TORONTO, April 29, 2015 (GLOBE NEWSWIRE) -- Ivernia Inc. (collectively with its subsidiaries "Ivernia" or the "Company") (IVW.TO) today reported results for the three months ended March 31, 2015. Principal activities during the first quarter of 2015 continued around winding down the operation to full care and maintenance status, securing the pits, advising all necessary regulatory agencies and notifying all employees, customers and suppliers of the status change.

In the first quarter, we realized a net loss of $2.4 million or $nil per share, compared to a net loss of $2.9 million or $nil per share for the first quarter of 2014. The net loss for the quarter was due to a depressed LME lead price and increased treatment charges which led us to transition the Paroo Station Mine's (the "Mine") operations to care and maintenance to minimize losses and conserve the value of our lead deposits. As a result of the continued decline in LME lead prices, mining activities ceased in January, headcount was reduced significantly, maintenance work was limited, and administrative costs were reduced to the extent possible. Milling activities ceased on February 2, 2015 with the plant then drained and secured for full care and maintenance together with the pits.

FIRST QUARTER HIGHLIGHTS

Operational

• The production rate achieved in January 2015 was an operational record for the Mine.
• The Mine is now on care and maintenance due to sustained depressed LME lead prices and higher treatment charges. Mining operations ceased in January and milling ceased in early February 2015. The final shipments of lead concentrate left the Fremantle port in March.
• We sold 15,700 tonnes of lead metal contained in concentrate in the first quarter and produced 9,900 tonnes of lead metal contained in concentrate before ceasing milling operations.
• On March 10, 2015, following completion of work supporting a new independent NI 43-101 technical report effective as at December 31, 2014, we reported an approximate 18% and 54% decrease in contained metal in estimated total Measured and Indicated Mineral Resources and total Proven and Probable Mineral Reserves, respectively, with a mine life of approximately 4 years.

Financial

• Revenue of $26.4 million from the sale of 15,700 tonnes of lead metal in concentrate.
• Gross loss of $1.7 million and net loss of $2.4 million.
• Cash flow provided by operations of $1.6 million.
• On February 13, 2015 we reached agreement with our lenders - Sprott Resource Lending Partnership ("Sprott") and Enirgi Group Corporation ("Enirgi Group") - on a five-month moratorium on interest and principal repayments.
• We obtained a suspension on making payments to Enirgi Group and Enirgi Metal Group Pty Ltd ("EMG") under the Management Services Agreements (defined herein) for costs incurred between February 13, 2015 and June 30, 2015.
• The Mine is now on full care and maintenance and as a result additional financing will be required to meet its commitments to its lenders, meet the costs of care and maintenance and the costs of any potential future restart of the Mine.
• A Special Committee of the Board of Directors is currently conducting a financial and strategic review of the Company in light of current market conditions, the Company's financial condition and the outcomes of the new technical report.

FINANCIAL AND OPERATING HIGHLIGHTS

Summary financial and operating highlights:

(1) During the first quarter of 2015, the Mine transitioned to care and maintenance due to depressed LME lead prices and increased treatment charges. Mining operations ceased in January and milling operations ceased in early February 2015. Final shipments of lead concentrate left the Fremantle port in March 2015.

OPERATIONS REVIEW

The decision to place the Mine into care and maintenance was announced on January 16, 2015 and milling activity ceased on February 2, 2015. During the first quarter of 2015 we sold approximately 22,400 dry metric tonnes of lead carbonate concentrate containing 15,700 tonnes of lead metal compared to 25,900 tonnes of concentrate containing 17,100 tonnes of lead metal for the same period in 2014. The lower sales were a result of the Mine being placed into care and maintenance.

The production rate achieved in January 2015 was an operational record for the Mine. The higher milling rate achieved during January 2015 was a result of a series of engineering and maintenance initiatives enacted over the last six to twelve months. The mill treated approximately 171,200 tonnes of ore before ceasing activity in the first quarter of 2015 compared to 363,600 tonnes milled during the first quarter of 2014. The average head grade of ore for the first quarter of 2015 was 7.4% lead compared to 6.2% during the first quarter of 2014.

The plant recovered an average of 77.3% of the lead in ore delivered to the mill, producing 14,000 tonnes of concentrate with an average grade of 70.4% containing 9,900 tonnes of lead metal. This compares to the corresponding quarter in 2014 when the average plant recovery was 76.8% and the production of concentrate was 26,300 dry metric tonnes with an average grade of 65.6% containing 17,300 tonnes of lead metal.

