Press Release: Harte Gold Reports Third Quarter -2-
Press Release: Harte Gold Reports Third Quarter -2-
On July 20, 2021, the Company announced that, in order to support the continuation of the Strategic Review Process, the Board established a Special Committee, comprised of the Company's independent directors, Joseph Conway and Douglas Cater.
horizontal development over the next 12 to 15 months.
-- Reinforce underground equipment: The Company continues to be constrained
by poor mobile equipment reliability in some of its most critical
underground equipment, most notably the two-yard scoops. To address this,
additional capital is required to upgrade and further expand the current
fleet.
在未來12至15個月內橫向發展。--加固地下設備：公司繼續受到制約由於移動設備可靠性差，其最關鍵的部分地下設備，最著名的是兩碼長的剷鬥。為了解決這個問題，需要額外的資金來升級和進一步擴大現有的艦隊。
Key Performance Metrics -- Q3 2020 to Q3 2021
關鍵績效指標--2020年第三季度至2021年第三季度
Unit Q3 Q4 Q1 Q2 Q32021
2020 2020 2021 2021
Daily Development m/day 9.2 11.4 14.0 10.0 10.4
Ore Tonnes Processed tpd 649 503 716 674 771
Head Grade g/t Au 5.7 7.7 6.1 6.1 7.1
Recovery % 93.4% 95.0% 93.7% 94.1% 94.9%
Avg. Monthly Gold
Ounces Produced Avg. oz Au / month 3,100 3,611 3,925 3,761 5,087
機組Q3 Q4 Q1 Q2 Q32021 2020 2020 2021 2021 日開發月/日9.2 11.4 14.0 10.0 10.4礦石日加工量649 503 716 674 771首級g/t au 5.7 7.7 6.1 6.1 7.1回收率%93.4%95.0%93.7%94.1%94.9%平均月度黃金盎司生產的平均值。盎司Au月3,100 3,611 3,925 3,761 5,087
Strategic Review Process:
戰略審查流程：
The Company initiated the Strategic Review Process in May 2021 to explore, review and evaluate a broad range of alternatives (which included the potential restructuring of its long-term debt and reviewing other potential strategic alternatives, including a full or partial sale of the Sugar Zone Mine) focused on ensuring financial liquidity and to fund accelerated life-of-mine capital critical for a sustainable 800 tpd process rate as well as a platform necessary to launch expansion towards a 1,200 tpd process rate.
本公司於2021年5月啟動戰略審查程序，以探索、審查和評估廣泛的替代方案(包括其長期債務的潛在重組和審查其他潛在的戰略替代方案，包括全部或部分出售Sugar Zone礦山)，重點是確保財務流動性，併為對可持續的800噸/日流程速度至關重要的加速礦山壽命資本提供資金，以及為向1,200噸/日流程速度擴張所需的平臺提供資金。
On July 20, 2021, the Company announced that, in order to support the continuation of the Strategic Review Process, the Board established a Special Committee, comprised of the Company's independent directors, Joseph Conway and Douglas Cater.
2021年7月20日，公司宣佈，為了支持戰略評估過程的繼續，董事會成立了一個由公司獨立董事Joseph Conway和Douglas Cater組成的特別委員會。
The Strategic Review Process has not yet resulted in any binding offers being received by the Company. Discussions are, however, ongoing with a number of parties with respect to a potential transaction. There can be no assurance that such discussions will result in a transaction, what the value of any transaction might be, or what the terms or timing of such a transaction might be.
戰略評估過程尚未導致本公司收到任何具有約束力的報價。然而，與多家公司就潛在交易的談判正在進行中。不能保證這樣的討論將導致交易，任何交易的價值可能是什麼，或者這樣的交易的條款或時間可能是什麼。
At the time of issuing this news release, the Company does not expect that the Strategic Review Process will result in a transaction which would provide any value for holders of Harte Gold's equity securities (including securities convertible into or exercisable for equity securities). As a result of the foregoing, holders of Harte Gold's equity securities (including securities convertible into or exercisable for equity securities) are cautioned that trading in such securities is highly speculative, and that the trading prices for such securities may bear little or no relationship to the actual realization of value, if any, by holders thereof at the ultimate outcome of the Strategic Review Process. Also, there can be no assurance that the Company's common shares will continue to trade on the TSX or on any other trading platform.
在發佈本新聞稿時，本公司預計戰略審查過程不會導致一項會為Harte Gold的股權證券(包括可轉換為股權證券或可為股權證券行使的證券)持有者帶來任何價值的交易。因此，Harte Gold的權益證券(包括可轉換為權益證券或可行使權益證券的證券)的持有人須注意，該等證券的交易具有高度投機性，而該等證券的交易價格可能與其持有人在戰略檢討過程最終結果時的實際價值變現(如有)關係甚微或毫無關係。此外，不能保證公司的普通股將繼續在多倫多證券交易所或任何其他交易平臺交易。
Based on the Company's current cash flow forecast, the Company will require additional financing prior to the end of 2021 in order to continue operations and conclude the Strategic Review Process. However, there can be no assurance that the Company will obtain the required financing or what the terms of such financing might be.
