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Wednesday, November 4, 2020

Brain Scientific Inc. (BRSF) Is ‘One to Watch’

Brain Scientific is a commercial-stage health care company aiming to modernize the brain diagnostics market by employing cutting edge technologies to bridge the widening gap in access to neurological care
The company’s current offerings are the NeuroCap(TM) and NeuroEEG(TM) – two FDA-cleared devices delivered by wholly owned subsidiary MemoryMD Inc.
The company’s intellectual property portfolio includes three patents in the U.S., China and Europe
Brain Scientific is developing new products, including disposable EEG headsets for pediatric patients, long-term monitoring solutions and artificial intelligence options for monitoring and recording brain activity
The company was selected as a finalist at the 2020 Epilepsy Foundation Shark Tank Competition
The EEG device market is currently estimated at $956.1 million and is expected to grow to $1.6 billion by 2026, achieving a CAGR of 8.7%
In the future, Brain Scientific intends to leverage AI and machine learning to map brain activities and providing data about different neurological conditions such as dementia, pre-Alzheimer’s and epilepsy

Brain Scientific (OTCQB: BRSF) is a commercial-stage health care company focused on developing innovative and proprietary medical devices and software. With a mission of modernizing brain diagnostics by employing cutting edge technologies to bridge the widening gap in access to quality care, the company offers two FDA-cleared products that provide next-generation solutions to the neurology market.

The company’s proprietary, clinical-grade neurological devices are supported by its intellectual property portfolio featuring patents in the United States, China and Europe.

Brain Scientific’s first commercialized devices, NeuroCap(TM) and NeuroEEG(TM), are designed to disrupt the current electroencephalogram (“EEG”) market by offering cost-effective and disposable substitutes to existing solutions, allowing medical professionals to collect diagnostic information quickly.

The company’s goal is to improve diagnostics by leveraging artificial intelligence and machine learning processes to analyze a database of brain readings as a method of detecting seizures and dementia. The company is also working to improve patients’ access to neurological care.

Headquartered in New York, Brain Scientific and its predecessor (and now wholly owned subsidiary, MemoryMD Inc.) was founded in 2015 and went public in 2018.

Brain Scientific’s first phase of development, from 2018 to 2019, saw the inception of portable, clinical-grade, easy-to-use neurological devices. The second phase, currently ongoing, aims to create cloud-based, secure infrastructure to transmit patient data between patients and their neurologists. The company’s third phase of development is scheduled for 2021-2022 and is expected to focus on the use of AI-assisted diagnostic analysis to increase the efficiency, consistency and accuracy of neurology specialists.

NeuroCap(TM) – Disposable EEG Headset

The NeuroCap is a disposable pre-gelled EEG headset featuring 22 electrodes and 19 active EEG channels, all adhering to the international 10-20 system. The NeuroCap was FDA-cleared in 2018. The headset can be used for recording EEGs in virtually any setting, including urban and rural emergency departments, neurology clinics, urgent care clinics, ICUs, nursing homes, assisted living facilities and remote clinical research labs.

Through a universal cable adapter, the NeuroCap is compatible with other EEG amplifiers. The cap also works in parallel with Brain Scientific’s NeuroEEG amplifier, initiating EEG studies in less than five minutes.

The company is currently seeking FDA approval for additional features for the NeuroCap, as the device has the potential to fill a gap in EEG testing availabilities during the current coronavirus pandemic: in October 2020, Brain Scientific filed an Emergency Use Authorization (“EUA”) application. The EUA is required for the rapid distribution of the NeuroCap device to emergency departments, intensive care units and other treatment centers to administer prescriptive EEGs safely on critically ill patients or those suspected of being diagnosed with COVID-19.

With more than 80 percent of hospitalized patients infected with COVID-19 displaying neurological symptoms, the NeuroCap could prove to be a valuable device by offering fast testing with limited contact between technicians and patients.

