Company Interviews: Recent Episodes
Crux Investor
An insight into junior mining and opportunities to invest.
Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster.
Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.
Interview with Terry Lynch, CEO of Power Nickel (TSX-V: PNPN)
Recording date: 12th September 2023
Power Nickel is a Canadian junior exploration company focused on developing its flagship Nisk nickel project in Quebec into Canada's first carbon-neutral nickel mine.
Terry Lynch, CEO of Power Nickel (TSXV:PNPN), discusses the company's high-grade NISK nickel-copper-cobalt project in Quebec. An updated NI 43-101 resource estimate is expected by end of October, which will likely outline 8-10 million tons at 1.5% nickel equivalent. This initial resource from just one mineralized zone should be sufficient to support a commercial mining operation.
NISK has an existing historical resource of 3.1 million tons at 1.6% nickel. Power Nickel has now drilled over 177,000 meters and hit nickel grades above 1% in the majority of holes. Highlights include a recent 300 meter step-out hole that intersected 25 meters of massive and semi-massive sulfides. The deposit remains open and Power Nickel is confident in rapidly expanding the resource along identified mineralized trends.
The goal is to demonstrate sufficient scale at NISK to achieve a sizable revaluation of the company. Comparable nickel projects are currently valued around $400M for ~15M tons of resources. At 8-10M tons, NISK could potentially support a $150-200M valuation. Power Nickel recently secured a $7.5M investment from materials processor CVMR to complete a feasibility study and refine nickel end-products.
In addition to expanding NISK, Power Nickel plans to test several other target areas identified nearby. The potential exists to delineate over 30M tons through systematic exploration of the ultramafic intrusion. Early drilling has also revealed promising platinum group metal intercepts that could provide added value.
With high grades, excellent infrastructure and supportive stakeholders, NISK can be an economically robust mine even at lower nickel prices. The project is well positioned to capitalize on the pending supply shortages in the battery metals sector. Advancing the resource estimate and feasibility study over the next 6-9 months will be key catalysts for Power Nickel.
Interview with Claudia Tornquist, President & CEO of Kodiak Copper (TSX-V:KDK)
Recording date: 12th September 2023
Kodiak Copper is a Canadian mineral exploration company focused on copper porphyry projects in Canada and the United States. The company's flagship asset is the MPD copper-gold porphyry project in south-central British Columbia, which shows potential to host a large-scale deposit. MPD has high-grade mineralization within a wide mineralized envelope and several other untested exploration targets.
Claudia Tornquist, CEO of Kodiak Copper (TSXV:KDK), discusses the company's large-scale exploration program underway at the MPD copper-gold project in southern British Columbia. Unlike previous years focused solely on the high-grade Gate Zone discovery, Kodiak is now systematically testing multiple targets across the 14 km2 property. The goal is to delineate the next big discovery and build significant scale through a methodical exploration approach.
Kodiak has an extensive database of over 50,000 meters of historic, shallow drilling at MPD. The Gate Zone was discovered by drilling deeper below this historic drilling, uncovering high-grade copper-gold mineralization missed near surface. Several large geophysical and geochemical targets have now been identified across the property, presenting an opportunity to replicate this exploration model.
Up to 25,000 meters of drilling is planned for 2023, targeting at least 5 zones. Early results at the West Zone returned long intercepts of 500+ meters grading 0.2-0.4% copper equivalent, including high-grade zones. New copper-gold mineralization was discovered at depth, and importantly, mineralized breccia zones were intersected – indicating proximity to a copper-gold source. Assay results will steadily flow through year-end and into early 2024.
While additional high-grade discoveries are the ultimate goal, Kodiak is also keen to demonstrate scale potential. Lower grade intercepts of 0.2-0.4% copper equivalent help build critical mass. The project is situated in an established mining region, where comparables like Copper Mountain mine lower grades of ~0.23% copper at large scale. Infrastructure, access and skilled local workforce provide low operating costs that support development of MPD's sizeable resource base.
Significant drill results and increasing project scale will aim to attract interest from major mining companies. An intermediate resource target is approximately 10 billion pounds of copper, which requires additional discoveries and resource growth beyond the Gate Zone. Kodiak maintains a strong partnership with Teck Resources, its largest shareholder with 19.9% interest. Teck is supportive of Kodiak's copper-focused exploration strategy in BC.
In summary, Kodiak Copper is advancing a systematic, multi-target exploration program to build on its initial high-grade discovery at MPD and outline the project’s meaningful scale potential. Assay results from the extensive 2023 drill campaign will act as key catalysts in the year ahead.
Interview with Louis-Pierre Gignac, President & CEO of G Mining Ventures (TSX-V: GMIN)
Recording date: 12th September 2023
Louis-Pierre Gignac, CEO of G Mining Ventures (TSXV:GMIN), discusses development progress at the company's Tocantinzinho gold project in Brazil. One year after making a construction decision, the project is now approximately 50% complete and on track to commence production in H2 2023 – an exceptionally fast timeline.
Tocantinzinho benefits from a significant amount of permitting and technical work completed by prior owners. G Mining has optimized the project layout and flowsheet through a detailed feasibility study to maximize economics and expedite development. US$458M in project financing was secured in a competitive process, providing a clear path to production.
Major early works programs were initiated to mitigate schedule risk, including ordering long-lead items like the SAG mill. Locking in the power contract and major equipment also insulates against cost inflation. Project capex remains in-line with feasibility study estimates. Some input cost inflation has occurred, but will be partially offset by higher gold prices.
An experienced build team has rapidly advanced detailed engineering to around 90% complete. 50% of total direct hours have been worked on site lost-time-injury free. Major procurements are complete, earthworks are progressing on schedule, and critical infrastructure is taking shape.
At feasibility parameters, Tocantinzinho is expected to produce 175,000 ounces per year over a 10.5 year mine life, at low all-in sustaining costs of $700-750/oz. There is exploration potential to expand resources along strike and at depth. The project has robust economics at current gold prices, and G Mining’s execution capabilities significantly reduce development risks.
With construction well underway, G Mining offers leverage to a re-rating as Tocantinzinho transitions to production. Comparable gold developers typically trade at higher EV/Resource multiples than G Mining. As project risks are removed, G Mining expects its valuation gap to close.
The company aims to utilize its specialized development skills to acquire and construct additional gold projects. Americas-based assets with technical issues or expansion potential are well-suited. G Mining has proven it can effectively navigate new jurisdictions like Brazil. The goal is to have a second project in feasibility or construction by 2025 to build a multi-asset, mid-tier producer.
In summary, G Mining Ventures is rapidly building the Tocantinzinho gold mine on time and budget to achieve near-term production. The company offers a compelling value proposition as it systematically executes on its strategy and develops into a profitable gold miner.
Nickel had another test of $20,000 and once again it held up and trading in the lower end of range of $20-$22,000 range where it has been sitting since early June. Again, have been expecting several month break below this range but this has yet to happen – trend technically squeezing against this support level and with now seeing some LME inflows (still not much 1,000 tonnes) may finally go through in the next few weeks.
Have seen continued improvements in ore and NPI prices driven by combination of a couple of factors:
- Chinese stainless production continues strong y-o-y growth – 17-20% in August and September
- Nickel has had a “shipping coal to Newcatle” moment recently as the Indonesian government investigated and dealt with illegal nickel ores and stopped the approval of new quota applications which has resulted in ore coming from the Philippines
Korea trip again interesting. Key piece is how much nickel they will need – just
one of the players at one stage - and there are multiple players at each step (precursor-cathode-battery) will need more nickel.
Indonesia talking about a free trade agreement with the US (make it IRA-eligible) – may see something limited, but Chinese control of most assets would defeat the whole purpose of the IRA to get China out of critical material supply chains.
Nickel Institute published clarification around CBAM in Europe (Carbon Border Adjustment Mechanism) – this is a mechanism which will eventually create a premium for lower carbon products (like Canada Nickel will be producing from Crawford).
From 1st October 2023, FeNi and NPI producers will have to measure the carbon footprint of their products according to the requirements defined in the Annexes of the CBAM Implementation Regulation.
From end of January 2024 onwards, data on the carbon footprint must be reported via a template submitted to the CBAM Portal.
From 2026 onwards, companies importing FeNi and/or NPI will have to purchase CBAM certificates to compensate for the carbon footprint of the imported goods. The amount of certificates that FeNi and NPI importers have to purchase will be gradually increased. In 2026, certificates for only 2.5% of the total carbon footprint of a product have to be surrendered. This will gradually be increased until 2034, when 100% of the carbon footprint has to be covered.
FPX announced solid PFS results – key drivers are low strip ratio below 1, simple process plant driven by magnetic separation, ability to sell awaruite directly to market -
- After-tax NPV8% of $2.01 Billion and IRR of 18.6% at $8.75 /lb Ni
- 29-year mine life producing an average 59,100 tonnes per year of nickel
- Phased development approach, with expansion following the 3.7-year after-tax payback period
- Life-of-mine average C1 operating cost of $3.70/lb Ni ($8,150/t), assuming no byproduct credits
- LOM average annual pre-tax free cash flow of $578 million during operating years
- Strategic product flexibility, with a Base Case high-grade nickel concentrate (60% nickel) for direct feed to the stainless steel industry, plus a Refinery Option to produce battery-grade nickel sulphate
At Canada Nickel, very keen to see this PFS – our Midlothian deposit looks like maybe a primary
awaruite deposit.
Dreadnought – the interesting early stage where First Quantum earning into 51%. Mineralization (no assays) from 14-27 metres wide relatively shallow.
Interview with David Cates, President & CEO of Dension Mines
Our previous interview: https://www.cruxinvestor.com/posts/denison-mines-dml-u-isr-leaders-in-saskatchewan-feasibility-mid-year
Recording date: 8th September 2023
Denison operates primarily in the uranium exploration and development sector, concentrating its efforts in the Athabasca Basin area located in northern Saskatchewan, Canada. The firm holds a substantial 95% stake in the Wheeler River Uranium Project, renowned as the foremost undeveloped uranium project in the infrastructure-abundant eastern part of the Athabasca Basin.
In addition to this, Denison possesses a 22.5% share in the McClean Lake joint venture (MLJV), encompassing several uranium deposits and the operational McClean Lake uranium mill, which is designated to process ore from the Cigar Lake mine based on a toll milling agreement. The company also retains interests in the Midwest Main and Midwest A deposits, standing at 25.17%, and has a majority 67.41% stake in the Tthe Heldeth Túé (THT, previously referred to as J Zone) and Huskie deposits situated in the Waterbury Lake property. Noteworthy is the fact that these deposits are strategically positioned within a 20-kilometer radius of the McClean Lake mill.
Expanding its reach through a 50% ownership of JCU, Denison maintains a strong presence in several other uranium project partnerships in Canada. These include holding a 30.099% interest in the Millennium project, a 33.8118% stake in the Kiggavik project, and a 34.4508% share in the Christie Lake project. Furthermore, Denison is continuously exploring opportunities with an extensive portfolio that encompasses interests in territories spanning approximately 300,000 hectares in the prominent Athabasca Basin region.
View Denison Mines' Company Profile: https://www.cruxinvestor.com/companies/denison-mines-corp
Interview with John Cash, President & CEO of UR-Energy Inc.
Our previous interview: https://www.cruxinvestor.com/posts/uranium-producer-ramping-up-production-in-wyoming
Recording date: 7th September 2023
Ur-Energy's expansive holdings in Wyoming span a remarkable 48,000 acres of mineral property rights, hosting the esteemed Lost Creek Property in the Great Divide Basin and the Shirley Basin Project. The Lost Creek facility has been a stalwart in promoting clean energy, having spearheaded uranium production since 2013 boasting a production of approximately 2.7 million pounds of U3O8 since its establishment.
A significant milestone was achieved in 2021 when Lost Creek successfully amended its license, thereby expanding its operational scope to include the existing Lost Creek Project and the neighboring LC East Project. This pivotal move sets the stage for an increased annual production limit of 2.2 million pounds of U3O8, which encompasses a wellfield production of up to 1.2 million pounds and toll processing capabilities of up to one million pounds of U3O8. Anticipation builds as 2023 approaches, a year earmarked for securing additional approvals for this burgeoning expansion.
In Ur-Energy's pipeline is the forthcoming launch of its second in-situ recovery facility, the Shirley Basin Project, which stands ready for construction, fortified with all necessary authorizations.
The Shirley Basin Project stands on the cusp of inauguration, holding all the major permits and licenses required to commence construction, signaling the onset of a new epoch in sustainable uranium production.
View UR-Energy's Company Profile: https://www.cruxinvestor.com/companies/ur-energy-inc
Interview with James Sykes, President & CEO of Baselode Energy Corp
Our previous interview: https://www.cruxinvestor.com/posts/baselode-energy-find-focusing-on-promising-ackio-project-3247
Recording date: 8th September 2023
Baselode Energy, a mineral exploration entity, is on a mission to uncover substantial uranium deposits in the northern Saskatchewan's Athabasca Basin region in Canada. Holding sway over an expansive 207,000-hectare basin ripe for exploration, the company stands as a significant player in the region.
At the heart of Baselode's operations is the Hook project, distinguished for its abundant zones teeming with high-grade uranium mineralization both near the surface and deeper areas, spanning a robust 5 km structure. The recent drilling undertakings at Hook have revealed substantial uranium mineralization, reaching peaks of 63.6% U3O8 over a 0.5-metre span, showcasing the potent expansion possibilities both along the strike and deeper down.
Further solidifying its presence, the company fully owns the Shadow and Catharsis projects, strategically situated near renowned uranium mines in the eastern wing of the Athabasca Basin. These projects carry a history of significant uranium explorations, opening avenues for promising subsequent explorations. Baselode leverages contemporary exploration methodologies to foster the growth and development of these valuable assets.
View Baselode Energy's Company Profile: https://www.cruxinvestor.com/companies/baselode-energy
Interview with Keith Bowes, MD of Lotus Resources (ASX:LOT)
Our previous interview: https://www.cruxinvestor.com/posts/lotus-resources-doubles-down-on-african-uranium-with-strategic-botswana-acquisition
Recording date: 8th September 2023
Lotus Resources Limited, publicly traded on the Australian Stock Exchange (ASX: LOT) and also accessible through OTCQB under the ticker LTSRF, holds a significant 85% share in the Kayelekera Uranium Project situated in Malawi, Africa.
Currently in a care and maintenance phase, Kayelekera boasts a rich history of production, having previously generated roughly 11 million pounds of uranium. Despite its past productivity, the project was halted due to a period of prolonged low uranium prices.
In August 2022, Lotus Resources unveiled the findings of its Re-Start Definitive Feasibility Study (DFS) for Kayelekera. The study shed a positive light on the project’s future, underscoring its position as one of the most economically viable uranium ventures on a global scale with a relatively low capital expenditure requirement of US$88 million. Moreover, the DFS indicated the promising potential for the rapid resumption of operations, estimating a 15-month timeframe for the necessary construction and refurbishment works post the Final Investment Decision (FID). This places Kayelekera in a favorable position to quickly react to favorable shifts in the market, representing a significant step towards Lotus Resources' goal to reboot operations at a pivotal asset in their portfolio.
View Lotus Resouces' Profile: https://www.cruxinvestor.com/companies/lotus-resources-limited
The World Nuclear Association conference in London last week provided some valuable insights into the current state of the uranium market. There was a noticeable shift in sentiment among participants compared to previous years. The mood was more somber among uranium producers as they recognize the challenges ahead to raise capital and ramp up production after years of low prices. However, there is also an underlying tone of quiet confidence that higher prices are coming due to looming supply shortages.
On the demand side, there is broad consensus that nuclear power capacity needs to expand significantly, possibly even triple by 2050, to meet carbon reduction goals and energy security concerns. This would require ramping up annual uranium demand to 500 million pounds from current levels of less than 200 million pounds. Utilities are starting to take concrete steps like accelerating contract activity and making requests for future fuel deliveries for small modular reactors coming online in the late 2020s. This is shifting nuclear from a theoretical climate solution to an actual growth industry again.
However, the supply side remains uncertain. While over 450 "zombie" projects popped up during the last price spike, very few actually reached production. The existing developers face challenges raising the hundreds of millions in capital now required while also competing for experienced talent. Experience matters when unavoidable problems arise with complex projects. Consolidation via M&A deals is likely as smaller developers get taken out before reaching production. However, the current high valuations may be disconnecting company values from their actual ability to produce future pounds. Utilities are increasingly scrutinizing suppliers' track records and future pound production potential.
In the term contracting market, the shifts are subtle but telling. Terms like allowing utilities to vary annual delivery quantities, extension options, and reactor operations clauses are disappearing or becoming more restricted. This reflects suppliers' stronger leverage to demand stricter terms. However, base term prices remain in the $50s range for now. The floor prices in collar contracts are rising though, indicating utilities' acceptance of higher long-term pricing. Overall, the availability of sub $60 contracts is declining quickly while $60-70 contracts are increasing. Some early movers have signed initial deals to gain credibility, but the broader long-term market still has significant contracting ahead.
In the spot market, there is very limited material available. Major bids for a few million pounds could easily move prices up by several dollars very quickly. Traders expect spot prices to rise into the $65-75 range in the next year absent a change in buyer behavior. Much depends on how quickly new financial buyers deploy their capital and how aggressively they purchase material. Unlike utilities, their investment mandates could change suddenly as market conditions shift.
Overall, experts believe this is the period where the excess uranium inventory that has depressed the market for years will finally be depleted. Despite doubling over the past two years, prices need to rise significantly higher to incentivize required production growth. The confluence of demand growth, lack of primary supply, financial buyers entering, and utilities becoming more concerned about long-term security of supply points to continued upside in uranium prices. However, the timing remains uncertain. While higher prices are widely anticipated, it will likely take strong contracting and field development progress to transition sentiment from expectation to realization in the uranium market.
View All Energy Show Episodes: https://www.cruxinvestor.com/categories/themes/the-energy-show
Interview with Cory Belyk, CEO of CanAlaska Uranium Ltd (TSX-V: CVV)
Our previous interview: https://youtu.be/nEhJhngruQs
Recording date: 6th September 2023
CanAlaska Uranium Ltd. (listed on TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7N) possesses rights to around 350,000 hectares (or 865,000 acres) in the Athabasca Basin of Canada, often referred to as the "Saudi Arabia of Uranium." This significant stake has drawn the attention of prominent global mining enterprises. Presently, CanAlaska collaborates with both Cameco and Denison on two projects in the Eastern Athabasca Basin. Positioned as a project initiator, CanAlaska aims for discovery achievements in the globe's most uranium-rich region. Additionally, the Company explores areas with potential for nickel, copper, gold, and diamonds.
Interview with Stephen Roman, President and CEO of Global Atomic Corp. (TSX: GLO)
Our previous interview: https://youtu.be/-R_UIu4eYek
Recording date: 6th September 2023
Global Atomic Corp. is a Canadian and TSX-listed resource company with assets in Turkey and Niger. The company’s portfolio provides access to both high-grade uranium mine development and cash-flowing zinc concentrate production. The company’s flagship project is the Dasa uranium project. The Dasa uranium project is a high-grade uranium deposit, located in the Adrar Emoles III licence area, approximately 105 km south of the town of Arlit, in the Republic of Niger. The project hosts 129.1 million pounds of U3O8 in the indicated category as well as 128.4 million pounds of U3O8 in the inferred category, at a cut-off grade of 100 ppm U3O8.
Interview with Mark Chalmers, President & CEO of Energy Fuels Inc. (NYSE:UUUU)
Our previous interview: https://youtu.be/CYRgRRJUahA
Recording date: 6th September 2023
Energy Fuels is a critical mineral company led by CEO Mark Chalmers, specializing in the production of uranium, rare earth elements, and isotopes such as radium-226. The company's focus lies in contributing to the decarbonization and electrification efforts. The US rare earths supply chain, long dominated by China, is undergoing changes, with Western companies and countries seeking to establish their own capabilities in this crucial sector. However, challenges such as skill sets and knowledge gaps need to be addressed. The fragmentation of the rare earth industry has led to smaller companies realizing the need for consolidation to achieve critical mass, expertise, and financing. The complexities and costs associated with rare earth mining and production are becoming apparent, causing longer timelines and higher funding requirements than initially anticipated. Governments are beginning to recognize the importance of supporting miners in the critical minerals space, but implementation and support measures are not yet aligned. Overall, the rare earth industry faces a growing supply-demand gap, urging companies to find innovative solutions and collaborate to ensure a sustainable future.
Interview with Cristian Moreno, Managing Director of Torque Metals
Recording date: 5th September 2023
Torque is a smart exploration company with a proven discovery methodology combining drilling results with machine learning algorithms and geological interpretation. This compelling geological model has resulted in multiple discoveries to date and continues to offer significant opportunities for Torque Metals shareholders.
Recording date: 1st September 2023
Same comment as our last call - Nickel continues to bounce along the bottom of $20,000-$22,000 ($9-$10/lb) range where it's been since early June and has only briefly broken $9/lb. LME inventories remain near multi-year lows.
China is still split on 2 key markets – sulphate for battery continues to tread water, while stainless continues to edge higher, again despite lots of noise on Chinese weakness with both stainless prices and NPI prices moving higher once again.
Things are quiet here in summer, however
SPC Nickel, who consolidated property in Sudbury from Vale, hit some interesting intervals. Talked in the past about a good exploration team that is in the same neighbourhood as Magna Mining Sudbury property.
Hole WG-23-047, intersected a high-grade section that returned 1.27% Ni, 0.47% Cu over 18.00 metres from 245m to 263m within a thick zone of nickel and copper mineralization grading 0.70% Ni, 0.32% Cu over 50m from 221m to 271m.
Canada Nickel made Mann Northwest announcement - is another major discovery
One of 11 targets larger than Crawford – target geophysical footprint of 6km2 is more than triple the size of Crawford footprint.
The first 8 holes drilled at Mann Northwest intersected well-mineralized, multi-hundred-metre intervals of mineralized peridotite and minor dunite across a combined strike length of 2.7 kilometres - all holes were largely mineralized across the entire core length. Initial mineralogy samples showed well-serpentinized material with heazlewoodite and pentlandite dominant nickel minerals.
Target remains open in all directions.
The big thing to talk about this week is Chalice Mining PEA – market cap has fallen by +30%. They are the big boy with a pre-announcement market cap of $1.8 billion (which was already higher), so we need to say it like it is – particularly as PEA had some “offensive/aggressive” assumptions. Headline numbers all look great – but the market quickly realized some very aggressive assumptions.
Chalice Mining just published a PEA, a month earlier than Canada Nickel will be publishing their Feasibility Study (FS) on Crawford – their deadline for FS is 2.5-years from now.
Their biggest issue is the price deck:
Palladium price (over ½ revenue) was $2,000 – today’s price is $1,200. Remember palladium's main use is now being phased out as EV market reduces the need for catalytic converter
Nickel price was $24,000 –($11/lb) – we’ll probably be looking at the $20-$21,000 range.
Copper price was $11,000 ($5/lb) – copper prices have NEVER been this high
When looking at the value at today’s price deck – you get to a value somewhere between negative and $500 million – Remember their market cap is still $1.3 billion!!
Chalice and Canada Nickel are interesting comparisons. Gonneville was discovered about the same time as Crawford so a good yardstick – the focus was nickel initially, but it turned out to be mostly PGE deposit with a scale about 1/3 less than Crawford and half the mine life.
Another thing that is interesting is capex – we’ve indicated our capex will likely be in $US1.8-1.9 billion range, Chalice is getting 1/3 bigger mine/mill operation, a leach plant, a hydromet plant for 10% LESS cost than Canada Nickel in a higher cost jurisdiction.
When the price deck is crazy aggressive, raises questions around what of the other 300-400 assumptions in there are also very aggressive! Will need a reset of expectations, and more than likely, a new owner who can take advantage of this fall from grace.
I’ll State it Again
We have talked about it in the past, but want to make sure watchers are very clear on this point.
A PEA IS ONLY AS GOOD AS THE ENGINEERING FIRM WRITING THE REPORT. REMEMBER THERE ARE ENGINEERING COMPANIES THAT ALMOST NEVER BUILD PROJECTS, SO WRITING REPORTS IS THEIR BUSINESS AND IF THEY DON’T GIVE MINING COMPANIES THE ANSWERS THEY WANT, THEY DON’T GET THE BUSINESS.
MOST FRUSTRATING FOR ME, WHEN INVESTORS SAY WHY NOT PROJECT HAVE MID-20% IRR? REALITY IS THAT WITH VERY FEW EXCEPTIONS – ONLY GET THOSE RESULTS FOR SMALLER, HIGH-GRADE DEPOSITS IN TOUGH JURISDICTIONS, GENERALLY WITH A COMPARATIVELY SHORT LIFE OF MINE. IF BUILDING A MINE IN PLACE THAT GOVERNMENT WON’T TAKE IT AND A SCALE MAJORS WANT, BASE METALS PROJECTS ARE EITHER SIDE OF MID-TEENS IRR.
Recording date: 1st September 2023
What’s been happening
Brandon has been in Namibia this week for the annual Namibian Mining Expo. We chat through what has been happening in Namibia. Offshore oil & gas and green hydrogen starting to ramp up in the country.
Winner of the week
Uranium sector as a whole - Spot price has risen above $60/lbs & ETF’s have continued to see a substantial inflow of funds.
Bungle of the week
Friends of the Earth for their failed lawsuit that looked to block the state’s largest utility from seeking to extend the operating life of the Diablo Canyon Nuclear Power Plant.
https://www.washingtonexaminer.com/policy/energy-environment/judge-dismisses-lawsuit-close-diablo-canyon-nuclear-plant#:~:text=A%20California%20judge%20dismissed%20an,Diablo%20Canyon%20Nuclear%20Power%20Plant
Question of the week
UEC has done a couple of acquisitions in the last week, what does this mean for the sector?
https://www.marketscreener.com/quote/stock/FORUM-ENERGY-METALS-CORP-49477430/news/URANIUM-ENERGY-CORP-PURCHASES-60-INTEREST-IN-THE-HENDAY-PROJECT-ATHABASCA-BASIN-SASKATCHEWAN-FOR-44690603/
https://www.prnewswire.com/news-releases/uranium-energy-corp-acquires-portfolio-of-canadian-uranium-exploration-projects-in-saskatchewans-athabasca-basin-from-rio-tinto-exploration-canada-inc-301906379.html
Tweet of the week
Ia Aanstoot for her campaign asking Green Peace to drop their opposition to nuclear energy. In her first ever Tweet she got just under 500K views in 24 hours.
https://twitter.com/ia_aanstoot/status/1696375089598771522?s=20
Moonshots & Fizzers
Oklo and Centrus Energy Sign Memorandum of Understanding set out to solidify HALEU fuel cycle, trade advanced nuclear power & fuel. Could this synergy become the answer to HALEU production in the US?
https://www.prnewswire.com/news-releases/oklo-and-centrus-energy-sign-memorandum-of-understanding-for-fuel-components-and-power-procurement-to-support-the-deployment-of-advanced-fission-technologies-in-southern-ohio-301911056.html
https://www.powermag.com/centrus-oklo-set-out-to-solidify-haleu-fuel-cycle-trade-advanced-nuclear-power-and-fuel/
Pan Global Resources is a mineral exploration company focused on discovering copper, tin and other metal deposits in southern Spain. The company's flagship project is the Escacena Copper Project, located in the prolific Iberian Pyrite Belt near Seville. This region is known as one of the world's premier districts for volcanic-hosted massive sulfide deposits. The Escacena project covers approximately 5,800 hectares and has significant exploration potential. Pan Global is also actively exploring the Águilas Project near Cordoba in northern Andalucia, covering about 16,000 hectares. The company continues to acquire additional mineral rights in Spain to further expand its exploration footprint. Pan Global Resources was incorporated in British Columbia in 2006 and is listed on the TSX Venture Exchange under the symbol PGZ. The company is also quoted on the OTCQX Venture Market under PGZFF.
Interview with Clive Line, Finance Director of Serabi Gold (LSE:SRB, TSX:SBI)
Our previous interview: https://youtu.be/_prvXychjwc
Recording date: 30th August 2023
Serabi Gold plc specializes in gold exploration and production, focusing on the assessment and development of gold resources in Brazil. The company primarily owns the Palito Mining Complex in its entirety and has recently added the Coringa Gold Project to its portfolio; both sites are situated in the Tapajos area of northern Brazil. The Palito Mining Complex currently produces around 40,000 ounces of gold annually. Meanwhile, the Coringa Project is expected to yield an average annual production of 38,000 ounces once it is operational.
In this eye-opening video, we sit down with renowned gold market expert Ronnie Stöferle to discuss the intricacies of gold investment and why it matters in today's volatile economic landscape. Ronnie, the author of the annually published "In Gold We Trust" report, shares his valuable insights on the future of gold, its role in wealth management, and the macroeconomic factors affecting the gold market. From beginners to seasoned investors, this interview is a treasure trove of information that you won't want to miss. Ronnie breaks down complicated subjects into easy-to-understand explanations, offering actionable advice for anyone interested in safeguarding their financial well-being.
Latitude Uranium is advancing two promising uranium projects in mineral-rich regions of Canada. The company's flagship project is Angilak, located in Nunavut. With its exceptionally high grades, Angilak is considered one of the world's premium uranium deposits outside of Saskatchewan's renowned Athabasca Basin. The goal at Angilak is to significantly expand the current resource base.
Latitude's second key project is the CMB Project in Labrador, situated next to the significant Michelin uranium deposit. The large CMB Project exhibits potential for uranium, copper and IOCG-style deposits. By exploring and developing Angilak and CMB, Latitude Uranium aims to uncover major new uranium resources in these proven Canadian districts.
Interview with Bryce Crocker, CEO of Jervois Mining (ASX: JRV)
Our previous interview: https://youtu.be/b7_oredCTEg
Recording date: 25th August 2023
Jervois Global is a comprehensive cobalt enterprise, establishing the sole cobalt mine in the USA and spearheading a specialized cobalt chemical production in Jervois Finland. In addition, they possess notable nickel and copper assets, refining capabilities, and avenues for expansion.
Interview with Killian Charles, President & CEO of Brunswick Exploration (TSX-V: BRW)
Our previous interview: https://youtu.be/x_faHpTyBH4
Recording date: 23rd August 2023
Based in Montreal, Brunswick Exploration is a mineral exploration firm listed on the TSX-V with the ticker BRW. Their primary pursuit is the grassroots exploration of lithium in Canada, a vital metal pivotal to worldwide decarbonization and the shift to cleaner energy. Currently, the company is fast-tracking the broadest grassroots lithium property collection in Canada, encompassing regions such as Quebec, Ontario, Saskatchewan, Manitoba, New Brunswick, and Nova Scotia.
Interview with Frederick Bell, Executive Director & CEO of Elemental Altus Royalties (TSX-V: ELE)
Our previous interview: https://youtu.be/YBPJZ2a8Cm0
Recording date: 24th August 2023
Elemental Altus is a revenue-producing royalty firm specializing in precious metals, boasting 10 active royalties and a varied selection of assets from pre-production to discovery stages. The company's strategy centers on procuring unlimited royalties and streams linked to active or nearly active mines, managed by reputable partners, while also establishing royalties on fresh discoveries.
Interview with Luis Azevedo, Executive Chairman & CEO of Bravo Mining (TSX-V: BRVO).
Recording date: 23rd August 2023
Bravo Mining, an exploration and development company has the Luanga PGM, Gold & Nickel project in Brazil. This project is strategically located within Brazil's renowned Carajás Mineral Province.
The Luanga Project enjoys an exceptional geographical advantage, situated in proximity to operational mines and benefiting from well-established infrastructure like roadways, railways, and sustainable hydro grid power. Previously used for agricultural purposes, the project area is now a focal point for Bravo's Environmental, Social, and Governance initiatives. These include reforestation efforts, local employment opportunities, and vigilant environmental protection during exploration.
The company is led by a seasoned management team and board, each possessing extensive knowledge in Brazilian and PGM exploration.
Interview with Neil Pettigrew, Director & VP of Exploration at Palladium One Mining (TSXV: PDM).
Recording date: 23rd August 2023
Palladium One Mining is a Canadian mineral exploration company focused on discovering environmentally and socially responsible metals for green transportation and the energy transition. They have district-scale projects that target platinum group elements (PGE), copper, and nickel deposits in world-class mining jurisdictions.
In Canada, the company is advancing the Tyko high-grade sulphide nickel-copper project in Ontario and the CanAlask project in the Yukon. Their flagship Läntinen Koillismaa (LK) project in Finland hosts a significant platinum-group-element (PGE) copper-nickel resource.
Palladium One is committed to responsible mining practices and creating value for all stakeholders as they unlock the potential of the portfolio of copper, nickel, and PGE assets. Their goal is to supply the metals essential for clean energy and electric vehicles while minimizing their environmental impact.
Interview with Tom Meyer, President & CEO of Archer Exploration (CSE: RCHR)
Our previous interview: https://youtu.be/8kHWhIPwLnU
Recording date: 22nd August 2023
Archer Exploration, based in Canada, specializes in Ni-Cu-Co-PGE exploration and development, boasting an impressive range of assets in Quebec and Ontario. The Grasset Project, positioned in the Abitibi Greenstone Belt, stands as their premier asset, showcasing an Indicated Resource of 5.5 Mt at 1.53% NiEq. Beyond that, Archer has a collection of 37 properties spanning over 300 km2 in the renowned Sudbury mining region in Ontario.
Archer's growth blueprint revolves around the exploration and advancement of its nickel sulphide properties. The company aspires to be a conscientious nickel sulphide developer in mining-friendly areas. Prioritizing social responsibility, Archer endeavors to operate safely, ethically, and with unwavering integrity.
Recording date: 22nd August 2023
John Ciampaglia, CEO of Sprott Asset Management, delves deep into the intricate world of uranium and its position in the global economy. Addressing the resilient nature of the uranium price amidst a volatile year for commodities, Ciampaglia highlights the robust demand and supply fundamentals that have shaped the market. With references to geopolitics, he underscores the importance of security in the supply chain, and the increasing need for countries to re-evaluate their alliances and trading strategies.
Moreover, as the global community pivots towards more sustainable energy sources, the role of nuclear energy comes into sharp focus. From potential risks like large-scale accidents to the promise of reliable base-load power, Ciampaglia discusses the critical aspects that will influence the future of nuclear energy. For investors, this conversation offers a clear perspective on the uranium market's trajectory, emphasizing the growth of uranium mining ETFs and the broader investment landscape in this burgeoning sector.
Nickel continues to bounce along the bottom of the $20,000-$22,000 ($9-$10/lb) range where it's been since early June and has only briefly broken $9/lb. LME inventories remain near multi-year lows
Stainless prices are now moving higher in multiple markets which is generally a good signal for overall market conditions. Over the last few weeks, have seen ore prices/NPI prices move higher, now joined by stainless prices in China and now in Europe as the market seems intent on restocking after spending most of the year destocking. Despite Chinese market weakness, Chinese stainless steel production was up more than 11% in the first half 2023. Remember that stainless still more than 2/3 of global nickel demand so good sign that should see the expected demand improve through the balance of the year.
Quiet week news-wise
Talon Metals had good infill intercept using to look at the area of higher PGE content - 101.71 meters of high-grade nickel-copper mineralization grading 1.94% Ni,1.84% Cu, 0.35 g/t Pd, 0.64 g/t Pt and 0.62 g/t Au (1.61 g/t PGEt + Au) (3.04% NiEq) (see Table 1).
Everyone is entitled to their opinion, but commentator DrJimJones materially misstated a couple of facts in a recent piece on Canada Nickel Corp.
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DrJimJones was quoting from PEA in May 2021 as to what needed to be spent for CNC to go to the next level, and then compared that amount to the June 2023 cash balance. Clearly just a mistake or conflation of data on his part. He may not have noted that since May 2021, CNC has raised nearly £$100 million in the interim to do what is needed, leaving their cash balance in a healthy position to finish their FS. I’m sure he would be willing to check and validate this, and shortly republish his thoughts using the correct assumptions.
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It is also worth noting that Crawford produces a FeCr concentrate which has some nickel in it. This product would make CNC the sole chrome producer in North America, and provide a low-carbon feed for the stainless market in North America (stainless steel is a mixture of nickel, iron, and chrome). The stainless market in the United States has significant premiums -more than $800-$1,000 price premiums versus Asia, and conversion margins of $1,000 per tonne (or ~$6/lb premium per pound of contained nickel) so good to get units into this market.
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In any technical report, always good to look at the assumptions. Assumptions are only as good as a company that signs off on technical reports. Lots of bad technical report companies out there. CNC however uses Ausenco, who not only do studies but actually bid on & build these projects. Ausenco signed off on the overall report. CNC’s work on the pricing for this material was done by CRU, a leading metal price consultancy, and SMR – the leading stainless and alloy market consultant.
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Interestingly, iron price is not iron ore price – it is Fe scrap price in North America (which is how stainless feed material is priced) - it averaged $US407 per tonne in February 2023 according to USGS versus the $290/tonne number used in 2021 PEA. So DrJimJones talk of iron ore pricing and decline in iron ore pricing is again perhaps conflating data. Again I’m sure given the chance DrJimJones will choose to restate their thoughts and the impact of their conclusions for CNC.
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And in addition, the current US ferrochrome price which was the basis for chromium pricing was assumed to be $1.04 per pound in the CNC 2021 PEA, whereas it averaged $3.08 in 2022, and was $2.55 per pound in June 2023.
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Please also remember that Anglo American, one of the world’s largest mining companies, made a 9.9% investment in Canada Nickel so they must have been comfortable with the CNC project assumptions and their own year-long diligence process.
Interview with Jeremy McManus, General Manager of Commercial & IR for Neometals (ASX: NMT)
Our previous interview: https://youtu.be/8adhEHBSrz4
Recording date: 22nd August 2023
Neometals stands at the vanguard of sustainable battery material production, pioneering three eco-friendly processing technologies. These innovations primarily yield lithium, nickel, cobalt, and vanadium while ensuring cost-efficiency and a minimized carbon footprint. The company, along with its partners, has been internationally acclaimed for sustainable methods that emphasize circular economic principles, thus diminishing dependence on traditional mining-based supply chains. Their three key business units are introducing these novel technologies through joint ventures: firstly, their Lithium-ion Battery ("LIB") Recycling under Primobius GmbH (with Neometals holding 50% equity) collaborates with Mercedes-Benz and aims to provide recycling services, plant supply, or technology licensing. Secondly, their Vanadium Recovery technology aspires to extract high-grade vanadium pentoxide from steel-making by-products, with ventures in Finland and potential operations in Sweden. Lastly, their Lithium Chemicals initiative, co-owned by Mineral Resources Ltd, seeks to manufacture top-quality lithium hydroxide from varied sources, with pilot ventures set for 2023 and a prospective commercial collaboration in Portugal by 2024.
Interview with Andrew Chubb, CEO of Awalé Resources (TSXV:ARIC)
Recording date: 21st August 2023
Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV") within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects that have similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km2 of granted tenure and 400km2 under application remains underexplored and offers significant upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that offers significant potential for district scale discoveries.
Li-FT Power is a company specializing in mineral exploration, focusing primarily on procuring, studying, and advancing lithium pegmatite ventures in Canada. Their premier undertaking is the Yellowknife Lithium Project situated in the Northwest Territories of Canada. Besides this, Li-FT Power possesses three promising exploration sites in Quebec, Canada, which have a high likelihood of uncovering concealed lithium pegmatites. Additionally, they oversee the Cali Project in the Northwest Territories, nestled within the Little Nahanni Pegmatite Field.
Interview with Mark Bristow, President & CEO of Barrick Gold (NYSE:GOLD)
Recording date: 10th August 2023
Barrick Gold is a leading global producer of gold and copper, with a portfolio that spans major gold and copper districts around the world, focusing on high-margin, long-life assets. The company aspires to be the most valued gold and copper business, owning top assets and managed by top-tier professionals to ensure optimum returns for all stakeholders. Strategically, Barrick emphasizes long-term sustainable growth through global exploration programs and is dedicated to forming partnerships with host nations and communities, emphasizing local employment and skill development. The company's shares are traded on the New York Stock Exchange as "GOLD" and on the Toronto Stock Exchange as "ABX."
With over 20 years of experience in the financial hubs of London, Germany, and New York, John Butler shares invaluable insights into the dynamics of precious metals, especially gold. From historical contexts to economic theories and the practical fundamentals of supply and demand, we delve deep into the world of investment and the international monetary system. With mentions of gold's potential re-monetization for settling international trade imbalances, the role of the US dollar, and the fascinating comparisons between gold and Bitcoin, this talk is a treasure trove of information. Whether you're an investor, banker, or just someone curious about the future of global economics, this conversation promises deep insights
Interview with Phil Hoskins, MD of Evolution Energy Minerals Limited (ASX: EV1)
Our previous interview: https://youtu.be/bnJdEj0iI6w
Recording date: 17th August 2023
Evolution Energy Minerals Limited, based in Australia, is a mineral exploration firm. It primarily focuses on the acquisition, study, and development of the Chilalo Graphite Project located in southern Tanzania. This particular project, known for its coarse flake graphite, is situated about 100 km north of the Mozambique border, 180 km from the coastal city of Mtwara by the Indian Ocean, and 400 km south of Dar es Salaam, Tanzania's metropolis. The site is in the Ruangwa District of the Lindi Region. The company's primary goal is to provide graphite products and battery materials to support the worldwide green economy.
In the dynamic realm of lithium mining, leaders like Robin Dunbar of Grid Metals, Jeffrey Wilson of Eureka Lithium, and Stephen Hanson of ACME Lithium stand out. Grid Metals, situated in southeastern Manitoba's Bird River greenstone belt, controls prized high-grade lithium pegmatites at Donner Lake and Falcon West, with a strategic advantage given their closeness to the Tanco mine, one of Canada's two lithium producers. Their journey doesn't end with lithium; their Ni-Cu-PGM-Co project, Makwa-Mayville, is also generating significant interest. Eureka Lithium, on the other hand, stands as a dominant force in Quebec's Nunavik region. They hold vast projects in emerging areas like Raglan West, Raglan South, and New Leaf Lithium Camps, and have ties to the illustrious prospector Shawn Ryan. The territory they oversee is mineral-rich, housing two active nickel mines with invaluable deep-sea port access. Meanwhile, ACME Lithium, backed by a team of industry veterans, is laser-focused on exploring and developing battery metal projects. Their expansive interests range from Nevada's Clayton Valley and Fish Lake Valley to sites in southeastern Manitoba and northern Saskatchewan. Join us for a deep dive into the innovative endeavors, hurdles, and openings these trailblazers navigate in the fast-evolving lithium sector. Subscribe for a deeper look into the multifaceted world of mining!
Recording date: 17th August 2023
What’s been happening:
Niger is no closer to returning to democratic rule.
https://www.aljazeera.com/news/2023/8/15/west-african-military-chiefs-to-discuss-niger-crisis-thursday-and-friday
Spot price continues to edge up continuing to generate flows into Uranium ETF’s.
France’s nuclear safety regulator has cleared Tricastin 1 to operate for another 10 years, making it the first French reactor to operate beyond 40 years.
https://www.world-nuclear-news.org/Articles/Tricastin-1-cleared-for-ten-more-years
Winner of the week
Australia’s wealthiest person & mining magnate, Gina Rinehart advocates for Nuclear Energy
https://www.skynews.com.au/business/energy/gina-rinehart-declares-support-for-a-nuclear-powered-australia/video/0b16d4696eb8c2f90509be277fbcdb78
Bungle of the week
Chris Bowen, Minister of Climate Change & Energy of Australia win’s bungle of the week for his comment: “We’ve got a full agenda and I don’t have time for a distraction that’s not going to work,”. This came after Deutsche Bank’s chief economist, Phil O’Donaghoe asked, “Why not let the market sort it out?”.
https://www.afr.com/policy/energy-and-climate/let-the-market-sort-out-nuclear-bankers-urge-bowen-20230815-p5dwpu
Question of the week
What is the Linear Non-Threshold theory of radiation exposure? And why is it important? This question arose from this Tweet - https://twitter.com/jasoncrawford/status/1688278472240529408
Tweet (Post?) of the week
This is from Energy analyst superstars, Goehring & Rozencwajg
https://twitter.com/Go_Rozen/status/1691909540915146955
Moonshots & Fizzers
DevEx Resources (ASX:DEV) is an exploration company with a diversified portfolio of high-quality projects spanning some of Australia’s best-endowed mining regions.
This week they have released results from their ongoing 2023 Reverse Circulation drill campaign at the Nabarlek Uranium Project in the NT and it is delivering exciting uranium results at several prospects surrounding the historical Nabarlek Uranium Mine. Located close to the world-class Ranger Mine, could this be Australia’s next Ranger?
https://www.devexresources.com.au/sites/default/files/asx-announcements/61163163.pdf
What do we know. Showing potential but is it underground open pit. Who else in the area?
Vimy used to describe it as the Athabasca.
Not to forget Boss Energy (ASX:BOE) who released good looking drilling results that will add very handy life to their Honeymoon Well in-situ recovery mine.
https://bossenergy.com/investors/asx-announcements
Recording date: 15th August 2023
Join industry leaders Mark Selby, Chairman & CEO of Canada Nickel (TSX-V:CNC), Hayden Locke, President & CEO of Marimaca Copper (TSX-V: MARI), and Simon Clarke, CEO of American Lithium Corp (TSX-V:LI) as they delve deep into the future prospects of the mining sector. Canada Nickel is at the forefront, advancing the next generation of nickel-sulphide projects for the booming electric vehicle and stainless steel markets, with a unique push towards net zero carbon products anchored by their Crawford Nickel-Cobalt Sulphide Project. American Lithium, on the other hand, is setting benchmarks with their large-scale lithium projects, especially the TLC Lithium Claystone Project in Nevada and their ventures in Peru, which showcase considerable expansion potential. Rounding out the trio, Marimaca Copper focuses on the promising Marimaca Project, an oxide, open-pit, heap leach copper initiative in Chile's Antofagasta region. Dive into this enlightening discussion to unpack the intricacies of the mining world and its trajectory.
Interview with Chris Frostad, President & CEO of Purepoint Uranium Group Inc. (TSX-V:PTU)
Our previous interview: https://youtu.be/QDsHRx2gtjg
Recording date: 15th August 2023
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) spearheads a robust exploration operation of nine advanced uranium projects in Canada's Athabasca Basin. They have a leading joint venture at Hook Lake in collaboration with Cameco and Orano, and another joint venture at Smart Lake with Cameco. Additionally, Purepoint possesses seven projects, fully owned, showcasing uranium-rich prospects. As they undertake dynamic exploration activities across various projects, Purepoint is positioning itself as the leading uranium explorer in the world's most uranium-abundant district.
Nickel dropped down to the bottom end of $20-$22,000 range that we’ve largely been in since the beginning of May – dragged lower along with the rest of the base metal complex as China deflation concerns weighed on the market. LME inventories are still low.
According to statistics from the Stainless Steel Branch of China Iron and Steel Association, China’s crude stainless steel production amounted to around 17.59 million tons in the first half of this year, up by 8.2% compared to the same period a year ago. Among them, the output of Cr-Ni stainless steel (300 series) accounted for the largest proportion at 50.33%, totalling around 8.85 million tons, a year-on-year hike of 11.1%. (we thought China was slowing down) - seeing cuts in the first half in ROW production after a big surge in 2021/22, but now seeing a turn in the West as well. Analysts always underestimate stainless growth.
Still not seeing any further momentum in nickel sulphate in China, but seeing more nickel directly utilized (in the form of MHP/matte) and more high nickel cathode material produced in Korea.
FPX Nickel saw a big drop this week – down by 33% on news that one of the First Nations (FN) groups has made public communications from Tl’azt’en Nation with respect to the 2012 Memorandum of Understanding (“MoU”) between Tl’azt’en Nation, family Keyoh Holders, and FPX, and concerns expressed related to resource development.
The team at FPX have done a very good job responsibly advancing the project, but sometimes best efforts can’t change the view of the local community. The original 2012 group split into several groups – which may have different views on resource development. Elections in FN communities typically every 2-3 years so can have multiple leadership groups to deal with during the lifespan of the project (think with my old Dumont project, we had 5 different chiefs over 10 years). The new chief came in a year ago and may be a catalyst for change, maybe another change in the future.
Permitting/First Nations risk is real – even the best management team/approach can do everything 100% right, but the community may not want resource development. Encourage every investor to look at First Nations/permitting risk – not just to country, province, but the specific region – look at whether any mines operating in the area, have any operated before, and search for public comments on mining activity in the area. Can always be the first new mine in an area, but comes with lots of risks and need to manage accordingly.
This is always been a key concern – 4 major assets that I’ve been involved with have been in established mining areas - Abitibi Quebec (Dumont), Abitibi area of Ontario (Crawford), Kalgoorlie (Beta Hunt), Manitoba/Snow Lake (Reed).
The Metals Company (TMC) stock has moved significantly higher over the last 2 months and just completed $27 million financing (think highlighted back in June that smaller scale start-up using existing Japanese processing capacity provides a lower capex path to production). The Metals Company aims to apply next year for a licence to start mining in the Pacific Ocean, with production expected to start as early as the fourth quarter of 2025, it said in a statement.
Magna Mining put out some nice drill holes this AM and has been busy retracing about 50% of what it gave up after the PEA announcement.
101 FW Zone
MCR-23-041: 3.0% Ni, 0.7% Cu, 1.2 g/t Pt + Pd + Au over 31.6 metres
MCR-23-042: 4.2% Ni, 1.4% Cu, 1.0 g/t Pt + Pd + Au over 27.6 metres
Good results but would asterisk them a little bit – when historic drilling – look for step out versus infill, unless filling in some pretty wide gaps. These holes look like in between 22-003 and 22-005 drilled earlier this year which in turn were between 1003080 and 1003090 and 1163050
At the other end of step out level, our neighbour in Timmins, Aston Minerals, has started off their 2023 drilling season with some 500 metre step-outs in their B2 zone which in turn is more than 2 kilometres away from their initial Boomerang resource of 2.5 million tonnes of nickel.
On the lithium-nickel front, Widgie Nickel got approval to mine its Faraday lithium deposit – will ship ore to one of the local lithium mines to be processed.
Azure Minerals (nickel developer turned lithium developer) turned down $600 million offer from SQM.
Interview with Charles FitzRoy, CEO of Bradda Head Lithium (LSE: BHL)
Our previous interview: https://youtu.be/pKWqsKoJelo
Recording date: 15th August 2023
Bradda Head Lithium Ltd. is a lithium development company primarily centered on North America. The firm holds stakes in several ventures, with its most developed ones located in Central and Western Arizona: The Basin Project (encompassing Basin East and Basin West) and the Wikieup Project.
Basin East boasts an Indicated Mineral Resource of 21.2 Mt with an average grade of 891 ppm Li and 3.5% K, translating to 100 kt LCE. Additionally, it has an Inferred Mineral Resource of 73.3 Mt with an average grade of 694 ppm Li and 3.2% K, amounting to 271 kt LCE. Elsewhere in the Basin Project, SRK projects an Exploration Target ranging from 300 to 1,300 Mt of material with grades varying from 600 to 850 ppm Li, equating to 1 to 6 Mt LCE. The company is poised to progress its trio of initial projects in Arizona and simultaneously aims to tap into the potential of its pegmatite and brine ventures in Arizona, Nevada, and Pennsylvania. Significantly, Bradda Head holds all its licenses at a complete equity share and is strategically located near essential infrastructure.
Interview with Eric Zaunscherb, Chairman of Critical Elements Lithium Corp. (TSX-V: CRE)
Our previous interview: https://youtu.be/iPNhac82fnc
Recording date: 14th August 2023
Critical Elements aims to establish itself as a major and conscientious lithium provider for the thriving electric vehicle and energy storage sectors. The company is progressing its premier Rose lithium project in Québec, a high-purity venture nestled within its expansive landholdings of over 1,050 square kilometers. On June 13th, 2022, they unveiled the results of a feasibility study for the production of spodumene concentrate at Rose. This project boasts an impressive after-tax internal rate of return of 82.4% and an after-tax net present value of US$1.9 B, considering an 8% discount rate. Critical Elements believes that Québec's location is ideal for the US and EU markets, underscored by its solid infrastructure that includes a predominantly hydroelectric-powered grid (94%). Additionally, the Rose project has garnered the nod from the Federal Minister of Environment and Climate Change based on the Joint Assessment Committee's suggestions, which includes members from the Impact Assessment Agency of Canada and the Cree Nation Government. It has also secured the Certificate of Authorization under section 164 of Québec’s Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife, and Parks.
Interview with Thomas Abraham-James, President, CEO & Co-Founder of Pulsar Helium.
Our previous interview: https://youtu.be/KnRw6A7UqrI
Recording date: 11th August 2023
Pulsar Helium is at the forefront of the burgeoning helium exploration and development industry, born from a persistent supply shortage that has spanned over a decade with no end in sight. Pulsar's mission is to harness its helium reserves, aiming to offer a consistent supply independent of hydrocarbon production. One of the company's standout assets is the Topaz project in the USA, boasting a helium concentration of 10.5% — ranking it among the globe's most enriched sources. The company is diligently advancing efforts at Topaz to unlock its full potential. Helium is pivotal in various applications, notably in superconducting magnets, the production of semiconductors, and as a pressurizing medium in spacecraft fuel tanks.
Interview with Jason Jessup, CEO of Magna Mining Corp (TSX-V:NICU)
Our previous interview: https://youtu.be/FlqwpN9E73E
Recording date: 11th August 2023
Magna Mining specializes in the exploration and development of nickel, copper, and PGM projects in Ontario's Sudbury Region. The company primarily boasts the previously operational Shakespeare and Crean Hill Mines. The Shakespeare Mine, currently at the feasibility stage, has secured significant permits for building a 4,500-tonne daily open pit mine, a processing plant, and a tailings storage facility, all encompassed within a promising 180km2 land parcel. Meanwhile, Crean Hill, once a producer of nickel, copper, and PGM, has a technical report from August 2022.
Interview with Jason Jentz, CEO of Latitude Uranium (CSE: LUR)
Our previous interview: https://youtu.be/9AzTLRY0qGA
Recording date: 10th August 2023
Latitude Uranium is currently working on two major uranium projects in Canada. We're primarily concentrating on enlarging the resource pool at Angilak, known as one of the world's top-grade uranium deposits outside the Athabasca region. Alongside this, we're also making progress with the CMB Project, located in the resource-rich Central Mineral Belt in central Labrador, neighboring the Michelin Deposit. This area showcases multiple instances of uranium and copper, as well as potential IOCG style mineral findings.
Interview with Jason Attew, President, CEO & Director of Liberty Gold (TSX: LGD)
Our previous interview: https://youtu.be/FOJtZ8ROtXU
Recording date: 9th August 2023
Liberty Gold is dedicated to seeking and cultivating open pit oxide deposits in the Great Basin of the US, a hub for expansive gold projects perfect for open-pit mining. Spanning Nevada, Idaho, and Utah, this region ranks among the world's top gold producers. With deep knowledge of the Great Basin, their mission is to uncover and progress significant gold deposits for efficient open-pit mining.
Interview with Peter Doyle, CEO & MD, and Will Bridge, CDO & Executive Director of Evolve Power.
Our previous interview: https://youtu.be/mqfAdN_3nkU
Recording date: 9th August 2023
Peter Doyle, CEO of Evolve Power Limited, and Will Bridge, Chief Development Officer, discuss the transition of their Calgary-based company from coal assets to pioneering a large pump hydro energy storage platform in Alberta, Canada. They detail the challenges faced in 2021 and their subsequent strategic pivot in 2022. The duo highlights the unique opportunities in the Alberta energy market, the potential financial benefits for shareholders, and the ongoing discussions related to their coal assets with the Albertan government. The conversation also touches on future plans for relisting and project financing.
Recording date: 9th August 2023
Join Geoff Atkins and Matt as they dive deep into the intricacies of the Rare Earth industry. In this enlightening conversation, they discuss the challenges companies face in balancing market demands with operational requirements. From the complexities of pricing models in a non-transparent market to the pivotal role of supply chains and their impact on financial models, this discussion is a must-watch for anyone wanting to gain a comprehensive understanding of the Rare Earths sector.
Interview with Denis Wood, Executive Chairman of KGL Resources (ASX: KGL)
Our previous interview: https://youtu.be/FTXfdpTF6ag
Recording date: 8th August 2023
KGL Resources Limited is an Australian mineral explorer and developer focused on the delineation and development of the high grade Resource at the Jervois Copper Project in the Northern Territory, Australia and establishing a high grade, sustainable copper mine.
Using modern, cost effective exploration methods, the Company has successfully defined a current JORC Resource of 23.80 Million tonnes at 2.02% Copper, 0.25g/t Gold and 25.3g/t Silver.
The Company is currently focused on completing Project studies that will determine the optimal development scenario at Jervois, with environmental approval recommended in October 2019, and the Jervois Mining Management Plan approved by the NT Government in January 2021.
Interview with Arthur Halleran, President & CEO of Trillion Energy (CSE: TCF)
Our previous interview: https://youtu.be/SMjbKprORgE
Recording date: 4th August 2023
Trillion Energy is dedicated to producing natural gas for Europe and Türkiye, holding assets in both Türkiye and Bulgaria. The firm possesses a 49% stake in the SASB natural gas field, a pioneering and extensive natural gas development project in the Black Sea, and a 19.6% interest in the Cendere oil field (with a 9.8% interest in three specific wells).
Recording date: 7th August 2023
What a whirlwind of events in the world of uranium. From the mountains of Colorado to the plains of Niger, things are shifting. The uranium market is a geopolitical chess game, and the players are making their moves. Did you catch the news about the coup in Niger? Shocking, right? It's got everyone on edge, from Global Atomic to GoviEx. But here's the real question: should we be worried From where we're sitting, it's a mixed bag. Sure, there's concern. But there's also opportunity. The French, for instance, they're feeling the heat. But they've got options. They've got their eyes on Uzbekistan, Mongolia, even Canada and Australia. And then there's the Russians. Always an interesting player in this game. They're circling, ready to step in. And they're not alone. The Saudis are also making moves, looking to invest in uranium outside their region. In the midst of all this, there's one thing that's clear: the uranium market is not for the faint-hearted. It's a high-stakes game, with big players and even bigger consequences.
But hey, that's what makes it exciting, right?
Interview with David Rae, President & CEO of Dundee Precious Metals (TSX: DPM)
Dundee Precious Metals Inc. is a Canadian international gold mining company with operations and projects in Bulgaria, Namibia, Ecuador and Serbia. The company's purpose is to unlock resources and generate value to thrive and grow together, guided by its core values. Its strategic pillars related to ESG, innovation, optimizing its portfolio, and growth aim to deliver value for stakeholders. DPM allocates resources in line with its strategy. Its shares trade on the Toronto Stock Exchange under the symbol DPM.
Interview with Dustin Perry, CEO of Kingfisher Metals (TSX-V: KFR)
Kingfisher Metals Corp. is a Canadian exploration company focused on underexplored district-scale projects in British Columbia's Golden Triangle region. The company has 100% ownership of three district-scale projects and an option to earn 100% of a fourth project. Kingfisher's properties offer potential exposure to gold, copper, silver and zinc mineralization. The company is leveraging its technical expertise to unlock value from these under-explored regions through systematic exploration.
Panel with John Cash, Chairman, President & CEO of Ur-Energy (TSX:URG) & David Cates, President & CEO of Denison Mines (TSX:DML)
Ur-Energy is operating its Lost Creek in-situ recovery uranium facility in Wyoming. The company has produced approximately 2.7 million pounds of U3O8 since the commencement of operations. Ur-Energy now has all permits and authorisations to begin construction on its second in-situ uranium recovery operation, Shirley Basin, also in Wyoming.
Denison Mines is a uranium exploration and development company with projects in the Athabasca Basin region. The company’s flagship Wheeler River project is the largest undeveloped uranium project in the region and is host to the high-grade Phoenix and Gryphon deposits. Denison is looking to make a construction decision on Phoenix in 2025.
Both discuss how geopolitical risks and project development challenges could constrain global uranium supply. This underscores the need for their new mines to fill looming shortfalls.
What’s been happening:
Niger – awaiting the next catalyst?
On 26 July news broke of a coup in Niger - borders were closed and a nationwide curfew was declared, and all institutions of the republic were suspended.
https://www.bbc.com/news/world-africa-66320895
In the days following we saw statements from Global Atomic and GoviEx that employees were safe and it was business as usual.
https://globalatomiccorp.com/investors/news/news-details/2023/Global-Atomic-Updates-the-Situation-in-The-Republic-of-Niger-July31/default.aspx
https://goviex.com/site/assets/files/4676/2l_nigerupdate_310723_final.pdf
With 25% of the EU’s uranium coming from Niger the coup raised a series of concerns for their clean energy sector. Orano the major operator in the region said ‘operations continue as normal’.
https://greeninvesting.co/2023/07/niger-coup-threatens-frances-uranium-supply-nuclear-energy-industry/
We discuss how this key development might affect the uranium market.
Winner of the week:
It’s a tie between Vogtle & China.
Georgia Power declared that Plant Vogtle Unit 3 has entered commercial operation. They are the tied winner because the US administration saw the bigger picture and persisted, and can now look forward.
https://www.georgiapower.com/company/news-center/2023-articles/vogtle-unit-3-goes-into-operation.html
China approved 6 new nuclear reactors commencements at $17B investment. Even though these are the first approvals for 2023, they are in addition to 10 in 2022. China accounts for 23 of 55 nukes under construction globally.
https://world-nuclear-news.org/Articles/Six-reactors-approved-for-construction-in-China
https://www.bloomberg.com/news/articles/2023-08-01/china-approves-six-nuclear-reactors-at-17-billion-investment?utm_source=website&utm_medium=share&utm_campaign=twitter#xj4y7vzkg
Bungle of the week:
Collectively award it to all of those that proclaimed that renewable pricing can only get cheaper.
These last 2 weeks Vattenfall and Ørsted abandoned offshore wind projects in the US & UK due to soaring costs of up to 40%.
https://www.bloomberg.com/news/articles/2023-07-22/biggest-offshore-wind-power-plans-in-crisis-iberdrola-orsted-vattenfall-hit
https://www.rechargenews.com/wind/too-expensive-us-state-refuses-lone-offshore-wind-bid-by-orsted-jv-on-cost-concerns/2-1-1488381
Siemens Gamesa board has initiated an "extended technical review" that will incur "significantly higher costs" than previously assumed, estimated to be in excess of 1 billion euros ($1.09 billion).
https://www.cnbc.com/amp/2023/06/23/siemens-energy-scraps-profit-outlook-as-wind-turbine-troubles-deepen.html
https://www.bloomberg.com/news/articles/2023-06-29/wind-turbines-that-shake-and-break-cost-their-maker-billions#xj4y7vzkg
Question of the week:
KAP’s sales have gone up 13% because of (FLEX) in their contracts. What does that mean?
Kazatomprom 2Q23 Operations and Trading Update - https://www.kazatomprom.kz/en/media/view/kazatomprom_2Q23_operations_and_trading_update
Moonshots & Fizzers:
The potential moonshot is the physical uranium funds… or will they fizzle out?
For 11 days before the coup in Niger SPUT had been trading at an average discount of 11.00%, since the coup it has substantially reduced, sitting at an average discount of -7.82%.
https://twitter.com/skysurfer75/status/1686513074394578944/photo/1
https://twitter.com/janwolansky/status/1686470708984008704/photo/1
https://twitter.com/quakes99/status/1686517113756975104?s=20
Yellowcake is up nearly 6% in London
https://www.holdcomarkets.com/post/the-month-in-u-inventory-yellowcake-p-nav-discount-too-narrow-in-relation-to-sput
https://twitter.com/moniology/status/1686030693975912448/photo/1
https://twitter.com/HoldcoMarkets/status/1686505128793141248/photo/1
Tweet of the week:
https://twitter.com/sollidnuclear/status/1683467634216509443?s=20What’s been happening
“Strategic patience” is required by all… an exciting September coming up.
Nickel briefly popped through $22,000 (10/lb) and remains in the upper end of $20,000-$22,000 where it has been sitting for the last 6 weeks. LME inventories remain low at 37-38,000 tonnes. Sulphate prices are flat and sitting at a similar discount as last week. In contrast, ore prices and NPI prices ticked higher in China – haven’t seen a rebound in stainless prices yet. May be driven by rumours that China SRB is stockpiling some nickel.
The big news of the week:
Saudi Arabia is investing $US3.4 billion for a 10% stake in Brazil’s Vale base metals business – good to see the Middle East $$ in the sector.
Australia going to include nickel in the critical minerals list.
Potential for Russian nickel to be subject to sanctions in UK/Europe in the upcoming year – think a lot of people choosing not to use it, but if implemented, a little more challenging given that nearly ½ of Russian nickel used to end up in Europe.
Magna Metals PEA on Crean Hill/Denison project picked up earlier in the year from Sibanye – unfortunately share price was off by about 15% (but had popped up 10% in the week before).
Metrics on IRR and NPV are both good at $C200 million and 22% IRR with a 15-year mine life mining 1.5-2 Mtpa of ore for a few years with an open pit and then 1.25 Mtpa underground operation with roughly 10ktpa of nickel production. However, the market reacted negatively for a couple of reasons with capital cost being the primary one:
- Total of CAD$129 million including $48 million of “advanced exploration” costs, $24 million in open pit costs, and $57 million in underground capital. Think the market was expecting was going to be open pit restart and then underground so was a little surprised at the total amount.
- They had some pretty splashy high-grade intervals but the life of mine grades are 0.6% nickel, 0.6% copper and over 1g/t PGMs so some investors were probably expecting some more grades to pop out.
- The third reason was valuation – at $0.75/share has a market cap of $120 million versus the value for the project at $C200 million (and they also have Shakespeare) – which is a pretty healthy P/NAV in the industry sector that is struggling.
A good example of challenges with high grade – can be narrower, less continuous = more drilling capital, particularly if has to be done underground.
Widgie Nickel had nice step-out results and infill drilling
100-metre step out Eastern Limb MEDD069 29.0m @ 1.66% Ni from 79m Incl. 5.0m @ 3.23% Ni from 88m. Widgie Townsite MEDD061 30.85m @ 1.59% Ni from 435m Incl. 13.43m @ 2.74% Ni from 449.7m And 3.36m @ 3.27% Ni from 471.3m.
Our Timmins neighbour had updated resources from their W4 higher grade deposit:
Measured + Indicated Resources of 31.3M pounds at 0.98% Ni (2.1x the 2010 historical estimate) and Inferred Resources of 12.1M pounds at 0.98% Ni (3.6x the 2010 historical estimate) – about 40% of that in open pit and balance underground resource.
Interview with Chris Reed, Managing Director & CEO of Neometals Ltd. (ASX: NMT)
Neometals is a sustainable battery materials company that has developed proprietary technologies to recover and recycle valuable materials from end-of-life lithium-ion batteries and industrial by-products.
The company has three core business units focused on battery material recycling and resource recovery:
Lithium-ion battery (LIB) recycling through a joint venture called Primobius. This operates a commercial recycling facility in Germany and has partnered with Mercedes Benz. A larger facility in Canada with Stelco is planned for 2023.
Vanadium recovery from steelmaking slag through a joint venture in Finland. This aims to produce high-purity vanadium pentoxide from slag supplied by Scandinavian steelmaker SSAB. Production is expected to start in 2023.
Lithium chemicals production from brines and hard rock using Neometals' ELi electrolysis process. A pilot plant with Portuguese company Bondalti is under development targeting 25,000 tonnes per annum of lithium hydroxide.
Neometals also owns the Barrambie titanium-vanadium project in Australia. This is one of the world's highest-grade deposits and a take-or-pay offtake deal is being finalised to support the export of titanium concentrate to China.
In summary, Neometals is leveraging proprietary technologies to sustainably produce battery materials by recycling end-of-life products and recovering co-products from industrial processes. Its commercial facilities are expected to come online in 2023.
Interview with Raymond Jannas, CEO & Director of ATEX Resources Inc. (TSX-V: ATX)
ATEX’s flagship property is the Valeriano copper-gold project located 125km east of Vallenar city, within the Link Belt, in north-central Chile. The Company is focused on delineating and growing the copper-gold porphyry resource underlying a surface oxide gold deposit. Drill results to date confirm the presence of a major copper-gold porphyry system that is open in all directions. Valeriano is adjacent to the El Encierro deposit, a joint venture between Antofagasta (51%) and Barrick Gold (49%). The project is within a 120-km long zone – internally referred as the Link Belt – connecting the Maricunga gold porphyry belt to the El Indio high-sulphidation gold-epithermal belt that hosts significant copper-gold deposits. Other companies active in this area include Filo Mining, Teck Resources, Newmont Mining as well as Lundin Mining.
ATEX is supported by shareholders with a long-standing track record of successful resource investment. Pierre Lassonde, co-founder of Franco-Nevada is the company’s single largest shareholder, followed by a resource-focused mutual fund. Elsewhere in northern Chile, ATEX has initiated a low cost generative exploration program exploring for high sulphidation precious metals deposits and has staked a number of properties for review.
Recording date: 24th July 2023
Nickel continues rangebound in $20,500-$21,500 range with LME inventories remaining low at 37-38,000 tonnes
After nickel price move off the $20,000 range about 10 days ago, sulphate prices actually softened a little as the big surge in June ores for NMC cathodes in China hasn’t continued through yet for July /August - so sulphate discounts retraced some of the narrowing we’ve seen in last few weeks. On NPI front, NPI prices surprisingly actually ticked up about 2%. Thought we would see sulphate discounts narrow pretty fully before NPI started moving higher but good to see
Not lots of news, but couple of key pieces of news
Nickel refining capacity - The London Metal Exchange has approved nickel produced by China’s Zhejiang Huayou Cobalt Co. for delivery under its new fast track registration system for its new refinery in China. Huayou, GEM, CNGR all building refineries in Indo/China and will follow down a similar path.
This is key piece in “great convergence” which will allow market clearing mechanism to move from NPI/matte discounts back to LME price. Should see ~200ktpa of capacity come online by end 2024 and nearly 100ktpa of LME deliverable nickel produced in 2023.
This scale of numbers given that given current annualized surplus is estimated by INSG in 100-200kt range which in May fell by 1/4 to 144kt annualized form ~200ktpa annualized. I still believe that these figures are overstated as don’t see large inventories in market and wouldn’t see discounts reducing if these inventories available to market.
Poseidon Nickel – comment from subscriber online that wanted thoughts on this announcement. Last week mentioned their exploration at success at other past producing mine – Emily Ann/Maggie Hays
Poseidon was restarting Black Swan/Silver Swan operations – one of few nickel mills in Western Australia and mine operated for short period of time in 2008-2009 – now announced last week deferring restart until 2024 for following reasons:
Western Power has advised grid power will be available from late 2024 · Additional metallurgical testwork will be conducted to confirm recovery assumptions for the disseminated serpentinite ore · Decision made to defer the restart of Black Swan due to project related factors and external market conditions
From release quote: “These project related factors together with the continuing tightness in the WA labour market, the lack of the availability of Kalgoorlie FIFO accommodation ….”
Highlights 4 key issues:
Availability of infrastructure– no grid power until end 2024, (could use generators, but much more expensive
Availability of people and ability to support them – talks about fly in fly out – most of Western Australia with a few exceptions is massive fly in, fly out operation. Is expensive, and highly competitive
Importance of nickel concentrate grades - Release talks about certain ore feed producing only 5-6% nickel concentrate with high mgO content – big plus of deposits like Crawford is ability to produce much higher grade nickel concentrate. Most nickel concentrates are only 10-15% nickel
Parallel project design – need to integrate resource/mine design/mineralogy/metallurgical testing so always understand how feed will perform. Is good they found out now rather than in operation, but would have been better if found before putting FS out last year.
Interview with Mark Brennan, Executive Chairman of Ascendant Resources (TSX: ASND)
Ascendant Resources Inc. (TSX: ASND) is a Toronto-based mining company focused on exploring and developing the Lagoa Salgada VMS project in Portugal. This project is located on the Iberian Pyrite Belt and contains significant resources of zinc, copper, lead, tin, silver and gold. The North Zone has over 10 million tonnes of measured and indicated resources with high zinc content. The South Zone has over 15 million tonnes of indicated and inferred resources with high copper content. The deposit shows typical characteristics of VMS deposits in the region and has substantial upside exploration potential across the large 7,209ha concession area. The project also demonstrates positive economics in preliminary assessments, with scalability for future resource growth.
Located just 80km from Lisbon, Lagoa Salgada has exceptional infrastructure access. Ascendant currently holds a 50% interest in the project through its stake in Redcorp, with the opportunity to earn-in up to 80% ownership. The Lagoa Salgada opportunity offers Ascendant a low-cost entry point to a sizable exploration and development project with demonstrated mineable scale. Beyond this flagship project, Ascendant continues to evaluate producing and developing mining assets to add to its portfolio.
Interview with Francis Macdonald, CEO of Li-FT Power (CSE: LIFT)
Li-FT Power is focused on exploring and developing hard rock lithium deposits in Canada. The company's flagship project is the Yellowknife lithium project in the Northwest Territories, which hosts 13 significant spodumene pegmatites exposed at surface. Historic sampling indicates the pegmatites have high lithium grades of 1-2% Li2O.
Drilling commenced at Yellowknife in June 2022 and initial holes have intersected wide intervals of spodumene mineralization. Li-FT plans an aggressive 45,000 meter drill program through November to delineate an initial mineral resource. The project benefits from excellent infrastructure with road access and proximity to rail.
Li-FT is also advancing an early stage exploration portfolio in Quebec's James Bay region, where the company is using systematic till sampling to pinpoint buried lithium pegmatites. Drilling has commenced at the Rupert project and will be expanded to other targets. Additional field work is planned at the Cali project in the Northwest Territories.
With a tight share structure and over $35 million in cash, Li-FT is well funded to advance its projects. The company aims to fast track Yellowknife to a preliminary economic assessment within 18 months. Li-FT's portfolio provides exposure to multiple lithium projects in mining friendly Canadian jurisdictions.
Interview with Scott Macmillan, MD of Invictus Energy (ASX: IVZ)
Invictus Energy, an independent Australian oil and gas company, is unlocking the potential of Zimbabwe's Cabora Bassa Basin. This largely unexplored interior rift basin is one of Africa's most promising hydrocarbon regions.
With the successful maiden Mukuyu-1/ST1 well, Invictus has validated a working petroleum system. The well encountered 13 potential pay zones, setting the stage for further appraisal.
Mukuyu-2, slated to spud in Q3 2023, will target gas-condensate and light oil in the Upper Angwa and Pebbly Arkose. Additional prospects in the deeper Angwa and untested Post Dande are set to provide further upside.
Supported by these high-impact wells, Invictus is strategically positioned to open up an exciting new energy province. The company offers investors a compelling opportunity to participate in frontier African exploration.
Interview with Frederick Bell, Executive Director & CEO of Elemental Altus Royalties (TSX-V: ELE)
Elemental Altus Royalties Corp. (TSX-V: ELE) is an income-generating precious metals royalty company with 10 producing royalties and a portfolio of pre-production and exploration stage assets across 14 jurisdictions.
The company recently announced the completion of Lundin Mining Corporation’s acquisition of a 51% stake in the Caserones copper-molybdenum mine in Chile. Elemental Altus holds an effective 0.473% net smelter return (NSR) royalty on Caserones, covering a 170 square kilometre area which includes all current reserves and resources and many regional targets.
Elemental Altus has also executed an agreement to sell its Diba Gold Project in western Mali to Allied Gold Corporation. The sale provides near-term cash flow and royalties on future production from Diba, adding to Elemental Altus' portfolio of producing royalty assets.
What’s been happening?
It has certainly been a busy week for the nuclear sector! There has been a host of positive news on the SMR front, the usual barrage of good policy news that we are growing accustomed to - and even some intrigue amongst uranium juniors.
Brandon’s stand-out SMR news (amongst a very full competitive field) was the Joint Development agreement between US utility Energy Northwest and X-Energy for up to 12 Xe-100 SMRs. This is an upgrade from the April 2021 announcement of 4 Xe-100 modules at Energy Northwest’s Columbia NPP site. The first SMR is expected online by 2030.
The IEA released its 2023 Electricity Market Report
We have talked many times about the impact of power volatility on consumers. Now the IEA is bragging about it!
Uranium Energy Corp (UEC) announced it has completed the steps required in their plan for a resumption of operations, enabling a faster restart at the Christensen Ranch in-situ recovery (ISR) Project in Wyoming.
Unfortunately for Peninsula Energy, UEC’s Christensen Ranch project need to free up that faster production from UEC’s Irigaray processing plant, which had been a vital part of Peninsula’s stage 1 restart of its Lance project.
Peninsula announced a day later that it has delayed production at their Lance Projects in Wyoming because UEC has terminated their Resin processing agreement. Peninsula described the news as “disappointing” but is highlighting the silver lining – ie accelerating plans for in-house resin processing by going directly to stage 2 of the Lance restart.
Winner of the week
Poland, for getting on with the job of developing nuclear power to replace its coal fired power base. Poland & South Korea sign 6 MoUs related to nuclear power generation, including 2 MoUs signed between Doosan Enerbility and Polish companies on the construction of new nuclear power plants in Poland.
Ministry of Climate and Environment has approved Polish copper and silver producer, KGHM Polska Miedź SA's plan to construct a power plant based on NuScale Power's small modular reactor (SMR).
Polish state-owned development bank, BGK, announced it will lend €500 million to help finance the building of small nuclear reactors.
Bungle of the week
New York State’s independent grid operator, ‘New York ISO’ has officially identified a shortfall of electric generating capacity for New York City in 2025 of 446MW – more if the city has another heatwave. What a shame they turned off 2GW of emissions free nuclear power from the Indian Point nuclear power plant. Even the three new gas fired power plants built to generate 1.8GW to replace Indian Point won’t be enough
Question of the week
What's the significance of the Paladin Energy announcement to retain 75% interest in Michelin JV in Labrador?
Tweet of the week
https://twitter.com/JohnLeePettim13/status/1681312834091896832?s=20
Moonshots & Fizzers
This week ‘Great British Nuclear’ (GBN) was launched, a new organisation backed by the UK government, to boost UK energy security, reduce dependence on volatile fossil fuel imports and deliver government priority to grow the economy. GBN kickstarted with a competition for game-changing small modular reactor (SMR) technology, which could result in billions of pounds of public and private sector investment in SMR projects. The aim is to have the first SMR up and running by 2030. By 2050 GBN wants to see nuclear providing a quarter of the UK’s electricity.
Interview with Alex Underwood, Managing Director of Empire Energy (ASX: EEG)
Empire Energy, an ASX listed company, is an active developer in the Betaloo Basin, Australia's Northern Territory, with a growing resource and advancing pilot study. The company has drilled significant horizontal wells over the past year and observed encouraging flow rates from these wells. They also reported a substantial resource upgrade, now holding 1.7 trillion cubic feet of independently assessed discovered resource.
The company's focus is shifting towards pilot production, including all the groundwork needed to arrive at a final investment decision for the project. They aim to start construction in the coming year and move into production shortly after. The end goal is to make the company attractive to the market and potential acquirers.
Empire Energy has a prospective resource of over 40 trillion cubic feet of gas, which could provide significant LNG exports. They are aiming to de-risk this vast resource and see a potential for substantial value creation, similar to the experiences of other unconventional oil and gas companies in Australia and the US.
The company plans to bring large international oil and gas companies into the project as joint venture partners. However, these potential partners need to see that the gas can be commercially extracted before making significant investments. The pilot project, therefore, aims to provide longer-term flow data and repeatability of results to convince potential future partners.
The market opportunity for Empire Energy's gas is strong, with Australia facing significant shortages on its East Coast. The company is receiving strong interest for gas from the pilot project and views this as a significant driver of near-term value.
Interview with Keith Bowes, MD of Lotus Resources (ASX: LOT)
Our previous interview: https://youtu.be/RwUKk4Hj-KQ
Recording date: 25th July 2023
Lotus Resources Limited, a company listed on the Australian Stock Exchange (ASX: LOT) and the OTCQB (LTSRF), holds an 85% stake in the Kayelekera Uranium Project located in Malawi, Africa.
Presently, Kayelekera is under care and maintenance. Before its closure due to persistently low uranium prices, it was a highly productive asset, having produced about 11 million pounds of uranium.
In August 2022, Lotus issued a Re-Start Definitive Feasibility (DFS) Study which underscored Kayelekera's status as one of the world's lowest capital cost uranium projects, with costs amounting to US$88m. The study also confirmed that the project has the potential to rapidly resume production – requiring only 15 months for construction and refurbishment – following a final investment decision (FID).
Interview with Alan Carter, President & CEO of Cabral Gold (TSX-V: CBR)
Our previous interview: https://youtu.be/c5MbDpnIZd4
Recording date: 25th July 2023
Cabral Gold, a junior resource enterprise, primarily focuses on identifying, exploring, and developing mineral properties, predominantly gold locations in Brazil. It holds complete ownership of the Cuiú Cuiú gold district in the Tapajós Region, situated in Pará, a northern state of Brazil. The Cuiú Cuiú project has outlined two significant gold deposits to date, with National Instrument 43-101 compliant resources of 21.6 million tonnes at 0.87 g/t gold (604,000 ounces) indicated and 19.8 million tonnes at 0.84 g/t gold (534,500 ounces) inferred.
The Tapajós Gold Province, the largest gold rush site in Brazil's history, yielded an estimated 30 to 50 million ounces of placer gold from 1978 to 1995. Historically, Cuiú Cuiú, the area with the most extensive placer workings in the Tapajós, has been credited with an estimated production of 2 million ounces of placer gold.
Interview with Alexandra Woodyer Sherron, President & CEO of Empress Royalty Corp. (TSX-V:EMPR)
Our previous interview: https://youtu.be/B54A_w1C0J4
Recording date: 18th July 2023
Empress Royalty, a company specializing in royalty and streaming creation, presents investors with a well-rounded portfolio of gold and silver investments. Since their public listing in December 2020, the company has shown continuous growth by actively investing in development and production stage projects of mining companies requiring non-dilutive capital, thereby building a solid portfolio of precious metal investments.
The organization prides itself on implementing a financially disciplined approach to invest in cost-effective operations with experienced management teams that exhibit high growth potential. This strategic model allows Empress Royalty to leverage the stable cash flow and long-term capital gains from their streaming and royalty investments, facilitating constant revenue generation and value creation for their shareholders. As part of their strategic partnerships, Empress Royalty is delighted to collaborate with Endeavour Financial and Terra Capital, both of which enhance Empress Royalty's access to global investment opportunities. In addition to broadening the investment horizon, these alliances also infuse unique mining finance expertise, sophisticated deal structuring, and capital market accessibility into Empress Royalty's operations.
Interview with Darren Townsend, CDO of Neometals (ASX: NMT)
Our previous interview: https://youtu.be/JoAZ_iz8ADM
Recording date: 18th July 2023
Neometals is a pioneering Minerals and Advanced Materials project development company, dedicated to sustainable battery materials production. With a forward-thinking approach to circular economic principles, the company has created an array of green battery materials processing technologies designed to lessen dependence on traditional mining and processing methods. At the heart of the company's innovative strategies are three core battery materials businesses, each of which is commercialising proprietary, low-cost, and low-carbon process technologies through incorporated joint ventures.
Among these businesses, the Lithium-ion Battery ("LIB") Recycling division, a joint venture with global plant builder SMS group, offers a commercial disposal service, producing valuable materials like nickel, cobalt, and lithium from production scrap and end-of-life LIBs. Another venture is the Vanadium Recovery business, aimed at producing high-purity vanadium pentoxide from steelmaking by-product ("Slag"). Lastly, the Lithium Chemicals division focuses on producing battery-quality lithium hydroxide using the patented ELi™ electrolysis process. Additionally, Neometals oversees the Barrambie Titanium and Vanadium Project, boasting one of the world's highest-grade hard-rock titanium-vanadium deposits. In all its ventures, Neometals is reshaping the way the world perceives and uses mineral resources.
Interview with Aneel Waraich, Exec. VP of Steppe Gold (TSX:STGO)
Steppe Gold, the leading precious metals firm in Mongolia, initiated production in 2020, and it's predicted to generate 160,000oz of gold from the currently active oxide zone in its wholly-owned, principal ATO Gold Mine. The company recently revised its ATO Phase 2 enlargement project to approximately 103,000oz of gold, which includes a 12-year mining lifecycle, leading to a total duration of 14 years until 2036, at an AISC of roughly US $850.
As part of its growth strategies, Steppe Gold has entered into a definitive agreement to purchase Anacortes Mining. This acquisition will catalyze Steppe Gold's evolution into a diverse asset, multi-jurisdictional gold corporation with existing production and developing projects in both Mongolia and Peru - two of the world's most promising yet largely unexplored gold provinces. The newly amalgamated entity is projected to have a potential development profile of over 200,000oz and a gold resource base surpassing 4.5Moz.
Interview with Philippe Cloutier, President & CEO of Cartier Resources (TSX-V:ECR)
Our previous interview: https://youtu.be/_2_8x8qBsq8
Recording date: 21st July 2023
Established in 2006, Cartier Resources Inc. is a Val-d’Or-based firm that specializes in the exploration of advanced gold projects. All of the company's ventures are situated in Quebec, a location renowned globally as one of the leading mining jurisdictions. Cartier is presently propelling the progression of its primary venture, the Chimo Mine Project. With a cash standing of over $2.5 million, the company enjoys substantial corporate and institutional support, counting among its endorsers Agnico Eagle Mines, O3 Mining, and several Quebec investment funds.
Interview with Oliver Turner, Executive Vice President of Corporate Development of Karora Resources (TSX: KRR).
Our previous interview: https://youtu.be/9GRXi4LuRi0
Recording date: 20th July 2023
Karora Resources is a diversified mineral resource corporation primarily devoted to securing, scrutinizing, assessing, and enhancing properties rich in precious metals. Its aspiration is to transform into a top-tier, sustainable, and superior mid-level producer.
With an ambitious growth blueprint in motion, Karora intends to augment its predicted yearly gold output to roughly 200,000 ounces by 2024, marking a significant increase from the 2020 production levels. Concurrently, it aims to lower expenses at its interconnected Beta Hunt Gold Mine and Higginsville Gold Operations, both located in Western Australia. The Higginsville processing facility, a cost-effective plant with a capacity of 1.6 Mtpa, receives full-capacity feed from both Karora's subterranean Beta Hunt mine and the Higginsville mines.
Join Joanne Jobin, known as the Queen of the North, as she reflects on the recent success and growth of a mining event in Quebec City. Discover how the conference experienced a remarkable 100% increase in attendance within a year, leading to the announcement of new dates and a larger venue. Joanne shares insights on the upcoming conference, which aims to attract global companies and investors, and discusses her vision for expanding the event's reach while giving back to the industry and supporting women in developing countries. Tune in to learn more about the exciting developments and plans for the future
Interview with Sapan Ghai, Chief Commercial Officer of Sovereign Metals (ASX: SVM)
Our previous interview: https://youtu.be/zUs0Pzn0bRk
Recording date: 19th July 2023
Sovereign Metals, a company dedicated to mineral exploration and development, owns and operates a highly prospective rutile deposit in Malawi, situated near the capital city, Lilongwe. The company has successfully identified a rutile province of global significance within its extensive Malawian land holdings.
In the heart of Malawi lies Kasiya, known for being the world's largest natural rutile deposit and one of the most substantial flake graphite deposits. Sovereign Metals is on a mission to establish a sustainable operation that can supply the high-demand natural rutile and graphite to international markets.
In June 2022, an Expanded Scoping Study (ESS) validated Kasiya's potential to become one of the world’s largest and most cost-effective producers of natural rutile and natural graphite. The study also highlighted that the global warming potential is significantly lower than other existing and planned operations.
Sovereign Metals is currently progressing with an advanced Pre-feasibility Study (PFS) for Kasiya, which will augment the initial findings of the ESS. The results of the PFS are expected to be announced in the coming months.
Recording date: 13th July 2023
What’s been happening
We will soon have two US-listed SMR developers. Oklo, an Advanced Fission Technology Company announced they will Go Public via a Merger with AltC Acquisition Corp. a special purpose acquisition company chaired by Sam Altman. The combined company will operate as Oklo and is expected to be listed on the New York Stock Exchange under the ticker “OKLO.”