根據公司目前的現金流預測，公司將在2021年底之前需要額外融資，以便繼續運營並結束戰略審查過程。然而，不能保證該公司將獲得所需的融資，也不能保證融資的條款可能是什麼。
Revised 2021 Outlook and Guidance:
修訂後的2021年展望和指導意見：
In order to preserve liquidity to support the Strategic Review Process, the Company has continued to defer the implementation of various mitigation measures that were aimed at addressing the production variance from plan experienced to date in 2021. The Company has also reduced certain sustaining and expansion capital expenditures which may adversely impact production over the short-term. At this time, the Company is unable to provide updated 2021 production guidance as the Strategic Review Process continues to evolve, but believes its revised 2021 guidance, issued on May 13, 2021, is at risk and may not be achieved.
為保持流動資金以支持戰略評估過程，本公司繼續推遲實施旨在解決2021年迄今計劃產量差異的各種緩解措施。該公司還減少了某些可能在短期內對生產造成不利影響的維持和擴張資本支出。目前，隨着戰略審查進程的不斷髮展，公司無法提供更新的2021年生產指導，但認為其於2021年5月13日發佈的修訂後的2021年指導意見存在風險，可能無法實現。
The Company will provide further updates on guidance as appropriate.
本公司將根據需要提供進一步的指南更新。
Liquidity and Capital Resources:
流動性和資本資源：
-- The Company ended Q3 2021 with a cash balance of $11.4 million.
-- Agreement was reached with BNP to facilitate the continuation of the
Company's Strategic Review Process through BNP's agreement to refrain
from enforcing its rights and remedies under the BNP Debt Facilities
arising out of or relating to certain defaults or events of default.
-- On June 30, 2021, the Company obtained a 30-day waiver of its financial
covenant requirements pursuant to the BNP Debt Facilities. In addition,
BNP deferred the due date of (i) the principal and interest payments
under the BNP Debt Facilities originally scheduled for June 30, 2021, and
(ii) the settlement payment under the gold hedge program originally
scheduled for July 2, 2021 to July 30, 2021.
-- On July 30, 2021, the Company entered into a forbearance agreement with
BNP (the "Forbearance Agreement") pursuant to which BNP agreed, subject
to certain terms and conditions, to refrain from enforcing its rights and
remedies under the BNP Debt Facilities (including scheduled principal,
interest and gold hedge payments) until September 30, 2021. BNP also
agreed, subject to the terms of the Forbearance Agreement, to forbear
from exercising its rights and remedies under the BNP Debt Facilities in
respect of or arising out of or relating to certain defaults or events of
default under the BNP Debt Facilities, including financial covenant
breaches, which were anticipated to occur prior to September 30, 2021,
until the earlier of (i) September 30, 2021, and (ii) the occurrence or
existence of any terminating event, which includes bankruptcy events,
defaults not covered by the Forbearance Agreement and other customary
terms.
-- The Forbearance Agreement was amended on September 30, 2021, October 15,
2021 and October 29, 2021, to extend the forbearance period to October
15, 2021, October 29, 2021 and November 30, 2021, respectively.
-- On August 3, 2021, the Company received notice from Appian that events of
default had occurred under the Appian Debt Facility and related financing
agreements. Among other alleged events of default, Appian cited the
Company's default under the BNP Debt Facilities which triggers a
cross-default under the Appian financing agreements. Pursuant to the
terms of the Intercreditor Agreement dated August 28, 2020, between Harte
Gold, Appian and BNP, Appian is prohibited, without the prior written
consent of BNP, from taking any Enforcement Action (as defined in the
Intercreditor Agreement) until a minimum of 135 days has passed from the
date on which Appian delivers a notice to BNP. The terms of the Appian
Debt Facility provide for default interest at a rate per annum equal to
19.0% from the date of default.
-- The Forbearance Agreement, which includes BNP forbearing on the Company's
default in making scheduled payments through to November 30, 2021,
provides for the continuation of a sale and investment solicitation
process ("SISP"), among other things, as part of its Strategic Review
Process. The Strategic Review Process has not yet resulted in any binding
offers being received by the Company. Discussions are, however, ongoing
with a number of parties with respect to a potential transaction. While
the Forbearance Agreement allows for such discussions to continue, there
can be no assurance that such discussions will result in a transaction,
what the value of any transaction might be, or what the terms or timing
of such a transaction might be. There can also not be any assurance that
BNP will continue to forbear from exercising its rights and remedies on
expiry of the Forbearance Agreement or what the terms or timing of such
continued forbearance might be.
