Board Change • Mar 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Martin Mount was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Martin Mount was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2024 earnings released: US$0.024 loss per share (vs US$0.034 loss in 3Q 2023) Third quarter 2024 results: US$0.024 loss per share (improved from US$0.034 loss in 3Q 2023). Revenue: US$8.19m (down 4.1% from 3Q 2023). Net loss: US$5.60m (loss narrowed 28% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Announcement • Oct 22
Minera IRL Limited, Annual General Meeting, Dec 18, 2024 Minera IRL Limited, Annual General Meeting, Dec 18, 2024. Location: british columbia, vancouver Canada Reported Earnings • Aug 16
Second quarter 2024 earnings released: US$0.031 loss per share (vs US$0.021 loss in 2Q 2023) Second quarter 2024 results: US$0.031 loss per share (further deteriorated from US$0.021 loss in 2Q 2023). Revenue: US$6.84m (down 7.9% from 2Q 2023). Net loss: US$7.12m (loss widened 45% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2024 earnings released: US$0.009 loss per share (vs US$0.018 loss in 1Q 2023) First quarter 2024 results: US$0.009 loss per share (improved from US$0.018 loss in 1Q 2023). Revenue: US$11.3m (up 51% from 1Q 2023). Net loss: US$2.18m (loss narrowed 48% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 13
Now 45% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to CA$0.02. The fair value is estimated to be CA$0.037, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 10
Now 45% undervalued after recent price drop Over the last 90 days, the stock has fallen 50% to CA$0.015. The fair value is estimated to be CA$0.027, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 04
Full year 2023 earnings released: US$0.09 loss per share (vs US$0.069 loss in FY 2022) Full year 2023 results: US$0.09 loss per share (further deteriorated from US$0.069 loss in FY 2022). Revenue: US$33.6m (down 9.2% from FY 2022). Net loss: US$20.7m (loss widened 30% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2023 earnings released: US$0.034 loss per share (vs US$0.029 loss in 3Q 2022) Third quarter 2023 results: US$0.034 loss per share (further deteriorated from US$0.029 loss in 3Q 2022). Revenue: US$8.55m (flat on 3Q 2022). Net loss: US$7.78m (loss widened 15% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Announcement • Oct 06
Minera IRL Limited, Annual General Meeting, Dec 11, 2023 Minera IRL Limited, Annual General Meeting, Dec 11, 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: US$0.021 loss per share (vs US$0.013 loss in 2Q 2022) Second quarter 2023 results: US$0.021 loss per share (further deteriorated from US$0.013 loss in 2Q 2022). Revenue: US$7.42m (down 23% from 2Q 2022). Net loss: US$4.89m (loss widened 61% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 54% per year, which means it has not declined as severely as earnings. Announcement • Jun 03
Minera IRL Limited Announces CFO Changes Minera IRL Limited announces the resignation of Mr. Carlos Ruiz de Castilla as Chief Financial Officer (CFO), effective as of June 2, 2023. While the Company searches for a qualified candidate to fill the position on a permanent basis, Mr. Jorge Armas, the current Corporate and Finance Manager, has agreed to serve as interim CFO. Mr. Armas is a Certified Public Accountant who holds a bachelors degree in accounting and finance with more than 30 years of accounting and audit experience in the mining and oil and gas sectors. Reported Earnings • May 17
First quarter 2023 earnings released: US$0.018 loss per share (vs US$0.005 loss in 1Q 2022) First quarter 2023 results: US$0.018 loss per share (further deteriorated from US$0.005 loss in 1Q 2022). Revenue: US$7.48m (down 21% from 1Q 2022). Net loss: US$4.20m (loss widened 288% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Announcement • Dec 16
Minera IRL Limited Completes Diamond Drill Program At the Corihuarmi Gold Mine and Begins A New Two-Phase Drilling Campaign Minera IRL Limited report assay results from the final drill holes completed as part of the Diamond Drill ("DDH") Program started in July 2022 at the Company's producing Corihuarmi Gold Mine ("Corihuarmi") located in central Peru. Highlights of the final diamond drill holes include: D22-17,7, 7.70 m of oxides from 35.80 m depth assaying 0.75 gramsu per tonne ("g/t Au"), and 1.1.30 m of oxides from 64.70 m depth assaying 0.37 g/t Au. DDH22-19, 2.65 m of oxides from 10.35 m depth assaying 0.30 g/t Au. DDH22-23, 1.55 m of oxides from 58.40 m depth assaying 0.34 g/t Au. Further to the DDH Program, the Company has recently launched a two-phase