The West has received its first boost in enrichment capacity after Urenco approved an investment to expand enrichment capacity by 0.7M SWU at their US site in New Mexico.
Closer to home (for Bannerman, at least) Rossing Uranium mine in Namibia announced that they would be switching to contract mining rather than owner operator, as part of its plan to extend production out to 2036. Beifang Mining Technology Services Namibia, will start mining Rossing Phase 4 in 2027. Approximately 400 employees will need to find work with the new mining contractor or other mines.
Winner of the week
Lotus Resources & A-Cap Energy have agreed to merge via a Scheme of Arrangement, under which Lotus will acquire 100% of A-Cap Shares. A-Cap shareholders will receive 1 new Lotus Share for every 3.54 A-Cap shares held on the Scheme record date. The merger combines two uranium projects both located in Africa – a production-ready asset, Kayelekera, with future large-scale growth asset, Letlhakane.
Bungle of the week
The Bungle this week is a collective award to the various parties around the world who are gaining leverage by serving up anti-science fear about the release of Tritium water from Fukushima. This ranges from the usual tired old suspects (anti-nuclear types who long ago forewent any respect for science) to Korean trade unionists.
This is despite an IAEA safety review concluding that Japan’s plan to release treated water stored at the Fukushima Daiichi nuclear power station into the sea are consistent with IAEA Safety Standards.
However, there is a serious side to this bungle as the hysteria may be used as a diplomatic tool by the Chinese, who are not terribly comfortable with the warming of diplomatic relations between Seoul and Tokyo.
Question of the week
‘What do you make of CNUC going back into Niger?’
Tweet of the week
https://twitter.com/fuecks/status/1678349409157775360?s=20
The English translation of his thread follows:
Dear people, I was a (rather active) nuclear opponent for decades. Now it's time to take note of a few facts: No other country shut down its nuclear power plants prematurely in the middle of the climate and energy crisis. The trend is towards extending the term./2
Numerous industrialized countries see nuclear power & renewables as complementary. Massive investments are again being made in R&D for the further development of nuclear energy. Whether this will lead to a new wave of investment remains to be seen. /3
There are still good reasons to decide against nuclear power. But this path is also associated with high costs and risks. Instead of praying down old certainties, we should re-evaluate things. The head is round so that thinking can change direction. /4
Addendum: I am well aware that the share of nuclear power in global electricity production is falling while the expansion of renewable energy is growing exponentially. Nevertheless, in view of climate change, we chose the wrong order with "nuclear phase-out first". /5
The primary goal must be to phase out coal, oil and natural gas. What complementary role nuclear energy will play in a climate-neutral energy system is an open question. In the EU + other industrialized countries, a combination of sun, wind, hydropower + nuclear power is emerging. /6
Moonshots & Fizzers
Will Canada become global leaders in Nuclear Energy?
In the latest pro-nuclear development in Canada, the Ontario government announced support to advance the long-term planning and consultation work required to explore nuclear expansion options on the Bruce Power site. It intends to create the largest nuclear power plant in the world with the addition of up to 4.8GWe to the plant’s already installed 6.2GWe capacity.
For the record, Canada is already a leader in many respects. The only risk of a fizzer is from a relatively similar country and economy that seems to be going in precisely the opposite direction: Australia.
Recording date: 12th July 2023
Nickel prices hanging in similar $20,500 - $21,000 range. LME Inventories after bump up showing decline again at very low levels - 40,000 tonnes
Indonesia Investment Minister Bahlil Lahadalia on Friday gave the latest updates on Indonesia’s proposal for a global nickel cartel, saying that it has had intense talks with some unnamed countries. Resource-rich Indonesia has been proposing a group of nickel-producing countries that operates in a similar manner to the Organization of the Petroleum Exporting Countries (Opec). The Opec says it aims to coordinate the petroleum policies of its member states and keep the oil markets stable. And Indonesia wants to see a similar group for nickel, which is a key ingredient for electric vehicle (EV) batteries. "There are three countries whom we already have been intensely communicating with," Bahlil told reporters in Jakarta on Friday, commenting on the progress of the Opec-style nickel group. The minister, however, refused to disclose the name of the said countries. When asked about their initial response to the plan, Bahlil said: "[they thought] it was a great idea, but we still need to work on the details of the proposal." The Corruption Eradication Commission (KPK) recently revealed that about 5.3 million tonnes of nickel ore from Indonesia were sent illegally to China from January 2020 to June 2022.
Big couple of weeks for Ardea Resources
Non-binding MOU signed with a Japanese Consortium consisting of Sumitomo Metal Mining, Mitsubishi Corporation and Mitsui & Co. to develop the Kalgoorlie Nickel Project - Goongarrie Hub. SMM strength is HPAL processing so logical partner for this project and best positioned for success outside of Indonesia
Ardea Resources Kalgoorlie Nickel Project global Mineral Resource Estimate (using a 0.5% Ni cut-off grade) now stands at 854Mt at 0.71% Ni and 0.045% Co for 6.1Mt of contained nickel and 386kt of contained cobalt. Total resource contains over 6 million tonnes of nickel. This is Australian laterite different than what you see in tropical areas like Indonesia.
Mining optimisation studies have projected production of approximately 30,000t of nickel and 2,000t of cobalt per year for more than 40 years. Capital cost is A$3.1 billion. The project generates Post-tax NPV7 of A$4,980M and IRR of 23%, Average Annual EBITA of A$800M, Project pay back within 3.1 years Direct cash cost after Co by products of US$5,763/t Ni in MHP over life of mine. Metal Prices were $US25,000 for nickel, $60,000 for cobalt. Nice to see but a little on high side – cobalt will be challenged by all of the HPAL capacity coming online before nickel as ratio of production (roughly 10:1 is less than half total supply of c.20:1
A well-known former Sudbury mining executive is back in the news and is taking on a new role as chair of the newly formed Energy Transition Metals Board with Vale Base Metals, which calls itself one of the world's largest producers of responsibly-sourced nickel, copper, cobalt and platinum group metals. Mark Cutifani was previously chief operating officer (COO) at CVRD Inco, but he left Sudbury in 2007 to become chief executive officer (CEO) of AngloGold Ashanti, and then became CEO of mining giant Anglo American, one of the largest mining companies on the planet.
Poseidon Nickel – focus has been at Silver Swan / Black Swan – now on its way. They also had past producing mines at another location Emily Ann / Maggie Hays.
New target At Maggie Hays West, Nickel has been intersected at the base of the WUU.
Best results include:
PLJA075 28m @ 0.66% Ni, 187 ppm Cu from 20m including 4m @ 1.32% Ni, 134ppm Cu from 40m
PLJA076 8m @ 1.18% Ni, 143 ppm Cu from 40m
PLJA078 24m @ 0.88% Ni, 220 ppm Cu from 12m including 12m @ 1.16% Ni, 256ppm Cu from 20m
PLJA080 4m @ 0.52% Ni, 744 ppm Cu from 36m
PLJA081 7m @ 0.70% Ni, 588 ppm Cu from 40m (EOH).
Recording date: 12th July 2023
In this insightful discussion, Cory Belyk delves into the current state of the Uranium market and its implications for investors. We examine the factors affecting the market, such as the lack of contracting, geopolitical risks in uranium-producing regions like Kazakhstan, and the growing need for secure supply outside of Russia and China. We also explore the potential for a future uranium boom, with contrarian investors eyeing the market's dynamics. The conversation touches on the challenges faced by utilities in securing long-term supply and the critical role of enrichment and conversion in the fuel cycle. Furthermore, we discuss the potential for investment from oil companies and the importance of a holistic approach to the uranium sector. With insights into the opportunities and potential catalysts for change, this video should provide valuable perspectives for anyone interested in the future of uranium and its role in the global energy transition.
Interview with Hugh Agro, President & CEO of Revival Gold (TSX-V: RVG)
Our previous interview: https://youtu.be/Yd2aald8D30
Recording date: 12th July 2023
Revival Gold, a company focused on gold exploration and development, is making headway on the Beartrack-Arnett Gold Project situated in Idaho, USA.
Previously known as the biggest past-producing gold mine in Idaho, Beartrack-Arnett is set to potentially restart open pit heap leach gold production operations as suggested by a recent Preliminary Feasibility Study. The project enjoys the advantage of comprehensive existing infrastructure.
Since taking over the Beartrack-Arnett property in 2017, Revival Gold has recorded one of the most significant new gold discoveries in the United States in the past ten years. The vein of minerals at Beartrack stretches for more than five kilometers and remains unexplored both laterally and at greater depths. Additionally, the Arnett site also presents potential for further exploration in all directions.
Hayden Locke, CEO of Marimaca Copper, joins Merlin Marr-Johnson for a discussion on how long it takes to build a copper mine post-discovery. Chapeau to Ivanhoe Mines and the great Kamoa-Kakula developed in a mere 14 years, with longer timelines much more common. Factors such as capex, infrastructure, complexity, and margin are covered. Hayden touches on the differences between how a major or a mid-tier company might approach a development decision.
Interview with Max Porterfield, President & CEO of Callinex Mines (TSX-V: CNX)
Our previous interview: https://youtu.be/CyQkM3ZVgWM
Recording date: 12th July 2023
Callinex Mines Inc. (CNX on TSXV and CLLXF on OTCQX) is making significant progress with its diverse portfolio of deposits rich in base and precious metals, situated in well-established Canadian mining regions. The company's attention is particularly on the Rainbow and Alchemist deposits within the Pine Bay Project in the Flin Flon Mining District, due to their rapid expansion. These deposits are advantageously located near existing infrastructure.
Another important asset within Callinex's portfolio is the Nash Creek Project in New Brunswick's Bathurst Mining District, known for its VMS richness. Based on a 2018 PEA, this project shows robust economic potential with a pre-tax IRR of 34.1% (25.2% after tax) and an NPV8% of $230 million ($128 million post-tax), assuming $1.25 Zinc.
In Newfoundland, Callinex owns 100% of the Point Leamington Deposit, which lies in one of Canada's most lucrative VMS and Gold Districts. The company has prepared a pit-constrained Indicated Mineral Resource of 5.0 Mt at 2.5 g/t AuEq, translating to 402 koz AuEq (which includes 145.7 koz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead). Additionally, it has an inferred pit-constrained Mineral Resource of 13.7 Mt at 2.24 g/t AuEq, equating to 986.5 koz AuEq (composed of 354.8 koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead), and an out-of-pit Inferred Mineral Resource of 1.7 Mt at 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead).
Recording date: 13th July 2023
What’s been happening
We will soon have two US-listed SMR developers. Oklo, an Advanced Fission Technology Company announced they will Go Public via a Merger with AltC Acquisition Corp. a special purpose acquisition company chaired by Sam Altman. The combined company will operate as Oklo and is expected to be listed on the New York Stock Exchange under the ticker “OKLO.”
The West has received its first boost in enrichment capacity after Urenco approved an investment to expand enrichment capacity by 0.7M SWU at their US site in New Mexico.
Closer to home (for Bannerman, at least) Rossing Uranium mine in Namibia announced that they would be switching to contract mining rather than owner operator, as part of its plan to extend production out to 2036. Beifang Mining Technology Services Namibia, will start mining Rossing Phase 4 in 2027. Approximately 400 employees will need to find work with the new mining contractor or other mines.
Winner of the week
Lotus Resources & A-Cap Energy have agreed to merge via a Scheme of Arrangement, under which Lotus will acquire 100% of A-Cap Shares. A-Cap shareholders will receive 1 new Lotus Share for every 3.54 A-Cap shares held on the Scheme record date. The merger combines two uranium projects both located in Africa – a production-ready asset, Kayelekera, with future large-scale growth asset, Letlhakane.
Bungle of the week
The Bungle this week is a collective award to the various parties around the world who are gaining leverage by serving up anti-science fear about the release of Tritium water from Fukushima. This ranges from the usual tired old suspects (anti-nuclear types who long ago forewent any respect for science) to Korean trade unionists.
This is despite an IAEA safety review concluding that Japan’s plan to release treated water stored at the Fukushima Daiichi nuclear power station into the sea are consistent with IAEA Safety Standards.
However, there is a serious side to this bungle as the hysteria may be used as a diplomatic tool by the Chinese, who are not terribly comfortable with the warming of diplomatic relations between Seoul and Tokyo.
Question of the week
‘What do you make of CNUC going back into Niger?’
Tweet of the week
https://twitter.com/fuecks/status/1678349409157775360?s=20
The English translation of his thread follows:
Dear people, I was a (rather active) nuclear opponent for decades. Now it's time to take note of a few facts: No other country shut down its nuclear power plants prematurely in the middle of the climate and energy crisis. The trend is towards extending the term./2
Numerous industrialized countries see nuclear power & renewables as complementary. Massive investments are again being made in R&D for the further development of nuclear energy. Whether this will lead to a new wave of investment remains to be seen. /3
There are still good reasons to decide against nuclear power. But this path is also associated with high costs and risks. Instead of praying down old certainties, we should re-evaluate things. The head is round so that thinking can change direction. /4
Addendum: I am well aware that the share of nuclear power in global electricity production is falling while the expansion of renewable energy is growing exponentially. Nevertheless, in view of climate change, we chose the wrong order with "nuclear phase-out first". /5
The primary goal must be to phase out coal, oil and natural gas. What complementary role nuclear energy will play in a climate-neutral energy system is an open question. In the EU + other industrialized countries, a combination of sun, wind, hydropower + nuclear power is emerging. /6
Moonshots & Fizzers
Will Canada become global leaders in Nuclear Energy?
In the latest pro-nuclear development in Canada, the Ontario government announced support to advance the long-term planning and consultation work required to explore nuclear expansion options on the Bruce Power site. It intends to create the largest nuclear power plant in the world with the addition of up to 4.8GWe to the plant’s already installed 6.2GWe capacity.
For the record, Canada is already a leader in many respects. The only risk of a fizzer is from a relatively similar country and economy that seems to be going in precisely the opposite direction: Australia.
Recording date: 6th July 2023
Nickel popped back up away from $20,000 level to $20,500 to $21,000 level. Again, still expect some near-term weakness and break below $20,000, but nickel continues to be resilient.
Good news is earlier drop in nickel prices have continued to lead to “Great Compression” – sulphate discount dropped by more than half as sulphate prices increased as LME prices dropped and NPI discounts also shrank despite less than stellar stainless market with NPI prices dropping slightly and not following larger drop in nickel prices.
Grab bag of items
Clean Air Metals doing reset after having to restate resource. Updated metallurgical test program consisted of locked cycle tests on a variety of composite samples with a range of head grades from both the Current and Escape deposits and delivered recoveries of 70.2% to 80.9% Platinum (Pt) and 74.0% to 86.9% Palladium (Pd) and copper recoveries from 89.9% to 96.3% and nickel recoveries from 55 to 57%. Testing ability to produce separate nickel-PGE and copper concentrates
Glencore Plc said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining it does not already own for about $71 million. The Swiss commodity trader already owns 82.26% of PolyMet. In June, The U.S. Army Corps of Engineers announced they are revoking NewRange's permit to develop its NorthMet copper-nickel mine, formerly known as PolyMet, near Hoyt Lakes. The Corps claims NewRange failed to meet EPA clean water standards.
Toyota discussed solid state battery by 2027: its “technological breakthrough” will resolve durability issues, allowing an EV powered by a solid-state battery to have a range of 1,200km and a charging time of 10 minutes or less. People get worried that a new battery - Solid state just refers to form of electrolyte doesn’t change which anode or cathode you would use.
Queensland State announced that it would invest A$245M (US$164M) into helping expand its critical minerals sector. The amount includes a fund of A$100M that will support new investment into mining projects in the region alone. The new announcement states that the Queensland government will help mining companies in a multitude of ways. First, the state will allocate A$55M for investments to reduce rent for new and existing exploration minerals permits to A$0 for the next five years. One of the main highlights of the announcement was that there will be a A$100M Critical Minerals and Battery Technology Fund, which will support new project investment. Additionally, Queensland will also spend approximately A$75M to establish critical mineral zones, initially in the cities of Julia Creek, Richmond, and around Mount Isa, to help advance critical minerals projects. Along with these initial investments, Queensland will also establish an integrated office to oversee the critical mineral sector development and help attract international investment. The state government will also invest A$5M for critical minerals mining waste and tailings, as well as A$8M to fund scientific research including circular economy initiatives, with A$1M to be used for advance research and ESG.
Stellantis battery plant which had halted construction in Ontario, Canada as felt that government hadn’t lived up to matching IRA benefits. Province of Ontario agreed would provide up to $5 billion in tax breaks based on production over a 10-year term. He said the other $10-billion in tax breaks would come from the federal government. Ontario minister Vic Fedeli - "It's not like the incentive money that the province and the feds delivered to the battery company," he said. "We invested $500 million in capital. This is like a performance incentive or a tax break. It's not a cheque per se.
Horizonte Minerals Plc (AIM/TSX: HZM) (“Horizonte” or the “Company”), a nickel company developing two Tier 1 assets in Brazil, is pleased to announce that it has received its mining approval permits allowing it to commence mining. Araguaia Nickel Project Line 1 remains on-schedule for production in Q1 2024 with over 50% of the construction programme completed to date. FS for doubling production to 29ktpa on track for 2nd half 2023.
Posco Holdings announced earlier this week its plans to invest $93bn into battery materials, hydrogen and its green steel business by 2030.
Wyloo reached 90% ownership of Mincor and can now mandatory close to 100%. Also made clear that not done doing nickel acquisitions.
Interview with David Kelley, CEO of Chakana Copper Corp. (TSX-V: PERU)
Our previous interview: https://youtu.be/41ekYMnHDsM
Recording date: 11th September 2023
Chakana Copper is a company focused on the exploration and development of the Soledad project, which encompasses copper-gold-silver mineralization in Peru. Led by President and CEO David Kelly, Chakana Copper aims to uncover a significant deposit of high-grade minerals in the region.
The Soledad project stands out due to its exceptional grade, with an initial resource containing approximately 1.8% copper equivalent. Notably, the deposit also contains substantial amounts of precious metals alongside the copper, adding to its value.
The project's primary attraction lies in the vast footprint of the mineral system. This attracted the attention of Goldfields, a strategic investor, who has invested $12 million in the project since 2019. Goldfields recognizes the immense upside potential of the large mineral system, indicating the prospects of a significant discovery.
Interview with Louis-Pierre Gignac, President & CEO of G Mining Ventures (TSX-V: GMIN)
Our previous interview: https://youtu.be/ug4Sfg1oxts
Recording date: 10th July 2023
G Mining Ventures Corp. (TSXV: GMIN) (OTCQX: GMINF) is a mining company engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by its flagship Tocantinzinho Gold Project in mining friendly and prospective State of Pará, Brazil.
Interview with Neil Young, MD & CEO of Elixir Energy (ASX:EXR).
Our previous interview: https://youtu.be/hPh1SNucXfA
Recording date: 10th July 2023
Elixir Energy Limited (ASX: EXR) is an ASX listed gas exploration and development company. It is currently primarily focused on an exploration and appraisal program targeting natural gas in the form of coal-bed methane (CBM – known as coal seam gas – CSG -in Australia) in the South Gobi, Mongolia and Queensland, Australia. Elixir Energy has been developing the Gobi H2 green hydrogen project and solar project in Mongolia.
Interview with Joe Hebert, President & CEO of OutCrop Silver & Gold (TSX-V: OCG)
Outcrop Silver is rapidly advancing the Santa Ana high-grade silver deposit with ongoing expansion drilling. Outcrop Silver is also progressing exploration on four gold projects with world-class discovery potential in Colombia. These assets are being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.
Interview with Tom Meyer, President & CEO of Archer Exploration (CSE: RCHR)
Recording date: 6th July 2023
Archer Exploration (RCHR) is a leading nickel exploration and development company with a strong emphasis on the Canadian market. Headed by Tom Meyer, the company's President and CEO, Archer Exploration focuses on two key projects in their portfolio. One of these projects is the Grasset project, situated in Quebec, while the other comprises a large land package of nickel exploration projects in the Sudbury Camp.
Tom Meyer brings a wealth of experience to the company, having worked as a metallurgist and mining analyst in the past. His background includes working for prominent consulting firms, as well as renowned mining companies like Inco (now Vale) and Falconbridge (now Glencore). With his expertise, Tom Meyer possesses a deep understanding of mineral processing and nickel minerals in Canada.
Archer Exploration's flagship asset is the Grasset project, located in the Abitibi region of Quebec. This project gained significant attention in 2012 when nickel was accidentally discovered during gold exploration activities. Previously owned by Balmoral, the project became non-core when it was acquired by Walbridge, which focused primarily on gold assets. Recognizing the potential value of the Grasset project, Archer Exploration seized the opportunity to acquire it from Walbridge.
The Grasset project stands out due to its high-grade nickel sulfides and exceptionally low carbon footprint. It offers a cleaner and more stable source of nickel compared to laterite deposits in Southeast Asia, which often present environmental challenges. Archer Exploration aims to expand the resource base at Grasset by drilling deeper and defining additional nickel units. The company plans to double the intersection depth below the existing resource, potentially reaching depths of 1,200 to 1,500 meters.
Despite temporary pauses in operations due to forest fires in Quebec, Archer remains committed to advancing its exploration efforts at Grasset. Over the next six months, the company aims to complete its drilling program, incorporate data from various drilling techniques, and refine the geological model. Archer Exploration's comprehensive approach positions it as a promising player in the Canadian nickel market, with significant potential for resource growth and value creation.
Interview with Tim Moody, CEO of Pan Global Resources (TSX-V: PGZ)
Our previous interview: https://youtu.be/DywHWoLRKA4
Recording date: 6th July 2023
Pan Global is an exploration company primarily focused on discovering copper, tin, and other metal deposits in southern Spain. Their flagship project, the Escacena Copper Project, is located in the Iberian Pyrite Belt near Seville, an internationally recognized volcanic-hosted massive sulphide district. Spanning approximately 5,800 hectares, Escacena is the centerpiece of their operations.
Additionally, Pan Global is actively engaged in exploration activities at the Aguilas Project, situated near Cordoba in northern Andalucia. Covering an area of around 16,000 hectares, Aguilas represents another significant area of interest for the company.
Recording date: 28th June 2023
In this insightful discussion, Hayden Locke, CEO of Marimaca Copper, sheds light on the contrasting properties of oxides and sulfides within the copper industry. They explain that copper mineralization initially begins as primary sulfide mineralization, which is present in geological deposits. As meteoric surface water interacts with these minerals, they undergo transformation and become oxides. Oxides are typically found closer to the surface or in near-surface locations, although they can also exist undercover in large deposits. The distinguishing factor between oxides and sulfides lies in their processing methods and eventual utilization.
Oxide copper species, for the most part, are leachable and can be dissolved using acid or weak acid solutions, resulting in efficient recovery of copper ions. Conversely, sulfides do not leach easily, necessitating a different treatment approach. The sulfide minerals need to be ground and separated from other minerals to produce a concentrate. Another significant disparity lies in the final products of these processes. Oxide projects yield high-purity copper cathodes, while sulfide operations generate concentrates that are subsequently sent to smelters for further processing into various copper products.
Marimaca Copper's CEO further discusses the presence of secondary sulfide minerals such as chalcopyrite and covellite within their deposits. These materials can undergo a longer leaching cycle, resulting in lower recovery rates. While oxide deposits can be relatively large, their economic viability and scale differ from sulfide projects due to variations in capital costs. Overall, understanding the differences between oxides and sulfides is crucial for effectively navigating the copper industry and optimizing resource utilization.
Interview with Gerard O'Donovan, CEO of Battery Age Minerals (ASX: BM8)
Recording date: 5th July 2023
Battery Age Minerals is a company with a focus on battery minerals, aiming to generate increased shareholder value through the rapid growth of its primary Falcon Lake Lithium Project located in Ontario, Canada.
The company is also seeking opportunities for growth in its battery metal portfolio through the acquisition of other tenements worldwide related to batteries.
Furthermore, Battery Age Minerals recognizes the significance of diversification into downstream lithium processing as a means to secure value along the supply chain. The company is actively exploring available opportunities surrounding its Ontario asset in order to establish a presence in the chemicals industry.
Battery Age Minerals places strong emphasis on sustainable development across all of its assets. It considers the protection of the environment through effective management and governance as a key factor in contributing to the global energy transition.
Interview with Mike Struthers, CEO of Luca Mining (TSX-V: LUCA)
Recording date: 5th July 2023
Luca Mining (LUCA) is a gold mining company with operations in Mexico. They have been in the mining industry since 2009 and currently have an operating mine as well as a second project that is under construction. Recently, the company achieved a significant milestone by announcing a production capacity of 500 tons per day at their Tahuehueto gold mine. This achievement was made possible through organizational changes and the addition of construction management expertise to streamline operations. Luca Mining is now focused on further increasing their production to reach a target of 1,000 tons per day by the end of the year. With a commitment to delivering on their promises, Luca Mining aims to build a strong reputation in the market and capitalize on the favorable precious metal prices and their extensive resource base. The company sees opportunities for growth and expansion both within their immediate mine area and across their concession or license area, indicating potential upside and attractive prospects for the future.
Interview with James Sykes, CEO of Metal Energy (TSX:MERG)
Our previous interview: https://youtu.be/mZCaJpOIaa4
Recording date: 5th July 2023
Metal Energy (MERG) is a company that is venturing into the lithium market with its new project, SourceRock, located in Northwestern Ontario. Led by CEO James Sykes, the company aims to capitalize on the growing demand for lithium, particularly in the electric vehicle (EV) industry.
Previously focused on nickel, Metal Energy recognized the subdued state of the nickel market and the potential of lithium as a long-term investment. The company decided to shift its focus to lithium, considering its promising future and the increasing valuation of lithium assets.
The SourceRock project was discovered by a prospector who identified the presence of salty water, indicating potential lithium brines. Metal Energy staked a significant area within the Sibley basin, a sedimentary basin with favorable geological conditions for lithium deposits.
Recording date: 28th June 2023
Mark Selby discusses multiple nickel projects and provides insights into the current state of the nickel market. According to Mark Selby, the nickel price has finally reached the anticipated level of $9 per pound ($20,000 per ton), although there are concerns about a potential slowdown in China and the impact of inflation on rate hikes. Despite these concerns, Mark Selby expects the battery metals sector, including nickel, to rebound as restocking and increased demand in the battery supply chain continue. The discussion also touches on the behavior of other battery metals, such as lithium, which has seen a decrease in prices but remains significantly higher than a few years ago.
Mark Selby highlights the impact of Russian nickel imports in relieving tight inventories in China, leading to a compression of premiums and a convergence of prices. Several nickel projects are mentioned, including Talon's permit application for a mine in Minnesota, Arava's drilling activities near the Kabanga deposit in Tanzania, Centaurus' acquisition of off-take rights for a nickel discovery in Brazil, FPX's progress in pre-feasibility studies, and Texmod's promising metallurgical results for their nickel project. Additionally, the discussion briefly touches on carbon capture and storage projects in Quebec, which have attracted interest from large companies seeking carbon storage solutions. Overall, Mark Selby provides a comprehensive overview of the nickel market and various projects making progress in the industry.
Mr. Brandon Munro and Matt discuss various developments in the uranium market and nuclear energy sector. They touch upon topics such as the recent performance of uranium spot prices, the strong performance of conversion and enrichment prices, and the significance of these trends for the overall fuel cycle. The conversation highlights the agreement between the Belgium government and Engie to restart nuclear reactors, emphasizing the positive impact on the nuclear industry in Europe. Sweden is recognized for its commitment to clean energy goals through nuclear power, setting an example for other countries. The discussion also briefly mentions the use of an ATM shelf prospectus for raising capital and its effectiveness in North America compared to the ASX. Overall, the conversation provides insights into market conditions, geopolitical influences, and notable developments in the nuclear energy sector.
Interview with Gregory Hall, CEO of Alligator Energy (ASX:AGE)
Our previous interview: https://youtu.be/SveIT6bOcdI
Recording date: 3rd July 2023
Alligator Energy Ltd is an Australian, ASX-listed, exploration company focused on uranium and energy related minerals, principally cobalt-nickel. Alligator’s Directors have significant experience in the exploration, development and operations of both uranium and nickel projects (both laterites and sulphides).
Recording date: 23rd June 2023
Geoff Atkins is the managing partner of Strategic Minerals Group, a consultancy company with a strong focus on the rare earth industry. With over 15 years of experience, Geoff and his team provide valuable guidance to companies in transitioning from development to operational phases. They apply their extensive knowledge to advise on supply chain sustainability, ESG provisions, and the importance of responsible mining practices.
During a recent meeting of rare earth companies in Barcelona, Geoff observed a diverse range of attendees representing different sectors of the supply chain. The discussions centered around the need for certainty in pricing and supply, as well as the significance of sustainable practices throughout the entire supply chain. OEMs emphasized traceability and stable pricing as vital factors for their ability to pass costs onto customers and maintain competitiveness.
Geoff's expertise lies in helping companies successfully enter the production phase. He understands the challenges faced by rare earth developers and stresses the importance of proving their ability to produce high-quality products that meet specifications. Additionally, Geoff recognizes the financial aspects involved in rare earth production, including securing financing for pilot and demonstration plants. His aim is to support companies in establishing reliable supply chains and delivering projects on time and within budget.
Interview with Jason Kosec, President & CEO of Integra Resources (TSX-V: ITR)
Our previous interview: https://youtu.be/4QEKz8cb4Xk
Recording date: 29th June 2023
Integra Resources is a precious metals development company that specializes in the exploration and extraction of near-surface heap leachable ounces, primarily in the Great Basin region. Led by Jason Kosec, the President, CEO, and Director, the company focuses on maximizing the value of their resource base while mitigating risks and obtaining permits efficiently.
The company recently released a positive preliminary economic assessment (PEA) for their Wildcat and Mountain View projects, surpassing market expectations. The PEA showcased impressive financial figures, including an after-tax net present value (NPV) of $310 million, an internal rate of return (IRR) of 37%, and sustainable operating costs.
Integra Resources prioritizes risk management and expedited permit acquisition to ensure timely project development. Their flagship project in Idaho holds a significant position in their strategic plans, with efforts focused on submitting a comprehensive mine plan to the government. The company emphasizes de-risking strategies, stakeholder engagement, and baseline studies to support the efficient progress of their projects.
Interview with John Cash, President & CEO of Ur-Energy (TSX-V: URE)
Our previous interview: https://youtu.be/O4hbYSChDsk
Recording date: 29th June 2023
UR Energy (URE) is a uranium mining company headquartered in Casper, Wyoming. With a focus on sustainable and responsible mining practices, URE operates two flagship properties: Lost Creek and Header House 2-5. Lost Creek has been in successful production for over nine years and is currently undergoing a restart process to increase production. Header House 2-5 is under construction and will contribute to the company's production capacity.
URE has secured a significant contract with the Department of Energy to sell uranium at a price of $64 per pound, providing a stable revenue stream. The company has also raised $40 million in funding to support its operations and expansion plans.
The team at URE is committed to maximizing production and efficiency. They are implementing innovative mining techniques, such as the use of header houses, which are small buildings that manage injection and production wells. By employing a Five Spot pattern for injection and production, URE aims to optimize recovery rates and increase flow.
Interview with Anthony Rovira, MD of Azure Minerals (ASX: AZS)
Azure Minerals (AZS) is an Australian mineral exploration company focused on lithium exploration in Western Australia. Led by Managing Director Tony Rovira, the company is primarily engaged in the Andover lithium project, where they have been conducting extensive drilling operations. Their efforts have yielded impressive results, with wide and high-grade intersections of lithium mineralization being discovered in pegmatites.
The Andover lithium project is regarded as one of the most promising lithium ventures globally, leading to a significant surge in Azure Minerals' share price. The company initially acquired the project from Mark Creasy, a renowned prospector, and entered into a 60-40 joint venture partnership. Through their exploration endeavors, Azure Minerals has been able to shift the project's focus from nickel to lithium, substantially transforming the company's prospects.
Azure Minerals currently operates six drill rigs and has a budgeted drilling program of 40,000 meters, which is expected to be completed by August. The company has shown confidence in the project's potential by allocating resources for a potential 100,000-meter drilling program by the end of the year. They have a robust financial position, with approximately $20 million in cash reserves and a monthly expenditure of $3-4 million.
Interview with Randy Smallwood, President & CEO of Wheaton Precious Metals (LSE: WPM)
Recording date: 28th June 2023
Wheaton Precious Metals (WPM) is a prominent player in the mining industry, specializing in the streaming business model. With a history of almost two decades, WPM has established itself as an alternative form of finance for investing in the mining sector. Their unique approach offers investors an attractive and low-risk opportunity to participate in the precious metals industry.
As a streaming company, WPM provides upfront capital to mining companies in exchange for the right to purchase a percentage of the future production of gold, silver, and other precious metals at a predetermined price. This allows mining companies to access necessary funding while mitigating the risks associated with fluctuating commodity prices and operational costs.
WPM's business model has gained significant interest and attention, particularly in the gold sector. The company has witnessed a surge in investor appetite and increased attendance at institutional meetings. This elevated interest can be attributed to various factors, including global economic conditions, geopolitical uncertainties, and the enduring appeal of precious metals as a store of value.
Interview with David D'Onofrio, CEO of White Gold Corp (TSX-V: WGO)
Recording date: 27th June 2023
White Gold Corp (WGO) is a Canadian gold exploration company focused on uncovering significant gold deposits in the Klondike District of Yukon, Canada. With a vast land package in this historically rich region, the company has been actively exploring and making valuable discoveries in the past 15 years. White Gold Corp has established strategic partnerships with major mining companies like Agnico Eagle, enhancing its expertise and industry connections.
Led by CEO David D'Onofrio, who also serves as a principal at PowerOne Capital, a renowned merchant bank specializing in the mining sector, White Gold Corp combines extensive knowledge and experience in the industry. The company operates as a project generator, identifying promising exploration prospects and generating value for its shareholders.
With a strong shareholder base, including influential figures like Eric Sprott, Agnico Eagle, Kinross, and management, White Gold Corp demonstrates credibility and support from key players in the industry. The company aims to optimize its success by leveraging its partnerships, expertise, and strategic investments to advance exploration projects and ultimately maximize shareholder value.
Interview with Christian Easterday, CEO & Managing Director of Hot Chili Ltd. (ASX:HCH)
Hot Chili Ltd (ASX/TSXV: HCH, OTCQX: HHLKF) is well positioned to benefit from the looming structural shortfall in the most critical commodity of them all – copper. The Company aims to build shareholder value through the growth and development of its high-quality Costa Fuego copper project, located in a low elevation and accessible region of northern Chile. Costa Fuego is rated by S&P Global Market Intelligence (2022) as one of the top 10 “low risk” undeveloped copper projects globally.
With substantial mineral resources already defined and an active drill program testing new targets underway, Hot Chili provides substantial leverage to the copper price due to the size, quality and low economic hurdle location of its resource base. Costa Fuego has an indicated resource of 2.8Mt Cu, 2.6Moz Au and 67kt of Mo (in 725Mt) and inferred resource of 0.6 Mt Cu, 1.2 Moz Au and 13kt Mo (in 202Mt).
Hot Chili recently obtained secondary listings on the TSXV and OTCQX to better align with the exchanges of its global copper peer group. The Company aims to narrow the relative valuation gap between large Australian copper developers and their North American listed peers, particularly as the general market starts to appreciate the medium term structural deficit in copper – the critical commodity – and the copper price required to incentivize new production.
Interview with Frank Basa, President and CEO of Granada Gold Mine (TSX-V: GGM)
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
Interview with Robin Dunbar, President & CEO of Grid Metals (TSX-V: GRDM)
Grid Metals (GRDM) is a Canadian-based junior exploration company focused on advancing their lithium project located in southeast Manitoba. With a strategic approach to production, they aim to obtain necessary permits and leverage toll milling operations to minimize infrastructure costs. The company is in the process of submitting an application for an advanced exploration permit for a bulk sample, receiving positive feedback from government and local stakeholders. They plan to send the bulk sample to the Tanco mine for processing, focusing on high-grade lithium resources. Grid Metals aims to become a North American supplier of spodumene concentrate, generating short-term cash flow while positioning themselves as a long-term player in the industry.
Interview with Dan Noone, CEO of G2 Goldfields Inc. (TSX-V:GTWO)
Our previous interview: https://youtu.be/S0A7wK-xmPs
Recording date: 26th June 2023
G2 Goldfields (GTWO) is an excavation company primarily engaged in gold exploration activities in Guyana. Listed on the TSX Venture Exchange under the symbol GTWO, the company has made significant discoveries of high-grade gold deposits in the region. Their main focus is on a high-grade gold camp known as the Yoko main Zone, where they have identified a combined resource of 1.2 million ounces of gold at an impressive grade of approximately 9 grams per ton.
In addition to their success at the Yoko main Zone, G2 Goldfields has also made a new discovery in the Gani area, situated to the south of the Yoko main Zone. The company has adopted an aggressive exploration approach, actively investigating the 17-kilometer trend between the Yoko main Zone and the Aramu district. This strategic exploration effort aims to uncover further high-grade gold deposits within this extensive area.
G2 Goldfields maintains a strong focus on drilling and extracting high-grade zones within the hanging wall, which exhibits gold mineralization averaging around 6 meters in width and 12 grams per ton. They also benefit from the presence of lower-grade zones in the hanging wall, which can be open-pit mined, thereby reducing overall mining costs. The company firmly believes that high-grade mineralization and rapid payback are essential for successful operations in greenfield districts.
Interview with Gerald Panneton, Executive Chairman and CEO of Gold Terra Resource Corp. (TSX-V: YGT)
Gold Terra Resource Corp (YGT) is a mining company dedicated to unlocking the vast gold potential in the Yellowknife Camp, located in the Northwest Territory of Canada. With a history of 14 million ounces of gold production, the company is focused on strategic drilling to expand their resource base. By targeting high-grade areas and utilizing their in-ground infrastructure, YGT aims to maximize value for their shareholders. Through ongoing exploration and a commitment to unlocking the district-scale potential of the region, Gold Terra Resource Corp is poised for continued growth and success in the gold mining industry.
Interview with Claudia Tornquist, President & CEO of Kodiak Copper (TSX-V:KDK)
Our previous interview: https://youtu.be/HphInI5rYDE
Recording date: 26th June 2023
Kodiak Copper (KDK) is a copper exploration company focused on discovering and developing copper deposits. Led by Claudia Tornquist, the President and CEO, Kodiak Copper is primarily engaged in the MPD project located in southern British Columbia. The company was founded and chaired by Chris Taylor, known for his involvement with Great Bear Resources.
Their flagship project, MPD, has shown significant promise since the initial discovery made in 2020. The gate zone, a high-grade copper center, has been expanded to a length of one kilometer, width of 350 meters, and depth of 900 meters. This substantial copper profile has sparked excitement, leading to a 25,000-meter drill program in progress.
With a focus on exploration, Kodiak Copper aims to test various targets beyond the gate zone to make new discoveries. The company's strategy involves following a similar model that proved successful at the gate zone, drilling below shallow mineralization to uncover higher-grade deposits. By demonstrating the scale and potential of their project, Kodiak Copper seeks to attract attention from larger mining companies and foster growth in the copper mining sector.
Interview with Marcel Robillard, President and CEO of Puma Exploration Inc. (TSX-V:PUMA)
Our previous interview: https://youtu.be/CIMLvAxfvnI
Recording date: 26th June 2023
Puma Exploration (PUMA) is an exploration company focused on discovering high-grade gold deposits in Northern New Brunswick, Canada. They have conducted extensive drilling programs, including a major program in 2022 involving drilling 10,000 meters and 100 holes. The drilling has targeted the extension of the high-grade gold zone from surface to a depth of about 200 meters.
Through their drilling efforts, Puma Exploration has identified additional gold lenses at surface, extending over three kilometers. They plan to concentrate their upcoming drilling program on these newly discovered areas, aiming to further expand the known gold zones along the strike length.
The gold grades in the project exhibit variability along the strike length, with both high-grade and low-grade sections. This variability can be attributed to factors such as the presence of nuggets and variations in the contact zone and foliation. Puma Exploration acknowledges the importance of understanding the structural aspects of the deposits and has incorporated structural information derived from their drilling activities.
Interview with Lara Smith, Executive Director & CEO of Molten Metals (CSE: MOLT)
Recording date: 26th June 2023
Incorporated in 2021, Molten Metals is a development company engaged in producing the lesser-known battery elements such as Antimony (Sb) and Tin (Sn). As such the company is focused on reactivating and expanding past producing and producing mines. Molten Metals’ first target was the West Gore antimony/gold mine in Nova Scotia, Canada. The company then incorporated Slovak Antimony Corporation, with the aim of reactivating antimony mines in Slovakia. During the time of the USSR, Slovakia was a known antimony hub. Now a member of the EU, the European Union is actively seeking ways support economic development in the country. Molten Metals intends to roll up past producing and producing Antimony mines with the stated objective of producing 6-8% of the global antimony demand over the medium term.
Interview with Hayden Locke, President & CEO of Marimaca Copper (TSX-V: MARI)
Our previous interview: https://youtu.be/ZDoJhJln5AE
Recording date: 26th June 2023
Marimaca Copper, a mining company, has recently formed a significant strategic partnership with Mitsubishi, a prominent global corporation. As part of the deal, Mitsubishi will invest $20 million to acquire a 5% stake in Marimaca Copper. This investment marks a notable shift in Mitsubishi's investment strategy, as they have traditionally focused on larger copper projects. However, Marimaca Copper's sustainability credentials and potential as a low-carbon copper project have caught Mitsubishi's attention.
The partnership with Mitsubishi brings a range of benefits for Marimaca Copper. Apart from the financial investment, Mitsubishi's involvement provides validation for the project and opens up opportunities for access to Japanese import-export credit agencies. This access to cheap debt financing could prove advantageous for Marimaca Copper in its development plans.
Marimaca Copper is now poised to concentrate on obtaining the necessary permits and conducting the definitive feasibility study. The company aims to deliver these milestones promptly, positioning the project for near-term copper production. Additionally, Marimaca Copper plans to continue its regional exploration efforts to identify further mineral reserves and extend the project's lifespan. The company's ongoing collaboration with technical partners and the implementation of new technologies are expected to enhance operational efficiency and potentially revolutionize the industry.
Overall, the partnership between Marimaca Copper and Mitsubishi reflects a mutual recognition of the project's potential and aligns with the growing importance of sustainability and environmentally conscious practices in the mining sector. The collaboration between the two companies highlights the evolving landscape of copper investments and signifies Marimaca Copper's emergence as a standout player in the industry.
Interview with Mark Chalmers, President & CEO of Energy Fuels Inc. (NYSE:UUUU)
Our previous interview: https://youtu.be/9MMhS1rzKVc
Recording date: 23rd June 2023
Energy Fuels is a critical mineral company led by CEO Mark Chalmers, specializing in the production of uranium, rare earth elements, and isotopes such as radium-226. The company's focus lies in contributing to the decarbonization and electrification efforts. The US rare earths supply chain, long dominated by China, is undergoing changes, with Western companies and countries seeking to establish their own capabilities in this crucial sector. However, challenges such as skill sets and knowledge gaps need to be addressed. The fragmentation of the rare earth industry has led to smaller companies realizing the need for consolidation to achieve critical mass, expertise, and financing. The complexities and costs associated with rare earth mining and production are becoming apparent, causing longer timelines and higher funding requirements than initially anticipated. Governments are beginning to recognize the importance of supporting miners in the critical minerals space, but implementation and support measures are not yet aligned. Overall, the rare earth industry faces a growing supply-demand gap, urging companies to find innovative solutions and collaborate to ensure a sustainable future.
Interview with Martin Stein, CFO of Altech Batteries (ASX: ATC)
Recording date: 22nd June 2023
Altech Batteries Ltd is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS (“IKTS”) to commercialise the revolutionary CERENERGY® Sodium Chloride Solid State (SCSS) Battery
CERENERGY® batteries are the game-changing alternative to lithium-ion batteries. CERENERGY® batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns
The joint venture is commercialising its CERENERGY® battery, with plans to construct a 100Mwh production facility on Altech’s land in Saxony, Germany. The facility intends to produce 1,000 1MWh CERENERGY® battery GridPacks per annum to provide grid storage solutions to the market.
Interview with Maura Kolb, President, and Trey Wasser, CEO of Dryden Gold.
Recording date: 20th June 2023
Dryden Gold Corp is a private company that is preparing for an initial public offering (IPO) in the near future. The company has focused its efforts on the Dryden camp, located in Northwestern Ontario, where it has consolidated a substantial property package. The primary objective of Dryden Gold is to explore and exploit the untapped potential of the gold-rich region.
Led by CEO Trey Wasser, the company is driven by the prospect of discovering high-grade gold deposits in an area that has been relatively underexplored. The property exhibits promising historical drill results, including an impressive intercept in 2011 that yielded 3,497 grams of gold over eight and a half meters. Such findings have bolstered the company's confidence in the value of the property.
Interview with James Sykes, CEO of Baselode Energy (TSX-V: FIND)
Our previous interview: https://youtu.be/dOYVjOoq-hw
Recording date: 20th June 2023
Baselode Energy (FIND) is an energy exploration company specializing in uranium mining. Based in Quebec City, the company is actively involved in multiple projects, with a particular emphasis on their flagship project, Ackio. Ackio holds immense potential to emerge as a significant uranium mine in the future.
Baselode Energy has initiated a drill program at Ackio, aiming to acquire crucial data and assess the mineralization in the region. The program is anticipated to conclude by September or October. Funding for the drill program has been secured, and the company expects that the results will positively impact their share price.
The company closely monitors the uranium market and maintains an optimistic outlook on nuclear energy. They are particularly intrigued by the development of small modular reactors (SMRs), which they believe can revolutionize the energy industry. Baselode Energy actively engages with individuals and groups sharing their pro-nuclear stance and is considering expanding their target audience to include anti-renewable proponents, especially in the United States.
As exploration activities progress, Baselode Energy is committed to keeping the market informed by regularly sharing radioactivity results and assay findings. They remain dedicated to advancing their projects and seeking additional exploration opportunities to drive future growth in the uranium sector.
Interview with Anthony Rovira, MD of Azure Minerals (ASX: AZS)
Our previous interview: https://youtu.be/UM0tcpi_05k
Recording date: 21st June 2023
Azure Minerals is a mining company with a focus on lithium exploration and development. Based in Western Australia, the company has a promising lithium project located in the west Tilbury region. Over the years, Azure Minerals has transitioned its primary focus from battery metals like nickel, cobalt, and copper to lithium due to the market's strong demand for lithium resources.
The company's exploration efforts have been met with positive results. Azure Minerals discovered significant amounts of visible spodumene, a lithium-bearing mineral, within the pegmatites found in their project area. The market has responded favorably to these findings, prompting Azure Minerals to shift its attention towards further developing its lithium assets.
With the aim of confirming a potential exploration target of over 100 million tons of lithium resources, Azure Minerals has embarked on an extensive drilling program. Multiple diamond and RC (Reverse Circulation) rigs have been deployed to explore the mineralization potential of the Andover project. The company has seen notable intersections of mineralization in the pegmatites, including impressive lithium grades and true widths.
Interview with Philippe Cloutier, President & CEO of Cartier Resources (TSX-V:ECR)
Our previous interview: https://youtu.be/bEFv6520Ab0
Recording date: 20th June 2023
Cartier Resources (ECR) is a company focused on gold exploration in the Abitibi Greenstone Belt. Led by its President and CEO, Philippe Cloutier, the company is primarily engaged in developing its flagship project, the Chimo Mine property. Recently, they released a Preliminary Assessment (PA) for the project.
Despite the challenging market conditions, Cartier Resources remains dedicated to showcasing the value of its projects to investors. The CEO actively participates in meetings and industry events, where he exchanges ideas with other CEOs and learns from their experiences. These interactions serve as a platform for discussing strategies and exploring new business models.
The company emphasizes the importance of effectively presenting information to the market. Different approaches, such as leveraging the gold price angle, highlighting jurisdictional advantages, and capitalizing on opportunities for project optimization, are being considered to enhance their market appeal.
Interview with Francis Macdonald, CEO of Li-FT Power (CSE: LIFT)
Our previous interview: https://youtu.be/ImBw7FrCXaQ
Recording date: 20th June 2023
Li-FT Power (LIFT) is a company dedicated to the exploration and development of Hard Rock lithium deposits in Canada. Led by CEO Francis Macdonald, LIFT is focused on their Yellowknife lithium project, situated just outside the city of Yellowknife in the Northwest Territories. What sets their project apart is the presence of lithium deposits that are visibly protruding from the ground, making them easily identifiable even from satellite imagery.
With strong infrastructure in place, including a road that passes through seven lithium pegmatites, LIFT is strategically positioned to access and extract these valuable lithium resources. The company boasts a substantial cash reserve of approximately $44 million, providing them with the necessary funds to execute their plans.
LIFT has commenced an extensive drilling program, aiming to cover a distance of 45,000 meters. Initially starting with two rigs, they plan to scale up to six rigs by July, indicating their commitment to aggressive exploration and extraction efforts. While assay results are still pending, preliminary visual assessments of the core samples indicate the presence of spodumene pegmatite, which constitutes around 20% of the rock mass in certain areas. This high concentration of spodumene, a lithium-rich mineral, holds promising prospects for the project.
Interview with David Christie, President & CEO of Orford Mining (TSX-V:ORM)
Our previous interview: https://youtu.be/H6fvJILFySI
Recording date: 20th June 2023
Orford Mining (ORM) is a Canadian exploration company focused on the exploration and development of gold and critical minerals deposits in Quebec. Led by President and CEO David Christie, the company is actively involved in multiple projects that hold significant potential for resource discovery.
The company's portfolio consists of two gold projects and a nickel project, in addition to a new and promising lithium project. One of their key projects involves a partnership with Woulfe Metals, with the latter earning a 51% stake in a large nickel project. Orford Mining's primary focus is on exploring and expanding these projects to unlock their value.
The newly acquired lithium project spans an extensive area of 455 square kilometers in Quebec, characterized by exceptional Lake Bottom Center anomalies. Orford Mining intends to conduct a comprehensive summer program, including prospecting, sampling, and mapping activities, to identify and evaluate potential lithium deposits.
Interview with Robert Dufour, CFO of Signal Gold (TSX-V: SGNL)
Our previous interview: https://youtu.be/SS2IbZUxjZQ
Recording date: 20th June 2023
Signal Gold (SGNL) is a company focused on developing the historic high-grade Goldberg District in Nova Scotia. With the Goldberg project being the largest gold deposit in the region, SGNL is actively drilling to expand the scale of the project. They have received environmental assessment approval and are working on obtaining other necessary permits. In addition to their exploration efforts, SGNL is exploring alternative financing options and potential partnerships to advance the project. Despite challenges in the equity market, the company remains committed to unlocking the value of the project and attracting the right investors who share their vision.
Matt & Mark discuss the changing dynamics in the nickel market, particularly influenced by the actions of Russia and China. They mention the recent inflation data and the impact of US interest rates on nickel prices. There is a mention of Russian nickel shipments arriving in China and its effect on market conditions. Matt & Mark also highlight the compression of LME prices for NPI and sulfate, along with the normalization of discounts. They emphasize the national security concerns associated with Russia and China's collaboration in the commodities market, underscoring the need to diversify supply chains. Overall, their discussion sheds light on the current state of the nickel market and its geopolitical implications.
Interview with Derrick Weyrauch, President & CEO of Palladium One Mining (TSXV: PDM).
Our previous interview: https://youtu.be/tSCAhZSTWz4
Recording date: 20th June 2023
Palladium One (PDM) is an exploration and development stage company focused on the exploration and extraction of sulfide nickel, copper, and platinum group metals (PGMs). Their operations span across Finland and Canada, with a primary emphasis on acquiring assets in excellent jurisdictions that can support the ongoing energy transition.
In Ontario, Palladium One has achieved notable success, with three significant discoveries in the past two years. These discoveries, featuring extremely high-grade nickel-copper deposits, have attracted the interest of industry giant Glencore, leading to a 9.99% interest in the company. Additionally, Palladium One acquired three critical mineral projects and a royalty portfolio in Ontario, expanding their presence and potential.
While facing challenges due to the soft market conditions, Palladium One remains committed to advancing its projects and adding value to the company. They have allocated a $5 million budget for the Taiko project in Ontario, which involves conducting basic prospecting, ground truthing of geophysical results, soil sampling, mapping, and targeted geophysics. The objective is to validate their geological theory of feeder systems and identify potential mineralization in the region.
Interview with Marc-Andre Pelletier, President & CEO of Bonterra Resources Inc. (TSX-V:BTR)
Our previous interview: https://youtu.be/EYcJH1Sv2i0
Recording date: 20th June 2023
Bonterra Resources (BTR) is a junior gold exploration company headquartered in Quebec, Canada. With a focus on the mining sector, the company boasts a substantial portfolio of exploration properties in the region. Bonterra Resources also possesses crucial infrastructures, including a fully permitted Mill, which enhances their operational capabilities.
The company has established itself in the prominent mining camp of Urban Barry in northern Quebec, an area known for its potential in gold mining. Bonterra Resources actively engages in exploration activities, utilizing advanced techniques such as diamond drilling and geophysical surveys to identify new gold deposits. Their goal is to uncover the next significant discovery and expand their current resource base.
However, the company faced a setback recently when forest fires forced the evacuation of their mining camps. The authorities imposed restrictions on access to the forest, creating unprecedented challenges. Despite this setback, Bonterra Resources remains resilient and committed to exploration activities in the Urban Barry Camp.
Interview with Dan Wilton, President & CEO of First Mining Gold (TSX-V: FF)
Our previous interview: https://youtu.be/E7lmu6Y8Rio
Recording date: 19th June 2023
First Mining Gold (FF) is a mining company focused on the exploration and development of gold deposits in Canada. The company is actively advancing two major gold projects: the Springpole deposit located in Ontario and the Duparquet project situated in Quebec.
The Springpole deposit in Ontario is currently undergoing feasibility and environmental assessment. It is regarded as one of the largest undeveloped gold projects, with the potential for significant growth in its gold resource. First Mining Gold aims to raise awareness among investors about the project's progress and its immense opportunity.
The Duparquet gold project in Quebec is another key focus for First Mining Gold. The company is actively engaged in the regulatory process, working closely with regulators to obtain necessary permits. The CEO emphasizes the technical feasibility of the project, citing examples of successful mining projects with similar characteristics in Canada. The company aims to submit the final environmental assessment for the Duparquet project in mid-2025.
Interview with Jason Jessup, CEO of Magna Mining Corp (TSX-V:NICU)
Our previous interview: https://youtu.be/5oovBfP8BNg
Recording date: 19th June 2023
Magna Mining is a leading exploration and development company focused on nickel, copper, and PGM (platinum group metals) projects in the Sudbury region. With significant assets at Crane Hill and Shakespeare, Magna Mining is actively engaged in drilling and conducting a bulk sample to gain a better understanding of the high-grade trends within their deposits. They aim to refine their block model and explore the potential for both underground and open-pit mining operations. With a strong focus on resource optimization and strategic planning, Magna Mining is positioning itself for long-term success in the mining industry.
Interview with Terry Lynch, CEO of Power Nickel (TSX-V: PNPN)
Our previous interview: https://youtu.be/KNsE4Z_PXBI
Recording date: 19th June 2023
Power Nickel (PNPN) has made a groundbreaking announcement, revealing the discovery of massive nickel deposits in their Knits Nickel Sulfide Project in Damascus, Quebec. This revelation has sent shockwaves through the mining industry, igniting a frenzy of interest and excitement. With successful drill results and the potential for a significant ore body containing multiple pods, Power Nickel is rapidly advancing its project. The company is now engaged in strategic discussions with industry leaders, poised to make strategic partnerships and accelerate towards a feasibility study. As the nickel market shows signs of recovery and increased demand, Power Nickel's extraordinary find positions them at the forefront of a promising opportunity.
Interview with Justin Reid, CEO of Troilus Gold Corporation (TSX:TLG and OTC:CHXMF)
Our previous interview: https://youtu.be/mQ-Rbwf0zvQ
Recording date: 19th June 2023
Troilus Gold (TLG) is a mining company focused on the development of the Trellis Gold asset located in Northern Quebec. With a strong balance sheet and institutional support, TLG has positioned itself as a significant player in the mining industry. The company boasts a substantial resource base of 8.1 million ounces, and they are expected to release a feasibility study by the end of the year, indicating the project's economic viability.
TLG has actively engaged with shareholders and government entities in Quebec, recognizing their importance in obtaining permits and securing necessary allocations for power and resources. The company's CEO regularly attends industry events to foster relationships with both Quebec-based shareholders and government officials.
By strategically acquiring additional land holdings and expanding their exploration efforts, TLG has demonstrated its commitment to long-term growth and value creation. With over $30 million in cash and securities, the company remains well-positioned to advance its operations and achieve its goals.
Interview with Paul Bennett, MD of Medallion Metals (ASX: MM8)
Recording date: 16th June 2023
Medallion Metals is an Australian company listed on the ASX, specializing in advanced exploration of gold and copper deposits. Led by Paul Bennett, the managing director, Medallion Metals aims to transition from an explorer to a developer and eventual producer within the next two to three years.
The company's portfolio consists of promising assets located in the Southern Goldfields of Western Australia. These assets hold significant potential for gold and copper extraction. Medallion Metals has undertaken extensive work in resource estimation, metallurgical testing, and permitting to establish a solid foundation for its operations.
The mining operations will primarily focus on open-pit mining, supplemented by underground mining for higher-grade deposits. Medallion Metals aims to optimize its resources through trade-off studies and plans to release a pre-feasibility study conducted by GRS, a trusted partner in the mining industry.
Interview with Victor Cantore, President & CEO of Amex Exploration (TSX-V:AMX)
Our previous interview: https://youtu.be/ib5-mNtD4HM
Recording date: 16th June 2023
Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project hosts both bulk tonnage and a high-grade gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.
Dive into a fascinating conversation with Guy Keller, a distinguished representative from Tribeca Investment Partners, as he shares invaluable insights into the world of uranium mining and its pivotal role in the ongoing energy transition. With a keen focus on the global natural resources business, Keller offers a wealth of knowledge and experience in the field.
During the conversation, Keller sheds light on the fundamentals of the nuclear fuel cycle and the specific emphasis his work places on uranium mining. He highlights the pressing issue of a supply deficit in the uranium sector, emphasizing the scarcity of uranium to meet the demands of the existing fleet of reactors and the upcoming surge in reactor construction. Keller also discusses the challenges associated with permitting and licensing in the industry.
On the demand side, Keller reveals the increasing need for uranium driven by the construction of 50 new reactors globally, signaling a significant growth opportunity. He encourages a closer examination of the uranium sector's basics and underscores the importance of understanding the supply-demand dynamics to make informed investment decisions.
Prepare to gain unique insights into the uranium industry and its crucial role in shaping the future of energy as Keller's expertise unravels the complexities and opportunities within this dynamic sector.
Interview with Greg Johnson, CEO of Metallic Minerals Corp (TSX-V: MMG).
Our previous interview: https://youtu.be/YKcJpenoXSs
Recording date: 15th June 2023
Metallic Minerals Corp. is a leading exploration and development stage company focused on copper, silver, gold and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.
Interview with Edouard Gosselin, CEO of Kobo Resources (TSX-V: KRI)
Recording date: 15th June 2023
Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in Cote d’Ivoire, one of West Africa’s most prolific and developing gold districts, hosting several multi-million-ounce gold mines. The Company’s 100%-owned Kossou Gold Project is located approximately 20 km northwest of the capital city of Yamoussoukro and is directly adjacent to one of the region’s largest gold mines with established processing facilities.
The Company is drilling to unlock the potential size and scale of Kossou within 9+ km strike length of highly prospective gold in soil geochemical anomalies with excellent rock and trench sampling results. The Company’s 2023 exploration plan calls for over 8,000 meters of reverse circulation drilling with an immediate goal of defining significant near surface zones of gold mineralisation. Kobo offers investors the exciting combination of high-quality gold prospects led by an experienced leadership team with in-country experience.
Interview with Pascal Hamelin, President & CEO of Abcourt Mines (TSX-V: ABI)
Our previous interview: https://youtu.be/zQCyEhDoZZ0
Recording date: 15th June 2023
Abcourt Mines (ABI) is a Canadian gold development company located in Northwest Quebec. They are primarily focused on the Sleeping Giant project, which is situated directly beneath the company's 100% owned Mill, called the Sleeping Giant Mill. Abcourt Mines recently released a Preliminary Economic Assessment (PA) for the project, outlining the potential for low-cost start-up options.
The Sleeping Giant project stands out due to its unique geological characteristics. Unlike other gold deposits in the region, which typically feature quartz veins with visible gold, Sleeping Giant is characterized by a sulfide mineralization, including chalcopyrite and pyrite, with gold associated within the sulfide ores. The deposit is composed of numerous branches that extend like a folding sheet, plunging to the east. Extensive geology and engineering work have been carried out to map the over 800 structures present in the deposit.
With a well-maintained and dry shaft extending 1,300 meters deep and drifts every 60 meters, the Sleeping Giant mine has a significant amount of existing development. Abcourt Mines plans to focus on the near-surface branches initially, as they are within reach of the existing drifts. They are still searching for the primary mineralized "trunk" of the deposit. The company intends to continue drilling and advancing the geology to further understand the deposit and move towards a pre-feasibility study.
Interview with Stephen Swatton, CEO of CopperCorp Resources Inc. (TSX: CPER)
CopperCorp Resources (CPER) is a Canadian company listed on the TSX Venture exchange, specializing in copper exploration and mining. They have significant copper assets in Tasmania, covering approximately 1500 square kilometers across three different projects. While their main focus is on iron oxide copper gold (IOCG) deposits, they also have projects involving multi-commodity and rare earth elements.
The company has recently reported promising drilling results, showcasing high-grade copper grades. In their last drill campaign, they encountered distinct zones with copper concentrations of up to 1 percent. They are now considering drilling deeper holes, potentially reaching depths of up to 1000 meters, to assess the underground tonnage and expand their understanding of the deposits.
CopperCorp Resources emphasizes the importance of copper as the fundamental basis for their projects, aiming to attract interest from mid-sized to large mining companies. They prioritize safe jurisdictions and favorable conditions such as positive government regulations and access to renewable energy sources in Tasmania. The company also acknowledges the presence of other valuable elements like rare earths and cobalt in their projects but focuses on copper as the primary target.
Interview with Denis Wood, Executive Chairman of KGL Resources (ASX: KGL)
Our previous interview: https://youtu.be/giqjjQS2Pvo
Recording date: 14th June 2023
KGL Resources Limited is an Australian mineral explorer and developer focused on the delineation and development of the high grade Resource at the Jervois Copper Project in the Northern Territory, Australia and establishing a high grade, sustainable copper mine.
Using modern, cost effective exploration methods, the Company has successfully defined a current JORC Resource of 23.80 Million tonnes at 2.02% Copper, 0.25g/t Gold and 25.3g/t Silver.
The Company is currently focused on completing Project studies that will determine the optimal development scenario at Jervois, with environmental approval recommended in October 2019, and the Jervois Mining Management Plan approved by the NT Government in January 2021.
Interview with Sam Lee, President & CEO of NorthIsle Copper and Gold (TSX-V:NCX)
Our previous interview: https://youtu.be/7C5eZke9kyI
Recording date: 13th June 2023
NorthIsle Copper & Gold (NCX) is a promising mining company headquartered in British Columbia. Led by President and CEO Sam Lee, the company is engaged in the exploration of copper and gold deposits. With a market value of $40 million, NorthIsle has successfully raised over $20 million in capital since October 2020.
Their flagship project boasts substantial mineral resources, with approximately 600 million tons indicated and 350 million tons inferred. These resources have an estimated post-tax NPV (Net Present Value) of $1.1 billion, with an after-tax IRR (Internal Rate of Return) of 19%. The project demonstrates significant potential for growth, given its current size and value.
NorthIsle Copper & Gold strategically focuses on capital allocation to maximize returns for shareholders. They have emphasized efficient drilling and exploration activities, aiming to expand the project's size, grade, and overall value. The company has identified three key areas for exploration, including the Northwest Expo, which has already shown promising results with higher NSR (Net Smelter Return) values and grades compared to existing resources.
Nickel continues trading either side $21,000 as LME inventories continue to creep lower towards 37,000 tonnes despite talk of large surpluses. China saw inflow of Russian cathode – 7,000-8,000 tonnes – will be see how this flows through Chinese market or ends up overhanging Chinese market.
Debt deal helped put bounce back in copper and floor under nickel prices. Given global slowdown, still think test of $20,000 possible before we trend higher by year-end.
Battery restocking – lithium prices up 13% week-over-week as seeing restock well underway. As I’ve said before, collapse in lithium caused destocking and drop in battery demand through first half and that we’ll see an aggressive restocking which looks like is now well underway.
“Great convergence” continues – discounts narrowed again with nickel prices lower and sulphate prices higher – sulphate discounts now less than half of what they were 6 weeks ago. NPI discounts also narrowed slightly.
Indonesia – part of conference and series of site visits
Key takeaways:
Nickel price index – government not going to put export tax on NPI, but establish Indonesia reference price – think this is the way government will extract additional value for Indonesia. Important as no floor price for limonite (HPAL) unlike saprolite (NPI) – part of reason building MHP capacity. There will be ONEC – way for Indonesia capture
Focus on growing battery supply chain volumes starting with HPAL/MHP, matte. No further talk of more stainlesss capacity – good for US/European stainless producers who have healthy price premiums. Taking advantage of limonite being mined to get to saprolite
Lots of capacity coming – 4 million tonnes approved through 2030 (we’ll need all of it as no western supply growth coming yet). But will need 500 million tonnes – presenter from Indonesia government bureau doubtful that can supply that much.
Ore grades definitely the risk – some of plants we went already using 1.5%, most using 1.6-1.65%. Was 1.8% 2 years ago – don’t think people factoring in derating of plant. 33 MW furnace used to 8ktpa, at 1.6% is 7ktpa
Lots of open property – don’t seem to be rushing to reclaim – not good for runoff
Brimob – Indonesia special forces at each facility
Interview with Sean Samson, President & CEO of EV Nickel (TSX-V: EVNI)
Our previous interview: https://youtu.be/Linu4FkagKE
Recording date: 12th June 2023
EV Nickel (EVNI) is a Canadian company based in Toronto that specializes in nickel mining. With valuable assets located in Northern Ontario near Timmins, the company is strategically positioned to capitalize on the growing demand for nickel in the context of the global energy transition, particularly in the electric vehicle (EV) industry.
The CEO of EV Nickel emphasizes the long-term potential of the nickel business, citing strong forecasts for nickel demand. The company aims to contribute to the energy transition by increasing nickel production and meeting the requirements of the EV market.
The CEO acknowledges the challenges associated with nickel mining, including the difficulty of finding significant nickel deposits and the increasing importance of carbon considerations. Geopolitical factors further complicate the search for reliable and sustainable sources of nickel.
Despite these challenges, EV Nickel has achieved notable milestones, including expanding its land package and successfully advancing its exploration efforts. However, the company's valuation remains relatively low compared to other projects in the industry, presenting an investment opportunity for those who recognize its potential.
Overall, EV Nickel is focused on advancing its projects carefully and seeks to play a significant role in the nickel market's growth, particularly in the context of the rising demand for EV batteries.
Interview with Simon Clarke, CEO of American Lithium Corp (TSX-V:LI)
Our previous interview: https://youtu.be/-ExWqzuH2m4
Recording date: 12th June 2023
American Lithium (LI) is a company involved in the lithium and uranium mining sectors. Recently, the company made significant developments and investments in its portfolio. It spun out its project, Mucasani, as a separate entity, focusing on uranium mining. Additionally, American Lithium invested in search battery technology companies, demonstrating its commitment to innovation in the energy storage sector.
The company also discussed the positive developments in Peru, where a pro-mining stance has been adopted, providing a favorable environment for mining operations. This development is significant for American Lithium, as it operates in Peru and benefits from the supportive mining policies.
In terms of the EV industry, American Lithium acknowledged the government's efforts to incentivize and support the electric vehicle sector. However, there is a need for greater support for mining companies that supply the essential materials for EV batteries. The company emphasized the importance of aligning government support with the mining component of the electric vehicle revolution.
One of the key projects of American Lithium is Mucasani, a uranium project. The company expressed excitement about the project and expects production to commence in late 2026. The project's advanced stage and modular design offer potential for efficient and accelerated production, aligning with the increasing demand for uranium.
Overall, American Lithium is actively involved in the lithium and uranium sectors, making strategic investments and focusing on projects that align with the growing demand for electric vehicles and sustainable energy solutions.
What’s been happening
Prices are moving across all components of the nuclear fuel cycle: enrichment, conversion and, of course, uranium. The U3O8 spot price has moved through $57/lb, chalking up a respectable 17% growth for calendar 2023.
The sector’s largest ETF, URA, issued new units last week
We discuss the factors behind this growth, the return of capitalisation of uranium sector ETFs and whether uranium equities are responding or lagging.
Winner of the week
The major corporate news this week was American Lithium’s spin out of their Macusani Uranium Project in Peru. After acquiring Plateau Energy Metals in May 2021, American Lithium has released the project to develop beyond the shadow of the company’s lithium assets.
The spin out is being effected via a reverse takeover/back door listing and the Winner of the week was awarded to the shareholders of the target.
What luck to have invested into a, ehem, listed dog shampoo company and receive market salvation via exposure to uranium – at a perfect time to ride the most prospective commodity play of recent times.
https://www.globenewswire.com/news-release/2023/06/07/2683853/0/en/Friday-s-Dog-Holdings-Announces-Plan-of-Arrangement-to-Become-Major-Uranium-Developer-as-American-Lithium-Spins-Out-Macusani-Uranium.html
Bungle of the week
We found a most deserving awardee of the Bungle of the Week – Carla Denyer on behalf of the UK Greens party. Whilst the Greens continued science-denying opposition to nuclear power makes them a perennial short listee, Carla got her math horribly wrong when she told BBC that “Nuclear is between eight and eleven times more carbon intensive than renewable energy”.
https://twitter.com/TheGreenParty/status/1666075811777003520?s=20
This is at odds with the UN Economic Commission for Europe’s comprehensive life cycle assessment of all electricity sources, published over a year ago, which found that nuclear power had the lowest carbon intensity of any energy source.
See https://unece.org/sed/documents/2021/10/reports/life-cycle-assessment-electricity-generation-options
We discuss whether it’s bad math or bad faith – and where those ludicrous numbers could have come from.
Tweet of the week
This week’s tweet highlights the major moves afoot in how nuclear energy is perceived by the ethical investment industry, following a Morningstar article highlighting that sustainable funds powerhouse Parnassus Investments have removed nuclear energy from their restriction lists.
See https://www.morningstar.com/funds/sustainable-funds-powerhouse-parnassus-weighs-investing-nuclear-energy
Various tweets relayed the story to the delight of uranium investors. However, the actual Tweet of the Week gong is awarded to Nucleation Capital, who tweeted all the way back on May 26 after reading the primary source – ie a Parnassus news release.
https://twitter.com/nucleationvc/status/1661932889695744000
Question of the week
“I have read that the Namibian government have banned the export of critical minerals. Although it doesn’t seem to include uranium, this can’t be good for the country. How much truth is in the headlines?”
Moonshots & Fizzers
We have noticed a distinct increase in speculation about Kazakhstan being squeezed between Russia and China.
For instance, the Astana Times led that Kazakhstan was keen to make BRICS into BRICKS: https://astanatimes.com/2023/06/kazakhstan-seeks-to-join-brics-and-enhance-trade-and-economic-cooperation/ and https://www.seetao.com/details/210273.html
Oilprice.com ran the headline that “China And Russia Lock Horns Over Kazakhstan’s Uranium”
https://finance.yahoo.com/news/china-russia-lock-horns-over-180000094.html
Whilst this type of media reporting is usually a guarantee of Fizzerdom, some speculators feel a Moonshot could be on the way if Kazakhstan is unable to maintain a Western-facing facet.
Interview with James Champion de Crespigny, MD & CEO of Catalyst Metals (ASX: CYL) and Chris Jordaan, President & CEO of Superior Gold Inc. (TSX-V:SGI).
Catalyst Metals Limited is a gold mining and development company listed on the Australian Securities Exchange (ASX code: CYL). Catalyst holds significant landholdings in three mineral belts with large gold endowment – Henty (Tasmania), Marymia (WA) and Four Eagles (Victoria).
Interview with Chris Reed, Managing Director & CEO of Neometals Ltd. (ASX: NMT)
Our previous interview: https://youtu.be/waLYRIdtBmk
Recording date: 9th June 2023
Neometals (NMT) is an ASX 300 company with a focus on battery recycling and green battery materials. They are actively participating in the Battery Gigafactories USA conference in Washington DC to explore opportunities in the rapidly expanding US market. Neometals aims to provide comprehensive solutions for battery recycling by constructing plants and offering cost-effective recycling services. With the US projected to surpass the EU in electric vehicle production, there is a pressing need for increased recycling capacity. Neometals recognizes the impending deficits in critical raw materials like lithium, nickel, and cobalt and advocates for more investment in mining and recycling initiatives.
Interview with Craig Alford, CEO of Titan Lithium (OTC: CDSG)
Recording date: 8th June 2023
CDSG Lithium (China Dongsheng International Inc.) is carving out a unique space to meet the world wide growing demand for lithium. Lithium carbonate is a critical component of lithium-ion batteries, which are highly coveted for electric vehicles and devices. As a Nevada-based lithium explorer and developer, CDSG Lithium’s principal activity is advancing its lithium project adjacent to the TLC project in Nye County, Nevada. The company maintains a dual focus on acquiring and developing opportunities in the natural resource sector and complementary technologies.
Interview with Tim Moody, CEO of Pan Global Resources (TSX-V: PGZ)
Our previous interview: https://youtu.be/2Bf4HrjPh2s
Recording date: 8th June 2023
Pan Global Resources, a Canadian exploration company, has recently announced promising drill results from their Kenyatta Honda Target. The results reveal high gold values and significant copper intersections, indicating the potential for valuable mineralization. Geophysical surveys further suggest the presence of untapped mineral resources in the area. As a result, the company has planned three additional drill holes to explore the region further, with results expected in July. Pan Global Resources is well-funded for their exploration campaign and has deployed teams for geophysics surveys and geological mapping to optimize their drilling strategy. These efforts aim to increase the chances of success and enhance the value of their exploration projects.
Interview with Eric Kraft, Interim CEO of Leading Edge Materials (TSX-V: LEM)
Leading Edge Materials (LEM) is a Canadian public company dedicated to the exploration and development of critical raw materials in the European Union. Led by CEO Eric Kroft, LEM focuses on projects involving rare earth elements, graphite, nickel, and cobalt, which are in high demand for various industries. The company has undergone strategic changes, including a board reconfiguration and a renewed asset development approach. LEM is actively working on obtaining permits for its projects, with a particular focus on Sweden, while garnering support from European entities. Their goal is to contribute to the sustainable supply of essential materials in Europe's energy transition and beyond.
Interview with Sapan Ghai, Chief Commercial Officer of Sovereign Metals (ASX: SVM)
Our previous interview: https://youtu.be/-qfHzUympww
Recording date: 8th June 2023
Sovereign Metals (SVM) is an Australian Securities Exchange (ASX) listed company that specializes in the development of the cassia rutile graphite deposit located in Malawi. With a focus on the growing electric vehicle (EV) industry, Sovereign Metals aims to capitalize on the increasing demand for graphite, a key component in Lithium-ion batteries.
The company recently announced positive test results for their graphite, demonstrating its high crystallinity and excellent electrical conductivity. These properties make Sovereign Metals' graphite well-suited for use in EV batteries, positioning the company as a potential supplier of choice for manufacturers in the EV ecosystem.
Interview with Javier Cordova Unda, President & CEO of Soma Gold (TSX-V: SOMA)
Recording date: 7th June 2023
Soma Gold Corp. (“Soma”), listed on the TSXV and OTCQB, owns 100% of the El Bagre mine located on a 29,000 Ha property in Antioquia, Colombia. Soma owns two Merrill Crowe mills on the property, a 450 TPD operating mill and a 275 TPD mill set to restart operations in Q3 of 2023. The two mills can be expanded to 1,400 TPD with all permits currently in place.
Interview with Michael Walshe, CEO of Voltaic Strategic Resources (ASX: VSR)
Recording date: 7th June 2023
Voltaic Strategic Resources (VSR) is a dynamic minerals exploration company listed on the ASX, dedicated to uncovering valuable resources in the form of lithium and Rare Earth elements. With a strong focus on exploration, VSR has embarked on early stage projects in Western Australia and Nevada. However, their primary attention is directed towards their West Australian assets situated in the vibrant Gascoigne region, which is currently a hot spot of activity and excitement.
Since its listing in October, VSR has wasted no time in progressing from early stage greenfields prospects to active drilling at two separate projects. Led by Chief Executive Michael Walshe, the company boasts a seasoned management team with a wealth of experience in geology, processing metallurgy, and capital markets. Their collective expertise positions VSR for success as they strive to make significant discoveries in the lithium and rare earth space.
Interview with Mark Selby, Chairman & CEO of Canada Nickel (TSX-V:CNC)
Canada Nickel (CNC) is making significant progress in advancing the Crawford nickel sulfide project, while also capitalizing on the potential of carbon storage. The company has completed engineering work for the base project and is now focusing on incorporating a carbon storage facility into the overall process. With Canada's plan to increase carbon prices and offering tax credits, CNC aims to capture and utilize carbon, reducing future shareholder dilution. The remaining engineering tasks, including pilot plant scale work, are underway to ensure a solid design for the carbon storage facility. CNC's projects have garnered interest from multinational companies looking for carbon solutions, positioning the company as a key player in the evolving nickel market. Additionally, challenges in Indonesia's nickel industry offer favorable opportunities for Western consumers. CNC's progress and future prospects make it a standout in the nickel space.
The big news this week was the volatility in Namibian uranium stocks after Bloomberg published an article suggesting Namibia was joining the likes of Zimbabwe, Indonesia and Chile with a proposed government policy that would nationalise the mining industry.
As it turns out, the comments were taken out of context and the Namibian government issued a clarifying statement saying that nationalisation was not the intention and that existing licences were inviolable.
We discuss the political and legal background to this issue and draw on Brandon’s extensive experience dealing with Namibian government policy.
Interview with Shaun Bunn, Managing Director of Empire Metals (AIM: EEE).
Our previous interview: https://youtu.be/SqGQQmHU6tM
Recording date: 1st June 2023
Empire Metals has been exploring a massive mineral system with a primary focus on copper deposits. However, they recently discovered a significant high-grade titanium mineral system instead, which has the potential for market success due to the high demand for titanium in various industries, including defense. The discussion revolves around the implications of this discovery, whether they should continue pursuing titanium or refocus on finding copper. The company has raised funds for further exploration and plans to conduct diagnostic work, petrology analysis, and test work to understand the titanium mineral system. They also intend to conduct reconnaissance programs and detailed gravity analysis to narrow down copper targets. Although the copper concentration is not yet economically viable, the presence of significant copper indicators suggests the potential for a substantial copper deposit within the vast mineral system. The company acknowledges the need for drilling to confirm their findings and emphasizes their commitment to finding the trapped copper and keeping investors informed about their progress.
Interview with Greg Liller, Executive Chairman & COO of Sierra Madre Gold & Silver (TSX-V: SM)
Recording date: 1st June 2023
Sierra Madre Gold and Silver is a mining company with a focus on gold and silver production. The company's Chief Operating Officer and Executive Chairman, Greg Liller, has over 40 years of experience in the industry and a track record of successful mine projects.
Sierra Madre's main project is the Guitarra mine, located outside of Estado de Mexico, about 120 kilometers from Mexico City. The company has previously worked on this project under the name Genco Resources. After conducting extensive exploration and drilling, they have identified several high-grade deposits and developed underground workings.
During its previous operation, the mine produced significant amounts of gold and silver, but it was later put on care and maintenance by First Majestic, the company that acquired Genco Resources. Sierra Madre now aims to restart production at the mine and utilize existing infrastructure, including a fully functional processing plant and underground mining equipment.
Interview with Rick Howes, President & CEO of Reunion Gold (TSX-V: RGD)
Our previous interview: https://youtu.be/CW29CaBq6eA
Recording date: 1st June 2023
Rick Howes, the CEO of Reunion Gold, provides an update on the company's recent gold discovery in the Guyana Shield, South America. The main focus of the company has been the Local West project, and Rick House discusses the progress and upcoming resource estimate. The company has been drilling and delivering high-grade gold results, and they are about two weeks away from releasing the resource estimate, which includes data compiled over the past two years. The CEO also discusses their strategy of continuing to drill for resource expansion while moving forward with the Pre-Feasibility Study (PFS) for the project. The video highlights the company's goal of advancing the project towards production and their partnership with G Mining Services, a company with a successful track record of building mining projects in tropical regions. Rick Howes emphasizes the importance of maximizing value for shareholders and mentions the potential consolidation of mining operations in the region. The discussion touches on the significance of the upcoming resource estimate, its potential impact on valuation, and the company's commitment to delivering a successful project. Overall, the video provides insights into Reunion Gold's progress, strategy, and future plans in the context of their recent gold discovery in Guyana.
Galan owns two Tier 1 lithium brine projects located on the world-class Hombre Muerto salar in Argentina. Perfectly positioned within South America’s ‘lithium triangle’, the Hombre Muerto salar is proven to host lithium brine deposition of the highest grade and lowest impurity levels within Argentina. The region is home to the established El Fenix lithium operation (Livent Corporation) and the Sal de Vida (Allkem) and Sal de Oro (POSCO) lithium brine projects.
Apollo Silver Corp. is a silver exploration and development company focused on the advancement of its Calico silver project located in San Bernardino County California. The project boasts as being the third-largest undeveloped silver resource in the United States and hosts a mineral resource estimate (MRE) of 166 million ounces of silver in the inferred category.
Enduro Metals holds one of the largest junior land positions in the heart of British Columbia’s Golden Triangle, a world-class mineral district hosting multiple successful mines. Enduro’s 648km2 Newmont Lake Property contains at least four large, distinct mineralized systems with district-scale potential—all starting from surface. The project’s geology, mineralization, exploration results and proximity align with some of the Golden Triangle’s richest known deposits.
American Lithium Corp. is a developer of advanced lithium projects throughout North and South America and uranium projects in Peru. The Falchani Lithium project as well as the Macusani Uranium project are located in south-eastern Peru and were brought into the company through the acquisition of Plateau Energy Metals Inc. in 2021. The TLC lithium project of the company is located in Nevada, close to the town of Tonopah.
Showcasing the best of Canadian mining to an international investment audience. Featuring a mix of explorers, developers, royalty companies & producers representing all commodities with a key focus on critical metals. Also features keynotes & panels with well-known industry thought leaders.
Aurion Resources Ltd. (Aurion), is a Canadian exploration company listed on the TSX Venture Exchange (TSX-V:AU). Aurion’s strategy is to generate or acquire early stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements. Aurion’s current focus is exploring on its Flagship Risti and Launi projects, as well as advancing joint venture arrangements with B2 Gold Corp. and Kinross Gold Corporation in Finland.
Exploits Discovery Corp. “Exploits” is a Canadian exploration company with one of the largest and most strategic land packages in Newfoundland, Canada where we are in active pursuit of world-class gold discoveries. Exploits holds 100% interest in seven known exceptional gold projects with geological, geochemical and structural settings comparable to New Found Gold’s Queensway discovery (DDH 19m at 92.86 g/t Au); and controls one of the largest land package in Newfoundland with over 200km of interpreted deep regional fault structures which include the Appleton Fault, Dog Bay Line, GRUB Line and the Mt Peyton Linear.
Strathmore Plus Uranium Corp. is a Canadian junior exploration company with assets in Wyoming, USA. The company changed its name to Strathmore Plus Uranium Corp. in September 2022, after being previously known as Strathmore Plus Energy Corp.
Puma Exploration Inc. is a Canadian exploration and development company focused on the advancement of its precious metals projects close to the Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Bathurst Mining Camp (BMC) is located within the Iapetus Suture geological fault zone and is historically known to host lead, zinc, copper and gold. Puma Exploration Inc. is underway with the development of a new and emerging gold camp in the area.
Ionic Rare Earths Ltd. is an Australian mineral exploration and development company focused on advancing its flagship Makuutu Rare Earths project towards production. The project consists of approximately five licenses covering approximately 242 km2 and is located 120 km east of the capital city of Kampala in eastern Uganda. The project mineralization is primarily clay-type Rare Earth Element (REE) mineralization.
Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca zinc-silver-tin project in central Peru. The Zinc Zone deposit has an estimated Indicated Mineral Resource of 19.0 Mt @ 7.15% Zn, 16.8 g/t Ag & 0.2% Pb and Inferred Mineral Resource of 47.9 Mt @ 5.4% Zn, 20.0 g/t Ag & 0.4% Pb (dated August 30, 2021 - see news release). The Ayawilca Tin Zone has an estimated Inferred Mineral Resource of 8.4 Mt grading 1.0% Sn. Tinka holds 46,000 hectares of mining claims in Central Peru, one of the largest holders of mining claims in the belt. Tinka is actively exploring for copper-gold skarn mineral deposits at its 100%-owned Silvia project.
Integra Resources is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar Gold-Silver Project in Idaho, USA. Integra Resources is led by the management team from Integra Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in 2017. Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver Deposits, in late 2017, the Company has demonstrated significant resource growth and conversion while providing a robust economic study in its Pre-feasibility Study. The Company is currently focused on resource growth through brownfield and greenfield exploration and further de-risking of the Project.
Thor Explorations Ltd. is a TSX-V as well as AIM-listed West African focussed gold producer. The company’s flagship project, the Segilola gold project is located approximately 120 km northeast of Lagos. The project is forecast to produce 100,000 ounces of gold annually over the next five years from its open-pit operation. The project’s open-pit resource holds 517,800 ounces of gold in the probable category and 532,000 ounces of gold in the indicated category, with its underground resources showing 76,000 ounces of gold in the indicated category.
Electric Royalties Inc. (“Electric Royalties”) is royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Electric vehicle, battery production capacity and renewable energy generation is slated to increase significantly over the next several years and with it the demand for our target commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to feed the electric revolution.
First Mining Gold Corp. is a Canadian project developer with assets located in Ontario and Quebec. The Springpole project of the company is one of the largest, undeveloped, open-pit gold deposits in Canada. The project’s economics include an 11-year life of mine, post-tax NPV5% of CAD$ 995 million and a post-tax IRR of 29%. The project also hosts existing infrastructure such as a 70-person camp, and access to logging roads and power lines within 40 km of the project’s proposed plant location. The company’s 100%-owned Duparquet gold project located in Quebec is an advanced exploration asset, which holds 3.4 million ounces of gold in the measured and indicated category as well as 1.6 million ounces of gold in the inferred category. The project offers the opportunity to consolidate approximately 5 million ounces of gold in the Abitibi gold district at less than CAD$ 5 per ounce of gold.
Canada Silver Cobalt Works, a unique and rapidly growing silver-cobalt focused company, is an exploration, development, technology, and environment leader in the prolific Northern Ontario Silver-Cobalt District. Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
Scottie Resources Corp. is an exploration stage company engaged in the exploration and evaluation of gold and silver properties located in the “Golden Triangle” of British Columbia, Canada, an area which has shown great potential to host high grade gold and silver deposits.
Serabi Gold PLC is a UK-based junior gold mining company, which is focused on its operating asset the Palito Gold complex and its Coringa Gold project located in Brazil. The Palito Gold complex of the company is a high-grade, narrow vein underground mine, which is currently producing approximately 40,000 ounces of gold per annum. The Coringa project, when in production, is estimated to add approximately 40,000 ounces of gold per annum.
Jervois Mining (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) is focused on becoming a global supplier in the emerging battery metals market.
A leading cobalt company with significant nickel and copper exposure, with strong development stage assets, growth opportunities and exploration projects.
Troilus Gold Corporation is a Canadian copper and gold development company focused on the advancement of the Troilus Gold Mine located northeast of the Val-d’Or district in Northern Quebec. The Troilus project has access to infrastructure which includes a network of maintained roads, a substation and tension power lines maintained by Hydro-Quebec. The project also has a permitted tailings facility as well as an operating water treatment plant.
