mineral sorting and quality control of rock - lla instruments gmbh & co. kg

mineral sorting and quality control of rock - lla instruments gmbh & co. kg

The production of high-quality mineral products and building materials demands high-grade raw materials as well. Expensive and time-consuming laboratory methods are usually used for the analysis of raw materials. Inline analysis is commonly realised by RGB cameras. For a successful separation by RGB cameras, the colour of the valuable minerals and the waste rock fraction must differ significantly. If both fractions show a similar colour, the application of NIR-process technology will enable a successful separation nevertheless. Each NIR active mineral shows a unique pattern in the NIR spectrum. These spectral features are used as basis for the identification routines in mineral sorting. The identification routines are developed specifically for each sorting task, depending on the mineral composition. The routines can be adjusted easily by the customer.The imaging NIR process spectrometers of the uniSPECx.xHSI series are ideally suited for such identification tasks. Due to the high spatial resolution, even small particles are detected at a conveyor belt speed of up to 3 m/s. The multiplexed NIR-spectrometer uniSPEC2.2MPL-24V is used for analysis of large particles. All NIR-systems are easy to integrate into existing plants of the process industry or in the quarry. For the separation of valuable minerals from waste rock, several identification routines are available. An overview for standard applications is given in the table below.

++ particularly suitable + suitable - limited suitabilityThe NIR-process spectrometers uniSPECx.xHSI and uniSPEC2.2MPL-24V can be used for semi-quantitative determination of minerals in rock. The results can be used to comply with product specifications and limits.

Limestone has a global annual production rate of 1000 mega tonnes and is therefore one of the main products in the mining industry next to sand and grovel. Limestone must contain a preferably low amount of magnesium oxide (MgO) for usage in cement production or as additive in smelting. The amount of MgO often originates from dolomite impurities in the raw material.The NIR application idMgO was developed for the identification of MgO phases in limestone. This application significantly reduces the amount of MgO in the resulting product and is customised for specific on-site conditions of the natural mineral deposit. A RGB-camera can be combined with the NIR cameras uniSPEC2.2HSI and uniSPEC2.2HSIsens for additional identification of differently coloured impurities.

Spodumene is the most commonly exploited lithium mineral. The industrially important lithium compounds are gained by energy-consuming mineral processing. Especially the initial processing step requires temperatures of up to 1000 C. An accumulation of the spodumene by reduction of the waste rock content in the initial feed is therefore crucial for the optimisation of energy and chemicals consumption during the process.Common minerals accompanying spodumene in deposits are feldspars and quartz. These minerals exhibit similar colours to the white or yellow spodumene, which hinders a successful separation of the waste rock by colour sorting. The optical sorting by NIR can be applied nevertheless. Due to the mineralogical differences between spodumene and quartz / feldspar, an identification of spodumene is possible. The identification module idSpodumene was developed for identification of waste rock containing quartz or feldspar in spodumene deposits. The module is available for uniSPEC1.7HSI hyperspectral imaging cameras and suitable for sorting applications (grain size fractions 40 mm).

High purity quartz is crucial for several applications such as glass production or preparation of silicon for electronic components. Differently coloured impurities can be identified successfully by common RGB cameras but similarly coloured impurities such as limestone or clay minerals still remain in the product.NIR spectrometers such as uniSPEC2.2HSI can identify similarly coloured limestone or clay minerals in quartz due to the chemical and mineralogical differences. The application idQuartz was developed for the NIR hyperspectral camera uniSPEC2.2HSI, enabling the identification of calcite and clay mineral impurities in quartz for sorting applications (grain size fractions 40 mm).

The MgO content in limestone must be determined regularly during cement production. For this purpose, XRF measurements are performed routinely on powdered samples, although the sample preparation is costly and time consuming. In contrast, quantitative NIR-measurements of the MgO content using NIR spectrometer are possible without further sample preparation.The quantitative analysis of the MgO content is based on the identification routine idMgOquant. This routine is available for the hand scanner of the uniSPEC2.2MPL-24V process spectrometer for at-line analysation. Measurements on reference samples with known MgO content show a high correlation of NIR-analysis results and XRF data.

mineral processing plant, technology, equipment manufacturers, mineral beneficiation - xinhai

mineral processing plant, technology, equipment manufacturers, mineral beneficiation - xinhai

Xinhai is focused on providing a whole range of services of Mineral Processing EPC (one-stop service for mineral processing plant), including mineral testing, engineer design, equipment manufacture, installation & commissioning and local training. The teams of geologists, mineral processing & mechanic experts of Xinhai are traveling around the world with accumulated experience of 200 EPC projects. Xinhai experts will provide the most professional mineral processing technology for mine investors.

Xinhai mineral processing EPC provides mine owners with one-stop services including mineral beneficiation test, mine design, etc.. Xinhai is committed to solving the problems of mineral processing plant such as budget overspending, schedule delaying, disputes of the manufacturers, etc.

Home About Us EPC Products Solutions Cases News Contact Us 3D Exhibition Room sitemap 2014 Shandong Xinhai Mining Technology & Equipment Inc.

da 7250 at-line nir analyzer | perkinelmer

da 7250 at-line nir analyzer | perkinelmer

The DA 7250 NIR analyzer is the third generation diode array NIR instrument from PerkinElmer, designed specifically for analysis in the food and agri industries. It combines outstanding analytical accuracy with speed, ease of use, ruggedness, and versatility. DA 7250 calibrations are available for a wide range of applications, and measures moisture, protein, fat, fiber, starch and many other parameters in all types of samples powders, pellets, grains, pastes, cakes, meal, and slurries.

