Burgex Mining Consultants Nails Covid’s Impact on 2020 US Aggregate Production Estimate

SANDY, Utah–(BUSINESS WIRE)–#USGSBurgex Mining Consultants (the “Company” or “Burgex”) announces that its internal production forecast for 2020 US Aggregate production is highly consistent with that of the United States Geologic Survey (USGS). This finding further validates Burgex’s market analysis methods, as the USGS is regarded as the world’s most reliable aggregator of mineral production statistics. At the time of Burgex’s study, many industry-leading forecast projections were showing a 10-20% reduction from 2019.

In July 2020 Burgex initiated a comprehensive study to gain an understanding of Covid’s impact on the construction aggregate industry. The study resulted in a projected 5% decrease in US production of crushed stone and sand and gravel from 2019, or 2.375 billion metric tonnes (BMt). On February 2, 2021 the USGS published its 2020 production estimate of 2.420 BMt, or a 3.2% reduction from their originally published 2019 aggregate production total of 2.500 BMt. Regarding crushed stone specifically, the USGS estimated a decrease of 4.6% (totaling 1.46 BMt), just 0.4% off from Burgex’s projection (totaling 1.453 BMt). Sand and gravel are where the two estimates diverged, with the USGS estimating a reduction of 1%, (totaling of 0.960 BMt); 4% off from the Burgex estimate of 0.921 BMt – which is overall very positive for the industry.

The Company has also forecasted annual US production of aggregates through 2025. By the end of the next 5 years Burgex projects a 14% increase in aggregates production in the United States, or an average annual increase of 2.7% year over year. This econometric projection does not consider the potential impacts of the Biden administration’s forthcoming infrastructure spending plan.

Burgex Mining Consultants is a comprehensive mining consultancy which provides market analysis and technical reports for clients in the mining and mineral exploration industry. With expertise in the metals and aggregates mining sectors, the Company has a proven track-record of bringing mining projects from exploration through operation.

For further information please contact Stuart Burgess, CEO, at (775) 335-2053 or sburgess@burgex.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking information (within the meaning of applicable United States securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the aggregate mining industry. There are numerous risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties: (i) risks inherent in the mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of mineral properties; (iv) risks relating to the estimation of mineral resources; (v) capital market fluctuations; and (vi) general market and industry conditions. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice.

Contacts

Stuart Burgess, CEO

(775) 335-2053

sburgess@burgex.com

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