-- At the time of issuing this news release, the Company does not expect
that the Strategic Review Process will result in a transaction which
would provide any value for holders of Harte Gold's equity securities
(including securities convertible into or exercisable for equity
securities). As a result of the foregoing, holders of Harte Gold's equity
securities (including securities convertible into or exercisable for
equity securities) are cautioned that trading in such securities is
highly speculative, and that the trading prices for such securities may
bear little or no relationship to the actual realization of value, if any,
by holders thereof at the ultimate outcome of the Strategic Review
Process. Also, there can be no assurance that the Company's common shares
will continue to trade on the TSX or on any other trading platform.
-- Based on the Company's current cash flow forecast, the Company will
require additional financing prior to the end of 2021 in order to
continue operations and conclude the Strategic Review Process. However,
there can be no assurance that the Company will obtain the required
financing or what the terms of such financing might be, that the
Strategic Review Process will result in any transaction, whether BNP will
continue to forbear from exercising its rights and remedies on expiry of
the Forbearance Agreement or what the terms or timing of such a
transaction or such continued forbearance might be, or that the Company
will be able to continue as a going concern.
-公司截至2021年第三季度的現金餘額為1140萬美元。-與法國巴黎銀行達成協議，以促進繼續通過法國巴黎銀行的協議避免公司的戰略審查過程停止執行其在法國巴黎銀行債務安排下的權利和補救措施由某些違約或違約事件引起的或與之相關的。-2021年6月30日，公司獲得了30天的財務豁免根據法國巴黎銀行債務安排的契約要求。此外,法國巴黎銀行推遲支付(I)本金和利息的到期日根據原定於2021年6月30日舉行的法國巴黎銀行債務安排，以及(Ii)原黃金對衝計劃下的結算款項定於2021年7月2日至2021年7月30日舉行。-2021年7月30日，公司與BNP(“容忍協議”)，根據該協議，BNP同意，但須符合遵守某些條款和條件，避免強制執行其權利和法國巴黎銀行債務安排下的補救措施(包括預定本金、利息和黃金對衝付款)，直到2021年9月30日。法國巴黎銀行還同意在遵守容忍協議條款的前提下，行使其在法國巴黎銀行債務安排下的權利和補救屬於、引起或關於某些違約或事件的根據包括金融契約在內的法國巴黎銀行債務安排違約預計將在2021年9月30日之前發生的入侵事件，直至(I)2021年9月30日和(Ii)發生或存在任何終止事件，包括破產事件，容忍協議和其他慣例未涵蓋的違約條款。-容忍協議於2021年9月30日、10月15日修訂，2021年和2021年10月29日，將忍耐期延長至10月分別為2021年10月15日、2021年10月29日和2021年11月30日。-2021年8月3日，公司收到Appian通知，在Appian債務融資和相關融資項下發生了違約協議。在其他據稱的違約事件中，Appian引用了公司在法國巴黎銀行債務安排下的違約引發了根據Appian融資協議的交叉違約。根據哈特與哈特於2020年8月28日簽署的債權人間協議的條款未經事先書面許可，禁止攜帶黃金、阿皮亞、法國巴黎銀行、阿皮亞經法國巴黎銀行同意，不得采取任何強制執行行動(定義見債權人間協議)，直至從阿皮安向法國巴黎銀行遞交通知的日期。附錄的條款債務融資提供違約利息，年利率等於自違約之日起19.0%。-容忍協議，其中包括法國巴黎銀行對公司拖欠計劃付款至2021年11月30日，規定繼續進行銷售和招商引資流程(“SISP”)，以及其他事項，作為其戰略審查的一部分流程。戰略審查進程尚未產生任何約束力公司正在收到報價。然而，討論仍在進行中。與多方就潛在交易進行交易。而當容忍協議允許這樣的討論繼續進行，在那裏不能保證這樣的討論會導致交易，任何交易的價值可能是什麼，或者條款或時間是什麼這樣的交易可能是。也不能保證法國巴黎銀行將繼續禁止行使其權利和補救措施忍耐協議的到期或其條款或時間持續的忍耐可能是。--在發佈本新聞稿時，本公司預計戰略審查過程將導致一項交易，該交易將為Harte Gold的股權證券持有者提供任何價值(包括可轉換為股權或可為股權行使的證券證券)。由於上述原因，Harte Gold股權的持有者證券(包括可轉換為或可行使的證券股權證券)請注意，此類證券的交易投機性很強，這類證券的交易價格可能與價值的實際實現幾乎或根本沒有關係，如果有的話，由持證人出席策略性檢討的最終結果流程。此外，不能保證該公司的普通股將繼續在多倫多證交所或任何其他交易平臺進行交易。-根據公司目前的現金流預測，公司將需要在2021年底之前獲得額外資金，以便繼續運作並結束戰略審查進程。然而，不能保證該公司將獲得所需的融資或此類融資的條款可能是什麼，戰略評估流程將導致任何交易，無論法國巴黎銀行是否繼續禁止在以下期限屆滿時行使其權利和補救措施容忍協議或此類協議的條款或時間交易或此類持續忍耐可能是，或本公司將能夠作為一家持續經營的企業繼續經營下去。
About Harte Gold Corp.:
哈特黃金公司簡介：
譯文內容由第三人軟體翻譯。
