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JOSEMARIA Josemaria Resources Inc. 2000 885 West Georgia Street Vancouver BC V6C 3E8 Canada T +1 604 689 7842 F +1 604 689 4250 info@josemariaresources.com josemariaresources.com News Release Josemaria Reports 2020 Year - End Results February 25 , 2021 : Josemaria Resources Inc. ( TSX : JOSE ) ( OMX : JOSE ) ( OTCQB : JOSMF ) ( " Josemaria Resources " or the " Company " ) , a 100 % owned copper - gold project with proven and probable mineral reserves ( ¹ ) of 6.7 billion pounds of copper ( " Cu ” ) , 7 million ounces of gold ( " Au ” ) , and 30.7 million ounces of silver ( " Ag " ) , is pleased to announce its financial results for the year ended December 31 , 2020 . Adam Lundin , Josemaria Resources ' Chief Executive Officer , comments : " A significant milestone was reached in 2020 , with the completion of the Josemaria Project Feasibility Study , indicating a USD $ 1.53 billion after - tax Net Present Value and a 15.4 % after - tax Internal Rate of Return , utilizing metal prices of US $ 3.00 / pound copper , US $ 1,500 / ounce gold and US $ 18.00 / ounce silver . We believe current commodity prices support our view of a tightening copper market , where there are a limited number of readily developable projects . We continue advancing the project towards a construction decision and recently completed and presented the Environmental and Social Impact Assessment to the Governor of San Juan Province , Argentina . " HIGHLIGHTS • On October 19 , 2020 , the Company announced the results of an independent feasibility study ( the " Feasibility Study " ) of its 100 % owned copper - gold Josemaria Project located in San Juan Province , Argentina ( the " Josemaria Project " ) . The Feasibility Study was prepared by a team of engineering and consulting service providers led by Fluor Canada Ltd. with key sections prepared by SRK Consulting ( Canada ) Inc. , and Knight Piésold Ltd. with input from a variety of independent consultants and qualified persons , and in accordance with the disclosure standards of National Instrument 43-101 ( “ NI 43-101 ” ) . The Feasibility Study demonstrates a robust , rapid pay - back , low risk project , with an open pit operation feeding a conventional process plant at 152,000 tonnes per day over a 19 year mine life , yielding average annual metal production of 136,000 tonnes of Cu , 231,000 ounces of Au and 1,164,000 ounces of Ag . The economic analysis contained in the Feasibility Study highlights a USD $ 1.53 billion after - tax Net Present Value ( 8 % discount rate ) and 15.4 % after - tax Internal Rate of Return at assumed metal prices of USD $ 3.00 per pound Cu , USD $ 1,500 per ounce Au and USD $ 18 per ounce Ag . The Technical Report summarizing the results of the Feasibility Study is available under the Company's website and profile on SEDAR . On August 18 , 2020 , the Company closed a private placement and concurrent public offering of 46,652,986 common shares of the Company at a price of $ 0.67 per common share for gross proceeds of $ 31.3 million , less issuance costs of $ 1.4 million , for net proceeds of $ 29.9 million . ( 1 ) The Josemaria Project has a proven and probable mineral reserve of 1,012 million tonnes ( " Mt " ) with diluted grades of 0.30 % Cu , 0.22 grams per tonne ( " g / t " ) Au and 0.94g / t Ag , of which 197Mt are in the proven mineral reserve category , with a low 0.98 : 1 ( waste : ore ) strip ratio ( see " NI 43-101 Technical Report , Feasibility Study for the Josemaria Copper - Gold Project , San Juan Province , Argentina , " dated effective September 28 , 2020 and filed on November 5 , 2020. )