST is a curiosity-driven, interdisciplinary problem-solving environment, with state-of-the-art labs, distinguished faculty talent, and 20 research areas related to these themes.

KAUST brings together the best minds from around the world to advance research. More than 100 different nationalities live, work and study on campus. KAUST is a catalyst for innovation, economic development and social prosperity in Saudi Arabia and the world, with research resulting in novel patents and products, enterprising startup businesses, collaborative regional and global initiatives, and original published papers.

To learn more visit kaust.edu.sa.

For more information, please contact global.pr@kaust.edu.sa

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9353a626-6d54-4841-a1e8-52956bd1b5d7
https://www.globenewswire.com/NewsRoom/AttachmentNg/8c88619e-5dd6-4684-9134-a08379b51659

A video accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4304d1e8-8ce2-45c6-9a8a-6b4babe0a0c6

• Kia Communities in Motion provides charities the time, space and funding to find inspiration to continue moving their communities forward.
• Program will see $1.4M dollars support local projects across the country over four years.

TORONTO, May 25, 2022 (GLOBE NEWSWIRE) -- Today, Kia Communities in Motion announces nine charities and non-profits across the country that have been selected to receive funding in the program’s inaugural year. This comes on the heels of the program’s announcement in December where Kia Canada, in partnership with Community Foundations Canada (CFC), launched Kia Communities in Motion, a grassroots endeavour to invest $1.4M over four years to support local projects that are building inclusive communities through innovative programming that encourages movement.

As Canada continues to face challenges brought on by COVID-19 – widening inequalities and increasing the barriers that certain groups face – charities and non-profits play a critical role to create transformative change at the local level.

“The first year of Kia Communities in Motion is going to see several incredible opportunities to drive innovation, inspiration and movement at a grassroots level, supporting the various needs of people across the country,” says Elias El-Achhab, Vice President and Chief Operating Officer of Kia Canada. “At Kia we recognize the importance of the incredible work being done at a local level. Communities know better than anyone what they need, and we’re so excited to support these important initiatives empowering the betterment of our world and the critical change that accompanies it.”

Inspiring projects funded by Kia Communities in Motion 2022
Nine projects have been selected from coast-to-coast-to-coast, ranging from Saskatchewan’s Bridging Service Collaborative – a program that will assist those in crisis situations through supports such as overnight accommodation, access to emergency food or emergency transportation – to Windsor’s Young Women in Motion program by Women’s Enterprise Skills Training of Windsor, which aims to break barriers with biking by increasing the mobility, physical and social well-being of young BIPOC women.

Each funded initiative will advance change through equitable, innovative solutions grounded in the concept of movement – inspired by Kia’s brand belief, ‘Movement that inspires.’ A selection of funded projects include:

• Moving Ahead by South Okanagan Immigrant & Community Services (SOICS) in Penticton which will improve access to transportation and settlement support for newcomers in rural and remote communities through driving lessons, bicycle transportation and safety programming, and English language intensive classes. “It can take approximately 15 years for newcomers to settle in Canada,” says Cherry Fernandez, Executive Director of SOICS. “The program’s transportation and language components will impact quality of life, allowing access to supports and essential services, while also improving the well-being and sense of belonging for individuals and families."  
• Black Boys Code’s Windsor Advancement Project by Black Boys Code Society - an initiative to create safe and inclusive spaces for Black boys and help them build the cognitive and technical skills needed to pursue a career in STEM. “There is a financial and racial tech gap in Canada, which threatens the future of Black boys and their ability to gain meaningful employment and improve social mobility in a digitized economy,” says Bryan Johnson, CEO of Black Boys Code. “Kia Communities in Motion will support the Windsor chapter in providing opportunities for students to see new places, meet new people, and have new experiences."   

