18 unchanged sentences
We have experienced losses of this type from time to time in the past and may record mineral property impairments in the future.
−Removed: We have no reported mineral reserves as defined by SEC rules, and our current projects and assets or any projects we may acquire are not likely to offer the opportunity for near term revenues or sale proceeds.
+Added: We have no reported mineral reserves as defined by SEC rules, and our current projects and assets, and any projects we may acquire are not likely to offer the opportunity for near term revenues or sale proceeds.
If we are unsuccessful in identifying mineral reserves in the future, we may not be able to realize any profit from our property interests.
5 unchanged sentences
Our Florida Canyon and Lik projects have reported mineral resources in accordance with SEC rules.
−Removed: However, these resources may never be upgraded to mineral reserves without significant additional geologic work, including additional drilling, economic and environmental analysis, and the completion of a feasibility or other study to demonstrate the mineral potential and economic viability of these projects.
+Added: The estimation of mineral resources is imprecise and depends upon subjective factors.
+Added: The mineral resource figures presented in our public filings are estimates made by our technical personnel and independent mining consultants with whom we contract.
+Added: Mineral resource estimates are a function of geological and engineering analyses that require us to make assumptions about production costs, recoveries and gold, zinc and other precious metal market prices.
+Added: While the Company believes that its mineral resource estimates are developed using well-established practices and with appropriate controls, mineral resource estimation is an imprecise and subjective process.
+Added: The accuracy of these estimates is a function of the quality of available data and of engineering and geological interpretation, judgment and experience.
+Added: Assumptions about gold, , zinc and other previous metal market prices are subject to great uncertainty as those prices fluctuate widely.
+Added: Declines in the market prices of gold, silver, zinc or lead may render mineral resources containing relatively lower grades of mineralization uneconomic to exploit, and we may be required to reduce mineral resource estimates, discontinue exploration at one or more of our properties or write down assets as impaired.
+Added: Should we encounter mineralization or geologic formations at any of our projects that are different from those predicted, we may adjust our mineral resource estimates and alter our exploration or development plans.
+Added: Moreover, these resources at our Florida Canyon and Lik projects may never be upgraded to mineral reserves without significant additional geologic work, including additional drilling, economic and environmental analysis, and the completion of a feasibility or other study to demonstrate the mineral potential and economic viability of these projects.
To a significant degree, the completion of this work and a feasibility or other appropriate study is dependent on our joint venture partners desire to do so, over which we have limited influence.
5 unchanged sentences
Our Golden Crest project, which was acquired during 2021, has no reported mineral resources or mineral reserves as defined by SEC rules.
−Removed: We have conducted limited geologic activities at the Golden Crest project consisting primarily of soil and rock sampling.
+Added: We have conducted limited geologic activities at the Golden Crest project consisting primarily of soil and rock sampling, geophysical studies.
Additional geologic, environmental, and economic work would be required to allow us to report mineral resources at the Golden Crest project, including drilling and completion of a preliminary economic study.
2 unchanged sentences
The lack of mineral resources or mineral reserves at the Golden Crest project could prohibit us from any near-term sale or joint venture of our interest in the Golden Crest project and we may not be able to realize any proceeds and or profit from our interests in the Golden Crest project, which could materially adversely affect our financial position or results of operations.
+Added: Our business is dependent on the market price of certain commodities, particularly gold and zinc, and currency exchange rates over which we have no control.
+Added: Our operations and the value of our mineral properties are significantly affected by changes in the market price of commodities since the evaluation of whether a mineral deposit is commercially viable is heavily dependent upon the market price of the commodities related to any specific project.
+Added: Because our core assets are currently in zinc and gold related projects, the spot price of zinc and gold is particularly important to the value of our assets and future prospects.
+Added: The price of commodities also affects the value of exploration projects we own or may wish to acquire or joint venture.
+Added: These commodity prices fluctuate on a daily basis and are affected by numerous factors beyond our control.
+Added: The supply and demand for commodities, the level of interest rates, the rate of inflation, investment decisions by large holders of these commodities, including governmental reserves, and stability of exchange rates can all cause significant fluctuations in prices.