During the first quarter of 2015, the LME lead price averaged $1,806 per tonne which was $193 per tonne lower than the average of $1,999 per tonne for the fourth quarter of 2014 and also lower than the first quarter of 2014 when the average price was $2,106 per tonne.

Care and Maintenance

During the fourth quarter of 2014 the LME lead price declined significantly. Early in 2015, customer negotiations concluded that treatment charges would increase further, at least in the short term, when compared to 2014 charges. Consequently, treatment charges, together with the decline in LME lead prices, were significant considerations in the decision to place the Mine on care and maintenance and appoint a Special Committee to conduct a review of the Company.

Immediately after the move to care and maintenance was announced, mining operations were suspended and the mining contractor commenced the process of demobilization and moving machinery and equipment offsite. The pits were made secure and the necessary regulatory agencies were advised of the move to care and maintenance. Plans were enacted to cease milling operations with employees, customers and suppliers all advised of the decision and consequent changes.

Milling activities ceased on February 2, 2015 with the plant then drained and secured for care and maintenance. The final concentrate produced was dewatered and bagged. The final shipments of concentrate left the Fremantle port in March. We negotiated the suspension or early termination of several leases and supply contracts with key suppliers leading to some reduction in our commitments and obligations. Negotiations remain ongoing in relation to the suspension or termination of certain agreements and contractual commitments.

Since the end of the first quarter of 2015, the LME lead price has been volatile and more recently has been trending higher when compared to the average LME lead price for the first quarter of 2015. The Company continues to monitor LME lead prices closely. However, any decision to restart the Mine will be subject to a number of factors that impact our ability to generate positive cash flow. These factors include, but are not limited to, a sustained improvement in LME lead prices over a sustained period of time supported by positive market fundamentals, favourable foreign exchange rates and treatment charges. Ultimately, a decision to restart the Mine will be dependent on securing the necessary financing to restart operations. Given the Company's current debt obligations and an estimated mine life of approximately four years, management and the Special Committee continue to focus not only on funding requirements but on an overall strategic review of the Mine and its operations in light of the foregoing factors.

The table below summarizes quarterly Mine production, process production, shipments and inventories:

(1) Ore mined does not include low grade ore.
(2) Low grade ore is 1.5% to 2.5% lead.
(3) During the first quarter of 2015, the Mine transitioned to care and maintenance due to depressed LME lead prices and increased treatment charges. Mining operations ceased in January and milling operations ceased in early February 2015. Final shipments of lead concentrate left the Fremantle port in March 2015.

Mineral Resources and Mineral Reserves

On March 10, 2015, we filed an independent technical report prepared by SRK Consulting (Australasia) Pty Ltd ("SRK") in accordance with National Instrument 43-101 ("NI 43-101") on the Paroo Station Mine titled "Technical Report on the Paroo Station Lead Carbonate Mine, Wiluna, Western Australia", with an effective date of December 31, 2014 (the "Technical Report"). SRK is a global mining consulting firm independent of Ivernia Inc. A copy of the Technical Report is filed on SEDAR and is available at www.sedar.com

FINANCIAL REVIEW

The net loss for the first quarter of 2015 was $2.4 million or $nil per share, compared to a net loss of $2.9 million or $nil per share for the first quarter of 2014. The net loss of $2.4 million was due to a depressed LME lead price and increased treatment charges which led us to transition the Mine's operations to care and maintenance to minimize losses and conserve the value of our lead resource. With the decision to move into care and maintenance, the cost base for the site was reduced significantly, even while final production was occurring. Mining ceased in mid-January, headcount was reduced significantly, maintenance work was limited, and administrative costs were reduced to the extent possible. Additionally, higher grade ore was processed, which helped to minimize input costs on a per tonne of lead basis. Mining activities ceased in January and milling activities ceased on February 2, 2015 with the plant then drained and secured for care and maintenance together with the pits.

Revenue

Concentrate revenue for the first quarter of 2015 was $26.4 million from the sale of 15,700 tonnes of lead metal in concentrate compared to $32.6 million from the sale of 17,100 tonnes of lead metal in concentrate for the same period in 2014. After recommencing operations in 2013, steady state operations were maintained over the course of 2014. We completed the transition to care and maintenance during the first quarter of 2015 leading to a reduction in tonnes sold and revenue earned during the quarter. The impact of the LME lead price on revenue is discussed below under "Price of Lead".