long-hole ("LH") drilling campaign targeting specific areas within the mining concessions that are reported to contain coarse gold mineralization with grades in the range of 0.13 g/t Au to 0.24 g/t Au. This LH drilling campaign has been primarily designed for: Genatining an additional database to supplement Reverse Circulation and DDH da as part of the current efforort to update the Mineral Resource Estimate. Optimizing the blending process by placing high grade fine material and low to medium grade coarse material at the leach pads in an effort to improve gold recoveries. Updating the mine plan and design aimed to increase gold production in 2023 and lower operational costs by maintaining low strip ratios and reducing haul distances to the leach pads. Pha I ofof the LH drilling campaign commenced during the last week of November 2022 and consists of1 drill holes,s, totaling over 1,680 metres. The Company anticipates that Phase II will begin halfway through February 2023 and will consist of 24 drill holes, totaling over 625 metres. The Company plans to release the results as the drilling campaign advances. Qualified PersonMartin Mount, Independent Director of Minera, is a Fellow of the Geological Society of London (& Registered CGeol), a Fellow of the Institute of Materials, Metals & Mining (& Registered CEng), and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Mount has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data. Quality Assurance and Quality Control Procedures Disclosure Thorough QA/QC protocols are followed in the Corihuarmi Gold Mine, including insertion of duplicate, blank and standard samples in all drill hole sampling. All samples are analyzed by Certimin Laboratories in Lima, Peru. Analysis is conducted on 50 g aliquots. Analysis of Au is carried out using fire assay method with atomic absorption (AA). Certimin has been servicing the Peruvian mining industry for 21 years. Reported Earnings • Nov 18
Third quarter 2022 earnings released: US$0.029 loss per share (vs US$0.01 loss in 3Q 2021) Third quarter 2022 results: US$0.029 loss per share (further deteriorated from US$0.01 loss in 3Q 2021). Revenue: US$8.50m (down 24% from 3Q 2021). Net loss: US$6.76m (loss widened 196% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Sep 29
Minera IRL Limited, Annual General Meeting, Dec 05, 2022 Minera IRL Limited, Annual General Meeting, Dec 05, 2022. Announcement • Sep 15
Minera IRL Limited Announces Initial Infill Drilling Results At the Corihuarmi Gold Mine Minera IRL Limited announced initial results of the diamond drill program started in July 2022 at the Company’s producing Corihuarmi Gold Mine (“Corihuarmi”) located in central Peru. Highlights of the drill program include: DDH22-13B, zero to 22.80 m depth of moraine assaying 1.233 grams Au per tonne. DDH22-10, 31.20 m of oxides from 26.50 m depth assaying 0.886 grams Au per tonne. DDH22-07, zero to 34.70 m depth of oxides assaying 0.344 grams Au per tonne. DDH22-02, zero to 42.60 m depth of oxides assaying 0.282 grams Au per tonne. Gold mineralization at Corihuarmi is mined by open pit methods. During the second quarter of 2022, the average grade was 0.21 grams Au per tonne, with 10,174 ounces of gold produced. The diamond drill program consists of 25 diamond drill holes, totaling over 2,000 metres. The drill targets were defined by Minera’s exploration team through extensive review of historical drilling data including Reverse Circulation (RC) and Diamond Drill (DDH) holes, as well as production drilling which includes long holes and blast holes. The diamond drill program was primarily designed for: Extending the boundaries of gold mineralization in advance of and below current production benches. Assessing the continuity of gold mineralization at depth. Updating the current Corihuarmi mineral resource estimate to extend the estimated life of mine. 1,313 metres of drilling have been completed to the end of August 2022. Announcement • Sep 01
Minera IRL Announces Additional Gold Prospect at Corihuarmi Minera IRL Limited announced that ongoing geotechnical efforts have identified a new exploration target located within the concessions of the Company’s producing Corihuarmi Gold Mine (“Corihuarmi”). Corihuarmi started commercial production in 2008 based on an initial feasibility study completed in 2006. With an original estimated life span of only four years, Corihuarmi continues to generate significant revenue and cash flow, with production during 2021 of almost 25,000 ounces of gold from the project’s 9,830 hectares of mining concessions. Recently, the Company has focused its exploration efforts on a promising prospect area named Chantal (“Chantal”), located at the northwest limit of the current operating area at the mine. Chantal has been subject to preliminary mapping, sampling and analysis work, and has produced favorable initial results. This has triggered the Company’s decision to pursue additional exploratory activities in this area as part of its plan to further extend the estimated life of Corihuarmi. The Company expects to provide more details on these efforts as they progress. Reported Earnings • Aug 13