Energy Fuels Inc. is the leading producer of uranium in the United States, a major US vanadium producer, and an emerging supplier of commercial rare earth elements (REE). The company aims to aid electrification and drive the reduction of carbon emissions through its commodity supply.
Power Nickel Inc. is a Canadian exploration and development company focused on the advancement of its Nisk Nickel Sulphide project located in James Bay Canada. The location of the project enables it to take advantage of low-cost, low-carbon hydropower to create a sustainable battery metals operation. The project is 80%-owned by the company, with Critical Elements Lithium Corp. owning the remaining 20%. The project holds a large land position of approximately 20 km in strike length as well as high-grade intercepts of Copper, Cobalt, Palladium, Platinum and Class 1 Nickel.
ACME Lithium Inc. is a Canadian mineral company focused on building partnerships with leading technology and commodity companies, for the acquisition, exploration and development of battery metal projects.
Prismo Metals is engaged in the business of mineral exploration and the acquisition of mineral property assets in Mexico. Its objective is to locate and develop economic precious and base metal properties of merit. Further to this objective, the Company entered into an option agreement, effective May 7, 2019, pursuant to which it was granted the option to acquire a 75% interest in the Palos Verdes Property, which constitutes the material property of the Company.
Over the next 12 to 18 months, the Company intends to complete its recommended exploration program on the Palos Verdes Property and its initial commitments thereon.
Cartier Resources Inc. is a Canada-based exploration company. The Company's activities primarily include the acquisition and exploration of mining properties in Canada. The Company focuses on the Chimo Mine property, which is situated approximately 50 kilometers (km) south east of Val-d’Or. Chimo Mine consists of approximately 12 contiguous claims covering an area of about 334 hectares (ha). Its Benoist property consists of approximately of 73 claims, which is located in Miquelon, Quebec. Its Fenton property consists of approximately 18 contiguous cells, which is located in Chapais, Quebec. Its Wilson property consists of approximately 42 contiguous claims covering a surface area of about 1,660 ha. Its Cadillac Extension property consists of approximately 39 claims. Its Dollier property consists of approximately 40 map staked contiguous cells covering an area of about 2,228 ha. Its MacCormack property consists of approximately 89 claims covering an area of about 3,808 ha.
With approximately 90 million pounds of U3O8 estimated in the Measured and indicated categories and 9 million pounds of U3O8 estimated in the inferred category, enCore is the most diversified in-situ recovery uranium development company in the United States. enCore is focused on becoming the next uranium producer from its licensed and past-producing South Texas Rosita Processing Plant by 2023. The South Dakota-based Dewey Burdock project and the Wyoming Gas Hills project offer mid-term production opportunities, with significant New Mexico uranium resource endowments providing long-term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. enCore is committed to engaging and working with local communities and indigenous governments to create positive impact from corporate developments.
Global Atomic Corp. is a Canadian and TSX-listed resource company with assets in Turkey and Niger. The company’s portfolio provides access to both a high-grade uranium mine development as well as a cash-flowing zinc concentrate production. The company’s flagship project is the Dasa Project, located in the country of Niger.
Spey Resources is a Canadian mineral exploration company which has an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Spey also holds an option to acquire a 100% undivided interest in Pocitos II and 20% interest in the Pocitos I lithium projects. Spey also holds interests in four lithium exploration projects located in the James Bay Region of Quebec. Spey has a 100% interest in the Silver Basin Project located in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia.
Marimaca Copper Corp. is a Canadian copper company, focused on the advancement of the Marimaca copper oxide project located in the Antofagasta region of Chile. The project is an open-pit, low-capital and low-risk operation boasting as the only major copper discovery globally in the last five years.
Magna Mining Corp. is a Canadian exploration and development company focused on the advancement of its nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The company was founded in 2016 and has since then built an asset portfolio with a land position of approximately 180 km2. The flagship project of the company, the Shakespeare project, is a past-producing Nickel, Copper and PGM mine located 70 km southwest of Sudbury. The project has a NI 43-101 compliant mineral resource of 20.34 million tons of mineralisation at 0.55% NiEq in the indicated category and 2.36 million tons of mineralisation at 0.57% NiEq in the inferred category. The project also holds permits for the construction of a 4,500 tpd mill as well as the recommencement of its open pit mining operations.
American Eagle Gold is focused on advancing its NAK property located in the Babine Copper-Gold Porphyry district in central British Columbia. NAK's known copper-gold porphyry mineralization is open at depth and is defined by a compelling geophysical signature analogous to Newcrest's Red Chris Mine and Newmont's Tatogga project located in Northwest BC. The company is currently drilling to test the property's geophysical features in search of a robust underground block cave copper-gold porphyry deposit.
Karora Resources Inc. is a Canadian gold producer predominantly based in Western Australia. The assets of the company include the Beta Hunt Mine, the Higginsville Gold Operations (HGO) and the Spargos Reward Gold Mine.
Toubani Resources Inc. is a Canadian gold exploration and development company focused on the advancement of its Kobada gold project in Southern Mali. The Kobada gold project is located approximately 126 km southwest of Bamako, the capital city of Mali, which is the 3rd largest gold-producing country globally. The project boasts a mineral resource estimate of 1.7 million ounces of gold in the measured and indicated category. The project also holds 1.4 million ounces of gold in the inferred category and 1.3 million ounces in the proven and probable category.
Arizona Sonoran Copper Company Inc.’s (“ASCU”) principal business objectives are the identification, acquisition, exploration, development and sustainable production of base metal properties in geographic regions known to have low geopolitical risk. The Company's principal asset is a 100% interest in the Cactus Project, which is situated on private land and which the Company acquired from ASARCO Trust in July 2020.
Headquartered in Tempe, Arizona, the Company’s Cactus Mine is located 70 km south of Phoenix International Airport and just outside of the city of Casa Grande. Geologically, the project is situated at the convergence of three major porphyry copper belts and benefits from excellent nearby access to a skilled workforce and local infrastructure (including water, onsite power, highways and rail networks).
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture ("MLJV"), which includes several uranium deposits and the McClean Lake uranium mill, contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits, and a 66.90% interest in the Tthe Heldeth Túé ("THT," formerly J Zone) and Huskie deposits on the Waterbury Lake property. Each of Midwest Main, Midwest A, THT and Huskie are located within 20 kilometres of the McClean Lake mill.
NGEx Minerals is a Lundin Group copper and gold exploration company based in Canada with projects in Chile and Argentina. NGEx Minerals holds the large-scale Los Helados copper-gold deposit, located in Chile's Region III, as well as other early-stage projects located in Argentina. NGEx Minerals is the majority partner and operator for the Los Helados Project, subject to a Joint Exploration Agreement with its joint exploration partner in Chile, Nippon Caserones Resources Co., Ltd (formerly, Pan Pacific Copper Co., Ltd.). NGEx Minerals is actively seeking to add to its portfolio of projects as part of its overall growth strategy. The Company is listed on the TSXV under the trading symbol "NGEX".
NGEx Minerals is a Lundin Group copper and gold exploration company based in Canada with projects in Chile and Argentina. NGEx Minerals holds the large-scale Los Helados copper-gold deposit, located in Chile's Region III, as well as other early-stage projects located in Argentina. NGEx Minerals is the majority partner and operator for the Los Helados Project, subject to a Joint Exploration Agreement with its joint exploration partner in Chile, Nippon Caserones Resources Co., Ltd (formerly, Pan Pacific Copper Co., Ltd.). NGEx Minerals is actively seeking to add to its portfolio of projects as part of its overall growth strategy. The Company is listed on the TSXV under the trading symbol "NGEX".
Gold Bull’s mission is to grow into a US focused mid-tier gold development Company via rapidly discovering and acquiring additional ounces. The Company’s exploration hub is based in Nevada, USA, a top-tier mineral district that contains significant historical production, existing mining infrastructure and an established mining culture. Gold Bull is led by a Board and Management team with a track record of exploration and acquisition success.
Gold Bull is driven by its core values and purpose which includes a commitment to safety, communication & transparency, environmental responsibility, community, and integrity.
Cypress Development Corp. (TSX.V: CYP) (OTCQX: CYDVF) is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
West Wits Mining Limited is an Australia-based company, that is engaged in exploration of gold at the mining tenements situated in Western Australia and South Africa. The Company operates through two segments: South Africa and Australia. The Company projects include Witwatersrand Basin Project (WBP) and Mt Cecelia Project. Its WBP comprises two mining centers on the Northern Edge of the Witwatersrand Basin in the Central Rand Goldfield immediately southwest of the city of Johannesburg. Its WBP is located in the gold region of Central Rand Goldfield of South Africa. Its Mt Cecelia Project is located approximately 150 kilometer(km) ENE of Marble Bar, 150 kilometer NW of Telfer Mine, and 120 kilometer(km) NNW of Nifty mine (aerial distance). The Company is exploring for gold and copper at the Mt Cecilia Project in Western Australia.
Pan Global Resources Inc. (TSX.V : PGZ) is a Vancouver based junior resource company actively engaged in base and precious metal exploration in Spain.
Pan Global's Board of Directors and Leadership Team bring decades of knowledge and global exploration experience to the Company. The team has led their respective organizations to successful exit strategies or into production, generating hundreds of millions in shareholder value.
Pan Global Resources Inc. (TSX.V : PGZ) is a Vancouver based junior resource company actively engaged in base and precious metal exploration in Spain.
Pan Global's Board of Directors and Leadership Team bring decades of knowledge and global exploration experience to the Company. The team has led their respective organizations to successful exit strategies or into production, generating hundreds of millions in shareholder value.
Reyna Gold Corp. is a gold exploration company focused on district-scale exploration on two major gold belts in Mexico. The Company has a portfolio of assets on the Mojave-Sonora Megashear and the Sierra Madre Gold and Silver Belt consisting of over 57,000 hectares/ 570 sq km. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement and monetization. La Gloria the Flagship project is 24,215 hectares/242 sq km on the prolific Mojave-Sonora Megashear, where over 35million ounces of gold have been discovered.
Peninsula Energy Limited is an ASX listed company that owns the Lance Uranium Projects in Wyoming, USA which are in transition from an alkaline to a low pH in-situ recovery operation, with the aim of achieving the operating performance and cost profile of the industry leading uranium projects.
Warrior Gold is an exploration company that has consolidated a significant and prospective land package in the world class Kirkland Lake gold camp, Ontario, Canada. The company’s properties are hosted in the Abitibi Greenstone Belt, one of the world’s best-endowed greenstone belts with +200 million ounces of gold produced to date.
Warrior Gold is an exploration company that has consolidated a significant and prospective land package in the world class Kirkland Lake gold camp, Ontario, Canada. The company’s properties are hosted in the Abitibi Greenstone Belt, one of the world’s best-endowed greenstone belts with +200 million ounces of gold produced to date.
Azure Minerals Limited is an Australia-based mineral exploration company. The Company is focused on exploration and development of its portfolio of precious and base metal projects in Mexico. Its projects include the Andover Nickel-Copper Project, Turner River Gold Project, Coongan Gold Project, Barton Gold Project and Meentheena Gold Project. The Andover Nickel-Copper Project is located approximately 35 kilometers southeast of Karratha and immediately south of the town of Roebourne. The Turner River Gold Project consists of two exploration license applications covering approximately 450 square kilometers located south of Port Hedland. The Coongan Gold Project is located in the eastern Pilbara, approximately eight kilometers to the west of Nullagine, and covers an area of 141 square kilometers. The Meentheena Gold Project is located in the eastern Pilbara, approximately 80 kilometers east of Marble Bar, and covers an area of 223 square kilometers.
Azure Minerals Limited is an Australia-based mineral exploration company. The Company is focused on exploration and development of its portfolio of precious and base metal projects in Mexico. Its projects include the Andover Nickel-Copper Project, Turner River Gold Project, Coongan Gold Project, Barton Gold Project and Meentheena Gold Project. The Andover Nickel-Copper Project is located approximately 35 kilometers southeast of Karratha and immediately south of the town of Roebourne. The Turner River Gold Project consists of two exploration license applications covering approximately 450 square kilometers located south of Port Hedland. The Coongan Gold Project is located in the eastern Pilbara, approximately eight kilometers to the west of Nullagine, and covers an area of 141 square kilometers. The Meentheena Gold Project is located in the eastern Pilbara, approximately 80 kilometers east of Marble Bar, and covers an area of 223 square kilometers.
CanAlaska Uranium Ltd. is a junior exploration company that prides itself on its hybrid model of project generation and active exploration. The Company is focused on the exploration of uranium, copper and nickel deposits in both the Athabasca and Thompson Nickel Belt regions.
CanAlaska Uranium Ltd. is a junior exploration company that prides itself on its hybrid model of project generation and active exploration. The Company is focused on the exploration of uranium, copper and nickel deposits in both the Athabasca and Thompson Nickel Belt regions.
Investigator Resources Limited is an Australia-based metal exploring company. The Company is focused on silver, copper, and gold discovery in South Australia. The Company’s projects include the Paris Silver project, Peterlumbo project, Maslins Iron Oxide Copper Gold Project, and Eyre Peninsula projects. The Paris Silver Project is located approximately 70 kilometers north of the rural township of Kimba on South Australia’s Eyre Peninsula. Peterlumbo project is located in the pastoral country of northern Eyre Peninsula district approximately 350 kilometers northwest of Adelaide and 60 kilometers northwest of the town of Kimba. The Maslins Project is located in the Olympic Domain belt of the Stuart Shelf in the Gawler Craton, South Australia, and presents as an untested geophysical anomaly with the potential to host Iron Oxide Copper Gold (IOGC) mineralization.
Investigator Resources Limited is an Australia-based metal exploring company. The Company is focused on silver, copper, and gold discovery in South Australia. The Company’s projects include the Paris Silver project, Peterlumbo project, Maslins Iron Oxide Copper Gold Project, and Eyre Peninsula projects. The Paris Silver Project is located approximately 70 kilometers north of the rural township of Kimba on South Australia’s Eyre Peninsula. Peterlumbo project is located in the pastoral country of northern Eyre Peninsula district approximately 350 kilometers northwest of Adelaide and 60 kilometers northwest of the town of Kimba. The Maslins Project is located in the Olympic Domain belt of the Stuart Shelf in the Gawler Craton, South Australia, and presents as an untested geophysical anomaly with the potential to host Iron Oxide Copper Gold (IOGC) mineralization.
Signal Gold Inc. is a TSX and OTCQX -listed gold mining and development company, focused on the advancement of its projects in Nova Scotia and Newfoundland. The Goldboro project of the company is a 592-hectare land package located 175 km northeast of the city of Halifax. The company published a feasibility study of the Goldboro gold project in 2021, which includes highlights such as an 11-year life of mine with an average gold production of 100,000 ounces annually. The after-tax NPV5% of the project is CAD$ 328 million with an after-tax internal rate of return (IRR) of 25.5%. The projected after-tax payback period is 2.9 years.
Signal Gold Inc. is a TSX and OTCQX -listed gold mining and development company, focused on the advancement of its projects in Nova Scotia and Newfoundland. The Goldboro project of the company is a 592-hectare land package located 175 km northeast of the city of Halifax. The company published a feasibility study of the Goldboro gold project in 2021, which includes highlights such as an 11-year life of mine with an average gold production of 100,000 ounces annually. The after-tax NPV5% of the project is CAD$ 328 million with an after-tax internal rate of return (IRR) of 25.5%. The projected after-tax payback period is 2.9 years.
O3 Mining Inc. is a gold exploration and development company focused on its assets located in Québec, Canada. The company’s Marban Engineering Gold project is located approximately 15 km west of the town of Val-d'Or in the Abitibi-Temiscamingue region of Quebec, Canada. The project is a 1,023-hectare land package, consisting of approximately 30 mining claims and three mining concessions.
O3 Mining Inc. is a gold exploration and development company focused on its assets located in Québec, Canada. The company’s Marban Engineering Gold project is located approximately 15 km west of the town of Val-d'Or in the Abitibi-Temiscamingue region of Quebec, Canada. The project is a 1,023-hectare land package, consisting of approximately 30 mining claims and three mining concessions.
Strathmore Plus Uranium Corp. is a Canadian junior exploration company with assets in Wyoming, USA. The company changed its name to Strathmore Plus Uranium Corp. in September 2022, after being previously known as Strathmore Plus Energy Corp.
Strathmore Plus Uranium Corp. is a Canadian junior exploration company with assets in Wyoming, USA. The company changed its name to Strathmore Plus Uranium Corp. in September 2022, after being previously known as Strathmore Plus Energy Corp.
Three super successful gold investors and company builders share their secrets about how they spot winners in the markets. What does it mean to be contrarian and why do they tend to make better investment returns?
Three super successful gold investors and company builders share their secrets about how they spot winners in the markets. What does it mean to be contrarian and why do they tend to make better investment returns?
Neometals Ltd. is an Australian mineral development company, involved in the recovery of a large array of battery metals including lithium, titanium and vanadium. The company’s core projects consist of its lithium-ion battery recycling process in Germany, its Barrambie titanium and vanadium project in Western Australia and its vanadium recovery project in Scandinavia.
Neometals Ltd. is an Australian mineral development company, involved in the recovery of a large array of battery metals including lithium, titanium and vanadium. The company’s core projects consist of its lithium-ion battery recycling process in Germany, its Barrambie titanium and vanadium project in Western Australia and its vanadium recovery project in Scandinavia.
GoviEx Uranium is a Canadian based uranium development company focused on its projects located in three different African countries. The company boasts a resource inventory of over 220 million pounds (lbs) of U3O8 in measured, indicated and inferred resources. The company’s asset portfolio consists of the Madaouela project, located in Niger, the Mutanga project, located in Zambia and the Falea project, located in Mali.
GoviEx Uranium is a Canadian based uranium development company focused on its projects located in three different African countries. The company boasts a resource inventory of over 220 million pounds (lbs) of U3O8 in measured, indicated and inferred resources. The company’s asset portfolio consists of the Madaouela project, located in Niger, the Mutanga project, located in Zambia and the Falea project, located in Mali.
Silvercorp Metals Inc. is a diversified precious metals producer, with its main assets situated in China. The company’s asset portfolio contains several active mines which produce, silver, lead, gold and zinc which are implemented towards feeding the Chinese solar panels and windmill equipment manufacturing industry demand. The company also has a significant investment in other companies including New Pacific Metals Corp. which has a portfolio of projects in Bolivia. The company believes its operations in China will not be affected by geopolitical concerns; this is due to the production phases of various international companies being intimately tied to China.
Silvercorp Metals Inc. is a diversified precious metals producer, with its main assets situated in China. The company’s asset portfolio contains several active mines which produce, silver, lead, gold and zinc which are implemented towards feeding the Chinese solar panels and windmill equipment manufacturing industry demand. The company also has a significant investment in other companies including New Pacific Metals Corp. which has a portfolio of projects in Bolivia. The company believes its operations in China will not be affected by geopolitical concerns; this is due to the production phases of various international companies being intimately tied to China.
Westhaven Gold Corp is focused solely on the southwestern region of British Columbia on the Spences Bridge Gold Belt. The company owns a 100%-interest in 4 properties within its 35,000 hectares land package, namely its Prospect Valley, Shovelnose, Skoonka Creek and Skoonka North Gold Properties.
Westhaven Gold Corp is focused solely on the southwestern region of British Columbia on the Spences Bridge Gold Belt. The company owns a 100%-interest in 4 properties within its 35,000 hectares land package, namely its Prospect Valley, Shovelnose, Skoonka Creek and Skoonka North Gold Properties.
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario. The Company released the results of the Feasibility Study on March 3, 2021 and published the NI43-101 Technical Report dated March 25, 2021. The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Gen Mining owns a 100% interest in the Marathon Project.
Gen Mining’s focus is the development of the Marathon Project, a large undeveloped palladium-copper deposit in Northwestern Ontario. The Company released the results of the Feasibility Study on March 3, 2021 and published the NI43-101 Technical Report dated March 25, 2021. The Marathon Property covers a land package of approximately 22,000 hectares, or 220 square kilometres. Gen Mining owns a 100% interest in the Marathon Project.
Chakana Copper Corp. is a Canadian junior minerals exploration company, focused on the advancement of its Soledad project near the town of Aija in the Ancash province of central Peru. The project forms part of the Ticapampa-Aija mining district in the Cordillera Negra, which has a long history of mining. The Soledad project consists of high-grade copper, gold and silver mineralisation hosted in high-grade quartz-tourmaline-sulfide breccia pipes that initiate at surface.
Chakana Copper Corp. is a Canadian junior minerals exploration company, focused on the advancement of its Soledad project near the town of Aija in the Ancash province of central Peru. The project forms part of the Ticapampa-Aija mining district in the Cordillera Negra, which has a long history of mining. The Soledad project consists of high-grade copper, gold and silver mineralisation hosted in high-grade quartz-tourmaline-sulfide breccia pipes that initiate at surface.
Allegiance Coal is a publicly listed (ASX:AHQ) Australian company focused on the development, operation and supply of steel making coal to the seaborne market. With operating mines in southeast Colorado, central Alabama, as well as a development project in northwest British Columbia, Allegiance is well placed to supply steel making coal to both the Pacific and Atlantic markets.
American Lithium Corp. is a developer of advanced lithium projects throughout North and South America and uranium projects in Peru. The Falchani Lithium project as well as the Macusani Uranium project are located in south-eastern Peru and were brought into the company through the acquisition of Plateau Energy Metals Inc. in 2021.
E3 Lithium is a lithium resource and technology company aiming to power the growing electrical revolution. Based in Alberta, E3 Lithium’s combined resources, including the Clearwater project are being developed on the backbone of the mature and sophisticated oil and gas industry that will allow the Company to accelerate its development.
Empire Metals is an AIM-listed exploration and resource development company.
The Company's primary focus has been the Eclipse Gold Project in Western Australia, in which the Company has a 75% interest with the option to acquire 100%.
Since taking an option in the project, Empire has successfully expanded the known mineralisation both at depth and along strike, including in the vicinity of other old workings north-west of the Eclipse shaft. The Company is now assessing the potential for an open pit operation at the old Eclipse shaft, whilst seeking further extensions to the resources.
Precipitate Gold is a Canada-based mineral exploration company. The Company is focused on exploring and advancing its mineral property interests in Newfoundland Canada and the Dominican Republic. The Company’s projects include Ace, Motherlode, Ponton, Pueblo Grande and Juan de Herrera. The Ace Project is located at the northern end of the Exploits Subzone of north-central Newfoundland, Canada. The project mineral claims cover approximately 2,500 hectares. It has an option to acquire a 100% interest in all mineral exploration licenses making up the project, subject to a 1.5% net smelter return (NSR). The Motherlode Project is located in southeastern region of Newfoundland’s Burin Peninsula approximately 3.5 hours by road from Gander and/or St. John’s. The project mineral claims cover approximately 12,350 hectares, south coast Newfoundland. The Ponton Project is located approximately 35 kilometers due east of Barrick's Pueblo Viejo mining operation.
Mawson Gold is a Canada-based exploration and development company listed on the TSX. Its Rajapalot gold-cobalt project is its flagship, which covers approximately 17,989 hectares (ha) of exploration permits located just south of the Arctic Circle in Finnish Lapland. Rajapalot has a 1.04moz AuEq inferred mineral resource, with a Preliminary Economic Assessment (PEA) under way, as well as an active exploration program on its property. Mawson also has an option to acquire up to 85% of the Skelleftea North gold project in Skelleftea, Sweden, 4.5hrs south west of its Rajapalot project, where maiden drilling has commenced. Mawson recently IPO’d and now holds 60% of ASX listed Southern Cross Gold, which owns or controls 47,100 ha of epizonal goldfield tenements in Victoria, Australia, most notably the high grade Sunday Creek discovery. Its subsidiaries include Southern Cross Gold, Mawson Oy and Mawson AB among others.
Sitka Gold Corp. is a Canadian based mining exploration company focused on maximizing shareholder value through the discovery and development of district-scale mineral deposits. The Company currently owns a 100% interest in the Alpha Gold Property, located in Nevada's prolific Carlin-type gold domain, the Mahtin Gold Property which is part of the RC Gold Project, an Intrusion Related gold target in the heart of the Tintina Gold Belt in Yukon, and the Coppermine River Property located in northwestern Nunavut. The Company also has an option to acquire a 100% interest in the RC, Barney Ridge and Clear Creek Properties, which together with the Mahtin Gold Property comprise the RC Gold Project in Yukon, the OGI Silver-Zinc-Gold Property, also located in Yukon, and the Burro Creek Gold Property, a low sulphidation epithermal gold and silver project located in west-central Arizona that contains a historical gold/silver resource estimate and was permitted for production in the late 1980's.
Cabral Gold Inc. is a TSX-V and OTC-listed gold exploration company focused on advancing its flagship Cuiú Cuiú gold project. The Cuiú Cuiú gold project is a 36,000-hectare land package, located in the Tapajos region of Brazil northwest of the TZ project owned by Eldorado Gold Corporation.
Lotus Resources (ASX: LOT, OTCQB: LTSRF) owns an 85% interest in the Kayelekera Uranium Project in Malawi. The Project hosts a current resource of 37.5M lbs U3O8, and historically produced ~11MIb of uranium between 2009 and 2014. The Company completed a positive Restart Study in late 2020 which demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to recommence production in the future. The Company is currently working through a Feasibility Study that will be completed in mid 2022.
IperionX’s mission is to be a leading developer of US-based sustainable critical mineral and critical material supply chains, to facilitate the global transition towards a closed-loop, low-to-zero carbon, resource efficient and socially inclusive green economy.
These three battery metals CEOs discuss the disconnect between commodity prices and how the battery manufacturers view the market and the equities / trading environment for investors. Lots of ideas about what to look for and what to avoid.
Strathmore Plus Uranium Corp., an exploration stage company, engages in the acquisition, exploration, and development of resource properties. The company was formerly known as Strathmore Plus Energy Corp. and changed its name to Strathmore Plus Uranium Corp. in September 2022. Strathmore Plus Uranium Corp. was incorporated in 2007 and is based in Kelowna, Canada.
Giga Metals Corporation is a Canada-based mineral exploration company. The Company is focused on the acquisition and exploration of mineral properties in Canada. The Company is engaged in developing the Turnagain project, a nickel sulphide deposit in north-central British Columbia.
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and has assembled a first-rate team of experts to acquire and advance the best lithium properties in the “Lithium Triangle”. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
First Mining Gold Corp. is a Canadian project developer with its assets located in Ontario and Quebec. The Springpole project of the company, located in Ontario, is one of the largest, undeveloped, open-pit gold deposits in Canada. The projects economics include a 11-year life of mine, post-tax NPV5% of CAD$ 995 million and a post-tax IRR of 29%. The project also hosts existing infrastructure such as a 70-person camp, access to logging roads and power lines within 40 km of the project’s proposed plant location.
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high-quality projects in Mexico. The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects.
Great Bay Renewables, based in Portsmouth, New Hampshire, provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages in their life cycle. Great Bay’s management team has extensive experience in renewable energy development, financing, and operations across a range of renewable technologies located throughout the United States. Great Bay is backed by Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) and funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO).
Marimaca Copper Corp. is a Canadian copper company, focused on the Marimaca copper oxide project located in the Antofagasta region of Chile. The project is an open-pit, low capital and low-risk operation, boasting as the only major copper discovery globally in the last five years. The company, like various other Chilean mining companies, experienced relief as the country voted against a suggested new constitution. The now rejected constitution would have seen the nationalisation of mines in the country amongst other radical changes.
Cobalt Blue Holdings Ltd. is an ASX-listed, cobalt development and technology company focused on advancing its Broken Hill Cobalt project which is located in the western region of New South Wales in Australia. The company aims to become the world's premier producer of ethical cobalt, which is a key component of EV batteries and plays a large role in energy storage systems. The Broken Hill Cobalt project covers an area of approximately 37 km2 and holds 18.3 kilotons (kt) of Cobalt in the measured category, 37.1 kt in the indicated category and 25.6 kt in the inferred category, leading to a total of 81.1 kt of cobalt mineralisation contained within the project.
Kodiak Copper Corp. (TSX.V:KDK, OTCQB:KDKCF) is focused on its 100% owned copper porphyry projects in Canada and the USA. Kodiak Copper is backed by John Robins’ Discovery Group, founded by Chairman Chris Taylor (President and CEO of Great Bear Resources), and led by Claudia Tornquist (former GM at Rio Tinto and former VP Business Development at Sandstorm Gold). The team has shown the ability to raise capital while protecting a tight share structure, and attracting strategic investors such as Teck Resources. The strategy behind Kodiak’s portfolio is to apply Great Bear’s successful approach to the copper space – unlock the value of historically drilled, underexplored assets in prime locations using new interpretation and technology.
Gold79 Mines Ltd. is a junior gold exploration company focused on its three projects in Nevada and Arizona. The three projects of the company are the Gold Chain project located in Mohave County, Arizona, the Jefferson Canyon gold-silver project located in southern Nevada and the Greyhound property located north of the community of Baker Lake.
Global Atomic Corp. is a Canadian and TSX-listed resource company with assets in Turkey and Niger. The company’s portfolio provides access to both high-grade uranium mine development and cash-flowing zinc concentrate production. The company’s flagship project is the Dasa Project, located in the country of Niger.
Palladium One Mining Inc. (TSXV: PDM) is focused on discovering environmentally and socially conscious Metals for Green Transportation. A Canadian mineral exploration and development company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in leading mining jurisdictions. Its flagship project is the Läntinen Koillismaa (LK) Project in north-central Finland, which is ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. LK is a PGE-copper-nickel project that has existing Mineral Resources. PDM's second project is the 2020 Discovery of the Year Award winning Tyko Project, a high-grade sulphide, copper-nickel project located in Canada.
THE Event returns in 2023. Canada’s invitation-only Tier I Conference for Mining Companies, accredited investors, institutions, and funds. Showcasing the best of Canadian mining to a global audience. Featuring a mix of exploration, development, royalty companies and producers representing all commodities. THE Event will also feature keynotes and panels with well-known industry thought leaders.
E79 Resources Corp. is an Australian gold exploration company focused on its Beaufort and Myrtleford properties in the Victorian Goldfields of Australia. The Beaufort property holds the potential to host a hard rock alluvial goldfield along a structure that is known to host gold in the region. The Myrtleford property consists of 70 past-producing gold mines with the potential to host Fosterville-type gold mineralization. The bulk of the property’s historic mining stopped at the water table.
Kingsrose Mining Limited is an Australia-based gold production and exploration company. The Company is focused on the production, exploration, and development of its gold deposit at the Way Linggo Project in South Sumatra, Indonesia. The Way Linggo Project holds approximately 100 square kilometers and is located on the Trans-Sumatran Fault, part of the Pacific Rim of Fire. The Company is primarily producing from its two operating mines in the Project area, the Way Linggo Open Cut Mine, and the Talang Santo Underground Mine. The Talang Santo is located within a cluster of epithermal veining and is situated approximately 17 kilometers from the Way Linggo processing plant.
Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “TML” and on the OTCQX® Best Market under the symbol TSRMF. Treasury Metals Inc.’s 100% owned Goliath Gold Complex in northwestern Ontario has received federal government permission to proceed on final authorizations and permits, following successful completion of the environmental assessment process. Goliath Gold Complex is slated to become one of Canada’s next producing gold mines.
Chakana Copper Corp. is a Canadian junior minerals exploration company, focused on the advancement of its Soledad project near the town of Aija in the Ancash province of central Peru. The project forms part of the Ticapampa-Aija mining district in the Cordillera Negra, which has a long history of mining. The Soledad project consists of high-grade copper, gold and silver mineralisation hosted in high-grade quartz-tourmaline-sulfide breccia pipes that initiate at surface.
Steppe Gold Ltd is a Canada-based company engaged in precious metals and minerals exploration sector. The Company is focused on development of its flagship ATO project, a gold and silver mine. In addition, the Company has approximately 20,000 meter drill program underway at Mungu, northeast of the ATO resource. The Company has also commenced exploration at the Uudam Khundii property.The Uudam Khundii property is comprised of one exploration licence covering around 14,500 hectares. The project area is located 800 km south-west of Ulaanbaatar.
CanAlaska Uranium Ltd. is an exploration company that prides itself on its hybrid model of project generation and active exploration. The Company is focused on the exploration of uranium, copper and nickel deposits in both the Athabasca and Thompson Nickel Belt regions.
Sovereign Metals Ltd. is an Australian exploration and development company focused on the advancement of its high-grade Rutile and Graphite project in Malawi, namely the Kasiya project. The company aims to develop the project into an environmentally and socially sustainable operation with the ability to be a major supplier of critical raw materials.
Marimaca Copper Corp. is a Canadian copper company, focused on the Marimaca copper oxide project located in the Antofagasta region of Chile. The project is an open-pit, low capital and low-risk operation, boasting as the only major copper discovery globally in the last five years. The company, like various other Chilean mining companies, experienced relief as the country voted against a suggested new constitution. The now rejected constitution would have seen the nationalisation of mines in the country amongst other radical changes.
Marimaca Copper Corp. is a Canadian copper company, focused on the Marimaca copper oxide project located in the Antofagasta region of Chile. The project is an open-pit, low capital and low-risk operation, boasting as the only major copper discovery globally in the last five years. The company, like various other Chilean mining companies, experienced relief as the country voted against a suggested new constitution. The now rejected constitution would have seen the nationalisation of mines in the country amongst other radical changes.
Maverix Metals is a precious metals royalty and streaming company with 122 assets stretching throughout the world. The company is listed on both the Toronto and New York Stock Exchanges and expects a record revenue of approximately $55 million in 2021, while further boasting a $700 million market cap.
Maverix Metals is a precious metals royalty and streaming company with 122 assets stretching throughout the world. The company is listed on both the Toronto and New York Stock Exchanges and expects a record revenue of approximately $55 million in 2021, while further boasting a $700 million market cap.
EV Nickel is exploring and advancing the next generation of high grade, Clean Nickel™ projects to deliver the metal needed to power the electric vehicle revolution.
EV Nickel is targeting the lowest possible carbon cost per unit of Nickel and has applied for the trademark Clean Nickel™ across several jurisdictions. Clean Nickel™ will be EVNi questioning all parts of nickel production and making low-carbon production central to the business EVNi intends to develop in the Shaw Dome.
The Shaw Dome is accessible by road and only 25 km southeast of Timmins, Ontario. Langmuir is 7 km by road from the Redstone Mill which has a capacity of 2,000 tonnes/day. After recent land acquisitions, EVNi now has more than 30,000 hectares of the Shaw Dome.
Skeena Resources is a Canadian gold silver mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the Golden Triangle of northwest British Columbia, Canada. The Company released a Feasibility Study for Eskay Creek in September 2022 which highlights an open-pit average grade of 4.00 g/t AuEq, an after-tax NPV5% of C$1.4B, 50% IRR, and a 1-year payback at US$1,700/oz Au and US$19/oz Ag. Skeena is currently continuing exploration drilling at Eskay Creek.
ION Energy Ltd. is a TSX-V-listed lithium exploration and development company focused on the development of its lithium brine assets in Mongolia. The company’s asset portfolio consists of the Baavhai Uul and the Urgakh Naran Lithium Brine Project. The Baavhai Uul Lithium Brine project is one of the largest exploration licences in Mongolia and consists of more than 80,000-hectares of highly prospective Lithium brine deposits. The Urgakh Naran Lithium Brine project is an approximately 20,000-hectare land package, situated in the South Gobi Desert, approximately 150 km from the Baavhai Uul Lithium project.
TUDOR GOLD Corp. is a precious and base metals exploration and development company with properties in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Newcrest Mining Limited’s Brucejack property to the southeast. In April 2021 Tudor published their 43-101 technical report, “Technical Report and Initial Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia Canada” dated March 1, 2021, on the Company’s Sedar profile. The Company also has a 100% interest in the Crown project and a 100% interest in the Eskay North project, all located in the Golden Triangle area.
Renforth Resources Inc. is a Canada-based gold exploration company. The Company’s owns surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada. It holds the Parbec Property in the Malartic gold camp, with gold present at surface and to some depth, located on the Cadillac Break, contiguous to the East Amphi portion of the Canadian Malartic Mine property. It owns the Surimeau property, also contiguous to Canadian Malartic and the southern border of the Malartic West property. Surimeau hosts polymetallic mineralization. It also holds Malartic West property that covers approximately 53 square kilometers (km) and located within the Pontiac Sediments. Its Nixon-Bartleman project is located in the West Timmins Mining Area, in the western part of the Porcupine Mining Camp.
Pensana Plc is a United Kingdom-based rare earth exploration and development company. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom (UK) and Longonjo neodymium and praseodymium (NdPr) Project in Angola. Saltend is an independent, sustainable supplier of the magnet metal oxides to a market which is dominated by China.
Altech Chemicals Limited is an ASX-listed company focused on the supply of battery materials for the lithium battery industry. The company is actively advancing its technologies which will enable the incorporation of silicon into lithium-ion batteries solving both the expansion and first cycle loss challenges faced by traditional lithium-ion batteries. The company aims to solve the challenges through the coating of silicon with a 2 nm thick layer of high purity alumina (HPA) which it will produce at its processing plant in Johor, Malaysia.
Ionic Rare Earths Ltd. is an Australian mineral exploration and development company focused on advancing its flagship Makuutu Rare Earths project towards production. The project consists of approximately five licenses covering approximately 242 km2 and is located 120 km east of the capital city of Kampala in eastern Uganda. The project mineralisation is primarily clay-type Rare Earth Element (REE) mineralization.
Cabral Gold Inc. is a TSX-V and OTC-listed gold exploration company focused on advancing its flagship Cuiú Cuiú gold project. The Cuiú Cuiú gold project is a 36,000-hectare land package, located in the Tapajos region of Brazil northwest of the TZ project owned by Eldorado Gold Corporation.
A lively debate about the Russian Ukraine conflict affect uranium investors thinking. We tackle lots of questions that may affect investors thinking and timing. Geopolitical commentary on the sabotage on the Nordstream 2 and what that does to Europe and US relations, Russia and China relations. How is US political narrative helping uranium juniors n North America. How does Canada benefit and when? Will all juniors get into production? And what could stop them?
Rupert Resources Ltd. is a Canadian based gold exploration and development company primarily focused on its Rupert Lapland project in Northern Finland. The Ikkari gold deposit of the project holds an estimated 4 Moz of gold.
Orford Mining Corp. is a Canadian mineral resource company, focused on the advancement of its base and precious metal assets. The company is primarily focused on underexplored areas within Northern Quebec. The asset portfolio of the company consists of the Qiqavik and West Raglan projects as well as three property positions in the Joutel region of the Abitibi District of northern Quebec. The Qiqavik project of the company is a 39,000-hectare land package that hosts multiple gold discoveries. The West Raglan project of the company holds a land position of 70,700 hectares and hosts nickel, copper and platinum group mineralisation.
World Copper Ltd. is a Vancouver-based junior copper mining company with projects in both Chile and Arizona. The company’s Chilean projects are the Escalones and Cristal projects. The Zonia project of the company lies in central Arizona. The company believes that it understands both the near and long term needs of the copper market and is positioning itself to be able to supply those needs.
Canada Nickel Company Inc. is a Canadian exploration company focused on its flagship asset, the Crawford Nickel Sulphide project, located in the Timmins mining camp, Canada. The project is a bulk tonnage opportunity with mineralisation similar to the Dumont Nickel Deposit.
Puma Exploration Inc. is a Canadian exploration and development company focused on the advancement of its precious metals projects in the Bathurst Mining Camp (BMC) in New Brunswick, Canada.
Sovereign Metals Ltd. is an Australian exploration and development company focused on the advancement of its high-grade Rutile and Graphite project in Malawi, namely the Kasiya project. The company aims to develop the project into an environmentally and socially sustainable operation with the ability to be a major supplier of critical raw materials.
Meridian Mining is focused on becoming the next mid-tier copper-gold developer. Our priority is on the resource development and exploration of our Cabaçal project, an advanced VMS district-scale Cu-Au project located in Mato Grosso, Brazil.
92 Energy Ltd is an ASX-Listed uranium exploration company focused on the exploration of its Athabasca based assets. The assets of the company are its Gemini, Tower, Clover, Powerline and Cypress River uranium projects.
Condor Gold Plc is a UK based exploration company focused on developing and further proving a large commercial reserve on its 100% owned La India Project in Nicaragua which is a 2.3million oz resource. In August 2018 Condor Gold received an Environmental Permit for the development, construction and operation of a processing plant with a capacity of up to 2,800 tonnes per day and associated mine site infrastructure at La India. From day one of production, Condor Gold aims to be a 100,000oz gold producer per annum, ramping up to 150,000oz per annum.
Condor Gold Plc is a UK based exploration company focused on developing and further proving a large commercial reserve on its 100% owned La India Project in Nicaragua which is a 2.3million oz resource. In August 2018 Condor Gold received an Environmental Permit for the development, construction and operation of a processing plant with a capacity of up to 2,800 tonnes per day and associated mine site infrastructure at La India. From day one of production, Condor Gold aims to be a 100,000oz gold producer per annum, ramping up to 150,000oz per annum.
Cypress Development Corp. (TSX.V: CYP) (OTCQX: CYDVF) is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
First Mining Gold Corp. is a project developer with a portfolio of projects in Canada. The company’s flagship project, the Springpole gold project is one of the largest undeveloped open-pit gold deposits in Canada. The project hosts 3.8 million ounces of gold as well as 20.5 million ounces of silver. The pre-feasibility study of the project shows positive economics with an 11-year life of mine, a post-tax NPV5% of CAD$ 995 million and a post-tax internal rate of return (IRR) of 29%.
Raiden Resources Limited (ASX:RDN / DAX:YM4) is a copper-gold exploration company focused on discovering large scale Cu-Au porphyry and high-grade epithermal deposits in the world class Western Tethyan Belt in Eastern Europe, as well as, major gold deposits in the emerging province of Pilbara in Western Australia.
Raiden operates in unique jurisdictions which host the potential for tier-one, world class discoveries and that are located in mining friendly jurisdictions with excellent infrastructure, but have remained relatively underexplored.
In both Europe and in Australia, the Company has set itself up as one of the leading strategic land holders in each district and is geared for exploration success.
Lepidico Ltd is an Australia-based lithium exploration and development company. The Company is a developer of sustainable lithium hydroxide and other critical minerals, and is also engaged in lithium mica processing. Its 100% owned clean-tech L-Max process technology extracts lithium and recovers valuable by-products from less contested lithium-mica and phosphate minerals. Its S-Max technology produces amorphous silica from concentrates sourced from a range of mica minerals, including lithium micas. The LOH-Max process produces high purity lithium hydroxide from lithium sulfate. Its Phase I project development includes Chemical Conversion Plant, Abu Dhabi, and Karibib Project, Namibia. It has secured an approximately 57,000-meter square site for the Phase I chemical plant located within Khalifa Industrial Zone Abu Dhabi (KIZAD). It holds an 80% interest in the Karibib Project, located within the Karibib Pegmatite Belt in central Namibia in southwestern Africa.
Lepidico Ltd is an Australia-based lithium exploration and development company. The Company is a developer of sustainable lithium hydroxide and other critical minerals, and is also engaged in lithium mica processing. Its 100% owned clean-tech L-Max process technology extracts lithium and recovers valuable by-products from less contested lithium-mica and phosphate minerals. Its S-Max technology produces amorphous silica from concentrates sourced from a range of mica minerals, including lithium micas. The LOH-Max process produces high purity lithium hydroxide from lithium sulfate. Its Phase I project development includes Chemical Conversion Plant, Abu Dhabi, and Karibib Project, Namibia. It has secured an approximately 57,000-meter square site for the Phase I chemical plant located within Khalifa Industrial Zone Abu Dhabi (KIZAD). It holds an 80% interest in the Karibib Project, located within the Karibib Pegmatite Belt in central Namibia in southwestern Africa.
Cartier Resources Inc. is a Canada-based exploration company. The Company's activities primarily include the acquisition and exploration of mining properties in Canada. The Company focuses on the Chimo Mine property, which is situated approximately 50 kilometers (km) south east of Val-d’Or. Chimo Mine consists of approximately 12 contiguous claims covering an area of about 334 hectares (ha). Its Benoist property consists of approximately of 73 claims, which is located in Miquelon, Quebec. Its Fenton property consists of approximately 18 contiguous cells, which is located in Chapais, Quebec. Its Wilson property consists of approximately 42 contiguous claims covering a surface area of about 1,660 ha. Its Cadillac Extension property consists of approximately 39 claims. Its Dollier property consists of approximately 40 map staked contiguous cells covering an area of about 2,228 ha. Its MacCormack property consists of approximately 89 claims covering an area of about 3,808 ha.
Cartier Resources Inc. is a Canada-based exploration company. The Company's activities primarily include the acquisition and exploration of mining properties in Canada. The Company focuses on the Chimo Mine property, which is situated approximately 50 kilometers (km) south east of Val-d’Or. Chimo Mine consists of approximately 12 contiguous claims covering an area of about 334 hectares (ha). Its Benoist property consists of approximately of 73 claims, which is located in Miquelon, Quebec. Its Fenton property consists of approximately 18 contiguous cells, which is located in Chapais, Quebec. Its Wilson property consists of approximately 42 contiguous claims covering a surface area of about 1,660 ha. Its Cadillac Extension property consists of approximately 39 claims. Its Dollier property consists of approximately 40 map staked contiguous cells covering an area of about 2,228 ha. Its MacCormack property consists of approximately 89 claims covering an area of about 3,808 ha.
Endeavour Silver Corp. is a mid-tier precious metals mining company listed on the NYSE:EXK and TSX:EDR. Endeavour operates two, underground, silver-gold mines in Mexico. Endeavour is currently advancing their 3rd asset, the Terronera Mine Project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.
Endeavour Silver Corp. is a mid-tier precious metals mining company listed on the NYSE:EXK and TSX:EDR. Endeavour operates two, underground, silver-gold mines in Mexico. Endeavour is currently advancing their 3rd asset, the Terronera Mine Project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer.
ATEX Resources Inc. is a TSX-V-listed copper-gold exploration and development company focused on the development of its Valeriano copper-gold project, located in the Atacama region of Chile. The project consists of a large copper-gold porphyry system which is overlain by near-surface oxidised epithermal gold.
Chesapeake Gold Corp. is a Canadian exploration and development company focused on the advancement of its precious metal deposits in North and Central America. The company’s flagship Metates project is a 100%-owned gold and silver project located 175 km northeast of the city of Mazatlán in Durango state, Mexico.
With approximately 90 million pounds of U3O8 estimated in the Measured and indicated categories and 9 million pounds of U3O8 estimated in the inferred category, enCore is the most diversified in-situ recovery uranium development company in the United States. enCore is focused on becoming the next uranium producer from its licensed and past-producing South Texas Rosita Processing Plant by 2023. The South Dakota-based Dewey Burdock project and the Wyoming Gas Hills project offer mid-term production opportunities, with significant New Mexico uranium resource endowments providing long-term opportunities. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. enCore is committed to engaging and working with local communities and indigenous governments to create positive impact from corporate developments.
Neometals Ltd. is an Australian mineral development company, involved in the recovery of a large array of battery metals including lithium, titanium and vanadium. The company has three core projects, namely its lithium-ion battery recycling process in Germany, its Barrambie titanium and vanadium project in Western Australia and its vanadium recovery project in Scandinavia.
Trillion Energy is an international gas and oil producer. The Company has a simple clear strategy to add value to shareholders by ramping up production in extremely profitable proven non-produced gas reserves on the SASB gas field through existing infrastructure and facilities commencing in 2022.
With current natural gas prices at all-time highs of US$13 (Jan 2022), and with production costs less than $1 + 12.5% royalty for its 17 well programs, Trillion is well poised to capitalize on the energy shortage gripping Europe in 2022.
Palladium One Mining Inc. is an exploration stage critical minerals company with assets in both Finland and North America. The company aims to position itself to be a part of the critical mineral sector and provide the expanding green transportation industry. The Läntinen Koillismaa (LK) project of the company is a platinum group element (PGE), nickel and copper project located in north-central Finland and is 100% owned by Palladium One Mining Inc. The Tyko property of the company is a nickel and copper project located in Northwestern Ontario. The newly acquired Canalask Property is a nickel, copper and PGE project located in the Whitehorse Mining District of the Yukon.
Baselode Energy Corp is a fully-funded Uranium exploration company looking for the next world-class deposit in the Athabasca Basin area of northern Saskatchewan, Canada. The company is focused on discovering near-surface, basement-hosted, high-grade Uranium orebodies outside of the Athabasca Basin. Baselode plans to utilize a combination of innovative technology, well-understood geophysical methods, and thoughtful geological interpretations to map deep structural controls to identify shallow targets for diamond-drilling. By doing so, the company can make a discovery that could go into production at an expedited rate.
G2 Goldfields Inc. is a Canada-based resource exploration company. The Company is focused on the discovery of gold deposits in the Guiana Shield. The Company operates primarily in Guyana, where the Company owns a 100% interest in two past gold-producing mines, as well as a regional portfolio of prospective projects. The Company's projects include Oko Aremu and Puruni. The projects are located at the southern end of the Cuyuni Basin and host high-grade Orogenic Gold mineralization within the Cuyuni Basin Sediments and the underlying Barama volcanics. The Aremu Oko District covers a strike length of approximately 17 kilometers. Its Aremu/Oko and Jubilee/Peters Mine properties consist of approximately 37,068 acres and are in the Cuyuni-Mazarumi region of north-central Guyana in the Guiana Shield.
Arizona Sonoran Copper Company Inc.’s (“ASCU”) principal business objectives are the identification, acquisition, exploration, development and sustainable production of base metal properties in geographic regions known to have low geopolitical risk. The Company's principal asset is a 100% interest in the Cactus Project, which is situated on private land and which the Company acquired from ASARCO Trust in July 2020.
Headquartered in Tempe, Arizona, the Company’s Cactus Mine is located 70 km south of Phoenix International Airport and just outside of the city of Casa Grande. Geologically, the project is situated at the convergence of three major porphyry copper belts and benefits from excellent nearby access to a skilled workforce and local infrastructure (including water, onsite power, highways and rail networks).
Arizona Sonoran Copper Company Inc.’s (“ASCU”) principal business objectives are the identification, acquisition, exploration, development and sustainable production of base metal properties in geographic regions known to have low geopolitical risk. The Company's principal asset is a 100% interest in the Cactus Project, which is situated on private land and which the Company acquired from ASARCO Trust in July 2020.
Headquartered in Tempe, Arizona, the Company’s Cactus Mine is located 70 km south of Phoenix International Airport and just outside of the city of Casa Grande. Geologically, the project is situated at the convergence of three major porphyry copper belts and benefits from excellent nearby access to a skilled workforce and local infrastructure (including water, onsite power, highways and rail networks).
Bonterra Resources Inc. is a Canadian gold exploration company, with a large portfolio of exploration projects in Quebec, Canada. The asset portfolio of the company holds the Barry, Gladiator, Moroy and Bachelor deposits, which hold combined resources of 1.24 million ounces of gold in the measured and indicated category and 1.78 million ounces of gold in the inferred category. Bonterra Resources Inc. also owns the only permitted and operational gold mill in the region, namely the Bachelor Mill.
Bonterra Resources Inc. is a Canadian gold exploration company, with a large portfolio of exploration projects in Quebec, Canada. The asset portfolio of the company holds the Barry, Gladiator, Moroy and Bachelor deposits, which hold combined resources of 1.24 million ounces of gold in the measured and indicated category and 1.78 million ounces of gold in the inferred category. Bonterra Resources Inc. also owns the only permitted and operational gold mill in the region, namely the Bachelor Mill.
Mawson Gold is a Canada-based exploration and development company listed on the TSX. Its Rajapalot gold-cobalt project is its flagship, which covers approximately 17,989 hectares (ha) of exploration permits located just south of the Arctic Circle in Finnish Lapland. Rajapalot has a 1.04moz AuEq inferred mineral resource, with a Preliminary Economic Assessment (PEA) under way, as well as an active exploration program on its property. Mawson also has an option to acquire up to 85% of the Skelleftea North gold project in Skelleftea, Sweden, 4.5hrs south west of its Rajapalot project, where maiden drilling has commenced. Mawson recently IPO’d and now holds 60% of ASX listed Southern Cross Gold, which owns or controls 47,100 ha of epizonal goldfield tenements in Victoria, Australia, most notably the high grade Sunday Creek discovery. Its subsidiaries include Southern Cross Gold, Mawson Oy and Mawson AB among others.
Vizsla Silver Corp. is a Canadian exploration company focused on exploring and acquiring precious and base metal assets. The Panuco silver-gold project of the company is a 6,800-hectare land package located in southern Sinaloa, Mexico, near the city of Mazatlán. The project lies along the same silver trend as the San Dimas mine of First Majestic Silver Corp. Vizsla Silver Corp. currently has 9 drill rigs active at the project, with 6 dedicated to resource expansion and 3 to exploration initiatives.
Westhaven Gold Corp is focused solely on the southwestern region of British Columbia on the Spences Bridge Gold Belt. The company owns a 100%-interest in 4 properties within its 35,000 hectares land package, namely its Prospect Valley, Shovelnose, Skoonka Creek and Skoonka North Gold Properties.
Magna Mining is a Sudbury-focused exploration and development company focused on nickel, copper and platinum group metals (PGMs). The company acquired its cornerstone project, the Shakespeare mine in 2017 through the acquisition of Ursa Major Minerals, who owned the project at that time. Magna Mining has assembled a 180 km2 land package around the mine, which it believes is underexplored and holds potential for further nickel, copper and PGM discoveries.
Apollo Silver Corp. is a junior silver exploration and development company focused on the advancement of its assets in the United States. The Calico silver project of the company, located in San Bernardino County California, boasts of being the third-largest undeveloped silver resource in the United States. The mineral resource estimate of the project consists of 166 million ounces of silver in the inferred category.
O3 Mining Inc. is a gold exploration and development company focused on its assets located in Québec, Canada. The company forms part of the Osisko group of companies resulting in it benefitting from Osiko’s expertise in successful mine development. The company’s flagship properties include the Marban Project and the Alpha Project in the Val-d'Or district of Quebec. The Marban Project is located approximately 15 km west of the town of Val-d'Or and is a 1,023-hectare land package, consisting of approximately 30 mining claims and three mining concessions. The Alpha project of the company is a 7,754-hectare land package which is located 8 east of the town of Val-d'Or in Quebec, and 3 km south of the El Dorado South Lamaque Mine.
Callinex Mines Inc. is a Canadian mineral exploration and development company advancing its portfolio of copper, zinc, gold and silver-rich deposits located in the Flin Flon, Bathurst and Buchans mining districts. The high-grade copper, gold, silver and zinc deposit of the company, the aptly named Rainbow deposit has recently been delineated after its discovery in 2020. The Rainbow deposit forms part of the company’s Pine Bay project which is located near the border of Manitoba and Saskatchewan.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects: flagship Moosehead along the Central Newfoundland Gold Belt. The Company is also active on its district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland.
Marimaca Copper Corp. is a Canadian copper company, focused on the Marimaca copper oxide project in the Antofagasta region of Chile. The project is an open-pit, low capital and low-risk operation., that boasts as the only major copper discovery globally in the last five years.
Elixir Energy Ltd. is an Australian gas exploration and development company focused on the exploration of natural gas in the form of coal-bed methane (CBM) in Mongolia. The asset portfolio of the company consists of its 100% owned Nomgon IX Coal Bed Methane (CBM) Production Sharing Contract (PSC) project, located in the South Gobi region of Mongolia and the Gobi H2 green hydrogen production project, located in the Gobi Desert.
Deep Yellow Ltd. is an advanced exploration and development uranium company focused on becoming a global uranium player. The company has been focused on organic and inorganic growth since Johan Borshoff joined the team.
Standard Uranium Ltd. is a Canada-based mineral resource exploration company, which is focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin in Saskatchewan, Canada. The Company's projects include Davidson River, Sun Dog, Atlantic, Canary, and Ascent. The Davidson River Project is located in the southwest Athabasca uranium district of the Athabasca Basin, Saskatchewan. The project consists of 21 mineral dispositions totaling 25,886 hectares. The 17,309-hectare Sun Dog Project comprises of six contiguous mineral claims located near Uranium City at the south end of the prolific Beaverlodge uranium district. The Atlantic Project consists of six mineral claims totaling approximately 2,176 hectares. The Canary project comprises two mineral dispositions totaling approximately 7,303 hectares. The Ascent project consists of a single mineral disposition totaling approximately 3,737 hectares.
Moneta Gold is a mineral resource company focused on the exploration and development of gold projects in the prolific Timmins Camp of Ontario, Canada.
Moneta Gold trades on the main board of the Toronto Stock Exchange under the symbol ME, on the United States OTCQX market under the symbol MEAUF, and the Berlin Stock Exchange, the Xetra, and Frankfurt Stock Exchange under the symbol MOP.
The Company’s flagship project, the Tower Gold Project, is located 100 km east of Timmins and hosts a total indicated resource of 4.46 Moz contained gold and a total inferred resource of 8.29 Moz contained gold. The project includes a total of 4.34 Moz of open pit indicated resources contained within 149.8 Mt @ 0.90 g/t Au and 6.65 Moz ounces of open pit inferred resources contained within 223.9 Mt @ 0.92 g/t Au, at a cut-off grade of 0.30 g/t Au. The project also includes 122,000 ounces of indicated underground resources contained within 0.8 Mt @ 4.75 g/t Au and 1.64 Moz ounces of inferred underground resources within 11.7 Mt @ 4.35 g/t Au, at a 2.60 g/t Au cut-off grade.
Global Atomic Corp. is a Canadian and TSX-listed resource company with assets in Turkey and Niger. The company’s portfolio provides access to both high-grade uranium mine development and cash flowing zinc concentrate production. The company’s flagship project is the Dasa Project, located in the country of Niger.
Energy Fuels is the leading U.S. producer of uranium – the fuel for carbon- and emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the world work to provide plentiful and affordable energy, while combating climate change and air pollution.
Energy Fuels is also a major U.S. producer of vanadium and an emerging player in the commercial rare earth business where its work is helping to reestablish a fully integrated U.S. supply chain.
With a truly unique portfolio, Energy Fuels has more production capacity, licensed mines and processing facilities, and in-ground uranium resources than any other U.S. producer. It boasts diverse cashflow-generating opportunities, including vanadium production, uranium recycling and rare earth processing.
CanAlaska Uranium Ltd. is an exploration company that prides itself on its hybrid model of project generation and active exploration. The Company is focused on the exploration of uranium, copper and nickel deposits in both the Athabasca and Thompson Nickel Belt regions.
American Lithium Corp. is a developer of advanced lithium projects throughout North and South America. The company’s flagship project, the TLC lithium project is located in Nevada. The Falchani Lithium project as well as the Macusani Uranium project are located in south-eastern Peru and were brought into the company due to its acquisition of Plateau Energy Metals in 2021.
Metal Energy is a well-funded battery metal exploration company. Focused on exploring for world-class Nickel, Copper, and PGE deposit on its Manibridge Mine and Strange projects, in the politically stable jurisdictions of Manitoba and Ontario, Canada.
The Manibridge Mine, a past-producing Falconbridge mine in the Thompson Nickel Belt, one of the richest nickel districts in the world. The Strange Project is a mid-continental rift, identified by ex Inco geologists located in Thunder Bay, Ontario.
Nickel, copper along with PGE metals will be the driving force behind global infrastructure and reducing the world’s carbon footprint.
Inventa was founded in 2017 with the goal to discover emerging opportunities in the natural resource sector. Today, Inventa has grown into one of the premier mining groups with a first-rate portfolio of companies and a world class team. In 2020, Inventa raised over $100mn for its group of companies.
Inventa provides its companies access to corporate services, corporate development opportunities, financing support in the market and marketing initiatives which include; contact management, internal media creation, and finance marketing.
Osino is a Canadian gold exploration and development company, focused on exploring and developing our exciting Twin Hills gold discovery in Namibia. Twin Hills is a sediment-hosted, structurally controlled, open-pit gold project located within Namibia’s prospective Damara mineral belt, in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines.
Sovereign Metals Limited is an Australia-based company that is focused on the exploration and development of its Kasiya rutile project (Kasiya) in Malawi. The Company’s projects include the Rutile project, Malingunde Graphite project, and Malawi & Infrastructure. Kasiya is a strategic natural rutile deposit, which has mineral resource estimate (MRE) of 605 metric tons (Mt) at 0.98% rutile, including a high-grade component of 137Mt at 1.41% rutile. The area covered by the Kasiya MRE is approximately 49 square kilometers. Its Malingunde Graphite project is located at Malingunde, approximately 15 kilometers from Lilongwe, Malawi’s capital city. Malawi & Infrastructure project is a rutile province located in Malawi, a stable, transparent jurisdiction with existing infrastructure, including grid power, road network, and established labor pool.
Erdene Resource Development Corporation is a Canada-based resource company, which is focused on the acquisition, exploration, and development of precious and base metals in Mongolia. The Company's projects include Bayan Khundii, Altan Nar, Dark Horse, Zuun Mod, and Khuvyn Khar. The Bayan Khundii gold deposit is located in southwestern Mongolia, within the Khundii Gold District, approximately 16 kilometers (km) south of the Altan Nar deposit. The Altan Nar is an intermediate sulfidation, carbonate-base metal gold deposit, which is located 16 km north of the Bayan Khundii gold deposit. The Dark Horse gold prospect is situated on the Bayan Khundii license three km north of the Bayan Khundii project. The Zuun Mod Molybdenum-Copper Project is a porphyry molybdenum-copper deposit located in southwest Mongolia on its Khuvyn Khar license. The Khuvyn Khar copper-silver project is located on Khuvyn Khar license, approximately 2.2 km north of the Zuun Mod molybdenum-copper porphyry deposit.
First Mining Gold Corp. is a project developer with a portfolio of projects in Canada. The company’s flagship project, the Springpole gold project is one of the largest undeveloped open-pit gold deposits in Canada. The project hosts 3.8 million ounces of gold as well as 20.5 million ounces of silver. The pre-feasibility study of the project shows positive economics with an 11-year life of mine, a post-tax NPV5% of CAD$ 995 million and a post-tax internal rate of return (IRR) of 29%.
EV Nickel is exploring and advancing the next generation of high grade, Clean Nickel™ projects to deliver the metal needed to power the electric vehicle revolution.
EV Nickel is targeting the lowest possible carbon cost per unit of Nickel and has applied for the trademark Clean Nickel™ across several jurisdictions. Clean Nickel™ will be EVNi questioning all parts of nickel production and making low-carbon production central to the business EVNi intends to develop in the Shaw Dome.
The Shaw Dome is accessible by road and only 25 km southeast of Timmins, Ontario. Langmuir is 7 km by road from the Redstone Mill which has a capacity of 2,000 tonnes/day. After recent land acquisitions, EVNi now has more than 30,000 hectares of the Shaw Dome.
Renforth Resources Inc. is a Canada-based gold exploration company. The Company’s owns surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada. It holds the Parbec Property in the Malartic gold camp, with gold present at surface and to some depth, located on the Cadillac Break, contiguous to the East Amphi portion of the Canadian Malartic Mine property. It owns the Surimeau property, also contiguous to Canadian Malartic and the southern border of the Malartic West property. Surimeau hosts polymetallic mineralization. It also holds Malartic West property that covers approximately 53 square kilometers (km) and located within the Pontiac Sediments. Its Nixon-Bartleman project is located in the West Timmins Mining Area, in the western part of the Porcupine Mining Camp.
Aurion Resources Ltd. (Aurion), is a Canadian exploration company listed on the TSX Venture Exchange (TSX-V:AU). Aurion’s strategy is to generate or acquire early stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements. Aurion’s current focus is exploring on its Flagship Risti and Launi projects, as well as advancing joint venture arrangements with B2 Gold Corp. and Kinross Gold Corporation in Finland.
Western Copper and Gold Corporation is developing the Casino project into Canada’s Premier Copper-Gold Mine.
Western Copper and Gold Corporation is a public company that trades under the symbol “WRN” on the Toronto Stock Exchange (TSX: WRN) as well as under the symbol “WRN” on the New York Stock Exchange American (NYSE American: WRN).
Battery Mineral Resources Corp. is an emerging battery minerals producer focused on the advancement of its various battery mineral projects throughout the world. The company’s asset portfolio consists of projects in Chile, Canada, the United States and South Korea. The company follows a four-pronged plan to add shareholder value, which consists of the restart of production at its Chilean Punitaqui Mining Complex, the aggressive exploration of its assets in Ontario, the exploration of its drill-ready cobalt property in Idaho and the longer-term development of its projects in the USA and South Korea.
Thor Explorations Ltd is a West African focussed gold producer listed on both the TSX Venture Exchange (TSX-V:THX) and AIM Market of the London Stock Exchange (AIM:THX).
In Q4 2021, the Company completed the construction of its 100% owned Segilola Gold Project, located in south-west Nigeria where it is currently producing gold at a projected rate of 100,000 ounces per year for an initial five years.
Jubilee Metals Group is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. Our distinguishing value proposition is our net positive impact on all stakeholders and the environment. We create value for all stakeholders through the transformation of mining liabilities into profitable assets in a manner that addresses mining’s historical footprint and improves the quality of life of doorstep communities.
Conico Limited is an Australia-based mineral exploration company. The Company's projects include Ryberg, Mestersvig, Sortekap and Mount Thirsty. The Ryberg Project located within the North Atlantic Igneous Province is a multi-element project spanning an area of approximately 4,521 square kilometers (km2) on the east coast of Greenland and 350 kilometers (km) north-west of Iceland. Ryberg is an under-explored mineral province with a significant amount of magmatism that has intruded the sulphur-rich sediments of the Kangerlussuaq Basin. Mestersvig Project is located on the east coast of Greenland, approximately 620 km North West of Iceland. The license covers an area of 1,447 km2. The Sortekap Project is located on the east coast of Greenland, within the Ryberg Project license package. Mineralization in this area is classified at orogenic style in quartz vein hosted. The Mount Thirsty Project is located 16 km northwest of Norseman in Western Australia is a 50/50 joint venture project.
Marimaca Copper Corp. is a Canadian copper company, focused on the Marimaca copper oxide project in the Antofagasta region of Chile. The project is an open-pit, low capital and low-risk operation., that boasts as the only major copper discovery globally in the last five years.
ACME Lithium Inc. is a Canadian mineral company focused on building partnerships with leading technology and commodity companies, for the acquisition, exploration and development of battery metal projects.
Cartier Resources Inc. is a Canada-based exploration company. The Company's activities primarily include the acquisition and exploration of mining properties in Canada. The Company focuses on the Chimo Mine property, which is situated approximately 50 kilometers (km) south east of Val-d’Or. Chimo Mine consists of approximately 12 contiguous claims covering an area of about 334 hectares (ha). Its Benoist property consists of approximately of 73 claims, which is located in Miquelon, Quebec. Its Fenton property consists of approximately 18 contiguous cells, which is located in Chapais, Quebec. Its Wilson property consists of approximately 42 contiguous claims covering a surface area of about 1,660 ha. Its Cadillac Extension property consists of approximately 39 claims. Its Dollier property consists of approximately 40 map staked contiguous cells covering an area of about 2,228 ha. Its MacCormack property consists of approximately 89 claims covering an area of about 3,808 ha.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and a cash balance of C$9.1 million as of March 31, 2022. All figures presented here are in metric units and in $US unless stated otherwise.
ATEX Resources Inc. is a TSX-V-listed copper-gold exploration and development company focused on the development of its Valeriano copper-gold project, located in the Atacama region of Chile. The project consists of a large copper-gold porphyry system which is overlain by near-surface oxidised epithermal gold.
Evolution Energy Minerals Limited (ASX:EV1) is focused on sustainable graphite products for the global green economy.
Evolution's principal asset is the Chilalo Project located in south-east Tanzania. The Chilalo Project is an advanced, development-ready project that the Company believes will become a premier source of world-class flake graphite products.
Purepoint Uranium Group Inc. is a uranium exploration company focused on the precision exploration of its projects in the Canadian Athabasca Basin (the “Basin”), the world’s richest uranium region.
Driven by an aggressive, systematic approach of identifying key projects with solid indicators and historic significance in the Basin, our objective is to enhance stakeholder value through the advancement of properties with well-defined targets of strong, high-grade uranium potential.
Calidus Resources Limited is an Australia-based gold exploration and development company. The Company is focused on the Warrawoona Gold Project, located in the East Pilbara district of the Pilbara Goldfield in Western Australia. The Warrawoona Gold Project lies approximately 150 kilometers (km) south east of Port Hedland and approximately 25 km south east of the town of Marble Bar, which covers an area of approximately 780 square kilometers. It also holds interest on Blue Spec Project, located approximately 20 km south east of Nullagine and approximately 70 km from Warrawoona Gold Project.
Exploits Discovery Corp. “Exploits” is a Canadian exploration company with one of the largest and most strategic land packages in Newfoundland, Canada where we are in active pursuit of world-class gold discoveries. Exploits holds 100% interest in seven known exceptional gold projects with geological, geochemical and structural settings comparable to New Found Gold’s Queensway discovery (DDH 19m at 92.86 g/t Au); and controls one of the largest land package in Newfoundland with over 200km of interpreted deep regional fault structures which include the Appleton Fault, Dog Bay Line, GRUB Line and the Mt Peyton Linear.
Newcore Gold offers investors a unique combination of top-tier leadership and prime exploration opportunities in one of the world’s most attractive gold jurisdictions.
The vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders. The Newcore team, which includes some of the industry’s most successful entrepreneurs, is focused on advancing its 100%-owned Enchi Gold Project in Ghana. Enchi, with over a million ounces of inferred resources lies along one of West Africa’s most prolific and developed gold trends.
Cobalt Blue Holdings Ltd. is an ASX-listed, cobalt development and technology company focused on advancing its Broken Hill Cobalt project in Australia. The company aims to become the world's premier producer of ethical cobalt. Cobalt is a key component of EV batteries and plays a large role in energy storage systems.
Superior Gold Inc. is a Canada-based company, which is engaged in the acquisition, exploration, development and operation of gold resource properties. The Company's principal asset is the Plutonic Gold operations, located in Western Australia. The Plutonic Gold operations include the Plutonic Gold mine, which is a producing underground operation with a central mill, open pit projects, including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture (JV). The Company holds interests in approximately 64,374 hectares of prospective land in the in the Yilgarn goldfields of Western Australia. The Plutonic Gold mine is located in the Archaean Plutonic Marymia Greenstone Belt 800 kilometers (Km) northeast of Perth. Its Hermes open pit project is located approximately 65 Km southwest of the Plutonic Gold mine. The Bryah Basin JV are located approximately 85 km southwest of the Plutonic Gold mine processing facility.
Schwazze is a leading vertically integrated cannabis company that is involved in all aspects of the Cannabis cycle, including growth and retail operations. The company is headquartered in Denver Colorado and has operations in Colorado as well as New Mexico. The company has 33 dispensaries, with a 115,000 ft2 indoor cultivation area and 25 acres of outdoor cultivation area. The company is ranked as the number one Cannabis manufacturing company in both Colorado and New Mexico.
Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world’s 4 operating primary vanadium processing facilities.
Bushveld Minerals owns a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors. Bushveld Minerals participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium; and Bushveld Energy, a leading energy storage solutions provider. Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries.
Golden Minerals Company is a Colorado-based precious metals junior gold-silver producer with a pipeline of exploration projects that offers investors leverage to silver and gold prices.
Golden Minerals Company aims to become a premier mid-tier precious metals mining company, with efforts focused on properties in Mexico, Argentina and Nevada (USA). The company owns or controls a portfolio of precious metals projects -- including the Velardeña Properties and Rodeo gold open pit mine in Durango State, Mexico; El Quevar, an advanced exploration silver project with district potential located in the Salta province of Argentina; the Yoquivo gold-silver district-scale project in Chihuahua, Mexico; the Sand Canyon gold-silver project in northwestern Nevada; and additional projects located within the traditional silver-producing areas of Mexico.
Atalaya Mining is a fast-growing AIM and TSX-listed mining and development company which produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain, and is currently undertaking further expansion. The Company has a phased, earn-in agreement to acquire up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain which is at the permitting stage.
Atalaya strives to become a leading multi-asset copper producer in Europe, maximising the potential value of its current low-cost, low-risk assets and further exploring new opportunities.
Empire Metals is an AIM-listed exploration and resource development company.
The Company's primary focus has been the Eclipse Gold Project in Western Australia, in which the Company has a 75% interest with the option to acquire 100%.
Since taking an option in the project, Empire has successfully expanded the known mineralisation both at depth and along strike, including in the vicinity of other old workings north-west of the Eclipse shaft. The Company is now assessing the potential for an open pit operation at the old Eclipse shaft, whilst seeking further extensions to the resources.
Bunker Hill Mining Corp is engaged in the business of mineral exploration, development and mining activities. The Company’s Bunker Hill mine is located in the cities of Kellogg and Wardner of Shoshone County, Idaho, within the prolific Coeur d’Alene silver district in Idaho, alongside operating mine.
EMX Royalty Corporation is a Canada-based precious, base and battery metals royalty company. The Company operates as a royalty and prospect generator engaged in the exploring for, and generating royalties from, metals and minerals properties. The Company's royalty and exploration portfolio consists of properties in North America, Turkey, Europe, Australia, New Zealand, and South America. It has a diversified portfolio of precious metals, base metals, and other royalty interests. Its royalties include: Leeville, Rawhide, NP Placers, Afgan, Maggie Creek, Antelope, Cathedral Well, Swift, Copper King, Goodpaster, Lucky 7, Jackson Manion, Kwai, Bruce Lake and Ophir, among others in the United States; Brestovac, Viscaria, Jasikovo, Gumsberg, Southern Gold Line, Trollberget, Bamble and Tomtebo, among others in Europe; Akarca, Balya, Sisorta, Alankoy and Trab-23 in Turkey, as well as Grand Bois and Koonenberry, among others in Asia Minor, Central and South America and Australia.
CanAlaska Uranium (TSXV:CVV, OTCQX: CVVUF) is a Canadian exploration company developing a portfolio of high-grade uranium and nickel projects located across the country. The company follows a project generator model, with properties in both the Athabasca and the Thompson Nickel Belt region.
Giga Metals Corporation is a Canada-based mineral exploration company. The Company is focused on the acquisition and exploration of mineral properties in Canada. The Company is engaged in developing the Turnagain project, a nickel sulphide deposit in north-central British Columbia.
Lotus Resources (ASX: LOT, OTCQB: LTSRF) owns an 85% interest in the Kayelekera Uranium Project in Malawi. The Project hosts a current resource of 37.5M lbs U3O8, and historically produced ~11MIb of uranium between 2009 and 2014. The Company completed a positive Restart Study in late 2020 which demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to recommence production in the future. The Company is currently working through a Feasibility Study that will be completed in mid 2022.
Karora Resources Inc. is a Canada-based multi-asset mineral resource company. The Company’s portfolio includes the Beta Hunt Mine (Beta Hunt), Higginsville Gold Operations (HGO) and Spargos Reward Gold Project (Spargos). It owns 100% of Beta Hunt, a gold-producing mine located approximately 600 kilometers from Perth in Kambalda, Western Australia. It owns and operates HGO, which is located approximately 75 kilometers south of the Beta Hunt Mine in Higginsville, Western Australia. HGO has a mineral gold resource and reserve and prospective land package totaling approximately 1,900 square kilometers. The operation includes a 1.6 million tons per annum (Mtpa) processing plant. The Company has 100% interest in Spargos, which is owned by HGO, all of which are located in Western Australia. The Company also includes the Lakewood Mill gold processing facility located near Kalgoorlie, Western Australia, approximately 60 kilometers from the Beta Hunt Mine.
Elemental Royalties Corp. is pleased to announce the completion of the previously announced share-for-share merger of equals with Altus Strategies plc to create a global gold royalty champion.
The Merger has created a diversified and scalable royalty company well positioned to acquire further high-quality, producing royalty and streaming assets and to serve as a platform for further consolidation in the royalty sector.
Outcrop Silver & Gold Corp. is a Canadian company actively exploring for precious metals in Colombia and looking to expand into other high opportunity jurisdictions. Outcrop is rapidly advancing exploration on five silver and gold exploration projects with world-class discovery potential in Colombia. Outcrop is currently drilling the Santa Ana historic high-grade silver district. These assets are being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia. 2021 work programs are fully financed with a broad range of institutional shareholders.
Peninsula Energy Limited is an Australia-based company that owns the Lance Uranium project in Wyoming, United States of America. The Company’s projects include Lance project and Karoo project. The Lance project is United States-based uranium project authorized to use the industry low pH in-situ recovery process. Lance holds a defined JORC (2012) Compliant uranium mineral resource of approximately 53.6 million pounds U3O8. The Karoo project is focused on the rehabilitation of exploration and historical trial mining activities.
South Harz Potash Limited (formerly Davenport Resources Ltd.) was founded in 2015 in Australia and specializes in the development of potash mining projects. The executive managers and members of the board have decades of experience in potash exploration and mining around the world.
Energy Fuels is the leading U.S. producer of uranium – the fuel for carbon- and emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the world work to provide plentiful and affordable energy, while combating climate change and air pollution.
Energy Fuels is also a major U.S. producer of vanadium and an emerging player in the commercial rare earth business where its work is helping to reestablish a fully integrated U.S. supply chain.
With a truly unique portfolio, Energy Fuels has more production capacity, licensed mines and processing facilities, and in-ground uranium resources than any other U.S. producer. It boasts diverse cashflow-generating opportunities, including vanadium production, uranium recycling and rare earth processing.
The answer depends on what type of investor you are: Short-term v Long-term. It will also depend on the stage of the company: exploration, development, or production. We are joined by 3 seasoned CEOs who help us understand the changing dynamics of the economy and metals pricing to determine how we as investors can select better investments for our portfolio. We discuss management structure, skillset, and planning. Jurisdiction has always been important but with demands on CSR, ESG, permitting, and licensing increasing costs and cost of capital, just how much strain with it put on some balance sheets, especially explorers and developers? Yes, we look at conventional data analysis and ratios, but new factors and thematics are starting to affect the way we value mining companies as they try to climb the value curve. But what are they? And once you know, can you win big or should you lower your expectations?
American Lithium Corporation is a developer of advanced lithium projects throughout North and South America. The company’s flagship project, the TLC lithium project is located in Nevada, with its Falchani Lithium Project as well as its Macusani Uranium Project located in south-eastern Peru. The company acquired Plateau Energy Metals in 2021, with the acquisition including both the Falchani Lithium Project and Macusani Uranium Project.
Vizsla Silver Corp. is a Canadian exploration company focused on exploring and acquiring precious and base metal assets. The company boasts as being Mexico’s most aggressive exploration company, with 13 exploration drill rigs active on its district-scale Panuco silver-gold project located in Sinaloa, Mexico.
Victoria Gold Corp is a Canadian-listed gold production company, focused on its gold producing asset, the Eagle Gold Mine. The Eagle gold mine is located in the company’s Dublin Gulch property in Central Yukon. The mine is an open-pit, heap-leach operation, with the company ramping up its production to 200,000 ounces of gold a year.
IperionX’s mission is to be a leading developer of US-based sustainable critical mineral and critical material supply chains, to facilitate the global transition towards a closed-loop, low-to-zero carbon, resource efficient and socially inclusive green economy.
Endeavour Mining plc is a United Kingdom-based gold producer company. The Company is operating assets across Senegal, Cote d'Ivoire and Burkina Faso. The Company's portfolio of development projects and exploration assets is in the Birimian Greenstone Belt across West Africa.
Located within the world class Siguiri Basin, host to several operating mines, Sanu is exploring three high quality gold exploration permits in Guinea targeting multi-million ounce gold discoveries. The company has defined kilometer scale gold bearing structures on each of the permits with multiple high-value drill targets. Sanu is operated by a highly experienced team with successful records of discovery, resource development and mine permitting.
ValOre Metals Corp. is a Canadian exploration company focused on the advancement of its projects in Brazil and northern Canada. The company has a market cap of approximately CAD$ 75 million.
Adyton Resources is focused on the development of gold and copper resources in world-class mineral jurisdictions. Adyton has existing Resources of over 2.1 million ounces of gold with geological settings that are open, scalable, and also offers significant potential for copper discovery. Adyton’s Feni Island Gold Project in Papua New Guinea is located along a mineral belt containing Simberi, Lihir and Panguna (Bougainville) mines.
Palladium One Mining Inc. is an exploration stage critical minerals company with assets in both Finland and North America. The company aims to position itself to be a part of the critical mineral sector and provide the expanding green transportation industry. The Läntinen Koillismaa (LK) project of the company is a platinum group element (PGE), nickel and copper project located in north-central Finland and is 100% owned by Palladium One Mining Inc. The Tyko property of the company is a nickel and copper project located in Northwestern Ontario. The newly acquired Canalask Property is a nickel, copper and PGE project located in the Whitehorse Mining District of the Yukon.
Voyager Metals Inc. is a Canadian company publicly listed on the TSX.V Toronto. The company is managed by a team of mining professionals with extensive experience developing, operating, and financing mining projects.
Mont Sorcier Iron Ore and Vanadium project, just a short drive from the town of Chibougamau, Quebec. The company most recently published an NI 43 101 complaint Mineral Resource Update in May of 2021.
ASX investors, like all investors, are nervous about the markets. But are CEOs? And how are they changing their plans and behavior? We talk to 2 CEOs who assure their shareholders that they need to look to the long term and not get distracted by the short-term sentiment driven retrenchment in the equities market. You don’t have to be an institution to invest like an institution. They also discuss how to value companies in today’s market. Do some commodities react differently during a downturn? Battery Metals and Lithium are walking into a strong thematic where the industrial players are investing hundreds of billions of dollars. How do companies insert themselves into that ecosystem? And history suggests that gold should be an investment of safe haven, but the market seems to have changed. What do these CEOs think is happening?
Cycles come and go, but when a supercycle arrives, it arrives quickly. So you need know when and where to put your money. These 2 CEOs discuss the economy, the markets, past and present, and how to view investment opportunities. For investors new to investing in mining, you'll pick up quite a few insights and actionable advice.
Baroyeca Gold and Silver Inc. is a Canadian mineral exploration company, focused on its high-grade silver and gold projects located in Colombia. The company’s flagship property is the Atocha Silver-Gold project located in the Tolima Department, Colombia.
Avalon Advanced Materials Inc. is a Canada-based mineral development company. The Company is principally engaged in the acquisition, exploration, evaluation and development of specialty metal and mineral properties, located principally in Canada. Its projects include Separation Rapids Lithium Project, East Kemptville Tin-Indium Project, Warren Township Anorthosite Project, Lilypad Cesium-Tantalum Property and Nechalacho Rare Earth Elements Project. It also approximately 2.0% net smelter returns (NSR) interest in certain claims of the East Cedartree Gold Property located near Kenora, Ontario. Its Separation Rapids Lithium Project is located approximately 70 kilometers (km) by road north of Kenora, Ontario. The property consists of over 17 mineral claims and one mining lease covering a combined area of approximately 3,910 hectares in the Paterson Lake Area, Kenora Mining Division. Its Kemptville Tin-Indium Project is located approximately 45 km northeast of Yarmouth, Nova Scotia, Canada.
Matador Mining Limited operates as a mineral exploration company. The Company identifies, develops, acquires, and explores gold, copper, lithium, tantalum, and tungsten properties. Matador Mining serves customers in Western Australia.
Ioneer is developing the Rhyolite Ridge lithium and boron project in Nevada in the US. This project is the most advanced greenfield lithium development in the US looking to be in production late 2024/25.
The diverse team at Ioneer brings experts from the mining, finance and energy industries who contribute their talents towards a future where the environment and people are thriving. Lithium and boron are used in a diverse range of everyday items and innovative technologies. Demand is increasing as people enjoy the benefits of modern technologies and cleaner, more efficient sources of energy are developed.
Callinex Mines Inc. is a Canadian mineral exploration and development company advancing its portfolio of copper, zinc, gold and silver-rich deposits located in the Flin Flon, Bathurst and Buchans mining districts. The high-grade copper, gold, silver and zinc deposit of the company, the aptly named Rainbow deposit has recently been delineated after its discovery in 2020. The Rainbow deposit forms part of the company’s Pine Bay project which is located near the border of Manitoba and Saskatchewan.
Apollo Silver Corp. is a silver exploration and development company focused on its assets in the United States. The Calico silver project of the company is the third-largest undeveloped silver resource in the United States and is located in San Bernardino County, California. The Arizona Silver District Project of the company is a district-scale mineralisation system with a land package of over 2,000 acres.
What’s happening in the silver market and how are silver investors reacting? We have a lively session with the CEO of three silver mining junior companies on the TSX-V. We discuss silver price and market volatility, the green economy, and the utility of silver over and above a store of wealth. Two of them have assets in Mexico and the other has a resource of +166Moz. So what is the opportunity between reality and perception after this conversation?
Relentless, fanatical, and urgent actions are required to survive markets like this. This is as true for investors as it is for the companies that they are invested in. Be relentless and fanatical in your research, diligence, and holding the management team accountable. We are joined by three junior market CEOs at different phases of their evolution, who discuss how to evaluate jurisdictional risk, greenwashing, raising capital, and astute allocation of that money in a tight market and how newsflow and why staying in control of your workflow is important.
K92 Mining Inc. is Canadian TSX-listed gold, silver and copper producer focused on its Kainantu Gold Mine located in the Eastern Highlands province of Papua New Guinea. The Kainantu Gold Mine is an underground mine with a land package of 860 km2. The mine hosts the high-grade Irumafima and Kora deposits and is one of the highest-grade mining operations in the world. The company is currently underway with various expansion initiatives aimed at increasing the annual gold production from 100,000 ounces to 350,000 ounces.
ACME Lithium is a mineral exploration company focused on acquiring, exploring and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire 100% interest in 266 lithium and lode mining claims totaling approximately 5,361 acres in Esmeralda County, Nevada, which are prospective for lithium contained in tertiary claystones.
ACME also owns 100% interest in 27 mineral claims totaling 11,803 acres in the pegmatite fields of the Bird River Greenstone Belt in southeastern Manitoba, Canada. Backed by an experienced management team who have successfully built and financed resource companies around the world, and with 4 projects located across North America, the building blocks of the future are our focus today.
Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada. LUR has acquired the Moran Lake, Mustang Lake Joint Venture, and CMB Projects covering over 139,000 ha in the prolific Central Mineral Belt (CMB) in central Labrador and the Notakwanon Project in northern Labrador. The Moran Lake Project, which hosts historical uranium mineral resources, and both Mustang Lake and the CMB Projects, located adjacent to Paladin Energy’s Michelin uranium deposit, have had substantial past exploration work completed with numerous occurrences of uranium, copper and IOCG style mineralization. These three projects are expected to be the focus of a concentrated exploration program in 2022.
G Mining Ventures was established in 2020 to acquire direct ownership of projects and capitalize on the value upliftment that successful mine development offers.
The company is focused on developing its Tocantinzinho gold project into the third-largest gold producer in Brazil. The Tocantinzinho gold project is a fully permitted, open-pit gold deposit that hosts 2 million ounces of gold and is open at depth. The Tocantinzinho gold project was acquired by G Mining Ventures in late 2021 from Eldorado Gold Corp., which invested over USD$ 90 million into the project.
Invictus Energy Ltd is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ). The Company is headquartered in Perth, Australia and has offices in Harare, Zimbabwe.
Invictus is opening one of the last untested large frontier rift basins in onshore Africa – the Cabora Bassa Basin – in northern Zimbabwe through a high impact exploration program.
The Company’s principal asset is SG 4571 located in the Cabora Bassa Basin in Zimbabwe which contains the world class Mzarabani prospect – the largest undrilled prospect onshore Africa independently estimated to contain 8.2 Tcf and 247 million barrels of conventional gas condensate (gross mean unrisked basis).
Astra Exploration offers their shareholders leverage to the price of precious metals through exceptional discovery potential
Their exploration jurisdiction, the Paleocene Mineral Province of Northern Chile, lies within one of the most mineral-rich regions of the world. It has significant potential to host additional precious metals deposits like Yamana’s world-class El Peñón mine, which has a known total endowment of over 7M oz of gold and 207M oz of silver.
EV Nickel is exploring and advancing the next generation of high grade, Clean Nickel™ projects to deliver the metal needed to power the electric vehicle revolution.