+Added: Currency exchange rates relative to the United States dollar can affect the cost of doing business in a foreign country in United States dollar terms, which is our functional currency.
+Added: Consequently, the cost of conducting exploration in the countries where we operate, accounted for in United States dollars, can fluctuate based upon changes in currency exchange rates and may be higher than we anticipate in terms of United States dollars because of a decrease in the relative strength of the United States dollar to currencies of the countries where we operate.
+Added: We currently do not hedge against currency or commodity fluctuations.
+Added: The prices of commodities as well as currency exchange rates have fluctuated widely and future significant price declines in commodities or changes in currency exchange rates could have a material adverse effect on our financial position or results of operations.
Mineral exploration activities are inherently dangerous and could cause us to incur significant unexpected costs, including legal liability for loss of life, damage to property and environmental damage, any of which could materially adversely affect our financial position or results of operations.
62 unchanged sentences
The exploration and development of mineral properties is subject to federal, state, provincial and local laws and regulations in the countries in which they are located in a variety of ways, including regulation of mineral exploration and land ownership, environmental regulation and taxation.
−Removed: These laws and regulations, as well as future interpretation of or changes to existing laws and regulations, may require substantial increases in capital and operating costs to us and delays, interruptions, or a termination of operations.
+Added: These laws and regulations, as well as future interpretation of or changes to existing laws and regulations, may require substantial increases in capital and operating costs to us and delays, interruptions, or the termination of operations.
In the United States and the other countries in which we operate or own assets, in order to obtain permits for exploration or potential future development of mineral properties, environmental regulations generally require a description of the existing environment, including but not limited to natural, archeological and socio-economic environments, at the project site and in the region;
5 unchanged sentences
Delays in obtaining or failure to obtain government permits and approvals or significant changes in regulation could have a material adverse effect on our exploration activities, our ability to locate economic mineral deposits, and our potential to sell, joint venture or eventually develop our properties, which could have a material adverse effect on our financial position or results of operations.
−Removed: Our operations are subject to permitting requirements which could require us to delay, suspend or terminate our operations on our mining properties.
+Added: Our operations are subject to permitting requirements which could require us to delay, suspend or terminate our exploration operations on our properties.
Our exploration operations, including any exploration drilling programs and other exploration activities, require permits from various state and federal governments, including permits for the use of water and for drilling exploration holes.
13 unchanged sentences
Legislation and increased regulation and requirements regarding climate change could impose increased costs or limit our ability, or our joint venture partners’ ability, to effectively advance our projects, including impacting our suppliers through increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
−Removed: Our business is dependent on the market price of certain commodities, particularly gold and zinc, and currency exchange rates over which we have no control.
−Removed: Our operations are significantly affected by changes in the market price of commodities since the evaluation of whether a mineral deposit is commercially viable is heavily dependent upon the market price of the commodities related to any specific project.
−Removed: Because our core assets are currently in zinc and gold related projects, the spot price of zinc and gold is particularly important to the value of our assets and future prospects.
−Removed: The price of commodities also affects the value of exploration projects we own or may wish to acquire or joint venture.
−Removed: These commodity prices fluctuate on a daily basis and are affected by numerous factors beyond our control.
−Removed: The supply and demand for commodities, the level of interest rates, the rate of inflation, investment decisions by large holders of these commodities, including governmental reserves, and stability of exchange rates can all cause significant fluctuations in prices.
−Removed: Currency exchange rates relative to the United States dollar can affect the cost of doing business in a foreign country in United States dollar terms, which is our functional currency.
−Removed: Consequently, the cost of conducting exploration in the countries where we operate, accounted for in United States dollars, can fluctuate based upon changes in currency exchange rates and may be higher than we anticipate in terms of United States dollars because of a decrease in the relative strength of the United States dollar to currencies of the countries where we operate.
−Removed: We currently do not hedge against currency or commodity fluctuations.