The DA 7250 NIR Analyzer analyzes samples in only 6 seconds, and can determine moisture, protein, fat, ash, starch and many other parameters with excellent accuracy. Available factory calibrations cover a wide variety of products and parameters and are built from our global database that encompasses hundreds of thousands of samples. Features and Benefits Easy to use - It's very easy to analyze a sample. In most cases just pour the sample into an open-faced dish, place it in the DA 7250 and it automatically starts the analysis. Results are presented on the large touchscreen. Minimal sample preparation - Where other NIR instruments require that samples are ground or homogenized prior to analysis, the DA 7250 accurately analyzes samples as they are, minimizing the time from when you take the sample until you have the result. Grains, flakes, pellets, powders, pastes, slurries and liquids are all analyzed as they are without the need for expensive modules. Accurate and rugged - The DA 7250 is based on diode array technology which is accurate, robust and proven. In diode array technology there are no moving parts and this makes the DA 7250 very suitable for challenging environments as it is not sensitive to vibrations or temperature. It is also IP65 certified which means it is dust and water-proof. Operation and Handling The DA 7250 was designed in cooperation with customers with the goal to create the most easily operated NIR instrument on the market. Not just because this makes work easier for operators, but because it matters for performance. The easier an analysis method is, the fewer mistakes you make, and the better your accuracy will be. Three easy steps: Pour the sample into the dish. Select product from the list on the touch-screen. Place the dish in the DA 7250. Analysis starts automatically, and results are presented in large numbers after just a few seconds. Remote Reporting and Administration Our NetPlus software package makes analysis results available everywhere, and administration of groups of NIR instruments easier than ever before. NetPlus Reports is a web based reporting software which gives web based access to analysis results. Wherever you are you can always access updated analysis results. Monitor production, evaluate supplier performance, or verify product quality - on the fly! NetPlus Remote is designed for remote administration of groups of instruments. Whether you manage just a few instruments or an NIR network of one hundred instruments, NetPlus Remote streamlines your tasks. Sanitary Design Version The DA 7250 SD is designed for placement in labs and production areas where sanitary designs are required. The sanitary design limits surfaces, crevices and other locations where food material could adhere. This makes it easy to clean, thereby reducing opportunities for microbial growth. Its stainless steel design and open analysis area makes it ideal for use anytime hygienic or cleaning requirements are high, such as in food production environments, in dusty or dirty conditions, or when samples are messy. Applications The characteristics of the DA 7250 NIR analyzer make it ideal for a wide range of applications. Grains, pellets, pastes, powders and liquids are all analyzed in only 6 seconds. Below are examples of applications the DA 7250 NIR analyzer is used in. Dairy Analyze cheese, butter, milk, cream and powders with no sample preparation and no clean-up after analysis in the DA 7250 NIR instrument. Using the disposable cup system, the sample is simply placed in a plastic cup which is disposed of after analysis. This makes the DA 7250 extremely rapid and easy to use. Its accuracy makes it possible for you to control production to very tight limits. Feed Milling Use the DA 7250 NIR instrument to analyze ingredients, in-process samples and finished feeds for parameters such as moisture, protein, fat, starch, energy, fibers and amino acids - all without having to grind samples. Verify incoming ingredients against specifications Get true nutritional values for ingredients, and improve formulations Optimize fat, protein and moisture in your process and save money Oilseed Processing With the DA 7250 NIR instrument you can analyze for moisture, oil, fatty acids, protein and other parameters in oilseeds, meals and oil. No grinding is required for oilseed analysis, not even for sunflower seeds. Test seeds at intake to pay the right price Analyze meal to optimize extraction, drying and blending Determine FFA, phosphorous and more in oil Flour Milling The DA 7250 NIR instrument lets you analyze wheat and flour for moisture, protein, ash and more. It provides top accuracy in a rugged, IP65 rated housing. Place it anywhere in the mill for immediate analysis results. Test wheat at intake and during tempering Optimize ash content with rapid and accurate analysis Analyze co-products such as bran or middlings Petfood Production Whether you produce wet or dry petfood, the DA 7250 NIR instrument will analyze ingredients as well as finished petfood for moisture, protein, fat and more. Little or no sample preparation required, minimal cleaning between samples. Analyze nutritional value of ingredients Optimize production Verify end-product quality Seed Breeding The accuracy and speed of analysis make the DA 7250 ideal for seed breeding companies and institutes. Analyze any type of grain or oilseed for standard parameters such as moisture, protein and oil, and specialized traits such as fatty acid profile or amino acid levels. Thousands of samples can be analyzed in a very short time, and any size sample can be analyzed - from just a few grains to 500 ml. Several of the leading institutes and companies worldwide use the DA 7250. Ethanol Production Many ethanol producers have been able to increase output and lower costs thanks to the DA 7250 NIR instrument. Raw materials, fermentation samples and by-products are all analyzed in just a few seconds. Instead of waiting half an hour for HPLC results you can get an instant analysis of HPLC parameters in fermentation samples. Starch Production The flexible sample presentation of the DA 7250 makes it possible to analyze both the raw materials and nearly all in-process products as well as end-products. Grains, slurries, liquids and powders - all are easily analyzed in the DA 7250 NIR instrument.

The DA 7250 NIR Analyzer analyzes samples in only 6 seconds, and can determine moisture, protein, fat, ash, starch and many other parameters with excellent accuracy. Available factory calibrations cover a wide variety of products and parameters and are built from our global database that encompasses hundreds of thousands of samples.

The DA 7250 was designed in cooperation with customers with the goal to create the most easily operated NIR instrument on the market. Not just because this makes work easier for operators, but because it matters for performance. The easier an analysis method is, the fewer mistakes you make, and the better your accuracy will be.

Our NetPlus software package makes analysis results available everywhere, and administration of groups of NIR instruments easier than ever before. NetPlus Reports is a web based reporting software which gives web based access to analysis results. Wherever you are you can always access updated analysis results. Monitor production, evaluate supplier performance, or verify product quality - on the fly!

NetPlus Remote is designed for remote administration of groups of instruments. Whether you manage just a few instruments or an NIR network of one hundred instruments, NetPlus Remote streamlines your tasks.

The DA 7250 SD is designed for placement in labs and production areas where sanitary designs are required. The sanitary design limits surfaces, crevices and other locations where food material could adhere. This makes it easy to clean, thereby reducing opportunities for microbial growth. Its stainless steel design and open analysis area makes it ideal for use anytime hygienic or cleaning requirements are high, such as in food production environments, in dusty or dirty conditions, or when samples are messy.

The characteristics of the DA 7250 NIR analyzer make it ideal for a wide range of applications. Grains, pellets, pastes, powders and liquids are all analyzed in only 6 seconds. Below are examples of applications the DA 7250 NIR analyzer is used in.

Analyze cheese, butter, milk, cream and powders with no sample preparation and no clean-up after analysis in the DA 7250 NIR instrument. Using the disposable cup system, the sample is simply placed in a plastic cup which is disposed of after analysis. This makes the DA 7250 extremely rapid and easy to use. Its accuracy makes it possible for you to control production to very tight limits.

Use the DA 7250 NIR instrument to analyze ingredients, in-process samples and finished feeds for parameters such as moisture, protein, fat, starch, energy, fibers and amino acids - all without having to grind samples.

With the DA 7250 NIR instrument you can analyze for moisture, oil, fatty acids, protein and other parameters in oilseeds, meals and oil. No grinding is required for oilseed analysis, not even for sunflower seeds.

The DA 7250 NIR instrument lets you analyze wheat and flour for moisture, protein, ash and more. It provides top accuracy in a rugged, IP65 rated housing. Place it anywhere in the mill for immediate analysis results.