EV Nickel is targeting the lowest possible carbon cost per unit of Nickel and has applied for the trademark Clean Nickel™ across several jurisdictions. Clean Nickel™ will be EVNi questioning all parts of nickel production and making low-carbon production central to the business EVNi intends to develop in the Shaw Dome.
The Shaw Dome is accessible by road and only 25 km southeast of Timmins, Ontario. Langmuir is 7 km by road from the Redstone Mill which has a capacity of 2,000 tonnes/day. After recent land acquisitions, EVNi now has more than 30,000 hectares of the Shaw Dome.
Montem Resources is a steelmaking coal and renewable energy development company with assets in the Crowsnest Pass, Alberta, Canada. Their three main projects are the Tent Mountain Mine, the Chinook Project and the Tent Mountain Renewable Energy Complex (TM-REX).
The team is predominantly made up of Canadian and Australian coal miners, with a history of successfully building and managing coal mines. The TM-REX Steering Committee, which aims to execute the strategy to drive development of the TM-REX, is made of experienced Canadian power industry executives and consultants. Their operations are centered in their community-based office in Coleman, Alberta. They also have a small office in Calgary, Alberta and the corporate address is in Melbourne, Australia.
This panel of CEOs discusses how junior mining companies react to changing market conditions. We have a producer and two exploration companies who will have been affected in a different way by inflationary effects. But how do they react? What are the offence and defence positions that they can take? What are the important factors investors should be focused on?
Meridian Mining is focused on becoming the next mid-tier copper-gold developer. Our priority is on the resource development and exploration of our Cabaçal project, an advanced VMS district-scale Cu-Au project located in Mato Grosso, Brazil.
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in the prolific Abitibi Greenstone Gold Belt of Quebec, Canada. The Company also holds an exclusive option to acquire 100% of the Eagle Mine Property located at Joutel.
The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel, which collectively produced 1.1 million ounces of gold between 1974 and 1993. The Company is well capitalized and aims to establish an exciting new gold district in the heart of the Abitibi.
Amex Exploration Inc. is a Canada-based mining exploration company, which is focused on the acquisition, exploration, and development of viable gold projects in the mining-friendly jurisdiction of Quebec. The Company's properties include Perron, Lebel-sur-Quevillon, Eastmain River South, Eastmain River North, and Eastmain River Centre. The Perron property is composed of 116 claims covering an area of 4,518 hectares located in the township of Perron and is located approximately eight kilometers northwest of the town of Normetal. The Lebel-sur-Quevillon project consist of four properties, which includes Cameron property, Madeleine West property, Madeleine East property, and Pusticamica property. The Eastmain South property is located in Quebec and composes of 77 claims covering an area of 4,055 hectares. The Eastmain Nord property is composed of 38 claims covering an area of 1,996 hectares. The Eastmain River Centre property is composed of four claims covering an area of 210 hectares.
Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market. The Company possesses industry-leading nickel expertise and is focused on low risk well-established mining jurisdictions.
Canada Nickel is advancing the new Crawford nickel-cobalt sulphide discovery with large scale potential located in the established Timmins mining camp adjacent to major infrastructure.
Power Nickel is a TSXV listed mining company headquartered in Toronto, Canada. We are focused on the acquisition and exploration of mineral properties in Canada that offer the potential for high-grade nickel deposits.
Power Nickel also has a mining investment portfolio that contains an 80% ownership position of Consolidation Gold & Copper. Consolidation Gold & Copper owns 100% interest in the Golden Ivan project in British Columbia’s Golden Triangle and also owns 100% interest in three projects in Chile
Electric Royalties Inc. (“Electric Royalties”) is royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Electric vehicle, battery production capacity and renewable energy generation is slated to increase significantly over the next several years and with it the demand for our target commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to feed the electric revolution.
Rupert Resources Ltd. is a gold exploration and development company. The Company is engaged in the acquisition and exploration of mineral properties in Canada. It is seeking out viable mineral exploration and evaluation opportunities and its primary projects located in Finland. The Company's exploration and evaluation assets include Rupert Lapland Project, Gold Centre property, Surf Inlet Project and Hirsikangas deposit. The Rupert Lapland Project is located in the Central Lapland Greenstone Belt in Northern Finland consisting of Ikkari Discovery, permitted Pahtavaara mine and mill within a total land package of approximately 595 square kilometers. The Gold Centre property lies to the southeast and within the shadow of the headframe of Red Lake Mine. The operating property consists of approximately 258 hectares made up of one lease containing 16 claims. The Hirsikangas deposit in Central Finland is a Palaeoproterozoic orogenic gold deposit located on a crustal scale shear zone.
Neometals Limited is an Australia-based company that is primarily focused on advanced minerals projects and developing its technology business unit. The Company’s segments include Lithium, Titanium and Vanadium, and Others. The Company develops a process for the recovery of constituents from cell production scrap and end-of-life lithium-ion batteries (LIBs). The Company’s Vanadium Recovery Project recovers vanadium and produces vanadium chemicals from processing by-products. Its Barrambie Titanium and Vanadium Project has hard-rock titanium-vanadium deposits. The Mt Edwards Project is located approximately 80 kilometers south of Kalgoorlie and over 40 kilometers southwest of Kambalda in Western Australia. The tenements cover an area of approximately 240 square kilometers across the Widgiemooltha Dome nickel sulphide belt and host over 162,560 tons of contained nickel estimated across 11 nickel sulphide Mineral Resources.
First Mining is a Canadian gold developer focused on the development of the Springpole Gold Project in northwestern Ontario, one of the largest undeveloped gold projects in Canada.
The results of a positive Pre-Feasibility Study for the Springpole Gold Project were announced by First Mining in January 2021, and permitting activities are ongoing leading to the submission of an Environmental Impact Statement as outlined in detail on our Environmental Assessment portal. The Company is the largest shareholder of Treasury Metals who are advancing the Goliath Gold Complex in Ontario. First Mining also has active partnerships with operators advancing other Canadian projects including the Pickle Crow Gold Project (Auteco Minerals) and Hope Brook Gold Project (Big Ridge Gold). In addition, First Mining owns a growing strategic royalty portfolio along with other wholly owned properties: Cameron, Duparquet, Duquesne and Pitt.
Kingsrose Mining Limited is an Australia-based gold production and exploration company. The Company is focused on the production, exploration, and development of its gold deposit at the Way Linggo Project in South Sumatra, Indonesia. The Way Linggo Project holds approximately 100 square kilometers and is located on the Trans-Sumatran Fault, part of the Pacific Rim of Fire. The Company is primarily producing from its two operating mines in the Project area, the Way Linggo Open Cut Mine, and the Talang Santo Underground Mine. The Talang Santo is located within a cluster of epithermal veining and is situated approximately 17 kilometers from the Way Linggo processing plant.
Kingfisher Metals is a discovery driven team comprised of experienced geologists, backed by a solid management group with decades of corporate and capital markets experience. The Kingfisher team has extensive experience with early stage exploration in British Columbia, public company management and capital markets.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. Engineering work has been initiated on a Preliminary Feasibility Study (“PFS”) for the potential restart of heap leach operations. Meanwhile, exploration continues focused on expanding the 2022 Indicated Mineral Resource of 65.0 million tonnes at 1.01 g/t gold containing 2.11 million ounces of gold and Inferred Mineral Resource of 46.2 million tonnes at 1.31 g/t gold containing 1.94 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
Revival Gold has approximately 86.9 million shares outstanding and a cash balance of C$9.1 million as of March 31, 2022. All figures presented here are in metric units and in $US unless stated otherwise.
Consolidated Uranium Inc. (TSXV: CUR) (OTCQB: CURUF) was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina and the United States each with significant past expenditures and attractive characteristics for development. Most recently, the Company completed a transformational strategic acquisition and alliance with Energy Fuels Inc (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company, and acquired a portfolio of permitted, past-producing conventional uranium and vanadium mines in Utah and Colorado. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning CUR as a near-term uranium producer.
Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration Company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333 hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. Mammoth is seeking other opportunities to option exploration projects in the Americas on properties it deems to host above average potential for economic concentrations of precious metals mineralization.
Cartier Resources Inc. is a Canada-based exploration company. The Company's activities primarily include the acquisition and exploration of mining properties in Canada. The Company focuses on the Chimo Mine property, which is situated approximately 50 kilometers (km) south east of Val-d’Or. Chimo Mine consists of approximately 12 contiguous claims covering an area of about 334 hectares (ha). Its Benoist property consists of approximately of 73 claims, which is located in Miquelon, Quebec. Its Fenton property consists of approximately 18 contiguous cells, which is located in Chapais, Quebec. Its Wilson property consists of approximately 42 contiguous claims covering a surface area of about 1,660 ha. Its Cadillac Extension property consists of approximately 39 claims. Its Dollier property consists of approximately 40 map staked contiguous cells covering an area of about 2,228 ha. Its MacCormack property consists of approximately 89 claims covering an area of about 3,808 ha.
Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. Their solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives their user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements.
Fortune Bay Corp. (TSXV: FOR, FWB: 5QN) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company’s corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.
These 3 CEOs agree on what it takes for companies to battery metals and EV-focused mining companies to win in this space. If you have already bought into the thematic and you want to know how to identify the right companies, this is a very useful panel discussion to help you avoid making basic mistakes in your due diligence and analysis of companies. Cobalt Blue is in advanced conversations with OEMs / automotive manufacturers and battery makers testing their products. Kingsrose Mining has moved its focus from Asia to Europe and is drilling for PGEs, nickel, and copper. Whilst Azure Minerals describes itself as an advanced stage explorer with nickel, copper, and cobalt on their land package.
Precipitate Gold is a Canada-based mineral exploration company. The Company is focused on exploring and advancing its mineral property interests in Newfoundland Canada and the Dominican Republic. The Company’s projects include Ace, Motherlode, Ponton, Pueblo Grande and Juan de Herrera. The Ace Project is located at the northern end of the Exploits Subzone of north-central Newfoundland, Canada. The project mineral claims cover approximately 2,500 hectares. It has an option to acquire a 100% interest in all mineral exploration licenses making up the project, subject to a 1.5% net smelter return (NSR). The Motherlode Project is located in southeastern region of Newfoundland’s Burin Peninsula approximately 3.5 hours by road from Gander and/or St. John’s. The project mineral claims cover approximately 12,350 hectares, south coast Newfoundland. The Ponton Project is located approximately 35 kilometers due east of Barrick's Pueblo Viejo mining operation.
The vision of Bradda Head is to create value for shareholders through the acquisition and development of world class lithium deposits and resources.
The Company is seeking to develop its existing portfolio of lithium-rich assets. In addition, the Company will seek to add to its existing portfolio, which may be achieved through acquisitions, partnerships or joint venture arrangements. Such assets or projects may be acquired in whole or in part by the Company.
The Directors believe that their broad collective experience in the areas of exploration, accounting, corporate and financial management together with the opinion of consultant experts in the evaluation and exploitation of lithium projects, will enable the Company to achieve its strategic objective.
Baselode Energy Corp is a fully-funded Uranium exploration company looking for the next world-class deposit in the Athabasca Basin area of northern Saskatchewan, Canada. The company is focused on discovering near-surface, basement-hosted, high-grade Uranium orebodies outside of the Athabasca Basin. Baselode plans to utilize a combination of innovative technology, well-understood geophysical methods, and thoughtful geological interpretations to map deep structural controls to identify shallow targets for diamond-drilling. By doing so, the company can make a discovery that could go into production at an expedited rate.
MineHub Technologies Inc. (MineHub) is a Canada-based technology company that is an open platform for digital trade in the mining and metals supply chain built on blockchain technology. The MineHub's platform connects parties involved in physical commodities transactions in a digitally integrated workflow. The Company's core services digitize the key interactions between participants. The MineHub Platform is built on Hyperledger Fabric, which is a blockchain framework that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises.
E79 Resources is a new gold explorer targeting Fosterville-type gold mineralization at its Beaufort and Myrtleford properties in the Victorian Goldfields, Australia. E79 trades on the Canadian Securities Exchange under the symbol "ESNR" and on the OTCQB "ESVNF"
Mawson Gold is a Canada-based exploration and development company listed on the TSX. Its Rajapalot gold-cobalt project is its flagship, which covers approximately 17,989 hectares (ha) of exploration permits located just south of the Arctic Circle in Finnish Lapland. Rajapalot has a 1.04moz AuEq inferred mineral resource, with a Preliminary Economic Assessment (PEA) under way, as well as an active exploration program on its property. Mawson also has an option to acquire up to 85% of the Skelleftea North gold project in Skelleftea, Sweden, 4.5hrs south west of its Rajapalot project, where maiden drilling has commenced. Mawson recently IPO’d and now holds 60% of ASX listed Southern Cross Gold, which owns or controls 47,100 ha of epizonal goldfield tenements in Victoria, Australia, most notably the high grade Sunday Creek discovery. Its subsidiaries include Southern Cross Gold, Mawson Oy and Mawson AB among others.
Guanajuato Silver Company Ltd. is a Canada-based mining, development, and exploration company. The Company is engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The Company is focused on production from its El Cubo and El Pinguico mines, as well as the delineation of additional silver and gold resources through underground and surface drilling. Both mines are located within 11 kilometers (km) of Guanajuato City, Mexico. In addition to the El Cubo/El Pinguico Mine Complex, the Company owns various exploration concessions, which include the Patito I and II mineral concessions located within 15 km of Guanajuato, Mexico, Analy I and II concessions, located approximately 25 km east of San Miguel de Allende, as well as the El Ruso and Ysabela mineral concessions located within the state of Guanajuato, about 200 km east of Guanajuato city, and the Camila mineral concession located near the El Ruso and Ysabela claims in the state of Queretaro.
Mawson Gold is a Canada-based exploration and development company. The Company is engaged in the acquisition and exploration of unproven mineral interests. Its Rajapalot gold-cobalt project is its flagship project, which covers approximately 17,989 hectares (ha) of exploration permits located just south of the Arctic Circle in Finnish Lapland. It controls three sepizonal historic goldfields, such as Sunday Creek, Redcastle and Whroo within about 471 square kilometers of granted tenements and applications in Victoria. The Company through its Australian subsidiary, Mawson Queensland Pty Ltd owns approximately five exploration prospecting licences (EPMs) for approximately 483 square kilometers. It is also engaged in an exploration and option agreement whereby the Company is granted the option to lease and to conduct exploration on mineral rights (WUSA) located in Oregon, United States. Its subsidiaries include Clonbinane Goldfield Pty Ltd., Mawson AB and Mawson Oy, among others.
Kingfisher Metals is a discovery driven team comprised of experienced geologists, backed by a solid management group with decades of corporate and capital markets experience. The Kingfisher team has extensive experience with early stage exploration in British Columbia, public company management and capital markets.
Cabral Gold Inc. is a TSX-V and OTC-listed gold exploration company focused on advancing its flagship Cuiú Cuiú gold project located in the Tapajos region of Brazil. The Cuiú Cuiú gold project is a 36,000-hectare property located northwest of the TZ project owned by Eldorado Gold Corporation. The project has two known gold deposits 5 km apart, which contain 1 million ounces of gold.
Grid Metals Corp. is a Canada-based exploration and development company. The Company is engaged in the exploration and development of mineral properties focused on battery metals and platinum group metals (PGM) in Manitoba and Ontario. Its Makwa Mayville Project is in the Bird River Greenstone Belt approximately 145 kilometers (km) from Winnipeg Manitoba. The project consists of two open pit NI 43-101 resources containing nickel copper platinum group metals and cobalt mineralization. Its East Bull Lake property (EBL) is a PGM exploration project located in the Sudbury Mining Division, Ontario, Canada. Its Mayville property is a copper nickel platinum group metal exploration project located near Lac du Bonnet, in south east Manitoba. Its Bannockburn property is a nickel exploration project located in the Larder Lake Mining Division, Ontario, Canada. The property consists of approximately 125 unpatented mining claims covering over 2,700 hectares. It also owns Mayville lithium property.
Toubani Resources is a Canadian listed gold company on the TSX Venture Exchange (TSX-V: AGG) with expansive holdings in West Africa's prolific Birimian Greenstone Belt including more than 460 km2 across Mali and Burkina Faso.
Toubani Resources is focused on the development of the Kobada Gold Project located in Southern Mali, a low capital and low operating cost gold project with the potential to produce more than 100,000 ounces of gold per annum with over 16 year mine life.
Highfield Resources Limited (Highfield) is an Australia-based company engaged in mineral exploration. The Company has around four potash projects. The Company's Muga, Vipasca, Izaga, Pintanos and Sierra del Perdon potash projects are located in the Ebro potash producing basin in northern Spain covering a project area of over 550 square kilometers. The Muga project targets the shallow sylvinite beds to the south east of the project area. The Muga project is located approximately 50 kilometers to the southeast of Pamplona. The Sierra del Perdon project is located approximately 10 kilometers from Pamplona. The Vipasca project area includes the Vipasca permit, the Borneau permit and the Osquia permit. The Pintanos project covers an area of around 125 square kilometers abutting the Muga-Vipasca project. The Izaga project is located in a syncline structure abutting the northern extent of the expanded Vipasca project.
Blackwolf Copper and Gold Ltd. ("Blackwolf" or the "Company") is a mineral exploration and development company based in Vancouver, BC focused on base and precious metal projects located in Alaska and British Columbia.
Guided by their vision and through collaboration with local and indigenous communities, and stakeholders, Blackwolf builds shareholder value with our technical expertise in mineral exploration, engineering and permitting.
Commencing in June 2020 with the appointment of Robert McLeod, P.Geo. as CEO, the Company was reorganized with a new management team, board of directors and vision for the future.
Capitan Mining Inc. is a Canada-based gold-silver mining exploration company. The Company is focused on the exploration and development of gold-silver projects in Mexico. The Company's 100% owned Penoles Project covers a land package of approximately 2,300 hectares located in north-central Durango State within the Central Mexico Silver Belt. Its gold prospects include El Capitan deposit, the Jesus Maria deposit and the San Rafael-El Tubo prospects.
China’s manufacturing industry producing solar panels and windmill equipment for the green energy sector has created expanding demand for silver. Silvercorp is a Canadian company operating several profitable silver mines in China to feed this demand.
Silvercorp first entered China in 2003 to capitalize on the country's underexplored geological potential. China’s 1997 Mineral Resource Law was adopted specifically to enable foreign mining companies to explore and mine in the country.
Since production began in 2006, their mines have produced 81 million ounces of silver and 1.1 billion pounds of lead & zinc. They produced 6.1 million ounces of silver in Fiscal 2022 and are forecast to produce between 7.0 and 7.3 million ounces in Fiscal 2023.
They have measured and indicated silver resources of 211.4 million ounces, including proven and probable reserves of 114.7 million ounces. In addition, they have inferred resources of 154.5 million ounces of silver.
Silvercorp has no debt and cash and short term investments totaling US$212 million as of December 2021.
The Metals Company was founded in 2021 through the merger of DeepGreen and the Sustainable Opportunities Acquisition Corporation (NYSE: SOAC), to scale our nodule collecting and onshore processing systems.
They produce metals from polymetallic rocks to power electric vehicles. For over a decade, they’ve been exploring the planet’s largest known deposit of battery-grade metals: nodules on the seafloor of the Clarion Clipperton Zone in the Pacific Ocean. During this time, the onshore team has developed and successfully run a metallurgical process to derive key battery metals from these remarkable rocks while generating zero solid processing waste.
Kodiak Copper Corp. (TSX.V:KDK, OTCQB:KDKCF) is focused on its 100% owned copper porphyry projects in Canada and the USA. Kodiak Copper is backed by John Robins’ Discovery Group, founded by Chairman Chris Taylor (President and CEO of Great Bear Resources), and led by Claudia Tornquist (former GM at Rio Tinto and former VP Business Development at Sandstorm Gold). The team has shown the ability to raise capital while protecting a tight share structure, and attracting strategic investors such as Teck Resources. The strategy behind Kodiak’s portfolio is to apply Great Bear’s successful approach to the copper space – unlock the value of historically drilled, underexplored assets in prime locations using new interpretation and technology.
The Company's most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in southern British Columbia, Canada, where the Company made a discovery of high-grade mineralization in 2020 at the Gate Zone. A fully funded 2021 drill program of up to 25,000m is currently ongoing. Results to date have successfully extended the Gate Zone discovery to a strike length of 950m. More drill results will become available throughout the winter. A large drill program is planned for 2022 and in addition to the Gate Zone, the Company will also test several other porphyry centres with similar discovery potential and value impact as Gate.
Pan Asia is an Asian focused minerals exploration and development company with tungsten and lithium projects located in southern Thailand.
The Company is specifically focused on Asia for both geological and economic reasons. Our projects are located in the Southeast Asian Tin – Tungsten Belt, which extends from Myanmar in the north through Thailand and Peninsular Malaysia to the Tin Islands in the South. This belt appeals due to the occurrence of a suite of specialty metals associated with granite related tin, tungsten, lithium, tantalum, niobium, rubidium, cesium, rare earths and other rare metals – including kaolin clay. This belt, which contains some of the largest historical tin producing districts in the world, specifically in Southern Thailand and much of Peninsula Malaysia, has experienced very limited modern exploration.
In markets like this investors are hoarding their cash but also keeping a keen eye out for investments that are weathering the storm better than most. Could mining royalties be amongst them? Potentially! A metals and minerals super-cycle is heralded by most economists, so what are the options for investors and how to time it? As this panel eloquently explains, royalty companies are not exposed to rising costs or cost overruns.
Kainantu Resources is a TSX-V listed Asia Pacific focused exploration company. The company has conducted a number of successful exploration campaigns on our flagship tenements – KRL North and KRL South. With both prospects in close proximity to the hugely successful K92 mine producing 144koz/pa at 17g/t Au feed grade, placing the mine in the top 4 highest grade mines globally.
KRL North is located only 1.6km away from the mine and field work to date suggests shared geology with K92.
KRL South has indicated the presence of both Epithermal vein systems and porphyry mineralisation. To date over 2000 samples have been taken which have helped identify 3 main prospects.
Almadex Minerals Ltd. is a Canada-based exploration company. The Company’s intended business activity is the acquisition and exploration of exploration and evaluation properties in Canada, the United States and Mexico. The Company’s projects include El Chato, Nueva Espana, San Carlos, Lajas, Mezquites, San Pedro, Viky, Yago, Merit, Nicoamen River, Ponderosa, Monte Cristo, Paradise Valley, Veta and Willow. El Chato covers an area of acid-sulphate alteration developed in volcanic rocks, including zones of massive silica, quartz-alunite and kaolinite. The Lajas project, located in San Luis Potosi State, is a 100% owned by the Company project acquired by staking. The Mezquites project is located in the state of Nayarit. Nueva Espana is 100% owned by the Company. The claim covers an area of clay alteration silicification and veining developed in volcanic and carbonate rocks. The San Carlos Project is comprised of one claim covering 20 hectares. The claim is located in Tamaulipas State.
Interview with Jeremy Wyeth, President & CEO of Treasury Metals (TSX:TML) at THE Mining Investment Event of the North.
Interview with Jose Vizquerra, President & CEO of O3 Mining Inc. (TSX-V:OIII) at THE Mining Investment Event of the North.
Interview with Stephen Keith, CEO of Labrador Uranium (CNX: LUR) at THE Mining Investment Event of the North.
Interview with Mark Selby, Chairman & CEO of Canada Nickel (TSX-V: CNC) at THE Mining Investment Event of the North.
Interview with David Cole, President and CEO of EMX Royalty Corp. (TSX-V:EMX, NYSE:EMX) at THE Mining Investment Event of the North.
UEX Corporation has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company has four flagship projects.
The West Bear Cobalt-Nickel project is a shallow, open-pit amenable and very high-grade cobalt-nickel deposit in the eastern Athabasca Basin that remains open in all directions for expansion. It ranges from 15 – 55 m in vertical depth and is hosted in clay-altered rocks that extend into the basement below the unconformity.
The Christie Lake property in the eastern Athabasca Basin is located only 9 km northeast and along strike of the McArthur River Mine, the world's largest uranium mine. The property is host to significant historical uranium resources within three known deposits, including the newly discovered Ōrora Zone, located along the under-explored mineralized 1.5 km long Yalowega Trend. UEX currently holds a 65.55% interest in the project in a joint venture with JCU (Canada) Exploration Company Limited.
The Horseshoe and Raven Deposits located in the eastern Athabasca Basin are in close proximity to existing mining infrastructure, roads, and power. UEX is currently evaluating the use of heap leach recovery to improve the economics of these very shallow conventional open pit and underground amenable deposits.
The Shea Creek property is host to one of the largest undeveloped uranium resources in the Athabasca Basin. The Shea Creek Deposits remain open for expansion and were the first of the new wave of discoveries in the newly emerging Western Athabasca Uranium Camp.
Deep-South Resources is a mineral exploration company, largely held by Management and Directors with 12% of Deep-South share capital and by Teck Resources Ltd with 16%. Deep-South is actively involved in the acquisition, exploration and development of major mineral properties. Deep-South growth strategy is to focus on the exploration and development of quality assets, in significant mineralized trends, close to infrastructure, in stable countries.
Endurance Gold Corporation (EDG - TSX.V) is a precious metals exploration and development company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world class deposits. Our exploration focus is currently to advance the Reliance Gold Project, located near Gold Bridge B.C. in the historic Bralorne - Pioneer gold camp.
Bonterra Resources Inc. is a Canada-based junior mineral exploration company. The Company is engaged in the business of acquiring, exploring and evaluating natural resource properties in the province of Quebec. The Company’s properties include the Gladiator, Moroy and Barry deposits, and the 100% owned Bachelor Mill. The Company holds a 100% interest in 379 mineral claims covering 17,373.65 hectares (ha) in the Urban-Barry township, approximately 110 kilometers (km) east of the town of Lebel-sur-Quevillon in Quebec. Its Gladiator property is also located in the Urban-Barry property. The Company through an option agreement, acquired an 85% interest in Lac Barry property, which consists of 35 mineral claims covering approximately 1,431.65 ha. It also holds a 100% interest in 436 mineral claims covering approximately 22,779.32 ha surrounding the town of Desmaraisville. Its Bachelor Mine and Mill are located in Desmaraisville property.
Vox Royalty Corp. is a Canada-based mining royalty and streaming company with a portfolio of approximately 50 royalties and streams spanning eight jurisdictions. The Company is focused on building a portfolio of royalties and streams across a diverse mix of precious metals. Its portfolio is predominantly geared towards precious metals royalties, which makes approximately 70% of its portfolio weighting by net asset value. In addition to its precious metals’ royalties, the Company has underlying exposure to a more diverse array of commodities, including base, battery and certain bulk commodities. Its approximately 80% assets are located in Australia and North America. The Company’s portfolio of assets includes Brauna, Dry Creek, Janet Ivy, Koolyanobbing, Segilola, Anthiby Well, Ashburton, Bowdens, British King, Brits, Bullabulling, Bulong, Kangaroo Caves, Limpopo (Dwaalkop), Limpopo (Messina), Montanore, Mt Ida, Otto Bore, Pedra Branca, South Railroad, Sulphur Springs, Uley and other.
Pacific Ridge's goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge’s flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold’s Kemess project. Historic drilling at Kliyul encountered significant porphyry copper-gold mineralization, drill hole KL-15-34 returned 245 metres of 0.75% CuEQ (see Pacific Ridge press release dated December 2, 2020). The Company plans to launch a drill program at Kliyul next month.
Sovereign Metals is an Australia-based company that is focused on the exploration and development of its Kasiya rutile project (Kasiya) in Malawi. The Company’s projects include the Rutile project, Malingunde Graphite project, and Malawi & Infrastructure. Kasiya is a strategic natural rutile deposit, which has mineral resource estimate (MRE) of 605 metric tons (Mt) at 0.98% rutile, including a high-grade component of 137Mt at 1.41% rutile. The area covered by the Kasiya MRE is approximately 49 square kilometers. Its Malingunde Graphite project is located at Malingunde, approximately 15 kilometers from Lilongwe, Malawi’s capital city. Malawi & Infrastructure project is a rutile province located in Malawi, a stable, transparent jurisdiction with existing infrastructure, including grid power, road network, and established labor pool.
Elixir Energy Limited is an Australia-based gas exploration and development company. The Company is focused on exploring in Mongolia for natural gas in the form of coal-bed methane (CBM). It operates through three segments: oil and gas exploration in Mongolia and United States of America, and clean energy in Mongolia. The Company is focused on its 100% owned Nomgon IX CBM Production Sharing Contract (PSC) project in the South Gobi region of Mongolia. The Nomgon Project license area covers 30,000 square kilometers. The CBM wells drilling was a combination of strat-holes and core-holes. The core-holes deliver core samples at the surface and are analyzed for gas desorption and can be Injectivity Fall-Off Testing (IFOT) tested to determine gas content and permeability.
If you want blunt, honest and non-promotional insight into the uranium market and investing, you must listen to the three advanced uranium developers. All three have their assets in Africa which they argue will be the next new projects that get into production. We discuss defensive strategies in recessions and the ASX tax loss season behaviours. And how much does the zero emissions and zero carbon narrative change investors attitudes to nuclear and uranium? And in that context should uranium investors and CEOs be concerned?
O3 Mining Inc. is a Canada-based mineral exploration company. The Company is focused on the acquisition, exploration, and development of precious metal resource properties in Canada and is primarily focused on Quebec. Its flagship properties include the Marban Property and the Alpha Property. The Company's 100% owned Marban Project is located approximately 15 kilometers west of the town of Val-d'Or in the Abitibi-Temiscamingue region of Quebec, Canada. It consists of approximately 30 mining claims and three mining concessions, covering approximately 1,023 hectares. The Alpha property is located eight kilometers east of Val-d'Or, Quebec, and three kilometers south of the El Dorado South Lamaque Mine. The property covers approximately 7,754 hectares and includes 20 kilometers of the prolific Cadillac Break. It also has additional projects in the Labrador and Abitibi areas of Quebec, which include Sleepy, Gwillim, Matachewan-Wydee, Harricana and other properties.
Reyna Silver Corp. is Canada-based silver exploration company. The Company's principal business activity is the acquisition and exploration of mineral properties. The Company has a portfolio of Mexican silver assets in Mexico and the United States. Its projects include Guigui Project, Batopilas Project, Medicine Springs Project, La Reyna Project, El Durazno Project, Matilde Project and Trudeau Gold Project. The Guigui Project is located in Chihuahua, Mexico with an area of approximately 4,750 hectares. The Batopilas Project is Located in south west Chihuahua Mexico covering approximately 1,183 hectares of land. The Medicine Springs is Project located in the Ruby Mountain Valley, south east of Elko, Nevada, with an area of approximately 4,831 hectares. The El Durazno Project is located in the State of Sonora with approximately 27,000 hectares of land area. The Matilde Project is located in Sonora, Mexico, covering an area of approximately 1,797 hectares.
Rio2 Limited is a Canada-based mining company. The Company's principal business activity is the exploration and development of its Fenix Gold Project in Chile. The Fenix Gold Project is located in Atacama Region, in the Copiapo Province - Chile, specifically in the Maricunga Mineral Belt, approximately 160 kilometers northeast of Copiapo by International Road CH-31. It covers approximately 16,050 hectares of area. In addition to the Fenix Gold Project in development in Chile, the Company continues to pursue additional acquisitions where it can deploy its operational and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
Orford Mining Corporation is a Canada-based mineral resource company. The Company is primarily focused on the acquisition, exploration, and evaluation of base and precious metal assets. It is a gold exploration Company focused on prospective and underexplored areas of Northern Quebec. The Company's principal assets are the Qiqavik and West Raglan projects comprising a land package totaling over 80,000 hectares in the Cape Smith Belt of Northern Quebec. The Qiqavik Project hosts several new gold discoveries along a 40 kilometer (km) mineralized trend. The West Raglan project hosts Raglan-style nickel/copper/platinum group metal discoveries along a 55 km mineralized trend. The Company has three property positions in the Joutel region of the Abitibi District of northern Quebec, which hosts deposits such as the Eagle/Telbel, Joutel Copper, Poirier Copper, and Vezza deposits. The Company seeks new gold exploration opportunities in North America.
Amex Exploration Inc. (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF), a junior gold mining company, has made a significant gold discovery in Quebec at its 100% owned high grade Perron Gold Project. Amex is led by an experienced management team of gold mine finders who have invested their own capital into the company in corporate financings and are focused on building shareholder value.
The Project is well serviced by existing infrastructure, being located about an hour north of Rouyn-Noranda (~110 km), on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km), where a mine operated until 1975. During its operation, the Normétal mine produced 10 Mt at 2.25% copper, 5.4% zinc, 0.5 g/t Au and 44.5 g/t Ag. The Perron project is also in close proximity to a number of major operating gold mining companies and their milling operations.
The company launched an extensive drill program consisting of multiple drills on site to complete a 300,000 m drill program by the end of 2021. Since January 2019, Amex has intersected significant gold mineralization in three different gold zones that stretch over 3.6 km of lateral strike along the Perron Fault Zone.
Palladium One Mining Inc. is a mineral exploration company. The Company operates in the acquisition, exploration and evaluation of mineral properties segment. The Company holds an interest in the Lantinen Koillismaa Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) Project (LK Project) located in North-central Finland. The Company holds an interest in the Kostonjarvi Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) Project (KS Project) located in North-central Finland adjacent to the LK project. The Tyko Project is located in Northwestern Ontario, which is a nickel (Ni), copper (Cu), platinum-group element (PGE) project and comprises approximately 173 single cell mining claims. The Company holds an interest in the Disraeli Lake Project located near Thunder Bay, Ontario. The Company’s wholly owned subsidiaries include Tyko Resources Inc. and Nortec Mineral Oy.
Guanajuato Silver Company Ltd. is a Canada-based mining, development, and exploration company. The Company is engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The Company is focused on production from its El Cubo and El Pinguico mines, as well as the delineation of additional silver and gold resources through underground and surface drilling. Both mines are located within 11 kilometers (km) of Guanajuato City, Mexico. In addition to the El Cubo/El Pinguico Mine Complex, the Company owns various exploration concessions, which include the Patito I and II mineral concessions located within 15 km of Guanajuato, Mexico, Analy I and II concessions, located approximately 25 km east of San Miguel de Allende, as well as the El Ruso and Ysabela mineral concessions located within the state of Guanajuato, about 200 km east of Guanajuato city, and the Camila mineral concession located near the El Ruso and Ysabela claims in the state of Queretaro.
Yamana Gold Inc. is a Canada-based precious metals producer. The Company has gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. The Company's principal producing mining properties are comprised of the Canadian Malartic mine in Canada, the Jacobina mine in Brazil, the El Penon and Minera Florida mines in Chile and the Cerro Moro mine in Argentina. The Company's projects include the MARA project in Argentina and the Wasamac project in Canada. The Canadian Malartic mine, in which the Company holds a 50% interest, is located in the Abitibi region of Quebec near the town of Val-d’Or. Minera Florida is an underground gold mine located in central Chile, approximately 75 kilometers southwest of Santiago. The Cerro Moro is a gold-silver operation located in the Santa Cruz province of Argentina approximately 70 km south of the port city of Puerto Deseado.
Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada. LUR has acquired the Moran Lake, Mustang Lake Joint Venture, and CMB Projects covering over 139,000 ha in the prolific Central Mineral Belt (CMB) in central Labrador and the Notakwanon Project in northern Labrador. The Moran Lake Project, which hosts historical uranium mineral resources, and both Mustang Lake and the CMB Projects, located adjacent to Paladin Energy’s Michelin uranium deposit, have had substantial past exploration work completed with numerous occurrences of uranium, copper and IOCG style mineralization. These three projects are expected to be the focus of a concentrated exploration program in 2022.
Wallbridge is currently advancing the exploration and development of its 100%‒owned Fenelon Gold property located along the Detour‒Fenelon Gold Trend, an emerging gold belt in northwestern Québec. Within three years of the discovery of the Area 51 and Tabasco/Cayenne Zones, through drill programs totaling over 300,000 metres, Wallbridge reached an important milestone by announcing a maiden MRE for Fenelon and an updated MRE for the Martiniere Gold Property totalling 2.67 Moz Au in the indicated category and 1.72 Moz Au in the inferred category (for details of the MREs see Wallbridge press release dated November 9, 2021 and Technical Report filed December 23, 2021 on SEDAR).
Signal Gold Inc. is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Nova Scotia and Newfoundland.
The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study (Please see the ‘NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia’ on January 11, 2022 for further details). Signal Gold also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.
Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada. The Company’s projects include Goliath Gold, Goldlund Mine and Miller Mine projects. The Goliath Gold Project consists of the construction, operation, decommissioning, and remediation of an open-pit and underground gold mine and associated milling infrastructure, including a tailings storage facility located approximately 20 kilometers east of the City of Dryden, Ontario. The Goldlund Mine Project is a proposed open pit mine with no associated processing infrastructure and is located approximately 35 kilometers southwest of Sioux Lookout. The Miller Mine Project is a proposed open pit mine with no associated processing infrastructure and is located approximately 25 kilometers southwest of Sioux Lookout.
Easily one of the most interesting conversations that I have been part of all week. EV, battery and infrastructure demands laid bare. Iggy Tan, CEO, Altech Chemicals and Joel Crane, Investor Relations & Commercial Manager, Cobalt Blue, talk about the realities of how public companies insert themselves into the European Car manufacturing ecosystem. Battery and car manufacturers are desperate to secure battery metals and technology supplies from now until 2030, and are struggling. Prices are being driven up by the lack of supply. Can companies like these two take advantage of that? And what support will they get from Europe to fund the development of their projects. Not many will get across the line so pay attention to the ones that will.
Chakana Copper Corp. is a Canada-based mineral exploration company. The Company is engaged in the process of exploring and developing its mineral properties, with prospects for copper, gold and silver in Peru. Its principal focus is the exploration of the Soledad copper-gold-silver project located in central Peru. The Soledad project is located in Ancash province of central Peru, approximately 260 kilometers (km) north-northwest of Lima and 35 km south of Barrick's Pierina mine. The project is part of the Ticapampa-Aija mining district in the Cordillera Negra. It holds an option interest in the Aija Project, Peru (Aija Project). It also holds an option interest in other mineral concessions owned by Minera Barrick Misquichilca S.A. Its wholly owned subsidiary is Chakana Resources S.A.C.
Baselode Energy Corp is a Canada-based uranium exploration company. The Company is focused on discovering near-surface, basement-hosted, high-grade Uranium orebodies outside of the Athabasca Basin. looking for the next world-class deposit in the Athabasca Basin area of northern Saskatchewan, Canada. The Company’s projects include Shadow project, Hook project, and Catharsis project. Shadow project is located in Northern Saskatchewan, the Virgin River Shear Zone and its property encompass approximately 46,000 hectares along the Virgin River Shear Zone 30 kilometers (km) south of the Athabasca Basin margin. Hook project is located 40 km southeast of the McArthur River mine, 60 km northeast from the Key Lake uranium mill, and 16 km west of all-season Provincial highway 905 and powerlines. Catharsis is located 75 km southwest of the Key Lake uranium mill. The Company’s Athabasca 2.0 is located in Saskatchewan, Canada, the Athabasca Basin area hosts the highest-grade uranium deposits.
Standard Uranium Ltd. is a Canada-based mineral resource exploration company, which is focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin in Saskatchewan, Canada. The Company's projects include Davidson River, Sun Dog, Atlantic, Canary, and Ascent. The Davidson River Project is located in the southwest Athabasca uranium district of the Athabasca Basin, Saskatchewan. The project consists of 21 mineral dispositions totaling 25,886 hectares. The 17,309-hectare Sun Dog Project comprises of six contiguous mineral claims located near Uranium City at the south end of the prolific Beaverlodge uranium district. The Atlantic Project consists of six mineral claims totaling approximately 2,176 hectares. The Canary project comprises two mineral dispositions totaling approximately 7,303 hectares. The Ascent project consists of a single mineral disposition totaling approximately 3,737 hectares.
Baroyeca Gold and Silver Inc. is a Canadian mineral exploration company, focused on its high-grade silver and gold projects located in Colombia. The company’s flagship property is the Atocha Silver-Gold project located in the Tolima Department, Colombia.
Apollo Silver Corp. is a Canada-based exploration company. The Company is focused on advancing its portfolio of silver exploration and resource development projects in the United States. The Company’s projects include the Waterloo Silver-Barite Project (Waterloo Project), the Langtry Silver-Barite Project (Langtry Project) and the Arizona Silver District Project (AZ Silver District Project). The Waterloo Property comprises approximately 27 fee simple land parcels (1,352 acres) and 21 unpatented claims approximately 19 lode mining, two mill site claims] (418 acres). The Langtry Property comprises approximately 20 patented claims (413 acres) and 38 unpatented lode mining claims (767 acres). The AZ Silver District Project comprises three patented claims, 85 unpatented lode mining claims approximately 23 unpatented mills and a state exploration lease, totaling over 2,000 acres.
Gold Terra Resource Corp. is a Canada-based junior gold exploration company. The principal activity of the Company is the exploration and development of mineral properties in Canada. The company is focused on the gold resources at the Yellowknife City Gold Project. The Yellowknife City Gold Project encompasses approximately 800 square kilometers of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Its Stewart Property is located in the Burin Peninsula of Newfoundland. Its Mulligan Project is located in the Province of New Brunswick made up of approximately 12 mining claims comprising 413 units and covering about 8,200 hectares. The Company also engaged in an exploration agreement with Newmont Ventures Limited and Miramar Northern Mining Ltd. on certain mineral leases and mineral claims adjacent to Newmont Exploration Property.
Leading Edge Materials Corp. is a Canada-based company, which is involved in the exploration and development of resource properties in Sweden with operations in Canada. The Company is focused on developing a portfolio of raw material projects located in the European Union. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), Norra Karr HREE project (Sweden) and the 51% owned Bihor Sud Nickel Cobalt exploration alliance (Romania). The Woxna Graphite mine project comprises of four concessions, known as Kringelgruvan, Mattsmyra, Gropabo and Mansberg. The Woxna Graphite mine project is located in Ovanaker Municipality, Gavleborg County, central Sweden. The Norra Karr HREE project consists of an exploration license, and a mining lease reapplication, located in south-central Sweden. Its subsidiaries include Flinders Holdings Limited, Woxna Graphite AB, Tasman Metals Ltd., GREENNA Mineral AB and LEM Resources SRL.
Three seasoned junior gold explorer CEOs share their tips and thoughts on what to look for when choosing your gold investments. The current economic environment is making life difficult for investors and we all have less money available for investing so we better get it right. Some companies have set themselves up for success and others have not. Can you tell the difference? This conversation may allow you spot the companies most likely to succeed.
ION Energy Limited is a Canada-based company, which is engaged in exploration and development Mongolia's lithium salars. The Company’s projects include Baavhai Uul lithium brine and Urgakh Naran lithium brine. Its flagship, approximately 81,000-hectare Baavhai Uul lithium brine project, is a lithium brine exploration project. Its average grade is approximately 426 parts per million (ppm) Lithium and maximum grade is 811 ppm Lithium. The Urgakh Naran Lithium Brine Project covers an area of approximately 20,000 hectares (+70,000 acres) of highly prospective lithium terrain. It is situated in the arid and infrastructure region of the South Gobi Desert. This site is located 150km WNW of the Company's flagship Baavhai Uul Lithium Project. The Project's program covers five salars located in the central part of the Urgakh Naran basin.
Superior Gold Inc. is a Canada-based company, which is engaged in the acquisition, exploration, development and operation of gold resource properties. The Company's principal asset is the Plutonic Gold operations, located in Western Australia. The Plutonic Gold operations include the Plutonic Gold mine, which is a producing underground operation with a central mill, open pit projects, including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture (JV). The Company holds interests in approximately 64,374 hectares of prospective land in the in the Yilgarn goldfields of Western Australia. The Plutonic Gold mine is located in the Archaean Plutonic Marymia Greenstone Belt 800 kilometers (Km) northeast of Perth. Its Hermes open pit project is located approximately 65 Km southwest of the Plutonic Gold mine. The Bryah Basin JV are located approximately 85 km southwest of the Plutonic Gold mine processing facility.
Westward Gold is a mineral exploration company focused on developing the Toiyabe, Turquoise Canyon, and East Saddle Projects in the Cortez Hills area of Lander County, Nevada
Westward has assembled a combined land package of 463 claims covering ~39km2, favorable host rocks, significant drill intercepts, a historical resource, permits in hand, and a robust pipeline of untested exploration targets. Our Nevada projects are on trend with some of the largest deposits in the world, in one of the most attractive jurisdictions for mining investment.
By combining modern exploration methods and an in-depth analysis of historical data, Westward's highly-experienced technical team – with a track record of Carlin-type discoveries in Nevada – has provided the foundation for our 2022 targeting efforts and maiden drill campaign.
The Company is also advancing the Mulloy Project in Northern Ontario.
IperionX’s mission is to be a leading developer of US-based sustainable critical mineral and critical material supply chains, to facilitate the global transition towards a closed-loop, low-to-zero carbon, resource efficient and socially inclusive green economy.
They have secured an exclusive license to ground-breaking titanium processing technologies that enable the development of a mineral-to-metal, low-carbon, cost-competitive high quality titanium supply chain. These technologies have been proven to be effective means of producing titanium at the pilot scale and have shown the potential to be applied to other critical minerals as well.
The immediate focus is on the commercialization of these proprietary advanced titanium metal manufacturing technologies to re-shore the titanium metal and other critical mineral supply chains in North America, facilitated via a large source of titanium and other critical minerals, including rare earth elements, at our Titan Critical Minerals Project in Tennessee.
This strategy would allow for the substitution of Titanium metal in structural applications providing for closed loop recyclability, longer product lifetimes, and increased product reusability. The goal is to create a domestic U.S. circular, closed loop titanium metal supply chain that would have a focus on environmental sustainability and social equity whilst also providing sustainable, low carbon valuable by-product critical raw minerals including rare earth elements.
Gold Disappointed Many Investors in 2021. Gold price has held up well in 2022. But an increasing cost and inflationary environment, do companies, and investors, need to think about their projects differently?
Stagflation is characterized by slow economic growth and relatively high unemployment—or economic stagnation—which is at the same time accompanied by rising prices (i.e., inflation). Stagflation can be alternatively defined as a period of inflation combined with a decline in the gross domestic product (GDP).
Supply Chain Problems, Sanctions, Monetary Policy and Deglobalization – the Inflation Wolf Is Joined by the Recession Bear
What role do ETFs have in this new economy of ours? What type of investors should consider ETFs?
Hugh Agro CEO of Revival Gold - Beartrack-Arnett Gold Project located in Idaho,
Philippe Cloutier CEO of Cartier resources - exploration company focused on the Abitibi gold belt in Quebec.
Gerald Panneton CEO of Gold Terra Corp - gold exploration in the Northwest Territories. Founder, & former President and CEO of Detour Gold Corporation.
Sigma Lithium Corporation is a Canada-based mineral processing and development company. The Company, through its subsidiary, Sigma Mineracao S.A. (Sigma Brazil) holds a 100% interest in four mineral properties: Grota do Cirilo, Sao Jose, Santa Clara and Genipapo, located in the municipalities of Aracuai and Itinga, in the Vale do Jequitinhonha region in the state of Minas Gerais, Brazil (Lithium Properties). Its Project consists of 27 mineral rights (which include mining concessions, applications for mining concessions, exploration authorizations and applications for mineral exploration authorizations) spread over 191 square kilometers. Within the Project area there are nine past producing lithium mines and 11 first-priority development targets. The Project is located in the northeastern part of the state of Minas Gerais, in the municipalities of Aracuai and Itinga, approximately 25 kilometers (km) east of the town of Aracuai and 600 km northeast of Belo Horizonte, the state capital.
Banyan Gold Corp. is engaged in exploration and development of mineral properties. The Company's projects include AurMac Project and Hyland Gold Project. Its Hyland Gold Project is located in the Watson Lake Mining District in southeast Yukon, approximately 74 kilometers northeast of the town of Watson Lake within the traditional territory of the Kaska Dena Nation (Liard First Nation). The Hyland Gold Project consists of approximately 927 active Yukon-registered quartz mineral claims totaling over 18,620 hectares in an area that is road accessible from Watson Lake. The AurMac Gold Project is located in the Mayo Mining district, approximately 56 kilometers northeast of the village of Mayo and approximately 356 kilometers north of Whitehorse, within the traditional territory of the First Nation of Na-Cho Nyak Dun. The AurMac Gold Project consists of approximately 506 active Yukon registered quartz mineral claims totaling over 9,230 hectares.
Mako Mining Corp. is a Canada-based gold mining, development and exploration company. The Company is focused on acquiring, exploring and developing exploration and evaluation assets in Nicaragua. The Company holds 100% of four mineral concessions in Nueva Segovia, Nicaragua, for a total land package of approximately 18,817 hectares. Its San Albino gold project is an open pit development project located in Nueva Segovia, Nicaragua, approximately 173 kilometers north of Managua and accessible through a paved highway. Its Las Conchitas area is located approximately 2.5 kilometers south of its high-grade San Albino Gold Deposit and is situated near the southern end of the Corona de Oro Gold Belt.
Revival Gold Inc. is a Canada-based gold mineral exploration and development company. The Company is advancing its Beartrack-Arnett Gold Project located in Idaho, USA. In addition, the Company is pursuing other gold exploration and development opportunities and holds approximately 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah. The Beartrack-Arnett Gold Project is the amalgamation of Company's Arnett Gold Project with the Company's neighboring past-producing Beartrack Gold Mine located in Idaho, United States. The Diamond Mountain Phosphate Project is an advanced stage exploration project consisting of approximately 4,200 hectares of State and Federal claims located in Uintah County, Utah. Its subsidiaries include Revival Gold (Idaho) Inc. and Strata Minerals Pty Ltd.
Graphex Group Ltd, formerly Earthasia International Holdings Ltd, is an investment holding company principally engaged in the provision of landscape architectural services. The Company operates its business through three segments. The Landscape Design Services segment undertakes landscape architecture projects including residential development projects, infrastructure and public open space projects, commercial and mixed-use development projects, as well as tourism and hotel projects. The Graphene Business segment is engaged in the development, production and sale of graphene products. The Catering segment is engaged in management and operation restaurants serving Thai cuisine in the People’s Republic of China (the PRC) and Italy under the brand ‘Thai Gallery'.
Jaguar Mining Inc. is a Canada-based gold mining, development, and exploration company operating in Brazil with three gold mining complexes and a land package with significant upside exploration potential from mineral claims. The Company's gold mining operations include the Turmalina Gold Mine Complex, which consists of the Turmalina Underground Mine and Turmalina Mill, and the Caete Gold Mine Complex, which consists of the Pilar Gold Mine, the Roca Grande Gold Mine, and Caete Mill Operations. The Company also owns the Paciencia Gold Mine Complex, which is located approximately 80 kilometers southwest of Belo Horizonte. Its operations are located in the Iron Quadrangle, a prolific greenstone belt near the city of Belo Horizonte in the state of Minas Gerais, Brazil. The Company's Brazilian assets and operations are held by its subsidiary, Mineracao Serras do Oeste Ltda. (MSOL). The Company's subsidiaries include Mineracao Turmalina Ltda. (MTL) and Mineracao Chega Tudo Ltda. (MCT).
VRX Silica identified the silica sand shortage in the Asia-Pacific region as a unique opportunity for Western Australia. The shortage, which is predicted to worsen with dwindling local supplies and increasing demand, has caused an increase in price. The Asia-Pacific region accounts for 47% of global demand for silica sand and is predicted to grow at a CAGR of 7.7% during the 2021 – 2027 period according to a market research report by QuantAlign Research.
VRX Silica and its Western Australian Silica Sand Projects are well positioned to meet this rising demand in the Asia-Pacific markets for silica sand.
Atalaya Mining PLC, formerly EMED Mining Public Limited, is a Cyprus-based new European copper company focused on the re-start of production at the Rio Tinto Copper Project. It comprises a number of deposits including one of the largest copper deposits in Spain and is located in the Iberian Pyrite Belt. The open-pit mine has Ore Reserves totaling approximately 600,000 tones of contained copper and a processing facility.
Millrock (TSX.V: MRO.V) is a project generator company focused on discovery and development of high value metallic mineral deposits in two jurisdictions with outstanding potential: the State of Alaska and Mexico – primarily the state of Sonora.
The company’s main emphasis has been on gold and copper, focusing on porphyry and high grade vein style deposits.
Their objective is to discover a world class ore body, building further shareholder value through the exploration and development of existing projects and exploration joint ventures.
Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of advanced exploration assets in known gold districts in the Americas. The Company will acquire advanced exploration projects for advanced exploration and development. The Company will, through evaluating historical data and utilizing modern exploration techniques and geological concepts to enhance resources. The management team and board of directors of the Company have an established track record of creating significant returns for investors and demonstrated access to capital to advance the development of assets.
Cobalt Blue Holdings Limited is an Australia-based exploration and project development company. The Company is focused on advancing and developing cobalt mining and refining operations in Australia. It is focused on the Broken Hill Cobalt Project in New South Wales. The Broken Hill Cobalt Project is located approximately 25 kilometers (km) southwest of Broken Hill, in far western New South Wales. The Project covers an area of approximately 37 square kilometers within a broader tenement holding of approximately 220 square kilometers. The Broken Hill Cobalt Project has seven tenement holdings, which include exploration license 6622 (EL 6622), exploration license 8143 (EL8143), mining lease 86 (ML 86) mining lease 87 (ML 87), exploration license 8891 (EL8891), exploration license 9139 (EL 9139) and exploration license 9254 (EL 9254). It supplies cobalt, a battery-ready product, for use in utility-scale renewable energy storage, for home energy storage systems, and electric vehicles.
Electra is building North America’s only fully integrated, localized and environmentally sustainable battery materials park. Leveraging the Company’s own mining assets and business partners, the Electra Battery Materials Park will host cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility, and battery precursor materials production, which will serve both North American and global customers.
Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project in Idaho, USA. Electra Battery Materials is an integral part of the North American battery supply chain, providing low-carbon, sustainable and traceable raw materials for the region’s fast growing electric vehicle industry.
Giyani is a battery metal development company focused on becoming one of Africa's first low-carbon producers of high-purity manganese sulphate monohydrate (HPMSM), a precursor material used by lithium-ion battery manufacturers for the expanding electric vehicle (EV) market. The Company is currently developing a portfolio of high quality manganese oxide assets within the Kanye Basin, located in south-eastern Botswana, Africa including its flagship K.Hill project, which is scheduled to become the next large scale producer of HPMSM, a market expected to grow fourteen times (14x) by 2030.
Lotus Resources (ASX: LOT, OTCQB: LTSRF) owns an 85% interest in the Kayelekera Uranium Project in Malawi. The Project hosts a current resource of 37.5M lbs U3O8, and historically produced ~11MIb of uranium between 2009 and 2014. The Company completed a positive Restart Study in late 2020 which demonstrated that Kayelekera can support a viable long-term operation and has the potential to be one of the first uranium projects to recommence production in the future. The Company is currently working through a Feasibility Study that will be completed in mid 2022.
Azure Minerals Limited is an Australia-based mineral exploration company. The Company is focused on exploration and development of its portfolio of precious and base metal projects in Mexico. Its projects include the Andover Nickel-Copper Project, Turner River Gold Project, Coongan Gold Project, Barton Gold Project and Meentheena Gold Project. The Andover Nickel-Copper Project is located approximately 35 kilometers southeast of Karratha and immediately south of the town of Roebourne. The Turner River Gold Project consists of two exploration license applications covering approximately 450 square kilometers located south of Port Hedland. The Coongan Gold Project is located in the eastern Pilbara, approximately eight kilometers to the west of Nullagine, and covers an area of 141 square kilometers. The Meentheena Gold Project is located in the eastern Pilbara, approximately 80 kilometers east of Marble Bar, and covers an area of 223 square kilometers.
Altius Minerals Corporation is a mineral royalty, renewable energy royalty and mineral project generation company. It holds royalty interests in approximately 12 operating mines that produce copper, zinc, nickel, cobalt, potash, iron ore and thermal (electrical) coal. The Company operates through three segments: Mineral Royalties, Project Generation and Renewable Royalties. Its Mineral Royalties segment consists of the acquisition and management of producing and development stage royalty and streaming interests. Its Project Generation segment consists of acquisition and early-stage exploration of mineral resource properties with a goal of vending the properties to third parties in exchange for early-stage royalties and minority equity or project interests. Its Renewable Royalties segments consists of majority interest holding in publicly traded ARR, which is focused on the acquisition and management of renewable energy investments and royalties.
Cabral Gold Inc. is a mineral exploration and development company. The Company is engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. Its projects include Cuiu Cuiu gold project and Bom Jardim project. The Company’s Cuiu Cuiu gold project is located in the Tapajos Region within the state of Para in northern Brazil. Its Bom Jardim project is located approximately 25-kilometer northwest of the Cuiu Cuiu property and 45 kilometers north west of Eldorado’s Tocantinzinho deposit. The Bom Jardim project exploration licenses comprise approximately 13,000 hectares covering the headwaters and source areas of the Bom Jardim district. Its subsidiaries include Cabral Gold Ltd. and Magellan Minerais Prospeccao Geologica Ltda.
Conico Limited is an Australia-based mineral exploration company. The Company's projects include Ryberg, Mestersvig, Sortekap and Mount Thirsty. The Ryberg Project located within the North Atlantic Igneous Province is a multi-element project spanning an area of approximately 4,521 square kilometers (km2) on the east coast of Greenland and 350 kilometers (km) north-west of Iceland. Ryberg is an under-explored mineral province with a significant amount of magmatism that has intruded the sulphur-rich sediments of the Kangerlussuaq Basin. Mestersvig Project is located on the east coast of Greenland, approximately 620 km North West of Iceland. The license covers an area of 1,447 km2. The Sortekap Project is located on the east coast of Greenland, within the Ryberg Project license package. Mineralization in this area is classified at orogenic style in quartz vein hosted. The Mount Thirsty Project is located 16 km northwest of Norseman in Western Australia is a 50/50 joint venture project.
Neometals Limited is an Australia-based company that is primarily focused on advanced minerals projects and developing its technology business unit. The Company’s segments include Lithium, Titanium and Vanadium, and Others. The Company develops a process for the recovery of constituents from cell production scrap and end-of-life lithium-ion batteries (LIBs). The Company’s Vanadium Recovery Project recovers vanadium and produces vanadium chemicals from processing by-products. Its Barrambie Titanium and Vanadium Project has hard-rock titanium-vanadium deposits. The Mt Edwards Project is located approximately 80 kilometers south of Kalgoorlie and over 40 kilometers southwest of Kambalda in Western Australia. The tenements cover an area of approximately 240 square kilometers across the Widgiemooltha Dome nickel sulphide belt and host over 162,560 tons of contained nickel estimated across 11 nickel sulphide Mineral Resources.
As concerns abate over Chilean politics interfering with foreign direct investment and copper and gold miners ability to mine economically, the smart money is turning to investment projects with strong fundamentals. Strong investing advice on what to look for.
We talk to two companies with projects in Chile who give us updates on the market's mood and what if any impact there has been on the ground. Honest reporting.
Chile has been the centre of copper production for over a century and the demand drivers continue to look to Chile for future supply. Will they be able to deliver? These two CEOS say yes and lay out the reasons why. Gold has also been a major contributor to the country's GDP.
And what role does ESG and carbon credits play in Chile?
Deterra Royalties Limited is an Australia-based company, which is engaged in the management and growth of a portfolio of royalty assets across a range of commodities, primarily focused on bulks, base and battery metals. The Company’s portfolio includes royalties held over Mining Area C, its cornerstone asset, in the Pilbara region of Western Australia, as well as five smaller royalties, including Yoongarillup/Yalyalup, Wonnerup, Eneabba and St Ives. Its key royalty investment activities involve acquisition of royalties from third parties and providing finance to resource companies in return for royalties. The Company’s projects include Mining Area C (MAC), Yoongarillup / Yalyalup Mineral Sands Mines, Wonnerup Mineral Sands, St Ives Gold Project and Eneabba Project. MAC is located approximately 90 kilometers (km) north west of Newman Township in the Pilbara region of Western Australia, which is an iron ore province. MAC produces approximately 145 million tons of iron ore per annum.
Schwazze (OTCQX: SHWZ) (NEO: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position.
Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high- performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company's leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. We are passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.
Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.
Energy Fuels Inc. is engaged in conventional and in situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting, and evaluation of uranium properties in the United States. The Company also extracts and recovers vanadium from certain of its uranium projects. It conducts its ISR activities through its Nichols Ranch Project in northeast Wyoming and Alta Mesa Project in south Texas. The Nichols Ranch Project includes a licensed and operating ISR processing facility (the Nichols Ranch Plant); licensed and operating ISR wellfields (the Nichols Ranch Wellfields); additional licensed ISR wellfields planned for future production (the Jane Dough Property), and; a licensed satellite ISR uranium project (the Hank Project). The Alta Mesa Project is a fully licensed, permitted, and constructed ISR processing facility that has an operating capacity of approximately 1.5 million pounds of uranium per year and comprises a total of about 195,501 contiguous acres of land.
Serabi Gold Plc is a United Kingdom-based holding and gold sales company and a provider of support and management services to its operating subsidiaries. The Company is engaged in the development of gold and other metals mining projects in Brazil and the operation of the Palito gold mine in the Tapajos region of Brazil. The Company operates through two segments, which include Brazil and United Kingdom (UK). Its gold production of over 40,000 ounces per annum is derived from the Company’s Palito Complex mining operations located in the Tapajos region, in the southwest of the state of Para in northern Brazil. The Company’s Coringa Gold Project is located only 200 kilometers from Serabi’s Palito operation and linked by a paved highway, and Coringa hosts a total gold resource of over 541,000 ounces. The Company’s wholly owned subsidiaries include Kenai Resources Ltd, Serabi Mining Ltd, Chapleau Resources Ltd and Serabi Gold Nominee Limited.
Laramide Resources Ltd. is a Canada-based company with diversified uranium assets strategically positioned in the United States and Australia. The Company’s projects include Churchrock and ISR project, La Sal and La Jara Mesa project, Westmoreland project, and Murphy project. The Churchrock project is located on the western end of the grants mineral Belt in the main portion of the historic Churchrock Mining District, approximately 10 miles north-northeast of Gallup, New Mexico. The La Sal project is a conventional hard-rock asset in Utah, United States. The La Jara Mesa project is a sandstone-hosted roll front style deposit in New Mexico. The Westmoreland project is located in a mining province with favorable infrastructure and logistical support and can be accessed both from the city of Mt Isa (350 kilometers (km)) which has an airport and from Karumba (260 km), which has a port facility. The Murphy Uranium project consists of 683.5 square kilometers of granted exploration tenure.
Kingwest Resources Ltd. is an Australia-based mining and exploration company. The Company is focused on focused on advancing its gold projects into production as well as discovering new gold resources in its prospective projects located in the Eastern Gold Fields region of Western Australia. The Company’s projects include Menzies Gold project (MGP) and Goongarrie Gold project (GGP). The Menzies Gold Project is located approximately 130 kilometers (km) north of the Kalgoorlie gold deposits. MGP covers a contiguous land package over a strike length of approximately 15 km. The Goongarrie Gold Project is located approximately 40km south of MGP and approximately 90km north of Kalgoorlie. The GGP is a contiguous land package covering approximately 125 square km over a strike length of approximately 25km.
Candente Copper Corp. is a Canada-based mineral exploration company, which is engaged in the acquisition, exploration, and development of mineral properties. The Company's projects include Canariaco Project, Arikepay Property and Don Gregorio Project. It is focused on the exploration and development of its Canariaco porphyry copper project, which comprises the Canariaco Norte and Canariaco Sur deposits, as well as the Quebrada Verde prospect located in Northern Peru. The Arikepay property is located in southern Peru in the Department of Arequipa, approximately 58 kilometers (km) south of the city of Arequipa and 45 km south of Freeport-McMoRan’s Cerro Verde copper-molybdenum mine. The Arikepay property consists of three mineral claims totaling 1,800 hectares. The Don Gregorio Project is located in northern Peru approximately 140 km north northeast of Chiclayo in the department of Cajamarca. The Don Gregorio property consists of one mineral claim totaling 900 hectares.
GR Silver considers Plomosas and San Marcial to be the most important projects in the mining district. The Company controls key concessions adjacent to important projects in the Rosario Mining District and is therefore well placed for continued growth and to take advantage of future business opportunities. The Company possesses all exploration licenses and permits required for exploration on both projects and, in the case of Plomosas, it also has necessary permits for exploitation.
The Plomosas Project is located approximately 5 km to the northwest of GR Silver’s San Marcial Project, in the Rosario Mining District, Sinaloa, allowing synergies for exploration, drilling, resource expansion and future development. Both projects present a geological setting, located along the western edge of the Sierra Madre Occidental (SMO), resembling the San Dimas Mining District, which has produced 600 Moz silver and 11 Moz gold. The Plomosas Project includes an extensive un-released recent and historical drilling database completed by First Majestic Inc. and Grupo Mexico S.A. de C.V. The combined infrastructure and data between the projects offer the opportunity for integration of exploration and future resource definition in a series of drilled targets. Together, the Plomosas Project and the San Marcial Project provide GR Silver ownership of over 9,764 ha. In total, the Company portfolio consists of over 29,000 ha, controlling most of the silver-gold-lead-zinc mineralized zones identified in the eastern Rosario Mining District.
Battery Mineral Resources (BMR) is a supplier working to bring battery minerals and metals to the market from new sources in a more cost-effective, socially responsible and sustainable way.
BMR is focused on discovering, mining and bringing to market essential battery minerals. They are differentiated in the LIB raw materials market by the size and quality of their asset portfolio and quality of their experience.
Baroyeca Gold & Silver Inc. is a Canada-based mineral exploration and evaluation company. The Company is focused on high-grade silver and gold projects located in Colombia. It has a 100% interest in a mineral property located in Colombia, South America such as the Santa Barbara Property and the Atocha Property. The Santa Barbara Property consists of approximately 110.86 hectares located in the Municipality of San Martin de Loba, in Bolivar Department, Colombia. The Atocha Property consists of approximately 2,585.94 hectares, located in the Municipality of Falan, in Tolima Department, Colombia.
Canada Silver Cobalt Works, a unique and rapidly growing silver-cobalt focused company, is an exploration, development, technology, and environment leader in the prolific Northern Ontario Silver-Cobalt District. Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.
Revival Gold Inc. is a Canada-based gold mineral exploration and development company. The Company is advancing its Beartrack-Arnett Gold Project located in Idaho, USA. In addition, the Company is pursuing other gold exploration and development opportunities and holds approximately 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah. The Beartrack-Arnett Gold Project is the amalgamation of Company's Arnett Gold Project with the Company's neighboring past-producing Beartrack Gold Mine located in Idaho, United States. The Diamond Mountain Phosphate Project is an advanced stage exploration project consisting of approximately 4,200 hectares of State and Federal claims located in Uintah County, Utah. Its subsidiaries include Revival Gold (Idaho) Inc. and Strata Minerals Pty Ltd.
O3 Mining Inc. is a Canada-based mineral exploration company. The Company is focused on the acquisition, exploration, and development of precious metal resource properties in Canada and is primarily focused on Quebec. Its flagship properties include the Marban Property and the Alpha Property. The Company's 100% owned Marban Project is located approximately 15 kilometers west of the town of Val-d'Or in the Abitibi-Temiscamingue region of Quebec, Canada. It consists of approximately 30 mining claims and three mining concessions, covering approximately 1,023 hectares. The Alpha property is located eight kilometers east of Val-d'Or, Quebec, and three kilometers south of the El Dorado South Lamaque Mine. The property covers approximately 7,754 hectares and includes 20 kilometers of the prolific Cadillac Break. It also has additional projects in the Labrador and Abitibi areas of Quebec, which include Sleepy, Gwillim, Matachewan-Wydee, Harricana and other properties.
Fortune Bay Corp. (TSXV: FOR, FWB: 5QN) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company’s corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.
Altaley Mining Corporation (TSX.V: ATLY) is a Canadian-based publicly traded mining company operating in Mexico that engages in exploration, development and operation of polymetallic mineral resource projects in Mexico.
Altaley Mining is currently in commercial production at its 100 owned Camp Morad Mine, processing approximately 2,000+ tons per day (“tpd”) through the mines milling facilities producing zinc and lead concentrates with gold, silver and copper as by-products. In addition, Altaley owns 100% of the Tahuehueto Project, which has initiated pre-production mining and mill commissioning operations at its own on-site mineral processing plant with a designed capacity of 1,000 tpd.
Altaley provides its investors uncorrelated exposure to the mining sector by a 1) defensive asset class (linked to precious metals returns), and 2) a cyclical return asset class (base metals; Zinc, Lead & Copper).
The opportunity to invest in a Company with high potential in a low-risk stage: Altaley has a portfolio of two advanced projects, one of which is already providing stable cash flows to the Company.
Millennial Precious Metals (“Millennial”) is focused on discovering quality ounces through the responsible expansion and conversion of its existing projects located in Nevada and Arizona, USA. Millennial plans to apply its proven systematic and scientific phase-based exploration program to advance our projects over the next few years. Phase 1 drill programs at two of the Company’s most advanced projects, Wildcat and Mountain View, will focus on improving the geologic understanding, expanding and converting the resource, and initiation of metallurgical work in both the oxide and sulfide zones of these resources. The drill programs at both Wildcat and Mountain View will feed an updated resource and PEA in 2022. Once complete, Millennial expects to be well-positioned to realize our corporate vision as a multi-million-ounce, multi-asset development company.
As part of the Phase 1 drill program, the Company will also focus on advancing the early-stage Red Canyon property by further exploring the geology and controls on mineralization at the project. Upon completion of Phase 1, the company will look to accelerate Red Canyon’s Phase 2 drill program to better understand the geometry and size potential of key target zones through drilling additional untested areas of interest. Red Canyon has the potential to significantly add value to the Company’s diversified portfolio of highly prospective projects and provide organic growth with the intention of bringing it to the resource stage in the coming years. Millennial will also be reviewing and compiling data on its grassroots projects: Marr, Ocelot, Eden, and Dune during 2021/2022 field season. Upon completion of this review, the team will commence Phase 1 target generation at each of these properties.
Precipitate Gold Corp. is a Canada-based mineral exploration company. The Company is focused on exploring and advancing its mineral property interests in Newfoundland Canada and the Dominican Republic. The Company’s projects include Ace, Motherlode, Ponton, Pueblo Grande and Juan de Herrera. The Ace Project is located at the northern end of the Exploits Subzone of north-central Newfoundland, Canada. The project mineral claims cover approximately 2,500 hectares. It has an option to acquire a 100% interest in all mineral exploration licenses making up the project, subject to a 1.5% net smelter return (NSR). The Motherlode Project is located in southeastern region of Newfoundland’s Burin Peninsula approximately 3.5 hours by road from Gander and/or St. John’s. The project mineral claims cover approximately 12,350 hectares, south coast Newfoundland. The Ponton Project is located approximately 35 kilometers due east of Barrick's Pueblo Viejo mining operation.
First AU is an Australian focused exploration company with gold and base metal projects in Victoria, Western Australia and South Australia. FAU has an experienced team using modern exploration ideas and techniques in strategically placed ground positions to enable the Company to make a major discovery.
Stuhini Exploration Ltd is a well-structured precious metals exploration company managed by a team with a track record of entrepreneurial success in both the mineral exploration sector and the business sector. Stuhini is focused in Western Canada where the company controls approximately 809 km2 of prospective mineral tenures across 4 projects: The flagship Ruby Creek Project (option to earn a 100% interest) and the Big Ledge project in British Columbia, the Que Project (option to earn a 100% interest) in the Yukon Territory and the South Thompson Nickle project in Manitoba.
The mission at Evergold is to deliver discoveries. The company has been assembled by a team with a record of recent success in British Columbia, combining properties in prime geological real estate from one of BC’s best-known geologists, with seasoned management and a highly qualified board.
In 2020 they delivered two new discoveries, one each on their flagship Snoball and Golden Lion properties. Join them as they do the exciting, high risk / high reward work of advancing these projects.
Trillion Energy is an international gas and oil producer. The Company has a simple clear strategy to add value to shareholders by ramping up production in extremely profitable proven non-produced gas reserves on the SASB gas field through existing infrastructure and facilities commencing in 2022.
With current natural gas prices at all-time highs of US$13 (Jan 2022), and with production costs less than $1 + 12.5% royalty for its 17 well programs, Trillion is well poised to capitalize on the energy shortage gripping Europe in 2022.
Cartier Resources Inc. is a Canada-based exploration company. The Company's activities primarily include the acquisition and exploration of mining properties in Canada. The Company focuses on the Chimo Mine property, which is situated approximately 50 kilometers (km) south east of Val-d’Or. Chimo Mine consists of approximately 12 contiguous claims covering an area of about 334 hectares (ha). Its Benoist property consists of approximately of 73 claims, which is located in Miquelon, Quebec. Its Fenton property consists of approximately 18 contiguous cells, which is located in Chapais, Quebec. Its Wilson property consists of approximately 42 contiguous claims covering a surface area of about 1,660 ha. Its Cadillac Extension property consists of approximately 39 claims. Its Dollier property consists of approximately 40 map staked contiguous cells covering an area of about 2,228 ha. Its MacCormack property consists of approximately 89 claims covering an area of about 3,808 ha.
Clean Teq Water Ltd is an Australia-based water treatment company. The Company provides metals recovery and water treatment solutions for municipal, industrial and mining sectors. Its technology solutions include desalination, nutrient removal, zero liquid discharge and hardness removal. The Company's products include CIF (Continuous Ionic Filtration), HIROX (Ultra High Recovery Reverse Osmosi), DESALX (Membrane Free Desalination), BIOCLENS (Encapsulated Bacteria Lenses), BIONEX (Nutrient Removal), and EVAPX (Evaporation and Crystallization). The Company is also engaged in research and development of a graphene oxide membrane for water filtration. The Company offers water treatment solutions for mining, municipal reuse, industrial, groundwater, power plant, surface water, agricultural, and aquaculture sectors. The Company's subsidiaries include Clean TeQ Water Operations Pty Ltd, Clean TeQ Pty Ltd and NematiQ Pty Ltd.
Global Atomic Corporation is a Canada-based company, which provides a combination of high-grade uranium mine development and cash-flowing zinc concentrate production. The Company operates through two segments: the Uranium Business and the EAFD Business. The Company’s Uranium Business activities presently take place in Niger, Africa. The Uranium Business segment includes four deposits with the flagship Dasa project. The Dasa project is a high-grade uranium deposit that lies within the Adrar Emoles III licence area, approximately 105 kilometers (km) south of the established uranium mining town of Arlit, in the Republic of Niger. The Company Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a zinc production plant, located in Iskenderun, Turkey. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world.
Yellow Cake plc is a Jersey-based company that operates in uranium sector. The Company is focused on purchase and holding of triuranium octoxide (U3O8). It is also focused on the purchase, sale and trading of uranium through the Kazatomprom Contract and through any other long-term contracts entered into by the Company. It is also involved in other uranium related transactions, including the acquisition of production or synthetic production, via streaming, royalties or similar mechanisms.
Ionic Rare Earths Limited is an Australia-based mineral exploration company. The Company is engaged in investing in mining and resource sector. The Company is focused on developing its flagship Makuutu Rare Earths Project (Makuutu) towards production. Its Makuutu project comprises of approximately five licenses covering approximately 242 square kilometer (km2) and is located over 40 kilometer (km) east of the regional center of Jinja and 120 km east of the capital city of Kampala in eastern Uganda. Its Makuutu project contains ionic clay-type Rare Earth Element (REE) mineralization. The Company’s exploration license includes RL1693, EL1766, RL00007, EL00147 and EL00148.
GoviEx Uranium Inc. is a Canada-based mineral resources company that is focused on the exploration and development of uranium properties located in Africa. The Company has two projects with mine permits, which are approximately 80% owned Madaouela Project in Niger and wholly owned Mutanga Project in Zambia. The Company also has an interest in the Falea Project comprising three exploration licenses located in Mali. The Madaouela Project, located in north-central Niger, consists of one mining permit, Madaouela I and about six exploration licenses through its wholly owned subsidiary, GoviEx Niger Holdings Ltd. The Mutanga Project is located approximately 200 kilometers (km) south of Lusaka, immediately north of Lake Kariba. The Mutanga Uranium Project consists of five deposits, such as Mutanga, Dibwe, Dibwe East, Njame, and Gwabe. The Mutanga Project is comprised of three mining licenses, such as 13880-HQ-LML, 13881-HQ-LML, and 12634-HQ-LML encompassing about 720 square kilometers.
Evolution Energy Minerals Limited (ASX:EV1) is focused on sustainable graphite products for the global green economy.
Evolution's principal asset is the Chilalo Project located in south-east Tanzania. The Chilalo Project is an advanced, development-ready project that the Company believes will become a premier source of world-class flake graphite products.
A definitive feasibility study was completed in January 2020 which demonstrated the economic viability of the Chilalo Project with attractive returns.
CopperCorp is a progressive, commercially minded team, backed by proven mine-finders. They're taking a responsible approach to exploration on a ground-floor opportunity in one of the world’s prime and most sustainable copper regions: Australia’s state of Tasmania.
Tasmania is powered 100% by renewable energy. It embraces mining with governance that empowers its people, communities and environment to source essential metals responsibly.
Canada Nickel Company Inc. is a Canada-based exploration company. The Company is engaged in the exploration and discovery of nickel sulphide assets to deliver supply for the electric vehicle, green energy and stainless-steel markets. The Company owns the Crawford Nickel Sulphide Project (Crawford), which is located adjacent to the Timmins-Cochrane mining camp of northern Ontario, Canada. The Company holds an option interest in approximately six additional nickel targets located near the Crawford. The Company also focuses to develop zero-carbon production of nickel, cobalt and iron at the Crawford Project through NetZero Metals Inc. (NetZero).
West Wits Mining Limited is an Australia-based company, that is engaged in exploration of gold at the mining tenements situated in Western Australia and South Africa. The Company operates through two segments: South Africa and Australia. The Company projects include Witwatersrand Basin Project (WBP) and Mt Cecelia Project. Its WBP comprises two mining centers on the Northern Edge of the Witwatersrand Basin in the Central Rand Goldfield immediately southwest of the city of Johannesburg. Its WBP is located in the gold region of Central Rand Goldfield of South Africa. Its Mt Cecelia Project is located approximately 150 kilometer(km) ENE of Marble Bar, 150 kilometer NW of Telfer Mine, and 120 kilometer(km) NNW of Nifty mine (aerial distance). The Company is exploring for gold and copper at the Mt Cecilia Project in Western Australia.
Black Rock Mining Limited, formerly Green Rock Energy Limited, is an Australia-based graphite producer. The Company owns graphite tenure in the Mahenge region, Tanzania. Its segments include Graphite and Corporate. The Company's geographical segments include Tanzania and Australia. Its tenements include PL 7802/2012, Mehenge North, which covers an area of approximately 140 square kilometers; PL 10427/2014, Mehenge southwest, which covers an area of over 210 square kilometers; PL 10426/2014, Mehenge southeast, which covers an area of over 155 square kilometers, and PL 10111/2014, Makonde, which covers an area of over 25 square kilometers. Its Mahenge Project consists of approximately three graphite mineralized structures located within Exploration permit PL7802/2012: Epanko North, Ulanzi and Cascades. Its subsidiaries include Green Heat Resources Pty Ltd, Green Rock Geothermal Pty Ltd and Mahenge Resources Limited.
Gold Standard is developing the South Railroad Project, an open pit, heap leach gold project located in Elko County, Nevada. The project is part of a +21,000 hectare land package on the Carlin Trend, and is 100% owned by Gold Standard. The goal of the Company is to become the low-cost junior producer of choice in Nevada, one of the premier mining jurisdictions in the world.
ATEX Resources Inc. is a Canada-based exploration company. The Company is engaged in the business of exploration and evaluation of mineral properties in South America. The Company’s projects portfolio includes Valeriano Project, HS-Gen Project, Generative Projects and Apolo Concessions. The Valeriano Project is located approximately 125 kilometers to the southeast of the City of Vallenar, Atacama Region, Chile and 27 kilometers northeast of Barrick’s Pascua Lama project. The Company initiated a grassroots exploration program, which is focused on staking and exploration of high sulphidation precious metals deposits in northern Chile using techniques. The Company’s subsidiaries include ATEX Chile SpA (ATEX Chile) and ATEX Valeriano SpA (ATEX Valeriano).
Sandstorm Gold Ltd. is a Canada-based gold-focused streaming and royalty company. The Company offers financing solutions to the gold mining companies. The Company has acquired a portfolio of over 229 royalties, of which approximately 28 of the underlying mines are producing. It is focused on investments towards production profile through the acquisition of additional gold royalties. The Company's projects include Altintepe, Aurizona, Black Fox, Bracemac-McLeod, Cerro Moro, Chapada, Agi Dagi, Hugo North Extension, Kirazli, Prairie Creek, Altan Nar, Goldwedge, Ruddock Creek, Emigrant, Forrestania, Fruta del Norte, Gualcamayo, HM Claim, Hounde, Karma, Triangle Zone, Ajax, Bayan Khundii, Buffelsfontein, Coringa and Hackett River.
Alianza Minerals Ltd. is an exploration-stage company. The Company is engaged in the acquisition and exploration of mineral properties. The Company’s properties include Haldane, White River, MOR Property, Goz Creek, Twin Canyon, Klondike property, Horsethief, East Walker, BP Project, Bellview, Ashby, KRL Gold Project, Yanac and Pucarana. The Haldane property is a silver property, which covers an area of approximately 8,164 hectares. Its River property, consisting of over 308 claims covers approximately 6,400 hectares, is located in the Yukon Territory, northwest of Whitehorse. The MOR Property consists of over 290 mineral claims covering approximately 6,000 hectares, is located 35-kilometer (km) east of Teslin, Yukon, Canada. The Goz Creek property consists of over 90 mineral claims located 180 km northeast of Mayo, Yuko. The Twin Canyon gold property is a sandstone-hosted gold prospect in southwest Colorado, approximately 20 km from the town of Mancos.
Talisker Resources Ltd. is a Canada-based junior resource company. The Company is engaged in the exploration of gold projects in British Columbia, Canada. Its projects include Bralorne Gold Project, Ladner Gold Project, Spences Bridge Gold Project, Lola Property, Remington Property, Blue Jay Property, Golden Hornet Property and Tulox Property. Its Bralorne Gold Project is located in southern British Columbia and covers approximately 13,869 hectares over 67 claims, three leases and 198 Crown Grant claims. Its Ladner Gold Project consists of mineral claims over an area of approximately 14,380 hectares covering the northern part of the Coquihalla Gold Belt. The Spences Bridge Gold Project consists of approximately 201,163 hectares of land covering the Spences Bridge Gold Belt in southern British Columbia. Its Lola property is located in south-central British Columbia, approximately 35 kilometers from Lillooet, and has four mineral claims that cover an area of 4,949 hectares.
Chesapeake Gold Corp. is a Canada-based mining company, which is focused on the exploration and development of precious metal deposits in North and Central America. The Company’s primary asset is the Metates project (Metates), which is located approximately 175 kilometers northeast of Mazatlan in Durango state and is an undeveloped disseminated in-situ gold, silver deposits in Mexico. The Metates property comprises of fourteen mineral concessions totaling approximately 14,727 hectares. The Company also has a portfolio of exploration properties in Mexico comprising 115,484 hectares in the states of Durango, Oaxaca and Veracruz. It owns interest in Gunpoint Exploration Ltd., which owns the Talapoosa gold project (Talapoosa) located in Lyon County, Nevada. Talapoosa is a low-sulphidation gold/silver property in the Walker Lane gold trend of western Nevada, approximately 45 kilometers east of Reno.
Yamana Gold Inc. is a Canada-based precious metals producer. The Company has gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. The Company's principal producing mining properties are comprised of the Canadian Malartic mine in Canada, the Jacobina mine in Brazil, the El Penon and Minera Florida mines in Chile and the Cerro Moro mine in Argentina. The Company's projects include the MARA project in Argentina and the Wasamac project in Canada. The Canadian Malartic mine, in which the Company holds a 50% interest, is located in the Abitibi region of Quebec near the town of Val-d’Or. Minera Florida is an underground gold mine located in central Chile, approximately 75 kilometers southwest of Santiago. The Cerro Moro is a gold-silver operation located in the Santa Cruz province of Argentina approximately 70 km south of the port city of Puerto Deseado.
Deep-South Resources Inc. is a Canada-based mineral exploration and development company. The Company is in the business of exploring and evaluating mineral properties located in Africa. Its Haib copper project is located in the south of Namibia. The project lies approximately 12 to 15 kilometers (km) east of the main tarred interstate highway connecting South Africa and Namibia and the nearest railway station is at Grunau, approximately 120km north on the main highway. The Company owns approximately 75% interest in RCR Quantum (Quantum), a Turkish company, which holds the Kapili Tepe Project comprising about one mining license and two exploration licenses in the Sivas Province in Turkey.
At Parkway, they believe technology holds the key to solving the toughest global water related challenges. In order to address some of these challenges, as a public company, they have invested heavily in research & development, resulting in several important breakthroughs, including the development of a world-class wastewater processing technology portfolio.
They periodically provide details about recent developments and strategic direction and priorities, usually in the form of investor presentations released by Parkway to the Australian Securities Exchange (ASX), including presentations presented at shareholder meetings including the Annual General Meeting, Investor Days and at Industry Conferences. Presentations can be found in the investor centre section of their site, and can also be accessed directly from the Parkway Corporate Limited (ASX:PWN) company page at the ASX website.
Amex Exploration Inc. (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF), a junior gold mining company, has made a significant gold discovery in Quebec at its 100% owned high grade Perron Gold Project. Amex is led by an experienced management team of gold mine finders who have invested their own capital into the company in corporate financings and are focused on building shareholder value.
The Project is well serviced by existing infrastructure, being located about an hour north of Rouyn-Noranda (~110 km), on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km), where a mine operated until 1975. During its operation, the Normétal mine produced 10 Mt at 2.25% copper, 5.4% zinc, 0.5 g/t Au and 44.5 g/t Ag. The Perron project is also in close proximity to a number of major operating gold mining companies and their milling operations.
The company launched an extensive drill program consisting of multiple drills on site to complete a 300,000 m drill program by the end of 2021. Since January 2019, Amex has intersected significant gold mineralization in three different gold zones that stretch over 3.6 km of lateral strike along the Perron Fault Zone.
Puma Exploration Inc. is a Canada-based mining exploration company. The Company is engaged in the acquisition and prospection of mining properties. The Company projects include Williams Brook Gold Project, Chester Project, Turgeon Project, Murray Brook Minerals Project, Murray Brook West Project, and Brunswick Cards Project. Its Williams Brook Gold Project comprises of Williams Brook, Jonpol Gold, Jonpol South, Portage Lake, McCormack Brook South, and Williams Brook Center properties, which covers over 30,000 hectares (ha). The Chester Project comprises Chester covering over 900 ha, Chester EAB covering 4503 ha, Big Sevogle River covers approximately 65 ha, Chester West covering 3450 ha, and Big Sevogle River covering approximately 417 ha. The Turgeon Project, which covers an area of approximately 53.6 square kilometers (km2), consists of the Turgeon and Turgeon Sud properties. Its Murray Brook Minerals Project comprises of Legacy project, which consists of over two claim blocks.
Apollo Silver Corp. is a Canada-based exploration company. The Company is focused on advancing its portfolio of silver exploration and resource development projects in the United States. The Company’s projects include the Waterloo Silver-Barite Project (Waterloo Project), the Langtry Silver-Barite Project (Langtry Project) and the Arizona Silver District Project (AZ Silver District Project). The Waterloo Property comprises approximately 27 fee simple land parcels (1,352 acres) and 21 unpatented claims approximately 19 lode mining, two mill site claims] (418 acres). The Langtry Property comprises approximately 20 patented claims (413 acres) and 38 unpatented lode mining claims (767 acres). The AZ Silver District Project comprises three patented claims, 85 unpatented lode mining claims approximately 23 unpatented mills and a state exploration lease, totaling over 2,000 acres.
ACME Lithium is a mineral exploration company focused on acquiring, exploring and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire 100% interest in 266 lithium and lode mining claims totaling approximately 5,361 acres in Esmeralda County, Nevada, which are prospective for lithium contained in tertiary claystones.
