The Republic of Ecuador is located in north western coast of South America bordered by Columbia on the north and Peru on the east and south. Historically, the country has been mined for an abundance of minerals including gold, silver, copper, zinc, uranium and lead. Ecuador has implemented several revisions to Mining Laws in relation to ownership, development and taxation to promote investment and growth. Foreign investors and domestic investors receive the same treatment under the applicable laws of Ecuador and are equally able to hold mining rights in accordance with the Mining Law as implemented in 2009. In July 2013, the modern Mining Law was amended to distinguish between large, medium and small scale mining operations, and in August 2018 the Productive Development Law was passed which amended the Mining Law, modifying the mining royalty from 5% – 8% to 3% – 8% (for medium and large scale mining) as well as eliminating the windfall tax.
(1)The Mineral Resource Estimates for the Dynasty Gold Project and the Jerusalem Project are not reported in accordance with the JORC Code 2012. A competent person has not done sufficient work to classify the foreign estimate as mineral resources in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012. For further information please refer to the relevant initial Announcements being the ASX release dated 30 April 2020 with respect to the Dynasty Gold Project and the ASX release dated 21 September 2020 with respect to the Jerusalem Gold Project.