31 unchanged sentences
The accuracy of these estimates is a function of the quality of available data and of engineering and geological interpretation, judgment and experience.
−Removed: Assumptions about gold, zinc and other previous metal market prices are subject to great uncertainty as those prices fluctuate widely.
+Added: Assumptions about gold, zinc and other precious metal market prices are subject to great uncertainty as those prices fluctuate widely.
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.
4 unchanged sentences
The lack of reserves on these mineral properties could prohibit us from any near-term sale or joint venture of such mineral properties and we would not be able to realize any proceeds and or profit from our interests in such mineral properties, which could materially adversely affect our financial position or results of operations.
−Removed: Our Golden Crest project is an early-stage exploration project with no mineral resources or mineral reserves as defined by SEC rules.
−Removed: There can be no assurance that additional geologic work will result in reported mineral resources or mineral reserves in the future.
−Removed: If we are unsuccessful in identifying mineral reserves in the future, we may not be able to sell or otherwise realize any profit from our property interests.
−Removed: 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, geophysical studies and limited initial drilling of eleven exploration holes.
−Removed: Additional geologic, environmental, and economic work would be required to allow us to report mineral resources at the Golden Crest project, including additional drilling and completion of a preliminary economic study.
−Removed: Furthermore, significant additional work would be required to prepare a feasibility or other study to allow us to report mineral reserves at the Golden Crest project.
−Removed: There can be no assurance that if such work is completed, the results would allow us to report either mineral resources or mineral reserves in the future.
−Removed: 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.
−Removed: Our Cat Creek project is an early-stage exploration project with no mineral resources or mineral reserves as defined by SEC rules.
+Added: Each of our Golden Crest, Cat Creek and Bright Angel projects are early-stage exploration projects with no mineral resources or mineral reserves as defined by SEC rules.
There can be no assurance that additional geologic work will result in reported mineral resources or mineral reserves in the future.
−Removed: If we are unsuccessful in identifying mineral reserves in the future, we may not be able to sell or otherwise realize any profit from our property interests.
−Removed: Our Cat Creek project, which was acquired during 2023, has no reported mineral resources or mineral reserves as defined by SEC rules.
−Removed: We have conducted limited geologic activities at the Cat Creek project consisting primarily of soil and rock sampling.
−Removed: Additional geologic, environmental, and economic work, including a drilling program would be required to allow us to report mineral resources at the Cat Creek Crest project, including completion of a preliminary economic study.
−Removed: Furthermore, significant additional work would be required to prepare a feasibility or other study to allow us to report mineral reserves at the Golden Crest project.
+Added: If we are unsuccessful in identifying mineral reserves in the future, we may not be able to sell or otherwise realize any profit from our interests in those projects.
+Added: Our Golden Crest project, which was acquired in 2021, has no reported mineral resources or reserves as defined by SEC rules.
+Added: Similarly, our Cat Creek project, which was acquired during 2023 and our Bright Angel project, which we acquired in 2025 have no reported mineral resources or mineral reserves as defined by SEC rules.
+Added: We have conducted limited exploration activities at the Golden Crest project consisting primarily of soil and rock sampling, geophysical studies and limited drilling of eighteen exploration holes.
+Added: We have conducted limited geologic activities at the both the Cat Creek project and the Bright Angel project consisting primarily of soil and rock sampling.
+Added: Additional geologic, environmental, and economic work, including a drilling program would be required to allow us to report mineral resources at any of the Golden Crest, Cat Creek, or the Bright Angel projects, including completion of a preliminary economic study.
+Added: Furthermore, significant additional work would be required to prepare a feasibility or other study to allow us to report mineral reserves at the projects.
There can be no assurance that if such work is completed, the results would allow us to report either mineral resources or mineral reserves in the future.
−Removed: The lack of mineral resources or mineral reserves at the Cat Creek project could prohibit us from any near-term sale or joint venture of our interest in the Cat Creek project and we may not be able to realize any proceeds and or profit from our interests in the Cat Creek project, which could materially adversely affect our financial position or results of operations.
+Added: The lack of mineral resources or mineral reserves at the Golden Crest, Cat Creek and Bright Angel projects could prohibit us from any near-term sale or joint venture of our interest in either of the projects and we may not be able to realize any proceeds and or profit from our interests in the projects, which could materially adversely affect our financial position or results of operations.
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.