Whether you produce wet or dry petfood, the DA 7250 NIR instrument will analyze ingredients as well as finished petfood for moisture, protein, fat and more. Little or no sample preparation required, minimal cleaning between samples.

The accuracy and speed of analysis make the DA 7250 ideal for seed breeding companies and institutes. Analyze any type of grain or oilseed for standard parameters such as moisture, protein and oil, and specialized traits such as fatty acid profile or amino acid levels. Thousands of samples can be analyzed in a very short time, and any size sample can be analyzed - from just a few grains to 500 ml. Several of the leading institutes and companies worldwide use the DA 7250.

Many ethanol producers have been able to increase output and lower costs thanks to the DA 7250 NIR instrument. Raw materials, fermentation samples and by-products are all analyzed in just a few seconds. Instead of waiting half an hour for HPLC results you can get an instant analysis of HPLC parameters in fermentation samples.

The flexible sample presentation of the DA 7250 makes it possible to analyze both the raw materials and nearly all in-process products as well as end-products. Grains, slurries, liquids and powders - all are easily analyzed in the DA 7250 NIR instrument.

Analysis of dairy powders with high accuracy for the constituents by means of the PerkinElmer DA 7250, a proven NIR instrument designed for use in the food industry. Using novel diode array technology it performs a multi-component analysis in less than ten seconds with no sample preparation.

Analysis of dairy powders with high accuracy for the constituents by means of the PerkinElmer DA 7250, a proven NIR instrument designed for use in the food industry. Using novel diode array technology it performs a multi-component analysis in less than ten seconds with no sample preparation.

Extruded snack products are widely popular. Moisture, fat and seasoning contents are important properties to measure during processing and in the final products. The Near Infrared Spectroscopy (NIR) technique is particularly suited for snack product analysis.

Extruded snack products are widely popular. Moisture, fat and seasoning contents are important properties to measure during processing and in the final products. The Near Infrared Spectroscopy (NIR) technique is particularly suited for snack product analysis.

Near infrared reflectance (NIR) is an excellent method to test feather meal samples for nutritional composition. The DA 7250 performs multi-component analysis for moisture, protein, fat, and ash in less than 10 seconds.

Near infrared reflectance (NIR) is an excellent method to test feather meal samples for nutritional composition. The DA 7250 performs multi-component analysis for moisture, protein, fat, and ash in less than 10 seconds.

Fast compositional analysis of Meat and Bone Meal (MBM) and Poultry Meal (PM) is very valuable when running a rendering plant producing the meal or formulating pet foods from it. The Near Infrared Reflectance (NIR) technology is highly suitable for these purposes.

Fast compositional analysis of Meat and Bone Meal (MBM) and Poultry Meal (PM) is very valuable when running a rendering plant producing the meal or formulating pet foods from it. The Near Infrared Reflectance (NIR) technology is highly suitable for these purposes.

Potato chips are a widely popular snack. Moisture, fat, seasoning content and color are important qualities to measure during processing and on the final products. The Near Infrared Spectroscopy (NIR) technique is particularly suited for snack product analysis.

Potato chips are a widely popular snack. Moisture, fat, seasoning content and color are important qualities to measure during processing and on the final products. The Near Infrared Spectroscopy (NIR) technique is particularly suited for snack product analysis.

Knowledge of key malt characteristics is essential to ensure the quality of the malt in your brewing process. The DA 7250 can perform multi-component analysis in six seconds, with no sample preparation.

Knowledge of key malt characteristics is essential to ensure the quality of the malt in your brewing process. The DA 7250 can perform multi-component analysis in six seconds, with no sample preparation.

When handling and processing linseed, it is important to have accurate information on its composition. Moisture, oil, and protein levels determine its value and how to use and process it. The DA 7250 can perform a multicomponent analysis in only six seconds with no sample preparation required.

When handling and processing linseed, it is important to have accurate information on its composition. Moisture, oil, and protein levels determine its value and how to use and process it. The DA 7250 can perform a multicomponent analysis in only six seconds with no sample preparation required.

Compositional analysis of liquid animal feed is an important step in verifying proper nutritional value at the mixer and prior to shipment to customers. Nutritional information is vital to farmers when formulating feeding strategies. The DA 7250 can analyze liquid animal feed for moisture, protein, and mineral content quickly and accurately without any sample preparation or subsequent cleaning requirements.

Compositional analysis of liquid animal feed is an important step in verifying proper nutritional value at the mixer and prior to shipment to customers. Nutritional information is vital to farmers when formulating feeding strategies. The DA 7250 can analyze liquid animal feed for moisture, protein, and mineral content quickly and accurately without any sample preparation or subsequent cleaning requirements.

Analysis of Dried Distillers Grain (DDGs) is an important aspect of Ethanol Production and Feed Manufacturing. The composition affects processing of the materials and the profitability of selling & buying this important by-product /ingredient. Ethanol producers can use the real time analysis to monitor and control the process. Monitoring moisturecontent allows operators to optimize the drying process ensuring an acceptable end product while reducing energy usage. Feed plants can use the system to monitor suppliers, optimize formulation, and for cost control of ingredients. The Diode Array 7250 can analyze DDGs for the aforementioned constituents. The large spot size and analysis area remove the effects of sample heterogeneity thereby producing more reliable and representative results. The speed allows users to easily and accurately analyze many samples a day in nearly real-timewith no sample prep or clean-up.

For soybean processors it is important to have full knowledge of the quality of the soybean they purchase, as its value to a high degree depends on the composition of, for example, oil and protein. For seed breeders, the fatty acid profile is also critical as there are increasing demmand for varieties with specific characteristics. The DA 7250 Near Infrared Reflactance (NIR) can perform the multicomponent analysis in seconds.

For sunflower seed processors and feed manufacturers alike, rapid and accurate quality control of sunflower seed meal is important to ensure nutritional specification on the meal is correct. DA 7250 accurately can analyze moisture, protein, oil, fiber and ash in sunflower seed meal.

Food companies operate in highly diverse and complex supply chains that are tightly regulated across the globe. Youre constantly challenged from compliance with hazard analysis critical control points (HACCP) and food safety plans to ensuring nutritional and compositional quality across your operation.Our meat and poultry analysis solutions include instrumentation and software, consumables and reagents, and service and support. Were committed to providing you with efficient, end-to-end solutions that ease your everyday challenges of automation, throughput, service, and time to results.

Food companies operate in highly diverse and complex supply chains that are tightly regulated across the globe. Youre constantly challenged from compliance with hazard analysis critical control points (HACCP) and food safety plans to ensuring nutritional and compositional quality across your operation.

