Quarter marked by first gold pour and completion of an updated NI 43-101 Technical Report; C$140 million primary IPO completed after quarter-end
TORONTO, Aug. 14, 2026 /CNW/ -- Amapá Minerals Holdings Inc. ("Amapá Minerals" or the "Company") (TSX: AMAP) today announced that it has filed its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2026, together with the accompanying management's discussion and analysis ("MD&A").
SECOND QUARTER 2026 HIGHLIGHTS
500 oz 24,587 t 0.59 g/t 72.2%
GOLD PRODUCED MATERIAL PROCESSED PLANT FEED GRADE METALLURGICAL RECOVERY
-- First gold and initial revenue. The Company achieved its first gold pour
on May 4, 2026. From the commencement of production in May through June
30, 2026, the plant processed approximately 24,587 tonnes of existing
stockpiled material at an average plant feed grade of approximately 0.59
grams of gold per tonne. Metallurgical recovery was approximately 72.2%.
The Company produced approximately 500 ounces of gold, including
approximately 162 ounces recovered from legacy gold-in-circuit, commenced
gold sales, sold 291 ounces and recognized revenue of US$1.2 million
during the quarter.
-- Phased ramp-up execution. Phase 1 of the restart strategy was completed,
centered on restarting the processing plant and commencing production
using stockpiled material. The semi-autogenous grinding ("SAG") mill was
operational, commissioning of the ball mill continued and dewatering of
the TAP AB open pit was completed. The Company also obtained the renewal
of its operating license.
-- Updated technical foundation. An NI 43-101-compliant technical report for
the Amapá Project with an effective date of January 31, 2026 was
published on June 19, 2026 outlining Measured and Indicated Mineral
Resources of approximately 61.23 million tonnes at an average grade of
0.988 g/t gold, containing approximately 1.94 million ounces of gold
(inclusive of Mineral Reserves) and Proven and Probable Mineral Reserves
of approximately 31.69 million tonnes at 1.111 g/t gold, containing
approximately 1.13 million ounces of gold, supporting a 10-year open-pit
life-of-mine plan.
-- Financial position. As of June 30, 2026, the Company had cash and cash
equivalents of US$2.8 million, positive net working capital of US$13.7
million and total equity of US$135.5 million, reflecting a largely
equity-funded balance sheet. Financial and debt-like obligations totalled
US$66.0 million and were largely long-term and denominated mainly in
Brazilian reais.
"Achieving first gold was an important milestone for Amapá Minerals and marked the transition of the project into operational ramp-up. I would like to thank our employees and contractors for their commitment and execution, and our shareholders and stakeholders for their continued support. With a strengthened balance sheet following our IPO, our focus is now firmly on disciplined execution and delivering the ramp-up plan safely and efficiently."
Ivan Truzzi, Chief Executive Officer
SUBSEQUENT EVENT -- IPO AND EQUITY FUNDING AFTER QUARTER-END
Subsequent to quarter-end, on July 30, 2026, the Company completed a fully primary IPO of 127,272,728 common shares at C$1.10 per share for gross proceeds of C$140.0 million. Following the IPO, the Company's principal shareholder exercised 28,581,117 common share purchase warrants at C$1.00 per share, providing approximately C$28.5 million of additional equity capital to Amapá Minerals. These transactions materially strengthened the Company's balance sheet, supporting the continued execution of the phased ramp-up and growth strategy.
AVAILABILITY OF FINANCIAL INFORMATION
The Q2 2026 financial statements and MD&A are available under the Company's profile on SEDAR+ and on the Company's website at www.amapaminerals.com.
ABOUT AMAPÁ MINERALS
Amapá Minerals is a Canadian gold mining company whose principal asset is the Amapá Project, located in the State of Amapá in northern Brazil, within the Guiana Shield and along the Vila Nova Greenstone Belt. The Amapá Project is a gold mining operation with historical production of approximately 1.59 million ounces of gold between 2005 and 2022 and benefits from robust existing infrastructure, including a recently refurbished 10,000-tonne-per-day carbon-in-leach processing plant. The Project is currently in ramp-up and positioned for sustainable growth.
SCIENTIFIC AND TECHNICAL INFORMATION
The scientific and technical information in this news release has been reviewed and approved by Wagner Palheiros, P.Eng., Rodrigo Cordova, B.Sc. Mining Engineer, Juliano Lima, B.Sc. Geological Engineer, and Gabriel Freire, B.Sc. Geology, each an independent "qualified person" within the meaning of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101").
Mineral Resource and Mineral Reserve information is derived from the Technical Report on the 2026 Mineral Resources and Mineral Reserves of the Amapá Project, Amapá State, Brazil, effective January 31, 2026 and dated June 19, 2026. The Technical Report is available under the Company's profile on SEDAR+ at www.sedarplus.ca. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information included in this news release includes, but is not limited to, statements regarding the ongoing commissioning of the ball mill, the operational ramp-up and stabilization of the Amapá Project, support for a 10-year open-pit life-of-mine plan, the execution and delivery of the phased ramp-up and growth strategy of the Company, the use and benefits of proceeds from the IPO and subsequent warrant exercises, and the Company's expectations regarding sustainable growth. Forward-looking information is based on management's current expectations, estimates, assumptions and projections, including assumptions regarding plant and equipment performance, the availability of personnel, contractors and supplies, mine plans and ore availability, metallurgical performance, permits and regulatory approvals, access to capital and prevailing gold prices. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied, including operating and commissioning risks, delays in ramp-up, variations in grade and recovery, equipment availability, cost inflation, liquidity and financing risks, regulatory and environmental risks, and the other risks described under "Risk Factors" in the Company's Q2 2026 MD&A, available under the Company's profile on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking information. Actual results could differ materially from those projected herein. The forward-looking information contained in this news release is provided as of the date of this news release. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Amapá Minerals Holdings Inc.
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