Second quarter 2022 earnings released: US$0.013 loss per share (vs US$0.008 profit in 2Q 2021) Second quarter 2022 results: US$0.013 loss per share (down from US$0.008 profit in 2Q 2021). Revenue: US$9.68m (down 10% from 2Q 2021). Net loss: US$3.04m (down 272% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
Minera IRL Limited Provides Production Guidance for the Full Year 2022 Minera IRL Limited provided production guidance for the full year 2022. For the year, annual production target of 23,000 ounces of gold for this year unchanged. Announcement • May 14
Minera IRL Limited Provides Production Guidance for the Year 2022 Minera IRL Limited provided production guidance for the year 2022. The annual production target of 23,000 ounces of gold for 2022 remains unchanged. Reported Earnings • May 13
First quarter 2022 earnings released: US$0.005 loss per share (vs US$0.005 loss in 1Q 2021) First quarter 2022 results: US$0.005 loss per share (vs US$0.005 loss in 1Q 2021). Revenue: US$9.43m (down 9.2% from 1Q 2021). Net loss: US$1.08m (loss narrowed 8.4% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 02
Full year 2021 earnings released: US$0.002 loss per share (vs US$0.096 profit in FY 2020) Full year 2021 results: US$0.002 loss per share (down from US$0.096 profit in FY 2020). Revenue: US$44.4m (up 14% from FY 2020). Net loss: US$384.0k (down 102% from profit in FY 2020). Production and reserves: Gold Production: 24.917 troy koz (22.567 troy koz in FY 2020) Number of mines: 1 (1 in FY 2020) Reported Earnings • Mar 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.002 loss per share (down from US$0.096 profit in FY 2020). Revenue: US$44.4m (up 14% from FY 2020). Net loss: US$384.0k (down 102% from profit in FY 2020). Revenue exceeded analyst estimates by 4.1%. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jan 30
Minera IRL Limited Announces the Resignation Michael Iannacone from the Board of Directors Minera IRL Limited announced that Michael Iannacone has resigned from the Company’s Board of Directors. Mr. Iannacone has been an independent director of Minera since December 2016 and the Board of Directors. Reported Earnings • Nov 17
Third quarter 2021 earnings released: US$0.01 loss per share (vs US$0.008 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$11.1m (up 4.2% from 3Q 2020). Net loss: US$2.29m (loss widened 18% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jul 20
Minera IRL Announces Positive Preliminary Economic Assessment Results for the Ollachea Gold Project Minera IRL Limited announce that Mining Plus (“Mining Plus”) is currently completing a Preliminary Economic Assessment (“PEA”) detailing the Company’s revised plans for its Ollachea Gold Project (“Ollachea” or the “Project”) located in the Department of Puno, Southern Peru. Strong Project Economics with low CAPEX. At a base case gold price of $1,600/oz: Pre-Tax Net Present Value discounted at 7% (“NPV7%”) of $327 million and 54% Internal Rate of Return (“IRR”), and after-tax NPV7% of $189 million and 38% IRR. At a gold price of $1,800/oz: Pre-Tax NPV7% of $430 million and 68% IRR, and after-tax NPV7% of $253 million and 47% IRR. Start-up CAPEX estimated at $89 million (including 25% contingency), with an after-tax payback period of 2.5 years. Indicated Mineral Resource Estimate of 10.7 million tonnes at 3.28 grams per tonne (“g/t”) containing 1.13 million ounces of gold. Inferred Mineral Resource Estimate of 7.3 million tonnes at 2.7 g/t containing 0.6 million ounces of gold. Total Mineral Resource Estimate includes results from the Minapampa Far East drilling program completed in 2016, which demonstrates that the mineralization remains open to the east and at depth. 