Our meat and poultry analysis solutions include instrumentation and software, consumables and reagents, and service and support. Were committed to providing you with efficient, end-to-end solutions that ease your everyday challenges of automation, throughput, service, and time to results.

Feed milling today is a complex business, and agribusinesses both large and small need to balance the nutritional and safety needs of livestock with availability of raw ingredients and their seasonality and variability. Add to that the valuable supplementation and medication that millers supply, and its clear: youre creating a complete nutritional delivery system, not just a simple mix of grains.

Feed milling today is a complex business, and agribusinesses both large and small need to balance the nutritional and safety needs of livestock with availability of raw ingredients and their seasonality and variability. Add to that the valuable supplementation and medication that millers supply, and its clear: youre creating a complete nutritional delivery system, not just a simple mix of grains.

PerkinElmer provides state-of-the-art analytical solutions for testing and analysis of raw meats, process optimization, and verification of finished meat products. Our solutions are based on proven technologies, user friendly software, and ready-to-use methods. Whats more, our solutions incorporate universal calibrations that cover thousands of sample types everything from raw ham and frankfurters to salami and meatballs. So whatever type of meat products you produce, our solutions can help you reduce costs while improving quality.

PerkinElmer provides state-of-the-art analytical solutions for testing and analysis of raw meats, process optimization, and verification of finished meat products. Our solutions are based on proven technologies, user friendly software, and ready-to-use methods. Whats more, our solutions incorporate universal calibrations that cover thousands of sample types everything from raw ham and frankfurters to salami and meatballs. So whatever type of meat products you produce, our solutions can help you reduce costs while improving quality.

Food testing labs like yours are constantly challenged with accurately analyzing samples quickly and efficiently - all while striving to reduce costs due to market forces. Your commitment to ensuring meat and seafood are safe for consumption, as demand increases, is an uphill battle.Our commitment to you: to provide a range of solutions across multiple technologies, products, and services that meets or exceeds the testing needs of food processors. Our solutions offer more efficiency and increased accuracy and sensitivity for better yields in real time with minimal training.From instrumentation and software to consumables and reagents to service and support, we are dedicated to providing you with end-to-end solutions that ease your everyday challenges of automation, throughput, service, and time to results.

Food testing labs like yours are constantly challenged with accurately analyzing samples quickly and efficiently - all while striving to reduce costs due to market forces. Your commitment to ensuring meat and seafood are safe for consumption, as demand increases, is an uphill battle.

Our commitment to you: to provide a range of solutions across multiple technologies, products, and services that meets or exceeds the testing needs of food processors. Our solutions offer more efficiency and increased accuracy and sensitivity for better yields in real time with minimal training.

From instrumentation and software to consumables and reagents to service and support, we are dedicated to providing you with end-to-end solutions that ease your everyday challenges of automation, throughput, service, and time to results.

Our DA 7250 offers the oilseed industry quality control solutions that determine moisture, oil, fatty acid profile and more, optimize pressing, extraction and drying of oilseed meal; monitor degumming and free fatty acid neutralization and verify feed nutritional properties of the oilseed meal.

Our DA 7250 offers the oilseed industry quality control solutions that determine moisture, oil, fatty acid profile and more, optimize pressing, extraction and drying of oilseed meal; monitor degumming and free fatty acid neutralization and verify feed nutritional properties of the oilseed meal.

flsmidth | history

flsmidth | history

FLSmidth's historic head office at Vigerslev All in Copenhagen's Valby district has fallen behind the times, and an agreement signed between FLSmidth and ATP Real Estate marks the first step towards a new, modern campus on the site.

In 2017, the FLSmidth Donation Fund gave students at the Instituto Politcnico Nacional (IPN), which is located in one of the most important mining zones in Mexico, access to state-of-the-art laboratory mining equipment. Besides this equipment, the FLSmidth Donation Fund also supports young scientists and various global and local charities.

FLSmidth and Kleemann, part of Wirtgen Group, signed a long-term cooperation agreement on supply of cone crushers for mobile applications in the construction industry. The agreement unites FLSmidth's technology leadership within cone crushers with Kleemann's leading position in the mobile crushing in the construction and aggregate industry, and provided a unique opportunity for FLSmidth to expand into adjacent industries.

2015 also saw FLSmidth take a big step in terms of digitalization, as the company joined forces with GE, leader in Industrial Internet of Things (IIoT) to maximize the potential of connected equipment units, helping the cement and mining industry to increase productivity.

Proving FLSmidths leadership in engineering and solutions for the mining industry, we won the prestigious global Top 100 award for our Rapid Oxidative Leach process at this years R&D 100sin Wachington DC.

Potagua A/S, FLSmidth's principal owner, who represented the founding families, announced at the end of 2001 that it did not consider itself the ideal majority shareholder of the Group in the long term. It proposed that a new Board of Directors be elected comprising mainly professional business people to steer the transition from conglomerate to core businesses.

In response to the increased consolidation and globalization among the Groups customers, and to improve coordination, cost efficiency and flexibility among the Groups companies, the new Board created a new organizational structure with defined global functions. As part of that endeavour, the business operations of F.L.Smidth & Co. A/S and Fuller Company were integrated into one global business unit, with both companies remaining fully operational to serve the global cement industry. As part of that initiative, Fuller Company changed its name to F.L. Smidth Inc. and F.L.Smidth & Co. A/S changed its name to FLSmidth A/S.

Bhagwati Designs, an Indian engineering consultancy; MVT, a supplier of bulk material handling equipment; and Pfaff aqs, a German manufacturer of automatic sampling and sample handling equipment were acquired and joined the Group's cement engineering business.

In the last part of the 20th century, FLSmidth retains its market share in the cement industry by developing new and enhancing existing technologies while at the same time diversifying into other business areas.

The FLS Group acquired Fuller Company and established the F.L.Smidth-Fuller Engineering Group. After the acquisition, two separate minerals processing divisions were formed: Fuller MPD and FLSmidth MPD.

In 1997, the two divisions, Fuller MPD and FLSmidth MPD, were merged into one single company, FFE Minerals. Moreover, Valby Machinery Works was separated from F.L.Smidth & Co. to merge with MAAG Gear, now 80 per cent owned by the F.L.Smidth-Fuller Engineering Group.

The worldwide economic recession that began in the early 1980s caused a slump in the cement machinery market. Tenders fell to less than half, competition among the machinery suppliers became fierce, and prices and profits plummeted.

Nevertheless, F.L.Smidth managed to retain its market share, in some areas even increase it. The organisation was streamlined and measures were taken to develop technologies and products and to enhance service and sales in the Company's main market: the cement industry.