−Removed: The prices of commodities as well as currency exchange rates have fluctuated widely and future significant price declines in commodities or changes in currency exchange rates could have a material adverse effect on our financial position or results of operations.
Our business is dependent on key executives and the loss of any of our key executives could adversely affect our business, future operations and financial condition.
13 unchanged sentences
Consequently, we are highly dependent on the operational expertise and financial condition of our joint venture partners, as well as their corporate priorities.
−Removed: For instance, even though our joint venture property may be highly prospective for exploration success, or economically viable based on feasibility studies, our partner may decide not to fund the further exploration or development of our project based on their respective financial condition or other corporate priorities.
+Added: For instance, even though our joint venture property may be highly prospective for exploration success, or economically viable based on future feasibility and/or other studies, our partner may decide not to fund the further exploration or development of our project based on their respective financial condition or other corporate priorities.
Therefore, our results are subject to the additional risks associated with the financial condition, operational expertise and corporate priorities of our joint venture partners, which could have a material adverse effect on our financial position or results of operations.
11 unchanged sentences
Therefore, in the future, our results may become subject to the additional risks associated with development and production of mining projects in general.
−Removed: In the future, we may attempt to acquire a new property, or another company and the acquisition may require a substantial amount of capital or the issuance of our capital stock to complete.
+Added: In the future, we may attempt to acquire a new mineral property asset, or another company and the acquisition may require a substantial amount of capital or the issuance of our capital stock to complete.
Acquisition costs may never be recovered due to changing market conditions, or our own miscalculation concerning the recoverability of our acquisition investment.
33 unchanged sentences
If we do not operate profitably or identify and execute on outside sources of funding, we may be unable to fund our current or contemplated exploration activities, acquire new assets, or otherwise further our business plan.
−Removed: We have never paid, and do not intend to pay cash dividends and, consequently, the ability to achieve a return on any investment in our common stock will depend on appreciation in the price of our common stock.
+Added: We have never paid, and do not intend to pay cash dividends in the foreseeable future and, consequently, the ability to achieve a return on any investment in our common stock will depend on appreciation in the price of our common stock.
We have never paid cash dividends on any of our capital stock, and we currently intend to retain future earnings, if any, to fund the development and growth of our business.
−Removed: Therefore, a holder of our stock is not likely to receive any dividends on our common stock for the foreseeable future.
+Added: Therefore, the holder of our stock is not likely to receive any dividends on our common stock for the foreseeable future.
Since we do not intend to pay dividends, the ability to receive a return on an investment in our common stock will depend on any future appreciation in the market value of our common stock.
1 unchanged sentence
Issuances of our stock in the future could dilute existing shareholders and adversely affect the market price of our common stock.
−Removed: We have the authority to issue up to 100,000,000 shares of common stock and 10,000,000 shares of preferred stock, and to issue options and warrants to purchase shares of our common stock without shareholder approval.
−Removed: In addition, during 2021 we put an ATM (“At the Market”) program in place and expect to sell shares of our common stock under that program from time to time.
+Added: We have the authority to issue up to 100,000,000 shares of common stock and 10,000,000 shares of preferred stock, and to issue options and warrants to purchase shares of our common stock without shareholder approval, subject to certain limitations imposed by applicable stock exchange rules.
+Added: In addition, during 2021 we put an ATM (“At the Market”) program, in place, which was amended in 2023, to allow us to sell up to $10,000,000 in shares of our common stock under that program from time to time.
Future issuances of our securities could be at prices substantially below the price paid for our common stock by our current shareholders.
2 unchanged sentences
General Risk Factors
−Removed: The outbreak of pandemics, including the coronavirus (COVID-19) may affect our assets, operations and development plans at our projects.
+Added: The outbreak of pandemics may affect our assets, operations and development plans at our projects.
We face risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt our operations and may materially and adversely affect our business and financial conditions.
−Removed: Our business still could be adversely impacted by the effects of the COVID-19 or other epidemics or pandemics.
−Removed: How these epidemics or pandemics may ultimately impact our business, including our future exploration and other activities and the market for our securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity, and any recurrence of various strains of the outbreak and the actions taken to contain or treat the coronavirus outbreak.