ACME also owns 100% interest in 27 mineral claims totaling 11,803 acres in the pegmatite fields of the Bird River Greenstone Belt in southeastern Manitoba, Canada. Backed by an experienced management team who have successfully built and financed resource companies around the world, and with 4 projects located across North America, the building blocks of the future are our focus today.
TriStar Gold, Inc. is a gold exploration and development company. The Company's primary business focus is the acquisition, exploration and development of precious metal prospects in the Americas, including its focus on advancing the exploration of Castelo de Sonhos (CDS) project located in the Tapajos Gold District of Brazil's northerly Para State. The CDS gold project is situated in the Para state of Brazil, approximately 20 kilometers (km) from the town of Castelo de Sonhos.
G2 Goldfields Inc. is a Canada-based resource exploration company. The Company is focused on the discovery of gold deposits in the Guiana Shield. The Company operates primarily in Guyana, where the Company owns a 100% interest in two past gold-producing mines, as well as a regional portfolio of prospective projects. The Company's projects include Oko Aremu and Puruni. The projects are located at the southern end of the Cuyuni Basin and host high-grade Orogenic Gold mineralization within the Cuyuni Basin Sediments and the underlying Barama volcanics. The Aremu Oko District covers a strike length of approximately 17 kilometers. Its Aremu/Oko and Jubilee/Peters Mine properties consist of approximately 37,068 acres and are in the Cuyuni-Mazarumi region of north-central Guyana in the Guiana Shield.
The battery Thematic is much talked about. And much understood. Autonomous Battery-powered cars are the future. But I want to talk about now and the reality for junior mining companies and investors.
Vox Royalty Corp. is a Canada-based precious metals royalty and streaming company. The Company focuses to acquire gold, silver and other precious metal royalties and purchase agreements over development stage assets, advanced stage development projects or operating mines. The Company holds a portfolio of over 50 royalties and streaming assets. The Company's interests span approximately eight jurisdictions, Including Australia, Canada, Peru, Brazil, Mexico, the United States and Madagascar. Its portfolio of assets includes Brauna, Dry Creek, Koolyanobbing, Bowdens, Mt Ida, Bulong, Sulphur Springs, Kangaroo Caves, Ashburton, Thaduna, Forest Reef, Saxby, Greenbushes North, Pilgangoora North, Wodgina South, Green Dam, Brits, Ashburton, Pedra branca, Uley, Glen, Las Antas, Millrose, Ptombeiras, West Kundana and Holleton.
Andromeda Metals Limited is an Australia-based company that is focused on supplying industrial minerals. Its Great White Kaolin Project covers two geographic areas of interest, both situated in the western province of South Australia. The Project consists of approximately four tenements and is located approximately 635 kilometers (km) west by road from Adelaide and approximately 130 km south-east from Ceduna. The Project is a joint venture between Andromeda Metals and Minotaur Exploration Limited. Its Mount Hope Kaolin Project is located approximately 80 km northwest of Port Lincoln on the Eyre Peninsula in South Australia. Its Camel Lake Halloysite Project is located approximately 60 km north-east of Ooldea in South Australia. Its copper and gold prospects include Drummond Epithermal Gold Project, Eyre Peninsula Gold Project, Moonta Copper Gold Project and Eyre Kaolin Project. Its products include Kaolin, Halloysite-kaolin and High Purity Alumina (HPA).
TRU is drilling for gold in the highly prospective Central Newfoundland Gold Belt and has an option with TSX-listed Altius Minerals to purchase 100% of the Golden Rose Project. Golden Rose is a regional-scale 236 sq km land package, including 45 km of strike length along the deposit-bearing Cape Ray -Valentine Lake Shear Zone directly between Marathon Gold’s Valentine Gold Project and Matador Mining’s Cape Ray Gold Project.
TRU’s common shares trade on the TSX Venture under the symbol “TRU”, on the OTCQB Venture under the symbol “TRUIF”, and on the Frankfurt exchange under the symbol “706”.
Kainantu Resources Ltd. is a TSX-V listed junior mineral exploration and development company focused on the advancement of its Asia-Pacific assets. The company’s flagship assets are the KRL North and KRL South projects. The projects are located in the Kainantu gold district of Papua New Guinea, in proximity to the Kainantu mine of K92 Mining Inc. The Kainantu mine is one of the top 4 highest-grade gold ore bodies in the world and produces 144 Koz of gold per annum at a 17 g/t gold feed grade.
The company recently announced that it had closed the second tranche of its private placement financing offering to raise an aggregate of CAD$ 2.77 million. The offering was originally aimed at raising CAD$ 1.5 million but was upsized due to oversubscriptions.
Kainantu Resources Ltd. also announced that it had successfully completed an Airborne Geophysical Survey over both its KRL North and KRL South projects. The obtained geophysical data, which shows high-grade mineralization similar to that found at the Kainantu mine area, will be implemented in combination with mapping and geochemical sampling data to identify targets for an exploration drilling program at the KRL North project.
The company has also announced that it has entered into a definitive sales agreement with Harmony Gold Exploration Limited, a subsidiary of Harmony Gold Mining Company Limited, to acquire 100% of the Kili Teke project in Papua New Guinea. The Kili Teke project is an advanced stage exploration copper and gold project, which boasts an existing mineral resource of 0.8 Mt of copper, 1.8 Moz of gold and 0.04 Mt of Molybdenum in the inferred category. The project has also seen over 36,000 m of drilling completed to date.
Cabral Gold Inc. is a TSX-V and OTC listed junior exploration and development company focused on the advancement of its flagship, district-scale Cuiú Cuiú gold project, located in the Tapajós region, Brazil.
The Cuiú Cuiú gold project hosts two primary gold deposits, namely the MG gold deposit as well as the Central gold deposit. The MG deposit is open down-dip and contains 400,000 ounces of gold in the inferred category. The Central Deposit of the Cuiú Cuiú gold project hosts 170,000 ounces of gold in the indicated category and 314,000 ounces of gold in the inferred category.
The company recently reported assay results of four diamond drill holes drilled at the Central gold deposit of the project. The assay results which include mineralisation of up to 14.9 g/t of gold support the company’s theory that a gold-in-oxide mineralisation zone sits above the primary central gold deposit.
Cabral Gold Inc. also recently published the assay results of six diamond-drill holes drilled at the MG deposit. The assay results include highlights such as 17.5 m of mineralisation at a grade of 4.0 g/t gold including an intercept of 10.5 g/t of gold over 5.5 m. The company believes that the drilling program at the MG deposit continues to show that the deposit hosts a high-grade mineralisation zone.
The company also published assay results of nine diamond drill holes drilled at the project’s PDM target. The assay results show mineralisation including 3.2 g/t of gold over 6.5 m, which includes 39.5 g/t of gold over 0.5 m. Cabral Gold Inc. believes that the assay results continue to suggest the presence of another primary gold deposit in basement granitic rocks.
Chakana Copper Corp. is a Canadian junior exploration company advancing its Soledad project near Aija, Peru. The company acquired the Soledad property in 2017 which hosts copper, silver and gold mineralisation.
The company has recently been underway with geophysical surveys at the Soledad project which it concluded with at the beginning of May 2022. The geophysical surveys included Gradient Array IP analysis, a rapid mapping technique traditionally implemented to identify mineralisation structures and offset IP analysis, which creates a block model of resistivity over an area.
The company plans to implement the geophysical data in a target identification workshop it plans to host at the end of May. Gold Fields Ltd, which is a strategic investor in Chakana Copper Corp. will participate in the target identification workshop.
Chakana Copper Corp. recently announced that it had reached a binding agreement with Condor Resources Inc. to amend the terms of the purchase option agreement it holds relating to the company’s Soledad project. The previous agreement involved a final payment of USD$ 4.425 million due to Condor Resources Inc. The new binding agreement will consist of either a final payment of USD$ 2.8 million and the issuing of 9,480,198 common shares or a 4-year cash and common share issuing and payment plan to Condor Resources Inc.
The company plans to initiate a drilling program on the north side of the Soledad project in June 2022, from where it will also initiate a drilling program on the south side of the project in 2023, pending permitting. The next two years of exploration drilling will, according to the company, enable it to better understand the project’s potential.
THE Event is Canada's first Tier 1 conference for mining companies, accredited investors, institutions and funds. THE Event will showcase the best of Canadian mining and will feature a mix of exploration, development, royalty companies and producers representing all commodities.
Matt will be hosting a few sessions and will be available to answer any questions you may have. See you in June.
Calidus Resources Limited is an Australia-based gold exploration and development company. The Company is focused on the Warrawoona Gold Project, located in the East Pilbara district of the Pilbara Goldfield in Western Australia. The Warrawoona Gold Project lies approximately 150 kilometers (km) south east of Port Hedland and approximately 25 km south east of the town of Marble Bar, which covers an area of approximately 780 square kilometers. It also holds interest on Blue Spec Project, located approximately 20 km south east of Nullagine and approximately 70 km from Warrawoona Gold Project.
Troilus Gold Corporation is a Canadian copper and gold development company focused on the advancement of the Troilus Gold Mine located northeast of the Val-d’Or district in Northern Quebec. The Troilus project has access to infrastructure which includes a network of maintained roads, a substation and tension power lines maintained by Hydro-Quebec. The project also has a permitted tailings facility as well as an operating water treatment plant.
The junior gold environment currently faces a lack of liquidity due to the retail investment community investing less. Reid believes that the disconnect between a company readily receiving institutional investment and the lack of retail investors may be accredited to a decrease in disposable income, leading to retail investors being hesitant to invest in junior companies. Reid believes that there will be a shortage of gold stockpiles in the future, creating an opportunity for junior developers. He believes that a retail investor should look for companies that have assets in safe jurisdictions, which show size and scalability and are also well capitalised for the advancement of their projects.
Troilus Gold Corporation recently announced assay results from the Southwest and Gap Zones at the Troilus project. The highlights of the assay results include high-grade gold mineralisation at the Southwest Zone of 92 g/t and 68 g/t gold over 1 m and 3.07 g/t AuEq over 15 m. The Gap Zone drilling results show mineralisation of 4.2 g/t AuEq Over 7 m, which includes a 1 m intercept of 22.81 g/t AuEq.
The company is preparing to initiate an 11,000 m drilling program at the Gap Zone which will be aimed at identifying and better understanding the zone’s mineralisation.
Gold Terra Resource Corp. is a Canada-based junior gold exploration company. The principal activity of the Company is the exploration and development of mineral properties in Canada. The company is focused on the gold resources at the Yellowknife City Gold Project. The Yellowknife City Gold Project encompasses approximately 800 square kilometers of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Its Stewart Property is located in the Burin Peninsula of Newfoundland. Its Mulligan Project is located in the Province of New Brunswick made up of approximately 12 mining claims comprising 413 units and covering about 8,200 hectares. The Company also engaged in an exploration agreement with Newmont Ventures Limited and Miramar Northern Mining Ltd. on certain mineral leases and mineral claims adjacent to Newmont Exploration Property.
Uncertain times? The past 2yrs have been hard to read for retail investors as normal rules don’t seem to apply. Retail investors have stepped back and hoarding cash. They are nervous. However, mining companies are finding it easy to raise money. So, why are institutions investing in mining companies when retail is nervous? Are there lessons to be learned?
Today’s panel talks about Fundamental investing and investing in fundamentals. Economic outlook – affecting miners (who will be the winners and losers). Fundamental analysis v technical analysis. The panelists also give practical tips on what to look for and why contrarian investing works.
Uranium equities are in many ways different to regular commodities, and therefore investing criteria can be looked at differently. The geopolitics of nuclear and demand drivers make it complex. However, the relatively small supply side make it easier to understand. Today’s panel covers a lot of the moving parts on the macro. We look at the big news of the week in the NYNE has declined SPUT application and the implications. And the even bigger news that URNM will list in Europe.
The experts on this panel cover challenges and opportunities for explorers, developers and producers in the US, Canada and Africa. And naturally we also discuss jurisdictional risk and how recent events in Ukraine change things and how we as investors can assess the opportunities.
Palladium One Mining Inc. is a mineral exploration company. The Company operates in the acquisition, exploration and evaluation of mineral properties segment. The Company holds an interest in the Lantinen Koillismaa Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) Project (LK Project) located in North-central Finland. The Company holds an interest in the Kostonjarvi Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) Project (KS Project) located in North-central Finland adjacent to the LK project. The Tyko Project is located in Northwestern Ontario, which is a nickel (Ni), copper (Cu), platinum-group element (PGE) project and comprises approximately 173 single cell mining claims. The Company holds an interest in the Disraeli Lake Project located near Thunder Bay, Ontario. The Company’s wholly owned subsidiaries include Tyko Resources Inc. and Nortec Mineral Oy.
Grid Metals Corp. is a Canada-based exploration and development company. The Company is engaged in the exploration and development of mineral properties focused on battery metals and platinum group metals (PGM) in Manitoba and Ontario. Its Makwa Mayville Project is in the Bird River Greenstone Belt approximately 145 kilometers (km) from Winnipeg Manitoba. The project consists of two open pit NI 43-101 resources containing nickel copper platinum group metals and cobalt mineralization. Its East Bull Lake property (EBL) is a PGM exploration project located in the Sudbury Mining Division, Ontario, Canada. Its Mayville property is a copper nickel platinum group metal exploration project located near Lac du Bonnet, in south east Manitoba. Its Bannockburn property is a nickel exploration project located in the Larder Lake Mining Division, Ontario, Canada. The property consists of approximately 125 unpatented mining claims covering over 2,700 hectares. It also owns Mayville lithium property.
Investigator Resources Limited is an Australia-based metal exploring company. The Company is focused on silver, copper, and gold discovery in South Australia. The Company’s projects include the Paris Silver project, Peterlumbo project, Maslins Iron Oxide Copper Gold Project, and Eyre Peninsula projects. The Paris Silver Project is located approximately 70 kilometers north of the rural township of Kimba on South Australia’s Eyre Peninsula. Peterlumbo project is located in the pastoral country of northern Eyre Peninsula district approximately 350 kilometers northwest of Adelaide and 60 kilometers northwest of the town of Kimba. The Maslins Project is located in the Olympic Domain belt of the Stuart Shelf in the Gawler Craton, South Australia, and presents as an untested geophysical anomaly with the potential to host Iron Oxide Copper Gold (IOGC) mineralization.
Standard Uranium Ltd. is a Canada-based mineral resource exploration company, which is focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin in Saskatchewan, Canada. The Company's projects include Davidson River, Sun Dog, Atlantic, Canary, and Ascent. The Davidson River Project is located in the southwest Athabasca uranium district of the Athabasca Basin, Saskatchewan. The project consists of 21 mineral dispositions totaling 25,886 hectares. The 17,309-hectare Sun Dog Project comprises of six contiguous mineral claims located near Uranium City at the south end of the prolific Beaverlodge uranium district. The Atlantic Project consists of six mineral claims totaling approximately 2,176 hectares. The Canary project comprises two mineral dispositions totaling approximately 7,303 hectares. The Ascent project consists of a single mineral disposition totaling approximately 3,737 hectares.
Scottie Resources Corp. is an exploration stage company engaged in the exploration and evaluation of gold and silver properties located in the “Golden Triangle” of British Columbia, Canada, an area which has shown great potential to host high grade gold and silver deposits.
The Company believes that mineral properties within the Golden Triangle are under-valued due to a lack of available infrastructure, a scenario which is currently changing. By acquiring undervalued properties and applying modern exploration techniques, data interpretation and 3-D modelling, Scottie Resources aims to build a substantial geological resource in the Golden Triangle. This approach is intended to dramatically increase the value of the Company’s existing properties and advance them to a position where they may become operationally viable.
Scottie Resources Corp. owns a 100% interest in (or the option to acquire) the Blueberry, Domino, and past producing Scottie Gold Mine zones of the Scottie Gold Mine Project located in the heart of the Golden Triangle.
In addition, the Company owns 100% interest in the Georgia Project, Tide North and Sulu properties, and over 85% of the claims within the Cambria project, all located in the Stewart Mining Camp of the Golden Triangle.
Ur-Energy owns and operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming. In 2021, Lost Creek received an amendment to its license allowing expansion of mining activities within the existing Lost Creek Project and the adjacent LC East Project. The license now allows annual plant production up to 2.2 million pounds U3O8, which includes wellfield production of up to 1.2 million pounds U3O8 and toll processing of up to one million pounds U3O8. Additional approvals for this expansion are expected in 2022. The second uranium in‑situ recovery facility, Shirley Basin Project, has received all major authorizations and is construction ready.
Ur-Energy engages in the identification, acquisition, exploration, development, and operation of uranium projects. Shares of Ur Energy trade on the NYSE American under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE." Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.
Goldshore Resources is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines is currently a strategic shareholder of Goldshore with an approximate 30% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration.
Cabral Gold is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90 g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24 g/t (800,000 oz).
The Tapajós Gold Province is the site of the largest gold rush in Brazil’s history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold historically.
Transition Metals is a multi-commodity exploration company using the project-generator business model. This approach maximises shareholder exposure to discoveries and capital gain while minimising shareholder equity dilution by selling interest in the projects rather than ownership in the Company. Funding to advance the projects and make discoveries comes from partners that receive an interest in a project in exchange for cash payments, exploration expenditures, royalties and shares.
Minbos is an exploration and development company with a vision to build a nutrient supply and distribution business that stimulates agricultural production and promotes food security in Angola and the broader Middle-Africa region, through the development of its world-class phosphate ore project within the Cabinda province.
Altech Chemicals is a specialty battery materials technology company that is developing a 10,000 tpa silicon graphite anode plant in the state of Saxony, Germany, using its proprietary high purity alumina coating technology. The Company is positioning itself to supply battery material products to the burgeoning European electric vehicle market.
Paycore Minerals is a Toronto-based junior exploration company which holds a 100% interest in the FAD Project located on the Eureka-Battle-Mountain mining trend located in Nevada, USA. The FAD Project is a high-grade poly-metallic (gold, silver, lead and zinc) project with historical production from the 1940’s and 1950’s.
SPC Nickel Corp. is a Canada-based mineral exploration company. The Company is principally focused on exploring for nickel and Copper in the Sudbury Mining District of Ontario. The Company is exploring its key 100% owned exploration projects, Aer-Kidd and Lockerby East both located in the heart of the historic Sudbury Mining Camp and holds an option to acquire 100% interest in the Janes project located approximately 50 kilometers (Km) northeast of Sudbury, Ontario. The Aer-Kidd project is located approximately 20 km southwest of Sudbury, Ontario along the Worthington Offset Dyke. The property consists of five mining patents representing approximately 403 hectares. The Lockerby East Property is located approximately 20 km west of Sudbury, Ontario within the southwest corner of the Sudbury Basin, and consists of approximately 397 hectares of freehold patents.
Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada. The Company’s projects include Goliath Gold, Goldlund Mine and Miller Mine projects. The Goliath Gold Project consists of the construction, operation, decommissioning, and remediation of an open-pit and underground gold mine and associated milling infrastructure, including a tailings storage facility located approximately 20 kilometers east of the City of Dryden, Ontario. The Goldlund Mine Project is a proposed open pit mine with no associated processing infrastructure and is located approximately 35 kilometers southwest of Sioux Lookout. The Miller Mine Project is a proposed open pit mine with no associated processing infrastructure and is located approximately 25 kilometers southwest of Sioux Lookout.
Kingsrose Mining Limited is an Australia-based gold production and exploration company. The Company is focused on the production, exploration, and development of its gold deposit at the Way Linggo Project in South Sumatra, Indonesia. The Way Linggo Project holds approximately 100 square kilometers and is located on the Trans-Sumatran Fault, part of the Pacific Rim of Fire. The Company is primarily producing from its two operating mines in the Project area, the Way Linggo Open Cut Mine, and the Talang Santo Underground Mine. The Talang Santo is located within a cluster of epithermal veining and is situated approximately 17 kilometers from the Way Linggo processing plant.
EMX Royalty Corporation is a Canada-based precious, base and battery metals royalty company. The Company operates as a royalty and prospect generator engaged in the exploring for, and generating royalties from, metals and minerals properties. The Company's royalty and exploration portfolio consists of properties in North America, Turkey, Europe, Australia, New Zealand, and South America. It has a diversified portfolio of precious metals, base metals, and other royalty interests. Its royalties include: Leeville, Rawhide, NP Placers, Afgan, Maggie Creek, Antelope, Cathedral Well, Swift, Copper King, Goodpaster, Lucky 7, Jackson Manion, Kwai, Bruce Lake and Ophir, among others in the United States; Brestovac, Viscaria, Jasikovo, Gumsberg, Southern Gold Line, Trollberget, Bamble and Tomtebo, among others in Europe; Akarca, Balya, Sisorta, Alankoy and Trab-23 in Turkey, as well as Grand Bois and Koonenberry, among others in Asia Minor, Central and South America and Australia.
We talk specifically about carbon neutrality and environment in mining (yes, it touches ESG and sustainability), we try to answer a specific question ‘why is carbon neutrality important in mining?
A CEO posted on social media that his company had spent more time and money than ever before on his ESG and net zero carbon targets and published a report and nothing…not a flicker in the market. No effect on trading, no glowing reviews… nothing. Was he right to be annoyed?
We ask what’s the problem that they are trying to fix by being carbon neutral? And what are the real world examples of the benefits of pursuing this. Are mining activists important part of the mining ecosystem? Why does regulation, oversight of certification like Ecologo matter?
Invictus Energy Ltd is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ). The Company is headquartered in Perth, Australia and has offices in Harare, Zimbabwe.
Invictus is opening one of the last untested large frontier rift basins in onshore Africa – the Cabora Bassa Basin – in northern Zimbabwe through a high impact exploration program.
The Company’s principal asset is SG 4571 located in the Cabora Bassa Basin in Zimbabwe which contains the world class Mzarabani prospect – the largest undrilled prospect onshore Africa independently estimated to contain 8.2 Tcf and 247 million barrels of conventional gas condensate (gross mean unrisked basis).
Invictus Energy is committed to operating in a safe, ethical and responsible manner, respecting the environment, our staff, contractors and the communities in which we work.
Bradda Head Lithium Limited, formerly Bradda Head Holdings Ltd, is an Isle of Man-based lithium exploration company focused on developing projects in the United States. Through its subsidiaries, Zenolith (USA) LLC, the Company operates lithium brine, pegmatite and clay projects. The Company’s project includes Burro Creek East, Burro Creek West, Wilson Salt Flat, Spencer and San Domingo. Its Burro Creek East is a lithium clay project located in central western Arizona. The Wilson Salt Flat is a Lithium brine project located in Nye County, Nevada, which is 125 miles east of Clayton Valley and the Silver Peal Lithium brine operation. The Spencer is a lithium brine project and San Domingo is a lithium pegmatite project located in the Maricopa and Yavapai counties.
Visionary Gold Corp. is a Canada-based junior exploration company. The Company is focused on precious metals discovery and development in the Lewiston gold district of Fremont County Wyoming. The Company's Wolf Gold Project is comprised of private lands and federal mining claims covering approximately 10.25 square kilometers. Its drill target is located within the Wolf Shear Zone in the greater Miner’s Delight Basin. It controls approximately 50 square kilometers land package with various, drill ready targets.
World Copper Ltd. is a Canada-based exploration stage junior mining company. The Company is engaged in the identification, acquisition and exploration of mineral resources in Chile. The Company’s copper porphyry projects include Escalones and Cristal in Chile, and Zonia in Arizona. The Escalones porphyry-skarn copper-gold project has estimated inferred resources of approximately 426 million tons of 0.367% total copper within the oxidized zone, based on approximately 25,000 meters of drill core from approximately 53 holes. The Cristal project is easily accessed from Arica to the west, or via highway 135 from the north or south. The project is located close to the port city of Arica, the Cristal Copper Project is situated in northernmost Chile, adjacent to the Peruvian border. The Zonia project is in Yavapai County, Arizona, and consists of approximately 261 mineral claims and additional surface rights, all totaling approximately 4,279.55 acres.
Integra Resources is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar Gold-Silver Project in Idaho, USA. Integra Resources is led by the management team from Integra Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in 2017. Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver Deposits, in late 2017, the Company has demonstrated significant resource growth and conversion while providing a robust economic study in its maiden Preliminary Economic Assessment. The Company is currently focused on resource growth through brownfield and greenfield exploration and the start of advanced studies designed to de-risk the DeLamar Project and move it towards a potential development decision. For additional information, please reference the “Technical Report and Preliminary Economic Assessment for the DeLamar and Florida Mountain Gold – Silver Project, Owyhee County, Idaho, USA (October 22, 2019).”
Western Copper and Gold Corporation is a Canada-based exploration stage company, that is engaged in exploration and development of the Casino mineral property. The Company's operations are directed towards the acquisition, exploration and future development of mineral resource properties in Canada. It is developing the Casino Project, a copper, gold, molybdenum and silver deposit, located approximately 300 kilometers northwest of Whitehorse, Yukon, Canada. The Casino Project consists of approximately 1,136 full and partial quartz claims and 55 placer claims acquired in accordance with the Yukon Quartz Mining Act. The 825 quartz claims, of approximately 1,136, comprises the initial Casino property and 311 claims comprises the Canadian Creek property. The Company's subsidiary is Casino Mining Corporation.
Energy Fuels Inc. is engaged in conventional and in situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting, and evaluation of uranium properties in the United States. The Company also extracts and recovers vanadium from certain of its uranium projects. It conducts its ISR activities through its Nichols Ranch Project in northeast Wyoming and Alta Mesa Project in south Texas. The Nichols Ranch Project includes a licensed and operating ISR processing facility (the Nichols Ranch Plant); licensed and operating ISR wellfields (the Nichols Ranch Wellfields); additional licensed ISR wellfields planned for future production (the Jane Dough Property), and; a licensed satellite ISR uranium project (the Hank Project). The Alta Mesa Project is a fully licensed, permitted, and constructed ISR processing facility that has an operating capacity of approximately 1.5 million pounds of uranium per year and comprises a total of about 195,501 contiguous acres of land.
UEX Corp is a Canada-based is a uranium and cobalt exploration and development company. The Company is engaged in the exploration and evaluation of its mineral properties located in the Athabasca Basin in Saskatchewan, Canada. Its properties include Hidden Bay Project, Horseshoe-Raven Project, Christie West, West Bear Project, Axis Lake and Riou Lake Project. Its joint venture projects include Shea Creek Project, Black Lake Project, Beatty River Project and Christie Lake Project. Its Hidden Bay Project is located in the eastern Athabasca Basin of northern Saskatchewan, Canada. Its Horseshoe-Raven Project includes the Horseshoe and Raven deposits and is located in the eastern Athabasca Basin of northern Saskatchewan, Canada. The West Bear Project lands host the West Bear cobalt-nickel deposit and the West Bear uranium deposit, which is located in eastern Athabasca Uranium District in Canada’s Athabasca Basin.
Canada Nickel Company Inc. is a Canada-based exploration company. The Company is engaged in the exploration and discovery of nickel sulphide assets to deliver supply for the electric vehicle, green energy and stainless-steel markets. The Company owns the Crawford Nickel Sulphide Project (Crawford), which is located adjacent to the Timmins-Cochrane mining camp of northern Ontario, Canada. The Company holds an option interest in approximately six additional nickel targets located near the Crawford. The Company also focuses to develop zero-carbon production of nickel, cobalt and iron at the Crawford Project through NetZero Metals Inc. (NetZero).
O3 Mining VP for Sustainable Development, Myrzah Bello, explains why ESG is good for investors and companies. Plus why she welcomes activism in the mining industry. Junior mining mineral explorers can sign up to ECOLOGO as a mechanism to validate their ESG credentials, something Bello thinks will eventually become obligatory. O3 Mining’s vision is to become a best-in-class gold producer. So how do you do that and what does it mean? Bello talks about their 5 pillars: Governance & Ethics, Health & Safety, The Environment, Talent & Culture and Community.
Prospector Metals Corp. is a Discovery Group Company with a business model focused on district scale, early-stage exploration of gold and base metal prospects and create shareholder value through new discoveries. The Company's focus is to identify underexplored or overlooked mineral districts which display important structural and mineralogical similarities with well-endowed mining camps. The majority of the projects acquired by Prospector occur in Ontario, Canada, which is a tier-1 mining jurisdiction with abundant overlooked geological regions with high mineral potential. Prospector engages proactively with local and Indigenous rights holders and seeks to develop relationships and agreements that are mutually beneficial to all stakeholders.
ValOre Metals Corp. is a Canada-based exploration company, which is focused on the acquisition, exploration and development of resource properties. The Company's assets include Pedra, Branca, Angilak, Baffin Gold, Genesis, and Hatchet Lake. The Pedra Branca Project covers a platinum group elements (PGE) district located in northeastern Brazil, which covers a total area of 39,987 hectares (98,810 acres) that comprise 39 exploration licenses. The Angilak Property is located approximately 225 kilometers (km) southwest of the community of Baker Lake in the Kivalliq region of southern Nunavut Territory. The Baffin Gold Property totals approximately 352,760.89 hectares and covers over 130 km of the Foxe Fold Belt on central Baffin Island. The Genesis Property is located northeast of Saskatchewan’s Athabasca Basin. The Hatchet Lake Property consists of six mineral dispositions totaling 13,711 hectares, located adjacent to the north-easter margin of the Athabasca Basin in Saskatchewan.
Westhaven Gold Corp. is a Canada-based exploration stage company. The Company is engaged in the acquisition and exploration of mineral properties in Canada. Its mineral properties include Prospect Valley Gold, Shovelnose Gold, Skoonka Creek Gold and Skoonka North Gold. The Prospect Valley Gold Property is located approximately 30 kilometers (km) to the west of Merritt, British Columbia (BC) and is situated in the Spences Bridge Gold Belt (SBGB). Shovelnose Gold Property is located near the southern end of SBGB, approximately 30 km south of Merritt, BC. Skoonka Creek Gold Property is situated near the northern end of SBGB, approximately 15 km from the Trans Canada Highway and the CPR Railway Line and about 12 km northeast of Lytton, BC. Westhaven. Skoonka North Gold Property is situated one km northwest of the community of Spences Bridge in south-central BC, within the Kamloops Mining Division. The property consists of three contiguous mineral claims encompassing about 6,167 hectares.
Bonterra Resources Inc. is a Canada-based junior mineral exploration company. The Company is engaged in the business of acquiring, exploring and evaluating natural resource properties in the province of Quebec. The Company’s properties include the Gladiator, Moroy and Barry deposits, and the 100% owned Bachelor Mill. The Company holds a 100% interest in 379 mineral claims covering 17,373.65 hectares (ha) in the Urban-Barry township, approximately 110 kilometers (km) east of the town of Lebel-sur-Quevillon in Quebec. Its Gladiator property is also located in the Urban-Barry property. The Company through an option agreement, acquired an 85% interest in Lac Barry property, which consists of 35 mineral claims covering approximately 1,431.65 ha. It also holds a 100% interest in 436 mineral claims covering approximately 22,779.32 ha surrounding the town of Desmaraisville. Its Bachelor Mine and Mill are located in Desmaraisville property.
American Lithium Corporation (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) is well-positioned to play a key role in society’s shift to a secure, sustainable new energy paradigm in the Americas.
In the US, the company owns the TLC claystones lithium deposit, which is in close proximity to the Tesla giga-factory in Nevada.
Following the acquisition of Plateau Energy Metals, American Lithium is advancing the large-scale Falchani hard rock lithium deposit, as well as one of Latin America’s most prolific uranium deposits, known as Macusani – both of which are located in southeastern Peru.
With a near-term focus on these mining-friendly jurisdictions, the company has the advantage of both geographic and geological diversity in developing these world-class, scalable projects.
Of particular significance is the fact that the safe, secure supply of strategic battery/energy metals is of growing importance. Especially after the US government’s introduction of its “critical minerals” initiatives to secure domestic supplies, as well as additional supplies from other “friendly” nations, such as Peru.
Tesoro Resources (ASX: TSO) is an Australian public company with exploration stage gold assets in Chile. The company is focused on acquiring developing high grade gold assets that have potential to be district scale mining projects.
Tesoro is managed by experienced mining professionals with strong geological and finance backgrounds as well as significant in-country expertise.
Tesoro was established with a strategy of acquiring, exploring and developing mining projects in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world class gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to the emerging El Zorro Gold Project inline with the company’s strategy.
Tesoro owns 85% of the El Zorro Gold Project.
Wallbridge Mining Company Limited is a Canada-based company, which is engaged in the acquisition, discovery, development and production of metals focusing on gold, copper, nickel and platinum group metals. The Company is focused on exploring and developing its Fenelon Gold Property (Fenelon Gold) in Northern Quebec. The Fenelon Gold is located in the Nord-du-Quebec administrative region, approximately 75 kilometers (km) west-northwest of the town of Matagami, in the province of Quebec, Canada. Its Martiniere Project is located approximately 110 km west of the town of Matagami. The Company owns interest in Grasset property, Detour East property and Hwy 810 property. Its other Quebec properties include N2 property, six properties in the Lac Rocher Nickel District in Quebec (the RUM properties), Casault Gold property, Harri, Nantel, and Jeremie properties. It also owns the Beschefer Project, which is a gold exploration property located approximately 30 km southwest of Fenelon Gold.
They share their thoughts on how the current geopolitical environment helps uranium companies and why utility companies need diversity of supply. Energy prices are rising across the world and politicians are trying to find a solution. Nuclear energy is the solution. It is now being seen as a green energy. How do Russian sanctions affect the supply-demand dynamics? And most importantly where do the next generation of producers come from? Great conversation which helps investors new to uranium understand some of the fundamentals for the uranium thesis and also what to look for and ask before you pick the company or companies which will give you the best chance of success.
Kodiak Copper Corp. is a Canada-based exploration company. The Company is focused on its wholly owned copper porphyry projects in Canada and the United States. The Company’s asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in south-central British Columbia, Canada, where the Company made a discovery at the Gate Zone. The Company also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, the United States, near the Bagdad mine. The Company's Kahuna diamond project hosts a diamond resource and numerous kimberlite targets. The MPD Copper-Gold Porphyry Project covers approximately 14,716-hectare of land package in South-Central British Columbia. Mohave Copper-Molybdenum-Silver Porphyry Project covers approximately 10 square kilometers of land package. Kahuna Diamond Project covers land holding, mineral tenure to approximately 805 square kilometers and diamond rights covering an adjacent over 928 kilometers.
Frontier Lithium Inc. is a Canada-based emerging lithium mineral and chemicals company. The Company is focused on the development of its 100%-owned PAK Lithium Project in Ontario. The PAK Lithium Project covers approximately 26,774 hectares along 65 kilometers of Ontario’s Electric Avenue. The Company has delineated two spodumene-bearing lithium deposits, such as PAK and Spark, located approximately 2.3 kilometers apart. It has also explored two other spodumene-bearing discoveries, such as Bolt pegmatite, which is located between the PAK and Spark deposits, as well as the Pennock pegmatite, located approximately 30 kilometers northwest of PAK Deposit within the project claims. The Company is also focused on producing battery-grade lithium hydroxide and other chemicals to the growing electric vehicle and energy storage markets in North America as well as premium mineral concentrates supplier for glass manufacturers.
92 Energy is an ASX Listed exploration company exploring for high-grade unconformity-related uranium in the Athabasca Basin, an area that has some of the largest and highest-grade uranium deposits in the world, including the Cigar Lake and McArthur River mines.
92 Energy has five uranium project areas in the Athabasca Basin region - Gemini, Tower, Clover, Powerline and Cypress River.
Apollo Silver Corp. is a Canada-based exploration company. The Company is focused on advancing its portfolio of silver exploration and resource development projects in the United States. The Company’s projects include the Waterloo Silver-Barite Project (Waterloo Project), the Langtry Silver-Barite Project (Langtry Project) and the Arizona Silver District Project (AZ Silver District Project). The Waterloo Property comprises approximately 27 fee simple land parcels (1,352 acres) and 21 unpatented claims approximately 19 lode mining, two mill site claims] (418 acres). The Langtry Property comprises approximately 20 patented claims (413 acres) and 38 unpatented lode mining claims (767 acres). The AZ Silver District Project comprises three patented claims, 85 unpatented lode mining claims approximately 23 unpatented mills and a state exploration lease, totaling over 2,000 acres.
Golden Arrow Resources Corporation is a natural resource company that is engaged in the acquisition, exploration and development of resource properties in South America. The Company operates through its mineral exploration and development segment. The Company is exploring a portfolio that includes an epithermal gold project in Argentina, a district-scale frontier gold opportunity in Paraguay, a base-metal project in the mining district in Chile and approximately 180,000 hectares of properties in Argentina. The Chile includes Rosales Project. Paraguay includes Tierra Dorada Project. Argentina includes Flecha de Oro, Caballos, Don Bosco, Mogote, Potrerillos and Yanso projects. Its subsidiaries include IMPSA Resources Corporation, New Golden Explorations Inc., New Golden Explorations Atlantida Ltd, New Golden Explorations Indiana Ltd., New Golden Explorations Indiana Chile SpA, New Golden Explorations Chile SpA, Lucca S.A. and Desarrollo de Recursos S.A.
Blue Sky Uranium Corp. is a Canada-based natural resource company engaged in the acquisition and exploration of resource properties in Argentina. The Company is engaged in uranium and vanadium exploration and has approximately 4,000 square kilometers of prospective tenements. The Company’s projects include Amarillo Grande, Sierra Colonia, Tierras Coloradas and Cerro Parva. The Amarillo Grande Project is located in central Rio Negro province, in the Patagonia region of southern Argentina. The Sierra Colonia project includes the Company’s ownership of approximately 28,470 hectares in the central-eastern part of Chubut Province. Tierras Coloradas project includes four cateos totaling approximately 40,000 hectares in the northeast of Chubut. The area is relatively flat, semi-arid and road-accessible year-round. The Cerro Parva project includes its ownership interest in 11 mining properties covering approximately 36,237 hectares in the central part of Chubut Province.
Marimaca Copper Corp, formerly Coro Mining Corp, is a Chile-based public company which mainly engages in the Metal Resources Business Sector. The main corporate activities of the Company and its subsidiaries are to engage in the exploration and development of base metal projects. The Company’s principal asset is the Marimaca Project, located in the Antofagasta Region of northern Chile. The Marimaca Project comprises a set of claims (the 1-23 Claims), properties owned and optioned by the Company, combined with the adjacent La Atomica and Atahualpa claims over which the Company has the right to explore and exploit resources and where intensive exploration activities have been focused; this larger area is referred to as the Marimaca District.
Everyone on this panel has built a mine. And in a market that has seen a lot of blow ups recently (Pure Gold; Harte; Red Eagle; Argonaut; Ascot) and also promotors talking a good game and not delivering, we thought it would be interesting for retail investors to listen to people who have actually walked the walk. They highlight the difficulties of building a mine and how they overcame those issues. Listening to this will help investor work out where value is created.
Vox Royalty Corp. is a Canada-based precious metals royalty and streaming company. The Company focuses to acquire gold, silver and other precious metal royalties and purchase agreements over development stage assets, advanced stage development projects or operating mines. The Company holds a portfolio of over 50 royalties and streaming assets. The Company's interests span approximately eight jurisdictions, Including Australia, Canada, Peru, Brazil, Mexico, the United States and Madagascar. Its portfolio of assets includes Brauna, Dry Creek, Koolyanobbing, Bowdens, Mt Ida, Bulong, Sulphur Springs, Kangaroo Caves, Ashburton, Thaduna, Forest Reef, Saxby, Greenbushes North, Pilgangoora North, Wodgina South, Green Dam, Brits, Ashburton, Pedra branca, Uley, Glen, Las Antas, Millrose, Ptombeiras, West Kundana and Holleton.
Steppe Gold Ltd is a Canada-based company engaged in precious metals and minerals exploration sector. The Company is focused on development of its flagship ATO project, a gold and silver mine. In addition, the Company has approximately 20,000 meter drill program underway at Mungu, northeast of the ATO resource. The Company has also commenced exploration at the Uudam Khundii property.The Uudam Khundii property is comprised of one exploration licence covering around 14,500 hectares. The project area is located 800 km south-west of Ulaanbaatar.
Altaley Mining Corporation is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.
Altaley's Tahuehueto Gold Mine project is in north-western Durango State, Mexico where construction has been advanced to near 100% completion. Altaley has the funding available to finish construction of its 1,000 tonne per day processing facility and related mine infrastructure to initiate production of gold, silver, lead, and zinc in concentrates at Tahuehueto. The Company is targeting initial pre-production in Q2 2022 and ramping up to full production capacity during Q2-Q3 of 2022.
Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average rate of 2,200 tonnes per day and is estimated to be Mexico's 6th largest zinc producer.
Sunrise Energy Metals Ltd, formerly Clean TeQ Holdings Limited, is an Australia-based company that provides specialty materials and clean solutions to a range of industries using its Clean-iX continuous ion exchange technology. The Company is focused on the development and use of the Clean-iX resin technology for application in the extraction and purification of a range of resources in the mining industry including base metals and precious metals. It is also engaged in the development of Continuous Ionic Filtration and Macroporous Polymer Adsorption resin technologies for application in the purification and recycling of industrial and mining waste waters. The Company operates through two segments: Metals and Water. Its Metals division includes Sunrise Nickel Cobalt Scandium Project, located in New South Wales, Australia. Its Water delivers water treatment solutions to the power, mining, oil and gas, and municipal industries using its Continuous Ionic Filtration and Exchange technology.
Understanding the gold market from the context of a junior gold exploration company is critical if you want to be a better investor. These 3 CEOs help us identify the important moving parts and share their thoughts on how the macro economic environment is affecting their decision making.
Global Atomic Corp is a Canada-based resource company. The Company operates through two segments: the Uranium Business and the EAFD Business. Its Uranium Business is engaged in the acquisition, exploration and development of uranium properties in Niger. The Company carries uranium exploration and development activities through its wholly-owned subsidiary, Global Atomic Fuels Corporation (GAFC). It owns Dasa project, which is a uranium deposit that lies within the Adrar Emoles III licence area, 105 kilometer south of the uranium mining town of Arlit, in Republic of Niger. The Company’s EAFD business is the development of electric arc furnace dust (EAFD) recycling business in Turkey to recover zinc in concentrate, which is sold to smelters. Global Atomic Corp, in partnership with Befesa Zinc S.A.U. (Befesa), a Spanish company that operates a number of Waelz kilns throughout Europe and Asia, has a joint venture known as Befesa Silvermet Turkey, S.L. (BST) operating the Iskenderun plant.
Peninsula Energy Limited is an Australia-based uranium mining company. The Company operates through three segments: Lance Projects, Wyoming USA, Karoo Projects, South Africa and Corporate/Other. The Company is focused on its 100% owned Lance Projects in Wyoming, United States of America (USA).The Lance Project is in transition from an alkaline to a low pH in-situ recovery operation and holds uranium mineral resource of 57 million pounds U3O8. Its Karoo Projects is focused on the rehabilitation of exploration and historical trial mining activities.
Alianza Minerals Ltd. is an exploration-stage company. The Company is engaged in the acquisition and exploration of mineral properties. The Company’s properties include Haldane, White River, MOR Property, Goz Creek, Twin Canyon, Klondike property, Horsethief, East Walker, BP Project, Bellview, Ashby, KRL Gold Project, Yanac and Pucarana. The Haldane property is a silver property, which covers an area of approximately 8,164 hectares. Its River property, consisting of over 308 claims covers approximately 6,400 hectares, is located in the Yukon Territory, northwest of Whitehorse. The MOR Property consists of over 290 mineral claims covering approximately 6,000 hectares, is located 35-kilometer (km) east of Teslin, Yukon, Canada. The Goz Creek property consists of over 90 mineral claims located 180 km northeast of Mayo, Yuko. The Twin Canyon gold property is a sandstone-hosted gold prospect in southwest Colorado, approximately 20 km from the town of Mancos.
Power Nickel is a TSXV listed mining company headquartered in Toronto, Canada. We are focused on the acquisition and exploration of mineral properties in Canada that offer the potential for high-grade nickel deposits.
Power Nickel also has a mining investment portfolio that contains an 80% ownership position of Consolidation Gold & Copper. Consolidation Gold & Copper owns 100% interest in the Golden Ivan project in British Columbia’s Golden Triangle and also owns 100% interest in three projects in Chile.
Deep Yellow Limited (DYL) is an Australia-based advanced uranium exploration and development company. The Company's wholly owned subsidiary, Reptile Mineral Resources and Exploration (Pty) Ltd (RMR), manages the Deep Yellow Namibian project portfolio, which comprises of Reptile Project, Nova joint venture (JV) and Yellow Dune JV. The Reptile Project contains uranium resources from two target types: palaeochannel/calcrete and basement/alaskite. The Reptile Project contains a mineral resource in the Tumas and Tubas palaeochannel/calcrete-type deposits. The Nova JV includes two exclusive prospecting licenses (EPLs): Iguana and Barking Gecko, which is prospective for both basement and palaeochannel-type uranium mineralization. The Yellow Dune JV comprises one mineral deposit retention lease (MDRL) covering a drilled-out uranium resource of the palaeochannel/calcrete-type. The Company's segments include Australia and Namibia.
Troilus Gold Corp. is a Canada-based exploration and early-development company. The Company is focused on the mineral expansion and mine re-start of the former gold and copper Troilus mine. The Company’s Troilus Mine located northeast of the Val-d’Or district of Quebec. The Troilus property has established infrastructure, including a network of maintained roads, a substation and tension power lines maintained by Hydro-Quebec, a permitted tailings facility, and operating water treatment plant. The Troilus mine produces gold and copper.
Cobalt Blue Holdings Limited is an exploration and project development company. The Company is focused on the development and commercialization of the Broken Hill Cobalt Project (BHCP), approximately 23 kilometers (km) west of Broken Hill, New South Wales. The BHCP products, such as cobalt sulphate and mixed hydroxide is used by cathode makers, commodity trading houses and mining companies to produce lithium-ion (Li-ion) batteries. The BHCP consists of six tenements, which includes exploration license 6622 (EL 6622), exploration license 8143 (EL8143), mining lease 86 (ML 86) mining lease 87 (ML 87), exploration license 8891 (EL8891) and exploration license 9139 (EL 9139).
Gold Line Resources Ltd. is a Canada-based mineral exploration company, with a portfolio of prospective exploration properties located within the prolific Oijarvi Greenstone Belt of Finland, and Gold Line and Skelleftea mineral belts situated in North Central Sweden. The Company operates in one segment, being exploration and evaluation of mineral properties, in Sweden and Finland. It holds a prospective portfolio of advanced and early-stage gold exploration properties, including the Kankberg Norra property in Skelleftea Belt, Northern Sweden; and the Langtjarn property, which comprises of the Storjuktan North and Storjuktan South licenses, the Blabarliden property, and the Paubacken property, which comprises of Paubacken North and Paubacken South, all located within the Gold Line Mineral Belt, in Sweden, as well as the Solvik Gold Project in southern Sweden, and the Oijarvi Gold Project located in the Oijarvi Greenstone Belt of Finland.
Canada Nickel Company Inc. is a Canada-based exploration company. The Company is engaged in the exploration and discovery of nickel sulphide assets to deliver supply for the electric vehicle, green energy and stainless-steel markets. The Company owns the Crawford Nickel Sulphide Project (Crawford), which is located adjacent to the Timmins-Cochrane mining camp of northern Ontario, Canada. The Company holds an option interest in approximately six additional nickel targets located near the Crawford. The Company also focuses to develop zero-carbon production of nickel, cobalt and iron at the Crawford Project through NetZero Metals Inc. (NetZero).
Golden Minerals Company is a Colorado-based precious metals junior gold-silver producer with a pipeline of exploration projects that offers investors leverage to silver and gold prices.
Golden Minerals Company aims to become a premier mid-tier precious metals mining company, with efforts focused on properties in Mexico, Argentina and Nevada (USA). The company owns or control a portfolio of precious metals projects -- including the Velardeña Properties and Rodeo gold open pit mine in Durango State, Mexico; El Quevar, an advanced exploration silver project with district potential located in the Salta province of Argentina; the Yoquivo gold-silver district-scale project in Chihuahua, Mexico; the Sand Canyon gold-silver project in northwestern Nevada; and additional projects located within the traditional silver-producing areas of Mexico.
This is like Charlie Munger / Warren Buffet level advice but specifically for battery metals. James Calaway, Executive Chairman of Lithium developer, Ioneer, is joined by Derrick Weyrauch, President, CEO & Director of Palladium One Mining. James is also former Chairman of the multi-billion dollar, Orocobre. Having been there when it was only $27M.
Both share their saged advice about the current markets and better still, what to look for in junior mining companies focused on battery metals. There will be winners and losers. Make sure you are on the right side.
We investigate how mining companies can make a meaningful contribution to a net zero carbon economy. All three companies feed into the battery metals thematic as potentially large nickel producers. Two them have come up with an innovative way of absorbing carbon from the atmosphere as they mine their resources. And we also discuss what conventional miners can do to help the image of the industry with investors. Technology, ESG, carbon neutrality, zero carbon and net zero are all part of the narrative, but we talk about what real and fundamental change looks like and what is just green-washing.
Los Cerros Limited is an Australia-based gold/copper exploration company. The Company is focused on the Quinchia and Andes Portfolios in Colombia, which are approximately 70 kilometers apart and located in Colombia’s Mid- Cauca copper/gold porphyry belt. The Company's projects include Quinchia Gold Project and Andes Gold Project. The Quinchia Gold Project is located in central west Colombia, 100 kilometers south of Medellin in the department of Risaralda and in a district known for its high grade epithermal and breccia hosted gold/silver, and porphyry hosted gold/silver/copper systems. The Andes Gold Project is located in Antioquia, Risaralda and Choco, Departments of Colombia. It covers a larger area of early-stage exploration in the state of Antioquia 70 kilometers north of Quinchia. The Company’s Andes and Quinchia Gold Projects sits on the Miocene aged, Mid-Cauca Gold Belt in a sub-section of the belt that hosts many copper gold porphyry discoveries.
Rupert Resources Ltd. is a gold exploration and development company. The Company is engaged in the acquisition and exploration of mineral properties in Canada. It is seeking out viable mineral exploration and evaluation opportunities and its primary projects located in Finland. The Company's exploration and evaluation assets include Rupert Lapland Project, Gold Centre property, Surf Inlet Project and Hirsikangas deposit. The Rupert Lapland Project is located in the Central Lapland Greenstone Belt in Northern Finland consisting of Ikkari Discovery, permitted Pahtavaara mine and mill within a total land package of approximately 595 square kilometers. The Gold Centre property lies to the southeast and within the shadow of the headframe of Red Lake Mine. The operating property consists of approximately 258 hectares made up of one lease containing 16 claims. The Hirsikangas deposit in Central Finland is a Palaeoproterozoic orogenic gold deposit located on a crustal scale shear zone.
Lumina Gold Corp. is a Canada-based precious and base metals exploration and development company, which is engaged in the acquisition, exploration and development of mineral resources in Ecuador. The Company is focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador, approximately 30 kilometers southeast of the Pan American Highway and approximately 40 kilometers from the deep-water commercial port of Puerto Bolivar. The Cangrejos Project is a discovery of high-tonnage, low-grade, gold-copper mineralization in a porphyry environment, as well as lower-tonnage, higher-grade, gold-copper mineralization in structurally focused settings above and peripheral to the porphyry mineralization. The Cangrejos Project has ten contiguous mineral concessions near Machala in southwest Ecuador and represents a land area of 6,373 hectares.
Gold Mountain Mining Corp. is a BC based exploration and development company focused on the Elk Gold Project, a past producing mine located approximately 57 km from Merritt, BC. The claims and leases comprising the Elk Gold Project cover over 21,000 hectares offering both exploration upside and a clear path to near term production. The proposed multi phase production plan will see a Phase 1 – 19,000 Oz. production profile beginning in Q4 2021, which will fund our proposed ramp up to 65,000 Oz. by 2025. Concurrently with developing the mine, Management plans to continue drilling the nine known high grade mineralized zones, while continuing to explore other areas showing exciting potential.
Revival Gold Inc. is a Canada-based gold mineral exploration and development company. The Company is advancing its Beartrack-Arnett Gold Project located in Idaho, USA. In addition, the Company is pursuing other gold exploration and development opportunities and holds approximately 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah. The Beartrack-Arnett Gold Project is the amalgamation of Company's Arnett Gold Project with the Company's neighboring past-producing Beartrack Gold Mine located in Idaho, United States. The Diamond Mountain Phosphate Project is an advanced stage exploration project consisting of approximately 4,200 hectares of State and Federal claims located in Uintah County, Utah. Its subsidiaries include Revival Gold (Idaho) Inc. and Strata Minerals Pty Ltd.
O3 Mining Inc is a Canada-based gold exploration company. The Company operates as a mine development and consolidator of exploration properties in gold camps in Canada. The Company holds a 100% interest in a number of properties in Quebec (137,000 hectares). The Company controls 61,000 hectares in Val D’Or and over 50 kilometers of strike length of the Cadillac-Larder Lake Faut. The Company also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec. The Company’s operated projects are Gwillim Property, The Cadillac Break Properties, Malartic Property and Alpha Property. The Cadillac Break Properties are located in the southeastern Abitibi Greenstone Belt of the Archean Superior Province in the Canadian Shield. The Gwillim property is located in the Barlow township, close to Chibougamau, consisting of 38 mining claims, covering 1715 hectares. It also owns the Denain-Pershing gold bearing property that covers approximately 10,001 hectares.
K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Kainantu Gold Mine is an underground mine with a land package of 860 square kilometer, which is located approximately 180 kilometers (km) west-northwest of Lae. The Kainantu Gold Mine includes Irumafima and Kora deposits. The Company's mining is focused on the Kora vein system, consisting of two veins, with Judd and Karempe near-mine infrastructure. The mine is serviced by a sealed road from Lae to within eight km of the site, and also has grid power from the nearby Yonki Dam hydro-electric scheme, with full on-site power generation on standby. The underground mine is located on Mining Lease 150, and the process plant, offices, workshops, stores, camp and tailing storage facility are located on a Lease for Mining Purposes 78 (LMP 78).
Hot Chili Limited is an Australia-based mineral exploration company. The Company operates as a copper developer focused on developing the Costa Fuego copper hub on the coastal range of Chile. It is engaged in exploring and developing the Cortadera copper-gold porphyry discovery. The Company's project portfolio includes Cortadera Copper Project, Productora Copper Project, and El Fuego Copper Project. The Cortadera Copper Project is a copper-gold porphyry discovery, which is located 16 kilometers south of the regional mining Centre of Vallenar in Region III of Chile, approximately halfway between La Serena and Copiapo, and lies within the low altitude coastal range belt. The Productora copper project is engaged in large-scale copper developments, which is located along the coastal range 600km north of Santiago, Chile. The El Fuego Copper Project is engaged in high grade copper mining, which is located 5 kilometers east of Cortadera.
Palladium One Mining Inc. is a mineral exploration company. The Company operates in the acquisition, exploration and evaluation of mineral properties segment. The Company holds an interest in the Lantinen Koillismaa Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) Project (LK Project) located in North-central Finland. The Company holds an interest in the Kostonjarvi Platinum Group Element-Copper-Nickel (PGE-Cu-Ni) Project (KS Project) located in North-central Finland adjacent to the LK project. The Tyko Project is located in Northwestern Ontario, which is a nickel (Ni), copper (Cu), platinum-group element (PGE) project and comprises approximately 173 single cell mining claims. The Company holds an interest in the Disraeli Lake Project located near Thunder Bay, Ontario. The Company’s wholly owned subsidiaries include Tyko Resources Inc. and Nortec Mineral Oy.
Vizsla Silver Corp., formerly Vizsla Resources Corp, is a Canada-based company engaged in the exploration of mineral properties. The Company is focused on exploring and acquiring precious and base metal assets. The Company holds interest in Panuco Project that consists of high-grade silver and gold mineralization prospects and is located in the Sinaloa province of Mexico. The Panuco Project is located in the Sierra Madre epithermal belt, 80 Kilometers from First Majestic’s San Dimas mine. The property also contains many quartz-carbonate and silver sulphides, including argentite and acanthite, native gold, electrum and native silver associated with pyrite, minor galena, sphalerite and rare chalcopyrite. In addition to this, the Company operates two drill rigs testing two targets, the Napoleon vein system and the Cordon del Oro vein corridor.
The line from Brazil had some connection issues, so apologies for the poor sound quality in places.
Altamira Gold Corp. is a Canada-based junior natural resource company. The Company is principally engaged in the acquisition, exploration, development and mining of mineral properties. The Company's Cajueiro Project comprises a land package of approximately 28,557 hectares (ha) and is located in the Alta Floresta Gold Belt, a Proterozoic calc-alkaline volcanic arc, which includes the metamorphic crustal segments. Its Apiacas Project is located approximately 50 kilometers (km) west of Cajueiro Project within the Alta Floresta Belt, which is approximately 82,000 ha land package. Its Santa Helena Project is located approximately 60 km south west of Anglo American's porphyry copper discovery at Jaca. Its Porta Aberta Project area is located approximately 13 km SSW of the Cajueiro Project. Its other projects include Colider, Nova Canaa and Vila Rica, among others.
Euro Manganese Inc. is a Canada-based battery materials company, which is focused on advancing the development of the Chvaletice Manganese Project. The Company is focused on the development of the Chvaletice deposit, which involves the re-processing of a readily leachable manganese deposit hosted in the tailings of a decommissioned mine in the Czech Republic for the production of high-purity electrolytic manganese metal (HPEMM) and high-purity manganese sulphate monohydrate (HPMSM) and other manganese products, principally for use in lithium-ion batteries. The Chvaletice Manganese Project is located 90 kilometers from Prague, in the Czech Republic. Its activities in the Czech Republic are conducted through its subsidiary, Mangan Chvaletice sro. The Company holds two exploration licenses for the Chvaletice Manganese Project.
Kingfisher Metals is a discovery driven team comprised of experienced geologists, backed by a solid management group with decades of corporate and capital markets experience.
The Kingfisher team has extensive experience with early stage exploration in British Columbia, public company management and capital markets.
Wallbridge Mining Company Limited is a Canada-based company, which is engaged in the acquisition, discovery, development and production of metals focusing on gold, copper, nickel and platinum group metals. The Company is focused on exploring and developing its Fenelon Gold Property (Fenelon Gold) in Northern Quebec. The Fenelon Gold is located in the Nord-du-Quebec administrative region, approximately 75 kilometers (km) west-northwest of the town of Matagami, in the province of Quebec, Canada. Its Martiniere Project is located approximately 110 km west of the town of Matagami. The Company owns interest in Grasset property, Detour East property and Hwy 810 property. Its other Quebec properties include N2 property, six properties in the Lac Rocher Nickel District in Quebec (the RUM properties), Casault Gold property, Harri, Nantel, and Jeremie properties. It also owns the Beschefer Project, which is a gold exploration property located approximately 30 km southwest of Fenelon Gold.
Heliostar Metals Ltd. is a Canada-based exploration and development company, which is engaged in the acquisition, exploration, and development of mineral properties in North America. The Company has a portfolio of gold projects in Alaska and Mexico. Its projects include Unga, La Lola, Cumaro, and Oso Negro. The Unga gold-silver project covers approximately 250 square kilometers of neighboring Unga and Popof Islands, near the Alaska Peninsula and approximately 900 kilometers southwest of Anchorage, Alaska. The La Lola project comprises of 5,400-hectare land package that is prospective for low-sulphidation epithermal systems. The Cumaro Project is a five square kilometer claim lying within the El Picacho district and hosts the extensions of the El Picacho, Dos Amigos, and Basaitegui Veins. The Oso Negro project is an early-stage intermediate sulphidation epithermal vein system prospect within a 1,275-hectare concession.
Energy Fuels Inc. (Energy Fuels) is engaged in conventional and in-situ recovery (ISR) uranium extraction and recovery, along with the exploration, permitting, and evaluation of uranium properties in the United States. The Company conducts its ISR activities through its Nichols Ranch Project in northeast Wyoming and its Alta Mesa Project in south Texas. The Nichols Ranch Project is an ISR facility on standby that recovers uranium through a series of injection and recovery wells. The Alta Mesa Project is a licensed, permitted and constructed ISR processing facility, which comprises a total of approximately 195,501 contiguous acres of land also is on standby. The Company conducts its conventional uranium, rare earth element (REE) and vanadium extraction and recovery activities through its White Mesa Mill in the United States. The White Mesa Mill located near Blanding, Utah. It also owns the Sheep Mountain Project, which is a conventional uranium extraction project located in Wyoming.
Sovereign Metals Limited is an Australia-based company that focused on the exploration and development of its flagship, large, high-grade Kasiya rutile deposit in Malawi. The Company’s projects include the Rutile project, Malingunde Graphite project, and Malawi & Infrastructure. The Rutile project develops a large-scale, rutile operation, focusing on developing an environmentally responsible, sustainable, and socially uplifting operation. Malingunde Graphite project is located at Malingunde, 15 kilometers from Lilongwe, Malawi’s capital city. Malawi & Infrastructure project is a rutile province is located in Malawi, a stable, transparent jurisdiction with existing infrastructure, including grid power, road network, and established labor pool.
Orford Mining Corporation is a Canada-based mineral resource company. The Company is primarily focused on the acquisition, exploration, and evaluation of base and precious metal assets. It is a gold exploration Company focused on prospective and underexplored areas of Northern Quebec. The Company's principal assets are the Qiqavik and West Raglan projects comprising a land package totaling over 80,000 hectares in the Cape Smith Belt of Northern Quebec. The Qiqavik Project hosts several new gold discoveries along a 40 kilometer (km) mineralized trend. The West Raglan project hosts Raglan-style nickel/copper/platinum group metal discoveries along a 55 km mineralized trend. The Company has three property positions in the Joutel region of the Abitibi District of northern Quebec, which hosts deposits such as the Eagle/Telbel, Joutel Copper, Poirier Copper, and Vezza deposits. The Company seeks new gold exploration opportunities in North America.
New Age Metals Inc. is a junior mineral exploration and development company. The Company is engaged in the process of acquiring, exploring, and developing platinum group metals (PGMs), precious and base metals mineral properties and green metals lithium. The Company has two divisions, including a Platinum Group Metals division and a Lithium/Rare Element division. The Platinum Group Metals division includes the 100% owned River Valley Project. The River Valley Palladium Project is located approximately 100-kilometer northeast of the City of Sudbury, in northern Ontario. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project located in Northeastern Chugach Mountains, 75 road miles North of the city of Valdez, Alaska. The Lithium Division focuses on exploring hard rock lithium and various rare elements such as tantalum and rubidium. The Lithium Project includes Lithium One, Lithman East, Lithman West, Lithman North, Lithium Two, and Cat Lake Lithium Project.
Cabral Gold Inc. is a mineral exploration and development company. The Company is engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. Its projects include Cuiu Cuiu gold project and Bom Jardim project. The Company’s Cuiu Cuiu gold project is located in the Tapajos Region within the state of Para in northern Brazil. Its Bom Jardim project is located approximately 25-kilometer northwest of the Cuiu Cuiu property and 45 kilometers north west of Eldorado’s Tocantinzinho deposit. The Bom Jardim project exploration licenses comprise approximately 13,000 hectares covering the headwaters and source areas of the Bom Jardim district. Its subsidiaries include Cabral Gold Ltd. and Magellan Minerais Prospeccao Geologica Ltda.
GFG Resources Inc. is primarily engaged in the precious metal exploration company. The Company operates through the Montclerg, Pen and Dore gold projects, which is within the gold district of Timmins, Ontario, Canada. The Company also owns interest in the Rattlesnake Hills Gold Project, which is a gold exploration project located approximately 100 kilometers southwest of Casper, Wyoming, United States. The Rattlesnake Hills Gold Project comprising of approximately 1,573 unpatented lode mining claims, as well as over eight Wyoming State mining leases covering an area of approximately 30,400 acres. The Pen Gold Project comprises the West Porcupine and Pen Gold properties, which are located over 50 kilometers southwest of the prolific gold district and town of Timmins, Ontario and approximately 90 kilometers from Goldcorp’s Borden gold project. The Dore Gold Project is located approximately 40 kilometers east of Newmonts’s Borden gold project.
Unigold Inc. is a Canada-based mineral exploration company, which is focused primarily on exploring and developing its gold assets in the Dominican Republic. The Company operates through its subsidiary, Unigold Resources Inc., and Unigold Dominicana, S.R.L. Its Neita Concession encompasses 21,031 hectares of the Tireo Formation, a thick sequence of intermediate volcanic and volcanoclastic rocks produced by island arc volcanism that are prospective for porphyry copper (Cu) and Cu-gold (Au) deposits; high to low sulphidation Au and Au- silver (Ag) epithermal deposits; and volcanogenic hosted massive sulfide (VHMS) Au-Ag-Cu- lead (Pb)-zinc (Zn) deposits. The Neita Concession comprises of intermediate volcanic and volcanoclastic rocks of the Upper Cretaceous aged Tireo Formation, intruded by Upper Cretaceous to Eocene aged felsic to ultramafic intrusive rocks.
Neometals Ltd is an Australia-based mineral project developer. The Company’s segments include Lithium, Titanium and Vanadium, and Others. The Company develops a process for the recovery of constituents from cell production scrap and end-of-life lithium-ion batteries (LIBs). The Company’s Vanadium Recovery Project recovers vanadium and produces vanadium chemicals from processing by-products. Its Barrambie Titanium and Vanadium Project has hard-rock titanium-vanadium deposits. Its Mt Edwards Project comprises of tenements covering an area of approximately 240 square kilometers in a historic nickel sulphide belt, located approximately 40-kilometer (km) south of Mt Marion and 35km west of Kambalda in Western Australia. The Mt Edwards project hosts approximately 130,000 tons of contained nickel estimated across ten nickel sulphide mineral resources.
GBM's flagship asset, the 100%-owned Mount Coolon/Yandan Gold Projects and Twin Hills Project (subject to completion) is located in the prolific Drummond Basin Goldfield Queensland. GBM also has cashflow from its 100%-owned White Dam Gold-Copper Project in South Australia, the exciting Malmsbury Gold Project in Victoria, along with other copper-gold exploration assets in Queensland.
Endeavour Mining plc is a United Kingdom-based gold producer company. The Company is operating assets across Senegal, Cote d'Ivoire and Burkina Faso. The Company's portfolio of development projects and exploration assets is in the Birimian Greenstone Belt across West Africa.
Pensana Plc is a United Kingdom-based rare earth exploration and development company. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdome (UK) and Longonjo neodymium and praseodymium (NdPr) Project in Angola. Saltend is an independent, sustainable supplier of the magnet metal oxides to a market which is dominated by China.
Allegiant Gold Ltd. is a Canada-based exploration stage company. The Company's principal business activities are the acquisition, exploration, and development of resource properties, with gold as a principal focus. The Company is in the process of exploring and developing its resource properties. The Company's projects include Bolo, Browns Canyon, Clanton Hills, Eastside, Four Metals, Goldfield West, Mogollon, Overland Pass, White Horse Flats, and White Horse North. The Bolo project is located approximately 60 kilometers (km) northeast of Tonopah, Nevada. The Browns Canyon is located approximately 19 km southwest of Eureka, Nevada. The Clanton Hills is located approximately 80 km west of Phoenix, Arizona. The Eastside is located approximately 32 km west of Tonopah, Nevada. The Four Metals is located in the Patagonia District 16 km north of Nogales, Santa Cruz County, Arizona. The Goldfield West is located approximately eight km west of Goldfield, Nevada.
Apollo Silver is focused on providing shareholder value through advancing pure play silver projects in mining-friendly American jurisdictions. Apollo has assembled an experienced and technically strong leadership team who have joined together to advance its portfolio of three significant silver projects. These are comprised of the historical Waterloo and Langtry projects in the Calico Mining District in San Bernardino County, California; and the Silver District project in La Paz County, Arizona. All three projects have significant historical geological and drilling databases and have large exploration upside within under-explored land packages.
Introducing Canada’s First Tier 1 Mining Investment Conference, launching June 19-22, 2022 in Quebec City, hosted by VID Conferences.
West Wits Mining Limited (ASX: WWI) is focused on the exploration, development and production of high value precious and base metals for the benefit of shareholders, communities and environments in which it operates.
CANEX Metals Inc. is a Canadian Junior Exploration Company with an experienced exploration team focussed on identifying, acquiring and developing high potential exploration projects. CANEX is focused on a new gold discovery at the Gold Range Project in Arizona where ongoing work has identified a 5km long fault zone containing numerous mineralized zones and exploration targets. Chip samples from Gold Range have returned 8.5 g/t gold over 5.6 metres, 28.1 g/t gold over 1 metre, 17.2 g/t gold over 1.1 metres, 7 g/t gold over 1.2 metres, and 2.34 g/t gold over 8 metres.
Windfall Geotek (formerly Albert Mining) is a Canadian corporation offering a proven and industry-leading digital platform leveraging Artificial Intelligence (AI) technologies to significantly improve outcomes in the exploration, development, operations and financing of geologically focused projects. Principal markets encompass the global resource mining industry including virtually all forms of mineralization including oil and gas exploration. Recent advances have led to the detection of water sources and aquifers especially in drought regions, and of anti-personnel landmines and related deadly legacy hazards in conflict zones. The applied machine learning technology offers a revolutionary approach to geologic discovery and a markedly positive economic impact on operational efficiencies.
Standard Uranium is a Canadian junior uranium exploration company looking to make the next big discovery in the Athabasca Basin region of northern Saskatchewan, Canada.
With a proven track record of high-grade uranium discovery, the Company's exploration team is focused on finding the fuel to power a clean energy future.
The flagship Davidson River Project is located in the heart of the Patterson Lake Uranium District in the southwest Athabasca Basin, an area ripe with potential for further uranium discoveries. With only a handful of holes drilled on the Project, we have only just begun to scratch the surface of what the property holds.
The Company will continue advancing aggressive drilling campaigns on the Davidson River Project as we search for the next big Canadian uranium discovery - building towards our clean energy future.
ION Energy is an advanced battery management and intelligence platform. They're focused on building technologies that improve the life and performance of lithium-ion batteries that power electric vehicles and energy storage systems.
Altech Chemicals Limited (Altech/the Company) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (Al2O3) through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia. Feedstock for the plant will be sourced from the Company’s 100%-owned kaolin deposit at Meckering, Western Australia and shipped to Malaysia.
In our hundreds of interviews, we’ve heard lots of versions of what ESG is and what it is not. Off-camera, CEOS seem divided about what it is, what it has meant in the past and how to communicate their efforts. What is certain is that it is being driven hard by big funds who themselves differ over what to expect. One has to hope it is more than a tick box exercise to appease their own shareholders!
We are joined by three bright and experienced company directors share their experiences on the topic and who break it down and explain how they view ESG, its wider connotations and why it should matter to investors.
We discuss good examples and where good practice has helped companies and we remind ourselves where it has not worked and the cost to shareholders. I really enjoyed this one as it made me come at it differently when evaluating the cost to the bottom line.
Meridian Mining is a junior exploration and resource development company. The Company is focused on the acquisition, exploration, and development activities in Brazil. The Company has signed purchase agreement to acquire approximately 100% beneficial interest in the Cabacal copper- gold Project, in the state of Mato Grosso, Central West Brazil. The Cabacal copper-gold is a camp scale volcanogenic massive sulfide (VMS) Project is located in the Alto Jauru Greenstone Belt, in the Southwest margin of the Amazon Craton. The Company also has three projects in the State of Rondonia, which include Espigao copper-gold polymetallic Project, Mirante da Serra manganese Project and Ariquemes Tin Project in the north of Brazil. The Espigao Project is located in the Proterozoic Rondonia-Juruena Province, in the south west margin of the Amazon Craton. The Espigao Project licenses cover an area of approximately 97,436 hectares.
Capitan Mining Inc. is a Canadian gold-silver mining exploration company engaged in exploring the Cruz de Plata Project in Durango Mexico. Capitan is composed of a group of highly experienced professionals with a proven track record on exploration, development and operation of similar mining assets in Mexico.
Troilus Gold Corp. is a Canadian based junior mining company focused on the systematic advancement and de-risking of the past-producing gold and copper Troilus Project towards production. Troilus is located in the top rated mining jurisdiction of Quebec, Canada, where it holds a strategic land position of 1,420 km² in the Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property with a 142% increase to estimated Indicated mineral resources and a 350% increase to estimated Inferred resources (view results HERE). The Company is advancing engineering studies following the completion of a robust Preliminary Economic Assessment (“PEA”) in 2020 (view PEA results HERE), which demonstrated the potential for the Troilus project to become a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record of successful mine development, Troilus is positioned to become a cornerstone project in North America.
Energy Fuels has seen big gains from its foray into Rare Earth / REE. It has been utilizing its White Mesa plant in Utah to extract rare earths from monezite, used in the production of rare earth magnets. The transition to electric vehicles by the US government policy making is driving huge demand.
Today’s panel consists of Mark Chalmers of Energy Fuels; the CEO of their joint venture partner NEO, Constantine Karayannopoulos; and industry rare earths commentator, Jack Lyfton. We discuss the rare earths market today and who the key players are. First mover advantage. Barriers to entry. And the diversification of the supply chain. And what should investors be looking for and new entrants come to market.
Gold79 Mines Ltd. is a Canada-based exploration stage junior mining company. The Company is engaged in the identification, acquisition, evaluation and exploration of mineral properties in North America. The Company's Gold Chain project located in Mohave County, Arizona. The Gold Chain project consists of various mineralized exposures, over five kilometers (km), composed of epithermal-style gold mineralization. Its Jefferson Canyon gold-silver Project (JCP) is located in the southern Nevada, Nye County. Its Tip Top Gold Project is located at the north end of the White Mountains, approximately five miles south of Montgomery Pass, which is on United States Highway 6 between Bishop, California, and Tonopah, Nevada. Its Greyhound Property is located north of the community of Baker Lake, Nunavut and it comprises a total of about 15 claims covering approximately 15,123 hectares (ha). Its Taviche Project is comprised of the Higo Blanco concession covering approximately 986 ha.
Rio2 Limited is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy.
In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
Karora Resources is a multi-asset mineral resource company focused primarily on the acquisition, exploration, evaluation and development of precious metal properties. It is Karora's vision to become the next sustainable high quality mid-tier producer.
Neometals Ltd is an Australia-based mineral project developer. The Company’s segments include Lithium, Titanium and Vanadium, and Others. The Company develops a process for the recovery of constituents from cell production scrap and end-of-life lithium-ion batteries (LIBs). The Company’s Vanadium Recovery Project recovers vanadium and produces vanadium chemicals from processing by-products. Its Barrambie Titanium and Vanadium Project has hard-rock titanium-vanadium deposits. Its Mt Edwards Project comprises of tenements covering an area of approximately 240 square kilometers in a historic nickel sulphide belt, located approximately 40-kilometer (km) south of Mt Marion and 35km west of Kambalda in Western Australia. The Mt Edwards project hosts approximately 130,000 tons of contained nickel estimated across ten nickel sulphide mineral resources.
Fantastic viewing / listening for retail investors working out how the play the current market uncertainties. Three experienced market CEO's join Matthew to discuss the economy, Russia / Ukraine knock effects from sanctions, hoarding cash v investing, disposable income v discretionary income, the gold markets v gold price and geopolitical risks affecting gold investors.
Apollo Silver is focused on providing shareholder value through advancing pure play silver projects in mining-friendly American jurisdictions. Apollo has assembled an experienced and technically strong leadership team who have joined together to advance its portfolio of three significant silver projects. These are comprised of the historical Waterloo and Langtry projects in the Calico Mining District in San Bernardino County, California; and the Silver District project in La Paz County, Arizona. All three projects have significant historical geological and drilling databases and have large exploration upside within under-explored land packages.
Scottie Resources Corp. is an exploration stage company engaged in the exploration and evaluation of gold and silver properties located in the “Golden Triangle” of British Columbia, Canada, an area which has shown great potential to host high grade gold and silver deposits.
The Company believes that mineral properties within the Golden Triangle are under-valued due to a lack of available infrastructure, a scenario which is currently changing. By acquiring undervalued properties and applying modern exploration techniques, data interpretation and 3-D modelling, Scottie Resources aims to build a substantial geological resource in the Golden Triangle. This approach is intended to dramatically increase the value of the Company’s existing properties and advance them to a position where they may become operationally viable.
Scottie Resources Corp. owns a 100% interest in the past producing Scottie Gold property located in the heart of the Golden Triangle. The Company has 100% interest in the Bow property which is contiguous with the Company’s Scottie Gold property.
In addition, the Company owns 100% interests in the Cambria project and Sulu property, both located in the Golden Triangle.
Another awesome session of actionable advice for retail investors looking to invest in mining and gold. How can you invest in gold? How do gold juniors react to market conditions and political tensions rise? And those interested in crypto we look at its impact on physical gold. And for those new to junior mining investment, the panellists layout the things for retail investors to look at when considering an investment in a mining company.
NorthIsle Copper and Gold Inc. (“NorthIsle”) is a Vancouver based junior resource company committed to the development of the North Island Project on Northern Vancouver Island. The North Island Project is a 38,000 hectare block of mineral titles 100% owned by NorthIsle stretching northwest from the now closed Island Copper Mine of BHP Billiton, which is located 10 km south of Port Hardy.
Rokmaster Resources Corp. is a Vancouver-based mineral exploration company incorporated in December 2010. The focus is to evaluate, acquire and develop mineral resource properties and explore such properties for precious metals, base metals and industrial minerals in North, Central and South America.
Eloro Resources Ltd. is an exploration-stage gold exploration and development company. The Company is engaged in the exploration and development of gold and base metal properties. The Company operates through the segment of mineral exploration in Peru. The Company has gold-silver property in Peru and base metal properties and royalties in the province of Quebec. The Company owns an option to earn approximately 60% interest in La Victoria, which is a copper-gold-silver property consisting of approximately eight concessions covering approximately 3,430 hectares in the Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Peru. The La Victoria property is located within approximately 50 kilometers of several producing gold mines. The option covers various concessions, including Ccori Orcco 1, Rufina, Rufina No. 2, San Felipe 1, San Felipe 2, San Markito, Santa Ana 1 and Victoria-APB. The Company has no revenues.
Callinex Mines Inc. is a Canada-based company, which is engaged in the acquisition, exploration and development of mineral properties within established Canadian mining jurisdictions. Its project includes Superjack and Nash Creek project; Pine Bay project, Flin Flon project, Gossan Gold project in Flin Flon Area, and Point Leamington project. Its other properties include Neuron property, Sneath Lake property, Coles Creek property, Fox River property, Moak Lake property, Herblet Lake property and the Island Lake properties. Its Superjack and Nash Creek volcanogenic massive sulfide (VMS) deposits projects are located within the Bathurst Mining Camp (BMC) of New Brunswick, Canada. Its Pine Bay Project is located approximately 16 kilometers east of Flin Flon, Manitoba, and covers an area of approximately 6,000 hectares. Its Flin Flon project is located approximately three kilometers southeast of Flin Flon and covers an area of approximately 2,455 hectares.
Purepoint Uranium Group Inc. is a uranium exploration company focused on the precision exploration of its projects in the Canadian Athabasca Basin (the “Basin”), the world’s richest uranium region.
Driven by an aggressive, systematic approach of identifying key projects with solid indicators and historic significance in the Basin, our objective is to enhance stakeholder value through the advancement of properties with well-defined targets of strong, high-grade uranium potential.
Established in the Basin since 2002, Purepoint’s leadership team comprises of independent, highly qualified group of experts with deep provincial and regulatory ties, as well as decades of experience in the Athabasca Basin.
Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and Orano Resources Canada Inc. (formerly Areva Canada Inc.).
Cartier Resources Inc. offers interest in mining exploration properties. The Company operates process which allows to develop and maintain a balanced portfolio of mining projects ranging from exploration to resource definition, development, and production. Cartier Resources serves in Canada.
Power Nickel is a TSXV listed mining company headquartered in Toronto, Canada. We are focused on the acquisition and exploration of mineral properties in Canada that offer the potential for high-grade nickel deposits.
Power Nickel also has a mining investment portfolio that contains an 80% ownership position of Consolidation Gold & Copper. Consolidation Gold & Copper owns 100% interest in the Golden Ivan project in British Columbia’s Golden Triangle and also owns 100% interest in three projects in Chile.
Lotus Resources Limited (ASX: LOT; OTCQB: LTSRF) is an Australian Stock Exchange listed uranium development company headquartered in Perth, Australia. The Company’s focus is on the restart of the Kayelekera uranium mine in Malawi, Africa. Lotus owns an 85% equity interest in Kayelekera with the remaining 15% held by the Malawi government.
The Project historically produced ~11Mlbs uranium oxide (U3O8 equivalent) over five-year between 2009-2014, before closing to preserve the asset longevity due to a sustained low uranium price. Kayelekera’s current Mineral Resource Estimate is 37.5Mlb of U3O8 at 630 parts per million (ppm).
In October 2020, Lotus released a Restart Scoping Study indicating that recommissioning of the Kayelekera plant would cost ∼US$50 million. The Company is currently completing a Definitive Feasibility Study that will be completed by mid-2022 with a decision to mine thereafter.
Kayelekera has the potential to become one of the first uranium operations to come back online to meet an impending supply shortfall in uranium. The restart timeline aligns with industry predictions of a market under-supply of approximately 30Mlbs uranium in 2024.
Search Minerals controls a rapidly emerging Critical Rare Earth Element (CREE) District in SE Labrador that is road accessible and on tidewater. The FOXTROT Deposit, on which a favourable Preliminary Economic Assessment was completed in April 2016, was the first of three important discoveries. Based on surface expression, the other two, Deep Fox and Fox Meadow, appear to be at least as large as FOXTROT. Surface channel sample assays at Deep Fox yielded grades 15% higher than channels at FOXTROT. Search has identified more than 20 other prospects in this highly accessible District and has developed a proprietary, scalable, hydrometallurgical process to optimize every opportunity to position as a competitive low-cost supplier of CREEs well into the future.The Company enjoys tremendous support from the Government of Canada and the Province of Newfoundland and Labrador, both of which have financially supported the development of our proprietary metallurgical process. In addition, Search personnel on the ground have built strong relationships with local communities and with the Nunatukavut Community Council who represent the local aboriginal people. All of these factors will help to ensure that our project can be brought into production at relatively low capital and operating costs and in a timely manner.
Nickel hit touched $100,000 overnight. LME trading was suspended. Increased more overnight than the prior price high in off-LME pricing. Have extended periods for people to settle trades and margin calls – market stories suggest that is Tsingshan / big boss personally short nickel and getting squeezed.
Still not sure we took out inflation-adjusted pre-LME price of $8/lb in 1968 ($54 / today)
Driver in last 24 hours was short squeeze – was the same phenomena that took price up the final 20% to $54K that we hit in 2007. Didn’t call this this quickly. Didn’t think anybody crazy enough to go this short nickel given the EV and stainless growth that we’ve seen in the market.
How did we get To $100,000 ?
Fundamentally, Nickel long-term demand growth of 4-5% annually always underestimated by analysts.
Period of underinvestment and few new nickel discoveries – large companies which owned non-Indo production allocated capital during prior decade to other metals and we’ve seen non Indonesian production shrinking each year for 5-6 years. Supply can’t come on quickly in west Back in first show in 2019, highlighted the 2 Canadian projects that will just replace supply – spending $1 billion and $1.4 billion and got started building in 2018 and won’t come on until 2023.
One of big new higher grade discoveries, Nova Bollinger, looks like will close by 2026 or so (and was only discovered in 2012) and started production in 2016. Demand surge – nickel demand grew by 15% last year driven by more than 100% growth in EVs and double-digit demand growth from stainless steel. Inventories already at near-record levels in days of consumption - Only 80kt of nickel on exchanges – less than 2 weeks at current levels.
Russia just brought geopolitical risk in nickel to forefront and mismatch between kind of nickel market needs (low carbon, higher purity) and nickel supply (high carbon). 60% of nickel already China and Indonesia. Rest of world only 40% and Russia one-quarter of that.
Will solve the nickel market form balance in next 12-18 months (can’t fix the carbon problem without projects like Canada Nickel), but this just further emphasizes geopolitical supply chain risk.
Sanctioned nickel will still find a way to market but will probably add 2-3 months. That’s 40-60 kt of nickel vanishing into inventory. If every nickel consumer now nervous of supply and adds 1-2 weeks of inventory – that’s 60-120kt of nickel vanishing into inventory.
Where do we go from here?
Will be face-ripping volatility.Will get big aftershocks (prices moving $10,000 tonne in a day up and down and even bigger intraday ranges. Nickel will trade anywhere from between $30K and $100K in price – likely most of time between $34 and $60K for next period of time.
Calidus Resources is an ASX-listed gold exploration and development company that controls the 1.7Mozs Warrawoona Gold Project located in the East Pilbara district of the Pilbara Goldfield in Western Australia.
In early 2021, Calidus commenced construction of the Warrawoona Gold Project, following receipt of regulatory approvals and completion of financing. The Company is on track to become Australia’s next gold producer in the June quarter of 2022.
Electric Royalties Inc. (“Electric Royalties”) is royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Palladium One Mining Inc. is a Platinum Group Element (“PGE”) Nickel-Copper exploration and development Company. Its assets consist of the Läntinen Koillismaa PGE-Nickel-Copper Project, located in north-central Finland and the Tyko Nickel-Copper, PGE Property near Marathon, Ontario, Canada.
First Mining is a Canadian gold developer focused on the development of the Springpole Gold Project in northwestern Ontario, one of the largest undeveloped gold projects in Canada.
The results of a positive Pre-Feasibility Study for the Springpole Gold Project were announced by First Mining in January 2021, and permitting activities are ongoing leading to the submission of an Environmental Impact Statement as outlined in detail on our Environmental Assessment portal. The Company is the largest shareholder of Treasury Metals who are advancing the Goliath Gold Complex in Ontario. First Mining also has active partnerships with operators advancing other Canadian projects including the Pickle Crow Gold Project (Auteco Minerals) and Hope Brook Gold Project (Big Ridge Gold). In addition, First Mining owns a growing strategic royalty portfolio along with other wholly owned properties: Cameron, Duparquet, Duquesne and Pitt.
GoviEx is a Canadian mineral resource company focused on the exploration and development of uranium properties in Africa. The company has a sizable resource inventory with over 143M lbs U3O8 in measured and indicated categories, and 86.9M lbs U3O8 in the inferred category. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.
Inventa was founded in 2017 with the goal to discover emerging opportunities in the natural resource sector. Today, Inventa has grown into one of the premier mining groups with a first-rate portfolio of companies and a world class team. In 2020, Inventa raised over $100mn for its group of companies.
Gold Terra Resource Corp. is a junior gold exploration company that has assembled a highly prospective district scale land position on the doorstep of the City of Yellowknife in the Northwest Territories. The company is currently focused on expanding and delineating gold resources at the company’s Yellowknife City Gold Project. With ready access to infrastructure and multiple new high-grade gold discoveries Gold Terra is on track to re-establishing Yellowknife as one of the premier gold mining districts in Canada.
Bannerman Energy is an Australian listed uranium development company. Their flagship Etango Project is one of the world’s largest undeveloped uranium assets. It is located in the highly established uranium mining jurisdiction of Namibia and they have environmental permits in place for development. Etango has been strongly de-risked through extensive drilling, technical evaluation and operation of a process demonstration plant facility.
Fortune Bay is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company’s corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.
Regulus Resources is a Canadian exploration company formed in December 2010 under the directorship of the former management of Antares Minerals: John E. Black, Dr. Kevin B. Heather and Mark Wayne. Regulus was created through the spin-out of the Rio Grande Cu-Au project in Argentina at the conclusion of the sale of Antares to First Quantum Minerals for approximately C$650 million, primarily for the giant Haquira Cu-Mo-Au deposit in Peru.
Regulus’ focus is on the AntaKori project in Northern Peru where it drilled continuously throughout 2018. The Phase I drilling program was completed by October 2018 and was utilized to calculate the updated Resource Estimate reported on March 1, 2019. Upon conclusion of the Phase I drilling program, the Company entered directly into the Phase II drilling program.
Global Atomic provides a profitable and unique combination of high-grade uranium development and cash flowing zinc concentrate production.
The Company aims to start uranium production at the Tier 1 Dasa deposit, in the Republic of Niger by the end of 2024. In addition, Global Atomic has a 49% stake in the BST steel dust recycling operation in Turkey that produces zinc concentrate and provides financial leverage to minimise equity dilution.