Empowered by community foundations on the ground
In its inaugural year, Kia Communities in Motion worked with five foundations across the country, using their knowledge of grassroots organizations and the needs of their local communities to select charities and non-profits that drive innovation and movement in their communities. This year, Kia Communities in Motion is collaborating with:

• Windsor -Essex Community Foundation, Ontario
• Rural Communities Foundation Of Nova Scotia, Nova Scotia
• Yorkton And District Community Foundation, Yorkton, Saskatchewan
• Community Foundation Of The South Okanagan Similkameen, Penticton, British Columbia
• Fondation du Grand Montréal - Foundation Of Greater Montreal, Longueuil, Laval, Quebec

“The pandemic has been exceptionally difficult and has disproportionately impacted people already experiencing vulnerability. In the face of these challenges, there is a bright spot: charities and non-profits have been, and continue to be, creative and resourceful in responding to community needs,” says Andrea Dicks, President, Community Foundations of Canada. “Kia Communities in Motion is providing important support to move this work and communities forward. As we look towards recovery, it’s projects like these that will help ensure no one is left behind.”

Kia Communities in Motion’s first-year recipients
The selected charities and non-profits feature a diverse range of community-led projects, all of which support movement of people forward in society, promote inclusivity in the community, use innovative solutions to address social challenges, and have a wide impact on the community. A full list of funded organizations can be found below:

• Black Boys Code Society, Black Boys Code’s Windsor Advancement Project, Windsor, ON
• Women’s Enterprise Skills Training of Windsor Inc., Young Women in Motion: Breaking Barriers with Biking, Windsor, ON
• Sexual Health Nova Scotia, The Nova Scotia Transformation Project, Bridgewater, NS
• Dalhousie University, A Black People’s History of Canada, Halifax, NS
• SaskAbilities, Bridging Service Collaborative, Yorkton, SK
• Kici Anishinabek Kananakachiwewat Community Service Co-operative, Creation of a regional Saulteaux Language and Culture Program, Kamsack, SK
• South Okanagan Immigrant & Community Services, Moving Ahead, Penticton, BC
• Penticton and Area Cooperative Enterprises, Rusty Springs Business Manual, Penticton, BC
• Défi sportif AlterGo, “At my school”, Montréal, QC

About Kia Canada
Kia Canada Inc., founded in 1999, is a subsidiary of Kia Corporation based in Seoul, South Korea. The company employs 178 people at its headquarters in Mississauga, Ontario, as well as in locations across Canada and at its regional office in Montréal, Québec. Kia offers products and services that are innovative, dynamic, thoughtful and award-winning, through a network of 197 dealers across the country. The company's brand slogan – ‘Movement that inspires’ reflects Kia’s commitment to inspiring consumers through its products and services. To learn more, visit kia.ca or Facebook, LinkedIn, Twitter and Instagram.

About Community Foundations of Canada
Community Foundations of Canada (CFC) is the national leadership organization for Canada’s 191 local community foundations. Together with community foundations across the country, CFC helps drive local solutions for national change on the issues that matter most to Canadians. CFC is building a movement that connects community foundations, Canadians and partners to create a just, sustainable future.

For more information and press inquiries please contact Susan Bernardo at sbernardo@kia.ca or Emma Ninham at eninham@strategicobjectives.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/370bc353-fa9e-4d68-8f31-d74c861dd04f

 

WINNIPEG, Manitoba, May 25, 2022 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today released its Environmental, Social and Governance (“ESG”) Report for 2021 (“ESG Report” or “Report”), which can be found at https://www.nfigroup.com/esg/.

“As leaders in transportation solutions, NFI plays a critical role in driving tangible environmental and social impact. Our products and services lower emissions, create economic opportunities, and build healthier communities. NFI’s fourth annual ESG Report demonstrates our impact and the significant growth and maturity in our Company-wide ESG practices,” said Janice Harper, Executive Vice President, People and Culture, NFI. “Throughout 2021, we continued to lead the evolution to zero-emission transportation—what we like to call the ZEvolution^TM—through the launch of six new battery and fuel cell-electric models. NFI now has zero-emission buses and coaches operating or on order, in more than 80 cities, and 2021 saw us expand our zero-emission presence in Ireland, Britain, New Zealand, and Australia. We also accelerated our Company-wide sustainability strategy and roadmap, focused on serving all our stakeholders. This included the hiring of a Sustainability Manager, launching an ESG materiality assessment, and actioning Company-wide diversity, equity, and inclusion initiatives.”