NeuroEEG(TM) – Miniature and Portable Wireless EEG Amplifier

The NeuroEEG is a compact, portable and affordable wireless EEG amplifier intended for prescription use. The 16-channel, FDA-cleared, clinical-grade device acquires, records, transmits and displays electrical brain activity for patients of all ages.

Both the NeuroCap and NeuroEEG are delivered by MemoryMD Inc., a wholly owned subsidiary of Brain Scientific.

Products in Active Development

Currently, Brain Scientific and MemoryMD are working on leveraging their existing products and drawing from ongoing research to develop and commercialize the next generation of solutions for the brain diagnostics market. The devices under development are being designed to address the following issues:

Routine EEG

NeuroCap-8 is an 8-channel EEG cap. The reduced number of electrodes is vital in emergency room situations, where the time it takes to set up the EEG is critical.

Pediatric EEG

NeuroCap Pediatric is positioned to become the first disposable and pre-gelled headset available for the pediatric market.

Long-Term Monitoring

NeuroCap LTM for adult and pediatric patients is a disposable cap designed to monitor rhythmic and periodic patterns for up to 72 hours, providing essential diagnostic capabilities.
NeuroEEG 24 Channel Amplifier is a portable and wireless amplifier with over 24 hours of battery life.

Artificial Intelligence

Brain E-Tattoo is a minimally invasive four-channel EEG electrode designed for long-term monitoring.
An AI database of brain biomarkers collects data on both normal and abnormal brain data to detect neurological diseases. The goal is for machine learning algorithms to enhance understanding of brain-behavior related to epilepsy, memory dementia and pre-Alzheimer’s diagnostics.

Telemedicine

Brain Scientific is expanding the vision for telemedicine in neurology. The company aims to address the current acute neurologist shortfall (20 states have less than 10 neurologists per 10,000 patients) through the use of teleneurology.

Partnership with Marketing Brainology

Brain Scientific has a longstanding partnership with Marketing Brainology, a neuromarketing firm using neuroscience approaches to understand consumer behavior. In 2019, Marketing Brainology conducted a study using NeuroCap and NeuroEEG to determine the most effective Super Bowl commercials.

“Thanks to Brain Scientific’s NeuroCap and NeuroEEG, we are able to better understand the art and science of the human decision-making process,” Michelle Adams, Ph.D, Founder of Marketing Brainology, stated in a news release.

In April 2020, Marketing Brainology again conducted a study leveraging Brain Scientific’s disposable EEG cap to determine how brains were reacting to COVID-19 messaging. Subjects were presented with multiple media impressions, and Marketing Brainology analyzed their responsive biomarkers. The results identified the most effective messaging for engaging with an audience during a crisis.

Market Outlook

The current global market for EEG devices is estimated at $956.1 million. It is expected to rise with a CAGR of 8.7% from 2019 to 2026, reaching $1.6 billion in value by 2026, according to Grandview Research.

In total, there are approximately 6,150 hospitals in the U.S., according to the American Hospital Association. Critically, though, just 254 of those hospitals are certified Level 4 Epilepsy centers with 24/7 EEG coverage. Since very few non-Level 4 centers have extensive EEG tech coverage, this creates a significant opportunity for Brain Scientific to bridge the gap by providing over 5,900 hospitals with lower cost amplifiers and disposable EEG caps.

The company also see opportunities to work with other businesses, such as EEG manufacturers hoping to package Brain Scientific’s solutions with their products, which could greatly expand Brain Scientific’s addressable target market.

Management Team

Dr. Baruch “Boris” Goldstein, Ph.D., is co-founder and Chairman of Brain Scientific. He is a seasoned executive with a proven talent for aligning global business strategies with established and emerging management teams. Goldstein’s growth-focused leadership style has helped him raise over $750 million in venture capital for the development of innovative companies and startups in diverse industries, including financial services, biomedicine, alternate energy and new materials, as well as groundbreaking work in artificial intelligence. His recent achievements include important advancements in neurology and unlocking the potential of AI correlations and machine learning applied to life sciences and medical research. He built a suite of first-to-market companies as a technology-oriented leader, including Ryah Medtech, Brain Scientific, GrapheneCA, E-Forex and Intelligent Video Systems. He also co-founded BrainRX, a company specializing in pre-Alzheimer’s diagnostics.