Our only operation is our Mine in Western Australia that, when operating, produces a clean high-grade lead carbonate concentrate for sale primarily to primary and secondary smelters in China, Europe and North America.For the three months ended March 31, 2015, 48% (2014 -- 100%), 30% (2014 - 0%) and 20% (2014 - 0%) of the Company's sales of lead carbonate concentrate were made to China, Europe and North America, respectively. For the three months ended March 31, 2015, the Company's top four customers comprised 29% (2014 -- 59%), 29% (2014 -- 38%), 18% (2014 - 4%) and 10% (2014 - 0%) of sales revenue, respectively.

Price of Lead

During the first quarter of 2015, the LME cash settlement lead price averaged $1,806 per tonne compared to $2,106 per tonne in the first quarter of 2014 leading to a decline in revenue. The decline in the LME lead price is primarily due to weakening demand in Europe and China and a deterioration in market fundamentals surrounding commodities in general. The weakening of the LME lead price, together with higher treatment charges, has resulted in the Mine generating negative cash outflows from operations leading us to place the Mine on care and maintenance.

Operating Expenses

The majority of our production and distribution costs are variable and fluctuate in response to increases or decreases in the level of activity. As a result of the decision to place the Mine on care and maintenance, mining operations ceased in January and milling ceased in early February 2015 which led to decreases of 81% and 53% in tonnes of ore mined and milled, respectively, during the first quarter of 2015 when compared to the same period in 2014. This led to a decrease in most operating costs including a decrease in mining expenses of 80%, employee benefits of 38%, contractor costs of 40% and direct materials of 57%. During the quarter we milled and sold the high grade inventory stockpile on hand as at December 31, 2014 resulting in a reduction in inventory during the quarter and a corresponding increase in change in inventories expense. The decrease in power and diesel costs is due to a reduction in milling and mining activity and the change from diesel to gas power generation during the second quarter of 2014.

Treatment charges

For the first quarter of 2015, treatment charges averaged approximately $294 per tonne of lead concentrate sold (2014: $235 per tonne) representing increases of 25% and 12% when compared to the first quarter of 2014 and the fourth quarter of 2014 ($262 per tonne), respectively. The higher treatment charges were due to the additional supply of lead concentrate within the market which increased competition for smelter capacity. The trend of increasing treatment charges is expected to continue during the remainder of 2015 and this, along with the decline in the LME lead price, was an important consideration in the decision to place the Mine on care and maintenance.

Depreciation

Depreciation was $1.6 million for the first quarter of 2015 compared with $2.6 million for the first quarter of 2014, a decrease of 40%. As a result of the Mine being placed on care and maintenance during the first quarter of 2015, this led to an 81% and 53% decrease in ore mined and milled, respectively. Depreciation is higher during periods of operation as the Company depreciates plant and equipment, mineral properties and deferred costs on a units-of-production basis based on contained metal and Proven and Probable Mineral Reserves. While depreciation fluctuates depending on the levels of production and mining activity during the period, the reduction in depreciation expense of 40% was less than the reduction in tonnes mined and milled due to a 54% reduction in estimated Proven and Probable Mineral Reserves as reported in the new Technical Report issued on March 10, 2015 with an effective date of December 31, 2014. This resulted in a shortening of the useful life of assets that are depreciated on a units-of-production basis leading to an increase in depreciation expense on a per unit basis. In addition, certain assets that are depreciated on a straight-line basis that continue to be utilized during care and maintenance continue to be depreciated.

Foreign exchange

The foreign exchange gain of $1.4 million for the first quarter of 2015 was primarily driven by the revaluation of our Canadian dollar denominated loans due to the weakening of the C$ against the US$ with the US$/C$ rate decreasing from $0.8620 on December 31, 2014 to $0.7885 on March 31, 2015.

Finance expenses

Finance expenses of $0.6 million for the first quarter of 2015 (2014: $1.1 million) are comprised primarily of interest incurred on the Sprott Facility (defined below) and the Enirgi Facility (defined below) in the amount of $0.4 million and accretion expense of $0.2 million on the decommissioning liability. Interest expense and accretion expense on the decommissioning liability in the first quarter of 2014 was $1.0 million and $0.1 million, respectively. Finance expenses have decreased due to a reduction in principal owing to Sprott and a weakening of the C$ against the US$.