Global Atomic owns 90% of the Dasa project, a graben-hosted sandstone first discovered by Company geologists in 2010. Dasa is the largest highest-grade uranium deposit discovered in Africa since the 1970s.
ATEX Resources Inc. is a Latin America-focused exploration company managed by a team of dedicated professionals with a history of discovering major mineral deposits in South America including the Volcan gold deposit, the Cerro Maricunga gold deposit, the Pascua gold deposit, the Cortadera copper deposit, El Morro copper-gold deposit, Taltal iron deposit, as well as others.
ATEX’s flagship property is the Valeriano copper-gold project where the Company recently reported initial mineral resources for the near-surface oxide gold deposit as well as for the large copper-gold porphyry which underlies the oxide gold deposit. While ATEX’s immediate focus is on expanding the current oxide gold resource with the goal of commencing economic studies in the near future, the Company is committed to realizing the full value of the Valeriano copper-gold porphyry. Elsewhere in northern Chile, ATEX has initiated a low-cost generative exploration program exploring for high sulphidation precious metals deposits and has staked a number of properties for review.
Led by a proven and experienced management team with an exceptional track record of uranium success from development to production, Deep Yellow is advancing a dual-pillar growth strategy to establish a multi-mine, 5-10Mlb per annum, low-cost, tier-one uranium producer. The strategy is focused on organic growth through the development of the Company’s existing asset base in Namibia, with a Definitive Feasibility Study (DFS) in progress on the Tumas Project and inorganic growth through targeted M&A.
QC Copper is focused on acquiring and developing copper projects in the Chapais-Chibougamau region that share synergies with its past-producing Opemiska Copper Mine Complex. Through acquisitions, QC Copper has been able to expand its Opemiska property to over 13,000 hectares in the heart of Quebec–with significant infrastructure, including direct rail and road access, already in place.
Largo is a Canadian-based company that has historically been solely committed to the production and supply of high-quality vanadium products. The Company believes that the development and sale of vanadium-based utility-scale electrical energy storage systems to support the planet's ongoing transition to renewable energy presents both an attractive economic opportunity for the use of the Company's vanadium products and an opportunity to enhance the Company's sustainability. The Company is confident that using its VPURE™ and VPURE+™ products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil, in its VCHARGE vanadium redox flow battery technology results in a competitive and practical long-duration energy storage product. Consequently, the Company is undergoing a strategic transformation through the creation of energy storage business operations to be vertically integrated with its highly efficient vanadium production mining operations, to create a unique competitive advantage in the rapidly growing long-duration energy storage market.
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years' experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger's 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico.
Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of advanced exploration assets in known gold districts in the Americas. The Company will acquire advanced exploration projects for advanced exploration and development. The Company will, through evaluating historical data and utilizing modern exploration techniques and geological concepts to enhance resources. The management team and board of directors of the Company have an established track record of creating significant returns for investors and demonstrated access to capital to advance the development of assets.
ASX-listed Core Lithium Ltd (ASX: CXO) is well positioned to be Australia’s next lithium producer, developing one of Australia’s most capital-efficient and lowest-cost spodumene lithium projects; the Finniss Lithium Project, located near Darwin Port in the Northern Territory, Australia.
Grid Metals Corp. is an exploration and development Company currently focused on exploration and resource growth at its properties in Manitoba and Ontario. Grid has a diversified portfolio of properties where it is actively exploring for Nickel-Copper-PGM-Cobalt, palladium and lithium. The Makwa Mayville Project 145 km from Winnipeg MB has a significant NI 43-101 compliant resource of nickel copper and platinum group metals and a highly prospective lithium property. Properties are located in areas with good access and infrastructure.
Rupert Resources Ltd. is a gold exploration and development company. The Company is engaged in the acquisition and exploration of mineral properties in Canada. It is seeking out viable mineral exploration and evaluation opportunities and its primary projects located in Finland. The Company's exploration and evaluation assets include Rupert Lapland Project, Gold Centre property, Surf Inlet Project and Hirsikangas deposit. The Rupert Lapland Project is located in the Central Lapland Greenstone Belt in Northern Finland consisting of Ikkari Discovery, permitted Pahtavaara mine and mill within a total land package of approximately 595 square kilometers. The Gold Centre property lies to the southeast and within the shadow of the headframe of Red Lake Mine. The operating property consists of approximately 258 hectares made up of one lease containing 16 claims. The Hirsikangas deposit in Central Finland is a Palaeoproterozoic orogenic gold deposit located on a crustal scale shear zone.
NGEx Minerals is a Lundin Group copper and gold exploration company based in Canada with projects in Chile and Argentina. NGEx Minerals holds the large-scale Los Helados copper-gold deposit, located in Chile's Region III, as well as other early-stage projects located in Argentina. NGEx Minerals is the majority partner and operator for the Los Helados Project, subject to a Joint Exploration Agreement with its joint exploration partner in Chile, Nippon Caserones Resources Co., Ltd (formerly, Pan Pacific Copper Co., Ltd.). NGEx Minerals is actively seeking to add to its portfolio of projects as part of its overall growth strategy. The Company is listed on the TSXV under the trading symbol "NGEX".
Giga Metals Corporation is a Canada-based mineral exploration company. The Company is focused on the acquisition and exploration of mineral properties in Canada. The Company is engaged in developing the Turnagain project, a nickel sulphide deposit in north-central British Columbia.
Critical Elements Lithium Corporation is a mining exploration company owning several mining properties in Quebec. The Company is focused on lithium. It has achieved its objective with the Rose Lithium-Tantalum project, which is currently at the advanced exploration stage. Based on the work programs developed and positive results, Critical Elements Lithium Corporation is aiming to put the Rose lithium-tantalum project into production rapidly. The Company flagship project is well located in Quebec with on-site access to infrastructures like: powerline, roads, airport, railway access and camp. The Rose Lithium-Tantalum Project currently contains reserves of 26,8 million tonnes of Probable Reserves at a grade of 0.96% Li2O Eq. or 0.85% Li2O and 133 ppm Ta2O5.
DRDGOLD Limited is a South African gold producer and a world leader in the recovery of the metal from the retreatment of surface tailings. DRDGOLD has a network of assets that is unrivalled in South Africa and, with its consolidated businesses operating as a single entity, is focused on optimising these assets in order to increase gold production.
World Copper is an oxide copper focused exploration and development company with two proven resources, one in Chile, and one in Arizona.
The Escalones resource is 426 million tonnes with a 0.367 grade representing over 3.4 billion pounds of copper, making Escalones the largest oxide copper project in development in Chile, the world’s greatest copper-producing country.
Both Escalones’ and Zonia’s oxide copper resources have tremendous potential for tonnage expansion in the upcoming drill programs.
The company was formed in 2016 and in early 2017, acquired Ursa Major Minerals, a private company that owned the past producing Shakespeare Mine and Shining Tree project. Shakespeare is situated 70 km to the south-west of the Sudbury Basin. Magna has since assembled a contiguous land package of over 180km², much of which has seen little exploration work and yet remains prospective for further nickel, copper and PGM discoveries.
Bluestone Resources was created in 2017 with the purchase of the Cerro Blanco gold & Mita Geothermal projects. The Cerro Blanco project is a near surface high grade gold deposit, with a total of 3.1 Moz (M&I). A Feasibility Study illustrated an asset capable of +300 koz/yr at first quartile cash costs over an initial 14 year mine life. The Mita Geothermal project is an advanced-stage, renewable energy project licensed to produce up to 50 megawatts of power.
Kingfisher Metals is a discovery driven team comprised of experienced geologists, backed by a solid management group with decades of corporate and capital markets experience.
The Kingfisher team has extensive experience with early stage exploration in British Columbia, public company management and capital markets.
At Banyan Gold Corp., the purpose is simple: Build a reputable exploration company through value driven acquisition, discovery and development.
Banyan is focused on advancing two Yukon gold properties, the Hyland Gold Project and the Aurex-McQuesten Gold Project.
The Hyland Gold Project has a National Instrument 43-101 Technical Report (NI-43-101) indicated mineral resource of 8.6 million tonnes grading 0.85 gram per tonne gold equivalent (AuEq) for 236,000 AuEq ounces with an inferred mineral resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces at a 0.3 g/t AuEq cut-off. This resource is located in its entirety on what is known as the “Main Zone”, is open in all directions and at depth, and has the potential to host a multi-million ounce deposit.
Lotus Resources Limited (LOT:ASX) is a minerals exploration and development company. The owns a 65% interest in the Kayelekera Uranium Project in Malawi. The project is held via a 76.5% holding in Lily resources Pty Ltd. Kayelekera hosts a high-grade resource with an existing open pit mine and demonstrated excellent metallurgical recoveries (87.5%) having historically produced over 10.9MIb of uranium between 2009 and 2014.
Electric Royalties Inc. (“Electric Royalties”) is royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Electric vehicle, battery production capacity and renewable energy generation is slated to increase significantly over the next several years and with it the demand for our target commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to feed the electric revolution.
Lepidico (ASX:LPD) is a global lithium exploration and development company with offices in Perth and Toronto. Differentiated by its 100% owned clean-tech L-Max®process technology that extracts lithium and recovers valuable by-products from less contested lithium-mica and phosphate minerals. Lepidico’s strategic objective is to become a vertically integrated business, from mine to production of battery grade lithium chemical.
In a relatively short period of time, Lepidico has established a global footprint in lithium via projects, joint ventures and alliances in Australia, Canada and Portugal. The Company’s shares are traded on the Australian Securities Exchange (ASX) and also on German stock exchanges.
Centaurus Metals (ASX: CTM) is an Australian-based minerals exploration company focused on the near-term development of the Jaguar Nickel Sulphide Project, located in the world-class Carajás Mineral Province in Northern Brazil – one of the world’s premier mining addresses.
Centaurus completed its acquisition of the Jaguar Project from global mining giant, Vale SA, in April 2020, delivering the Company with an exceptional exploration, growth and development opportunity in the international nickel sulphide sector.
Following completion of the acquisition, Centaurus immediately commenced a major drilling program, and has since defined a global Mineral Resource Estimate (MRE) totalling 58.9Mt grading 0.96% Ni for 562,600t of contained nickel.
Battery Mineral Resources (BMR) is a supplier working to bring battery minerals and metals to the market from new sources in a more cost-effective, socially responsible and sustainable way.
BMR is focused on discovering, mining and bringing to market essential battery minerals. They are differentiated in the LIB raw materials market by the size and quality of their asset portfolio and quality of their experience.
Guanajuato Silver (GSilver) is engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The company currently has two mines: El Cubo, which is currently producing and El Pinquico, which is advancing to restart.
Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN), OTCQB (EFRGF), and FSE (N07).
Through its wholly-owned subsidiary, ARX Resources Limited, Pasofino has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia’s 10% carried interest) in the Dugbe Gold Project.
Arrow Exploration Corp. is a Canada-based junior oil and gas company that is engaged in the acquisition, exploration and development of oil and gas properties in Colombia and in Western Canada. The Company operates through two segments: Colombia and Canada. In the Llanos Basin, the Company is engaged in the exploration, development and production of oil within the Tapir block. The Company owns approximately 50% interest in Tapir Block. Its Oso Pardo Field is located in the Santa Isabel Block in the Middle Magdalena Valley (MMV) Basin. The Oso Pardo field is located within a Production license covering about 672 acres. Its Capella field is located approximately 250 kilometers (km) away from the nearest offloading station at Neiva, where production from Capella is trucked. The Company owns approximately 10% interest in the Ombu Block, which contains the Capella discovery.
Cabral Gold is a publicly traded company (TSX-V: CBR)(OTC: CBGZF) focused on advancing the flagship, district-scale Cuiú Cuiú gold project in Brazil. The company’s strategy is to focus on growing the exisiting resource by updating the 2011 resource estimate, trenching, sampling and consequently drilling. In addition to Cuiú Cuiú, Cabral Gold has three other projects in the Tapajos Region of Para, Brazil.
This region was historically the site of the world’s largest ever gold rush, the largest placer gold province in Brazil, and the third largest in the world. With the Cuiú Cuiú project estimated to have produced 2M oz placer gold as the largest garimpo in Tapajos, the region itself is estimated to have produced 20 – 30M oz of placer gold.
Cabral Gold benefits from having a 100% interest in the Cuiú Cuiú gold project with an existing resource, supportive local communities with ample shared infrastructure, and a management team with extensive experience in Brazil.
Aston Minerals Limited (ASX:ASO) is a is a gold exploration company focussed on the exploration of Edleston Gold Project located within the Abitibi Greenstone Belt which is host to a total endowment of 144Moz Au. Edleston is located within the Cadillac Larder Fault Zone, responsible for the production of over 75Moz Au.
Edleston was a recent discovery in 2012 via direct targeting of IP chargeability anomalies beneath shallow transported cover sequences. It was these transported cover sequences that masked any surficial geochemical response. Aston is the first company in close to a decade to have drilled Edleston
Pacific Ridge's goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge’s flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold’s Kemess project. Historic drilling at Kliyul encountered significant porphyry copper-gold mineralization, drill hole KL-15-34 returned 245 metres of 0.75% CuEQ (see Pacific Ridge press release dated December 2, 2020). The Company plans to launch a drill program at Kliyul next month.
Gold Bull plans to increase the existing resource at the Sandman project through a 4,000 meter RC drilling program that is already underway. Gold Bull Resources is also progressing its project pipeline with plans for the maiden drill program on the Big Balds project with minimal capital investment for high risk and high reward. The company is also exploring the potential for new low-cost mergers and acquisitions that contain additional existing gold resources.
The company is led by an elite management team with a track record of successful acquisitions, mine discovery and mine development. Gold Bull Resources’ team consists of several former management members of multiple major mining companies, including Rio Tinto, BHP, Newcrest and Barrick Gold. The company’s team also boasts local knowledge of the area with the resources needed to bring its assets into production.
Newcore Gold offers investors a unique combination of top-tier leadership and prime exploration opportunities in one of the world’s most attractive gold jurisdictions.
The vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders. The Newcore team, which includes some of the industry’s most successful entrepreneurs, is focused on advancing its 100%-owned Enchi Gold Project in Ghana. Enchi, with over a million ounces of inferred resources lies along one of West Africa’s most prolific and developed gold trends.
Silver Tiger Metals Inc., formerly Oceanus Resources Corp, is a Canada-based company focused on gold and silver exploration in Sonora, Mexico. The Company’s El Tigre Project is located in Sonora, Mexico in the Sierra Madre Occidental. The El Tigre Project is located approximately 90 kilometers south-southeast of Agua Prieta in northern Sonora, Mexico. The Project covers a distance from north to south of approximately 35 kilometers. The Company’s subsidiaries include Pacemaker Silver Mining SA de CV and Compania Minera Talaman SA de CV.
Queen’s Road Capital Investment Ltd. (QRC.V - TSXV) is a leading financier to the global resource sector. The company is a resource-focused investment company, making investments in privately held and publicly traded resource companies. The company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions.
Integra Resources is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar Gold-Silver Project in Idaho, USA. Integra Resources is led by the management team from Integra Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in 2017. Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver Deposits, in late 2017, the Company has demonstrated significant resource growth and conversion while providing a robust economic study in its maiden Preliminary Economic Assessment. The Company is currently focused on resource growth through brownfield and greenfield exploration and the start of advanced studies designed to de-risk the DeLamar Project and move it towards a potential development decision. For additional information, please reference the “Technical Report and Preliminary Economic Assessment for the DeLamar and Florida Mountain Gold – Silver Project, Owyhee County, Idaho, USA (October 22, 2019).”
Contact Gold is a gold exploration company focused on leveraging its properties, people, technology and capital to make district scale gold discoveries in Nevada. Contact Gold's extensive land holdings are primarily on the prolific Carlin trend, as well as the Independence and Northern Nevada Rift gold trends which host numerous world class gold mines and deposits. Contact Gold’s land position is comprised of 21,70 hectares (217 square kilometers) of target rich mineral tenure which hosts numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.
Contact Gold is currently focused on its Pony Creek, Dixie Flats and North Star properties which are located on the southern Carlin trend to the south of Newmont Goldcorp Mining's Rain and Emigrant mines and adjacent to Gold Standard Ventures' Railroad-Pinion Project. This portion of the Carlin trend is widely considered to be the most underexplored area on the trend. The Company's properties host numerous Carlin type gold occurrences and targets that have been the target of intermittent exploration campaigns including approximately 200 drill holes and historic resource estimates.
Contact Gold is well capitalized with a strong treasury to fund its exploration programs. Its shareholders include Waterton Global Resource Management, Newmont Goldcorp and several leading mining focused institutional investors.
Nomad Royalty Company was co-founded by Vincent Metcalfe, Joseph de la Plante and Elif Levesque in 2020. The founders had a vision to create a new generation precious metals royalty and streaming company so that it could seize a great opportunity which they believe currently exists in the royalty and streaming market to build the next major royalty company and deliver significant returns to its shareholders along the way. With an experienced management team that is well versed in all aspects of the streaming business, a portfolio that generates significant free cash flow, meaningful scale and significant financial partners, Nomad has all the ingredients for success in terms of delivering on this vision and strategy.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects: flagship Moosehead along the Central Newfoundland Gold Belt. The Company is also active on its district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland.
The Company is actively participating in a strategic alliance with Benton Resources Inc. through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares, making it one of the largest landholders in Newfoundland, Canada’s newest and rapidly-emerging gold districts.
The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., the Crippleback Lake (optioned to Trans Canada Gold Corp.) and the East Alder (optioned to Canterra Minerals Corporation) and, the Company has a 100% interest in the Iron Horse (Fe) project in Labrador, that has Direct Shipping Ore (DSO) potential.
Arafura Resources Limited is an Australia-based company engaged in production of rare earth products. The Company produces rare earth products from the Nolans Project. The Nolans Project consists of a mine, process plant, including beneficiation, extraction and separation plants, and related infrastructure to be constructed and located at the Nolans site, approximately 135 kilometers north of Alice Springs in Australia's Northern Territory. The Company's rare earth products are Neodymium-Praseodymium (NdPr) oxide, and Mixed middle-heavy rare earths (SEG/HRE) oxide. NdPr oxide is the Company's lead product, which is used by magnet and magnet alloy customers. Rare earth products are also used in catalytic converters in automobiles, consumer electronics, energy efficiency lighting, optics, ceramics, airbag sensors, main drive motors in electric vehicles (EV) and others. The Company is also engaged in other projects, such as Aileron-Reynolds and Bonya JV.
E3 Metals is a lithium resource and technology company aiming to power the growing electrical revolution. Based in Alberta, E3 Metals’ combined resources, including the Clearwater project are being developed on the backbone of the mature and sophisticated oil and gas industry that will allow the Company to accelerate its development.
Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property (the “Lemhi Project”). The Lemhi Project comprises 30 square kilometres of highly prospective land. The project hosts a near surface, shallow, high grade oxide gold resource and, with a National Instrument 43-101 compliant mineral resource estimate for the Lemhi Project, the company is focused on growing and advancing the project towards a production decision.
O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success and expertise of the Osisko team as it grows towards being a gold producer with several multi-million ounce deposits in Québec.
O3 Mining is well-capitalized and owns a 100% interest in all its properties (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and on OTC Markets (OTCQX: OIIIF). The company is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.
Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “TML” and on the OTCQX® Best Market under the symbol TSRMF. Treasury Metals Inc.’s 100% owned Goliath Gold Complex in northwestern Ontario has received federal government permission to proceed on final authorizations and permits, following successful completion of the environmental assessment process. Goliath Gold Complex is slated to become one of Canada’s next producing gold mines.
In addition, Treasury Metals Inc. holds a 100% interest in certain mineral claims that constitute the Lara Project, located approximately 25 km west of the Village of Chemainus, Vancouver Island, British Columbia. The project hosts the Lara copper-lead-zinc-gold-silver deposit.
Atalaya Mining PLC, formerly EMED Mining Public Limited, is a Cyprus-based new European copper company focused on the re-start of production at the Rio Tinto Copper Project. It comprises a number of deposits including one of the largest copper deposits in Spain and is located in the Iberian Pyrite Belt. The open-pit mine has Ore Reserves totaling approximately 600,000 tones of contained copper and a processing facility.
Bounty Oil and Gas NL is an independent Australian oil and gas explorer and producer. It was formed in 1999 and listed on the Australian Stock Exchange in February 2002.
From its inception, it has pursued an active programme of land acquisition, exploration and oil development. It has a strong balance sheet, increasing oil revenue and remains free of debt. The company has oil production at Naccowlah in SW Queensland and two undeveloped proved oil and gas discoveries in the Surat Basin and onshore Carnarvon Basin. Recently, the project emphasis has been on onshore oil appraisal and development opportunities in Queensland, while Bounty prepares for high impact gas exploration drilling in PEP 11 Sydney Basin.
Conico is an Australia-based mineral exploration company. The Company focuses on cobalt, nickel and manganese deposits. They have deposits in Greenland and Australia.
Ryberg, their flagship project in Greenland, is a multi-element project spanning across a 4,500 km2 area on the east coast of Greenland, 430km NW of Iceland. The area consists of two granted mineral exploration licences and contains surface samples grading up to 2.2% Cu, 0.8% Ni, 0.1% Co, 3.3g/t Pd & 0.2g/t Au.
While Mestersvig, also in Greenland, is located on the east coast of Greenland and is only 5km from the Mestersvig military base. The licence area contains the historic Blyklippen Mine that produced 545,000 tonnes of ore @ 9.9% Zn & 9.3% Pb.
The Company holds an interest in the Mt Thirsty Cobalt-Nickel oxide deposit located approximately 20km northwest of Norseman in Western Australia. Along with cobalt-nickel oxide deposit, the Mt Thirsty project also hosts nickel sulfide mineralization.
Meridian Mining is focused on becoming the next mid-tier Copper-Gold developer and producer with a focus on Brazil. The Company’s priority is on the Cabaçal project, an advanced stage VMS district scale Cu-Au project located in the state of Mato Grosso, discovered in 1983 by BP Minerals. The 36km Cabaçal VMS belt hosts a large historic resource, and two historic high-grade selective underground mines. The Cabaçal Central resource contains broad zones of coalescing Cu-Au mineralization starting from shallow depths containing high-grade internals layers with top percentile metallurgical recoveries. Cabaçal Central’s mineralization remains open beyond ~175 meters below surface and currently extends 2,000 meters along strike. Meridian’s initial 10,000 meter drill program involved a combination of infill and twin drilling to statistically validate the BP Minerals / Rio Tinto database. The new drill program will continue this process of verification, and also expand along the rest of the belt leveraging the state-of-the-art Geophysics exploration. Cabaçal represents a low risk, pre-defined Copper-Gold investment opportunity, with the Cabaçal Central providing a standalone open pit resource development project to drive the camp scale expansion.
Stuhini Exploration Ltd is a well-structured precious metals exploration company managed by a team with a track record of entrepreneurial success in both the mineral exploration sector and the business sector. Stuhini is focused in Western Canada where the company controls approximately 316 km2 of prospective mineral tenures across 2 projects: The flagship Ruby Creek Project (option to earn a 100% interest) in Northern British Columbia and the Que Project (option to earn a 100% interest) in the Yukon Territory.
Nova is building a portfolio of royalties and streams on some of the world’s leading copper and nickel projects – the strategic assets necessary for the world’s energy transition. We believe that the royalty model is the most attractive way to invest in any commodity. The royalty owner makes a single upfront payment to purchase the royalty, and in exchange, receives a percentage of a mine's revenues –irrespective of operating costs and capital expenditures – with no additional capital commitments.
Huntsman Exploration (TSX-V:HMAN) is pursuing a business model that delivers diversified value creation via the gold market and the long-term growth forecast in the battery metals market. The company’s assets are located in low risk, stable jurisdictions and have strong potential for rapid growth. Huntsman is led by an experienced team, and is focused on advancing its assets, which collectively host gold, nickel, copper, cobalt, and vanadium mineralization.
Allegiance Coal Limited is listed on the Australian Securities Exchange (ASX:AHQ). Its investment focus is advanced, near production, or producing steelmaking coal projects in countries with low political risk. Allegiance is also committed to the development of sustainable working relationships with indigenous peoples and the wider community with whom the company is engaged in relation to its projects.
Rupert Resources Ltd. is a gold exploration and development company. The Company is engaged in the acquisition and exploration of mineral properties in Canada. It is seeking out viable mineral exploration and evaluation opportunities and its primary projects located in Finland. The Company's exploration and evaluation assets include Rupert Lapland Project, Gold Centre property, Surf Inlet Project and Hirsikangas deposit. The Rupert Lapland Project is located in the Central Lapland Greenstone Belt in Northern Finland consisting of Ikkari Discovery, permitted Pahtavaara mine and mill within a total land package of approximately 595 square kilometers. The Gold Centre property lies to the southeast and within the shadow of the headframe of Red Lake Mine. The operating property consists of approximately 258 hectares made up of one lease containing 16 claims. The Hirsikangas deposit in Central Finland is a Palaeoproterozoic orogenic gold deposit located on a crustal scale shear zone.
Baselode Energy Corp is a fully-funded Uranium exploration company looking for the next world-class deposit in the Athabasca Basin area of northern Saskatchewan, Canada. The company is focused on discovering near-surface, basement-hosted, high-grade Uranium orebodies outside of the Athabasca Basin. Baselode plans to utilize a combination of innovative technology, well-understood geophysical methods, and thoughtful geological interpretations to map deep structural controls to identify shallow targets for diamond-drilling. By doing so, the company can make a discovery that could go into production at an expedited rate.
Matador Mining Limited operates as a mineral exploration company. The Company identifies, develops, acquires, and explores gold, copper, lithium, tantalum, and tungsten properties. Matador Mining serves customers in Western Australia.
Danakali Limited (ASX: DNK) is a resource company focused on Colluli SOP Project in Eritrea, East Africa. Our strategy targets development of a world class potash project that will become pivotal for Global and African agriculture. Colluli is expected to provide an outstanding economic, social and community dividend through positive impact on infrastructure, job creation and sustainability in Eritrea. It has industry-leading capital intensity, highly attractive economic returns, significant multi-commodity potential and the potential to become the worlds-first zero-carbon producer of SOP
G Mining Ventures (GMIN) was created to acquire direct ownership of projects and capitalize on the value uplift that successful mine development offers. Leading the company is Louis-Pierre Gignac, CEO and Director, an experienced mining engineer who has been with G Mining Services from the outset. With strong access to capital via a supportive shareholder base coupled with proven development expertise, they are well-positioned to grow the company into the next mid-tier precious metal producer.
CanAlaska Uranium holds interests in approximately 300,000 hectares (750,000 acres), in Canada’s Athabasca Basin – the “Saudi Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company’s properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds.
Elixir Energy Limited is an ASX listed gas exploration and development company. It is currently solely focused on an exploration and appraisal program in Mongolia targeting natural gas in the form of coal-bed methane (CBM – known as coal seam gas -CSG -in Australia).
EXR holds 100% of a CBM production sharing contract (PSC), located just to the North of the Mongolian/Chinese border. The Nomgon Project licence area covers ~30,000 km2 (~7 million acres).
The Company’s strong foundation of multiple level Government and other energy stakeholder relationships is now being used as a platform to grow cleaner energy options involving renewables.
Elemental Royalties is an emerging, rapidly-growing gold royalty company with world-class, producing assets on four continents.
They started in 2017 and made money out of the gate - doubling revenue each year - yet they're currently undervalued with a low market cap relative to their peer companies.
Hyperion’s mission is to be the leading developer of zero-carbon, sustainable, critical material supply chains for advanced American industries including space, aerospace, electric vehicles and 3D printing. Hyperion holds a 100% interest in the Titan Project, covering approximately 11,000 acres of titanium, rare earth minerals, high-grade silica sand and zircon rich mineral sands properties in Tennessee, USA.
Hyperion has secured an option to acquire Blacksand Technology, LLC, which holds the rights to produce low carbon titanium metal and spherical powers using the breakthrough HAMR & GSD technologies. The HAMR & GSD technologies were invented by Dr. Z. Zak Fang and his team at the University of Utah with government funding from ARPA-E. The HAMR technology has demonstrated the potential to produce titanium powders with low-to-zero carbon intensity, significantly lower energy consumption, significantly lower cost and at product qualities which exceed current industry standards. The GSD technology is a thermochemical process combining low-cost
feedstock material with high yield production and can produce spherical titanium and titanium alloy powders at a fraction of the cost of comparable commercial powders.
Hyperion also has signed an MOU to establish a partnership with Energy Fuels (NYSE:UUUU) that aims to build an integrated, all-American rare earths supply chain. The MOU will evaluate the potential supply of rare earth minerals from Hyperion’s Titan Project to Energy Fuels for value added processing at Energy Fuels’ White Mesa Mill. Rare earths are highly valued as critical materials for magnet production essential for wind turbines, EVs, consumer electronics and military applications.
Mistango River Resources’ flagship projects are located in Kirkland Lake, an established gold camp that has historically produced over 70 million ounces of gold. The Kirkland West Project is a high-grade gold project beside Kirkland Lake Gold’s world-class Macassa Gold Mine, one of the highest-grade mines in the world. The Omega Project is an advanced-stage project with ~600,000 ounces, along the Cadillac Break, 25km east of Macassa. Together, these two properties have the potential to transform into another world-class mining camp in the Kirkland Lake District.
Aurelius Minerals is a well-positioned gold exploration company advancing its flagship Aureus Gold properties. The Aureus Gold properties are made up of the Aureus East Mine, one of only two permitted gold mines and mills in the province, Aureus West, Tangier and the Forest Hill properties. The properties all have excellent year-round access and infrastructure. The Aureus Gold properties are operated by the company's wholly-owned subsidiary, Aureus Gold Inc., and are in Nova Scotia.
Aurelius also provides great optionality on two district-scale gold projects in the prolific Abitibi Greenstone Belt of Ontario, Canada. The company's Ontario asset base consists of the 968-hectare Mikwam Property, on the Casa Berardi trend and the 12,425-hectare Lipton Property, on the Lower Detour Trend.
The Company has a sound management team and board with experience in all facets of the mineral exploration and mining industry, as well as extensive capital markets expertise.
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture ("MLJV"), which includes several uranium deposits and the McClean Lake uranium mill, contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits, and a 66.90% interest in the Tthe Heldeth Túé ("THT," formerly J Zone) and Huskie deposits on the Waterbury Lake property. Each of Midwest Main, Midwest A, THT and Huskie are located within 20 kilometres of the McClean Lake mill.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited (“JCU”), Denison also holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU 30.099%), the Kiggavik project (JCU 33.8123%) and Christie Lake (JCU 34.4508%).
Denison is engaged in mine decommissioning and environmental services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison's Elliot Lake reclamation projects and provides post-closure mine care and maintenance services to a variety of industry and government clients.
Akora Resources Limited ("AKO") is a Melbourne based mineral exploration company which was incorporated in October 2009. AKO has three prospective exploration target areas comprising some 308 km2 of iron ore tenements.
Bekisopa is the flagship project with its high grade ~65% lump iron ore suitable for Direct Ship Ore (DSO). Our focus post the successful capital raising on the Australian Securities Exchange (ASX) is to build on the quality historical geological knowledge and drill to define a +100 million tonne JORC CODE 2012 compliant high-grade lump direct ship iron ore maiden resource.
Conico is an Australia-based mineral exploration company. The Company focuses on cobalt, nickel and manganese deposits. They have deposits in Greenland and Australia.
Ryberg, their flagship project in Greenland, is a multi-element project spanning across a 4,500 km2 area on the east coast of Greenland, 430km NW of Iceland. The area consists of two granted mineral exploration licences and contains surface samples grading up to 2.2% Cu, 0.8% Ni, 0.1% Co, 3.3g/t Pd & 0.2g/t Au.
While Mestersvig, also in Greenland, is located on the east coast of Greenland and is only 5km from the Mestersvig military base. The licence area contains the historic Blyklippen Mine that produced 545,000 tonnes of ore @ 9.9% Zn & 9.3% Pb.
The Company holds an interest in the Mt Thirsty Cobalt-Nickel oxide deposit located approximately 20km northwest of Norseman in Western Australia. Along with cobalt-nickel oxide deposit, the Mt Thirsty project also hosts nickel sulfide mineralization
Erdene is the leading explorer in an untested portion of the prolific Central Asia Orogenic Belt (CAOB), host to some of the world’s largest gold and copper-gold deposits. They have discovered multiple gold and base metals deposits and prospects within our 170km2 Khundii Gold District.
To date Erdene has discovered two gold deposits, Bayan Khundii and Altan Nar, and multiple prospects, including Dark Horse, Ulaan and Altan Arrow within its Khundii Gold District.
Over the past decade, Erdene has built the largest proprietary geological database of the region, which combined with its proven, systematic approach to exploration positions the Company for continued exploration success in this emerging gold district.
Akora Resources Limited ("AKO") is a Melbourne based mineral exploration company which was incorporated in October 2009. AKO has three prospective exploration target areas comprising some 308 km2 of iron ore tenements.
Bekisopa is the flagship project with its high grade ~65% lump iron ore suitable for Direct Ship Ore (DSO). Our focus post the successful capital raising on the Australian Securities Exchange (ASX) is to build on the quality historical geological knowledge and drill to define a +100 million tonne JORC CODE 2012 compliant high grade lump direct ship iron ore maiden resource.
Electric Royalties Inc. (“Electric Royalties”) is royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Electric vehicle, battery production capacity and renewable energy generation is slated to increase significantly over the next several years and with it the demand for our target commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to feed the electric revolution.
Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project with Measured and Indicated Mineral Resources of 1.9 million ounces (16.0 million tonnes at 3.78 g/t) and Inferred Mineral Resources of 0.8 million ounces (5.3 million tonnes at 4.68 g/t) (Please see The Goldboro Gold Project Technical Report dated March 30, 2021), which is subject to an ongoing Feasibility Study. Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.
The Metals Company was founded in 2021 through the merger of DeepGreen and the Sustainable Opportunities Acquisition Corporation (NYSE: SOAC), to scale our nodule collecting and onshore processing systems.
They produce metals from polymetallic rocks to power electric vehicles. For over a decade, they've been exploring the planet’s largest known deposit of battery-grade metals: nodules on the seafloor of the Clarion Clipperton Zone in the Pacific Ocean. During this time, the onshore team has developed and successfully run a metallurgical process to derive key battery metals from these remarkable rocks while generating zero solid processing waste.
The team is made up of scientists, environmentalists, engineers, architects, and business leaders who see the climate crisis as the biggest challenge of our time. Electric vehicles and renewable energy are a key part of the solution, but scaling these technologies will require hundreds of millions of tons of new metals. Polymetallic nodules represent the cleanest source of battery grade metals on the planet and the best path forward.
1911 Gold Corporation is a junior gold producer focused on the exploration and development of new gold deposits on the Company’s flagship asset in Rice Lake, Manitoba. The Company has significant upside potential, with existing infrastructure and a consolidated land position extending along the crustal-scale Wanipigow fault. Historic exploration activity has been narrowly focused, limited by the fragmented land position and a focus on near mine mineralization. The new exploration model uses a belt-scale exploration focus to identify and test geology comparable to the existing True North mine as well as structures similar to those found further east along the West Uchi Greentstone Belt, in the Red Lake district. The Company also owns the Apex property near Snow Lake, Manitoba and the Denton-Keefer and Tully properties near Timmins, Ontario. 1911 Gold intends to focus on both organic growth opportunities and accretive acquisition opportunities in North America.
1911 Gold Corporation presents an attractive opportunity for investors looking for an entry into one of the most prolific trends for gold, in an area that is vastly underexplored compared to other regions along the belt.
Chakana Copper Corp. is a Canadian based minerals exploration company and through its wholly owned Peruvian subsidiary, Chakana Resources S.A.C., is currently advancing the Soledad project near Aija, in the Ancash region of the highly prolific Miocene mineral belt of Peru. The goal is to find and advance mineral projects to an economic resource within a single commodity cycle for further development by mid-tier and or major mining companies. They are highly selective in our approach, looking for de-risked projects that have the characteristics of large above average grade mineral systems with significant upside potential. They employ the latest technological innovations to test the upside potential of projects with aggressively funded exploration programs. The Executive Management Team and Board have a proven track record of success in the minerals industry, from capital raising, exploration, discovery, development and monetizing the asset through divestment.
Val-d’Or Mining Corporation is a junior natural resource issuer involved in the process of exploring and evaluating its mineral property assets, most of which are situated in the Abitibi Greenstone Belt of NE Ontario and NW Québec.
The Company holds a 100% interest in a group of grassroots properties located in Ontario and Quebec
The Company focuses on the generation of new projects (“project generator”) and early-stage exploration. The mineral interests are broad and range from precious and base metals, to industrial and energy minerals. After the initial value creation in 100% or majority-owned properties, the Company seeks partners with the technical expertise and financial resources to conduct more advanced exploration funding of key projects. To complement its current strategic property interests, the Company regularly evaluates new opportunities for staking and/or acquisitions. Outside of its principal regional geographic focus, the Company holds several other properties in Northern Québec (Nunavik) covering different geological environments (Ni-Cu-PGE’s).
Vital Metals (ASX: VML) is Canada’s first – and North America’s second – rare earths producer, with production underway at Nechalacho in June 2021. We aim to produce a minimum 5,000 tonnes of contained REO at Nechalacho by 2025.
Mining at Nechalacho’s North T Zone is underway as part of our Stage 1 production strategy. We are now crushing and sorting ore before it is sent to a Saskatoon cracking and leaching facility later in 2021.
Vital has commenced drilling to define a mine plan for Stage 2 at Nechalacho as it works to develop a larger scale, longer life rare earths project.
Vital aims to become the lowest cost producer of mixed rare earth oxide outside of China by developing one of the highest grade rare earth deposits in the world and the only rare earth project capable of beneficiation solely by ore sorting.
Vital’s other projects include the high-grade Wigu Hill rare earth resource in Tanzania.
Bannerman Energy is an Australian listed uranium development company (ASX: BMN, OTCQB: BNNLF, NSX: BMN). The flagship Etango Project is one of the world’s largest undeveloped uranium assets. It is located in the highly established uranium mining jurisdiction of Namibia and we have environmental permits in place for development. Etango has been strongly de-risked through extensive drilling, technical evaluation and operation of a process demonstration plant facility.
They are an established Environmental, Social and Governance (ESG) leader within Namibia and the global uranium sector, exercising best-practice governance in all aspects of our business.
Lepidico (ASX:LPD) is a global lithium exploration and development company with offices in Perth and Toronto. Differentiated by its 100% owned clean-tech L-Max®process technology that extracts lithium and recovers valuable by-products from less contested lithium-mica and phosphate minerals. Lepidico’s strategic objective is to become a vertically integrated business, from mine to production of battery grade lithium chemical.
In a relatively short period of time, Lepidico has established a global footprint in lithium via projects, joint ventures and alliances in Australia, Canada and Portugal. The Company’s shares are traded on the Australian Securities Exchange (ASX) and also on German stock exchanges.
Victoria Gold Corp's Eagle Gold Mine poured its first gold in Q3, 2019 and achieved commercial production on July 1, 2020. In full production, the mine will produce over 200,000 ounces of Au per year for 11 years. The Reserve is 3.3 million ounces of gold. The deposit is open at depth and along strike. Exploration potential of the greater Dublin Gulch property is good and includes priority targets Olive-Shamrock, Bluto and Nugget-Raven.
Multiple other satellite deposits exist with mineralization potential above and beyond the current reserve estimates.
Rupert Resources Ltd. is a gold exploration and development company. The Company is engaged in the acquisition and exploration of mineral properties in Canada. It is seeking out viable mineral exploration and evaluation opportunities and its primary projects located in Finland. The Company's exploration and evaluation assets include Rupert Lapland Project, Gold Centre property, Surf Inlet Project and Hirsikangas deposit. The Rupert Lapland Project is located in the Central Lapland Greenstone Belt in Northern Finland consisting of Ikkari Discovery, permitted Pahtavaara mine and mill within a total land package of approximately 595 square kilometers. The Gold Centre property lies to the southeast and within the shadow of the headframe of Red Lake Mine. The operating property consists of approximately 258 hectares made up of one lease containing 16 claims. The Hirsikangas deposit in Central Finland is a Palaeoproterozoic orogenic gold deposit located on a crustal scale shear zone.
Superior Gold's principal business objectives are the acquisition, exploration, development and operation of gold resource properties.
In the near term, the Company intends to focus on establishing the Plutonic Gold operations as a gold producer capable of producing at least 100,000 ounces of gold annually. To achieve this goal, the Company plans to focus on improving mining practices to lower costs and increase production, increasing operational efficiencies, continuing to optimize the global mineral resource model and advancing open pit opportunities close to the mill.
Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. There is evidence of a significant mineralized alteration system within the property.
The Triple Flag management team members are miners first and foremost. Our expertise, combined with our extensive relationships across the mining sector, have resulted in rapid growth and a proven track record of value creation since our inception in 2016.
The strategy is to grow our portfolio and net asset value per share through ongoing investments in primarily precious metals streams and royalties. The focus is on cash-generating mines and construction-ready, fully-permitted projects, balanced by prudent investments across earlier stages of the mine life cycle to maintain exposure to a robust collection of development-stage assets and grow free cash flow per share over the long term.
Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market.
The Company possesses industry leading nickel expertise and is focused on low risk well-established mining jurisdictions.
Canada Nickel is advancing the new Crawford nickel-cobalt sulphide discovery with large scale potential located in the established Timmins mining camp adjacent to major infrastructure.
Serabi Gold plc is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the recently acquired Coringa Gold Project both located in the Tapajos region of northern Brazil. Combined gold production from the Palito Mining Complex is currently approximately 40,000 ounces per annum, whilst the Coringa Project, when in production, is forecast to produce an average of 38,000 ounces per annum.
Altech Chemicals Limited (Altech/the Company) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (Al2O3) through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia. Feedstock for the plant will be sourced from the Company’s 100%-owned kaolin deposit at Meckering, Western Australia and shipped to Malaysia.
Bradda Head (AIM:BHL) is a new breed of lithium explorer with unique exposure across all three main recognised lithium deposit types; brine, pegmatite and sedimentary. Bradda’s assets are located in Nevada and Arizona, ranked #1 and #2 respectively in investment attractiveness as of the 2020 Fraser Institute annual survey of mining companies.
The Directors view the Company’s chosen jurisdictions as favourable to mining due to their low political risk, low geological risk, access to infrastructure and clear access to the domestic downstream markets. The Directors also view the Company’s Projects to be located in close proximity to major US based battery manufacturers and have a competitive advantage to supply lithium to end-users in the US, lowering the carbon footprint of the batteries over imported ones from China or Europe
The Company’s strategy is to develop critical US lithium projects to supply the domestic market.
Bradda Head is listed on the AIM Market (“AIM”) of the London Stock Exchange under the stock symbol BHL.
Salazar Resources is Ecuador’s proven and trusted exploration company, focused on creating value and positive change through discovery, exploration and development. Its carried and wholly owned work programs present multiple significant growth catalysts.
The experienced team has a proven track record and an unrivalled understanding of the geology in-country, having played an integral role in the discovery of most of the major projects in Ecuador, including the two newest operating gold and copper mines.
Salazar Resources is in a strong position. It has steady income and a significant carried work program on the Curipamba development project and two exploration projects, Pijili and Santiago. A 2019 PEA at Curipamba highlighted the value of the El Domo deposit, with Measured and Indicated resources of 8.9 Mt at 5% Cu eq. contributing to an NPV (8%) of US$288 million. Salazar Resources also has an aggressive 100% owned exploration strategy in an exciting and under-explored mining destination, presenting investors with a range of value catalysts. The 25% fully carried stake in its maiden discovery, Curipamba, means that the value of Salazar Resources is underpinned and non-diluting, with further upside potential from the wholly-owned portfolio and the Company’s proven ability to find new projects and advance discoveries in Ecuador.
Critical Elements Lithium Corporation is a mining exploration company owning several mining properties in Quebec. The Company is focused on lithium. It has achieved its objective with the Rose Lithium-Tantalum project, which is currently at the advanced exploration stage. Based on the work programs developed and positive results, Critical Elements Lithium Corporation is aiming to put the Rose lithium-tantalum project into production rapidly. The Company flagship project is well located in Quebec with on-site access to infrastructures like: powerline, roads, airport, railway access and camp. The Rose Lithium-Tantalum Project currently contains reserves of 26,8 million tonnes of Probable Reserves at a grade of 0.96% Li2O Eq. or 0.85% Li2O and 133 ppm Ta2O5.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. Troilus holds a strategic land position of 142,000 ha (1,420 km²) northeast of the Val-d’Or district, within the Frôtet-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open-pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
Cabral Gold is a publicly traded company (TSX-V: CBR)(OTC: CBGZF) focused on advancing the flagship, district-scale Cuiú Cuiú gold project in Brazil. The company’s strategy is to focus on growing the exisiting resource by updating the 2011 resource estimate, trenching, sampling and consequently drilling. In addition to Cuiú Cuiú, Cabral Gold has three other projects in the Tapajos Region of Para, Brazil.
This region was historically the site of the world’s largest ever gold rush, the largest placer gold province in Brazil, and the third largest in the world. With the Cuiú Cuiú project estimated to have produced 2M oz placer gold as the largest garimpo in Tapajos, the region itself is estimated to have produced 20 – 30M oz of placer gold.
Cabral Gold benefits from having a 100% interest in the Cuiú Cuiú gold project with an existing resource, supportive local communities with ample shared infrastructure, and a management team with extensive experience in Brazil.
GoGold is a Canadian-based silver and gold producer with projects in Mexico.
GoGold's Management Team are veterans of successful mine development and operation in Mexico. In addition to their extensive business and government relationships, they have the knowledge, experience and financial acumen required to turn properties into profitable producing mines.
Brad Langille, GoGold's President and CEO, is a successful mine builder. He, along with Board Chairman John Turner and other members of the senior executive have raised hundreds of millions of dollars in capital markets to bring mines into production. The founders and senior management have a proven history of strategically building ounces, forming long-term financial alliances, and creating thousands of jobs.
Utilizing their international list of institutional and retail contacts, writer's coverage, and strategic media placement, GoGold continues to aggressively market the company.
Adventus Mining Corporation is a copper-gold exploration and development company. The Company is advancing three distinct copper-gold projects in Ecuador and a partnership with South32 on its exploration portfolio in Ireland, focused primarily in Ecuador. Adventus is based in Toronto, Canada.
Marimaca is an exciting TSX-listed copper company. The Company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region. It is the only copper discovery globally of the last five years and is a low risk project, with substantial exploration potential.
Doré Copper Mining Corp. listed on the TSX Venture Exchange (TSX-V) after completing a Qualifying Transaction in December 2019, establishing itself as a copper-gold explorer and developer in the Chibougamau area of Québec, Canada. The Corporation, through its wholly-owned subsidiary CBAY Minerals Inc., has consolidated a large land package in the prolific Lac Dore/Chibougamau and Joe Mann mining camps that has produced 1.6 billion pounds of copper and 4.4 million ounces of gold1. The land package includes 13 former producing mines, deposits and resource target areas within a 60-kilometre radius of the Company’s 2,700 tpd mill (Copper Rand Mill).
The Corporation aims to be the next copper producer in Québec with a production target of +50 Mlbs of copper equivalent annually by implementing a hub-and spoke operation model with multiple high-grade copper-gold assets feeding its centralized 2,700 tonnes per day mill. The Corporation is expected to deliver a PEA by the end of the first quarter of 2022 and then initiate a feasibility study and permit applications.
EMX Royalty Corporation has a long-standing track record of success in exploration discovery, royalty generation, royalty acquisition, and strategic investments. The diversified, three pronged business approach provides exposure to multiple upside opportunities, while minimizing the impact on EMX’s treasury.
EMX’s business model is designed to efficiently manage the risks inherent to the minerals exploration and mining industry.
Chakana Copper Corp. is a Canadian based minerals exploration company and through its wholly owned Peruvian subsidiary, Chakana Resources S.A.C., is currently advancing the Soledad project near Aija, in the Ancash region of the highly prolific Miocene mineral belt of Peru.
GR Silver considers Plomosas and San Marcial to be the most important projects in the mining district. The Company controls key concessions adjacent to important projects in the Rosario Mining District and is therefore well placed for continued growth and to take advantage of future business opportunities. The Company possesses all exploration licenses and permits required for exploration on both projects and, in the case of Plomosas, it also has necessary permits for exploitation.
The Plomosas Project is located approximately 5 km to the northwest of GR Silver’s San Marcial Project, in the Rosario Mining District, Sinaloa, allowing synergies for exploration, drilling, resource expansion and future development. Both projects present a geological setting, located along the western edge of the Sierra Madre Occidental (SMO), resembling the San Dimas Mining District, which has produced 600 Moz silver and 11 Moz gold. The Plomosas Project includes an extensive un-released recent and historical drilling database completed by First Majestic Inc. and Grupo Mexico S.A. de C.V. The combined infrastructure and data between the projects offer the opportunity for integration of exploration and future resource definition in a series of drilled targets. Together, the Plomosas Project and the San Marcial Project provide GR Silver ownership of over 9,764 ha. In total, the Company portfolio consists of over 29,000 ha, controlling most of the silver-gold-lead-zinc mineralized zones identified in the eastern Rosario Mining District.
Windfall Geotek (formerly Albert Mining) is a Canadian corporation offering a proven and industry-leading digital platform leveraging Artificial Intelligence (AI) technologies to significantly improve outcomes in the exploration, development, operations and financing of geologically focused projects. Principal markets encompass the global resource mining industry including virtually all forms of mineralization including oil and gas exploration. Recent advances have led to the detection of water sources and aquifers especially in drought regions, and of anti-personnel landmines and related deadly legacy hazards in conflict zones. The applied machine learning technology offers a revolutionary approach to geologic discovery and a markedly positive economic impact on operational efficiencies.
Ionic Rare Earths is focused on developing its flagship Makuutu Rare Earths project in Uganda into a significant, low-cost, supplier of high-value critical and heavy rare earth.
Makuutu is an advanced-stage, clay-hosted project highlighted by near-surface mineralization, significant exploration upside, excellent metallurgical characteristics, and access to tier-one infrastructure.
Palladium One Mining Inc. is a Platinum Group Element (“PGE”) Nickel-Copper exploration and development Company. Its assets consist of the Läntinen Koillismaa PGE-Nickel-Copper Project, located in north-central Finland and the Tyko Nickel-Copper, PGE Property near Marathon, Ontario, Canada.
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest-growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
PureGold is a Canadian gold mining company, located in the very heart of Red Lake, Canada.
Red Lake is the world-famous high-grade gold district which has already produced more than 30 million ounces of gold, valued at over USD $50 billion in today’s prices.
Little wonder Red Lake is called the high-grade gold capital of the world.
Cassiar Gold Corp. is focused on the 100% owned, district-scale Cassiar Gold Property located in northern BC, Canada. Spanning 590 km2, the property consists of two main project areas: (1) Cassiar North, which hosts a substantial bulk-tonnage (1 million ounces grading @ 1.43 g/t Au) orogenic gold resource with significant expansion potential over a 6 km strike length; and (2) Cassiar South, which hosts numerous high-grade (15-25 g/t Au) epizonal quartz gold vein systems, 25 km of historical underground workings, and rich exploration prospects over 9 km of strike.
The Property is highly accessible by paved highway and has a fully permitted 300 tpd mill, 30-person camp and tailings facility on site. The Company is focused on advancing the project through exploration with a near-term gold resource target of 2.5-3 million ounces and a view to revitalizing the Cassiar Gold District.
The Manibridge Mine, a past producing Falconbridge mine in the Thompson Nickel Belt, one of the richest nickel districts in the world. Metal Energy benefits from extensive previous exploration and mining knowledge as the past producing mine last operated in the 1990’s in a significantly lower nickel price environment.
The 100%-owned Strange Project is an undrilled, highly prospect target identified by ex Inco geologists located in Thunder Bay, Ontario. Initial geophysical surveys have identified a significant anomaly which hosts the potential for district-scale mineralization.
Sitka Gold Corp. is a Canadian based mining exploration company focused on maximizing shareholder value through the discovery and development of district-scale mineral deposits. The Company currently owns a 100% interest in the Alpha Gold Property, located in Nevada's prolific Carlin-type gold domain, the Mahtin Gold Property which is part of the RC Gold Project, an Intrusion Related gold target in the heart of the Tintina Gold Belt in Yukon, and the Coppermine River Property located in northwestern Nunavut. The Company also has an option to acquire a 100% interest in the RC, Barney Ridge and Clear Creek Properties, which together with the Mahtin Gold Property comprise the RC Gold Project in Yukon, the OGI Silver-Zinc-Gold Property, also located in Yukon, and the Burro Creek Gold Property, a low sulphidation epithermal gold and silver project located in west-central Arizona that contains a historical gold/silver resource estimate and was permitted for production in the late 1980's.
The founders of Sitka Gold know how to deliver (they previously formed Tundra Copper Corp. which was sold within 18 months of inception for a significant return to all shareholders) and have compiled an exceptional management team of industry veterans who bring a track record of successful exploration, development, operation and financing backgrounds.
Sandstorm Gold Royalties holds a portfolio of 230 royalties on mines around the world. They don’t operate the mines, limiting exposure to common operational risks. Their stringent due diligence process allows them to select some of the best mines in the world, providing stable cashflow and more exploration upside than any other gold royalty company. Less risk and more upside? Now that’s a bright idea.
It’s a question we get asked a lot. And it’s great question to ask as sentiment is not enough. “It’s feels cheap” is not an investing strategy. So in this instance we brought together 3 CEO that we like and whose opinions’ we respect to answer the question, not only for their shareholders, but retail investors and family offices more broadly. Let us know what you think of their answers and if it helped.
The Company owns a 100% interest in the Ootsa Property, an advanced stage exploration project containing the East Seel, West Seel and Ox porphyry deposits located adjacent to the open pit Huckleberry Copper Mine, owned by Imperial Metals. The Ootsa Property contains pit constrained NI 43-101 compliant resources of copper, gold, molybdenum, and silver in the Measured and Indicated categories.
The Company is also earning into a 70% interest in the Berg Property from Centerra Gold. Berg is a large, advanced stage exploration project located 28 km northwest of the Ootsa deposits. Berg contains pit constrained 43-101 compliant resources of copper, molybdenum, and silver in the Measured and Indicated categories. Combined, the adjacent Ootsa and Berg properties give Surge a dominant land position in the Ootsa-Huckleberry-Berg district and control over four advanced porphyry deposits.
Aurion Resources Ltd. (Aurion), is a Canadian exploration company listed on the TSX Venture Exchange (TSX-V:AU) and the OTCQX Best Market (OTCQX:AIRRF). Aurion’s strategy is to generate or acquire early stage precious metals exploration opportunities and advance them through direct exploration by our experienced team or by business partnerships and joint venture arrangements. Aurion’s current focus is exploring on its Flagship Risti and Launi projects, as well as advancing joint venture arrangements with B2 Gold Corp. and Kinross Gold Corporation in Finland.
Electra is building North America’s only fully integrated, localized and environmentally sustainable battery materials park. Leveraging the company’s own mining assets and business partners, the Electra Battery Materials Park will host cobalt and nickel sulfate production plants, a large-scale lithium-ion battery recycling facility, and battery precursor materials production, which will serve both North American and global customers.
Erdene is the leading explorer in an untested portion of the prolific Central Asia Orogenic Belt (CAOB), host to some of the world’s largest gold and copper-gold deposits. We have discovered multiple gold and base metals deposits and prospects within our 170km2 Khundii Gold District.
Their two-prong strategy is to create value by advancing the Bayan Khundii Gold Project towards development, while expanding high-grade gold resources through aggressive exploration in the Khundii Gold District. They are targeting total resources of over 2 million ounces of gold within the Khundii Gold District by the end of 2022.
UEX Corporation has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company has four flagship projects.
The West Bear Cobalt-Nickel project is a shallow, open-pit amenable and very high-grade cobalt-nickel deposit in the eastern Athabasca Basin that remains open in all directions for expansion. It ranges from 15 – 55 m in vertical depth and is hosted in clay-altered rocks that extend into the basement below the unconformity.
The Christie Lake property in the eastern Athabasca Basin is located only 9 km northeast and along strike of the McArthur River Mine, the world's largest uranium mine. The property is host to significant historical uranium resources within three known deposits, including the newly discovered Ōrora Zone, located along the under-explored mineralized 1.5 km long Yalowega Trend. UEX currently holds a 65.55% interest in the project in a joint venture with JCU (Canada) Exploration Company Limited.
The Horseshoe and Raven Deposits located in the eastern Athabasca Basin are in close proximity to existing mining infrastructure, roads, and power. UEX is currently evaluating the use of heap leach recovery to improve the economics of these very shallow conventional open pit and underground amenable deposits.
The Shea Creek property is host to one of the largest undeveloped uranium resources in the Athabasca Basin. The Shea Creek Deposits remain open for expansion and were the first of the new wave of discoveries in the newly emerging Western Athabasca Uranium Camp.
Purepoint Uranium Group Inc. is a uranium exploration company focused on the precision exploration of its projects in the Canadian Athabasca Basin (the “Basin”), the world’s richest uranium region.
Driven by an aggressive, systematic approach of identifying key projects with solid indicators and historic significance in the Basin, our objective is to enhance stakeholder value through the advancement of properties with well-defined targets of strong, high-grade uranium potential.
Established in the Basin since 2002, Purepoint’s leadership team comprises of independent, highly qualified group of experts with deep provincial and regulatory ties, as well as decades of experience in the Athabasca Basin.
Purepoint proudly maintains project ventures in the Basin with two of the largest uranium producers in the world, Cameco Corporation and Orano Resources Canada Inc. (formerly Areva Canada Inc.).
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle El Tigre vein extended 1,450 meters along strike and was mined on 14 levels to a depth of approximately 450 meters. The Seitz Kelley Vein was mined along strike for 1 kilometer to a depth of approximately 200 meters. The Sooy Vein was only mined along strike for 250 meters to a depth of approximately 150 meters. Mining abruptly stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton.
The El Tigre silver and gold deposit is related to a series of high-grade epithermal veins controlled by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex within a broad silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150 meters wide. The veins dip steeply to the west and are typically 0.5 meter wide but locally can be up to 5 meters in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometers along strike in our brownfield exploration area. Historical mining and exploration activities focused on a 1.5 kilometer portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometers. Silver Tiger has delivered its maiden 43-101 compliant resource estimate and is currently drilling to update its resource estimate and publish a PEA.
Star Royalties Ltd. is a precious metals and green royalty and streaming investment company. The Company created the world’s first carbon negative gold royalty platform and offers investors gold exposure with an increasingly negative carbon footprint. The company’s objective is to provide wealth creation through accretive transaction structuring and asset life extension with superior alignment to both counterparties and shareholders.
The company aims to be uniquely aligned with royalty and streaming counterparties as well as provide investors with superior risk-adjusted returns and wealth creation through asset life extension. Star Royalties specializes in bespoke and operator-friendly financing solutions, including the repurchase and restructuring of existing royalties and streams. The company’s philosophy is to structure mutually beneficial agreements that optimise the counterparties’ capital structure, while generating a return well above the company’s cost of capital for its shareholders. Star Royalties looks to become the trusted financing partner for mining companies throughout the various stages of mine development, and the commodity and capital markets cycles.
Superior Gold's principal business objectives are the acquisition, exploration, development and operation of gold resource properties.
In the near term, the Company intends to focus on establishing the Plutonic Gold operations as a gold producer capable of producing at least 100,000 ounces of gold annually. To achieve this goal, the Company plans to focus on improving mining practices to lower costs and increase production, increasing operational efficiencies, continuing to optimize the global mineral resource model and advancing open pit opportunities close to the mill.
Callinex Mines is advancing its portfolio of copper, zinc, gold and silver rich deposits located in the Flin Flon, Bathurst and Buchans mining districts, where nearby operations are actively mining for copper, zinc, gold and silver.
The portfolio is highlighted by its Pine Bay Project in the Flin Flon Mining District, which hosts the high-grade copper, gold, silver and zinc Rainbow Deposit that is being rapidly expanded. The Rainbow Deposit is located within a mineral lease, less than 250m from a high-voltage hydroelectric power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, MB.
Additionally, the Company advancing two near surface silver discoveries in close proximity to its Nash Creek deposit in the Bathurst Mining District of New Brunswick. A 2018 PEA on its Bathurst Project portfolio outlined a mine plan that generates a strong economic return with a pre-tax IRR of 34.1% and NPV8% of $230 million.
Champion Iron Limited, through its subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex, located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Québec. Bloom Lake is an open-pit truck and shovel operation with a concentrator, and it ships iron ore concentrate from the site by rail, initially on the Bloom Lake Railway, to a ship loading port in Sept-Îles, Québec. The Bloom Lake Phase I plant has a nameplate capacity of 7.4 Mtpa and produces a high-grade 66.2% Fe iron ore concentrate with low contaminant levels, which has proven to attract a premium to the Platts IODEX 62% Fe iron ore benchmark. In addition to the partially completed Bloom Lake Phase II project, Champion owns a portfolio of exploration and development projects in the Labrador Trough, including the Kamistiatusset Project located a few kilometres south-east of Bloom Lake, and the Consolidated Fire Lake North iron ore project, located approximately 40 km south of Bloom Lake. The Company sells its iron ore concentrate globally to customers in China, Japan, the Middle East, Europe, South Korea, India and Canada.
Cobalt Blue Holdings was founded in 2016 and is now ASX-listed (ASX:COB). They are a cobalt development and technology company focusing on advancing and developing cobalt mining and refining operations in Australia.
As the world adapts to renewable energy and the demand for energy storage soars, so does the world's reliance on batteries. Cobalt is a necessary part of that energy storage equation.
Cobalt Blue is committed to the Broken Hill Cobalt Project and becoming the world's premier producer of ethical cobalt to meet this growing demand for energy storage.
Schwazze (OTCQX: SHWZ) is the parent company of a portfolio of vertically integrated cannabis brands spanning seed to sale. The company’s intent is to apply its operational playbook by expanding into markets where it can entrench itself in a leadership position. Anchored by a high-performance culture, Schwazze focuses on growth by purposeful design, combining customer-centric thinking and data science to test, measure, and drive desired outcomes. The company's leadership team has deep expertise in CPG, retail, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about improving the human condition; making a difference in our communities; promoting diversity and inclusion; and doing its part to incorporate climate-conscious best practices.
Schwazze derives its name from the pruning technique of a cannabis plant to promote growth.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc.
Arafura Resources Limited is an Australia-based company engaged in production of rare earth products. The Company produces rare earth products from the Nolans Project. The Nolans Project consists of a mine, process plant, including beneficiation, extraction and separation plants, and related infrastructure to be constructed and located at the Nolans site, approximately 135 kilometers north of Alice Springs in Australia's Northern Territory. The Company's rare earth products are Neodymium-Praseodymium (NdPr) oxide, and Mixed middle-heavy rare earths (SEG/HRE) oxide. NdPr oxide is the Company's lead product, which is used by magnet and magnet alloy customers. Rare earth products are also used in catalytic converters in automobiles, consumer electronics, energy efficiency lighting, optics, ceramics, airbag sensors, main drive motors in electric vehicles (EV) and others. The Company is also engaged in other projects, such as Aileron-Reynolds and Bonya JV.
TriStar Gold Inc is a gold exploration and development company listed on the TSX Venture Exchange. Our 100% owned flagship property, Castelo de Sonhos gold project, is located in Pará State, Brazil. The Company is currently completing a pre-feasibility study on the Esperança South target and has recently commenced drilling on additional high priority targets within the project area.
Revival Gold Inc. operates as a gold mineral exploration and development company in Canada. It holds 100% interest in the Beartrack-Arnett Gold Project located in Lemhi County, Idaho; and 51% interest in the Diamond Mountain Phosphate Project located in Uintah County, Utah. The company was formerly known as Strata Minerals Inc. and changed its name to Revival Gold Inc. in July 2017. Revival Gold Inc. was incorporated in 2008 and is headquartered in Toronto, Canada.
G2 Goldfields Inc. is a Canada-based resource exploration company. The Company is focused on the discovery of gold deposits in the Guiana Shield. The Company operates primarily in Guyana, where the Company owns a 100% interest in two past gold-producing mines, as well as a regional portfolio of prospective projects. The Company's projects include Oko Aremu and Puruni. The projects are located at the southern end of the Cuyuni Basin and host high-grade Orogenic Gold mineralization within the Cuyuni Basin Sediments and the underlying Barama volcanics. The Aremu Oko District covers a strike length of approximately 17 kilometers. Its Aremu/Oko and Jubilee/Peters Mine properties consist of approximately 37,068 acres and are in the Cuyuni-Mazarumi region of north-central Guyana in the Guiana Shield.
American Eagle Gold is focused on exploring for a world-class gold deposit on its flagship property, Golden Gate. The property is located on the Cortez Trend, next door to Barrick Gold and Newmont Mining’s Gold Rush and Cortez Mine, which host over 27 million ounces of gold. The company plans to drill and advance its relatively unexplored property and continue to focus on acquiring and advancing gold projects in the area.
Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy focuses on de-risking and developing long-life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.
CanAlaska Uranium Ltd. is an exploration stage company engaged in the acquisition and exploration of mineral properties in Canada. The Company focus on the exploration for uranium deposits in the Athabasca Basin area of Saskatchewan and the exploration for copper/nickel in the same region. The Company operates approximately 16 projects within the Athabasca basin area. The Company operates on over three significant projects, which include West McArthur Project, Saskatchewan - Cameco, Cree East Project, Saskatchewan - Korean Consortium and NW Manitoba, Manitoba. The Company's other projects include Western Athabasca Kimberlite, Moon, Manibridge, Hunter, Quesnel, Thompson Nickel Belt/Strong, NE Wollaston, McTavish, Alberta Diamond, Waterbury, Resting, Halfway Lake, and North Millennium. The West McArthur project is located between six and 30 kilometers west of the producing McArthur River uranium mine and covers approximately 36,000 hectares.
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
Vox’s portfolio is predominantly geared towards precious metals royalties which make up over 70% of our portfolio weighting by NAV. In addition to the precious metals’ royalties, the Company has underlying exposure to a more diverse array of commodities, including base, battery, and certain bulk commodities. Their portfolio spans four continents but is heavily weighted to Australia and North America where 80% of our assets are located. The company has a track record of buying assets with significant near-term growth and development catalysts.
The team has over 30 years of royalty-specific deal expertise and has been linked to $1B of royalty transactions. In addition, they own a proprietary database of more than 8,000 global royalties which was built over the span of nearly a decade. This unique intellectual property provides Vox with an inherent competitive advantage, yielding wider transactional opportunities.
Rio2 Limited is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy.
In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
Salazar Resources is Ecuador’s proven and trusted exploration company, focused on creating value and positive change through discovery, exploration and development. Its carried and wholly owned work programs present multiple significant growth catalysts.
The experienced team has a proven track record and an unrivalled understanding of the geology in-country, having played an integral role in the discovery of most of the major projects in Ecuador, including the two newest operating gold and copper mines.
Salazar Resources is in a strong position. It has steady income and a significant carried work program on the Curipamba development project and two exploration projects, Pijili and Santiago. A 2019 PEA at Curipamba highlighted the value of the El Domo deposit, with Measured and Indicated resources of 8.9 Mt at 5% Cu eq. contributing to an NPV (8%) of US$288 million. Salazar Resources also has an aggressive 100% owned exploration strategy in an exciting and under-explored mining destination, presenting investors with a range of value catalysts. The 25% fully carried stake in its maiden discovery, Curipamba, means that the value of Salazar Resources is underpinned and non-diluting, with further upside potential from the wholly-owned portfolio and the Company’s proven ability to find new projects and advance discoveries in Ecuador.
Snowline Gold’s vision is to build a leading exploration company that delivers value and prosperity to shareholders, employees, Indigenous partners, and to the communities in which we operate. They are committed to working with Indigenous peoples to responsibly develop the Yukon’s natural resources.
Rupert Resources is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “RUP”. The Company owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland. The Company also holds a 100% interest in the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake Mining Division of Ontario.
Rupert Resources was founded in 1981 and is based in Toronto, Ontario, Canada.
Gold Terra Resource Corp. is a junior gold exploration company that has assembled a highly prospective district scale land position on the doorstep of the City of Yellowknife in the Northwest Territories. The company is currently focused on expanding and delineating gold resources at the company’s Yellowknife City Gold Project. With ready access to infrastructure and multiple new high-grade gold discoveries Gold Terra is on track to re-establishing Yellowknife as one of the premier gold mining districts in Canada.
Investigator Resources is an Australia-based mineral exploration company. The Company is focused on the opportunities for Greenfields silver-lead, copper-gold and nickel discoveries offered by the minerals frontier of the southern Gawler Craton on South Australia's northern Eyre and Yorke Peninsulas. It holds a portfolio of exploration tenements in South Australia and is focused on advancing the shallow Paris silver deposit to an indicated mineral resource. Its projects include Paris-Nankivel area for further epithermal silver and associated skarn and conceptual porphyry copper-gold targets in the mineral system; Diomedes with Archaean ultramafic and nickel intersected in the underlying basement geology near Paris; Thurlga JV containing silver, gold and copper targets on the tenement adjacent to Paris; Uno/Morgans epithermal silver copper and nickel in the basement of probable Archaean age approximately 100 kilometers east of Paris, and Maslins Project.
Wallbridge Mining Company Limited (Wallbridge) is an advanced exploration-development company driven by a strategic targeted approach.
The Company is focused on advancing the development of its flagship high-grade Fenelon Gold Project in northern Québec. Since acquiring the project in 2016, Wallbridge has demonstrated the project’s potential to host a multi-million-ounce gold deposit. Following success at the drill bit, the Company’s first mineral resource estimate was reported on November 9th, 2021.
Wallbridge has expanded its Fenelon Gold project with the strategic acquisition of Balmoral Resources Ltd. and now controls a district-scale land position along the Detour-Fenelon Gold Trend, a major structure that hosts the Detour Lake gold mine to the west in Ontario. Wallbridge has a strong pipeline of exploration projects to drive long-term organic growth to meet its objective of becoming a gold producer.
In addition, Wallbridge, mainly through a number of over-arching joint ventures, has an interest in a large portfolio of nickel-copper-PGM projects in Ontario's Sudbury Basin.
Newcore Gold offers investors a unique combination of top-tier leadership and prime exploration opportunities in one of the world’s most attractive gold jurisdictions.
The vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders. The Newcore team, which includes some of the industry’s most successful entrepreneurs, is focused on advancing its 100%-owned Enchi Gold Project in Ghana. Enchi, with over a million ounces of inferred resources lies along one of West Africa’s most prolific and developed gold trends.
92 Energy is an ASX Listed exploration company exploring for high grade unconformity related uranium in the Athabasca Basin, an area that has some of the largest and highest grade uranium deposits in the world, including the Cigar Lake and McArthur River mines.
92 Energy has five uranium project areas in the the Athabasca Basin region - Gemini, Tower, Clover, Powerline and Cypress River.
Maverix provides upfront payments to mine operators in need of capital in return for a percentage of the future revenue generated from the mine (a royalty), or the right to either purchase all, or a fixed percentage of, future precious metal production for a pre-determined price (a stream). These royalty and streaming agreements provide exposure to precious metals price appreciation, fixed operating costs and exploration and expansion upside without the associated capital, operating and environmental costs. In five years Maverix has acquired 5 major royalty portfolios from senior mining companies and along with a number of additional bolt on acquisitions has grown its portfolio to over 100 total royalties and streams. With its experienced and knowledgeable leadership team, support from key stakeholders and track record of adding value through acquisitions, Maverix is well positioned to continue its growth.
Maverix was founded in 2016 by Geoff Burns and Daniel O’Flaherty with the sole purpose of becoming a successful mining royalty and streaming company. In July 2016, Maverix acquired a package of 13 royalties and precious metal streams from Pan American Silver and began trading on the TSX Venture Exchange shortly after.
MineHub is an open, enterprise-grade platform for digital trade, bringing efficiency, security and responsibility to mining and metals supply chains. MineHub connects the many parties involved in a physical commodity transaction in a digitally integrated workflow, operating on the basis of shared information.
Users of MineHub are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to customer needs and have confidence in the resilience, security and compliance of their operations.
Tesoro Resources (ASX: TSO) is an Australian public company with exploration stage gold assets in Chile. The company is focused on acquiring developing high grade gold assets that have potential to be district scale mining projects.
Tesoro is managed by experienced mining professionals with strong geological and finance backgrounds as well as significant in-country expertise.
Tesoro was established with a strategy of acquiring, exploring and developing mining projects in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world class gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to the emerging El Zorro Gold Project inline with the company’s strategy.
Tesoro owns 85% of the El Zorro Gold Project.
UEX Corporation has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company has four flagship projects.
The West Bear Cobalt-Nickel project is a shallow, open-pit amenable and very high-grade cobalt-nickel deposit in the eastern Athabasca Basin that remains open in all directions for expansion. It ranges from 15 – 55 m in vertical depth and is hosted in clay-altered rocks that extend into the basement below the unconformity.
The Christie Lake property in the eastern Athabasca Basin is located only 9 km northeast and along strike of the McArthur River Mine, the world's largest uranium mine. The property is host to significant historical uranium resources within three known deposits, including the newly discovered Ōrora Zone, located along the under-explored mineralized 1.5 km long Yalowega Trend. UEX currently holds a 65.55% interest in the project in a joint venture with JCU (Canada) Exploration Company Limited.
The Horseshoe and Raven Deposits located in the eastern Athabasca Basin are in close proximity to existing mining infrastructure, roads, and power. UEX is currently evaluating the use of heap leach recovery to improve the economics of these very shallow conventional open pit and underground amenable deposits.
The Shea Creek property is host to one of the largest undeveloped uranium resources in the Athabasca Basin. The Shea Creek Deposits remain open for expansion and were the first of the new wave of discoveries in the newly emerging Western Athabasca Uranium Camp.
Capella Minerals Ltd is a Canadian gold and copper exploration and development company with highly-prospective properties located in the favourable jurisdictions of Canada and Scandinavia.
Capella’s portfolio includes three high-grade gold projects in Canada (Domain, Manitoba and Savant Lake, NW Ontario) and Sweden (Southern Gold Line), the Katajavaara and Aakenus gold-copper projects in Finland, and two high-grade copper (VMS) projects located in the past-producing Løkken and Kjøli mining districts of central Norway.
Capella’s management team has a wealth of technical and market experience, and a proven track record of success in finding, growing and advancing mineral discoveries. Recent success stories for the Capella team include Mariana Resources Ltd (for the discovery of the high-grade Hod Maden gold-copper deposit in NE Turkey, which was sold to Sandstorm Gold in 2017) and Extorre Gold Mines (for the discovery of the high-grade Cerro Moro gold-silver deposit in Argentina, which was sold to Yamana Gold Inc.).
Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team. Aldebaran acquired the Rio Grande copper-gold project located in Salta Province, Argentina from Regulus along with several other early-stage projects in Argentina. Aldebaran also has the right to earn up to an 80% interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater.
Energy Fuels is the leading U.S. producer of uranium – the fuel for carbon- and emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the world work to provide plentiful and affordable energy, while combating climate change and air pollution.
Energy Fuels is also a major U.S. producer of vanadium and an emerging player in the commercial rare earth business where its work is helping to reestablish a fully integrated U.S. supply chain.
With a truly unique portfolio, Energy Fuels has more production capacity, licensed mines and processing facilities, and in-ground uranium resources than any other U.S. producer. It boasts diverse cashflow-generating opportunities, including vanadium production, uranium recycling and rare earth processing.
Baselode Energy Corp is a Canada-based uranium exploration company. The Company is focused on discovering near-surface, basement-hosted, high-grade Uranium orebodies outside of the Athabasca Basin. looking for the next world-class deposit in the Athabasca Basin area of northern Saskatchewan, Canada. The Company’s projects include Shadow project, Hook project, and Catharsis project. Shadow project is located in Northern Saskatchewan, the Virgin River Shear Zone and its property encompass approximately 46,000 hectares along the Virgin River Shear Zone 30 kilometers (km) south of the Athabasca Basin margin. Hook project is located 40 km southeast of the McArthur River mine, 60 km northeast from the Key Lake uranium mill, and 16 km west of all-season Provincial highway 905 and powerlines. Catharsis is located 75 km southwest of the Key Lake uranium mill. The Company’s Athabasca 2.0 is located in Saskatchewan, Canada, the Athabasca Basin area hosts the highest-grade uranium deposits.
Western Copper and Gold Corporation is developing the Casino project into Canada’s Premier Copper-Gold Mine.
Western Copper and Gold Corporation is a public company that trades under the symbol “WRN” on the Toronto Stock Exchange (TSX: WRN) as well as under the symbol “WRN” on the New York Stock Exchange American (NYSE American: WRN).
Western Copper and Gold holds significant gold, copper and molybdenum resources and reserves in its Casino Project located in the Yukon, Canada. Casino contains 14.5 million ounces of gold, 7.6 billion pounds of copper, and 113.5 million ounces of silver in proven & probable reserves.
Peninsula Energy Limited is an ASX listed company that wholly owns the Lance Uranium Projects in Wyoming, USA which are in transition from an alkaline in-situ recovery to a low pH in-situ recovery operation, with the aim of achieving the operating performance and cost profile of the industry-leading global uranium production projects.
The alkaline in-situ recovery uranium operations commenced in December 2015 and ceased in July 2019 primarily as a consequence of lower than expected recoveries. A Feasibility Study on the low pH in-situ recovery process was published in September 2018 and demonstrated the robust economics of the proposed transition. Since 2018 research studies and a 2019 field trial in a previously mined area have produced results that strongly validate the 2018 Feasibility Study parameters.
The Lance Projects are the ONLY US-based uranium project authorised to use the industry-leading low pH in-situ recovery process. Over the next 12 to 18 months the focus is on site-specific technical, process development and optimisation activities.
The Company commenced the MU1A low pH field demonstration in August 2020.
Cobalt Blue Holdings was founded in 2016 and is now ASX-listed (ASX:COB). They are a cobalt development and technology company focusing on advancing and developing cobalt mining and refining operations in Australia.
As the world adapts to renewable energy and the demand for energy storage soars, so does the world's reliance on batteries. Cobalt is a necessary part of that energy storage equation.
Cobalt Blue is committed to the Broken Hill Cobalt Project and becoming the world's premier producer of ethical cobalt to meet this growing demand for energy storage.
Nickel Creek Platinum Corp. is a Canadian mining exploration and development company focused on advancing its 100%-owned Nickel Shäw Project towards becoming Canada's next world-class nickel sulphide mine. Located in the Yukon, our asset is host to over 1.8 billion pounds of nickel, 1.1 billion pounds of copper, 5.7 million ounces of platinum group metals ("PGM's") and 107 million pounds of cobalt in the measured and indicated categories – positioning us well for the rapidly growing demand for these urbanization commodities. The Nickel Shäw Project has exceptional access to infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which further offers year-round access to deep sea shipping ports in southern Alaska.
Kodiak Copper Corp. (TSX.V:KDK, OTCQB: KDKCF) is focused on its portfolio of 100% owned copper porphyry projects in Canada and the USA.
The Company’s most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in southern British Columbia, Canada, where in 2020 the Company made a high-grade discovery at the Gate Zone, which is part of a zoned, copper-gold enriched envelope of significant size.
Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine. Both of Kodiak’s porphyry projects have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
The Company's Kahuna diamond project in Nunavut, Canada, hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets. Kodiak is considering strategic options for the Kahuna project.
Kodiak’s founder and chairman is Chris Taylor who is well-known for his district-scale Dixie gold discovery in Red Lake, Ontario with Great Bear Resources. Kodiak is also part of Discovery Group led by John Robins, one of the most successful mining entrepreneurs in Canada.
Heliostar is investing in mining and exploration projects in North and South America to build a major mining company. The Heliostar team specializes in recognizing mineral properties with upside exploration potential and unlocking the value of these projects.
Heliostar uses this approach to understand the replacement value of projects within its portfolio and maximize profit for shareholders by understanding when they are under or overvalued in the marketplace.
Standard Uranium is a Canadian junior uranium exploration company looking to make the next big discovery in the Athabasca Basin region of northern Saskatchewan, Canada.
With a proven track record of high-grade uranium discovery, the Company's exploration team is focused on finding the fuel to power a clean energy future.
The flagship Davidson River Project is located in the heart of the Patterson Lake Uranium District in the southwest Athabasca Basin, an area ripe with potential for further uranium discoveries. With only a handful of holes drilled on the Project, we have only just begun to scratch the surface of what the property holds.
The Company will continue advancing aggressive drilling campaigns on the Davidson River Project as we search for the next big Canadian uranium discovery - building towards our clean energy future.
African Gold Group Inc. is a gold exploration and development company that is engaged in the exploration and development of properties located in West Africa. The Company is primarily focused on the development of the Kobada Gold Project in Southern Mali. The Company’s assets include mining and exploration licenses located in Mali, West Africa. The Kobada Gold Project is located approximately 126 kilometers south-west of Bamako, which is the capital city of Mali, in the Birimian Greenstone belt, with transportation links to the capital and logistics routes through other West African ports.
Willeson Metals is a Canadian-based, privately-owned mineral exploration company focused on the acquisition, exploration, and development of high-quality gold projects in the province of Manitoba, with a particular emphasis on Proterozoic terrains, which have long been under-explored in Canada for gold. The company's portfolio of four, 100%-owned, gold projects are all located within the Proterozoic Lynn Lake greenstone belt of northern Manitoba.
Willeson Metals' vision is to explore for and discover Tier 1 gold deposits in the Proterozoic terrains of Canada and to do so in a responsible, safe and sustainable manner in order to create long-term value for all stakeholders.
In 2017, the co-founders, Ali Haji and Matthew Wood, identified an opportunity for lithium exploration and development while on a trip to Mongolia for another mining entity. They recognized that our world was on the brink of a Green Revolution, and that the move away from fossil fuels would create unprecedented demand for battery metals, including lithium. Ali and Matthew started discussions with the Mongolian government about the potential for lithium in-country – and the vision for ION Energy was born!
The first asset was a license in the arid and infrastructure rich region of the South Gobi Desert, just 24km from the Chinese border. The Baavhai Uul Lithium Brine license was acquired in 2019, and since then the ION Energy team has pursued an aggressive growth strategy.
Meridian Mining is focused on becoming the next mid-tier Copper-Gold developer with a focus on Brazil. The Company’s priority is on the Cabaçal project, an advanced VMS district scale Cu-Au project located in the state of Mato Grosso. Discovered in 1983 by BP Minerals, the main zone of massive to stockwork, stringer and disseminated Copper-Gold sulphide mineralisation at Cabaçal was never mined. Cabaçal’s Cu-Au mineralisation remains open beyond ~175 meters below surface and extends 1,800 meters along strike. Meridian’s Board and Management team has a track record of development, financing and operating natural resource projects in Brazil and internationally.
Cartier Resources Inc. offers interest in mining exploration properties. The Company operates process which allows to develop and maintain a balanced portfolio of mining projects ranging from exploration to resource definition, development, and production. Cartier Resources serves in Canada.
Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration Company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest (subject to a 2% net smelter royalty purchasable anytime within two years from commencement of commercial production for US$1.5 million) in the 5,333 hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico. Mammoth is seeking other opportunities to option exploration projects in the Americas on properties it deems to host above average potential for economic concentrations of precious metals mineralization.
Renforth Resources Inc. is a Canada-based gold exploration company. The Company’s owns surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada. It holds the Parbec Property in the Malartic gold camp, with gold present at surface and to some depth, located on the Cadillac Break, contiguous to the East Amphi portion of the Canadian Malartic Mine property. It owns the Surimeau property, also contiguous to Canadian Malartic and the southern border of the Malartic West property. Surimeau hosts polymetallic mineralization. It also holds Malartic West property that covers approximately 53 square kilometers (km) and located within the Pontiac Sediments. Its Nixon-Bartleman project is located in the West Timmins Mining Area, in the western part of the Porcupine Mining Camp.
AfriTin is aiming to become the tech-metal champion of Africa with a portfolio of tin production and other tech-metal development assets
AfriTin holds a portfolio of production, development and exploration assets in Africa. Our vision is to leverage our profitable pilot plant operations in tin to expand our footprint in a unique metallogenic province of new technology metals.
The diverse team brings experts from the mining, finance and energy industries who are keen to contribute their talents towards a future where the environment and people are thriving.
Lithium and boron are both used in a diverse range of everyday items and innovative technologies that help make modern life work.
Demand is increasing as more people enjoy the benefits of modern technologies and cleaner, and more efficient sources of energy are developed.
QPM is a gold explorer with a large land position in the highly-prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Goldcorp Corporation’s Éléonore gold mine.
QPM’s flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM’s goal is to rapidly explore this project to advance it to the mineral resource estimate stage.
ValOre Metals Corp. (TSX‐V: VO) is a Vancouver based company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.
ValOre recently acquired an exciting Platinum Group Elements (“PGE”) property, Pedra Branca, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.
The Pedra Branca Project is a PGE District located in northeastern Brazil that comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres). At Pedra Branca, five distinct PGE deposit areas host, in aggregate, a NI 43-101 inferred resource estimate of 1,067,000 ounces PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) in 27.2 million tonnes (“Mt”) grading 1.22 grams PGE+Gold per tonne (“g PGE+Au/t”) (see ValOre news release July 23, 2019). PGE mineralization outcrops at surface and all of the inferred resources are potentially mineable by open pit.
ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. ValOre's comprehensive exploration programs have demonstrated the "District Scale" potential of the Angilak Property. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.
ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory, Canada and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.
Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market.
The Company possesses industry leading nickel expertise and is focused on low risk well-established mining jurisdictions.
Mike Hodgson, CEO of Gold producer Serabi Gold (LSE: SRB, TSX: SBI), Louis-Pierre Gignac, President & CEO of G Mining Ventures (TSX-V: GMIN) the new entrant into the region following their acquisition of the Tocantinzinho Gold Project, and Alan Carter, President & CEO of Cabral Gold (TSX-V: CBR), explorer with the Cuiú Cuiú Gold district, all give their thoughts on the potential of the region.
Global Atomic is a Canadian resource company advancing the large, high-grade Dasa uranium deposit in the Republic of Niger. In addition, Global Atomic benefits from the dividend stream generated by its share in the Befesa Silvermet zinc concentrate production facility in Turkey.
Rex Minerals Ltd is a minerals exploration, evaluation and development in Australia. Its project include Hillside Copper, Gold and Iron Ore mine situated in the south of the township of Ardrossan on the Yorke Peninsula, South Australia. It also holds interests in Hog Ranch Property, located in Washoe County in north-west Nevada.
Atalaya Mining is a fast-growing AIM and TSX-listed mining and development company which produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain, and is currently undertaking further expansion. In addition, the Company has a phased, earn-in agreement to acquire up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain which is at the permitting stage.
Atalaya Mining strives to become a leading multi-asset copper producer in Europe, maximising the potential value of its current low-cost, low-risk assets and further exploring new opportunities. Our expertise and knowledge of the copper market, coupled with our deep entrenchment with the communities in which we operate, ensures that we will achieve the best results for all stakeholders, employees, and local communities.
The mission at Evergold is to deliver discoveries. The company has been assembled by a team with a record of recent success in British Columbia, combining properties in prime geological real estate from one of BC’s best-known geologists, with seasoned management and a highly qualified board.
In 2020 they delivered two new discoveries, one each on their flagship Snoball and Golden Lion properties. Join them as they do the exciting, high risk / high reward work of advancing these projects.
Signature Resources Ltd. is a Canadian based advanced stage exploration company focused on expanding the 100% owned Lingman Lake Gold deposit, located within the prolific Red Lake district in Northwestern Ontario, Canada. The project has a 234,000 ounce historical high-grade gold resource estimate that is contained within the first 180 meters of surface and open in all directions. Signature is focused on rapidly expanding the known mineralized envelope with its 100% owned diamond drill rig and aims to publish a maiden NI 43-101 compliant resource in 2022.