Dr. Nikolay Kukekov, Ph.D., is a Director of Brain Scientific and a partner at HRA Capital. Before joining HRA Capital, Kukekov was Managing Director of Healthcare Investment Banking at Summer Street Research. His scientific background includes a bachelor’s degree in Molecular, Cellular and Developmental Biology from the University of Colorado at Boulder. He earned his Ph.D. in neuroscience from Columbia University – College of Physicians and Surgeons in New York.

Stuart Bernstein is the company’s Vice President of Marketing. He was recently named to the role after spending the first part of his professional career in senior technical management roles with Fortune 500 companies such as NCR (NYSE: NCR), IBM (NYSE: IBM) and Control Data Corp. He was the CEO of BioSignal, an EEG medical device company. He is also a co-founder of several software engineering and telemedicine firms. One of them, Brain Saving Technology, is now Specialist on Call (SOC Telemed) – a leading telemedicine company that powers over 850 facilities for teleneurology, telepsychiatry and critical care telemedicine with over 200 physicians.

For more information, visit the company’s website at www.BrainScientific.com.

NOTE TO INVESTORS: The latest news and updates relating to BRSF are available in the company’s newsroom at https://nnw.fm/BRSF

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Sugarmade Inc. (SGMD) Issues Letter to Shareholders on Upcoming Expansion Steps

SGMD shareholder letter outlines building blocks of strategic vision
Chan talks about two themes: geographic expansion for BudCars and Sugarmade’s move to cultivation operations
BudCars is expanding into North San Francisco Bay area and wine country counties, then Los Angeles

In a letter to shareholders thanking them for their support, Sugarmade (OTCQB: SGMD) CEO Jimmy Chan outlined the “building blocks of a coherent and cohesive strategic vision” and noted that the company is putting in motion “key next steps to manifest that vision and drive strong and sustained shareholder value as a key emerging leader in the California cannabis marketplace” (https://nnw.fm/0PqKa).

“I want to highlight two themes that will help to drive our value proposition for shareholders over the intermediate term: geographic expansion for BudCars and our move to vertically integrate through the establishment of cultivation operations,” wrote Chan. “Together, they represent tangible catalysts driving both top and bottom line growth.”

In the letter, Chan noted that Sugarmade is working to “expand the scope, scale and reach of BudCars, a rapidly growing leader in the California cannabis delivery space — where we hold a 40% stake, with an option to take a controlling 70% stake, and where we are actively engaged in strategic and operational execution of the business.”

The letter outlined the dramatic growth BudCars has seen over the past six to eight months, noting that the company has consistently surpassed expectations in several key areas including customer acquisition and per-order volumes. “However, to fuel the next phase of our overarching vision, we must begin to expand our geographic reach,” Chan observed.

“I have good news: that expansion is officially underway,” Chan continued. “We are expanding BudCars initially into the North San Francisco Bay Area and the Wine Country counties. That will be followed by our grand opening of BudCars Los Angeles, which we anticipate now will take place sometime in November.”

The letter noted that the move into the North Bay Wine Country area, which represents a more than doubling of the company’s total delivery territory, is “ripe with potential.” A recent “North Bay Business Journal” article reported that cannabis-related tax receipts from Sonoma County indicate that the area is seeing growth of 35% in the cannabis space. “As we begin to see tourism return in the wake of the global pandemic health crisis, we anticipate this region to represent one of the strongest bets as well, and we are excited about positioning BudCars to capitalize on that growth trend,” stated Chan.

The expansion into the wine country areas will be followed by the company’s grand opening in Los Angeles, slated for November. “Los Angeles is an enormous market for cannabis sales,” Chan explained. “It stands as perhaps the largest metropolitan cannabis marketplace on the planet. And we will be thrilled to see BudCars lay down roots and start taking market share in the area.”