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.
−Removed: Because our core assets are currently in zinc and gold related projects, as well as potentially molybdenum at the Cat Creek project, the spot price of these commodities is particularly important to the value of our assets and future prospects.
+Added: Because our core assets are currently in zinc, gold and copper related projects, as well as potentially molybdenum at the Cat Creek project, the spot price of these commodities is particularly important to the value of our assets and future prospects.
The price of commodities also affects the value of exploration projects we own or may wish to acquire or joint venture.
36 unchanged sentences
The capital required for exploration and development of mineral properties is substantial.
−Removed: In the past we have financed operations through public and private sales of our common stock, the sale of interests in mineral properties (including the sale of our interest in the former Mt.
−Removed: Hamilton project in 2015), the utilization of joint venture arrangements with third parties (generally providing that the third party will obtain a specified percentage of our interest in a certain property or a subsidiary owning a property in exchange for the expenditure of a specified amount), the sale of other assets including short-term investments, the sale of marketable equity securities we hold, and funds from the issuance of long-term debt.
+Added: In the past we have financed operations through public and private sales of our common stock, the sale of interests in mineral properties, the utilization of joint venture arrangements with third parties (generally providing that the third party will obtain a specified percentage of our interest in a certain property or a subsidiary owning a property in exchange for the expenditure of a specified amount), the sale of other assets including short-term investments, the sale of marketable equity securities we hold, and funds from the issuance of long-term debt.
We expect to need to raise additional capital, or enter into new joint venture arrangements, in order to fund our obligations with respect to our properties and our exploration activities required to determine whether mineral deposits on our projects are commercially viable.
3 unchanged sentences
A large number of companies are engaged in the exploration and development or sale of mineral properties, many of which have substantially greater technical and financial resources than us and, accordingly, we may be unable to compete effectively which could have a material adverse effect on our financial position, prospects, or results of operations.
+Added: In the natural resources and mineral property sector, competition for desirable properties and projects, investment capital, and human capital is intense.
+Added: The Company is a small participant in the natural resources sector due to its limited financial and human capital resources.
We are at a disadvantage with respect to many of our competitors in the acquisition, exploration and development or sale of mineral property assets and mining projects.
101 unchanged sentences
The liquidity of our shares, or the ability of a shareholder to buy or sell our common stock, may be significantly limited for various unforeseeable periods.
−Removed: The average combined daily volume of our shares traded on the NYSE American and the TSX during 2024 was approximately 103,000 shares.
+Added: The average combined daily volume of our shares traded on the NYSE American and the Toronto Stock Exchange (“TSX”) during 2025 was approximately 201,000 shares.
The market price of our shares of common stock has historically fluctuated within a wide range.
6 unchanged sentences
Hamilton project;
−Removed: (ii) during 2003, as a result of a $5,438,000 gain on a derivative instrument related to our investment in certain Crown warrants and (iii) during 2000, when we sold our former Yanacocha property.
+Added: (ii) during 2003, as a result of a $5,438,000 gain on a derivative instrument related to our investment in certain Crown Resources Corp.
+Added: warrants and (iii) during 2000, when we sold our former Yanacocha property.
We cannot predict when, if ever, we will be profitable again or able to begin generating consistent revenues or cash flows from our operations or assets.
12 unchanged sentences
General Risk Factors
−Removed: The outbreak of pandemics may affect our assets, operations and development plans at our projects.
−Removed: 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 could be adversely impacted by the effects of 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, and include the duration, severity, and any recurrence of various strains of an outbreak and the actions taken to contain or treat the outbreak.
−Removed: 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, Golden Crest and Cat Creek projects during 2025 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 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 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.
A significant portion of our liquid assets consist of money market funds and cash held in brokerage accounts.
10 unchanged sentences
Our information technology systems are subject to disruption, damage or failure from a variety of sources, including, without limitation, computer viruses, security breaches, cyber-attacks, natural disasters and defects in design.
−Removed: Cybersecurity incidents, in particular, are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, theft of assets, unauthorized release of confidential or otherwise protected information and the corruption of data.
+Added: Cybersecurity incidents, in particular, are evolving and include, but are not limited to, power outages, malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, theft of assets, unauthorized release of confidential or otherwise protected information and the corruption of data.
Various measures have been implemented to manage our risks related to information technology systems and network disruptions.
1 unchanged sentence
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.