NFI’s ESG Report for 2021 provides updated key performance indicators, highlights for 2021, ESG priorities for 2022, as well as case studies outlining some of the specific projects and initiatives the Company undertook in the year. The Report focuses on the three main components of NFI’s Sustainability Pledge, first adopted in 2006: “Better Product. Better Workplace. Better World”, which guides the Company’s daily actions and long-term planning.

Better Product: Each NFI bus is designed and built for either zero-emissions or fuel efficiency. NFI’s impressive line-up of zero-emission and battery-electric products, as well as telematics and connected technology to monitor performance, demonstrate the Company’s commitment to a sustainable future for all. From 2015 through to the end of 2021, NFI delivered 2,032 EUs zero-emission buses, or ZEBs, that have travelled more than 65 million miles and prevented the emission of billions of pounds of CO₂ into the atmosphere. NFI electric buses were featured at 26th United Nations (“UN”) Conference of the Parties (“COP26”) in Glasgow, Scotland, and NFI also expanded its battery recycling partnership with Li-Cycle Corporation.

Better Workplace: In 2021, NFI engaged an independent third party to conduct a diversity, equity, and inclusion (“DEI”) survey of the organization to assess current state and areas for opportunity; formalized a Human Rights Statement, which includes Freedom of Association; invested $7 million in employee training; and conducted a living wage assessment of the Company’s main transit bus production facilities, which found that 99.78% of employees were at or above the living wage standard in their region. The Company takes pride in being an employer and partner of choice, with a focus on building a respectful, inclusive, and vibrant workplace culture.

NFI’s Board is now 40% female and 80% independent, while the executive leadership team is 21% female. In 2021, the Company implemented a flexible work program, retained eight new team members through its Anniston Workforce Development Program (a national workforce development initiative), and signed onto the American Public Transportation Association’s (“APTA”) Racial Equity Commitment Program.

Better World: NFI is focused on being a responsible corporate citizen and creating positive change for all its stakeholders and their communities. In 2021, NFI submitted its first response to the CDP Climate Change Questionnaire; took part in a social innovation lab focused on Indigenous youth employment in the manufacturing industry; and completed ongoing projects to improve the Company’s operational impact on climate change.

NFI continued its strong relationship with United Way agencies across North America, raising more than $370,000 in 2021. Collectively, NFI has donated more than $3.1 million to the United Way from its workplace campaigns since 2009. NFI was presented with the Spirit of Collaboration award for its partnership with the International Association of Machinists and Aerospace Workers (“IAMAW”) and Unifor during its 2021 workplace campaign.

To develop this Report, NFI consulted with a broad range of external stakeholders on regional and global levels, including key internal departments, customers, suppliers, investors, creditors, and community partners. The Report is published with the approval of NFI’s senior executives and the Board of Directors.

About NFI

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI meets today’s urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation.

With 7,500 team members in nine countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer^® (heavy-duty transit buses), MCI^® (motor coaches), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), ARBOC^® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 105,000 buses and coaches around the world. NFI’s common shares trade on the Toronto Stock Exchange (“TSX”) under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, www.nfi.parts, www.alexander-dennis.com, www.arbocsv.com, and www.carfaircomposites.com.

For sustainability inquiries, please contact:
esg@nfigroup.com

For investor inquiries, please contact:
Stephen King
P: 204.224.6382
Stephen.King@nfigroup.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3c809c0-3552-4d6a-ac52-b355631ae3d4

MONTREAL, May 25, 2022 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to announce that it has filed the Initial Project Description for the Troilus Project with the Impact Assessment Agency of Canada (“IAAC”) at the Federal level and the Project Notice with the Ministère de l’Environnement et de la Lutte contre les Changements Climatiques (MELCC) at the Quebec Provincial level. The filing of the Initial Project Description and the Project Notice are the first step in the Environmental and Social Impact Assessments (“ESIA”), approval of which are required under Canadian and Quebec law in order for a mining project to proceed to construction and into production. The ESIA assesses the environmental, social and economic impacts of a proposed mining project and includes extensive consultations with local stakeholders, and in particular First Nations.

