First Light & New Oroperu Announce Business Combination
Anacortes MiningProactive Investor

First Light & New Oroperu Announce Business Combination

First Light Capital Corp and New Oroperu Resources Inc have entered into a definitive arrangement agreement dated June 16, 2021 to combine and create

First Light Capital Corp and New Oroperu Resources Inc have entered into a definitive arrangement agreement dated June 16, 2021 to combine and create Anacortes Mining Corp, a new growth-oriented gold company in the Americas. Anacortes intends to focus on continued exploration and advancement of New Oroperu’s Tres Cruces project located in Peru, in addition to seeking further growth opportunities in the Americas. Jim Currie will lead Anacortes as the President and Chief Executive Officer. In connection with the Transaction, First Light intends to complete a concurrent CS20M subscription receipt financing.

Key Highlights

  1. Tres Cruces is one of the highest-grade oxide deposits globally and hosts oxide plus sulphide Indicated resources of 2.474 Mozs at 1.65 g/t gold and Inferred resources of 104 kozs at 1.26 g/t gold, inclusive of 630 kozs of high-grade leachable gold at 1.28 g/t gold (see New Oroperu’s news release dated March 18, 2021 for further information, a copy of which is available at www.sedar.com)

  2. Tres Cruces is strategically located in a highly prospective geological belt that hosts significant gold deposits such as Lagunas Norte, which is located within 10 km, Yanacocha and Pierina

  3. Anacortes will be led by a new management team and Board with extensive experience in Latin America and Peru and proven capabilities in all facets of mine development and operations

  4. Well-capitalized post-closing of the S20M Private Placement (as defined below)

  5. Underexplored property with oxide and sulphide resource growth potential - Tres Cruces has not been drilled since 2008 when gold prices were approximately US$850/oz, and several of the best drill intercepts from the previous drilling campaign are below and outside of the current pit-constrained mineral resource

  6. Attractive pro forma relative valuation on an enterprise value per Indicated resource ounce basis

Upon completion of the Transaction, it is expected that the leadership team of Anacortes will be comprised of:

  1. Jim Currie (President, Chief Executive Officer and Director)

  2. Steven Botts (President, Peru)

  3. Horng Dih Lee (Chief Financial Officer and Corporate Secretary)

  4. Marshall Koval (Special Advisor)

  5. Board of Directors to be comprised of four nominees from First Light, including Andy Carstensen, a professional geologist and current Vice President, Exploration, of Luminex Resources Corp., and Wayne Livingstone, current President and Chief Executive Officer of New Oroperu

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