Against this background, FLSmidth introduced the ATOX vertical mill. The mill combined the grinding, separation and drying processes into a single unit. To date, FLSmidth has sold more than 300 ATOX mills.

FLSmidth's cement business was widened at an early stage to include a number of related activities. The Group's involvement in such diverse lines of business as machinery manufacture, packaging production and insurance was prompted by a desire to ensure satisfactory quality and reliability of sub-suppliers and products.

Through acquisitions, non-core activities had gradually grown to two-thirds of Group sales. It was therefore decided to form a new parent company, FLS Industries A/S, to control the some 125 companies in the Group.

The seven sectors mirrored the strategy in place at the time of investing in areas where the Group had a strong position and selling off companies to buyers who had a better opportunity to further develop the activities.

FLSmidth & Co. diversified into new markets in the minerals industry including pyro processing technologies for pulp and paper production, lime and dolomite calcination and metallurgical beneficiation.

At the end of the War, FLSmidth was well placed to penetrate new markets. A number of technical innovations were launched, including the TIRAX mill, the UNAX cooler and the SYMETRO gear. These machines and products greatly streamlined production at cement plants. They boosted FLSmidth's position as an international market leader.

The firm made good progress. It specialized in machinery for the brick and tile industry and received its first major contract for the design of a Danish tile works based on new burning and drying techniques that made it possible to operate a tile works all year round.

Two engineers, Poul Larsen and Alexander Foss, who had been working for the firm for a couple of years, became partners in the business, which changed name to F.L.Smidth & Co. Through its involvement in the tile and brick making industry, the firm had made contacts in the cement industry and was awarded a contract for a cement plant near Limhamn in Sweden. The staff continued to grow and the business moved to Vestergade in central Copenhagen, which remained its location until 1956 when it moved to the present headquarters at Valby.

F.L.Smidth & Co. established the Aalborg Portland Cement Plant in Denmark, which enabled the firm to make thorough studies of all stages of the cement manufacturing process and become a leader in technical innovation. The plant also served as a test facility for new machinery.

F.L.Smidth & Co. opened an office in London. In the following years, offices opened in Paris (1893), New York (1895), Berlin (1901) and other cities. Within a short time span, F.L.Smidth & Co. managed to become a worldwide business.

The firm acquired the rights to a new mill type, the tube mill, from the French/Danish inventor. After being thoroughly redesigned and refined, the tube mill influenced the cement industry in the coming century. After being redesigned, the tube mill became so popular that it was sold all over the world already before the turn of the century.

In the USA, the cement industry used oil to heat the more flexible and greater capacity horizontal rotary kilns. After considerable redesign work, F.L.Smidth introduced the coal-fired rotary kiln on the European market. Together, the tube mill and the rotary kiln revolutionized cement production. F.L.Smidth has since sold over 2000 units of the rotary kiln worldwide, the design of which is continuously being improved to attain ever-higher levels of heat and energy efficiency as well as productivity.

FLSmidth provides sustainable productivity to the global mining and cement industries. We deliver market-leading engineering, equipment and service solutions that enable our customers to improve performance, drive down costs and reduce environmental impact. Our operations span the globe and we are close to 10,200 employees, present in more than 60 countries. In 2020, FLSmidth generated revenue of DKK 16.4 billion. MissionZero is our sustainability ambition towards zero emissions in mining and cement by 2030.

integral process equipment | montreal's manufacture representative

integral process equipment | montreal's manufacture representative

Coronavirus (COVID-19) We are working at full capacity and we continue to be dedicated to providing you with the necessary support to ensure the sustainability of your operations. Our entire team remains at your disposal. We hope you, your family members and colleagues remain safe and well, and look forward to a return to normalcy.

Coronavirus (COVID-19) We are working at full capacity and we continue to be dedicated to providing you with the necessary support to ensure the sustainability of your operations. Our entire team remains at your disposal. We hope you, your family members and colleagues remain safe and well, and look forward to a return to normalcy.

Coronavirus (COVID-19) We are working at full capacity and we continue to be dedicated to providing you with the necessary support to ensure the sustainability of your operations. Our entire team remains at your disposal. We hope you, your family members and colleagues remain safe and well, and look forward to a return to normalcy.

Coronavirus (COVID-19) We are working at full capacity and we continue to be dedicated to providing you with the necessary support to ensure the sustainability of your operations. Our entire team remains at your disposal. We hope you, your family members and colleagues remain safe and well, and look forward to a return to normalcy.

Coronavirus (COVID-19) We are working at full capacity and we continue to be dedicated to providing you with the necessary support to ensure the sustainability of your operations. Our entire team remains at your disposal. We hope you, your family members and colleagues remain safe and well, and look forward to a return to normalcy.

Distributor, Integrator and Manufacturers' Representative of top tier products. Passionate Group of Engineers that deliver process equipment solutions. Dynamic company that can adapt to any challenge it encounters.

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roxgold reports first quarter 2021 financial results | business wire

roxgold reports first quarter 2021 financial results | business wire

For complete details of the unaudited Condensed Interim Consolidated Financial Statements and associated Interim Managements Discussion and Analysis please refer to the Companys filings on SEDAR (www.sedar.com) or the Companys website (www.roxgold.com). All amounts are in U.S. dollars unless otherwise indicated.

The Yaramoko Mine Complex continued to deliver another strong quarter, with production of 35,308 ounces at near record margins of $1,108 per ounce generating cash flows from mining operations of $32.5 million, commented John Dorward, President and CEO of Roxgold. Yaramoko continues to be the cashflow engine of the company, allowing for high return reinvestment into organic growth opportunities. The proposed combination with Fortuna Silver is a natural next step for Roxgold and our shareholders, creating a low-cost global intermediate precious metals producer with significant free cash flow generation over the coming years, increased scale and diversification, a very attractive precious metals growth pipeline, increased liquidity and a lower cost of capital.

The production and cost guidance assumes no material operational impacts due to COVID-19. A prolonged COVID-19 related delay or significant deterioration in operating conditions may have an impact on production and cost guidance.

Management of the current global COVID-19 crisis is ongoing particularly as various jurisdictions implement measures to re-open or close again, their economies. The Company has been proactive in its response to the potential threats posed by COVID-19 and has implemented a range of measures to protect the health and well-being of its employees and host communities while continuing to operate to the extent possible, in ordinary course of business. These measures include, but are not limited to, quarantine, reducing on-site crew sizes, enhanced cleaning and disinfecting protocols, requiring workers with symptoms to self isolate and promoting preventative measures including social distancing and frequent handwashing. All employees returning to site are required to complete a testing and screening process. As a result, operations at Yaramoko to date have not been materially impacted by COVID-19. The Company is continually assessing the evolving situation, including the health and safety risks to the Companys personnel and contractors at its operations and offices.

