Pembridge Resources plc Yukon Inspector Direction (9471W)

TIDMPERE

RNS Number : 9471W

Pembridge Resources plc

20 April 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMENDED BY REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

20 April 2023

Minto Metals Provides Statement Regarding Yukon Government Inspector's Direction

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") announces that Minto Metals Corp ("Minto") has released a statement regarding the Inspector's Direction issued to Minto on 18 April 2023 by the Minister of Energy Mines and Resources, Government of Yukon, in respect of water storage.

Pursuant to section 35(1) of the Waters Act, SY 2003, c. 19, the Direction has been issued to Minto on the grounds that water has been and is being used in contravention of the conditions of Minto's water licence and directing the Company to take action to protect the environment during this year's spring freshet. Specifically, Minto has been directed to immediately begin transferring water from the current water storage facilities to the Minto North Pit, another on-site pit to ensure safe storage prior to treatment, if the total storage capacity in the tailings storage facility ("TSF") falls below 300,000 cubic metres, among other things. When the water transfer to Minto North Pit commences, the Company must also temporarily cease all deposition of tailings into the TSF until water volumes from spring freshet have decreased and the water storage capacity in the TSF has recovered, which may result in a temporary suspension of the milling operations. No further depositions of tailings is permitted without written approval from the inspector.

The full statement from Minto is available at the following link.

http://www.rns-pdf.londonstockexchange.com/rns/9471W_1-2023-4-20.pdf

Cautionary Statement

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company's ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company's business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

ENDS

NOTES TO EDITORS

Pembridge is a mining company that is listed on the standard segment of the Official List of the FCA and trading on the main market for listed securities of London Stock Exchange plc. Pembridge has an investment in Minto Metals Corp, a British Columbia incorporated business listed on the TSX Venture Exchange under the symbol "MNTO" that operates the Minto mine in Yukon, Canada.

About Minto Metals Corp

Minto Metals Corp operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired the Minto mine from Capstone Mining Corporation in June 2019 and restarted operations in October 2019.

Enquiries:

Pembridge Resources plc: [phone]

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

Tavira Financial Ltd: [phone]

Jonathan Evans

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April 20, 2023 07:42 ET (11:42 GMT)