IMPACT SILVER APPLIES FOR MANAGEMENT CEASE TRADE ORDER
Impact Silver Corp. has requested a temporary management cease trade order (MCTO) from the British Columbia Securities Commission (BCSC) in connection with the company's filing of its audited annual financial statements and management's discussion and analysis (MD&A) for the financial year ended Dec. 31, 2024.
The company is requesting the MCTO in order to secure additional time to finalize its audited financial statements, the related MD&A, and the applicable CEO and CFO certifications. The delay in filing the annual filings is a result of unexpected delays experienced by the company in working with a new auditor for the first times in completing the audit of the audited financial statements. The company is working with its accounting team to prepare the financial statements and respond to all queries. It is the company's reasonable expectation that the annual filings will be finalized on or about May 7, 2025.
By way of background and as required by the BCSC, the company notes the following:
- The company is required to file its annual filings all in accordance with IFRS (international financial reporting standards) within 120 days after the end of its completed financial year, such date being April 30, 2025, as required by National Instrument 51-102, Continuous Disclosure Obligations. The company does not anticipate that it will be able to complete the annual filings on or before the annual filing deadline.
- The company is working diligently to prepare and file the annual filings by May 7, 2025, subject to its auditor's staff availability.
- The company confirms that it intends to issue a status report on a biweekly basis, for as long as it remains in default of the annual filing deadline in respect of the annual filings.
- The company is not subject to any insolvency proceedings.
- There is no other material information concerning the affairs of the company that has not been generally disclosed.
The company has imposed an insider trading blackout pending the filing of the annual filings and will provide updates in due course.
About Impact Silver Corp.
Impact Silver is a successful producer-explorer with two mining projects in Mexico:
- Royal mines of Zacualpan silver-gold district: Impact owns 100 per cent of the 211-square-kilometre Zacualpan project in central Mexico, where four producing underground silver mines and one open-pit mine feed the central 500-tonne-per-day Guadalupe processing plant. To the south, the Capire project includes a 200-tonne-per-day processing pilot plant adjacent to an open-pit silver mine with an NI 43-101 inferred mineral resource of over 4.5 million ounces silver, 48 million pounds zinc and 21 million lb lead (see Impact news release dated Jan. 18, 2016, for details and the qualified person statement). Company engineers are reviewing Capire for a potential restart of operations to leverage improving commodity prices. Over the past 18 years, Impact has developed multiple exploration zones into commercial production and has produced over 13 million ounces of silver, generating revenue of more than $277-million, with no long-term debt.
- Plomosas zinc-lead-silver district: Plomosas is a high-grade zinc producer in northern Mexico with exceptional exploration upside potential. The company recently restarted mining operations and is ramping up production toward design capacity levels. Exploration potential at Plomosas is exceptional along the six-kilometre-long structure. This is in addition to other exploration targets on the 3,019-hectare property, including untested copper-gold targets with indications of high-grade material at surface. Regionally, Plomosas lies in the same mineral belt as some of the largest carbonate replacement deposits in the world.