The shareholder letter also noted that Sugarmade has secured a property zoned for cannabis cultivation and is working with regulators to move forward with plans to start its own cultivation operations. “This move will function to widen our margins on BudCars sales as well as to position Sugarmade to capitalize on growing demand in a chronically undersupplied marketplace,” the letter outlined. “Because of our access to end-market consumers through our BudCars distribution channel, we will also have an advantage over other cultivators in establishing a branded line of cannabis products, further supporting widening margins at each point in the chain.

“These are exciting times for Sugarmade. We have a rapidly growing business, and we are taking concrete steps now to build on that growth,” Chan concluded.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s brand portfolio includes CarryOutsupplies.com, SugarRush(TM) and Budcars.com. Sugarmade is an investor in BudCars and a joint operator of BudCars’ first operating location in Sacramento, California.

During early 2020, Sugarmade gained a 40% stake in BudCars and in the Sacramento delivery operations via the acquisition of a 40% stake in Indigo Dye Group (Indigo). Under the terms of Sugarmade’s agreement with Indigo, Sugarmade also acquired an option to purchase an additional 30% interest in Indigo, upon the closing of which would provide Sugarmade with a 70% controlling interest. As of the date hereof, this option has not yet been exercised; Sugarmade’s stake in Indigo remains at 40%, and there is no assurance that Sugarmade will exercise the option to acquire an additional 30% interest in Indigo.

However, since late May 2020, Sugarmade has been actively involved in development of Indigo’s operations with power to direct the activities and significantly impact Indigo’s economic performance. Sugarmade also has obligations to absorb losses and right to receive benefits from Indigo. As such, in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification 810-10-25-38A through 25-38J, Indigo is considered a variable interest entity (“VIE”) of Sugarmade.

For more information, visit the company’s website at www.Sugarmade.com.

NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://nnw.fm/SUGAR

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Tuesday, November 3, 2020

Pure Extracts Consolidates Hold on Canada’s Extract Sector; Receives Standard Processing Licence from Health Canada

Pure Extracts Technologies specializes in extraction of key molecules, oils from biomass
Extracts are used to manufacture THC & CBD oils, edibles, infused beverages
Edible and infused beverage products have been available in Canada since late 2019, taking up 13% market share within Canada’s specialty drug market
Pure Extracts recently awarded standard processing license by Health Canada, which will enable the Company to produce clinical trial samples in its purpose-built facilities located near Whistler, Canada

Pure Extracts Technologies, a Pemberton, British Columbia-domiciled private plant extraction company, has witnessed its fortunes rise as of late. The Company’s unique business model is founded on four key pillars, namely the extraction of key molecules and oils from biomass as a tolling service, white-label product formulation, manufacturing and sales of its own ‘Pure Pulls’ brand and sales of its new functional mushroom product line – ‘Pure Mushrooms’. With the Canadian market for edibles and infused beverages alone estimated to amount to over $2 billion a year and rising (https://nnw.fm/1xK1q), end product manufacturers have found themselves increasingly hard-pressed in establishing a reliable supply chain to satisfy their growing demand for raw materials. Pure Extracts in turn have found themselves ideally positioned to benefit from the ongoing explosion in demand.

Pure Extracts’ current operations combine the Company’s legacy cannabis and hemp tolling experience, which seeks to convert hemp biomass into extracts such as CBD oil, distillates and isolates, with a growing product development operation which has seen the Company white-label the production of vape pens & edible products for third party retailers. The Company has recently sought to broaden the scope of its product development business through the creation of its own-branded proprietary product portfolio, referred to as ‘Pure Pulls’, an initiative which has seen the Company create 34 separate formulations. Pure Extracts plans on distributing these formulations through a wide network of dispensaries located across Canada (https://nnw.fm/A3qf5).

