CEO comments

CEO Word Q2-2022

The new mining contract, the updates of the Mineral Resource and Ore Reserve Estimates, and Refinancing will positively contribute to our future for a long. Projects have required a lot of work and dedication from several people who can be proud of the work and the results.

The tendering process and negotiations of the mining contract were a long journey. I believe that the journey we made and the discussion we had with the Toivanen team have prepared us both for the future. We know each other and we know what each other expects from the co-operation. I am delighted about the attitude and dedication of the team and look forward for the partnership to develop the mining activities at the Silver Mine in the spirit of the partnership and mutual benefit.

The outcome of the Mineral Resource and Ore Reserve estimates was crystallised to a few pages in the press release. The work behind the numbers is enormous and many team members have run several extra miles to make it. For the Mineral Resource estimate, we basically rebuilt and reviewed the databases to assure the data, remodeled ore zones, defined the geological continuations and parameters for the estimation algorithms, and brought our tools and processes to the latest state-of-the-art level.

The processes and tools form the foundations for the next update which will be done once the results of the ongoing drilling are available.

Mine designs behind the Ore Reserve estimate define the road map to future production. Huge work and achievement open the insights to the future potential of the Silver Mine.  By investing in drilling, we can create opportunities for future mining and returns.

I also want to share with you the geochemical sampling program we have planned for the field season. Hundreds of soil samples will be collected from our exploration target areas to define targets for the more detailed exploration works. I believe that I can share some interesting results with you in the future.

As we all know, everyday life is usually cleaning and fixing, solving obstacles. But we should every now and then stop and celebrate the success which undoubtedly exists. Similarly, we should be patient, which is often difficult, as success is usually made step by step, following the plan and tirelessly completing the tasks and finally achieving the target. The Silver Mine team is working like this, silently, without gestures, but making things happen. I am proud of it.

Metal prices have declined recently, and EUR-USD rate is close to parity. We are confident that we are prepared for these times by the development we have done in our operations and capability.

Let’s enjoy the late summer days, remaining holidays, the companion of friends and families!

Erkki Kuronen, CEO

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