During the quarter ended March 31, 2021, revenues totalled $60.6 million (2020: $48.0 million) while mine operating expenses and royalties totalled $20.4 million (2020: $16.9 million) and $3.6 million (2020: $2.9 million), respectively. The increase in sales is primarily due to a 12% increase in the average realized gold price, and a 13% increase in ounces sold. Total mine operating expenses included $0.9 million COVID-19 related costs, reflecting incremental costs primarily relating to personnel, camp and transportation costs. During the quarter, the Company achieved total cash cost1 per ounce sold of $677 and a mine operating margin1 of $1,108 per ounce sold.

During three-month period ended March 31, 2021, depreciation totalled $15.8 million compared to $13.4 million in Q1 2020. The increase in depreciation is a result of the continued investment in the underground development of 55 Zone and Bagassi South combined with higher throughput.

Sustainability and in-country costs totalled $0.3 million for Q1 2021 compared to $0.4 million in the comparative period. These expenditures are incurred as part of Roxgolds commitment to responsible operations in Burkina Faso including several sustainability and community projects.

Exploration and evaluation expenses totalled $5.9 million for the three-month ended March 31, 2021 compared to $7.8 million in the comparative period. However, the decrease in costs expensed was due to the commencement of capitalising all costs directly attributable to Sgula to mineral properties under development within Property, Plant and Equipment. During Q1 2021, costs related to the project that were capitalised totalled $6.1 million.

Other expenses totalled $4.0 million in Q1 2021, respectively compared to $1.6 million in the comparative period. The increase is mainly attributed to a foreign exchange loss of $2.5 million in Q1 2021 due to the stronger USD compared to a foreign exchange gain of $1.0 million in Q1 2020.

The current income tax expense totalled $2.6 million for Q1 2021 compared to $1.2 million in compared period largely due to higher mine operating profits. The higher effective tax rate is also driven by the increase in exploration expenditures in 2021 incurred in Burkina Faso and Cte dIvoire not being tax effected due to the Companys status under the tax regulations.

The Companys net income was $5.6 million in Q1 2021 and compared to net income of $1.9 million in Q1 2020. The Companys EBITDA1 was $24.5 million for the three-month period ended March 31, 2021 compared to $17.5 million in the comparative 2020 period.

Net income was higher compared to Q1 2020 primarily as a result of higher average realized gold sales price and higher gold ounces sold, offset by higher mining expenses due higher tonnes processed and higher depreciation.

For the three-month period ended March 31, 2021, the income attributable to the non-controlling (NCI) interest was $1.2 million. The Government of Burkina Faso holds a 10% carried interest in Roxgold SANU SA and as such is considered Roxgolds NCI. The NCI attributable income is based on IFRS accounting principles and does not reflect dividend payable to the minority shareholder of the operating legal entity in Burkina Faso.

As at March 31, 2021, the Company had $56.5 million in cash on hand, with $31.1 million of long-term debt. The restricted cash totalling $2.0 million relates to funds restricted for the purposes of future restoration costs of the Yaramoko Gold Mine. The Company's current assets exceeds its current liabilities by $21.0 million.

With the existing cash balance and the forecasted cash flows from operations, the Company is positioned to fund its cash requirements for the next twelve months which relate primarily to the following activities:

On April 26, 2021, the Company announced that it had entered into a definitive arrangement with Fortuna whereby Fortuna will acquire all of the issued and outstanding securities of Roxgold. Under the agreement, Roxgold shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold common share held. Based on the closing price of Fortuna common shares on the TSX on April 23, 2021, the exchange ratio implies a premium of 40.4% to Roxgold shareholders. The transaction is expected to close in late June or early July 2021. The transaction will be effected by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia), requiring the approval of at least 66% of the votes cast by the shareholders of Roxgold voting in person, virtually or represented by proxy at a special shareholders meeting to consider the transaction. The issuance of Fortuna common shares pursuant to the transaction will require approval by a simple majority of the votes cast by the shareholders of Fortuna voting in person, virtually or represented by proxy at an annual and special meeting of Fortuna shareholders' called to consider, in addition to certain annual meeting matters, the issuance of Fortuna shares pursuant to the requirements of the TSX. In addition, the transaction is subject to approval by the Supreme Court of British Columbia, and TSX and NYSE approval and the satisfaction of certain other closing conditions customary in transactions of this nature.

Mining activities totalled 153,256 tonnes of ore mined at a grade of 6.9 g/t (includes low grade ore mined totalling 53,284 tonnes at a grade of 2.6 g/t) and 913 metres of waste development. This compares with 134,473 tonnes of ore at 7.9 g/t and 1,357 metres of waste development in Q1 2020. The 55 Zone mine produced 97,516 tonnes at 7.1 g/t and the Bagassi South mine contributed 55,740 tonnes at a grade of 6.6 g/t.

The mining tonnage was attributable to the ramping up of stoping activities at the Bagassi South mine with stoping operations expanding following the completion of mine development in Q3 2020. During Q1 2021, approximately 73% of ore produced came from stoping activities and 27% from development.

Decline development at the 55 Zone mine reached the 4614 level, approximately 710 metres below surface. Ore development continued down to 4634 level with two levels developed during the quarter. The development of the Bagassi South mine was completed in Q3 2020 with the main decline reaching 5044 level, approximately 260 metres below surface. Ore development was mostly completed in Q4 2020 with some minor ore stripping and development works occurring in Q1 2021.

The throughput for the quarter was 127,667 ore tonnes processed (includes 28,202 tonnes of low grade ore processed), at a head grade of 8.0 g/t, gold recovery of 97.9% and, plant availability of 96.8%; compared to Q1 2020 when 125,879 ore tonnes were processed at 8.7 g/t head grade, 97.9% gold recovery and, availability of 96.4%.

Gold sales in Q1 2021 totalled $60.6 million from 33,962 ounces of gold. The Companys average realized gold price was $1,785 per ounce sold, 12% higher than the average realized gold price in Q1 2020.

The Company maintained a cash operating cost1 per tonne processed of $156 per tonne. The cash operating cost1 per ounce produced totalled $564 per ounce for the period compared to $146 per tonne and $566 per ounce in the comparative period.

The total cash cost1 of $677 per ounce sold in Q1 2021 was higher compared to $657 per ounce sold in Q1 2020. This was primarily impacted by the processing of lower grade stockpiled material which had an impact of $53 per ounce sold and the higher gold price in Q1 2021 which increased royalty payments by $10 per ounce sold.