Canada’s specialty drug market has historically been dominated by dried flower products, with only an estimated 13% market share held by extract products (www.PureExtractsCorp.com/Investors), such as CBD oils or edibles. However, that has largely been a function of the Canadian extract market’s relatively nascent nature, with most products having only been legalized and made available to the wider public as of December 2019. Pure Extracts looks to consolidate a hold on the extract sector given the relative lack of incumbent producers while capitalizing on the abundance of biomass currently available in the market – a factor which has allowed the company to significantly lower its raw material costs and expand its extract margins.

“Pure Extracts plans to position itself as an extraction industry leader in terms of its Full Spectrum Oil (‘FSO’) quality,” says CEO Ben Nikolaevsky. “We can’t wait to show our LP partners the incredible quality extracted oil that we can produce, be it for medicinal or recreational usage.”

The Company has also looked to raise the quality and general perception of their capabilities, a pursuit which has recently seen the Company awarded with a Standard Processing License by Health Canada under the Cannabis Act, following an extensive and meticulous five-month application and vetting process (https://nnw.fm/kInGZ). Following the award of the Health Canada licence, Pure Extracts will now be able to begin producing products for the B-to-B market in their purpose-built, British Columbia-based, extraction facility while adhering to EU Good Manufacturing Practices (“GMP”). This in turn will help ensure that molecules will be extracted to the highest possible quality and qualify for international exports to Europe and the rest of the world.

“We are thrilled to be commencing production in our new, EU-GMP compliant, purpose-built facility and are confident that our state-of-the-art extraction and processing equipment will produce the highest quality cannabis and hemp derived oil available on the market,” said Pure Extracts founder and COO Doug Benville following the Health Canada License approval.

For more information, visit the company’s website at www.PureExtractsCorp.com.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts are available in the company’s newsroom at http://nnw.fm/Pure

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Rritual Mushrooms, Inc. Is Increasing Awareness of Medicinal Mushrooms and Adaptogenic Herbs

The functional mushroom space has no clear leader, allowing for Rritual to target the role as the only premium brand currently on the market
The company’s premium suite of products will be available first online through their website and the Amazon shop
Rritual was the runner up for the Buyer’s Choice Award in the virtual ECRM presentation that connects companies with retail establishments creating business relationships
The company was chosen for a special ECRM program on October 22, 2020, due to its award-winning status, connecting it to major retailers such as ALDI, Costco, Albertsons/Safeway, and Amazon
The current functional food market is valued at more than $275 billion

Rritual Mushrooms is a private company that manufactures premium plant-based products including small-batch elixir powders and premium shots made from medicinal mushrooms and adaptogenic herbs.

Rritual’s mission is to help each and every person meet the demands of modern life with style and ease through mushroom adaptogen products, slated to be sold online and through brick and mortar establishments. Through its management team, the company has developed connections with leading retailers and other establishments to begin rolling out its product offering. The first products will be available online through the Rritual website and an exclusive Amazon shop.

Recently, Rritual took part in a virtual program organized by ECRM, an international organization that connects suppliers and buyers. The virtual program, called “The Whole Body and Mind Wellness,” was the first time any ECRM program curated meetings related specifically to wellness lifestyle. Its goal was to connect major retailers with brands that support the growing consumer interest in health and fitness (https://nnw.fm/ScOza).

Rritual was selected as the runner up for the Buyers Choice Award for its Reishi Relax Elixir, picked by retail buyers from dozens of entries. “Retail buyers selected Rritual for the award because our packaging, design and formulation stood out amongst the dozens of products they evaluated,” CEO David Kerbel said. “Their stamp of approval on our product reinforces what we know: that Rritual products will capture the attention of shoppers on shelves and in e-comm, supporting our anticipated year-one growth.”

Due to this award, Rritual was invited to participate in a special ECRM program that took place on October 22, 2020. This event included major retailers such as ALDI, Costco, Albertsons/Safeway, and Amazon.