Signature’s Founder, Consultant, and Advisory Board member, Mr. John Leliever, is the visionary who recognized and ultimately consolidated the vast potential of the Lingman Lake district to what it is today. Commencing in 2013 and into late 2020 he invested a significant amount of his personal time and capital to secure and advance the property’s significant gold assets. With key support from Signature’s Chief Geologist, Walter Hanych, Mr. Leliever successfully nurtured the Project through challenging market conditions and diminished funding. In late 2020, Mr. Leliever was instrumental in securing Signature’s current management team.
Markets were slow in 2021 for precious metals – but how was it on the ground? We talk about to three seasoned Australian executives (operators & mine builders) about: Competition for resources – people, equipment, services, restrictions. Cost of money in today’s market being influenced by ESG or zero-carbon initiatives. Can get you into production? How does that advantage you (apart from money) – eg: cost of capital or M&A (is it easier and do people trust you more). Or just a case of get your head down and deliver. Supply chain issues – anything learnt? Just in Time v Back up Inventory? Price curve on supplies – will it fall back down? Consumers saw companies take advantage us with hand sanitisers and food, but what’s it like for the companies on the ground? Pressure from shareholders to perform – head down and tight lipped, despite all the advice you were getting? How does it affect the behaviour of potential farm-in partners. What does 2022 look like for you and how do you play that compared to 2021?
Orcadian Energy was established in early 2014 by petroleum engineers and geologists. The company has four licences, three of which lie 150km due East of Aberdeen and just West of the Gannet field and the Anasuria and Triton FPSOs, in an area known as the Western Platform. These licences are rich in resources and highly prospective, sixteen of seventeen wells (and sidetracks) drilled on our blocks have encountered oil. Take a look through the history page to see when (and with which rig) all those wells were drilled.
Orcadian has focussed on viscous oil development opportunities in the Central North Sea. We know the UKCS well and the OGA is a consistent and reliable regulator. Water depths in our core acreage are relatively shallow at c. 80-90 metres and the reservoirs are also not very deep at only c. 800 metres, so wells can be drilled on wellhead platforms, with dry trees, from a typical North Sea jack-up rig. These conditions combine to minimise well cost thus enabling tight development well spacings, which are the key to a successful and profitable polymer flood approach.
District Metals Corp. is lead by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.
The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south central Sweden is the Company’s main focus. Tomtebo comprises 5,144 ha, and is situated between the historic Falun Mine and Boliden’s Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district. Mineralization that is open at depth and along strike at the historic mines on the Tomtebo Property has not been followed up on, and modern systematic exploration has never been conducted on the Property.
First Mining is a Canadian gold developer focused on the development of the Springpole Gold Project in northwestern Ontario, one of the largest undeveloped gold projects in Canada.
The results of a positive Pre-Feasibility Study for the Springpole Gold Project were announced by First Mining in January 2021, and permitting activities are ongoing leading to the submission of an Environmental Impact Statement as outlined in detail on our Environmental Assessment portal. The Company is the largest shareholder of Treasury Metals who are advancing the Goliath Gold Complex in Ontario. First Mining also has active partnerships with operators advancing other Canadian projects including the Pickle Crow Gold Project (Auteco Minerals) and Hope Brook Gold Project (Big Ridge Gold). In addition, First Mining owns a growing strategic royalty portfolio along with other wholly owned properties: Cameron, Duparquet, Duquesne and Pitt.
Amex Exploration Inc. (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF), a junior gold mining company, has made a significant gold discovery in Quebec at its 100% owned high grade Perron Gold Project. Amex is led by an experienced management team of gold mine finders who have invested their own capital into the company in corporate financings and are focused on building shareholder value.
The Project is well serviced by existing infrastructure, being located about an hour north of Rouyn-Noranda (~110 km), on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km), where a mine operated until 1975. During its operation, the Normétal mine produced 10 Mt at 2.25% copper, 5.4% zinc, 0.5 g/t Au and 44.5 g/t Ag. The Perron project is also in close proximity to a number of major operating gold mining companies and their milling operations.
The company launched an extensive drill program consisting of multiple drills on site to complete a 300,000 m drill program by the end of 2021. Since January 2019, Amex has intersected significant gold mineralization in three different gold zones that stretch over 3.6 km of lateral strike along the Perron Fault Zone.
Major Precious Metals is a Canadian mining company advancing exploration of its flagship Skaergaard Project in eastern Greenland, which contains one of the world's largest palladium and gold deposits outside the major PGM producing areas of Russia and South Africa. The Company is focused on creating shareholder value by accelerating the progress of the Skaergaard Project along the Mine Development Cycle.
Scottie Resources Corp. is an exploration stage company engaged in the exploration and evaluation of gold and silver properties located in the “Golden Triangle” of British Columbia, Canada, an area which has shown great potential to host high grade gold and silver deposits.
The Company believes that mineral properties within the Golden Triangle are under-valued due to a lack of available infrastructure, a scenario which is currently changing. By acquiring undervalued properties and applying modern exploration techniques, data interpretation and 3-D modelling, Scottie Resources aims to build a substantial geological resource in the Golden Triangle. This approach is intended to dramatically increase the value of the Company’s existing properties and advance them to a position where they may become operationally viable.
Scottie Resources Corp. owns a 100% interest in the past producing Scottie Gold property located in the heart of the Golden Triangle. The Company has 100% interest in the Bow property which is contiguous with the Company’s Scottie Gold property.
In addition, the Company owns 100% interests in the Cambria project and Sulu property, both located in the Golden Triangle.
Cabral Gold is a publicly traded company (TSX-V: CBR)(OTC: CBGZF) focused on advancing the flagship, district-scale Cuiú Cuiú gold project in Brazil. The company’s strategy is to focus on growing the exisiting resource by updating the 2011 resource estimate, trenching, sampling and consequently drilling. In addition to Cuiú Cuiú, Cabral Gold has three other projects in the Tapajos Region of Para, Brazil.
This region was historically the site of the world’s largest ever gold rush, the largest placer gold province in Brazil, and the third largest in the world. With the Cuiú Cuiú project estimated to have produced 2M oz placer gold as the largest garimpo in Tapajos, the region itself is estimated to have produced 20 – 30M oz of placer gold.
Cabral Gold benefits from having a 100% interest in the Cuiú Cuiú gold project with an existing resource, supportive local communities with ample shared infrastructure, and a management team with extensive experience in Brazil.
Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market.
The Company possesses industry leading nickel expertise and is focused on low risk well-established mining jurisdictions.
Gold Terra Resource Corp. is a junior gold exploration company that has assembled a highly prospective district scale land position on the doorstep of the City of Yellowknife in the Northwest Territories. The company is currently focused on expanding and delineating gold resources at the company’s Yellowknife City Gold Project. With ready access to infrastructure and multiple new high-grade gold discoveries Gold Terra is on track to re-establishing Yellowknife as one of the premier gold mining districts in Canada.
First Majestic owns 100% of four producing mines: the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.
Management strongly believes that investors are set to benefit from rising silver prices due to growing industrial and investor demands for silver. For this reason, the Company continues to focus on growing production and the development of its core assets. This growth and development are backed by smart accretive merger and acquisition transactions, industry leading technological advancements and R&D. With an experienced Management team comprised of proven company and mine builders, shareholders are poised to capitalize on First Majestic's exceptional organic growth plans and industry-leading silver exposure. We are a diverse and inclusive organization, committed to socially responsible mining. and strive to become the world’s largest primary silver producer.
Gold Line Resources is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold producing regions of Fennoscandia.
The Company currently holds a prospective portfolio of advanced and early stage gold exploration properties in Sweden and Finland, including the Oijärvi Project, which includes the Kylmäkangas deposit, in the Oijärvi Greenstone Belt of Finland; the Solvik Gold Project, located in Sweden, the Kankberg Norra property in the Skellefteå Belt , and the Långtjärn property (comprised of the Stojuktan North and Storjuktan South licences), the Blabarliden property, and the Paubacken property, all located within the Gold Line Mineral Belt, in Sweden.
The Company has a strategic shareholder in EMX Royalty Corp who is involved in executing the exploration programs and providing technical guidance.
Lithoquest Resources Inc. is focused on advancing three projects located in the Miminiska-Fort Hope greenstone belt of northwestern Ontario.
The projects cover more than 41,000 ha of prospective geology and are located within the traditional territory of the Eabametoong First Nation. All of the properties cover geology that is favourable to host economic gold deposits and high-grade gold mineralization has been identified on both Miniminiska and Keezhik.
American Lithium Corporation (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) is well-positioned to play a key role in society’s shift to a secure, sustainable new energy paradigm in the Americas.
In the US, the company owns the TLC claystones lithium deposit, which is in close proximity to the Tesla giga-factory in Nevada.
Following the acquisition of Plateau Energy Metals, American Lithium is advancing the large-scale Falchani hard rock lithium deposit, as well as one of Latin America’s most prolific uranium deposits, known as Macusani – both of which are located in southeastern Peru.
With a near-term focus on these mining-friendly jurisdictions, the company has the advantage of both geographic and geological diversity in developing these world-class, scalable projects.
Of particular significance is the fact that the safe, secure supply of strategic battery/energy metals is of growing importance. Especially after the US government’s introduction of its “critical minerals” initiatives to secure domestic supplies, as well as additional supplies from other “friendly” nations, such as Peru.
Laramide Resources Ltd. is a Canadian-based company with large mineral resource projects strategically positioned to deliver uranium for clean nuclear power to meet the accelerating rise in world electricity needs.
Laramide is headquartered in Toronto and is dual listed on the Toronto Stock Exchange (TSX: LAM) and Australian Securities Exchange (ASX: LAM), and is on the OTC (LMRXF).
Laramide’s portfolio of advanced uranium projects have been chosen for their low-cost production potential. Major U.S. assets include the Churchrock and Crownpoint In Situ Recovery (ISR) projects and La Jara Mesa in Grants, New Mexico, as well as La Sal in the Lisbon Valley district of Utah. The recently acquired Churchrock and Crownpoint properties, with near-term development potential and significant mineral resources, form a leading ISR division operating in a tier one jurisdiction with enhanced overall project economics. The Company’s Australian advanced stage Westmoreland is one of the largest projects currently held by a junior mining company.
Kingfisher Metals is a discovery driven team comprised of experienced geologists, backed by a solid management group with decades of corporate and capital markets experience.
The Kingfisher team has extensive experience with early stage exploration in British Columbia, public company management and capital markets.
Libero Copper & Gold is a mineral exploration company that holds a collection of porphyry copper deposits throughout the Americas in prolific but stable jurisdictions. The portfolio includes Big Bulk, a fully permitted and drill ready porphyry copper-gold target and Big Red, a new greenfield discovery in the Golden Triangle – both projects are located in British Columbia, Canada; Esperanza, a porphyry copper-gold and epithermal gold project in San Juan, Argentina; and Mocoa, a porphyry copper-molybdenum deposit located in Putumayo, Colombia.
O3 Mining Inc., an Osisko Group company, is a gold explorer and mine developer on the road to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success and expertise of the Osisko team as it grows towards being a gold producer with several multi-million ounce deposits in Québec.
O3 Mining is well-capitalized and owns a 100% interest in all its properties (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and on OTC Markets (OTCQX: OIIIF). The company is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.
Karora’s two primary gold producing operations are its 100% interests in the Beta Hunt Mine (“Beta Hunt”) and the Higginsville Gold Operations (“HGO”), both located in Western Australia approximately 60km from Kalgoorlie and located along the prolific Norseman-Wiluna Greenstone Belt.
At Beta Hunt, a robust mineral resource is hosted in multiple gold shears, with gold intersections along a 4 km strike length remaining open in multiple directions. Beta Hunt has delivered a number of high-grade coarse gold discoveries including the Father’s Day Vein discovery (“Father’s Day Vein”) announced in September 2018.
Apollo Silver is focused on providing shareholder value through advancing pure play silver projects in mining-friendly American jurisdictions. Apollo has assembled an experienced and technically strong leadership team who have joined together to advance its portfolio of three significant silver projects. These are comprised of the historical Waterloo and Langtry projects in the Calico Mining District in San Bernardino County, California; and the Silver District project in La Paz County, Arizona. All three projects have significant historical geological and drilling databases and have large exploration upside within under-explored land packages.
GoviEx is a Canadian mineral resource company focused on the exploration and development of uranium properties in Africa. The company has a sizable resource inventory with over 143M lbs U3O8 in measured and indicated categories, and 86.9M lbs U3O8 in the inferred category. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.
Fission Uranium is developing the high-grade, near-surface Triple R uranium deposit – part of the multiple award-winning PLS project.
Located in the renowned Athabasca Basin uranium district, PLS hosts the longest mineralized trend in the district and the Triple R is the only existing major, high-grade deposit in the region found at shallow depth.
With an experienced team run by CEO and uranium expert, Ross McElroy, Fission has completed a pre-feasibility study that shows the potential for the Triple R to be among the lowest operating cost uranium mines in the world. The company is currently focused on advancing towards Feasibility.
Matador Mining Limited operates as a mineral exploration company. The Company identifies, develops, acquires, and explores gold, copper, lithium, tantalum, and tungsten properties. Matador Mining serves customers in Western Australia.
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic shareholder of Goldshore with an approximate 30% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration.
HighGold Mining is a Canadian gold exploration company with highly prospective properties in Alaska and the Ontario Timmins Gold Camp.
HighGold Mining is focused on two well-known North American gold mining environments; Alaska and Timmins, Ontario - to both establish and grow existing high-grade resources. HighGold’s management team has a wealth of technical experience, a track record of success in finding, growing and advancing mineral resources and a reputation for being responsible stewards of shareholder’s funds.
QC Copper is focused on acquiring and developing copper projects in the Chibougamau region that share synergies with its past-producing Opemiska Copper Mine Complex. Through acquisitions, QC Copper has been able to expand its Opemiska property to over 13,000 hectares in the heart of Quebec–with significant infrastructure, including direct rail and road access, already in place.
Giga Metals Corporation is a Canada-based mineral exploration company. The Company is focused on the acquisition and exploration of mineral properties in Canada. The Company is engaged in developing the Turnagain project, a nickel sulphide deposit in north-central British Columbia.
Rincon has interests in three highly prospective copper and gold projects in Western Australia, South Telfer, Laverton and Kiwirrkurra. Each project has been subject to historical exploration which has identified major mineralised systems which Rincon intends on exploring in order to delineate copper and gold resources.
NewPeak implements an aggressive strategy to increase value to shareholders via developing its portfolio of high value resource exploration assets globally. Unlike most explorers, NewPeak is a diversified junior. It has established strong Gold exploration assets in 3 of the top mining jurisdictions globally – Argentina, New Zealand, Finland. Further, NewPeak has a group of Critical Mineral and Tungsten exploration assets in Sweden. The Company strategically holds a 28% stake in Oil and Gas company, Lakes Blue Energy NL (ASX:LKO). NewPeak’s Board and Management team consist of successful geologist entrepreneurs including Sol Gold’s Nick Mather, who is Chairman of the Board.
At Banyan Gold Corp., the purpose is simple: Build a reputable exploration company through value driven acquisition, discovery and development.
Banyan is focused on advancing two Yukon gold properties, the Hyland Gold Project and the Aurex-McQuesten Gold Project.
Golden Minerals Company (TSX and NYSE American: AUMN) is a Colorado-based precious metals junior gold-silver producer with a pipeline of exploration projects that offers investors leverage to silver and gold prices.
They seek to establish Golden Minerals Company as a premier mid-tier precious metals mining company, with efforts focused on properties in Mexico, Argentina and Nevada (USA). They own or control a portfolio of precious metals projects -- including the Velardeña Properties and Rodeo gold open pit mine in Durango State, Mexico; El Quevar, an advanced exploration silver project with district potential located in the Salta province of Argentina; the Yoquivo gold-silver district-scale project in Chihuahua, Mexico; the Sand Canyon gold-silver project in northwestern Nevada; and additional projects located within the traditional silver-producing areas of Mexico.
E-TECH RESOURCES INC. TSX-V:REE is a rare earth element development company which owns 100% of the Eureka project. The Eureka project is located in Namibia, one of Africa’s top mining jurisdictions, and is located strategically close to development infrastructure. Early metallurgical testing done to date indicates the project has the potential to be one of the simplest REE projects to process globally.
The company values are centered around sustainability and responsibility. We believe in a future of sustainably sourced and generated electric power. They are dedicated to helping to supply the key ingredients for the manufacturing of electric motors that will make a sustainable energy future possible.
Kutcho Copper Corp. is a Canadian resource development company focused on expanding and developing the Kutcho high grade copper-zinc project in northern British Columbia. Committed to social responsibility and the highest environmental standards, the Company intends to advance the Kutcho Project through permitting to a positive construction decision.
Minera Alamos is a new gold producer currently going through the ramp up of its first gold mine with first gold production expected shortly.
The Company has a portfolio of high-quality Mexican assets, including the 100%-owned Santana open-pit, heap-leach gold mine in Sonora currently ramping up toward commercial production. The 100%-owned Cerro de Oro oxide gold project in northern Zacatecas that has considerable past drilling and metallurgical work completed and where they are fast tracking the permitting process efforts. The La Fortuna open pit gold project in Durango (100%-owned) has an extremely robust and positive preliminary economic assessment (PEA) completed and the main Federal permits in hand.
Minera Alamos is built around its operating team that together brought 4 mines into production in Mexico over the last 13 years.
Minera Alamos is fully funded for current development and operating plans – with over $15 million and no debt.
The Company’s strategy is to develop very low capex assets while expanding the projects’ resources and continuing to pursue complementary strategic acquisitions.
Nano One is a technology company with a patented process for the low cost production of high performance cathode materials used in lithium ion batteries.
Nano One’s vision is to Change How the World Makes Battery Materials
Nano One’s mission is to establish its technology as the leading platform for the global production of a new generation of battery materials.
Nano One’s technology is applicable to a wide range of cathode materials used in batteries for electric vehicles, energy storage and consumer electronics.
Nano One has built a demonstration pilot plant and is partnered with global leaders to advance its cathode technology for e-mobility and energy storage system applications.
Atacama Copper is a copper exploration and development company with two copper exploration projects located in Chile, comprising eight high-conviction targets across three tenement packages in well know mining districts.
The company is primarily focused on Placeton’s four identified targets, located directly between Teck/Newmont’s NuevaUnión (Relincho and El Morro Deposits). The El Cofre project is located 700 km north of Santiago in the San Juan mining district (central Chile’s cobalt belt) comprising more than 6,228 ha of exploitation claims, in an historic cobalt-copper producing area but relatively untested for medium size-scale copper-gold potential.
Frontier Lithium is an emerging lithium mineral and chemicals company focused on the development of its 100%-owned PAK Lithium Project in Ontario. With increased ‘local’ supply chain desires around the world the Company's objective is to become a strategic domestic supplier. The company is aiming to produce battery-grade lithium hydroxide and other chemicals to the growing electric vehicle and energy storage markets in North America as well as premium mineral concentrates supplier for high quality glass manufacturers.
Frontier maintains the largest land position and resource in a new premium lithium mineral district located in Ontario’s Great Lakes region. The region is advantaged by favourable geology, proven metallurgy with access to intermodal hubs, infrastructure, power, and mining along with downstream lithium processing expertise for auto OEM's future Li-Ion battery requirements.
Invictus Energy is an independent upstream oil and gas company listed on the Australian Securities Exchange (ASX: IVZ). Our asset portfolio consists of a highly prospective licence, Special Grant 4571, in the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa.
SG 4571 contains the Mzarabani conventional gas-condensate prospect, the largest undrilled prospect onshore Africa with an independently estimated 8.2 Tcf + 247 million barrels (gross mean unrisked basis) of conventional gas-condensate in a stacked target.
Adyton Resources Corporation focuses on the development of gold and copper resources in Papua New Guinea. Its flagship project is its 100% owned Feni Island Copper Gold project. The company is headquartered in Brisbane, Australia.
Electra Battery Materials is a Canada-based cobalt company. The Company is in the business of cobalt refining and the acquisition and exploration of resource properties. The Company provides cobalt to the electric vehicle industry. The Company’s assets include the First Cobalt Refinery located in Ontario, Canada and the Iron Creek cobalt-copper project located in Idaho, United States, and Cobalt Camp. Its First Cobalt Refinery is a hydrometallurgical cobalt refinery. The Company’s Iron Creek Project in Idaho, United States is its flagship mineral property, which includes patented and unpatented claims totaling of approximately 1,820 hectares. The Company holds an interest in a land package in the silver-cobalt mining camp of Cobalt, Ontario. It also owns mining claims known as the West Fork Property to the west of its Iron Creek cobalt-copper deposit.
Gold Royalty Corp is a precious metals-focused royalty and streaming company offering creative financing solutions to the metals and mining industry. Their mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for investors.
Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes, and a large land package with significant upside exploration potential from mineral claims covering an area of approximately 65,000 hectares. The Company’s principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caeté Gold Mine Complex (Pilar and Roça Grande mines, and Caeté Plant) which combined, produce more than 95,000 ounces of gold annually. The Company also owns the Paciência Gold Mine Complex, which has been on care and maintenance since 2012.
Tinka Resources is an exploration and development company. Its flagship property is the 100%-owned Ayawilca carbonate replacement deposit (CRD) in the zinc-lead-silver belt of central Peru, 200 kilometres northeast of Lima. The Ayawilca Zinc Zone Inferred Mineral Resource estimate consists of 42.7 million tonnes grading 7.3% zinc equivalent (comprised of 6.0% zinc, 0.2% lead, 17 g/t silver & 79 g/t indium), and a Tin Zone Inferred Mineral Resource of 10.5 Mt at 0.63 % tin, 0.23 % copper & 12 g/t silver. The Company will drill approximately 20,000 metres in 2018 for resource growth and to test new targets. A PEA is planned for the end of 2018 or early 2019.
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle El Tigre vein extended 1,450 meters along strike and was mined on 14 levels to a depth of approximately 450 meters. The Seitz Kelley Vein was mined along strike for 1 kilometer to a depth of approximately 200 meters. The Sooy Vein was only mined along strike for 250 meters to a depth of approximately 150 meters. Mining abruptly stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton.
The El Tigre silver and gold deposit is related to a series of high-grade epithermal veins controlled by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex within a broad silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150 meters wide. The veins dip steeply to the west and are typically 0.5 meter wide but locally can be up to 5 meters in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometers along strike in our brownfield exploration area. Historical mining and exploration activities focused on a 1.5 kilometer portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometers. Silver Tiger has delivered its maiden 43-101 compliant resource estimate and is currently drilling to update its resource estimate and publish a PEA.
Appia’s management, directors and consulting team have extensive experience with uranium exploration in the prolific Athabasca Basin district of northern Saskatchewan, and uranium and rare earth development and mining in the historic Elliot Lake mining camp.
Jervois Mining (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) is focused on becoming a global supplier in the emerging battery metals market.
As part of its global strategy, the Company has secured geographic and asset diversification by combining construction-stage Idaho Cobalt Operations and development stage Nico Young deposit in Idaho and Australia, respectively, with the largest Nickel Cobalt refinery in Latin America, the São Miguel Paulista refinery in Sao Paulo, Brazil.
The company is primarily focused on cobalt but maintains significant nickel and copper exposure through its development and refinery asset portfolio.
Impact Minerals is an Australian Exploration Company listed on the Australian Stock Exchange (ASX-IPT). The company is a project generator and developer and explores a portfolio of tenement holdings within major mining regions of Australia.
E2Gold Inc. is a publicly traded Canadian junior exploration company committed to unlocking gold potential and growth through exceptional management and technical expertise. Founded in 2020 by father-daughter duo Dr. Eric Owens and Ellie Owens, E2Gold completed an oversubscribed Initial Public Offering in 2020 after a successful initial exploration campaign. Dr. Owens is a seasoned professional with over thirty years’ experience in mineral resource exploration. Ms. Owens (B.Sc., M.Sc. geology) is a geologist-turned-lawyer with over 7 years’ experience in the industry.
Allegiance Coal Limited is listed on the Australian Securities Exchange (ASX:AHQ). Its investment focus is advanced, near production, or producing steelmaking coal projects in countries with low political risk. Allegiance is also committed to the development of sustainable working relationships with indigenous peoples and the wider community with whom the company is engaged in relation to its projects.
Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.
Marimaca is an exciting TSX-listed copper company. The Company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region. It is the only copper discovery globally of the last five years and is a low risk project, with substantial exploration potential.
GBM Resources Limited (ASX: GBZ) is an Australian resources company headquartered in Brisbane.
GBM's flagship asset, the 100%-owned Mount Coolon/Yandan Gold Projects and Twin Hills Project (subject to completion) is located in the prolific Drummond Basin Goldfield Queensland. GBM also has cashflow from its 100%-owned White Dam Gold-Copper Project in South Australia, the exciting Malmsbury Gold Project in Victoria, along with other copper-gold exploration assets in Queensland.
At Banyan Gold Corp., the purpose is simple: Build a reputable exploration company through value driven acquisition, discovery and development.
Banyan is focused on advancing two Yukon gold properties, the Hyland Gold Project and the Aurex-McQuesten Gold Project.
The Hyland Gold Project has a National Instrument 43-101 Technical Report (NI-43-101) indicated mineral resource of 8.6 million tonnes grading 0.85 gram per tonne gold equivalent (AuEq) for 236,000 AuEq ounces with an inferred mineral resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces at a 0.3 g/t AuEq cut-off. This resource is located in its entirety on what is known as the “Main Zone”, is open in all directions and at depth, and has the potential to host a multi-million ounce deposit.
The 9,230 ha Aurex-McQuesten Property lies in close proximity to both Victoria Gold's Eagle Project and Alexco Resource's Keno Hill Silver District and is highly prospective for structurally controlled, intrusion related gold-silver mineralization in relation to the Tombstone intrusive suite. The property hosts numerous known gold targets and Banyan has developed a mineralization model at the McQuesten “Airstrip” Gold target, located adjacent to the main Yukon highway and just off the main access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The Property benefits from a 3-phase powerline, existing Yukon Energy Corp. switching power station and cell phone coverage.
The Company owns Minera Don Nicolas, located in Santa Cruz, Argentina, a newly producing high-grade gold mine with significant optimization, expansion, and exploration potential. In Brazil, the Company is focused on expanding the resource base at its prolific, high-grade Monte do Carmo gold project in Tocantins State.
Cerrado's executive team has a long history of success developing numerous mining projects from early stage exploration, through development and production in South America.
Let’s talk about growth. As retail investors, you need to look for those companies that have that growth story to them. That’s where you’re going to get the leverage and returns you’re looking for in your investments. Can large companies provide this? Here’s the response from the 3 companies we spoke to.
Gold Mountain Mining Corp. is a BC based exploration and development company focused on the Elk Gold Project, a past producing mine located approximately 57 km from Merritt, BC. The claims and leases comprising the Elk Gold Project cover over 21,000 hectares offering both exploration upside and a clear path to near term production. The proposed multi phase production plan will see a Phase 1 – 19,000 Oz. production profile beginning in Q4 2021, which will fund our proposed ramp up to 65,000 Oz. by 2025. Concurrently with developing the mine, Management plans to continue drilling the nine known high grade mineralized zones, while continuing to explore other areas showing exciting potential.
The electric vehicle revolution and a new wave of infrastructure build in China, Europe and the US is driving a huge copper thematic. Prices are just short of all time highs but this hasn't translated in to equity prices yet, so there is time to pick your winners. The big producers are desperate to find the next big mine, but are reliant on the junior explorers to the do the work for them. We speak four industry experts about the supply and demand story and what investors need to be aware of and look out for before deciding where to place their money.
Quebec Precious Metals Corporation (QPM) is a gold explorer with a district-scale land package and advancing its Sakami flagship project in the Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Éléonore gold mine.
To date, the company drilled 50 704 m (181 holes) within a highly prospective 23 km long sedimentary/volcanic contact between the La Grande and Opinaca geological sub-provinces.
In 2021, QPM’s goal is to reach the mineral resource estimation stage.
Windfall Geotek (formerly Albert Mining) is a Canadian corporation offering a proven and industry-leading digital platform leveraging Artificial Intelligence (AI) technologies to significantly improve outcomes in the exploration, development, operations and financing of geologically focused projects. Principal markets encompass the global resource mining industry including virtually all forms of mineralization including oil and gas exploration. Recent advances have led to the detection of water sources and aquifers especially in drought regions, and of anti-personnel landmines and related deadly legacy hazards in conflict zones. Their applied machine learning technology offers a revolutionary approach to geologic discovery and a markedly positive economic impact on operational efficiencies.
Since 2004 the Company has added value to over 30 client discoveries and more than 80 target generation projects around the globe.
Windfall’s business model of software licensing and select equity participation ensures excellent return on investment and provides shareholders commensurate participation on validated exploration projects. Windfall Geotek is listed on the TSX Venture exchange under the symbol WIN.
Rio2 Limited is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy.
In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
KRL is an Asia-Pacific focused gold mining company with two highly prospective gold projects, KRL South and KRL North, in a premier mining region, the high-grade Kainantu gold district of PNG. Both of KRLs projects show potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the district. KRL has a highly experienced board and management team with a proven track record of working together in the region; and an established in-country partner.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past producing gold mine in the State of Idaho and hosts a multi-million ounce resource of gold. The project benefits from existing infrastructure including roads, a hydro powerline to site and an existing ADR gold processing facility. Preliminary plans are for a first phase restart of open pit heap leach operations to produce 72,000 ounces of gold per year at an AISC of $1,057 per ounce gold. The leach operation is to be followed by a second phase mill operation at a much larger scale of production.
Beartrack-Arnett hosts outstanding exploration potential with mineralization outlined over +5 km of known mineralized trend and a further 10 kms of favourable geological structure to explore. The deposits are open on strike and at depth and have returned multiple drill intersections over 10 g/t gold including 71 g/t gold over 9.8 meters in the Ward’s Gulch area.
Opawica is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and Newfoundland. The Company’s management has a great track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
Adventus Mining Corporation is a copper-gold exploration and development company. The Company is advancing three distinct copper-gold projects in Ecuador and a partnership with South32 on its exploration portfolio in Ireland, focused primarily in Ecuador. Adventus is based in Toronto, Canada.
Troilus Gold Corp. is a Canadian based junior mining company focused on the systematic advancement and de-risking of the past-producing gold and copper Troilus Project towards production. Troilus is located in the top rated mining jurisdiction of Quebec, Canada, where it holds a strategic land position of 1,420 km² in the Frôtet-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property with a 142% increase to estimated Indicated mineral resources and a 350% increase to estimated Inferred resources. The Company is advancing engineering studies following the completion of a robust Preliminary Economic Assessment (“PEA”) in 2020, which demonstrated the potential for the Troilus project to become a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record of successful mine development, Troilus is positioned to become a cornerstone project in North America.
Core Lithium Ltd is an Australia-based mineral exploration company. The Company is focused on the development of Finniss Lithium Project and other prospects in the Northern Territory (NT) and South Australia. Its Finniss Lithium Project located 25 kilometers (km) from Darwin Port, Northern Australia. The project lies within the areas for lithium in the Bynoe Pegmatite Field, NT and covers an area approximately 500 square kilometers of its tenements. Its Anningie and Barrow Creek (ABC) Lithium Projects have five exploration licenses covering approximately 2,000 square kilometers in and around the Anningie and Barrow Creek Tin Tantalum Pegmatite fields in the north Arunta Region of the NT. Its zinc projects include Yerelina Project, which hosts a zinc system covering an area of approximately 500 square kilometers in northern South Australia. Its silver and lead projects include Blueys and Inkheart Projects. Uranium Projects, Copper Projects and Gold Projects are among others.
K2 Gold Corp, is a Canada-based exploration-stage company. The Company is engaged in the business of acquiring and exploring mineral properties with a focus on locating and developing economic deposits of minerals. The Company operates in the segment of the acquisition, exploration and development of mineral properties. The Company is evaluating the economic potential of a deposit of iron, titanium and vanadium in Greenland. The Company is in search of a new property or project. All of the Company's assets are held within Canada. The Company has operations in Canada and Greenland. The Company does not have any producing resource properties. The Company has no revenues from its operations.
Superior Gold's principal business objectives are the acquisition, exploration, development and operation of gold resource properties. The Company's principal asset is the Plutonic Gold operations, located in Western Australia, which it acquired from Northern Star Resources Ltd. in October 2016.
The Plutonic Gold operations are 100% owned and operated and include the Plutonic Gold mine, a producing underground operation with a central mill, the Hermes open pit projects and up to an 80% interest in the Bryah Basin joint venture. In total, the Company holds interests in approximately 64,374 hectares (644 km²).
GSilver is a mining development company engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The Company is focused on the refurbishment and swift re-commencement of production from its El Cubo mine and mill and its nearby El Pinguico project, as well as the delineation of additional silver and gold resources through underground and surface drilling. Both projects are located within 11km of the city of Guanajuato, which has an established 480-year mining history.
Eloro Resources Ltd. is an exploration-stage gold exploration and development company. The Company is engaged in the exploration and development of gold and base metal properties. The Company operates through the segment of mineral exploration in Peru. The Company has gold-silver property in Peru and base metal properties and royalties in the province of Quebec. The Company owns an option to earn approximately 60% interest in La Victoria, which is a copper-gold-silver property consisting of approximately eight concessions covering approximately 3,430 hectares in the Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Peru. The La Victoria property is located within approximately 50 kilometers of several producing gold mines. The option covers various concessions, including Ccori Orcco 1, Rufina, Rufina No. 2, San Felipe 1, San Felipe 2, San Markito, Santa Ana 1 and Victoria-APB. The Company has no revenues.
The Ayawilca Zinc-Silver project is one of the largest zinc-silver resources held by a junior and 100% owned by Tinka. Located in the mining belt of central Peru, the Ayawilca zinc-silver project has strong community support along with road access, power lines, and water on site.
Osisko is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 140 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.
Osisko’s head office is located at 1100 Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.
Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally. Mako’s primary objective is to operate San Albino profitably and fund exploration of prospective targets on its district-scale land package.
Ethos Gold Corp., formerly Ethos Capital Corp., is a Canada-based exploration-stage company. The Company's principal business activity is the identification, exploration and development of mineral properties. The Company has not commenced commercial operations and has no assets. The Company's mineral interests are located in Yukon, Canada. The Company holds a property in the White Gold District. The WC property consists of approximately 40 contiguous quartz claims totaling over 810 hectares and is a target for intrusion-related Pogo-style mineralization or fault controlled epithermal systems.
Orezone Gold Corporation (ORE:TSX.V) is a Canadian development company which owns a 90% interest in Bomboré, one of the largest undeveloped gold deposits in Burkina Faso. Bomboré hosts a large oxide resource underlain by a larger, open sulphide resource, and will be developed in two stages. Orezone is now fully funded to bring Bomboré into production with the first gold pour scheduled for Q3-2022.
O3 Mining Inc is a Canada-based gold exploration company. The Company operates as a mine development and consolidator of exploration properties in gold camps in Canada. The Company holds a 100% interest in a number of properties in Quebec (137,000 hectares). The Company controls 61,000 hectares in Val D’Or and over 50 kilometers of strike length of the Cadillac-Larder Lake Faut. The Company also has a portfolio of assets in the James Bay and Chibougamau regions of Quebec. The Company’s operated projects are Gwillim Property, The Cadillac Break Properties, Malartic Property and Alpha Property. The Cadillac Break Properties are located in the southeastern Abitibi Greenstone Belt of the Archean Superior Province in the Canadian Shield. The Gwillim property is located in the Barlow township, close to Chibougamau, consisting of 38 mining claims, covering 1715 hectares. It also owns the Denain-Pershing gold bearing property that covers approximately 10,001 hectares.
Sailfish Royalty Corp is a British Virgin Island-based precious metals royalty and streaming company. The Company’s Gavilanes Property is located in San Dimas mining district, Durango State, Mexico. Its portfolio of precious metals streams and royalties on mines, projects and exploration properties in the Americas includes Tocantinzinho Royalty, San Albino Gold Stream, La Cigarra royalty and El Compas Royalty. Tocantinzinho is an intrusion-related gold deposit hosted in Paleoproterozoic. The San Albino gold deposit is part of the San Albino-Murra concession. The La Cigarra silver project is located in the state of Chihuahua along the eastern fringes of the Sierra Madre Occidental in north central Mexico. El Compas is located in Zacatecas, silver mining district in Mexico.
Montem Resources is a steelmaking coal development company with assets in the Crowsnest Pass, Alberta, Canada. The two main projects are the Tent Mountain Mine and the Chinook Project.
Their team is predominantly made up of Canadian and Australian coal miners, with a history of successfully building and managing coal mines. The operations are centered in our community-based office in Coleman, Alberta. They have a small office in Vancouver, BC, Canada, and the corporate address is in Melbourne, Australia.
QuestEx Gold & Copper is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in the “Golden Triangle” and the “Toodoggone area” of British Columbia. QuestEx’s main exploration projects include Castle, KSP, North ROK, Kingpin, Heart Peaks and Sofia.
Maritime Resources Corp. is a Canada-based gold and base metals exploration and development company. The Company operates in mineral exploration and development segment. Maritime's Green Bay property hosts the company's Hammerdown gold mine and the Orion gold deposit along with the Lochinvar zinc/silver rich Volcanogenic massive sulfide (VMS) deposit. The property is located approximately 5 km southwest of the Town of King’s Point and approximately 15 km northwest of the Town of Springdale in Newfoundland & Labrador. The Orion deposit is located approximately 1.5 km southwest of the Hammerdown deposit. The Green Bay Property encompasses four gold deposits include Orion, Muddy Shag, Hammerdown and Rumbullion and all occur in the Hammerdown Deformation Zone (HDZ).
The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga.
Victoria Gold Corp's Eagle Gold Mine poured its first gold in Q3, 2019 and achieved commercial production on July 1, 2020. In full production, the mine will produce over 200,000 ounces of Au per year for 11 years. The Reserve is 3.3 million ounces of gold. The deposit is open at depth and along strike. Exploration potential of the greater Dublin Gulch property is good and includes priority targets Olive-Shamrock, Bluto and Nugget-Raven.
Multiple other satellite deposits exist with mineralization potential above and beyond the current reserve estimates.
Enduro Metals holds one of the largest junior land positions in the heart of British Columbia’s Golden Triangle, a world-class mineral district hosting multiple successful mines. Enduro’s 648km2 Newmont Lake Property contains at least four large, distinct mineralized systems with district-scale potential—all starting from surface. The project’s geology, mineralization, exploration results and proximity align with some of the Golden Triangle’s richest known deposits.
Work to date has produced exceptional results in drilling, while sampling, mapping and geophysics have identified large areas of high-grade and highly-prospective showings. The Company is fully funded for aggressive exploration in 2021.
With a team of experienced natural resource professionals, Vizsla Silver Corp. (TSX-V: VZLA) is focused on growing shareholder value by exploring, developing and acquiring precious and base metal assets.
The newly consolidated Panuco silver-gold project is an emerging high-grade discovery located in southern Sinaloa, Mexico, near the city of Mazatlán. The 9,386.5-hectare, past producing district benefits from over 75 kilometres of total vein extent, a 500 ton per day mill, 35 kilometres of underground mines, tailings facilities, roads, power and permits. The district contains intermediate to low sulfidation epithermal silver and gold deposits related to siliceous volcanism and crustal extension in the Oligocene and Miocene. Host rocks are mainly continental volcanic rocks correlated to the Tarahumara Formation.
Neometals, US Vanadium & Bushveld Minerals discuss the vanadium market and talk about the innovation and downstream technologies which will hopefully flatten the erratic price movements in the market.
Bonterra is a Canadian gold exploration company with a large balanced portfolio of exploration and mining assets including the Gladiator, Barry and Moroy deposits, Urban-Barry Mill and multiple highly prospective exploration prospects. Bonterra controls the only permitted gold mill in the region with a large land position of over 38,000 hectares in the Urban Barry Camp. Bonterra is located in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt.
Baru Gold Corp. (formerly East Asia Minerals) (BARU:TSX-V) is a Canadian publicly listed mineral resource exploration company focused on developing producing precious metals projects in Indonesia. The company’s focus is on developing precious metals projects with significant resource upside potential and near-term production capabilities. Currently, Baru Gold is working on developing the Miwah Project and the Sangihe Project.
E3 Metals is a lithium development Company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources1 in Alberta and an NPV8% on its Clearwater Lithium Project of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. Through the successful scale up its DLE technology towards commercialization, E3 Metals' goal is to produce high purity, battery grade, lithium products. With a significant lithium resource and innovative technology solutions, E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in the world.
Altius Minerals Corporation is a mining royalty and mineral project generation company. The Company is engaged in the generation and acquisition of mineral resource projects, royalties and investments. The royalty interests cover mining operations producing copper, zinc, nickel, cobalt, precious metals, potash, and thermal (electrical) and metallurgical coal. It holds royalty interests in approximately 10 producing assets in Canada that include over 4% net smelter return (NSR) royalty on 777 copper-zinc mine in Manitoba, approximately six potash mines and over five coal mines located in western Canada, and a royalty on the Bay nickel-copper-cobalt mine in Labrador, as well as interests in the Chapada Mine in Brazil. It also holds equity interests in non-precious metals royalty companies, as well as various junior mineral exploration companies. Its exploration assets also include Natashquan River-Nickel, Julienne Lake Iron Ore deposit, Taylor Brook-Nickel and others.
Marimaca is an exciting TSX-listed copper company. The Company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region. It is the only copper discovery globally of the last five years and is a low risk project, with substantial exploration potential.
Elixir Energy Limited is an Australia-based gas exploration and development company. The Company is focused on exploring in Mongolia for natural gas in the form of coal-bed methane (CBM). It operates through three segments: oil and gas exploration in Mongolia and United States of America, and clean energy in Mongolia. The Company is focused on its 100% owned Nomgon IX CBM Production Sharing Contract (PSC) project in the South Gobi region of Mongolia. The Nomgon Project license area covers 30,000 square kilometers. The CBM wells drilling was a combination of strat-holes and core-holes. The core-holes deliver core samples at the surface and are analyzed for gas desorption and can be Injectivity Fall-Off Testing (IFOT) tested to determine gas content and permeability.
Lepidico (ASX:LPD) is a global lithium exploration and development company with offices in Perth and Toronto. Differentiated by its 100% owned clean-tech L-Max®process technology that extracts lithium and recovers valuable by-products from less contested lithium-mica and phosphate minerals. Lepidico’s strategic objective is to become a vertically integrated business, from mine to production of battery grade lithium chemical.
In a relatively short period of time, Lepidico has established a global footprint in lithium via projects, joint ventures and alliances in Australia, Canada and Portugal. The Company’s shares are traded on the Australian Securities Exchange (ASX) and also on German stock exchanges.
Elemental Royalties is an emerging, rapidly-growing gold royalty company with world-class, producing assets on four continents.
They started in 2017 and made money out of the gate - doubling revenue each year - yet they're currently undervalued with a low market cap relative to their peer companies.
Serabi is a gold mining and exploration company focused on the evaluation and development of gold projects in Brazil. The Company commenced development of the Palito orebody late in 2012 and the gold process plant was started up at the end of 2013. The Company declared commercial production of the Palito orebody effective from 1 July 2014. The Company has also declared commercial gold production at its satellite Sao Chico orebody effective as of 1 January 2016. Combined gold production from the Palito Mining Complex is approximately 40,000 ounces per annum .
Ceylon Graphite is a public company listed on the TSX Venture Exchange (CYL:TSX-V) involved in the exploration and production of graphite in historic resource jurisdictions in Sri Lanka. It holds a land package constituting 121 km² grids containing historic vein graphite deposits. These unique and comparatively higher margin vein (lump) deposits currently make up less than 1% of the world graphite production. These exploration grids represent the majority of known historic graphite resources in Sri Lanka. The relevant areas in which these grids reside have previously had historical production dating back to the 1920s and 1930s.
Los Cerros Limited (LCL), incorporated in Australia, is an ASX listed exploration and mining company. In August 2019 Metminco Ltd merged with Andes Resources Limited to form Los Cerros Limited and resulting in a dominant position within the Andes and Quinchia regions of the Mid-Cauca Gold belt. Across the ~100,000ha portfolio of applications and granted titles, projects range from multiple early stage exploration, through to advanced projects including feasibility.
Los Cerros primary focus is the Quinchia Gold Portfolio, which is located in Colombia’s Mid- Cauca Belt, and has a JORC compliant Resource 1.3Moz made up of 0.84Moz of gold (Measured+Indicated) and Reserve of 0.547Moz of gold at the Miraflores site and ~0.46Moz of Inferred Resource at the Dosquebradas site. The 10,500ha Quinchia Project contains a number of gold deposits and significant exploration and development targets including Miraflores, Tesorito, Chuscal and Dosquebrada
Los Cerros Andes Gold Portfolio consists of a 90% interest in ~85,000ha of tenements also within the Mid-Cauca belt and including 3 granted titles. Only ~10% of the expansive portfolio has been systemically explored but already delivered 12 vein type gold/silver targets and multiple gold/copper porphyry targets.
CanAlaska Uranium Ltd. is an exploration stage company engaged in the acquisition and exploration of mineral properties in Canada. The Company focus on the exploration for uranium deposits in the Athabasca Basin area of Saskatchewan and the exploration for copper/nickel in the same region. The Company operates approximately 16 projects within the Athabasca basin area. The Company operates on over three significant projects, which include West McArthur Project, Saskatchewan - Cameco, Cree East Project, Saskatchewan - Korean Consortium and NW Manitoba, Manitoba. The Company's other projects include Western Athabasca Kimberlite, Moon, Manibridge, Hunter, Quesnel, Thompson Nickel Belt/Strong, NE Wollaston, McTavish, Alberta Diamond, Waterbury, Resting, Halfway Lake, and North Millennium. The West McArthur project is located between six and 30 kilometers west of the producing McArthur River uranium mine and covers approximately 36,000 hectares.
Greenvale Mining is focused on creating value through prudent and vigorous exploration and expansion of its Alpha Torbanite Project and Georgina Basin IOCG Project.
The Alpha Torbanite Project is located approximately 50km south of the Central Queensland town of Alpha. The Alpha Torbanite deposit consists of two seams – an upper seam of cannel coal with an average thickness of 1.12m and a lower seam of cannel coal containing a lens of torbanite with a thickness of up to 1.9m.
The Georgina Basin Project, located just east of Tennant Creek in the Northern Territory, is held by recently acquired Knox Resources, which has delivered Greenvale a low-cost entry into one of Australia’s most significant IOGC exploration regions.
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
Vox’s portfolio is predominantly geared towards precious metals royalties which make up over 70% of our portfolio weighting by NAV. In addition to our precious metals’ royalties, the Company has underlying exposure to a more diverse array of commodities, including base, battery, and certain bulk commodities. The portfolio spans four continents but is heavily weighted to Australia and North America where 80% of the assets are located. The company has a track record of buying assets with significant near-term growth and development catalysts.
Craig Parry’s track record of building winners in unquestionable. Mining only equates to $2T, about the size of Apple, so Craig joins us again to tell why this will be the biggest mining boom ever seen. Why discoveries matter more than ever and what the mood was at Beaver Creek. We also hear about his portfolio of companies in uranium, copper, silver and nickel. Sounds like a perfect portfolio.
Pacific Ridge's goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge’s flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold’s Kemess project. Historic drilling at Kliyul encountered significant porphyry copper-gold mineralization, drill hole KL-15-34 returned 245 metres of 0.75% CuEQ (see Pacific Ridge press release dated December 2, 2020). The Company plans to launch a drill program at Kliyul next month.
TriStar Gold Inc is a gold exploration and development company listed on the TSX Venture Exchange. Our 100% owned flagship property, Castelo de Sonhos gold project, is located in Pará State, Brazil. The Company is currently completing a pre-feasibility study on the Esperança South target and has recently commenced drilling on additional high priority targets within the project area.
Lotus Resources Limited is an Australia-based exploration company. The Company is engaged in the development of interests in exploration and projects in the resource industry in Australia and Malawi. It operates through two business segments, Africa (Uranium) and Australia (Minerals). The Company's projects include Kayelekera Uranium Project and Hylea Cobalt Project. The Kayelekera Uranium Project is located in northern Malawi, 52 kilometers west (by road) of the provincial town of Karonga and 12 kilometers south of the main road that connects Karonga with the township of Chitipa to the west. The Hylea Cobalt Project is located over units of the western side of the Lachlan Orogen. It represents cobalt, platinum, nickel and scandium exploration target in both scale and grade potential. The Company's subsidiaries include Westview Resources Pty Ltd, Providence Metals Pty Ltd, Lily Resources Pty Ltd, and Paladin (Arica) Limited.
Image Resources is Australia’s newest minerals sands mining company, operating at its 100%-owned, high-grade, zircon-rich Boonanarring Project, located 80km north of Perth in the infrastructure rich North Perth Basin.
Tombill Mines, formerly Bluerock Ventures Corp., is a Canada-based mineral exploration company. The Company is principally engaged in mineral exploration, primarily gold. It owns various mineral exploration and gold properties in the Geraldton and Beardmore region, Ontario, Canada. The Company has around 74 claims; of which over 60 are owned and patented; around five leased; and over nine where the Company owns the mineral rights. The Company's Main Group comprises around 54 owned patents, and over four mineral rights. The Property is located in the Township of Greenstone, about four kilometers (km) southwest of Geraldton, Ontario, and is accessible year-round via the TransCanada Highway 11 - which crosses the Property laterally east to west, and vice versa.
Star Royalties Ltd. is a precious metals royalty and streaming investment company. The company’s objective is to provide wealth creation through accretive transaction structuring and asset life extension with superior alignment to both counterparties and shareholders. With a strategy to also invest in green opportunities, Star Royalties pioneered the first forest carbon credit royalty and is pursuing a pipeline of additional green investments.
The company’s objective is to be uniquely aligned with royalty and streaming counterparties as well as to provide investors with superior risk-adjusted returns and wealth creation through asset life extension. Star Royalties specializes in bespoke and operator-friendly financing solutions, including the repurchase and restructuring of existing royalties and streams. The company aims to structure mutually beneficial agreements that optimise the counterparties’ capital structure, while generating a return well above the company’s cost of capital for its shareholders. Star Royalties looks to become the trusted financing partner for mining companies throughout the various stages of mine development, and the commodity and capital markets cycles.
Management’s experience stems from more than 100 years of prior senior mining-specific roles held in portfolio management, equity research, corporate development, investment banking, mining operations, mineral exploration and corporate finance. Management have been recognized for best-in-class risk-adjusted mining investment returns and mining research, and have amassed an award-winning track record of successful capital allocation and risk assessment, leading to 13 Lipper awards and seven Brendan Wood International Top Gun awards, through a strict and disciplined investment philosophy.
Furthermore, the Star Royalties team has worked together in various capacities for more than 20 years. Management’s experience and time spent within the industry have allowed them to cultivate strong industry relationships over decades of engagement, resulting in a pipeline of opportunities and an extensive global asset knowledge base. Management believes the combination of these factors will provide the team with access to unique investment opportunities that will lead to future growth and shareholder returns.
Led by a team recognized for discovering, building, operating, and growing major gold deposits in West Africa, Montage Gold is a well-funded exploration and development company focused on unlocking the potential of its flagship asset, the Koné Gold Project. Discover the Montage story and the incredible team behind it.
Kodiak Copper Corp. (TSX.V:KDK, OTCQB: KDKCF) is focused on its portfolio of 100% owned copper porphyry projects in Canada and the USA.
The Company’s most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in southern British Columbia, Canada, where in 2020 the Company made a high-grade discovery at the Gate Zone, which is part of a zoned, copper-gold enriched envelope of significant size.
Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine. Both of Kodiak’s porphyry projects have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
The Company's Kahuna diamond project in Nunavut, Canada, hosts a high-grade, near surface inferred diamond resource and numerous kimberlite pipe targets. Kodiak is considering strategic options for the Kahuna project.
Kodiak’s founder and chairman is Chris Taylor who is well-known for his district-scale Dixie gold discovery in Red Lake, Ontario with Great Bear Resources. Kodiak is also part of Discovery Group led by John Robins, one of the most successful mining entrepreneurs in Canada.
Baselode Energy Corp is a fully-funded Uranium exploration company looking for the next world-class deposit in the Athabasca Basin area of northern Saskatchewan, Canada. The company is focused on discovering near-surface, basement-hosted, high-grade Uranium orebodies outside of the Athabasca Basin. Baselode plans to utilize a combination of innovative technology, well-understood geophysical methods, and thoughtful geological interpretations to map deep structural controls to identify shallow targets for diamond-drilling. By doing so, the company can make a discovery that could go into production at an expedited rate.
Global Atomic is a Canadian resource company advancing the large, high-grade Dasa uranium deposit in the Republic of Niger. In addition, Global Atomic benefits from the dividend stream generated by its share in the Befesa Silvermet zinc concentrate production facility in Turkey.
The Company is a publicly listed corporation headquartered in Toronto, Canada. Global Atomic trades under symbol ‘GLO’ on the TSX Main Board in Canada, under symbol GLATF on the OTX:QX in the USA; and under symbol G12 on the Frankfurt Exchange.
Base Resources is an Australian-based, African-focused, mineral sands producer and developer with a track record of project delivery and operational performance. They operate on the established Kwale Operation in Kenya which produces a suite of mineral sands products, namely ilmenite, rutile and zircon. They are also developing the Toliara Project in Madagascar. Base Resources is headquartered in Perth, Western Australia.
Condor Gold Plc is a UK based AIM and TSX-listed exploration company focused on developing and further proving a large commercial reserve on its 100% owned La India Project in Nicaragua ("La India"). In August 2018 Condor received an Environmental Permit for the development, construction and operation of a processing plant with a capacity of up to 2,800 tonnes per day and associated mine site infrastructure at La India.
Following the grant of the Environmental Permit the Company’s objective is to progress the redesigned mine site infrastructure for La India Open Pit to a bankable level of Feasibility Study. In addition, under the conditions of the Environmental Permit, the Company has to submit to MARENA final engineered designs for several key components of the mine prior to construction. Subject to financing, completion of a BFS and completion of the final engineering designs, construction is expected to commence within 18 months of the grant of the Environmental Permit. The construction period is expected to take 18 to 24 months.
From 2011 to 2017 Condor drilled 397 drill holes for circa 59,000 metres and over 18,000 metres of trenching. The data was combined with the historic exploration and mining data and included in the latest mineral resource estimate completed by independent geologists at SRK Consulting (UK) Ltd and announced in January 2019. The current mineral resource estimate on the La India project area is prepared in accordance with NI 43-101 and comprises an indicated mineral resource of 9.85Mt at 3.6 g/t gold for 1.140M oz gold and 5.9 g/t for 1.88M oz silver and an inferred mineral resource of 8.48Mt at 4.3 g/t for 1.179 M oz gold and 8.2g/t for 1.201M oz silver, all contained within a 9km radius within the La India Project area. A NI 43-101 compliant pre-feasibility study dated December 2014 on open pit mining on the principal La India Vein has defined a probable open pit mineral reserve of 6.9Mt at 3.0g/t gold for 675k oz gold and 5g/t silver for 1.185M oz silver. Mineral resources are inclusive of mineral reserves. The CIM-compliant Mineral Resource Statement was reported to NI 43-101 guidelines by independent geological consultants SRK (UK) Ltd and signed off by SRK's Ben Parsons, a Competent Person as defined by the CIM Code.
Condor's management team have extensive experience in mineral exploration, project development and project financing, ensuring that the Company has the best possible opportunity to achieve exploration success and take La India Project through to a bankable feasibility study.
The Company was successfully admitted to the London Stock Exchange, AIM Market, on 31st May 2006 and listed on the TSX on 15th January 2018.
African Gold Group Inc is a Canada-based company, which is engaged in the identification, acquisition and exploration of properties for mining of precious and base metals. The Company’s principal asset is a mining license located in Mali, West Africa, namely the Kobada Project. The Kobada Project is a gold exploration project with the potential to produce more than 50,000 ounces of gold per annum. The Company’s other project is the Madougou Gold Project in Burkina Faso. The Madougou Gold Project is a mid-stage exploration project, located in the north-western region of Burkina Faso. The Company’s subsidiaries are: 2516232 Ontario Inc, AGG Barbados Ltd, AGG Ghana Ltd, AGG Mali SARL and Arziki Mining Ltd.
Predictive Discovery Limited is engaged in mineral exploration with the objective of identifying and developing economic reserves in West Africa and Australia. The Company's segments include Corporate, Gold Aust, Gold Burkina Faso and Cote d'Ivoire. The Company focuses principally on exploration for gold in West Africa with a additional project for gold in Australia.
Tesoro Resources (ASX: TSO) is an Australian public company with exploration stage gold assets in Chile. The company is focused on acquiring developing high grade gold assets that have potential to be district scale mining projects.
Tesoro is managed by experienced mining professionals with strong geological and finance backgrounds as well as significant in-country expertise.
Tesoro was established with a strategy of acquiring, exploring and developing mining projects in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world class gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to the emerging El Zorro Gold Project inline with the company’s strategy.
Tesoro owns 85% of the El Zorro Gold Project.
Quebec banker joins panelists with Quebec based assets to answer the question as to why investors may be getting an unfair advantage compared to other investment opportunities in Canada.
Matt talks about the past few tumultuous months for uranium juniors on the ASX and gets their thoughts on what the future holds for uranium investors. Today he is joined by Keith Bowes, MD of Lotus Resources, Greg Hall, CEO & MD of Alligator Energy and Wayne Heili, CEO & MD of Peninsula Energy, 3 companies we have had the pleasure of talking to this year and whose stories we think are particularly interesting for different reasons.
Recent movement in the uranium market has emphasised the fact that there will be room for start-up projects in addition to re-start projects and enhancement of current projects in the sector. It takes time to get projects moving into production and it might be necessary to amend company strategies to accelerate projects towards production now that uranium spot price has increased. Buoyancy in the market creates opportunities and attracts investment attention and can also allow companies access to good availability of experienced high-level staff.
Utility buyers are starting to pay attention as the oversupply situation is drying up and we are on the cusp of a long term opportunity for uranium producers who ultimately need to sign long term contracts with utility companies.
Social media is an important tool for uranium producers and enables companies to get their story out to the market and also to exchange stories and technical information across the industry.
There are challenges ahead for uranium producers which includes the availability of skilled labour and in some jurisdictions this is proving more difficult than in others. Producers are recruiting skilled people back into the industry and ramping up projects towards drilling and onto production.
Most producers have seen an increase in their share price over recent months which has settled down in the last few weeks. There is a shortage of uranium supply in the short term which has caused buyers to start to consider long term contracts.
Investors new to the sector should be reminded that the uranium market is coming out of a 10 year ‘bear’ market and that uranium stocks today are still largely undervalued. It is a good time to look at investment in the uranium sector as there is still a long way to go with company valuations which are on the increase.
Matt talks about the past few tumultuous months for uranium juniors on the TSX and gets their thoughts on what the future holds for uranium investors. Today he is joined by Chris Frostad, President & CEO of Purepoint Uranium, David Cates, President & CEO of Denison Mines, James Sykes, CEO of Baselode Energy and Roger Lemaitre, President & CEO of UEX Corp, 4 companies we have had the pleasure of talking to this year and whose stories we think are particularly interesting for different reasons.
Recent movements in the uranium spot price has triggered activity in many projects in the Athabasca Basin which are starting to ramp up as they are re-started and advanced towards production in earnest. A lot of uranium producers have taken the opportunity to raise money at higher prices and a cheaper capital cost to the company.
The retail market has been waiting for this movement in the uranium market which is well on track to recovery as demonstrated by the increase in term price. The Sprott purchase has exposed the fact that uranium supplies are not as big as utilities had thought and that there are other buyers in the marketplace.
Investors need to be aware that there will be many new entrants to the uranium sector and they need to be able to determine whether these companies are committed in the long term. There are uranium companies that have been around for a long time and these are generally the companies to invest in as they have proven experience and strategy to succeed in the market.
It is an assumption that projects in the Athabasca Basin have an added advantage to uranium projects in other jurisdictions as these projects have a higher grade and it is easier for these companies to raise money due to the reputation and prominence of the area.
Investors believe Athabasca discoveries to have a high chance of being economic in general as opposed to projects in other jurisdictions which is why Athabasca projects are at a premium and stand out for retail investors. The Athabasca Basin will certainly have more discoveries to be made in the future, even if the quick and easy discoveries have been made, new ideas and technology will enable discovery of further Athabasca projects.
American Lithium Corporation (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) is well-positioned to play a key role in society’s shift to a secure, sustainable new energy paradigm in the Americas.
In the US, the company owns the TLC claystones lithium deposit, which is in close proximity to the Tesla giga-factory in Nevada.
Following the acquisition of Plateau Energy Metals, American Lithium is advancing the large-scale Falchani hard rock lithium deposit, as well as one of Latin America’s most prolific uranium deposits, known as Macusani – both of which are located in southeastern Peru.
With a near-term focus on these mining-friendly jurisdictions, the company has the advantage of both geographic and geological diversity in developing these world-class, scalable projects.
Of particular significance is the fact that the safe, secure supply of strategic battery/energy metals is of growing importance. Especially after the US government’s introduction of its “critical minerals” initiatives to secure domestic supplies, as well as additional supplies from other “friendly” nations, such as Peru.
Galane Gold Ltd. is an un-hedged gold producer and explorer with mining operations and exploration tenements in the Republic of Botswana, South Africa and the United States of America. We are committed to operating at world-class standards and are focused on the safety of our employees, respecting the environment, and contributing to the communities in which we operate.
Galane Gold Ltd. has one primary objective to reshape the Company into a long-life and low-cost operation that can produce positive returns for investors across commodity cycles. It represents a great investment opportunity with low cost production growth from the Galaxy mine, operating improvements at Mupane, recommencement of operations at the Summit mine, substantial exploration upside, excellent re-rating potential with exposure to gold price and an experienced management team.
Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. There is evidence of a significant mineralized alteration system within the property.
Arafura Resources Limited is an Australia-based company engaged in production of rare earth products. The Company produces rare earth products from the Nolans Project. The Nolans Project consists of a mine, process plant, including beneficiation, extraction and separation plants, and related infrastructure to be constructed and located at the Nolans site, approximately 135 kilometers north of Alice Springs in Australia's Northern Territory. The Company's rare earth products are Neodymium-Praseodymium (NdPr) oxide, and Mixed middle-heavy rare earths (SEG/HRE) oxide. NdPr oxide is the Company's lead product, which is used by magnet and magnet alloy customers. Rare earth products are also used in catalytic converters in automobiles, consumer electronics, energy efficiency lighting, optics, ceramics, airbag sensors, main drive motors in electric vehicles (EV) and others. The Company is also engaged in other projects, such as Aileron-Reynolds and Bonya JV.
Energy Fuels is the leading U.S. producer of uranium – the fuel for carbon- and emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the world work to provide plentiful and affordable energy, while combating climate change and air pollution.
Energy Fuels is also a major U.S. producer of vanadium and an emerging player in the commercial rare earth business where its work is helping to reestablish a fully integrated U.S. supply chain.
With a truly unique portfolio, Energy Fuels has more production capacity, licensed mines and processing facilities, and in-ground uranium resources than any other U.S. producer. It boasts diverse cashflow-generating opportunities, including vanadium production, uranium recycling and rare earth processing.
Capella Minerals Ltd is a Canadian gold and copper exploration and development company with highly prospective properties located in the favourable jurisdictions of Canada and Scandinavia.
Capella’s portfolio includes three high-grade gold projects in Canada (Domain, Manitoba and Savant Lake, NW Ontario) and Sweden (Southern Gold Line), and two high-grade copper projects located in the past-producing Løkken and Kjøli mining districts of central Norway. In addition, the Company currently retains a residual interest in the Sierra Blanca gold-silver project divestiture in Argentina.
Laramide Resources Ltd. is a Canadian-based company with large mineral resource projects strategically positioned to deliver uranium for clean nuclear power to meet the accelerating rise in world electricity needs.
Laramide is headquartered in Toronto and is dual listed on the Toronto Stock Exchange (TSX: LAM) and Australian Securities Exchange (ASX: LAM), and is on the OTC (LMRXF).
Laramide’s portfolio of advanced uranium projects have been chosen for their low-cost production potential. Major U.S. assets include the Churchrock and Crownpoint In Situ Recovery (ISR) projects and La Jara Mesa in Grants, New Mexico, as well as La Sal in the Lisbon Valley district of Utah. The recently acquired Churchrock and Crownpoint properties, with near-term development potential and significant mineral resources, form a leading ISR division operating in a tier one jurisdiction with enhanced overall project economics. The Company’s Australian advanced stage Westmoreland is one of the largest projects currently held by a junior mining company.
Capral is an Australian company listed on the ASX (Code: CAA).
It commenced operations in Australia in 1936 and is Australia’s largest manufacturer and distributor of aluminium profiles, with net assets of approximately $135 million.
Capral has a national footprint of world class aluminium extrusion plants, comprising of nine operating presses with an annual capacity of 74,000TN.
Capral has an extensive distribution network, consisting of major distribution facilities, as well as regional and metropolitan centres with an extensive range of products and logistics capabilities. Capral is a market leader in supply to fabricators and distributors, focusing on the Residential, Commercial and Industrial segments.
Capral has a comprehensive product range, innovative R&D capability, and well positioned to take advantage of changing building regulations in Australia.
Capral employs over 900 people within its operations throughout Australia, with significant industry skills and expertise.
Led by Ross Beaty as Chair, Equinox Gold is a well-financed, multi-asset mining company and one of the only gold producers of scale operating entirely in the Americas. The company has seven operating mines and is advancing four growth projects that will significantly increase production in the near term. Equinox Gold has the properties, the people and the plan to rapidly achieve its vision of producing more than one million ounces of gold annually.
Hyperion Metals' mission is to develop zero carbon, sustainable critical minerals in the U.S. for industries driving our modern world, from space exploration and electric vehicles through to glass, paints and pigments.
Rupert Resources is a Canadian gold exploration company seeking to find multi-million-ounce gold discoveries in Northern Finland. The company owns 451 km2 of highly prospective acreage along key structural trends in the Central Lapland Greenstone Belt. The company’s exploration acreage is close to a 100% owned and permitted mill. A 60,000-m exploratory drilling program is currently underway and numerous discoveries have already been made. The company program is fully funded through 2023.
The Ikkari deposit is a large greenstone-belt-hosted gold occurrence situated about 50 km southeast of Agnico Eagle’s Kittila Mine, which is the largest gold mine in Europe. Rupert Resources’ 2021 program at Ikkari has set out to drill over 60,000 m and many of the holes drilled so far have successfully penetrated high-grade ore. For example, two recent intercepts encountered gold-bearing zones of up to 8.9 g/t over 23 m and 4.4 g/t over 188 m.
The company has developed a highly systematic exploration approach that they have diligently applied at Ikkari. That approach, along with setting out clear goals and the development of a new technique has propelled the company’s success over the last year.
Currently, the market, and in particular the analyst community, is eagerly interested in Rupert Resources being able to advance Ikkari. So many exploration companies simply stay in the exploration phase and do not reach the prize of cash flow for shareholders.
Next summer, Rupert Resources plans on delivering a PEA and after that, they intend on quickly submitting a PFS study followed by an EIA submission. All of this is designed to bring Ikkari into production as expeditiously as possible.
Erdene Resource Development is a Canada-based resource company focused on the acquisition, exploration and development of base and precious metals in Mongolia. The Company holds approximately 4 exploration licenses covering approximately 10,730 hectares and a mining license covering over 6,040 hectares. These include Altan Nar, a gold-polymetallic project that the Company is advancing toward a production decision; Bayan Khundii, an earlier-stage gold discovery; Khuvyn Khar, an early-stage copper-silver porphyry project with multiple drill targets and copper intersections; Zuun Mod, a molybdenum-copper porphyry deposit, and Altan Arrow, an early-stage gold-silver project.
Dundee Precious Metals is a Canadian-based international mining company engaged in the acquisition, exploration, development, mining and processing of precious metal properties. Our current operations are in Namibia and Bulgaria, with exploration in Bulgaria and Serbia.
Deep-South Resources is a mineral exploration and development company. Deep-South is actively involved in the acquisition, exploration and development of major mineral properties in Africa. Deep-South growth strategy is to focus on the exploration and development of quality assets, in significant mineralized trends, close to infrastructure, in stable countries.
QC Copper is focused on acquiring and developing copper projects in the Chibougamau region that share synergies with its past-producing Opemiska Copper Mine Complex. Through acquisitions, QC Copper has been able to expand its Opemiska property to over 13,000 hectares in the heart of Quebec–with significant infrastructure, including direct rail and road access, already in place.
Fortune Bay Corp. is a gold-focused exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company has a goal of building a mid-tier gold exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. Fortune Bay's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.
A ‘NEW’ Goldfield in South Africa with resources from surface is awakening.
Theta Gold Mines Limited controls the Eastern Transvaal Gold Fields, where South Africa’s gold mining industry began almost 130 years ago. And we’re bringing open pit mining to this large and Historical shallow underground mining goldfield.
The Transvaal Gold System sits geological on the eastern side of Bushveld Complex the largest igneous intrusion on earth (Figure 1), where 40-50% of world’s gold production came out of the globally-known Witwatersrand Goldfield.
Amex Exploration (TSX-V: AMX, FRA: MX0, OTCQX: AMXEF) has made a significant gold discovery in Quebec at its 100% owned high grade Perron Gold Project. The Project is well serviced by existing infrastructure being located about an hour north of Rouyn-Noranda (~110 km), on a year round road, 10 minutes from an airport and just outside the town of Normetal (~8 km). In addition, the project is in close proximity to a number of major gold producers’ milling operations. Since January 2019, Amex has intersected significant gold mineralization in three different zones that stretch over 3.2 km of lateral strike along the Perron Fault Zone. In addition to the Perron gold project, Amex has multiple other highly prospective gold projects: the 100% owned Eastmain River gold properties consisting of 119 claims covering 6,261 hectares. In addition, Amex has the 100% owned Lebel-sur-Quévillon Gold project located in Lebel-sur-Quévillon comprising 73 claims covering 4,073 hectares.
Endeavour Silver Corp. is a mid-tier precious metals mining company listed on the NYSE:EXK and TSX:EDR. Endeavour operates two, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera Mine Project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
G2 Goldfields, formerly Sandy Lake Gold, is a Canada-based company engaged in exploration of its projects. The Company owns projects in Canada and Guyana. Its projects consist of The Sandy Lake Gold Project in Northern Ontario, Canada; The Aremu/Oko Gold Project in Guyana, and The Peters Mine Project. Sandy Lake Gold Project is approximately 230km north of Red Lake, Ontario; located within the traditional territories of the Oji-Cree First Nation Communities of Keewaywin and Sandy Lake. The Aremu/Oko Gold Project consist of gold deposits. The Peters Mine Project is located in Guyana.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. Troilus holds a strategic land position of 142,000 ha (1,420 km²) northeast of the Val-d’Or district, within the Frôtet-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open-pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
Chakana Copper Corp. is a Canadian based minerals exploration company and through its wholly-owned Peruvian subsidiary, Chakana Resources S.A.C., is currently advancing the Soledad project near Aija, in the Ancash region of the highly prolific Miocene mineral belt of Peru.
Signature Resources Ltd. is a Canada-based exploration-stage company. The Company's principal business activity is the identification and evaluation of mineral resource assets in Canada, with a focus on precious metals. It is engaged in the acquisition and exploration of mineral properties in Canada.
Cobalt Blue Holdings (ASX:COB) is a pure-play cobalt exploration and project development company focusing on advancing the Broken Hill Cobalt Project in New South Wales as well as downstream value-adding.
The company’s commercial aim is to make battery-ready cobalt sulphate from a new pilot facility on a scale sufficient to provide test samples for global commercial partners.
This pilot plant in Broken Hill will allow COB to produce varying specifications of cobalt products, which are in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
Karora Resources is a multi-asset mineral resource company focused primarily on the acquisition, exploration, evaluation and development of precious metal properties. It is Karora’s vision to become the next sustainable high quality mid-tier producer.
After the transformational acquisition of the Higginsville Gold Operations, Karora’s primary operations are the Beta Hunt Underground Mine and the Higginsville Gold Operations including the Higginsville Open Pit mines and 1.4Mtpa Higginsville mill.
Heliostar Metals is a junior exploration and development company with a portfolio of high-grade gold projects in Alaska and Mexico. The company's flagship asset is the 100% controlled Unga Gold Project on Unga and Popof Islands in Alaska. Its projects include Oso Negro, La Lola, Unga, and Cumaro properties.
Consolidated Uranium Inc. (TSXV: CUR) (OTCQB: CURUF) was created in early 2020 to capitalize on an anticipated uranium market resurgence using the proven model of diversified project consolidation. To date, the company has acquired or has the right to acquire uranium projects in Australia, Canada, Argentina and the United States each with significant past expenditures and attractive characteristics for development. Most recently, the Company entered a transformational strategic acquisition agreement and alliance with Energy Fuels Inc (NYSE American: UUUU) (TSX: EFR), a leading U.S.-based uranium mining company, to acquire a portfolio of permitted, past-producing conventional uranium and vanadium mines in the Utah and Colorado. These mines are currently on stand-by, ready for rapid restart as market conditions permit, positioning CUR as a near-term uranium producer.
NorthWest Copper is a newly combined company creating an exciting, diversified copper-gold pipeline in British Columbia, Canada. A merger that transforms two early stage companies into a premier Canadian copper-gold explorer and developer. Contiguous projects now joined as one to realize new opportunity.
The combination is brought together by a leadership team with an enviable track record in unlocking value through discovery, development and production – a proven approach that has rewarded investors, created meaningful employment and supported communities. As an Oxygen Capital company, they embrace this same disciplined business model that adheres to science, creative thinking, deep experience and community focus.
Based in Vancouver, BC, NorthIsle Copper and Gold currently owns one of the most promising copper gold porphyry deposits in Canada. Located on northern Vancouver Island, the North Island Project’s access to pre-existing infrastructure in a mining-friendly community makes it one of the most attractive copper development stories in Canada.
Northisle recently completed an updated PEA for its 100% owned North Island Project and is advancing towards a pre-feasibility study.
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle El Tigre vein extended 1,450 meters along strike and was mined on 14 levels to a depth of approximately 450 meters. The Seitz Kelley Vein was mined along strike for 1 kilometer to a depth of approximately 200 meters. The Sooy Vein was only mined along strike for 250 meters to a depth of approximately 150 meters. Mining abruptly stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton.
The El Tigre silver and gold deposit is related to a series of high-grade epithermal veins controlled by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex within a broad silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150 meters wide. The veins dip steeply to the west and are typically 0.5 meter wide but locally can be up to 5 meters in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometers along strike in our brownfield exploration area. Historical mining and exploration activities focused on a 1.5 kilometer portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometers. Silver Tiger has delivered its maiden 43-101 compliant resource estimate and is currently drilling to update its resource estimate and publish a PEA.
The Company's key asset is the Cuiú Cuiú project in which it has 100% interest; Indicated resources of 0.2Moz + Inferred resources of 0.8Moz. It is located approximately 20km NW of Eldorado Gold's Tocantinzinho project which has Measured and Indicated resources of 48.7Mt @ 1.35g/t gold (for 2.1Moz) and Inferred resources of 2.4Mt @ 0.9g/t gold (for 0.07Moz).
A gold-in-soil anomaly upside (+70ppb gold) of over 18km is largely untested, and four deposits with resources remain largely open. Drill intercepts in six other targets outside of the existing resources incl. 39m @ 5.1g/t and 27m @ 6.9g/t gold. Numerous additional areas of surface fold mineralization have recently been identified and preliminary results are pending.
Located in the Tapajos Region, where Eldorado Gold has constructed a new 70km road to their flagship project from BR-163 highway, (paved in the last 5 years by the federal government), Cuiú Cuiú is easily accessible through a spur road from there. Cabral's neighbour has recently been granted the construction license and tailings permits. In addition, new hydroelectric power plants are planned for the region, so more growth is expected in the Tapajos area.
This region was the site of the world's largest ever gold rush between the mid 1970's and mid 1990's, and is estimated to have producted 20-30M oz of placer gold alone.
Wiluna Mining Corporation is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world.
Kutcho Copper Corp. operates as a resource development company. The Company focuses on expanding and developing copper-zinc projects. Kutcho Copper explores, and develops copper, zinc, silver, gold, and other precious and base metal properties.
Electric Royalties Inc. (“Electric Royalties”) is royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Electric vehicle, battery production capacity and renewable energy generation is slated to increase significantly over the next several years and with it the demand for our target commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to feed the electric revolution.
Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy revolves around de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.
Irrespective of the project, Neometals adopts a consistent approach to making the complex simple by developing an ecosystem of expertise to deliver cashflow.
Neometals has three core projects at advanced stages of evaluation, plus a mineral exploration portfolio and a range of longer-term opportunities.
GSilver is a mining development company engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The Company is focused on the refurbishment and swift re-commencement of production from its El Cubo mine and mill and its nearby El Pinguico project, as well as the delineation of additional silver and gold resources through underground and surface drilling. Both projects are located within 11km of the city of Guanajuato, which has an established 480-year mining history.
John Borshoff knows too much for us to ignore. This session deals with the impact of Sprott Physical Uranium Trust (SPUT) and some of the things that SPUT may not have considered. Say what?
Peninsula Energy Limited is an ASX listed company that owns the Lance Uranium Projects in Wyoming, USA which are in transition from an alkaline to a low pH in-situ recovery operation, with the aim of achieving the operating performance and cost profile of the industry leading uranium projects.
New Pacific Metals is a Canadian company focused on the exploration and development of precious metals properties. Our flagship project is the newly discovered Silver Sand Project, located in Bolivia. Silver Sand is Bolivia’s largest silver discovery in the last 30 years. It is also one of the more significant silver discoveries globally in the last decade. Advanced studies at Silver Sand, including a Preliminary Economic Assessment, are in progress in addition to a resource expansion drill program. New Pacific is also conducting regional exploration at its Carangas and Silverstrike projects, with initial discovery drill programs planned for 2021.
Led by a team of mine builders and operators with a proven track record of resource discovery and development, New Pacific is well-financed to deliver on its value-creation strategy. We are focused on progressing the development of our precious metals properties in Bolivia, while also growing our Mineral Resources through the exploration and acquisition of properties in the Americas.
Marimaca is an exciting TSX-listed copper company. The Company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region. It is the only copper discovery globally of the last five years and is a low risk project, with substantial exploration potential.
Braveheart is advancing exploration and development of its two primary copper projects in BC and Ontario. Braveheart's main asset is the 100% owned Bull River Mine project near Cranbrook, British Columbia which has a current Mineral Resource containing copper, gold and silver. Braveheart’s newest acquisition is the 100% owned Thierry Mine project near Pickle Lake, Ontario containing copper, nickel, palladium, platinum, gold and silver.
Braveheart Resources Inc. is a Canadian based junior exploration company focused on building shareholder value through exploration and development in the favourable and proven mining jurisdictions of the East and West Kootenays of British Columbia.
Braveheart's shares are listed for trading on the TSX Venture Exchange under the symbol BHT, on the OTCQB Venture Market in the United States under the symbol RIINF and in Germany under the symbol 2ZR:FRA.
Deep Yellow is a mineral exploration company. The company explores uranium mineral properties and has pre-development activities in Namibia and States and Territories of Australia. Its projects include Reptile Uranium Project, Nova Energy Joint Venture, Tumas deposits, Tubas Sand, and Yellow Dune Joint Venture.Deep Yellow Ltd is engaged in uranium mineral exploration and has pre-development activities in Namibia and States and Territories of Australia. Its projects include INCA, Palaeochannel Drilling and Bee Involvement, the Tubas Sand and ISA West Project.
Renforth Resources, RFR on the CSE, holds an open pit gold deposit in Parbec and a district scale battery metals discovery in Surimeau, both located near Malartic, Quebec, along with several other mineralized properties.
Empress is a new royalty and streaming creation company focused on providing investors with a diversified portfolio of gold and silver investments. Empress has a current portfolio of 17 investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial, Terra Capital, and Accendo which allow Empress to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
Centaurus Metals (ASX: CTM) is an Australian-based minerals exploration company focused on the near-term development of the Jaguar Nickel Sulphide Project, located in the world-class Carajás Mineral Province in Northern Brazil – one of the world’s premier mining addresses.
Centaurus completed its acquisition of the Jaguar Project from global mining giant, Vale SA, in April 2020, delivering the Company with an exceptional exploration, growth and development opportunity in the international nickel sulphide sector.
Following completion of the acquisition, Centaurus immediately commenced a major drilling program, and has since defined a global Mineral Resource Estimate (MRE) totalling 58.9Mt grading 0.96% Ni for 562,600t of contained nickel.
DRDGOLD Limited is a South African gold producer and a world leader in the recovery of the metal from the retreatment of surface tailings. DRDGOLD has a network of assets that is unrivalled in South Africa and, with its consolidated businesses operating as a single entity, is focused on optimising these assets in order to increase gold production.
Minera Alamos is a gold development company who has joined the ranks of gold producers in 2021. The Company has a portfolio of high-quality Mexican assets, including the 100%-owned Santana open-pit, heap-leach development project in Sonora that is currently under construction, and which is expected to have its first gold production in the first half of 2021. The newly acquired 100%-owned Cerro de Oro oxide gold project in northern Zacatecas that has considerable past drilling and the potential to be a very large scale operation. with metallurgical work completed. It expects permitting in Q3/22 and bThe La Fortuna open pit gold project in Durango (100%-owned) has a robust and positive preliminary economic assessment (PEA) completed and the main Federal permits in hand. Minera Alamos is built around its operating team that together brought 3 mines into production in Mexico over the last 13 years.
Water Ways Technologies is an Israeli agro-tech company that specializes in providing water irrigation solutions to agricultural producers.
With the growth of precise irrigation technologies in the global market, Water Ways Technologies has started to investigate the development of its own solution. The main objective of the research & development efforts is to bring to market a technological solution what will enable agricultural operators to make more intelligent, data-driven decisions, as well as automating time-consuming and labor-intensive processes.
Asiamet Resources Limited is listed on the AIM market of the London Stock Exchange. The Company is an emerging copper producer focused on the development of a portfolio of large copper, copper-gold and polymetallic deposits in Indonesia, adjacent to the key growth markets in Asia.
Bonterra is a Canadian gold exploration company with a large balanced portfolio of exploration and mining assets including the Gladiator, Barry and Moroy deposits, Urban-Barry Mill and multiple highly prospective exploration prospects. Bonterra controls the only permitted gold mill in the region with a large land position of over 38,000 hectares in the Urban Barry Camp. Bonterra is located in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt.
Calidus Resources (ASX:CAI) is an ASX listed gold exploration & development company which controls the 1.5 million ounce Warrawoona Gold Project located in the East Pilbara district of the Pilbara Goldfield in Western Australia. The recent consolidation of this goldfield will transform the Company into a new Australian gold development company with significant potential to unlock further resources and new discoveries within the emerging gold belt of the Pilbara Goldfields district, which is a historically proven gold mining region.
K92 Mining owns the Kainantu Gold Mine located in the Eastern Highlands province of Papua New Guinea. The Kainantu Gold Mine is a high-grade, low cost underground mine within a ~860 km2 land package in a region known for Tier 1 deposits. K92 has doubled throughput to 400,000 tonnes/year, which would increase annual production to +120 koz/year. Stage 3 Expansion PEA outlines Tier 1 production, with a run-rate production of +315koz AuEq pa starting in late-2023, average AISC of US$486/oz AuEq and After-Tax NPV5% of US$1.5b at US$1,500/oz Au. Drilling to support potential further expansions is also underway with 11 rigs currently operational with plans to add rigs in 2021.
Meridian Mining is focused on becoming the next mid-tier Copper-Gold developer with a focus on Brazil. The Company’s priority is on the Cabaçal project, an advanced VMS district scale Cu-Au project located in the state of Mato Grosso. Discovered in 1983 by BP Minerals, the main zone of massive to stockwork, stringer and disseminated Copper-Gold sulphide mineralisation at Cabaçal was never mined. Cabaçal’s Cu-Au mineralisation remains open beyond ~175 meters below surface and extends 1,800 meters along strike. Meridian’s Board and Management team has a track record of development, financing and operating natural resource projects in Brazil and internationally.
Cerrado Gold is a gold mining and development company building projects in South America.
The Company owns Minera Don Nicolas, located in Santa Cruz, Argentina, a newly producing high-grade gold mine with significant optimization, expansion, and exploration potential. In Brazil, the Company is focused on expanding the resource base at its prolific, high-grade Monte do Carmo gold project in Tocantins State.
Cerrado's executive team has a long history of success developing numerous mining projects from early stage exploration, through development and production in South America.
ValOre Metals Corp is a Canada-based company that is focused on the exploration and advancement of metals and mining projects. The Company's assets include Pedra Branca, Angilak, Baffin Gold, Genesis and Hatchet Lake.
Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “TML” and on the OTCQX® Best Market under the symbol TSRMF. Treasury Metals Inc.’s 100% owned Goliath Gold Complex in northwestern Ontario has received federal government permission to proceed on final authorizations and permits, following successful completion of the environmental assessment process. Goliath Gold Complex is slated to become one of Canada’s next producing gold mines.
In addition, Treasury Metals Inc. holds a 100% interest in certain mineral claims that constitute the Lara Project, located approximately 25 kilometres west of the Village of Chemainus, Vancouver Island, British Columbia. The project hosts the Lara copper-lead-zinc-gold-silver deposit.
Snowline Gold’s vision is to build a leading exploration company that delivers value and prosperity to shareholders, employees, Indigenous partners, and to the communities in which we operate. We are committed to working with Indigenous peoples to responsibly develop the Yukon’s natural resources.
The source of Schwazze's business offering is a plant. Throughout time it has been used and viewed very differently by many people. In parts of the world it has been used as a food source. Used within religious ceremonies. And countless others.
Today, this plant represents the full vision of Schwazze. As a verb, Schwazze is the necessary pruning of a living organism to create more growth. For them, it is a call to action. A fantastic imagery of how they are taking the source of the product, and via innovation and unparalleled thinking, are not just leading the industry, but transcending it.
First Cobalt Corp is a Canada-based cobalt company. The Company's strategy is to explore, develop and refine cobalt material in North America for sale back into the American electric vehicle (EV) market. Its flagship asset is the Iron Creek Cobalt Project in Lemhi County, Idaho, the United States.
Purepoint Uranium Group Inc. is a Canada-based resource company. The Company is engaged in the acquisition, exploration and development of properties for the purpose of producing uranium. The Company operates through mineral exploration segment.
Hot Chili is an ASX-listed copper developer focused on developing the Costa Fuego copper hub on the coastal range of Chile. Hot Chili is actively exploring and developing the Cortadera copper-gold porphyry discovery, which has a maiden resource of 451Mt of copper grading 0.46% CuEq. The total Mineral Resource inventory for Costa Fuego (Cortadera, Productora & El Fuego) is 724Mt at 0.48% CuEq for contained metal of 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum.
Adventus Mining Corporation is a copper-gold exploration and development company. The Company is advancing three distinct copper-gold projects in Ecuador and a partnership with South32 on its exploration portfolio in Ireland, focused primarily in Ecuador. Adventus is based in Toronto, Canada.
Sailfish is a precious metals royalty and streaming company. Within Sailfish’s portfolio are two main assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; and an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada.
Ionic Rare Earths is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant long life, low-cost, supplier of high-value critical and heavy rare earths.
Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure.
The ionic adsorption clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost heavy and critical rare earths, specifically the high value magnet metals Heavy Rare Earths. Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a simple process route.
Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.
Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles.
IonicRE is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.
Vital Metals (ASX: VML) is Canada’s first – and North America’s second – rare earths producer, with production underway at Nechalacho in June 2021. We aim to produce a minimum 5,000 tonnes of contained REO at Nechalacho by 2025.
Mining at Nechalacho’s North T Zone is underway as part of our Stage 1 production strategy. We are now crushing and sorting ore before it is sent to a Saskatoon cracking and leaching facility later in 2021.
Vital has commenced drilling to define a mine plan for Stage 2 at Nechalacho as it works to develop a larger scale, longer life rare earths project.
Vital aims to become the lowest cost producer of mixed rare earth oxide outside of China by developing one of the highest grade rare earth deposits in the world and the only rare earth project capable of beneficiation solely by ore sorting.
Vital’s other projects include the high-grade Wigu Hill rare earth resource in Tanzania.
UEX Corporation has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company has four flagship projects.