−Removed: In particular travel and other restrictions established to curb the spread of COVID-19, or other pandemic diseases could materially and adversely impact our business including without limitation, planned exploration programs at our Florida Canyon, Lik and Golden Crest projects during 2023 and beyond, employee health, workforce productivity, increased insurance premiums, limitations on travel, labor shortages and the availability of industry experts and personnel, the timing to process drilling and other metallurgical testing, supply chain constraints that impede exploration operations, and other factors that will depend on future developments beyond our control, which may have a material and adverse effect on our business, financial condition and results of operations.
−Removed: There can be no assurance that we will not be impacted by COVID-19 or other pandemic diseases and that we could ultimately see our workforce productivity reduced or incur increased medical costs or insurance premiums as a result of these health risks.
−Removed: The outbreak of additional strains of COVID-19 or other pandemic diseases could create a widespread global health crisis that contributes to volatility in the economy and financial markets that could have an adverse effect on the future demand for precious and base metals and, in turn, our prospects.
−Removed: A significant portion of our liquid assets consist of U.S.
+Added: Our business could be adversely impacted by the effects of epidemics or pandemics.
+Added: How these epidemics or pandemics may ultimately impact our business, including our future exploration and other activities and the market for our securities, will depend on future developments, which are highly uncertain and cannot be predicted, and include the duration, severity, and any recurrence of various strains of an outbreak and the actions taken to contain or treat the outbreak.
+Added: In particular travel and other restrictions established to curb the spread of pandemic diseases could materially and adversely impact our business including without limitation, planned exploration programs at our Florida Canyon, Lik and Golden Crest projects during 2024 and beyond, employee health, workforce productivity, increased insurance premiums, limitations on travel, labor shortages and the availability of industry experts and personnel, the timing to process drilling and other metallurgical testing, supply chain constraints that impede exploration operations, and other factors that will depend on future developments beyond our control, which may have a material and adverse effect on our business, financial condition and results of operations.
+Added: There can be no assurance that we will not be impacted by pandemic diseases and that we could ultimately see our workforce productivity reduced or incur increased medical costs or insurance premiums as a result of these health risks.
+Added: The outbreak of pandemic diseases could create a widespread global health crisis that contributes to volatility in the economy and financial markets that could have an adverse effect on the future demand for precious and base metals and, in turn, our prospects.
+Added: A significant portion of our liquid assets consist of money market funds, U.S.
Treasuries and cash held in brokerage accounts.
The failure of the financial institutions that issued or hold these financial instruments or our cash could have a material adverse impact on the market price of our common stock and our liquidity and capital resources.
−Removed: At December 31, 2022, we have invested $3,951,000 in United States Treasury securities (“USTS”) held in a brokerage account, with maturities of between 15 days and 12 months and we have approximately $293,000 of our cash in uninsured deposit accounts and brokerage accounts which are not covered by Federal Deposit Insurance Company insurance.
+Added: At December 31, 2023, we have invested $7,738,000 in money market funds and $698,000 in United States Treasury securities (“USTS”) held in a brokerage account, with maturities of between one day and 2 months and we have approximately $140,000 of our cash in uninsured deposit accounts and brokerage accounts which are not covered by Federal Deposit Insurance Company insurance.
The failure of a financial institution holding these funds and assets could have a material impact on the market price of our common stock and our liquidity and capital resources.
4 unchanged sentences
This could have a material adverse effect on our business prospects, results of operations, cash flows and financial condition.
−Removed: We are dependent upon information technology systems, which are subject to disruption, damage, failure and risks associated with implementation and integration.
+Added: We are dependent upon information technology systems, which are subject to cybersecurity risks, disruption, damage, failure and risks associated with implementation and integration.
We are dependent upon information technology systems in the conduct of our operations.
3 unchanged sentences
However, given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to operational delays, the compromising of confidential or otherwise protected information, loss of assets, including our cash, short-term investments, or marketable equity securities, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.
−Removed: Unresolved Staff Comments
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.