11-year life of mine (“LOM”) projecting 876,200 recovered ounces. Average annual production over a four-year ramp-up period of approximately 66,000 ounces of gold at 1,500 tpd, with an estimated peak of 111,000 ounces in year five following an expansion to 3,000 tpd. Average recovery of 90.3% during the first three years, with average recovery of 86.2% over the remaining LOM. Simplified process flowsheet demonstrating improved gold extraction through gravity concentration and carbon rejection, and high gold recoveries from leaching of gravity concentrate through a CIL plant. Efficient use of available space with the inclusion of co-disposal of tailings and waste rock. 30-year surface rights agreement from 2012 creates strong local ties and grants a 5% interest in Minera’s operating subsidiary to the community of Ollachea upon commencement of commercial production. Long-lead and key construction permits and mining approvals already in hand, including an Environmental and Social Impact Assessment. Mine tunnel extending 1.2 kilometers and project site access roads completed in 2013 that compress development timeframe. The PEA for the Ollachea Gold Project is being prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS US$0.096 (vs US$0.05 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$39.1m (up 23% from FY 2019). Net income: US$22.3m (up US$33.7m from FY 2019). Profit margin: 57% (up from net loss in FY 2019). Production and reserves: Gold Proved and probable reserves (ore): 18.24 Mt (18.24 Mt in FY 2019) Reported Earnings • Nov 17
Third quarter 2020 earnings released: US$0.008 loss per share The company reported a soft third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: US$10.7m (up 14% from 3Q 2019). Net loss: US$1.94m (loss widened 96% from 3Q 2019). Recent Insider Transactions • Nov 03
CEO & Executive Director recently bought CA$70k worth of stock On the 26th of October, Diego Francisco Helge Pablo Benavides Norlander bought around 350k shares on-market at roughly CA$0.20 per share. This was the largest purchase by an insider in the last 3 months. This was Diego Francisco Helge Pablo's only on-market trade for the last 12 months. Recent Insider Transactions • Oct 29
CEO & Executive Director recently bought CA$70k worth of stock On the 26th of October, Diego Francisco Helge Pablo Benavides Norlander bought around 350k shares on-market at roughly CA$0.20 per share. This was the largest purchase by an insider in the last 3 months. This was Diego Francisco Helge Pablo's only on-market trade for the last 12 months. Announcement • Oct 08
Minera IRL Limited Provides Additional Context for its Decision to Enter into, and to Extend its Memorandum of Understanding with Corporación Financiera de Desarrollo S.A Further to its press release of September 29, 2020, Minera IRL Limited provided additional context for its decision to enter into, and to extend, its Memorandum of Understanding (the "MOU") with Corporación Financiera de Desarrollo S.A., ("COFIDE") which has recently been extended until October 28, 2020. In November/December 2019, COFIDE, under new management, filed in Peruvian Courts a motion for the annulment of the arbitration award, a process that could take as long as forty-eight (48) months to resolve. Immediately thereafter, in an effort to resolve the matters that had not been resolved by the arbitration award, the parties entered into the MOU. The parties undertook to negotiate in good faith within a 90-day term their respective obligations under the Bridge Loan and the Award, to define the conditions of any remaining debt and agreed to a standstill on any additional legal action. The MOU also provided that, once the parties reached agreement, COFIDE would withdraw its filing for annulment of the Arbitration Award that is still pending before the Courts in Peru. The onset of Covid-19, the declaration of National Emergency by the Peruvian Government and the closing of all non-essential activities in Peru made it impossible to achieve the original deadline. In June 2020, the parties signed an extension to the MOU for ninety (90) additional days, ending September 28, and they achieved important progress, but given the continuing National Emergency and other circumstances of local political nature (not attributable to the Company), the MOU deadline has now been extended until October 28, 2020. The Company has sought a term of no less than two years for final maturity, with a sufficient grace period to be able to obtain third-party financing for the development and construction of the Ollachea Project. The possibility to pre-pay the remaining debt is a priority for both parties. However, desire for a two-year extension of the Bridge Loan is one of the primary reasons for the last extension of the MOU, as COFIDE desires to confirm that the Ollachea project is still financially sound given the passage of time and that there has been a request for extension of the Bridge Loan. The Company believes,
given considerably higher gold prices, that the financial viability of Ollachea has actually improved. 