LIQUIDITY AND FINANCIAL CONDITION

Statement of Cash Flows

Operating activities

During the first quarter of 2015 we incurred a net loss before tax of $2.3 million, however we generated cash flows from operating activities of $1.6 million due to a focused effort to conserve cash and maintain cash flow flexibility. We milled high-grade inventory on hand and collected outstanding receivables as at December 31, 2014 to fund remaining milling and mining activities as well as upfront and on-going costs of care and maintenance. We ceased mining operations in January and milling operations in February to minimize on-going costs and conserve cash. During February, we reached an agreement with our lenders, Sprott and Enirgi Group, on a five-month moratorium on principal and interest repayments due to Sprott and interest payments due to Enirgi Group ending on June 30, 2015. In addition, we obtained a suspension on making payments to Enirgi Group and EMG under the Management Services Agreements for services provided between February 13, 2015 and June 30, 2015. These steps allowed us to conserve cash during the quarter resulting in positive cash flows from operating activities.

Financing activities

We met our scheduled Sprott Facility (defined below) principal repayment of C$0.8 million per month on January 31, 2015 resulting in a cash outflow from financing activities of $0.7 million for the first quarter of 2015. On February 12, 2015 we reached agreement with Sprott on a five-month moratorium on principal repayments ending on June 30, 2015 with principal repayments recommencing on July 31, 2015. See "Sprott Facility -- 2013".

Enirgi Facility -- 2012

On June 29, 2012, the Company obtained a C$6 million ("Principal Sum") secured loan facility from its majority shareholder, Enirgi Group (the "Enirgi Facility"). Amounts drawn down on the Enirgi Facility bear interest at an annual simple rate of 8.3%, with interest payable in arrears.

Pursuant to a letter dated February 13, 2015 ("Enirgi Forbearance Letter"), Enirgi Group has agreed to: (a) forbear from exercising any of Enirgi Group's rights or remedies arising from any event of default under the Enirgi Facility that has occurred as of February 13, 2015 or that may occur prior to the Forbearance Date (as defined below); (b) suspend the payment of interest payable by Ivernia to Enirgi Group under the Enirgi Facility until the Forbearance Date (with interest accruing and being treated as unpaid interest under the Enirgi Facility); (c) confirm the suspension of the re-payment of principal to Enirgi Group under the Enirgi Facility until the Sprott Facility is repaid in full; (d) confirm the suspension of the payment of interest under the Enirgi Facility while there is an event of default under the Sprott Facility; and (e) suspend payments by Ivernia and its subsidiaries to Enirgi Group under the management services agreements with Ivernia and RHM for services performed with respect to the period between February 13, 2015 and the Forbearance Date.

Subject to the foregoing, interest under the Enirgi Facility will become payable in accordance with the terms of the Enirgi Facility on the later of (i) June 28, 2015, and (ii) the Forbearance Date. All other terms and conditions of the Enirgi Facility, including the maturity date of June 30, 2016, will remain the same. As at March 31, 2015, the Principal Sum of the Enirgi Facility remained outstanding and the current portion of the interest accrued was $0.3 million (2014: $0.2 million). For more information on the Enirgi Facility, see the 2014 AIF.

Sprott Facility -- 2013

On January 29, 2013, the Company entered into a C$20 million secured loan facility (the "Sprott Facility") with Sprott Resources Lending Partnership ("Sprott").The Sprott Facility bears interest at a rate of 12% per annum, compounded monthly, which is payable at the end of each month. The Sprott Facility is secured by the Mine and all of its assets.

The Company is required to observe certain covenants, including not incurring additional indebtedness (subject to certain permitted indebtedness), maintaining a working capital ratio (excluding outstanding principal due to Sprott and Enirgi) of not less than 1.25 to 1.00 and not selling assets (subject to certain permitted asset sales).