Justin Reid, CEO and Director of Troilus commented, “The start of the environmental permitting process moves us another significant step closer to a potential restart of the Troilus mine. The advancement of work on the upcoming Pre-Feasibility Study goes hand-in-hand with the filing of the Initial Project Description and Project Notice since we are now in the position to define with a greater degree of detail and certainty what the Troilus Project could look like in the future. We can now invite stakeholders to provide their input to ensure that any potential future operation meets the expectations of all involved from an environmental and social perspective. We look forward to collaborating with our stakeholders and government regulators as we advance through the environmental permitting process.”

Jacqueline Leroux, Vice President Environment at Troilus added, “Although the filing of the Initial Project Notice and the Project Description mark the first official step in the permitting process, in fact our team has been working hard behind the scenes in preparation for this event for the last couple of years. This has included environmental baseline studies that consider the physical environment and biodiversity around the mine site over the different seasons, pre-consultation sessions with our local communities to identify priority issues and establishing important working relationships with government and community stakeholders. Since Troilus is also a closed mine site, having been in production from 1996 to 2010, we have a unique opportunity to benefit from the experience gained in the past and as we look ahead we can incorporate First Nations knowledge of the land into our planning and design that will help us minimize and mitigate any future environmental impacts.”

At the Federal level, the filing of the Initial Project Notice marks the start of the “Planning Phase”, during which the IAAC will invite members of the public and Indigenous peoples to provide comment on the focus and priorities of the ESIA and contribute to planning. The Planning Phases is expected to take 180 days to complete and will result in a set of guidelines for Troilus to follow in preparing the ESIA. At the Provincial level, MELCC will refer the Initial Project Notice to le Comité d’évaluation des répercussions sur l’environnement et le milieu social (“COMEV”) to assess the Project’s impact and provide guidelines for the ESIA, which are expected within 30 days. Since approval is required at both the federal and provincial level, Troilus will essentially be running a concurrent dual assessment process which will result in two ESIA reports to address the concerns and priorities at each level of government.

Figure 1 – Major Components and Sequence for Permitting a Mine in Quebec: https://www.globenewswire.com/NewsRoom/AttachmentNg/819bd165-27be-40ef-9cab-9a807bc76dd6

About Troilus Gold Corp.

Troilus Gold Corp. is a Canadian-based junior mining company focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production. From 1996 to 2010, the Troilus Mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in the top-rated mining jurisdiction of Quebec, Canada, where is holds a strategic land position of 1,420 km² in the Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property with significant mineral resource growth. The Company is advancing engineering studies following the completion of a robust PEA in 2020, which demonstrated the potential for the Troilus project to become a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record of successful mine development, Troilus is positioned to become a cornerstone project in North America.

For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
info@troilusgold.com 

Cautionary Note Regarding Forward-Looking Statements and Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding timing of the ESIA process and government approvals, pre-feasibility study, environmental assessments (including the timing of an environmental impact study) and development plans, opportunity to expand the scale of the project,; the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; success of exploration activities; the anticipated ability of investors to continue benefiting from the Company’s low discovery costs, technical expertise and support from local communities; the timing and amount of estimated future exploration; the ability of the Company to achieve full carbon neutrality now or in the future;; the ongoing impact of the novel coronavirus (COVID-19) and the considerable uncertainties about the geographic, social and economic impact on the Company. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company’s activities (including without limitation on its employees and suppliers) and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on gold and other metals; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; risks and uncertainties inherent to mineral resource estimates; the high degree of uncertainties inherent to preliminary economic assessments and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other precious metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Technical Report and in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com. Although Troilus 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. 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. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Launches new Organizational Purpose Statement and Discloses Commitment to GISTM

(All amounts expressed in U.S. Dollars unless otherwise stated)

TORONTO, May 25, 2022 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) today released its 2021 Responsible Gold Mining Report (the “Report”), which is the Company’s most comprehensive Environmental, Social and Governance (“ESG”) disclosure to date. The Report can be found on the Company’s website at www.torexgold.com.