Rich in polysaccharides, triterpenes, fatty acids, and amino acids, infused with Ashwagandha root to improve sleep quality and promote stress support, Reishi Relax is just one of the products included in Rritual’s premium suite. The other two leading products are Lion’s Mane Focus, paired with Rhodiola root to support cognitive function and overall brain health, and Chaga Immune, full of bioactive polysaccharides and infused with Eleuthero root to create an optimal environment for the body’s immune system.

The company is still in its early development stages, but it has the potential to become the leading force in the functional mushroom and foods market, amid a vacuum of premium brands in the space. The current functional food market is valued at more than $275 billion, with a global shift supporting wellness and the 7.9% CAGR forecast through 2025.

The demand for functional mushrooms is also forecasted to rise from $23 billion to an increase of $34 billion by 2024. Worldwide, the market is expected to reach $50 billion by 2025 due to the popularity of the superfood’s unique properties and the proven abilities to increase cognitive function, boost immunity, and help manage stress.

For more information, visit the company’s website at https://Investors.WeAreRritual.com.

“Mental Fitness is a Daily Ritual”

NOTE TO INVESTORS: The latest news and updates relating to Rritual Mushrooms are available in the company’s newsroom at https://nnw.fm/Rritual

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Josemaria Resources Inc. (TSX: JOSE) (OTC: JOSMF) Is ‘One to Watch’

Josemaria Resources (TSX: JOSE) (OTC: JOSMF) is a Canadian natural resources company based in Vancouver, British Columbia. The company’s current focus is on advancing the development of its wholly owned Josemaria copper-gold mining project.

Josemaria Resources is part of The Lundin Group of companies, a conglomerate of 13 business entities operating in the mining, oil and gas and renewables sectors all around the world.

The Josemaria Copper-Gold Project

The company’s flagship Josemaria Copper-Gold Project is located in the San Juan Province of Argentina – a well-known mining hub supporting a wide variety of mining service companies. The Lundin Group has been active in Argentina for approximately 30 years. Committed to advancing the project, Josemaria Resources has already begun the bridging phase, with basic and detailed engineering planning expected to commence in early 2021.

The company recently announced the results of a feasibility study at the Josemaria Project. The study, prepared by a team of engineering and consulting providers including Fluor Canada Ltd., SRK Consulting (Canada) Inc. and Knight Piésold Ltd., highlights a robust, low-risk project with rapid payback expected via an open pit operation with forecast capacity to feed a conventional process plant at a rate of 152,000 tonnes a day over a 19-year mine life.

According to the feasibility study, the project is expected to yield an average annual production of 136,000 tonnes of copper, 231,000 ounces of gold and 1,164,000 ounces of silver. Other highlights of the study include:

The optimized mining production plan provides average grades in the first three years of production that are notably better than the life-of-mine average. This supports a forecast 3.8-year payback period from the start of production
The project’s total initial cost, including engineering, procurement, construction, management, on- and off-site infrastructure, contingency and pre-construction engineering work, amounts to roughly $3.09 billion
The location provides readily available access to essential resources, including water, grid power, transportation and logistics infrastructure within San Juan Province
An Environmental and Social Impact Assessment (“ESIA”) of the project is already underway and is expected to be submitted to relevant authority agencies for review during Q1 2021

The Josemaria Copper-Gold Project has been designed to incorporate the latest technology. Per the feasibility study, the project will include the use of autonomous trucks and production drill fleets, with the option of incorporating green energy, indicating the company’s commitment to minimizing and mitigating the adverse effects of mining on the environment.

To this end, the company intends to leverage suitable planning, impact assessment and monitoring tools while also incorporating water and energy efficiency systems and ecosystem conservation services in the design and implementation of its operations.

Josemaria Resources President and CEO Adam Lundin welcomed the results of the study as confirming that this is one of the very few readily developable copper-gold projects in the world and forecasting an attractive economic outcome for the asset, comparable with other copper-gold projects in development.