As a result of the decision to place the Mine on care and maintenance, the Company has triggered events of default under the Sprott Facility. If an event of default is triggered and called by Sprott, then Sprott has certain rights and remedies including rights to accelerate payment of principal and/or realize on its security. Accordingly, following negotiations between the Special Committee and Sprott, pursuant to a letter dated February 12, 2015 (the "Sprott Forbearance Letter"), Sprott acknowledged that the recent events in the commodity markets caused the Company to place the Mine into care and maintenance, resulting in negative cash flow and an expected working capital ratio to be below the required ratio in the Sprott Facility (collectively, the "Existing Defaults"). Pursuant to the Sprott Forbearance Letter, Sprott agreed (i) that it will not exercise its rights under the Sprott Facility with respect to the Existing Defaults until the earliest to occur of the following: (a) the date on which an event of default (other than the Existing Defaults) occurs under the Credit Agreement; (b) the date on which Ivernia defaults under the Sprott Forbearance Letter; or (c) June 30, 2015, (the "Forbearance Date"); (ii) to suspend the requirement for payments of interest by Ivernia to Sprott under the Sprott Facility until the Forbearance Date (with such interest accruing and being treated as unpaid interest under the Credit Agreement); and (iii) to suspend the requirement for payments of principal instalments by Ivernia to Sprott under the Sprott Facility until the Forbearance Date. The Sprott Forbearance Letter was conditional upon receipt of the Enirgi Forbearance Letter. Subject to the foregoing, payments of principal and interest under the Sprott Facility will resume on July 31, 2015, by principal re-payments in the amount of C$1,273,087 per month, together with interest as provided under the Credit Agreement, until the maturity date. All other terms and conditions of the Sprott Facility, including the maturity date of May 31, 2016, remain the same. In consideration for providing the Sprott Forbearance Letter, the Company agreed to pay Sprott a forbearance fee of C$150,000, with such fee payable on the maturity date of the Sprott Facility and secured by the Sprott Facility.

An event of default under the Sprott Facility or the Enirgi Facility that triggers early repayment of the outstanding indebtedness would have a material adverse impact on our financial condition forcing the Company to seek additional future funding. See "Risk Factors -- Funding Requirements" in the 2014 AIF.

As at March 31, 2015, the Company was in compliance with the adjusted working capital ratio (excluding payments due to Sprott and Enirgi). See "Capital Resources and Working Capital Requirements" below. A copy of the Credit Agreement has been filed on SEDAR at www.sedar.com.

Capital Resources, Liquidity and Working Capital Requirements

During the first quarter of 2015, the Company completed the transition of the Mine's operations to care and maintenance. As of March 31, 2015, the Company had approximately $5.6 million in cash and cash equivalents and a working capital deficit of $12.1 million. During the first quarter of 2015 we incurred significant cash outflows associated with employee redundancies, contract close outs, contract suspensions, demobilization, and preparation of the site to function in a care and maintenance state. A number of these costs are accrued as liabilities as at March 31, 2015 and are unpaid. While we have made our best estimate of the likely costs to be incurred in relation to the termination and suspension of various contracts, the actual costs incurred may be different to those estimates and those differences may be material which may affect available cash. Once negotiations relating to contract suspensions and terminations are complete and any associated costs finalized, we expect the ongoing care and maintenance activities and costs of the Mine to stabilize. As a result of care and maintenance, the Company expects to have an ongoing working capital deficiency until such time as an appropriate financing solution is secured.

A key assumption regarding the Company's ability to meet its working capital requirements in the near term is that the Company will be refunded the A$5 million cash backed bank guarantee that was provided as security for performance of certain obligations under the Operating Conditions. Following the cessation of transportation operations in April 2015, the Company applied to the OEPA to release these funds back to the Company. The Company anticipates receiving the funds but has not received a response from the OEPA on this matter to date. Under the Operating Conditions, the A$5 million bank guarantee would need to be replaced before transportation operations can be resumed.

Both management and the Board have been focused on managing the Company's working capital requirements in light of weak LME lead prices and the decision to place the Mine on care and maintenance. The Finance Committee of the Board of Directors has been re-constituted into a Special Committee of independent directors tasked with undertaking a review of strategic alternatives for the Company. The Special Committee has been able to secure the Sprott Forbearance Letter and Enirgi Forbearance Letter as an interim step, which will provide temporary relief from making principal and interest payments to Sprott and paying for ongoing management services provided by Enirgi Group and EMG.