The Report highlights the Company’s new organizational purpose statement: ‘To transform finite mineral resources into lasting prosperity by positively impacting all the lives we touch.’ It also confirms the Company’s commitment to fully implement the new Global Industry Standard on Tailings Management (GISTM).

Jody Kuzenko, President & CEO of Torex, stated:

“I am pleased that this Report marks the first public disclosure of our organizational purpose statement, which was developed after much careful thought to choose the words that embody what we stand for as a Company. From our earliest days, we built our operation in Guerrero with a view to running a business that was certainly about generating profit – but also about minimizing our environmental footprint, building trust and partnership with local communities, creating prosperity for those who share stakes in Torex and fostering lasting economic development through community infrastructure and improvement initiatives.

“With the development of Media Luna and growth ambitions ahead of us, we will increase the positive impact we are making in Mexico and beyond and continue to demonstrate what responsible gold mining looks like.”

Jennifer Hooper, Chair of the Safety and Corporate Social Responsibility Committee of the Torex Board of Directors, stated:

“At Torex, we have truly embedded ESG governance throughout our organization, from the Board of Directors and our Executive Team, through to operations management and our front-line employees. Operating responsibly is at the core of who we are, and a condition of employment at all levels of the business. We recognize that responsible and sustainable mining starts with the Board of Directors, and we consistently look for ways to incorporate evolving ESG best practices to continuously improve our performance and to sustain our reputation as an industry leader when it comes to mining responsibly.”

2021 RESPONSIBLE GOLD MINING REPORT HIGHLIGHTS

• Industry-leading safety performance, with only one lost time injury in 2021 and a lost time injury frequency as at the end of 2021 of 0.14 per million hours worked for our employees and contractors;

• Zero reportable environmental incidents;

• Continued implementation of our Community Development Agreements (CODECOPs) in partnership with 11 host communities, with $4.1M directly invested in community development and infrastructure projects;

• 99% employees from Mexico with 61% from Guerrero State;

• 90% of procurement spend in Mexico; approximately $75 million in procurement within Guerrero State;

• Completed Year 1 implementation of the requirements of the World Gold Council Responsible Gold Mining Principles (RGMPs), including a public RGMPs Progress Report that was independently assured;

• Became a signatory to the International Cyanide Management Code (ICMC), and formally adopted the Global Industry Standard on Tailings Management (GISTM);

• Received the ESR® 2022 Distinction from the Mexican Center for Philanthropy (CEMEFI) and the Alliance for Corporate Social Responsibility in Mexico (AliaRSE) for the fourth consecutive year, for our public and voluntary commitment to implement socially responsible management at our operations in Mexico;

• Recognized by major Canadian and international media for our ESG performance, including receipt of the 2021 Mining Magazine Safety Award for safety excellence, and selection as an honouree on the Globe and Mail “Women Lead Here” list in recognition of the high proportion of women on our executive team;

• Improved significantly on scoring from key ESG ratings agencies from 2020 to 2021 due to ongoing improvements on disclosure, including ISS, MSCI, Sustainalytics, Refinitiv and S&P Global as well as improvement on our 2021 CDP Climate Change Questionnaire.

The Company’s 2021 Responsible Gold Mining Report was prepared in accordance with the Global Reporting Initiative (“GRI”) Standards (Core option) and the Sustainability Accounting Standards Board (“SASB”) Metals and Mining Sustainability Accounting Standard. It also includes energy and climate-related data aligned with the Phase 1 recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

ABOUT TOREX GOLD RESOURCES INC.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company’s principal asset is the Morelos Complex, which includes the El Limón Guajes (“ELG”) Mining Complex, Media Luna Project, processing plant and related infrastructure. Commercial production from the Morelos Complex commenced on April 1, 2016 and an updated Technical Report for the Morelos Complex was released in March 2022. Torex’s key strategic objectives are to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property.

FOR FURTHER INFORMATION, PLEASE CONTACT:

TOREX GOLD RESOURCES INC.