The Company achieved a lower site all-in sustaining cost1 of $906 per ounce sold and a lower all-in sustaining cost1 of $963 per ounce sold in Q1 2021 compared to $1,003 per ounce and $1,058 per ounce sold, respectively in the comparable period. The lower all-in sustaining cost in the quarter is attributed to a decrease in underground development expenditure which had an impact of $82 per ounce sold and an increase in ounces sold compared to Q1 2020.

The Company generated a mine operating margin1 of $1,108 per ounce in Q1 2021 which was 18% higher than in Q1 2020 mainly due to the higher average gold sales price and lower sustaining capital spend.

The Company invested $7.2 million in underground mine development at the 55 Zone and $0.4 million at Bagassi South in Q1 2021, compared to $6.1 million and $4.3 million respectively for the comparable period in 2020.

The Company generated strong cash flow from mining operations1 of $32.5 million in Q1 2021, and cash flow from mining operations per share1 of $0.09 (C$0.11/share). Comparatively, the Company generated cash flow from mining operations1 of $25.4 million and $0.07 cash flow from mining operations per share1 in the Q1 2020.

Exploration drilling testing the near surface potential on the Yaramoko permit continued during Q1 2021, with emphasis on the 109 Zone, Bagassi South environs, and stratigraphic and scout drilling of the eastern and western projected extensions of the structure hosting the 55 Zone mineralization. Several other early-stage opportunities have been identified across the Yaramoko property as part of a regional targeting exercise that will be followed up over the next 12 months to assess further near-surface mineralization opportunities.

Exploration activities continued to progress to delineate additional mineral resources within close proximity to Antenna, primarily focussing on infilling the high grade Koula deposit and deep extension drilling to determine the underground potential. Target generation and project development continued across the permit, with a new prospect named Sunbird, located approximately 600m south west of Boulder, returning high grade intersections from first pass scout drilling.

On April 19, 2021, the Company announced the results of the Feasibility Study and Mineral Reserve estimate for the high-grade Sgula Gold Project in Cote dIvoire. The Feasibility study considers an operation with an initial nameplate of 1.25 million tonnes per annum and mine life of approximately 9 years. At a gold price of $1,600 per ounce, the Feasibility Study resulted in LOM after tax net cash flow of $536 million, a Roxgold attributable after tax NPV of $380 million and a Roxgold attributable after-tax IRR of 49%. The Feasibility Study also included an initial proven and probable mineral reserves estimate of 12.1 million tonnes grading 2.8 g/t Au totalling 1.1Moz Au which Roxgold believes positions Sgula among the highest-grade open pit gold projects globally. Please refer to the Companys press release dated April 19, 2021 for further details.

The Sgula Mineral Reserves are reported on a 100% basis at a gold grade cut-off of 0.5 g/t Au for Antenna, Agouti and Boulder deposits and 0.6 g/t Au for Koula and Ancien deposits based on a gold price of US$1,500/ounce, constrained to optimization pit shells and only Probable categories reported within the final pit designs.

The Mineral Reserves pit design were completed based on overall slope angle recommendations of between 370 and 570 for Antenna, Koula and Agouti deposits from oxide to fresh weathering profiles, between 340 and 560 for Ancien deposit from oxide to fresh weathering profiles and 370 and 600 for Boulder deposit from oxide to fresh weathering profiles.

On March 31, 2021, the Company exercised its right to match for the repurchase of the 1.2% NSR on Sgula. The Company exercised its right to pre-empt the proposed AUD$20 million acquisition of the NSR by an international royalty company. Concurrent with a buy-back of the existing NSR, Roxgold entered into a new royalty agreement with Franco-Nevada Corporation for the sale of a 1.2% NSR royalty on Sgula for AUD$20 million which included a modified buy-back option for up to 50% of the NSR at a pro rata portion of the purchase price for a period of up to three years following closing.

Exploration activities have continued to progress to delineate additional mineral resources within close proximity to Antenna. The current targets include the recent discovery of Sunbird, along with the previously defined Agouti, Boulder, Ancien and Koula which are all within 6 kilometers of the Antenna deposit (Figure 2).

Drilling throughout the quarter focussed on infilling the high grade Koula project to an Indicated drill spacing in support of its inclusion in the Feasibility Study. Drilling has continued to return very high-grade results from infill drilling to 25m centres, while deeper drilling down plunge has continued to intersect high grade mineralization at least 300m beyond the conceptual pit limit, with SGRD1101 intersecting 6m at 10.8 g/t Au from 355m downhole, highlighting the potential for an underground project (refer to Company press releases February 25, 2021, March 9, 2021, April 6, 2021). Drilling is continuing to test deeper intervals a further 200m down plunge.

Sunbird is located approximately 0.6 km to the south west of Boulder and 1.5 km south of Koula. It was discovered through following up regional soil geochemistry and surface mapping and is interpreted to be hosted by the same north-south striking mylonitic tholeiite/pillow basalt package that hosts Koula and Ancien. A possible link to the Boulder mineralization is also indicated in the regional aeromagnetic dataset highlighting a south-westerly extension and intersection of the Boulder structure with the tholeiitic unit. A 22-hole scout drilling program has delineated mineralization over at least 800m of strike, with six holes pending results.

Mineralization is hosted by three sub-parallel quartz-carbonate vein sets associated with well developed mylonitic fabric within and along the interpreted margins of a tholeiitic basalt and consistent with the mineralization styles seen at Koula and Ancien. Mineralization remains open at depth and to the south where a moderate southerly plunge has been interpreted (Figure 4). Drilling to date has been limited to two holes per section line as part of a scout program. Further infill drilling is planned in Q2 after all results are received.

An extensive auger program continued during the quarter, testing areas to the south of Ancien and Siakasso North, with results highlighting several prospective areas which will be scheduled for follow-up aircore drilling in 2021. This test work program is following up on the mapping and reconnaissance sampling at Sgula which continues to emphasise the regional prospectively of the property package with several prospects identified where rock chip samples recorded several instances of high-grade visible gold.

The Boussoura Project is located approximately 180 kilometers due south of Roxgolds Yaramoko Project and 10 kilometers north of the border with Cote dIvoire. The project is situated in the prolific Hound Belt, which is host to Yaramoko, as well as multiple other producing mines. The Boussoura permits cover an area of over 25,000 hectares with an earn-in agreement in place for an additional 25,000 hectares of neighbouring permits.