The Company's ability to continue as a going concern is dependent on raising additional funds to meet its debts and obligations as they fall due. On a historic basis, the Company's major sources of funding have been the issuance of equity and debt for cash. The Special Committee and management are currently examining various financing alternatives to address future funding requirements. The Company will require additional financing to meet its commitments to lenders, meet the costs of care and maintenance and any potential future restart of the Mine. The amount of this funding requirement will be contingent on the outcome of further negotiations with the Company's lenders, the costs and duration of care and maintenance and the timing and cost of any potential future restart of mining and milling operations. There can be no assurance that the Company will be able to secure sufficient financing to fund its commitments to lenders, the ongoing care and maintenance or for any potential future restart of operations. If the Company is unable to secure this financing, the Company may be unable to meet its commitments to lenders, keep the Mine on care and maintenance or restart the Mine which could affect its ability to continue as a going concern. A decision to restart the Mine will be contingent on several factors including, but not limited to, a sustained recovery in the LME lead price, a reduction in treatment charges and a favourable USD:AUD foreign exchange rate.

These material uncertainties create significant doubt as to the Company's ability to continue as a going concern and accordingly, the use of accounting principles applicable as a going concern. The condensed interim consolidated financial statements do not reflect any adjustments to carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary should the going concern assumption be inappropriate.

Management's Discussion and Analysis and Consolidated Financial Statements

Ivernia's unaudited financial statements and management's discussion and analysis for the three months ended March 31, 2015 will be filed today and will be available on the Ivernia website at www.ivernia.com or SEDAR at www.sedar.com

About Ivernia

Ivernia is an international lead metal mining company and the owner of the Paroo Station Mine, located in Western Australia. Ivernia trades under the symbol "IVW" on the Toronto Stock Exchange. Ivernia and the Mine operate under a management services arrangement with Enirgi Group Corporation, Ivernia's majority shareholder.

Additional information on Ivernia is available on the Company's website at www.ivernia.com and at SEDAR at www.sedar.com.

Forward-Looking Statements

Certain statements contained in this news release are forward-looking information within the meaning of securities laws. All statements included herein (other than statements of historical facts) which address activities, events or developments that management anticipates will or may occur in the future are forward-looking statements, including statements as to the following: the timing and length of care and maintenance and future sales, any results or outcomes of the strategic review, future targets and estimates for production and sales, the Company's ability to meet its working capital needs and debt repayments in the near term, the circumstances or timing and costs surrounding a restart of the Mine, projections with respect to cash flows and working capital, forbearance by our lenders pursuant to the Enirgi and Sprott Forbearance Letters, the receipt of required additional financing to restart and operate the Mine, the cost and timing for completion of capital projects necessary for any future operations, the Company's ability to comply with the transportation and operating conditions for the Mine, capital expenditures, operating costs, cash costs, Mineral Resources, Mineral Reserves, life of mine, recovery rates, grades and prices, business strategies and measures to implement such strategies, competitive strengths, estimated goals and plans for Ivernia's future business operations, lead market outlook and other such matters. Forward looking statements are often, but not always, identified by the use of words such as ''seek'', ''anticipate'', ''contemplate'', ''target'', ''believe'', ''plan'', ''estimate'', ''expect'', and ''intend'' and statements that an event or result ''may'', ''will'', ''can'', ''should'', ''could'' or ''might'' occur or be achieved and other similar expressions. These statements are based upon certain reasonable factors, assumptions and analyses made by management in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. However, whether actual results and developments will conform with management's expectations is subject to a number of risks and uncertainties, including factors underlying management's assumptions, such as, expected concentrate sales when in operations, the costs and other capital expenditures required to maintain operations and transportation, the timing, need and ability to raise additional financing and the risks relating to ramping up mining and milling throughput and operations, funding requirements, operations being placed on care and maintenance, the restart of mining and milling operations, matters relating to regulatory compliance and approvals,

shareholder dilution, matters relating to public opinion, presence of a majority shareholder and Management Services Agreements, matters related to the Esperance settlement and shipments through the Port of Fremantle, regulatory proceedings and litigation and general operating risks such as metal price volatility, lead carbonate concentrate treatment charges, exchange rates, the fact that the Company has a single mineral property, health and safety, environmental factors, mining risks, metallurgy, labour and employment regulations, government regulations, insurance, dependence on key personnel, constraints on cash distribution from the Mine, the nature of mineral exploration and development and common share price volatility. Additional factors and considerations are discussed in the 2014 AIF and elsewhere in other documents filed from time to time by Ivernia with Canadian securities regulatory authorities. While Ivernia considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These factors may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and there can be no assurance that the actual results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected results on the Company. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information as of any other date. Except as required by law, while it may elect to, Ivernia is under no obligation and does not undertake to update this information at any particular time.