Jody Kuzenko President and CEO Direct: (647) 725-9982 jody.kuzenko@torexgold.com

Dan Rollins Vice President, Corporate Development & Investor Relations Direct: (647) 260-1503 dan.rollins@torexgold.com

CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the purpose statement to transform finite mineral resources into lasting prosperity by positively impacting all the lives we touch; the Company’s commitment to fully implement the new GISTM; and the key strategic objectives to extend and optimize production from the ELG Mining Complex, de-risk and advance Media Luna to commercial production, build on ESG excellence, and to grow through ongoing exploration across the entire Morelos Property. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “strategy” or variations of such words and phrases or statements that certain actions, events or results “will”, or “is expected to” occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties associated with: skarn deposits, ability to obtain the timely supply of services, equipment and materials for the operation of the ELG Mine Complex and the design, development and construction of the Media Luna Project; the regulatory process and actions; ability to finance the Media Luna Project on reasonable terms, and those risk factors identified in the technical report (“Technical Report”) titled ELG Mine Complex Life of Mine Plan and Media Luna Feasibility Study, with an effective date of March 16, 2022, and a filing date of March 31, 2022 and in the Company’s annual information form and management’s discussion and analysis or other unknown but potentially significant impacts. Notwithstanding the Company’s efforts, there can be no guarantee that the Company’s COVID-19 mitigation measures will be effective. Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

COVINGTON, La., May 24, 2022 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq:POOL) announced today that it has published its inaugural Corporate Responsibility Report. POOLCORP’s 2021 Corporate Responsibility Report outlines the company’s approach to managing environmental, social and governance (ESG) matters and highlights its commitment to conducting its business in an ethical, environmentally-friendly, socially-responsible and sustainable manner.

“Pool Corporation has embraced ESG principles as a core element of its operating culture for many years. We seek to exemplify our core values in how we operate our business, care for our employees, support our communities and minimize our impact on the environment. The publishing of our inaugural Corporate Responsibility Report is an important milestone for our company. It reflects our dedication to continuous improvement of responsible, sustainable business practices and reinforces our commitment to create long-term value for our shareholders. We look forward to sharing our progress in future reports as we continue to grow and develop these principles and further incorporate them into our daily operations,” commented Peter D. Arvan, president and CEO.

Please visit http://poolcorp.com/responsibility to view POOLCORP’s 2021 Corporate Responsibility Report.

About Pool Corporation
Pool Corporation is the world’s largest wholesale distributor of swimming pool and related backyard products. POOLCORP operates approximately 415 sales centers in North America, Europe and Australia through which it distributes more than 200,000 national brand and private label products to roughly 120,000 wholesale customers. For more information about POOLCORP, please visit www.poolcorp.com.

Forward-Looking Statements
This release may include “forward-looking” statements that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including impacts on our business from the COVID-19 pandemic and the extent to which home-centric trends will continue, accelerate or reverse, the sensitivity of the swimming pool supply business to weather conditions and other risks detailed in POOLCORP’s 2021 Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the Securities and Exchange Commission (SEC).

CONTACT:

Curtis J. Scheel
Director of Investor Relations
985.801.5341
curtis.scheel@poolcorp.com

The Flywire Charitable Foundation launches new category of environmental sustainability for students committed to addressing climate crisis

Third annual program will award eight scholarships through educational institutions to global students

BOSTON, May 24, 2022 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (Flywire), a global payments enablement and software company, announced that The Flywire Charitable Foundation has launched its third annual scholarship program, which will recognize students who excel in the academic disciplines of social justice, global health, global citizenship as well as the new category of environmental sustainability. Applications, which are administered by the Flywire Charitable Foundation, are available immediately through June 17th, 2022 to all undergraduate and graduate students from all over the world.

Students can apply to scholarships by following this link: Apply Now

“Last year, we awarded scholarships to students from all over the world, who were recognized for their outstanding contributions to their academic fields of interest,” said Mike Massaro, Flywire CEO. “We’re proud to officially launch our third annual program and open up new possibilities for additional students. The continued interest in these scholarships underscores the mission of our Foundation to help bridge the access and affordability gap in international education.”