The Fofora area is host to at least 9 sets of shear zones and vein corridors that have been identified to date within an active 3km by 3km artisanal field (Figure 6). Work in the quarter consisted of infill RC drilling at Fofora Main and VC2, as well as scout drilling progressively testing several other vein sets further to the west and extending to the south.

Representative highlight results from VC2 include 5m at 17.0 g/t Au in BSR-20-RC-FFR-142 from 59m, 23m at 2.0 g/t Au in BSR-20-RC-FFR-143 from 41m and 8m at 7.4 g/t Au in BSR-20-RC-FFR-150 from 99m. Similar to Fofora Main, VC2 consists of at least 5 parallel vein sets extending over at least 400m along strike and remains open at depth and along strike. Drilling has also extended mineralization a further 300m along strike to the south with broad zones of low grade intersected, including 43m at 0.5 g/t in BSR-21-RC-FFR-190 from 65m. Approximately 300m further to the west of VC2 scout drilling returned encouraging results including 19m at 2.0 g/t Au in BSR-21-RC-FFR-164, and 600m further south scout drilling also returned 24m at 4.3 g/t Au from 5m, including 1m at 94 g/t Au from 6m in BSR-21-RC-FFR-201. Subsequent scout drilling results at VC3, VC4 and VC5 returned additional encouraging results including 19m at 2.02 g/t Au in drill hole BSR-21-RC-FFR-164 from 0m at VC3, 3m at 33.6 g/t Au in drill hole BSR-21-RC-FFR-201 from 6m, and 1m at 53.2 g/t Au in drill hole BSR-21-RC-FFR-206 from 46m.

Infill drilling at Fofora Main has continued to upgrade confidence and providing further support for the geological interpretation and key structures at depth, with results including 35m at 4.1 g/t Au in BSR-21-RC-FFR-218 from 86m and 8m at 9.8 g/t Au in drill hole BSR-21-RC-FFR-210 from 105m.

Exploration activities at Galgouli during the quarter continued with an extensive auger program for target delineation, testing the northern and southern strike extension of the Galgouli structure and potential parallel zones and new prospects to the south east. In addition, strike extension and infill drilling on the northern section of the Galgouli structure continued to highlight the high grade nature of the mineralization in this area with BSR-21-RD-GAL-048 intersecting 1.8m at 130.9 g/t Au from 144.7m on the northernmost section and where mineralization remains open along strike and at depth, with drill defined mineralization identified along more than 1.6km of a 3km long structure.

Scout drilling was also successful in intersecting mineralization in an area to the south east of Galgouli with BSR-21-RC-064A intersecting 7m at 6.3 g/t Au from 72m, after a re-interpretation of the regional geophysics. Refer to Company press release dated February 1, 2021 and April 21, 2021 for further information and drill result details.

The Company provides some non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Companys financial results. Please refer to note 16 Non-IFRS financial performance measures of the Companys MD&A dated May 11, 2021, available on the Companys website at www.roxgold.com or on SEDAR at www.sedar.com for reconciliation of these measures.

Paul Criddle, FAusIMM, Chief Operating Officer for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has reviewed, verified and approved the technical disclosure contained in this news release.

Paul Weedon, MAIG, Vice-President, Exploration for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this news release. This includes the QA/QC, sampling, analytical and test data underlying this information. For more information on the Companys QA/QC and sampling procedures, please refer to the Companys Annual Information Form dated December 31, 2020, available on the Companys website at www.roxgold.com and on SEDAR at www.sedar.com.

For further information regarding the Yaramoko Gold Mine, please refer to the technical report dated December 20, 2017, and entitled Technical Report for the Yaramoko Gold Mine, Burkina Faso (the Yaramoko Technical Report) and the technical report prepared for the Sgula Gold Project entitled NI 43-101 Technical Report, Sgula Project, Worodougou Region, Cte dIvoire dated November 30, 2020 (the Sgula Technical Report) and together with the Yaramoko Technical Report, the Technical Reports available on the Companys website at www.roxgold.com and on SEDAR at www.sedar.com.

Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko Gold Mine located on the Hound greenstone belt in Burkina Faso and is advancing the development and exploration of the Sgula Gold Project located in Cte dIvoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX.

This press release contains forward-looking information within the meaning of applicable Canadian securities laws (forward-looking statements). Such forward-looking statements include, without limitation: economic statements with respect to Mineral Reserves and Mineral Resource estimates (including proposals for the potential growth, extension and/or upgrade thereof and any future economic benefits which may be derived therefrom), future production and life of mine estimates, production and cost guidance, anticipated recovery grades, and potential increases in throughput, the anticipated increased proportion of mill feed coming from stoping ore, future capital and operating costs and expansion and development plans including with respect to the 55 zone and Bagassi South, and the expected timing thereof (including with respect to the delivery of ore and future stoping operations), proposed exploration plans and the timing and costs thereof, the anticipated operations, costs, proposed funding, timing and other factors set forth in the Technical Report, and sufficiency of future funding. The forward-looking statements in this news release may include, without limitation, statements about Fortuna and Roxgold's current expectations, estimates and projections for the pro forma company, the structure and estimated value of the transaction, the anticipated timing of the respective shareholders meetings and the closing of the Transaction, the timing and anticipated receipt of required shareholder, court and stock exchange other approvals and the ability of Fortuna and Roxgold to satisfy the other conditions to, and to complete, the Transaction; the anticipated benefits of the Transaction to shareholders and the combined company, including corporate, operational and other synergies; the anticipated growth and exploration opportunities for the combined company; the timing and success of development projects; anticipated cost savings as a result of the transaction synergies and the combined company's financial position, including expectations regarding liquidity and cost of capital; the expected management team of the combined company; the expected size and scale for the combined company; expected pro forma financial outlook, including the projected pro forma EBITDA of the combined company; and other similar statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Yaramoko Gold Project and other properties including the Sgula Gold Project in the short and long-term, the progress of exploration and development activities as currently proposed and anticipated, the receipt of necessary regulatory approvals and permits, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters, as well as assumptions set forth in the Companys technical report dated December 20, 2017, and entitled Technical Report for the Yaramoko Gold Mine, Burkina Faso (the Yaramoko Technical Report) and the technical report prepared for the Sgula Gold Project entitled NI 43-101 Technical Report, Sgula Project, Worodougou Region, Cote dIvoire dated November 30, 2020 (the Sgula Technical Report and together with the Yaramoko Technical Report, the Technical Reports available on the Companys website at www.roxgold.com and SEDAR at www.sedar.com. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: delays resulting from the COVID-19 pandemic, changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel, failure to obtain permits as anticipated or at all, failure of exploration and/or development activities to progress as currently anticipated or at all, and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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