“We believe that Josemaria is perfectly positioned to commence production by mid-decade, meeting rising copper demand from a rapidly electrifying global economy. I believe the study results will allow us to unlock various financing opportunities as we move toward construction,” Lundin said in a news release.

Market Outlook

The global smart mining market was estimated at $6.8 billion in 2019. It is forecast to reach $20.31 billion by 2025. The significant increase is expected to be driven by technological advancements within the sector.

Global demand for copper is also growing steadily, due to the metal’s versatility and multiple uses for industrial, domestic and high-technology indications. The global copper market is expected to reach $222.1 billion by the end of 2026.

Management Team

Adam Lundin is the President, CEO and Director of Josemaria Resources. He has several years of experience in managing capital markets and public companies across the natural resources sector. His background includes oil, gas, mining technology, investment advising, international finances and executive management. Lundin began his career working for several of the Lundin Group mining companies. He is currently engaged in multiple roles, as he is also the Chairman for Filo Mining Corp. and Africa Energy Corp. and a Director of NGEx Minerals Ltd. and the Lundin Foundation.

Ian Gibbs serves as CFO of Josemaria Resources. He is a Canadian Chartered Accountant and a graduate of the University of Calgary, holding a Bachelor of Commerce degree. Gibbs has held many prominent positions within the Lundin Group of companies over the last 15 years, most recently as the CFO of Africa Oil Corp.

Arndt Brettschneider is the company’s Vice President of Projects. He has over 23 years of international mining, consulting and project development experience. Before joining Josemaria Resources, he was Vice President of the mining consulting businesses of two globally recognized engineering companies. Brettschneider obtained a Bachelor of Science with Honors from the University of Queensland in Brisbane, Australia. He received his MBA from Queen’s University in Ontario, Canada.

Bob Carmichael is the company’s Vice President of Exploration. He joined Josemaria Resources from Lundin Mining Corporation’s UK office. In his UK role, he was the General Manager of Resource Exploration. Carmichael is a registered Professional Engineer in the Canadian province of British Columbia. He obtained a Bachelor of Applied Science from the University of British Columbia. His dual role includes serving as Vice President of Exploration for Filo Mining Corp. and NGEx Minerals Ltd.

Alfredo Vitaller is Josemaria Resources’ General Manager in Argentina. He has been involved in the mining industry since 1993. He graduated as a Licentiate in Geological Sciences from Buenos Aires University and has an M.Sc. from Mackay School of Mines at the University of Reno. Vitaller has worked with the Lundin Group since 1993 and was a part of the exploration teams for Filo, Helados and Josemaria.

Notable Directors

Ashley Heppenstall, chairman of the Josemaria Resources board of directors, has over 30 years of experience in the oil and gas and resources sectors. From 2002 to 2015, Heppenstall served as the President, CEO and Finance Director of Lundin Petroleum AB, an oil and gas exploration and production company with core assets in Norway and Southeast Asia. He is credited with building Lundin Petroleum into the largest independent oil firm in the world today, leveraging a single equity raise of $50 million to guide Lundin in the design and implementation of a strategy that’s led it to a current market cap of roughly $6 billion.

Ron Hochstein has worked for the Lundin family directly as a consultant for over 20 years and is currently the President and CEO of Lundin Gold, a gold-producing business whose key asset is the Fruta del Norte gold deposit in Ecuador. Hochstein led construction efforts on the first mine in Ecuador, which went into production in 2019 and was completed on time and on budget.

Paul Conibear has been with The Lundin Group for over two decades, including serving as the CEO and Director of Lundin Mining from 2011 through 2018. Lundin Mining’s current market cap is estimated at $3.5 billion. In total, Conibear has more than 35 years of experience in progressively more responsible positions in the resource sector ranging through management of all phases of mine investment, including exploration, economic assessments, construction, operations and closure.

For more information, visit the company’s website at www.JosemariaResources.com.

NOTE TO INVESTORS: The latest news and updates relating to JOSMF are available in the company’s newsroom at https://nnw.fm/JOSMF

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