In response to increased demand, Flywire is also expanding its program this year by adding a new category, specifically focused on environmental sustainability. This scholarship is designed for students who are developing innovative solutions to fight climate change and other negative impacts to the planet.

“At Flywire, environmental sustainability is a core pillar of our overall Environmental, Social, and Governance (ESG) strategy and we continue to deepen our focus on the issue,” continued Massaro. “As a broader society, we’re just scratching the surface of the innovation required to sustain a healthy planet. By offering a new scholarship dedicated to environmental sustainability, we aim to empower the next generation of students with resources to research and develop solutions that help reverse the effects of climate change and create a safer planet for all of us.”

The Flywire Charitable Foundation 2022 scholarships are available to students studying in the following academic fields:

• Social Justice

  As social justice issues, including but not limited to anti-LGBTQ+ legislation, religious persecution, sexism, racism and sexual violence, continue to dominate the world news, the need for significant social justice reform has only increased. These scholarships will be awarded to tomorrow’s leaders who are committed to eradicating racism, violence, systemic biases and other acts of intolerance.

• Global health
  
  As individuals and communities around the world continue to overcome the challenges of a global pandemic, it’s clear that there is a strong need for innovative approaches to improve global health. These scholarships will be awarded to students who are committed to improving health outcomes and quality of life for individuals all over the world.

• Global citizenship
  
  As global conflicts have escalated across the world stage, this year has uncovered the importance of elevating humanity when addressing challenges across social, political, and economic issues. Scholarships in this category will be awarded to students who embody their own definition of being a global citizen with the purpose of making a positive impact on their community and the world.

• Environmental sustainability:

  The most critical resource that we have is a healthy planet, yet the ongoing threats to environmental health continue to endanger our livelihood. Scholarships in this category will be awarded to students who are actively fighting climate change and other risks to our planet in order to create a more sustainable environment for all future generations.

The Flywire Charitable Foundation is focused on improving individuals’ access to quality education, healthcare and other important life experiences, wherever they are in the world. The scholarship program, which is in its third year, was designed to help students and their families better manage costs associated with higher education.

Apply for a Flywire Charitable Foundation academic scholarship today: Apply Now

Resources

• To learn more about The Flywire Charitable Foundation, visit: The Flywire Charitable Foundation
• To learn more about Flywire’s Environmental, Social and Governance strategy please visit: Flywire.com/company/esg
• To learn more about Flywire’s digital payment solutions for education, healthcare, travel and B2B visit: Flywire.com

About Flywire

Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

Flywire supports more than 2,700 clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, and our objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire's forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding our revenue, cost and operating expenses, including changes in technology and development, selling and marketing and general and administrative expenses (including any components of the foregoing), gross profit and Flywire’s ability to achieve, and maintain, future profitability; Flywire’s business plan and its ability to effectively manage its growth; Flywire’s market opportunity, including estimates regarding its total addressable payment volume; Flywire’s cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire’s business and in the markets in which it operates; the sufficiency of Flywire’s cash and cash equivalents to meet its liquidity needs; political, economic, legal, social and health risks, including the recent COVID-19 pandemic and subsequent public health measures that may affect Flywire’s business or the global economy; beliefs and objectives for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and grow the payment volume that it processes; Flywire’s ability to further attract, retain, and expand its client base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations concerning relationships with third parties, including strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; future acquisitions or investments in complementary companies, products, services, or technologies; Flywire’s ability to enter new client verticals, including its relatively new B2B sector; Flywire’s expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire’s expectations regarding litigation and legal and regulatory matters; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; economic and industry trends, projected growth, or trend analysis; Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect, and enhance its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the future market price of Flywire’s common stock; and other factors that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Prospectus and Flywire’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, both of which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/.

Media Contacts
Sarah King
Sarah.King@Flywire.com

Prosek Partners
pro-flywire@prosek.com

Investor Relations Contact:
ICR
flywireir@icrinc.com