The Cerro Quema project includes a pre-feasibility-stage, open-pit, heap leach gold project, a coppergold sulphide resource, and various exploration targets.
On December 15, 2023, Minera Cerro Quema S.A. (MCQSA), received three resolutions from MICI. The resolutions rejected the request for extension for the three mining concessions comprising the Cerro Quema Project, retroactively declared the concessions canceled, and declared the area comprising the concessions to be a reserve area under the Panamanian mining code. Under the Panamanian mining code, MICI is prohibited from granting mining concessions for exploration or extraction on a reserve area. On December 26, 2023, MCQSA filed requests for reconsideration of MICI’s decisions. On March 11, 2024, MICI rejected the requests for reconsideration.
The Orla Mining does not expect to expend additional funds on developing the Cerro Quema Project until it has greater certainty with respect to its mining concessions. |