Their mission is two-fold:
Their first objective is to double their uranium resources inventory in advance of the inevitable upswing in uranium prices that will be needed to sustain the primary uranium produced resulting from the current rapid global growth in nuclear power.
Second, UEX is advancing the West Bear Cobalt-Nickel Prospect with the goal of enhancing shareholder value through our 100% owned subsidiary, CoEX Metals Corporation.
UEX will achieve our mission through making new discoveries, by making timely acquisitions, and by using innovative techniques and methods.
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture ("MLJV"), which includes several uranium deposits and the McClean Lake uranium mill, contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest Main and Midwest A deposits, and a 66.90% interest in the Tthe Heldeth Túé ("THT," formerly J Zone) and Huskie deposits on the Waterbury Lake property. Each of Midwest Main, Midwest A, THT and Huskie are located within 20 kilometres of the McClean Lake mill.
Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited (“JCU”), Denison also holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU 30.099%), the Kiggavik project (JCU 33.8123%) and Christie Lake (JCU 34.4508%).
Denison is engaged in mine decommissioning and environmental services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison's Elliot Lake reclamation projects and provides post-closure mine care and maintenance services to a variety of industry and government clients.
Condor Gold Plc is a UK based AIM and TSX-listed exploration company focused on developing and further proving a large commercial reserve on its 100% owned La India Project in Nicaragua ("La India"). In August 2018 Condor received an Environmental Permit for the development, construction and operation of a processing plant with a capacity of up to 2,800 tonnes per day and associated mine site infrastructure at La India.
Following the grant of the Environmental Permit the Company’s objective is to progress the redesigned mine site infrastructure for La India Open Pit to a bankable level of Feasibility Study. In addition, under the conditions of the Environmental Permit, the Company has to submit to MARENA final engineered designs for several key components of the mine prior to construction. Subject to financing, completion of a BFS and completion of the final engineering designs, construction is expected to commence within 18 months of the grant of the Environmental Permit. The construction period is expected to take 18 to 24 months.
From 2011 to 2017 Condor drilled 397 drill holes for circa 59,000 metres and over 18,000 metres of trenching. The data was combined with the historic exploration and mining data and included in the latest mineral resource estimate completed by independent geologists at SRK Consulting (UK) Ltd and announced in January 2019. The current mineral resource estimate on the La India project area is prepared in accordance with NI 43-101 and comprises an indicated mineral resource of 9.85Mt at 3.6 g/t gold for 1.140M oz gold and 5.9 g/t for 1.88M oz silver and an inferred mineral resource of 8.48Mt at 4.3 g/t for 1.179 M oz gold and 8.2g/t for 1.201M oz silver, all contained within a 9km radius within the La India Project area. A NI 43-101 compliant pre-feasibility study dated December 2014 on open pit mining on the principal La India Vein has defined a probable open pit mineral reserve of 6.9Mt at 3.0g/t gold for 675k oz gold and 5g/t silver for 1.185M oz silver. Mineral resources are inclusive of mineral reserves. The CIM-compliant Mineral Resource Statement was reported to NI 43-101 guidelines by independent geological consultants SRK (UK) Ltd and signed off by SRK's Ben Parsons, a Competent Person as defined by the CIM Code.
Adriatic Metals is an ASX and LSE-listed precious and base metals explorer and developer that owns the world-class Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. Both Bosnia & Herzegovina and Serbia are well-positioned in central Europe and boast a strong mining history, pro-mining environment, highly-skilled workforce as well as extensive existing infrastructure and logistics.
GoGold Resources Inc is a Canadian-based mining company. It engages in the business of exploration, development, and production of gold and silver. These processes are primarily carried in Mexico by the company. The mining project owned by the company include Parral mine project which is in commercial production. The company generates revenues from the sale of gold, silver, and the other by-products and uses the cashflow to fund exploration at its Los Ricos project.
Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy revolves around de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.
Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market. The Company possesses industry leading nickel expertise and is focused on low risk well-established mining jurisdictions.
Impact Minerals is an Australian Exploration Company listed on the Australian Stock Exchange (ASX-IPT). The company is a project generator and developer and explores a portfolio of tenement holdings within major mining regions of Australia.
Global Atomic is a Canadian resource company advancing the large, high-grade Dasa uranium deposit in the Republic of Niger. In addition, Global Atomic benefits from the dividend stream generated by its share in the Befesa Silvermet zinc concentrate production facility in Turkey.
The Company is a publicly listed corporation headquartered in Toronto, Canada. Global Atomic trades under symbol ‘GLO’ on the TSX Main Board in Canada, under symbol GLATF on the OTX:QX in the USA; and under symbol G12 on the Frankfurt Exchange.
Golden Minerals Company (TSX and NYSE American: AUMN) is a Colorado-based precious metals junior gold-silver producer with a pipeline of exploration projects that offers investors leverage to silver and gold prices.
They seek to establish Golden Minerals Company as a premier mid-tier precious metals mining company, with efforts focused on properties in Mexico, Argentina and Nevada (USA). We own or control a portfolio of precious metals projects -- including the Velardeña Properties and Rodeo gold open pit mine in Durango State, Mexico; El Quevar, an advanced exploration silver project with district potential located in the Salta province of Argentina; the Yoquivo gold-silver district-scale project in Chihuahua, Mexico; the Sand Canyon gold-silver project in northwestern Nevada; and additional projects located within the traditional silver-producing areas of Mexico.
Atalaya Mining is a fast-growing AIM and TSX-listed mining and development company which produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain, and is currently undertaking further expansion. In addition, the Company has a phased, earn-in agreement to acquire up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain which is at the permitting stage.
Wallbridge Mining Company Limited (Wallbridge) is an advanced exploration-development company driven by a strategic targeted approach.
The Company is focused on advancing the development of its flagship high-grade Fenelon Gold Project in northern Québec. Since acquiring the project in 2016, Wallbridge has demonstrated the project’s potential to host a multi-million-ounce gold deposit. Following success at the drill bit, the Company’s first mineral resource estimate is expected by Q3.
Wallbridge has expanded its Fenelon Gold project with the strategic acquisition of Balmoral Resources Ltd. and now controls a district-scale land position along the Detour-Fenelon Gold Trend, a major structure that hosts the Detour Lake gold mine to the west in Ontario. Wallbridge has a strong pipeline of exploration projects to drive long-term organic growth to meet its objective of becoming a gold producer.
In addition, Wallbridge, mainly through a number of over-arching joint ventures, has an interest in a large portfolio of nickel-copper-PGM projects in Ontario's Sudbury Basin.
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Yamana Gold is a Canadian-based precious metals producer with a high quality, diversified portfolio, including significant gold and silver production; long-life production assets – including development stage properties and exploration properties – located throughout mining-friendly jurisdictions across the Americas, in Canada, Brazil, Chile and Argentina. Yamana plans to build on this base through sustainable expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
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EMX Royalty Corp. generates royalties utilising the ropects generation business model and recently the company has become a good acquirer of royalties too.
EMX's generative exploration properties are optioned to quality partners for advancement, with EMX retaining a royalty interest and receiving pre-production cash payments. EMX supplements royalty generation with the prudent acquisition of royalty interests in production and advanced development assets.
Cash flow from royalties, advance royalties, and other mineral property payments provides ongoing revenue for EMX's sustainable growth and value creation. EMX invests in upside mineral exploration opportunities, with exit strategies that favor royalty positions or equity sales.
EMX has recently announced its agreement to acquire the royalty portfolio from SSR Mining. The Royalty Portfolio consists of 18 geographically diverse royalties, with four royalty assets at advanced stages of project development, and also includes U.S. $18 million in future cash payments to be made to the owner of the Royalty Portfolio. Upon closing of the transaction EMX will pay to SSR Mining U.S. $33 million in cash and U.S. $33 million in common shares of EMX. EMX will also make deferred and contingent payments to SSR Mining of up to U.S. $34 million if certain project advancement milestones are achieved.
This Royalty Portfolio acquisition is well aligned with EMX’s corporate growth strategy, whereby the Company leverages its in-region expertise in identifying opportunities in jurisdictions where EMX already has a strategic presence.
Danakali is a resource company focused on Colluli SOP Project in Eritrea, East Africa. Our strategy targets development of a world class potash project that will become pivotal for Global and African agriculture. Colluli is expected to provide an outstanding economic, social and community dividend through positive impact on infrastructure, job creation and sustainability in Eritrea.
Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world’s 4 operating primary vanadium processing facilities. Our target is to organically grow production to more than 8,400 mtVp.a. in the medium term.
Bushveld Minerals owns a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors. Bushveld Minerals participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium; and Bushveld Energy, a leading energy storage solutions provider. Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries.
Chesapeake Gold Corp. is a development-stage company. The Company is a mining company focused on the exploration, development and recovery of precious metals. Its operations are the development of its Metates gold-silver project (Metates) and generating a pipeline of exploration projects in north western Mexico.
Vango Mining is exploration focused on drilling near-term development and production targets to build the resource base, in parallel with targeting significant high-grade discoveries at depth. Location of Marymia Gold Project in the Yilgarn block of Western Australia.
Tesoro Resources (ASX: TSO) is an Australian public company with exploration stage gold assets in Chile. The company is focused on acquiring developing high grade gold assets that have potential to be district scale mining projects.
Tesoro is managed by experienced mining professionals with strong geological and finance backgrounds as well as significant in-country expertise.
Tesoro was established with a strategy of acquiring, exploring and developing mining projects in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world class gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to the emerging El Zorro Gold Project inline with the company’s strategy.
Tesoro owns 85% of the El Zorro Gold Project.
Bannerman Energy Limited, formerly Bannerman Resources Limited, is an Australia-based uranium development company. The Company is focused on Etango Uranium Project located in the Erongo Region of Namibia, 30 kilometers (Km) south-east of Swakopmund. The Company holds uranium interests in Namibia. It possesses a uranium mineral resource endowment of approximately 227 Mlbs of contained U3O8. Etango is an undeveloped uranium deposit. The Company is focused on the development of an open pit uranium operation at Etango. The Etango tenements possess a uranium mineral resource. It has completed definitive feasibility study (DFS) and environmental permitting on the Etango Project. The Company constructed and operated a Heap Leach Demonstration Plant at Etango, which de-risked the acid heap leach process to be utilized on the Etango ore. Etango has de-risked through drilling, technical evaluation and operation of a process demonstration plant facility.
E2Gold Inc. is a publicly traded Canadian junior exploration company committed to unlocking gold potential and growth through exceptional management and technical expertise. Founded in 2020 by father-daughter duo Dr. Eric Owens and Ellie Owens, E2Gold completed an oversubscribed Initial Public Offering in 2020 after a successful initial exploration campaign. Dr. Owens is a seasoned professional with over thirty years’ experience in mineral resource exploration. Ms. Owens (B.Sc., M.Sc. geology) is a geologist-turned-lawyer with over 7 years’ experience in the industry.
The company is committed to delivering shareholder value through growth of gold resources on its Northern Ontario properties. Focusing on their flagship Hawkins Project, E2Gold has re-invested shareholder funds back into the ground by completing geophysical surveys, trenching, and commencing local and regional mapping campaigns. The company’s May 2020 seed financing raised over $500K for exploration activities and “$3.4M through its December 2020 initial public offering.
Critical Elements Lithium Corporation is a mining exploration company owning several mining properties in Quebec. The Company is focused on lithium. It has achieved its objective with the Rose Lithium-Tantalum project, which is currently at the advanced exploration stage.
Medallion Resources is an REE technology company, focussed on the development of a safe, scaleable and transferable process to extract REEs from mineral sand monazite via the Medallion Monazite Process.
Thor Explorations Ltd is a Canadian gold exploration and development company engaged in the acquisition, exploration and development of mineral properties in West Africa.
Thor has assembled a portfolio of exploration assets in West Africa which are being advanced through exploration and development.
Thor’s most advanced project is its 100% owned Segilola Gold Project, located in Osun State Nigeria. The Segilola Gold Project is considered Nigeria’s most advanced gold project with a total probable reserve of 517,800 ounces of gold grading at 4.02g/t as of March 2021. The project is scheduled to pour its first gold in June 2021.
Falcon Gold Corp is a mineral exploration company focused on exploration, expanding and developing its robust portfolio of highly prospective precious metal projects in prolific mining jurisdictions of the Americas. The company operates a robust project portfolio in prolific mining districts.
Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy revolves around de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.
Vox is a growth precious metals royalty and streaming company with a portfolio of 50 royalties and streams spanning nine jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
Core Lithium Ltd is well positioned to be Australia’s next lithium producer, developing one of Australia’s most capital-efficient and lowest-cost spodumene lithium projects; the Finniss Lithium Project, located near Darwin Port in the Northern Territory, Australia.
In 2021, Core released a Definitive Feasibility Study and Scoping Study on Finniss, the highlights of which included production of an average 173,000tpa of high-quality lithium concentrate at a C1 Opex of US$364/t and A$89m Capex through simple and efficient DMS (gravity) processing of some of Australia’s highest-grade lithium Mineral Resources, along with an initial 10 year mine life.
QuestEx Gold & Copper Ltd., formerly Colorado Resources Ltd., is a Canada-based mineral exploration company. The Company is engaged in exploring gold and copper with a focus on the Golden Triangle and Toodoggone areas of British Columbia. The property portfolio includes the Castle property, a porphyry copper-gold project located in the Red Chris mining district of the Golden Triangle neighbouring GT Gold's Tatogga property, and Newcrest Mining's GJ property. Other properties include KSP, North ROK, Coyote, and Kingpin in the Golden Triangle, Sofia in the Toodoggone district, and Heart Peaks and Hit in other strategic districts within British Columbia.
Western Atlas Resources is a Canadian publicly listed company (TSX-V:WA), focused on the acquisition and development of scalable precious metals projects in pro-mining jurisdictions.
Western Atlas is backed and managed by professionals with over 30 years of experience and a successful track-record in both the natural resources and the capital market industries.
The Company is currently exploring its 100% owned Meadowbank project. The Meadowbank project is strategically positioned along trend and immediately adjacent to Agnico Eagle’s Meadowbank and Amaruq producing gold mines in Nunavut, Canada. Western Atlas’ Meadowbank Project is fully permitted for exploration, inclusive of drilling.
Treasury Metals Inc.’s 100% owned Goliath Gold Complex is defined as the Goliath Gold Project, Goldlund Mine Project and Miller Mine Project in northwestern Ontario. Treasury’s trio of projects are slated to become some of Canada’s next producing gold mines. With first-rate infrastructure currently in place and gold mineralization extending to surface, Treasury Metals has announced results from a Preliminary Economic Assessment for the Goliath Gold Complex, which includes each of the three different projects (Goliath, Goldlund and Miller) and highlights the growth potential along a prospective 65 km trend in a 330-km2 land package.
Graphex Group Ltd, formerly Earthasia International Holdings Ltd, is an investment holding company principally engaged in the provision of landscape architectural services. The Company operates its business through three segments. The Landscape Design Services segment undertakes landscape architecture projects including residential development projects, infrastructure and public open space projects, commercial and mixed-use development projects, as well as tourism and hotel projects. The Graphene Business segment is engaged in the development, production and sale of graphene products. The Catering segment is engaged in management and operation restaurants serving Thai cuisine in the People’s Republic of China (the PRC) and Italy under the brand ‘Thai Gallery'.
K92 Mining owns and operates the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea. The Kainantu Gold Mine is a high-grade, low-cost underground mine in a region known for Tier 1 deposits.
Roscan Gold Corporation is a Canadian public company listed on the TSX Venture Exchange, which is focused on expanding our resource footprint in West Africa. The Kandiole Project consists of our exploration properties located in West Mali. The Company has assembled a significant land position in the prolific gold prospective Birimian rocks of west Mali and continues its efforts to acquire further permits in this region with the goal to expand its existing land package in West Africa.
Callinex Mines is a Canadian based exploration company focused on discovery and development of base and precious metals rich VMS deposits in close proximity to infrastructure in Canadian mining jurisdictions.
Callinex Mines is advancing its portfolio of copper, zinc, gold and silver rich deposits located in the Flin Flon, Bathurst and Buchans mining districts, where nearby operations are actively mining for copper, zinc, gold and silver.
The portfolio is highlighted by its Pine Bay Project in the Flin Flon Mining District, which hosts the high-grade copper, gold, silver and zinc Rainbow Deposit that is being rapidly expanded. The Rainbow Deposit is located within a mineral lease, less than 250m from a high-voltage hydroelectric power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, Manitoba.
Additionally, the Company is advancing two near surface silver discoveries in close proximity to its Nash Creek deposit in the Bathurst Mining District of New Brunswick.
Recent drilling has produced some exceptional high grade Copper results and since the company raised capital and we last spoke to them in March, they have been consistently drilling with 2 drill rigs to delineate their deposits. They have announced results on 12,000m of the planned 30,000m drill programme which is where the raised capital will be deployed to further delineate the package to show the scale.
Callinex plans to keep drilling through 2021 and looking forward they will expand targeting at Rainbow and they are excited to see results come back for the silver drilling at New Brunswick.
Rio2 has the largest undeveloped Gold oxide heap leach project in the Americas located in Chile. Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible time frame based on a staged development strategy.
The Fenix Gold project was discovered in 2010 by Atacama Pacific which was acquired by Rio2 in 2018 and the project is destined to be in production as a gold mine in the next 18 months.
In addition to the Fenix Gold Project in development in Chile, Rio2 continues to pursue strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
Rio2 is now newly financed to prepare the construction phase at the Fenix Gold project. The company recently announced that it has arranged mine construction financing totaling approximately US$125 to US$135 million to finance the construction of the mine at the Fenix Gold Project.
Securing the mine financing package is a significant milestone event for Rio2 and a testament to their management team and the strong, long-life, project fundamentals of the Fenix Gold Project.
The mine financing package will allow Rio2 to commence pre-construction activities at the Fenix Gold Project prior to receiving Environmental Impact Assessment (“EIA”) approval and permits for its planned 20,000 tonnes per day, run of mine, dump leach operations. Since the outset, the primary focus of Rio2 has been to accelerate the Fenix Gold Project to production and the mine financing package will allow the company to maintain its current schedule for first gold production in Q4, 2022.
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Salazar Resources is a Vancouver exchange quoted exploration and development company based in Ecuador with a market cap of around C$50M. Salazar has a 25% interest in an advanced stage VMS deposit in its feasibility stage about to go into permitting stage. In addition, Salazar has a 100% owned portfolio of exciting exploration assets within which they hope to find the next major Copper-Gold project in Ecuador.
There have recently been elections in Ecuador which caused tension in the run-up but the final outcome has resulted in a pro-mining environment for Salazar Resources.
Salazar is in partnership with Adventus mining and has published some great in-fill results over the course of the year. They are confident that they will get the permit required to build an open-pit mine in Ecuador which is a major milestone for the company. The government is keen to encourage foreign investment and is pro-mining which are key signals that permitting will happen in due course.
Salazar Resources has an experienced team with a proven track record and an unrivalled understanding of the geology in-country, having played an integral role in the discovery of most of the major projects in Ecuador, including the two newest operating gold and copper mines.
Salazar Resources is in a strong position with a steady income and a significant carried work program with further upside potential from the wholly-owned portfolio and the Company’s proven ability to find new projects and advance discoveries in Ecuador.
2021 is all about finding one major project for the company and Ecuador is the place to find the next big Copper-Gold project. The government is now behind these discoveries which have fantastic geology and the market is demanding these discoveries are developed going forward.
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years’ experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico and has been owned by the company since 2013. Principled environmental, social and governance practices are core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. Silver Tiger has delivered its maiden 43-101 compliant resource estimate and is currently drilling to update its resource estimate and publish a PEA.
Silver Tiger Metals has raised $23M since we last spoke in February and they have been drilling non-stop ever since, producing some great high grade silver results. The company is aiming to complete at least 75,000m of drilling between now and Christmas with 4 drills turning at the moment and a 5th drill on it’s way.
Silver Tiger Metals is planning a resource update in the New Year and a PEA next year aiming to start production as soon as possible. There have been new discoveries made this year and there will be a lot of assay results coming out shortly.
Silver X combines existing production at the Nueva Recuperada silver district and exceptional growth at both Nueva Recuperada and Coriorcco gold project in the prolific mining jurisdiction of Peru. The Company offers diverse commodity exposure, including silver, gold, lead and zinc opportunities for further growth through regional consolidation.
Banyan Gold is focused on advancing two Yukon gold properties, the Hyland Gold Project and the Aurex-McQuesten Gold Project.
The 100% owned Hyland Gold Project is located in the Watson Lake Mining District in southeast Yukon, approximately 74 kilometres northeast from the town of Watson Lake within the traditional territory of the Liard First Nation, part of the Kaska Nations. The Project consists of 927 active Yukon registered quartz mineral claims totalling over 18,620 hectares in an area that is currently accessible by vehicles on a winter road from Watson Lake.
The AurMac Gold Project (formerly the Aurex-McQuesten Gold Project) is located in the Mayo Mining district, approximately 56 kilometres northeast from the village of Mayo and 356 kilometres north of Whitehorse, within the traditional territory of the First Nation of Na-Cho Nyak Dun (NND). The Aurex claim block was acquired from Victoria Gold Corp. and the McQuesten claim block Project was acquired from Alexco Resource Corp with Banyan having the right to earn up to a 100% interest subject to royalties.
Banyan is rapidly advancing their AurMac project and they have 2 drills turning currently. They have gone from an initial resource announced last June of 900,000oz and have drilled almost 30,000m since then and continue to drill and expand the project further.
Banyan Gold has recently announced a $16M non-broker private placement agreement to get them through a significant resource update and then a PEA. This money will get them through the considerable exploration programme planned for 2022 and well into 2023.
Banyan Gold will allocate $13.5M to exploration drilling towards a resource update planned for Q1, 2022 and then move on to the PEAs. The majority of the money will go to AurMac with a little spent on Hyland. The resource targets will increase once results return from Powerline and they are targeting over 2Moz which they consider to be a critical threshold for a Yukon project to be standalone.
Energy Fuels is emerging as the largest critical mineral producer in all of North America, and perhaps even the world. Their prime focus has been on Uranium and then the rare earths production and processing and also vanadium production plus some recycling. Energy Fuels is a very exciting opportunity for investors and they are moving quickly on all things related to critical minerals.
The market is desperate for the Uranium price to start responding but it is currently stuck at $32-33/lb. The price still needs to increase substantially, to probably more than $50/lb to really start the delivery of newly produced Uranium at any kind of margin.
Once the Uranium price does start to move, equity will start to move with it again. With increased focus on reducing carbon emissions, the Uranium price is sure to react in the near future.
Energy Fuels has recently completed a deal with ICU whereby the companies have agreed to enter into toll-milling and operating agreements which positions ICU as a potential near-term US Uranium producer subject to an improvement in uranium market conditions and/or ICU entering into acceptable uranium supply agreements. Energy Fuels is the largest shareholder in this agreement and will provide advice to ICU on these projects which have a proven production history. Energy Fuels doesn’t have time to focus on these projects which is why they instigated the deal.
Energy Fuels are first and foremost a Uranium company with the later addition now of rare earths. They have a contract with Neo Performance Materials and have started to export the rare earth carbonate to Estonia. The future aim would be to bring rare earth processing capabilities into the US rather than to rely on exporting to other countries for the processing.
Victoria Gold Corp's Eagle Gold Mine poured its first gold in Q3, 2019 and achieved commercial production on July 1, 2020. In full production, the mine will produce 210,000 ounces of Au per year. The Reserve is 3.3 million ounces of gold and the mine life is +11 years. The deposit is open at depth and along strike. Exploration potential of the greater Dublin Gulch property is good and includes priority targets Olive-Shamrock, Bluto and Nugget-Raven.
Sunrise Energy Metals Limited is involved in metals recovery and industrial water treatment through their proprietary Clean-iX® continuous ion exchange technology.
Sunrise Energy Metals is an ASX listed company with a long history in mining and mining technology, particularly in hydro-metallurgy. Sunrise has built a number of hydro-metallurgy plants for companies all over the world but in the last 10 years they have decided to focus their efforts on applying their technologies to mineral development.
The company has built a world class team with a mining background and their key asset is the Sunrise battery materials project in Australia. It is Australia’s largest integrated battery materials project focused on battery grade Nickel and Cobalt and also Scandium.
The Sunrise Project is one of the largest and most cobalt-rich nickel laterite deposits in the world and is development-ready, with all key permits and approvals in place. The Sunrise Project is also one of the largest and highest grade scandium deposits globally.
The Sunrise Project’s unique mineral resource, when combined with the company’s proprietary ion-exchange extraction and purification processing technology, has the potential to meet a significant portion of global demand for the raw materials needed to help expand the lithium-ion battery industry, as well as providing scandium for production of the next generation of lightweight aluminium alloys for key transportation markets.
A Project Execution Plan was completed in September 2020, which highlighted the Project’s global importance as a sustainable, long-life, low-cost source of high purity cobalt and nickel sulphates for the battery revolution.
Sunrise hopes to be able to talk to the market on financing this year and construction will follow on quickly once finance is in place. The long term mission for the company is to sustainably deliver high quality battery materials to a decarbonising planet and their project has a 50 year mine life with a lot of optionality going forward.
GSilver is a mining development company engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The Company is focused on the refurbishment and swift re-commencement of production from its El Cubo mine and mill and its nearby El Pinguico project, as well as the delineation of additional silver and gold resources through underground and surface drilling. Both projects are located within 11km of the city of Guanajuato, which has an established 480-year mining history.
Cabral Gold is a mineral exploration company focused on gold and copper. The company was founded in 2014 and is headquartered in Vancouver, Canada. Magellan Brazil is a subsidiary of the company. The company is listed on the Toronto Stock Exchange (TSX-V: CBR) and the OTC Markets (OTCQX: CBGZF). The company's key assets include the Cuiú Cuiú Project in Northern Brazil, The Tapajos Region, and the Bom Jardim project.
Cabral Gold has an advanced gold project in North Brazil with 2 gold deposits that are 43-101 complaint resources. These resources collectively output a supply of 1Moz. The company has identified 43 targets within an 8 km area of the main deposits. They already have 3 drill rigs on-site and have recently signed a contract to add 2 additional drill rigs. These rigs will be carrying out the target exploration for the next 9-12 months.
The company's second objective is 70 holes drilled across a blanket of low-grade material, this site will require 3 months of operation.
Cabral Gold had a strong 2020 and 2021. The company was able to raise $11.5M, the largest financing deal in the company's history. The capital raised was made possible through bought deal financing and these funds are planned towards significantly ramping up the company's drilling program.
Cabral Gold's bought deal backed by a syndicate of 4 brokers, offering a low-risk, guaranteed financing option. The company recently issued a half warrant set at $0.80 without a price cap, allowing it to be freely tradable. Cabral Gold expects this warrant will bring in an additional cash flow of $7M-$8M.
Cabral Gold currently has $12.5M in liquidity and is focused towards high-grade targets at the Cuiú Cuiú site. The priority is towards drilling high-grade zones that have already been identified by utilising 5 drill rigs.
The company has targeted the low-grade blanket at the surface, where one rig would be operational for 3 months. The grade here ranges between 0.5g/t - 1g/t, while higher-grade samples reach up to 3g/t. Since the main deposit is located below this blanket, mining the surface offers a low-cost, minimal processing option that has the potential to add ounces to the company's overall supply. Additionally, this low-grade material does not require grinding, leading to further optimisation of cost and resources.
The company is looking to start with a small-scale production with a low CapEx as they believe that more value can be generated through discovery. The 43 targets identified by the company have shown promise as 10 have shown high intercepts, and another 12 targets feature high-grade veins.
Cabral Gold is focused on tracing intercepts and eventually step up to identify potential deposits from these targets. The company has planned a 9-12 month exploration program with extensive drilling and tests carried out on the high-grade targets. The company currently has the funding to meet its current exploration goals.
Chesapeake Gold Corp. is a development stage company that focuses on the discovery, exploration, and development of gold and silver deposits in North and South American. The company was founded in 2002 and is headquartered in Vancouver, Canada. It is listed on the Toronto Stock Exchange (TSX-V: CKG). The company's major projects include the Metates Gold-Silver Project in Mexico and the Talapoosa project in Reno, Nevada.
Chesapeake Gold shared the updates of the Metates Project recently through a series of press releases. The company has carried out 2,500m drilling and was able to recover 10t material. The drill results showed that the grade of the material is 18% higher than the block model predictions. The tests found significant intercepts graded at 1.8g/t gold and silver equivalent at a depth of 432m. This grade is double the average grade previously found at the Metates site.
The company is looking towards infill drilling to uncover even higher-grade material. This will allow the company to significantly improve its profitability as this will provide higher grade ounces at the same operating price.
Chesapeake Gold has a stockpile of 18Moz Gold and 500Moz silver and is currently focused on adding more ounces to the bottom line through their drill program. Their CapEx project currently stands at $3.5Bn. The company is using the drill program to carry out the test work that would support the project plan. A detailed study is scheduled for release within the next two weeks.
In the past 6 months, extensive technical work is underway and the company is focusing on supplying the drill samples to the Vancouver lab for further testing. They are looking towards acquiring sulphides and oxidizing them into higher-grade material.
Chesapeake Gold recently acquired Alderly Gold Corp. in a non-exclusive deal. The company intends to publish the details of the agreement after the test work has been concluded.
Chesapeake Gold seeks to scale the project, leading to a significant reduction in capital, optimized operating costs, and a lower environmental impact, which would directly facilitate the permitting process. Currently, the company is focused on the test work, which would support the PEA numbers and eventually carry out a PFS in Q4 2022.
0:00 - Introduction
0:30 - Press Release: Challenges of Scale & Metallurgy, so Why do More Drilling?
8:04 - Technical Constraints: Progress Made & Expectations for the Near-Term Study
14:52 - Acquisition of Alderley Gold Corp.: Terms of Agreement
16:58 - Cash Position & Burn Rate
17:47 - Starter Project: Scale, Quantum, Infrastructure, & Importance of Study Results
24:18 - Timing of Deliverables: When to Expect a PFS?
26:14 - Can They Set up the Starter Project Without Alderley?
27:23 - Initial Goals & Long-Term Outlook for Timing & Value Generation
32:50 - Base Recovery Level & Minimum Level to Claim Success
40:48 - What's to Come for Chesapeake Gold in the Next 12mths?
Kavango Resources is a mineral exploration company focused on Botswana. It is listed on the London Stock Exchange (Standard List) with ticker KAV.L. At Admission, on 31 July 2018, it raised gross proceeds of £1.5m.
Kavango has been set up by an experienced team of geologists and a geophysicist with a history of exploration discoveries in southern Africa. The focus in Botswana is centred on 3 projects, which are prospective for copper, nickel and PGE metals.
ValOre Metals Corp is a Canada-based company that is focused on the exploration and advancement of metals and mining projects. The Company’s assets include Pedra Branca, Angilak, Baffin Gold, Genesis and Hatchet Lake. The Pedra Branca Project is a Platinum Group Metals (PGM) District located in northeastern Brazil that comprises approximately 38 exploration licenses covering a total area of 38,940 hectares.
Amarillo Gold Corp. is a mining and exploration company with major operations in Brazil. The company's flagship project is the Posse Gold Project which is currently in the development stage. The second Brazil project is Lavras do Sul that is currently in the exploration stage. It features 22 prospects centered on historic gold workings. The company was founded in 1983 and is headquartered in Toronto Canada. The company is listed on the Toronto Stock Exchange (TSX-V: AGC)
Amarillo Gold's flagship project is the Posse Gold Project in central Brazil which features 1Moz open-pit reserve supply. The company's second project is called Lavras do Sul, 500,000oz resource - very large target - potential for a multi-million dollar district - exploration program is currently underway.
Amarillo Gold has a team of experts with decades of experience in mining along with extensive construction and operational experience in Brazil. The company recently brought a new General Manager onboard.
The company has a wide variety of institutional investors, which account for 26% of the stakeholders. One-third out of this accounts for retail investors. They have two large shareholders in the US and Canada that collectively have 37% ownership. The company's management and board are in the acquisition of 6% of the stake.
Amarillo Gold currently has liquidity of CAD $40M. They had raised CAD$57M in August 2020 that was utilized towards land purchases, placing equipment orders, and expanding detailed engineering work at their sites.
Amarillo Gold is looking at potential M&A through the acquisition of small producers at the front end and a merger with a larger company in the future. Talks are underway with multiple institutions and the company is looking to ensure the best end result for its shareholders.
The company's feasibility results showed a potential supply of 100,000 ounces per year production over a period of 10 years. The company is also looking to expand the life of the mine further through satellite deposits.
At the Posse Gold Project, the company uncovered a 24km long structural trend, out of which 23km has been identified through a variety of assessments including aerial, IP, and magnetic surveys.
The company is also focusing on the expansion of its Mara Rosa property and getting it ready for development. This site has had limited drilling in the past and the company started stepping out 2 years back, which led to the discovery of a striking length at a depth of 150m.
Amarillo Gold is looking to acquire a Brazilian small producer for its front end. They have been approached by several South American and North American producers for potential collaborations. The main focus of Amarillo Gold lies in advancing the development Posse Gold Project and expanding the exploration at the Lavras do Sul exploration.
American Eagle Gold is a gold exploration company focused on its flagship Golden Gate project in Nevada. This project covers the entire southern end of the Cortez trend window. The company plans to drill and advance its ongoing projects while focusing on acquiring additional projects in the region. The company is a part of the Ore Group.
American Eagle Gold completed a purchase agreement for the Garden Gate Pass, also known as the Garden Gate property located in the Cortez mining district in Nevada. This land package is spread over an area of 7,574 hectares and is located south of Barrick and Newmont's joint venture.
This purchase effectively triples the company's overall land package. It combines the Garden Gate and Golden Trend property and is collectively called Gold Rush. It forms a bridge across the Cortez trend, one of the richest jurisdictions for gold mining.
This package was acquired for an upfront cost of $50,000 with owners retaining NSR at the site. The company has an option to lease the property and buy it at a later time once a discovery is made. The terms include a $15,000 payment on a 6 monthly basis for the duration of the property retention. The final part of the deal includes 2 million shares along with $2M cash with the owners retaining a portion of the royalty.
This allows American Eagle Gold to utilize its cash reserves towards exploration and discovery. The company is also looking for land packages with similar deals in pace where small upfront payments are made until a discovery, which helps align the goals of all involved parties.
Mark Bradley is a recent addition to the company's technical team. He is an ex-Barrick employee responsible for the co-discovery of the Gold Rush when the operations first began. He has work experience spanning over 3 decades in this region and was involved in the Gold Rush project in 2007 and later in 2009 where drill operations continued till 2015.
This area features Carlin-style deposits which are large seminated gold deposits present in carbonate rocks. A unique feature of these deposits is that they are known to be continuous laterally and have the potential to develop very high grades over large areas. This ensures high profitability in both over-pit and under-put operations.
There have been notable improvements in the stratigraphy of the Cortez area in the last 15 years. The increased understanding of carbonated rock deposits was paramount in choosing the Gold Rush property as these rocks feature continuous mineralization. This provides an opportunity to expand the deposit fairly quickly by way of step-out drilling.
American Eagle Gold is currently fully funded to carry out the entire program, drilling, and fieldwork for 2021. The company budgets a minimum of 1-year working capital and reassesses the strategy as they move forward.
American Eagle Gold plans to drill up to 4 holes ranging between 12,000 - 14,000 ft. It features oxides close to the surface and the company is looking for significant discoveries in these Carlin deposits. This area is historically known for featuring large, world-class clusters of gold deposits. The company is aiming for production of 1.4Moz within 5 years.
Strategic Resources is a growth platform for the emerging vanadium space. The company is based out of Vancouver, BC, and is a part of the Lumina Gold Corp. which primarily focuses on gold and copper assets.
Strategic Resources is primarily working in tier 1 jurisdictions. Its main asset is a Brownfield project called the Mustavaara Vanadium-Iron Mine in Finland.
The Mustavaara Mine is a historic resource that was under production in the 70s and 80s. The company is looking to restart the production at this site. The company looks at it as an exciting opportunity for the Vanadium market from the junior developers' side.
Strategic Resources is looking to build its Vanadium assets as it's a growing market. The Mustavaara Mine is the company's first advanced stage project. They also have the Silasselkä Project in Finland, where economic studies are being carried out.
Strategic Resources is looking for M&A opportunities while simultaneously gaining entry into the Vanadium market.
Vanadium is primarily used in the construction sector, primary steel to increase its overall strength. There's significant growth potential in the energy storage and the battery market as Vanadium Redox batteries have been in production for a long time.
Strategic Resources is looking to scale up the production of these batteries over the long term. Currently, Vanadium has a 100,000t/ year supply market and the company is looking to gain a 2% market share in the space.
Finland offers several benefits such as carbon-free power, cheap electricity, and port access which further improves the ease of doing business.
Strategic Resources put of a base case for the brownfield asset in 2020 and worked on production through a smelter case. The company is looking into leaching as an alternative to the smelting process as it will drastically reduce the CapEx while offering the recovery for higher-grade vanadium, iron and also add titanium recovery to the mix.
The leaching program is being carried out in a JV with Vanadium Corp., based out of Vancouver. The leaching program will allow the extraction of Vanadium Pentoxide, which is ideal for use in batteries.
Strategic Resources has a 15 years claim on the asset, a 150 million ton resource with a 43-101 in place. It features lots of historic data, along with 60 tons of concentrate in storage from past production.
Strategic Resources raised $2.5M in capital so far. The company plans to supply the iron in Europe and North America and the vanadium in Europe, Russia, and China.
Troilus Gold Corp. is a Toronto-based development-stage mining company focused on the systematic advancement and de-risking of the Troilus Project towards the production of gold and copper. This project has been going through ongoing exploration since 2017. The company is listed on the Toronto Stock Exchange (TSX-V: TLG).
Troilus Gold is a $200M gold development company operating in northern Quebec. The Troilus mine is a historical site with a resource of 1.8Moz. The company has already concluded the PEA at this property, indicating a production spanning over 20 years with a yearly supply of 220,000oz - 250,000 oz gold.
Troilus Gold is set to publish its inaugural reserves after carrying out 250,000m of drilling with a pre-feasibility planned towards the end of 2021.
The company was able to raise $45M in the last round of funding closed in June with a price averaging at $1.45 per share with a flow-through premium. This round comprised 80% institutional investors and 20% retail investors amounting to $100M.
Troilus Gold also announced an $11M strategic investment from the Government of Quebec at a 20% premium on the current pricing. This investment has helped the company de-risk the asset while establishing a framework for project financing in the future.
Shortly after the deal, there was a dip in the company's share price owing to the most significant drop in the gold market in the past 13 years.
Quebec has been historically known for being pro-development and a permitting jurisdiction. The company is a past producer at this site, looking to restart operations, and has a strong working relationship with the Quebec government.
strong working relationship with the Quebec govt
Troilus Gold is looking for project financing through major shareholders and plans to bring additional investors on board. A PFS is planned for the end of 2021. The Troilus Project offers a substantially low technical risk as it has historically produced 2Moz gold and 70,000t copper over 14 years.
Troilus Gold has been able to add a huge resource fairly quickly with an expert ground team. Currently, they are carrying out 10,000m drilling on a monthly basis. The company also spend $10M in 2020 towards regional exploration and identified 6 potential targets. The geophysics and geochemistry at this site have already been concluded.
American Lithium Corp. (TSX-V: LI) (OTCQX: LIACF) (FSE: 5LA1) is developing world-class lithium projects in the Americas and also has one of the largest underdeveloped uranium projects globally. The company has a near-term focus on mining-friendly jurisdictions and has an advantage when it comes to geographic and geological diversity in the development of world-class, scalable projects.
The company provided updates on the ongoing projects in Peru and Nevada.
Peru currently has ongoing presidential elections where the margin for victory has been razor-thin. The recounts are ongoing in the country as once the winner is announced, American Lithium has a large drill program planned
American Lithium has a large drill program planned in Peru and is awaiting the results of the Presidential elections in the country. The company is prepared to work with either side and the political landscape clears. The drilling permits for the project have already been received.
The company recently added 3 assets to its portfolio. The Falchani Lithium asset is a large-scale project with high-grade and high-purity deposits. The Macusani Uranium Project, the company's largest uranium asset, and the TLC Lithium Project in Nevada.
American Lithium's technical team has made strong strides in Nevada. Additionally, the technical team in Peru is collaborating with a local lab.
American Lithium was a dip in their share prices flowing their recent acquisition. This was due to the previous legal challenges at the property and the uncertainty in lithium prices. The company is focused on ESG considerations as the push for domestically produced critical minerals continues to grow. In the US, a historic opposition against mining has been underway and along with the new US policy pushing towards EVs and a new economy in renewable energy generation.
The TLC project located at the Oregon border is an arid desert region where environmental work has already been concluded. This includes baseline studies on the culture, environment, and archaeology in the region.
The Clayton Valley Lithium Project already has the environmental work concluded as the company looks to further improve the efficiency of its water use. American Lithium acquired water rights along with the purchase of a nearby ranch.
Enviro Consultants, a UK firm was brought on board by the company to carry out lifecycle analysis. This is a part of finalizing the company's economic flowsheet.
The company is developing a hydrochloric acid leaching process and roasting in parallel. The company continues to refine the process to 90% recovery where the 1200-1300 ppm samples can be upgraded to 2200 ppm for lithium-carbon recovery.
American Lithium has an environmental impact study planned and formal approval is expected in the coming months. The company is looking for a US listing as they have a key asset in the country along with a strong shareholder base.
Serabi Gold plc is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company’s primary interests are it's 100% owned Palito Mining Complex and the recently acquired Coringa Gold Project both located in the Tapajos region of northern Brazil. Combined gold production from the Palito Mining Complex is currently approximately 40,000 ounces per annum, whilst the Coringa Project, when in production, is forecast to produce an average of 38,000 ounces per annum.
Maverix Metals Inc. is a gold royalty and streaming company based out of Vancouver, BC that provides investors with opportunities through a portfolio of more than 120 royalties and streams across 18 countries. 13 of the company's royalties are currently generating cash flow.
Maverix Metals generated a revenue of $50 million at a 90% margin in the previous year. Three-fourths of the company's revenue comes from projects located in North America and Australia.
The company released the second edition of their annual asset handbook which is available on their website https://maverixmetals.com. This handbook is a 47-page user guide to Maverix Metals, outline its history, the creation of streams and royalties and outlines all the assets they have in their portfolio.
Maverix Metals made 3 big announcements in relation to their assets.
Camino Rojo project in Mexico that is coming into production in Q4 2021. It offers a 2% royalty and is being developed by Orla Mining. This project will add 67% growth to the company's revenue.
A recent announcement by Karora Resources Inc. was made as it looks to double its mining throughput at the Beta Hunt Mine based in Western Australia. This project offers 4.75% royalty for Maverix Metals and a 10% revenue growth over the course of several years.
The Koné Project, acquired from Kinross in 2019 is being managed by the Montage Gold Corp. and is going through resource definition and expansion.
The company released a recent PEA that shows over 200,000oz production annually for the course of 15 years. Maverix Metals has a 2% royalty, equivalent to 4,000 gold equivalent ounces, and a 15% growth towards the revenue base. An updated resource is scheduled for Q3 2021 and a full permit is expected to be acquired by mid-2022.
Maverix Metals looks for a balance between risk and return when choosing a new resource. The company has a talented in-house technical team. Risk is the first stage of evaluation along with the assessment of the revenue generation capability of a project and sustainability over its lifecycle.
Maverix Metals also increased its dividends by 25% in May, standing at 1.25, expanding the dividends along with the company's growth. The company has a balanced portfolio with properties generating immediate cash flow and long-term growth assets.
Maverix Metals made an announcement in June where it acquired 6 royalties from Pan American Silver Corp. for $7M cash and $2.4M in MMX shares. This is the second acquisition from Pan American Silver and is majorly focused on exploration.
The Fenn-Gib Project, Ontario is a multi-million-ounce resource where a 50,000m drill program is currently ongoing. It offers a 2.5% royalty.
The Recuperada Project is an operation spread across an area of 50,000 hectares in Peru. This historic mine is being operated by Silver X Mining and offers a 3% royalty.
The Jubi asset in Ontario is another multi-million dollar project located featuring a strong infrastructure that offers a 1% royalty.
The Hernandez property in Mexico is a great land package under development which offers a 2.4% royalty.
Maverix Metals looks at jurisdiction risk based on the allocation of resources, the rule of the law in the region, a trustworthy operator, and overall support from the local communities, and the government.
Investigator Resources is an Australia-based mineral exploration company. The Company is focused on the opportunities for Greenfields silver-lead, copper-gold and nickel discoveries offered by the minerals frontier of the southern Gawler Craton on South Australia's northern Eyre and Yorke Peninsulas. It holds a portfolio of exploration tenements in South Australia and is focused on advancing the shallow Paris silver deposit to an indicated mineral resource. Its projects include Paris-Nankivel area for further epithermal silver and associated skarn and conceptual porphyry copper-gold targets in the mineral system; Diomedes with Archaean ultramafic and nickel intersected in the underlying basement geology near Paris; Thurlga JV containing silver, gold and copper targets on the tenement adjacent to Paris; Uno/Morgans epithermal silver copper and nickel in the basement of probable Archaean age approximately 100 kilometers east of Paris, and Maslins Project.
First Mining is a Canadian gold developer focused on the development and permitting of the Springpole Gold Project in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in Canada. A Pre-Feasibility Study was recently completed on the Project and permitting is on-going with the submission of the Environmental Impact Statement targeted for 2021. The Company also holds a large equity position in Treasury Metals Inc. who are advancing the Goliath-Goldlund gold projects towards construction.
With exposure to high-grade gold and copper, Kingfisher is well positioned for growth during this next upcycle in commodities.
With the global transition to renewable energy sources, the importance of “Green Minerals” such as copper is ever increasing. Copper is used extensively in renewable energy systems to generate power from solar, hydro, thermal and wind energy.
As a global store of value, gold can provide insurance during times of geopolitical and economic uncertainty.
Neometals is an ASX-listed innovative project developer based out of Australia. The company is listed on the Australian Stock Exchange (ASX: NMT) and is developing projects in the minerals and materials required for a sustainable future.
The company currently has 4 core projects. These include a Lithium battery recycling project, a demonstration plant in Germany, a high-grade Vanadium slag project in Scandinavia where high-purity Vanadium is recovered from slags, and a residual upstream mining asset-based in Australia. These projects encompass recycling materials recovery through to production of the upstream mineral concentrates.
Neometals has been busy lately and has published a lot of press releases since the middle of May. The company recently completed a deal with a Canadian company called Stelco with an MOU towards a JV on recycling batteries. They have also recently announced that they have started the commissioning process of their showcase demonstration facility in Germany.
Further to the Palladium results at the Nickel exploration ground, Neometals has announced their intention to spin out the project to a dedicated ASX listed company. Neometals has also published resource updates for individual deposits that comprise the Mt. Edwards project. Neometals has also sold the off-take rights from the Mt. Marion Lithium Hydroxide project for A$30M.
The company has tightened up the business and the story has become simpler with projects orientated towards materials recovery and ESG and sustainability.
2022 will be a busy year for Neometals as they are looking at FIDs for their first battery recycling plant in the first half of next year. The Barrambie project will also come on stream in the first half of next year and the Vanadium recovery project by the end of 2022.
Granada Gold Mine Inc. is a Canadian junior mining and exploration company with Gold and Silver properties in Quebec and Ontario. The Company's current focus is directed towards the development and continued exploration of the Granada Property situated in the heart of the famous Abitibi Greenstone Belt and along the prolific "Cadillac Trend". This potential high-tonnage, near-surface deposit is located 15 minutes from Rouyn-Noranda Quebec. The Rouyn-Noranda airport offers easy access into the area and on to paved roads to the mine site. The area offers excellent infrastructure and good supply of skilled labour throughout the region.
Pasofino Gold Ltd. is a Canadian-based mineral exploration company listed on the TSX-V (VEIN), OTCQB (EFRGF), and FSE (N07). Through its wholly-owned subsidiary, ARX Resources Limited, Pasofino has an option to earn a 49% economic interest (prior to the issuance of the Government of Liberia’s 10% carried interest) in the Dugbe Gold Project.
Pasofino Gold is looking to develop the Dugbe Gold Project in 2022-23 and has recently published a PEA which is an important step for the company to provide financial information to the market. The PEA shows that the project has a mine life of about 12 years generating between 180-210,000oz Gold/year at a mining rate of 5M tonnes/year through a processing plant.
The Dugbe Gold Project is located in southern Liberia and situated within one of the last remaining under-explored parts of the Birimian area of West Africa. The Project area is located 70 km by road from the Greenville deep-water port.
Pasofino Gold has huge upside with good return from investments. The open pit grade at the Dugbe project is fantastic with a good strip ratio. The mine is close to the port in a mining-friendly jurisdiction and they have an experienced operating team with experience in leading mineral exploration, mine builds and developments including delivery and development of mineral resources, mine construction & operations.
Pasofino Gold raised $9M in April/May and don’t have any plans to raise any more money before Q4 of this year. They will continue to work on the DFS which they started in December 2020 and is due for completion in Q2, 2022 and there will be a series of news releases throughout the process.
EMX leverages strategic equity investments to complement the royalty and prospect generation business model. EMX Royalty’s diverse in-region exploration expertise provides global business connections to identify undervalued investment opportunities. One of EMX’s earliest strategic investments was in Standard Uranium Inc., which resulted in a $4.7 million realized gain after a successful buy-out of URN in 2006 by Energy Metals Corp.
UEX Corporation is one of Canada’s largest Uranium exploration and development companies with probably the only sustainable wide portfolio in the Uranium space over the next couple of cycles.
UEX Corporation has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company owns 31 projects and is looking to grow the company with new discoveries on top of their production ready assets.
Following the JCU acquisition and the involvement in the Wheeler River and the Millenium projects there is now a definite shift in the focus of UEX. Instead of focusing exclusively on growth, they will now have the opportunity to participate in future production within the next 1 or 2 cycles.
UEX plans to focus on their top-tier projects in future to grow the company resources which will allow them to find partners on some of their early-stage projects. This will provide more opportunity to get more of their portfolio working with the injection of cash from other companies.
UEX is now a producing company and when the uranium price improves, the most likely projects to move forward are at the Wheeler River project at the Gryphon and Phoenix deposits. There are also other projects which might not be ready to go this cycle but will be ready to come onstream in the next cycle.
Now that UEX is ready to go, they will need to raise some money and plan to raise $25-30M to get them to the end of 2022 comfortably.
Karora Resources is a multi-asset mineral resource company focused primarily on the acquisition, exploration, evaluation and development of precious metal properties. It is Karora’s vision to become the next sustainable high quality mid-tier producer.
After the transformational acquisition of the Higginsville Gold Operations, Karora’s primary operations are the Beta Hunt Underground Mine and the Higginsville Gold Operations including the Higginsville Open Pit mines and 1.4Mtpa Higginsville mill.
Last year was their maiden year of Gold production with their own build and they produced 100,000oz of Gold and are meeting their guidance on production and costs. They have recently put out a press release to announce the increase in production going forward.
The Gold and mining sectors are challenging and Karora Resources had some specific objectives with the Board and the shareholders and they have completed what they set out to do.
Karora Resources is a turnaround story which has made huge progress since 2019. They have Beta Hunt and the Higginsville complex and their organic growth is self-funded. They are talking about increasing production to 185-205,000oz which will be fully funded from cash flow and there are opportunities ahead over the next 3 years which will be transformational for the company.
Ceylon Graphite is a public company listed on the TSX Venture Exchange (CYL:TSX-V) involved in the exploration and production of graphite in historic resource jurisdictions in Sri Lanka. It holds a land package constituting 121 km² grids containing historic vein graphite deposits. These unique and comparatively higher margin vein (lump) deposits currently make up less than 1% of the world graphite production. These exploration grids represent the majority of known historic graphite resources in Sri Lanka. The relevant areas in which these grids reside have previously had historical production dating back to the 1920s and 1930s.
Geopacific Resources Limited has been listed on the Australian Stock Exchange (ASX) since 2006. The Company’s initial activities were on its tenement holdings in Fiji where its exploration activities have identified several highly prospective project areas. When Geopacific merged with World Wide Mining in 2013 the Company became a regional explorer with an Asia-Pacific focus – adding the Kou Sa Project in Cambodia to its existing Fijian Projects.
Elemental Royalties is an emerging, rapidly-growing gold royalty company with world-class, producing assets on four continents.
They started in 2017 and made money out of the gate - doubling revenue each year - yet they're currently undervalued with a low market cap relative to their peer companies.
UEX Corporation is one of Canada’s largest Uranium exploration and development companies with probably the only sustainable wide portfolio in the Uranium space over the next couple of cycles.
UEX Corporation has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company owns 31 projects and is looking to grow the company with new discoveries on top of their production ready assets.
UEX has recently acquired JCU which is a Uranium company with assets in the Athabasca basin. There was an announcement made on June 18th that the shareholders of Overseas Uranium Resources Development Co., Ltd. approved the UEX Acquisition of JCU Exploration Company, Limited. UEX will acquire 100% of the shares of JCU from OURD by paying C$41million and the transaction is expected to close on or prior to August 3, 2021.
UEX has committed to retaining JCU as a corporate subsidiary in order for JCU to meet its existing joint venture commitments. UEX has signed a binding agreement with Denison Mines Corp. to which UEX has agreed to sell 50% of the JCU shares to Denison for a purchase price of C$20.5 million following the close of the JCU Transaction.
This is a good deal for both UEX and Denison with an equal partnership for both companies. UEX plans to raise some money shortly through private placement which will be in the region of $25-30M and will include a retail component which is yet to be confirmed.
Wolfden Resources (WLF:TSXV) is a Canadian exploration and development company with a track record of polymetallic deposits discoveries and mine development experience. The Company owns a 100% interest in the Pickett Mountain Project in Maine, USA, one of the highest grade undeveloped VMS deposits in North America. The deposit is situated 85 km west of the Canadian (New Brunswick) border proximal to excellent infrastructure that includes a state highway, power line and railway siding. A Preliminary Economic Study was completed in October 2020 the indicates a robust underground mining operation with an NPV8% of US$200 million, a payback of 2.4 years and a breakeven AISC of US$0.38 /lb zinc equivalent.
Western Copper and Gold Corporation (TSX:WRN,NYSE:WRN) is focused on developing the Casino project, Canada’s premier copper–gold project. In July 2020 Western Copper and Gold updated the resource estimate at the Casino deposit based on its 2019 drilling results. The updated estimate includes 14.5 million ounces of gold in the measured and indicated category and 6.6 million ounces of gold in the inferred category in addition to 7.6 billion pounds of copper in the measured and indicated category and 3.3 billion pounds of copper in the inferred category.
Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua.
Mako Mining is now in commercial production at a 500t/day mine which is the highest grade open pit mine globally. They have been processing 0.5oz material since 12th May when they started putting this high grade material through the plant.
The company is now in cash flow and the objective is to use that cash to explore for further near mine deposits. They will be starting a resource delineation programme and by the first half of next year they plan to develop a resource at their most advanced satellite project in Los Conchitos. They plan to be mining at Los Conchitos and San Albino, the current mine, at 1000t/day by the end of 2022.
Mako Mining thinks they are drilling on an orogenic gold mining district and this summer they will be putting holes outside the main Los Conchitos and San Albino area. They have already had a plethora of good results across the 180km2 land package which show similar veins with very similar multi-ounce grades as far away from the mine as 21km.
Mako has done a lot of prospecting work on the remaining 188km2 land package and they have picked up another concession in February 2020 called La Segoviana and found 40g material in situ. There is potential to find a series of these deposits and Mako has well in excess of 200 targets which have been prospected with grades over 10g. Mako is planning a geo-chemical survey and a drill programme to continue their exploration which will be self funded by mine cash flow.
Sovereign Metals is a new force in rutile. Sovereign Metals has discovered what is likely to be one of the world’s largest rutile deposits in Malawi in SE Africa. Sovereign believes it has identified a globally significant, strategic rutile province across its large ground holding in Malawi.
Rutile is a titanium mineral and is the purest natural form of titanium. It’s main uses are in pigment and in the welding industry.
Sovereign Metals had originally been looking for graphite projects when they came across rutile in the area in 2018 and found this large rutile discovery in 2020. The Malawi Rutile Province offers two confirmed, discrete rutile mineralisation styles hosted respectively in sand and saprolite (soft, friable weathered material) which are both amenable to conventional processing.
Since 2020 the company has spent the last 18 months drilling out the deposit which so far covers 114km2 and is likely to grow significantly to possibly become the biggest rutile deposit in the world. Known rutile mineralisation to date is unconstrained across the Company’s large ground position, offering extensive exploration upside.
Sovereign is targeting the definition of a substantial resource that can support a long-life, large scale rutile operation.
The company has AUD$8M in the bank which will get them to a completed PFS. They will then start looking for off-take agreements and move onto a DFS then to funding and construction and production at the project.
A scoping study is underway and Sovereign plans to announce this progress going forward with its release to the market in November this year.
The company is targeting 4-5Bn of the total 15Bn rutile market which is the high grade feedstock component of the market. Competitors in this market include Iluca Resources, Tronox, Minerals Sands resources, Rio and Kenmare.
In the next 6-12 months, Sovereign Metals will complete a resource update and a scoping study targeted towards the end of year with the PFS completed during the first half of next year.
Arafura Resources is a rare earths producer. The Company's principal activities consist of Nolans Project Environmental Impact Statement; mining and associated infrastructure, social and environmental feasibility evaluations, and mineral exploration, definition and development. Its segments include Project evaluation and development segment; Exploration segment, and Corporate segment.
Bonterra is a Canadian gold exploration company with a large balanced portfolio of exploration and mining assets including the Gladiator, Barry and Moroy deposits, Urban-Barry Mill and multiple highly prospective exploration prospects. Bonterra controls the only permitted gold mill in the region with a large land position of over 38,000 hectares in the Urban Barry Camp. Bonterra is located in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt.
Unigold Inc. is a Canadian-based junior natural resource company focused on exploring and developing its gold project in the Dominican Republic- a country highly prospective for gold and polymetallic mineralization. The 21,031 hectare Neita concession is the largest single project within the 75km-wide Cretaceous-age Tireo-formation volcano-sedimentary rocks, known for hosting major gold-copper-silver deposits. Unigold has over 20 prospective targets within the concession, and is concentrating its activities on the Candelones deposits – a series of early VMS and disseminated deposits overprinted by epithermal feeders in acid volcaniclastic rocks.
Tesoro Resources is an Australian public company with exploration stage gold assets in Chile. Founded in 2017 by the members of the Board, Tesoro is focused on acquiring and developing high grade gold assets that have potential to be district scale mining projects.
Tesoro is managed by experienced mining professionals with strong geological and finance backgrounds as well as significant in-country expertise. Tesoro executed an earn-in agreement over the El Zorro Gold Project in 2017 from a local Chilean vendor and is currently undertaking exploration programs. The company is currently drilling at the El Zorro gold asset and they are looking to produce a maiden resource estimate shortly.
Tesoro recently had some good drill results and they are continuing to grow the deposit. They now need to produce some numbers to get the permit applications through and they see a pathway to a deposit that produces 100,000oz a year over a 10 year mine life from an open pit mine.
The resource has a boundary and a lot of drilling is planned outside that boundary which has had some big hits. There will then be in-fill drilling going forward and a scoping study will start to show the scale of the potential mine. Tesoro is budgeted and scheduled to drill right through to the end of the year to continue to grow the resource.
The investment market is currently nervous of Chilean projects due to the forthcoming elections and this in addition to the subdued gold sector has resulted in a low share price for the company but as Tesoro moves from an exploration project to a resource definition and development project, they hope to see some value return to the stock.
Andromeda Metals is an Australian company looking to supply the world with superior quality industrial minerals. Andromeda is an emerging producer of halloysite-kaolin and they are the world leader in that sector.
Andromeda has an exciting new project in South Australia and since we last spoke to the company in November the share price has had quite a ride on the back of some good news releases. Andromeda has progressed their plant designs and they have confirmed the first binding off-take agreement and have also expanded and upgraded their resources.
Andromeda has over 11,000 retail shareholders and are now looking towards the institutional side of investors now that they have a major binding off-take agreement which underwrites the business to become significantly de-risked and so will interest these investors.
Andromeda will be looking to raise some money soon so that the project timeline doesn’t get delayed as it moves towards production. The amount of money and the timing will be confirmed by the numbers in the DFS.
During the next 6 months Andromeda plans to lock up the first 2 years of output from the Great White plant with binding off-take agreements. There are about 30,000 tonnes left to be signed up which will further de-risk the project. They are looking to complete the DFS which will produce new numbers to incorporate the paint product and could also incorporate the direct shipping ore and the concrete product and potentially the HPA too.
Andromeda applied for the mining approval application in February and this has now gone for public submission. The next stage for the company is to put in for the environmental plan for the mine. By the end of the year they expect to have the DFS and the mining approvals complete and all the binding off-takes fully locked in. There are some pretty exciting things happening for the company in the next couple of years.
Element 25, formerly Montezuma Mining Company, is a mineral exploration company. The Company is engaged in carrying out exploration on its tenements and also applies for or acquired additional tenements. Its segments include Australia and France. Its segments are engaged in the determination and assessment of the existence of commercial economic reserves, from the Company's mineral assets in its geographic location. It holds various multi-commodity exploration and mining tenements in Western Australia.
Canada Silver Cobalt Works Inc., formerly Canada Cobalt Works Inc., is a Canada-based silver-cobalt focused company. The Company is focused on exploring the Northern Ontario Silver-Cobalt Camp. Its projects include Castle Cobalt Silver Property, Beaver Cobalt Silver Property, Violet Cobalt Silver Property and Golden Corridor Zone. Castle Silver Cobalt Mine property is located approximately 85 kilometers (km) northwest of the Cobalt silver mining camp.
Treasury Metals Inc. is a gold focused exploration and development company with assets in Canada and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “TML” and on the OTCQX® Best Market under the symbol TSRMF. Treasury Metals Inc.’s 100% owned Goliath Gold Complex in northwestern Ontario has received federal government permission to proceed on final authorizations and permits, following successful completion of the environmental assessment process. Goliath Gold Complex is slated to become one of Canada’s next producing gold mines.
In addition, Treasury Metals Inc. holds a 100% interest in certain mineral claims that constitute the Lara Project, located approximately 25 kilometres west of the Village of Chemainus, Vancouver Island, British Columbia. The project hosts the Lara copper-lead-zinc-gold-silver deposit.
GoGold's Management Team are veterans of successful mine development and operation in Mexico. In addition to their extensive business and government relationships, they have the knowledge, experience and financial acumen required to turn properties into profitable producing mines.
Brad Langille, GoGold's President and CEO, is a successful mine builder. He, along with Board Chairman John Turner and other members of the senior executive have raised hundreds of millions of dollars in capital markets to bring mines into production. The founders and senior management have a proven history of strategically building ounces, forming long-term financial alliances, and creating thousands of jobs.
Utilizing their international list of institutional and retail contacts, writer's coverage, and strategic media placement, GoGold continues to aggressively market the company.
Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team. Aldebaran acquired the Rio Grande copper-gold project located in Salta Province, Argentina from Regulus along with several other early-stage projects in Argentina. Aldebaran also has the right to earn up to an 80% interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater.
Vox Royalty is a high growth precious metals royalty and streaming company with a portfolio of 50 royalties and streams spanning nine jurisdictions across the globe. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties and is one of the fastest growing royalty companies during the last couple of years.
Vox Royalty has recently announced 3 deals in Australia since the raise in March and their latest acquisition is their first royalty in Nevada. Vox is heavily weighted to royalties in Australia with 30+ and the majority of these in Western Australia. The market is quite hot in Western Australia at the moment and royalties are being created on a regular basis.
Vox is predominantly focused on assets which are 12-24 months away from production and they aim to replicate those transactions that have been successful for the company in the past.
The company strategy is to use the database to increase their chance of success. The database has been developed over the last 10 years and gives the company the ability to transact bilaterally more often and consequently Vox is often the first royalty company to see an opportunity which has a clear pathway through exploration and development towards production.
Vox aims to remain weighted towards the precious metals more than the base metal sector but is always looking at new opportunities in all sectors. The company has reached a point where the company revenue profile is now accelerating as many of their royalties move towards production. The company has exponential growth ahead in terms of cash flow and they are happy that they have the right strategy going forward.
TriStar Gold Inc is a gold exploration and development company listed on the TSX Venture Exchange. Our 100% owned flagship property, Castelo de Sonhos gold project, is located in Pará State, Brazil. The Company is currently completing a pre-feasibility study on the Esperança South target and has recently commenced drilling on additional high priority targets within the project area.
Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.
O3 Mining Inc., an Osisko Group company, and is a gold explorer and mine developer ready to produce from its highly prospective gold camps in Québec, Canada. O3 Mining benefits from the support, previous mine-building success and expertise of the Osisko team as it grows towards being a gold producer with several multi-million ounce deposits in Québec.
The company has 2 very important projects in Quebec, Marban and Alpha. There is over 3.9Moz at the Val D’Or property, one of the best mining areas in the world. O3 is currently moving the Marban project towards production in 2026 and there is a lot of exploration potential which could increase the amount of resources for the company and increase the value for shareholders.
O3 is well funded and the company is being very systematic with the development of the Marben resource. Now that they have reached a 2.5Moz resource at Marban, they are focused on moving ahead towards production. They plan to invest $256M in capex, they have completed the PEA and are in the process of working towards the PFS now and then onto the Feasibility Study for the project.
As Marban moves towards production, O3 will continue to drill to continue to improve and modify the engineering of the project and this will increase the size and value of the resource.
O3 has a systematic approach to looking for further discoveries and is drilling on the western side of Marban and also in 4 different areas at Alpha. They hope to execute the project at Marban to produce cash flow and at the same time add to the resource at Alpha with potentially a much bigger discovery in the future.
O3 Mining owns a 100% interest in all its properties (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and on OTC Markets (OTCQX: OIIIF). The company is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.
Boss Energy has one of the few uranium projects ready to participate in the early stages of the new uranium bull market; it truly is a product for this time. Against a backdrop of strengthening uranium prices, the Company has been proactively identifying, addressing, and positioning the Honeymoon Project to be Australia’s next producer of up to 3.3M lbs per annum.
Lotus Resources Limited (“Lotus”) is an Australian-based minerals exploration and development company. The Company’s key asset is a 65% ownership of the Kayelekera Uranium Project located in northern Malawi, Africa.
Kayelekera Uranium Project (“Kayelekera” or the ”Project”) is a large 157km2 tenement package with excellent exploration potential and hosts a high grade resource with an existing open pit mine and demonstrated excellent metallurgical recoveries. The remaining 35% is held by Lotus’s joint venture partner Kayelekera Resources Pty Ltd (20%) and the Government of Malawi (15%).
Lotus will continue to explore ways to advance the Hylea Cobalt Project in NSW.
TRU Precious Metals has assembled a portfolio of five gold exploration properties in the highly prospective Central Newfoundland Gold Belt. These properties are in prime locations beside some prominent neighbours. They are well financed and the company is looking to get the story out to the market.
The Golden Rose Project is their flagship asset and the reason that TRU likes the project so much is that it is on the Valentine sheer zone which is a geological corridor that transects the full length of the project, hosting over 45 km of prospective strike length for gold mineralization. This project is situated in a 400 km gold-bearing corridor and is easily accessible via provincial highway and forest access roads. The project is also right next door to two prominent gold deposits.
There have been drilling programmes at the Golden Rose project in the past and there is a lot of historical data from these drill results, geophysics and trenching work in addition to a 43-101 technical report which has been published on the asset.
TRU also has the Twilite Gold Project where they are currently drilling which shares many characteristics with Sokoman Mineral’s high-grade Moosehead Gold Project, located ~30 km northeast. There are historical exploration results at three different identified prospects that bode well for future exploration or resale opportunities.
Besides it’s core assets Golden Rose and Twilite, TRU holds additional, large land positions in the Central Newfoundland Gold Belt: the Rolling Pond Property, the Stony Lake Property and Gander West.
TRU is keen to keep the market up to date with their news and results and they are keen to move forwards with targeted exploration and to add more mining executives to the team. They will also consider future property transactions, especially those which would potentially consolidate their current land holdings.
Superior Gold is a Toronto Stock Exchange listed Gold producer and owns 100% of the Plutonic Gold operation located in the Goldfields of Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine and central mill, numerous open pit projects including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture.
The Plutonic mine has been in continuous production since 1990 and, having produced ~6.0 million ounces of gold, is one of Western Australia's largest historic gold producers. There is a big gold system with a lot of infrastructure on the ground and Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
In 2021, the Company is targeting production of between 65,000 to 75,000 ounces and remains focused on establishing the Plutonic Gold operations as a producer capable of delivering at least 100,000 ounces of gold annually.
Superior Gold has just appointed Chris Jordaan as their new CEO starting on 1st July. The company has a clear strategy of underground plus open pit plus potential M&A so needed an experienced person to take on the CEO role going forward.
Superior Gold has made some great progress during the last year. They have invested in their underground mining fleet which is already starting to pay dividends. They have added a 3rd drill rig which is completely dedicated to exploration and have subsequently announced the best exploration results they’ve ever had.
The company has improved its balance sheet and are now adding free cash to the bottom line. A PEA has been completed on the main pit with a $120M value which wasn’t there for the market to see before. They are in the process of improving the geological model and have had some great progress and have also increased production and reduced costs of the gold operation.
The plan for 2021 is to continue underground exploration in 2 areas at the Western Mining Front and the Baltic Gap using the 3rd drill rig. On the surface there will be drilling across the property on a mineralised area between the main pit and Plutonic East. This year the company has started mining in Plutonic East for the first open pit production in some time.
In 2022, Superior Gold plans to go south to Hermes South where there is a good development project with low strip and a good grade and which has a number of other satellite pits nearby and there will be plenty of news flow regarding this progress going forward.
Bluestone Resources was created in 2017 with the purchase of the Cerro Blanco gold & Mita Geothermal projects. Bluestone Resources is a single asset junior Gold developer with their flagship project Cerro Blanco in Southern Guatemala. They are a Canadian listed company with their focus on Cerro Blanco, a near-surface high-grade Gold deposit.
Bluestone is currently advancing with permitting and feasibility studies to bring this Cerro Blanco project forward into the construction phase next year with the goal of achieving first Gold in 2024.
Bluestone has the permitting process under control which is advancing on-track and on-budget. The company has been busy gathering the data for the required environmental and social studies and are working closely with the Ministry of the Environment to work through the application process. They do not see the permitting application as a major hurdle and aim for completion next year.
The Cerro Blanco project is a near surface high grade gold deposit, with a total of 3.0 Moz (M&I). A PEA illustrated an asset capable of +300 koz/yr at first quartile cash costs over an initial 11 year mine life.
The mine will be an open pit project and there will be a resource update out within the next month leading into the optimised mine plan. Once there is an optimised mine plan the company will continue with detailed engineering derisking which will feed into the feasibility study.
Permit applications will be submitted by the end of 2021. Bluestone Resources aims to get the project finance package in place next year and once that is complete and they are in receipt of the environmental license, they will continue to advance the project with the construction phase during 2023 leading to first production in 2024.
Altamira Gold is a Canada-based natural resource company. The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds nine projects comprising approximately 280,000 hectares, within the prolific Juruena gold belt. Its Cajuiero project is located approximately 80km from the airport at Alta Floresta. he Santa Helena Project is located on the main BR-163 highway which is the principal Nederlandse Spoorwegen route in this part of Mato Grosso. The Apiacas project comprises a package of properties covering seven areas which constitute the Apiacas district.
African Gold Group is a Canadian listed gold company on the TSX Venture Exchange (TSX-V: AGG) with expansive holdings in West Africa's prolific Birimian Greenstone Belt including more than 460 km2 across Mali and Burkina Faso.
African Gold Group is focused on the development of the Kobada Gold Project located in Southern Mali, a low capital and low operating cost gold project with the potential to produce more than 100,000 ounces of gold per annum with over 10+ mine life.
Gold Bull Resources Corp. is an exploration company. It engages in the exploration and evaluation of mineral property in the Black Sea region of Eastern Europe. The firm focuses in the operation of copper and gold projects including Kalabak and Zlatusha properties in Bulgaria. The company was founded by Brian D. Fairbank and Alan J. Wainwright on April 13, 1995 and is headquartered in Vancouver, Canada.
CANEX Metals Inc. is a Canadian Junior Exploration Company with an experienced exploration team focussed on identifying, acquiring and developing high potential exploration projects. CANEX is focused on a new gold discovery at the Gold Range Project in Arizona where ongoing work has identified a 5km long fault zone containing numerous mineralized zones and exploration targets. Chip samples from Gold Range have returned 8.5 g/t gold over 5.6 metres, 28.1 g/t gold over 1 metre, 17.2 g/t gold over 1.1 metres, 7 g/t gold over 1.2 metres, and 2.34 g/t gold over 8 metres.
First Cobalt is a North American battery materials company with leading ESG credentials that is currently expanding and recommissioning their refinery capable of producing battery grade cobalt.
First Cobalt is on the cusp of becoming North America’s first producer of cobalt sulphate through their refinery in Canada. The company also has a cobalt-copper mineral exploration asset in the state of Idaho called the Iron Creek Project and has recently announced some work carried out on battery recycling.
After a couple of quiet years First Cobalt is getting pretty busy now as they move towards doubling the footprint of the plant going from 12 tonnes - 55tpa of production. Phase I will be completed in October 2022, at which time the facility will produce 25,000 tonnes per year of battery grade cobalt sulphate. This will be a short timeline with the permitting process and equipment starting to arrive on site early in 2022 and incremental stages of de-risking the process towards production. First Cobalt will be operating in under 18 months which is what makes them unique as a company in this market.
A Phase II expansion plans to recycle lithium-ion battery material in the form of black mass to recover cobalt, nickel, copper and other battery materials. The final product will be marketed to EV and battery manufacturers in North America and Europe.
The drilling programme continues this year with 2022 being the big drill year when they plan to start step out drilling as they are open on strike and on depth.
The Iron Creek Project in Idaho is a high grade primary cobalt deposit that sits on patented property within the Idaho Cobalt Belt. First Cobalt aims to build an underground ‘mine of the future’, leveraging current best practices and technology to minimize the environmental footprint of a future operation.
Blackwolf Copper and Gold Ltd, formerly Heatherdale Resources Ltd, is a Canada-based is a mineral exploration and development company. The Company focuses on base and precious metal projects located in Alaska and British Columbia. It holds interest in Niblack project, which is located on Prince of Wales Island in southeast Alaska. The Niblack project hosts resources of copper, gold, silver and zinc.
Cobalt Blue Holdings Ltd (ASX:COB) is a pure-play cobalt exploration and project development company focusing on advancing the Broken Hill Cobalt Project in New South Wales as well as downstream value-adding.
The company’s commercial aim is to make battery-ready cobalt sulphate from a new pilot facility on a scale sufficient to provide test samples for global commercial partners.
This pilot plant in Broken Hill will allow COB to produce varying specifications of cobalt products, which are in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
Led by a team recognized for discovering, building, operating, and growing major gold deposits in West Africa, Montage Gold is a well-funded exploration and development company focused on unlocking the potential of its flagship asset, the Koné Gold Project. Discover the Montage story and the incredible team behind it.
Karora Resources is a multi-asset mineral resource company focused primarily on the acquisition, exploration, evaluation and development of precious metal properties. It is Karora’s vision to become the next sustainable high quality mid-tier producer.
After the transformational acquisition of the Higginsville Gold Operations, Karora’s primary operations are the Beta Hunt Underground Mine and the Higginsville Gold Operations including the Higginsville Open Pit mines and 1.4Mtpa Higginsville mill.
Mkango Resources Limited (TSXV/AIM: MKA) is developing the 51% owned Songwe Hill rare earths project in Malawi with the ongoing bankable feasibility study funded by strategic partner, Talaxis Limited, a subsidiary of Noble Group. Malawi is known as “The Warm Heart of Africa”, a stable jurisdiction with major road, rail and power developments. In parallel, Mkango is developing complementary downstream technologies via its 75.5% interest in green technology incubator, Maginito Limited (www.maginito.com), which recently invested in UK rare earth (NdFeB) magnet recycler, HyProMag Limited (www.hypromag.com).
Signature Resources is a Canadian based advanced stage exploration company focused on expanding the 100% owned Lingman Lake Gold deposit, located within the prolific Red Lake district in Northwestern Ontario, Canada. The project has a 234,000 ounce historical high-grade gold resource estimate that is contained within the first 180m of surface and open in all directions.
Signature is focused on rapidly expanding the known mineralized envelope with its 100% owned diamond drill rig and aims to publish a maiden NI 43-101 compliant resource in 2022.
The Lingman Lake Gold deposit is in the prolific northern Red Lake district within a massive land package with huge regional Gold potential. This covers nearly 90% of the entire Lingman Lake Greenstone Belt within their claim package so the district-level potential for further discovery is significant, and they have entered into the growth phase.
They are through their initial funding and have recently completed a 3,000m initial drill programme working to step out and expand the scale of the discovery towards eventually achieving a 43-101 compliant resource and moving the historical resource into that compliance along with a significant expansion of scale in grade and ounces.
Moving forward to increase the resource, Signature is primarily drilling for scale. The company is planning a well defined focused drill programme and will move quickly to determine the extent of the mineralisation. Once they have mapped the size of the resource, they plan to do in-fill drilling to increase grade and scale. The remainder of assay results are due back within the month and these will be combined with results from the geophysics programme to formulate plans going forward.
Calidus Resources (ASX:CAI) is an ASX listed gold exploration & development company which controls the 1.5 million ounce Warrawoona Gold Project located in the East Pilbara district of the Pilbara Goldfield in Western Australia. The recent consolidation of this goldfield will transform the Company into a new Australian gold development company with significant potential to unlock further resources and new discoveries within the emerging gold belt of the Pilbara Goldfields district, which is a historically proven gold mining region.
Orezone Gold Corporation (ORE:TSX.V) is a Canadian development company which owns a 90% interest in Bomboré, one of the largest undeveloped gold deposits in Burkina Faso. Bomboré hosts a large oxide resource underlain by a larger, open sulphide resource, and will be developed in two stages. Orezone is now fully funded to bring Bomboré into production with the first gold pour scheduled for Q3-2022.
Erdene Resource Development is a Canada-based resource company focused on the acquisition, exploration and development of base and precious metals in Mongolia. The Company holds approximately 4 exploration licenses covering approximately 10,730 hectares and a mining license covering over 6,040 hectares. These include Altan Nar, a gold-polymetallic project that the Company is advancing toward a production decision; Bayan Khundii, an earlier-stage gold discovery; Khuvyn Khar, an early-stage copper-silver porphyry project with multiple drill targets and copper intersections; Zuun Mod, a molybdenum-copper porphyry deposit, and Altan Arrow, an early-stage gold-silver project.
Vizsla Silver Corp., formerly Vizsla Resources Corp, is a Canada-based company engaged in the exploration of mineral properties. The Company is focused on exploring and acquiring precious and base metal assets. The Company holds interest in Panuco Project that consists of high-grade silver and gold mineralization prospects and is located in the Sinaloa province of Mexico.
BTU Metals has been aggressively building its property position in Red Lake since it first acquired land in the area in August 2018. The Dixie Halo project now covers a total of 19,723 hectares of highly prospective ground with potential for many more new discoveries, 200 km2 of which is contiguous to Great Bear Resources.
Heliostar Metals is a well-financed mineral development company with a robust institutional shareholder base focused on advancing the district scale, high-grade gold project on Unga and neighbouring Popof Island in the Aleutian Arc. The Company is engaged in the process of defining measured, indicated and inferred resources in four project areas with the aim of defining a combined, economic resource ready for mine development. The majority of known mineralization is free gold contained within two, epithermal, intermediate sulfidation trends that extend for 9km each on Unga, and in a flat-lying tuff bed on Popof. The moderate climate allows for year-round exploration and there are a further 30+, less explored prospects at surface including porphyry gold targets in the north of Unga Island. The deep water port at Sand Point on Popof Island has year round tide water and can berth commercial vessels out of Seattle and Vancouver. Sand Point airport is served by daily flights from Anchorage.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, classified as a silver-tin polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Iska Iska is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR.
Electric Royalties Inc. (“Electric Royalties”) is royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Electric vehicle, battery production capacity and renewable energy generation is slated to increase significantly over the next several years and with it the demand for our target commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to feed the electric revolution.
Newcore Gold offers investors a unique combination of top-tier leadership and prime exploration opportunities in one of the world’s most attractive gold jurisdictions.
Their vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders. The Newcore team, which includes some of the industry’s most successful entrepreneurs, is focused on advancing its 100%-owned Enchi Gold Project in Ghana. Enchi, with over a million ounces of inferred resources lies along one of West Africa’s most prolific and developed gold trends.
]Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company's primary focus is its portfolio of gold projects: Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired district-scale Fleur de Lys project in northwestern Newfoundland that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. Through recent acquisitions with Benton Resources Inc. (50/50 JV), Sokoman controls one of the largest land holdings in Newfoundland with over 150,000 hectares (1,500 km2) of highly prospective ground in Canada's newest and rapidly emerging gold districts.
The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
Adriatic Metals Plc (ASX:ADT, LSE:ADT1) is a precious and base metals explorer and developer that owns the world-class Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia. The Vares silver project consists of two polymetallic deposits, located at Rupice and Veovaca. Located within the Raska Zinc deposit are Kizevak and Sastavci, two past-producing zinc, lead and silver open-pit mines. Both Bosnia & Herzegovina and Serbia are well-positioned in central Europe and boast a strong mining history, pro-mining environment, highly-skilled workforce as well as extensive existing infrastructure and logistics.
Syrah Resources is an Australian Stock Exchange listed industrial minerals and technology company with its flagship Balama Graphite Operation in Mozambique and a downstream Active Anode Material facility in the United States. Syrah’s vision is to be the world’s leading supplier of superior quality graphite and anode material products, working closely with customers and the supply chain to add value in battery and industrial markets.
Gran Colombia Gold is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations.
Since we last spoke to Gran Colombia two years ago, they have been busy in several areas. Gran Colombia is now producing gold and their guidance for this year is 200-220,000 oz and they are well on track to meet that target.
The company has brought costs down and is now paying dividends at 3% a year. They have also managed to reduce their debt down from $90M to $19M and by the end of the year they aim to have zero debt.
Gran Colombia owns approximately 44% of Aris Gold Corporation, a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia.
Gran Colombia took the Marmato mine and raised $300M to finance the operation which is now in the hands of a management team. This project is an investment for the company and will continue to create value for the shareholders.
Gran Colombia’s project pipeline also includes an approximately 18% equity interest in Gold X Mining Corp., an approximately 36% equity interest in Denarius Silver Corp. and an approximately 26% equity interest in Western Atlas Resources Inc.
Gran Colombia has come a long way in two years and has grown considerably with the share price reaching highs of $8 per share in comparison to $1.75 per share of two years ago.
Rupert Resources is located at the epicentre of a new gold district targeting multi-million ounce gold discoveries in close proximity to a 100% owned permitted mine and mill in Northern Finland at the Pahtavaara project.
The Pahtavaara mine was bought back in 2016 by Rupert Resources and since then the company has been looking for new discoveries outside the mine area. Rupert Resources undertook a comprehensive review of historical data resulting in a new geological model showing the Pahtavaara Project to lie in a domain hosting the confluence of regional scale faults that likely link to crustal scale fracture meshes. Several orders of faulting are represented, which are necessary for crustal scale fluid flow and focusing that can result in deposit formation.
The Ikkari discovery is just over a year old and has attracted a lot of attention from the market following some excellent drill results. Rupert Resources continue to demonstrate the potential at Ikkari with the planned maiden resource due to be released in August this year. The share price has increased 5 to 6 times during the last 12-14 months so the company and the shareholders are very pleased but Rupert Resources now need to continue to demonstrate why they have an exceptional opportunity with high value assets.
Rupert Resources is well funded to continue to work on the Ikkari project which will move forwards quickly to its maiden resource and towards the PEA. Exploration will also continue alongside the Ikkari project to generate new information to provide the market with evidence of further resources beyond the Ikkari discovery.
Ethos Gold is a Discovery Group company and is the definition of discovery, looking for early stage opportunities. Ethos Gold is looking for large scale projects with 20+ km in strike length.
Ethos Gold has a portfolio of properties with a fantastic team ready to make a discovery. The company has 11 projects in several parts of Canada: BC, Ontario, Quebec, Newfoundland and needs to prioritise their projects to decide which to take forward to the next stage.
Ethos Gold has decided to prioritise Perk Rocky as it is their most advanced project being drill ready. They also have access to capital and timing is good for accessibility and seasonality at Perk Rocky. The company has owned Perk Rocky since 2019 and has done a lot of work on the project which looks to be the most prospective.
Ethos Gold has over $5M in cash and plans to spend $1M on a 2000m drill programme at Perk Rocky and if there is initial success then the programme would be increased to a 10,000m+ drill programme.
Perk Rocky has potential for a large bulk tonnage porphyry Cu-Au deposit. Copper-gold discoveries have been made over an 8 km x 5 km area. The deposit is road accessible, under-explored and has never been drilled. There is also potential for high-grade, vein hosted gold mineralization on the periphery of the porphyry target areas.
In the next few months, Ethos Gold will be advancing each one of their projects but specifically there will be lots of news flow from the Perk Rocky project as the drilling gets underway there. There will also be news on the advancement of their Newfoundland project and their Quebec project too.
Ion Energy is Mongolia’s first Lithium Brine explorer and developer and is focused on exploring the Lithium salars in the country. Ion Energy currently holds about 110ha of highly prospective Lithium Brine licenses in Mongolia and has the largest land package ever granted in the country which is Baavhai Uul and is the flagship project for Ion Energy.
Ion Energy is keen to become a significant player in Asia’s booming Lithium market and exploration efforts are now underway on their assets which are highly prospective showing high grades, with the max at 811 ppm.
Ion Energy has raised $5.75M and has warrants to enable them to double their exploration which has just commenced with 21 holes across their 2 licences. The 110ha exploration area is very large so Ion Energy needed to be calculated with respect to the exact location of drill holes which have been determined by a micro-seismic programme in addition to geophysics.
Ion Energy has enough money to fund their 2 year exploration programme and also to enable them to look at additional acquisition targets in the country.
Ion Energy is the first company to drill for Lithium in Mongolia but Lithium salar drilling is very similar to drilling for oil and gas which is prevalent in Mongolia.
Tombill Mines is involved in mineral exploration, primarily gold and has 74 royalty-free claims; of which 60 are owned and patented. Tombill Mines owns various mineral exploration and past-producing gold mines and claims in the Geraldton Camp and Beardmore region, Ontario. Tombill Mines went public in mid December 2020 which raised $6.5M.
The Geraldton Gold Camp is about 275km north on the TransCanada highway from Thunder Bay which is a great setting for a mining company with existing infrastructure, a highway town with 4000 people and an airport. The camp is accessible year-round via the TransCanada Highway, which splits the Tombill Main Group property in two.
Tombill was founded in 1935 by Tom and Bill Johnson with backing from Newmont. Tombill had two past mines in production which yielded 3Moz gold between the 1930s-60s. The subsequent gold price in the 1960s did not facilitate further mine expansion at that time.
In 2008 the neighbour to Tombill who was at the time Premier Gold created the Greenstone property with their prime asset the Hard Rock resource which is directly adjacent to the Tombill site. From 2008-16 the company carried out a lot of drilling and resource work and proved a 6M oz resource at Hard Rock of which 50% was bought by Centerra in 2016 for approximately $200M plus a commitment of $200M for further work. The Hard Rock resource is now an 11.5Moz resource and in December 2020 was sold to Equinox and Orion who are now moving the resource towards a full mining operation.
Tombill has been owned by the family for 40 years and now as a consequence of the Hard Rock success, Tombill are moving forward and have assembled a very experienced technical team to progress the resource further. The majority of surface exploration at Tombill Mines was conducted in the 1930s and 1940s and the last diamond drill-hole until recently was conducted in 1950.
Tombill Mines has commenced an exploration program in Q1/2021, including diamond drilling, non-drilling geological support, and surface exploration. They have drilled 7000m to date with plans to drill up to 16000m. They have seen some very promising numbers and are expecting drill results back very shortly which will be published as news releases from the company as soon as possible.
Conico is an Australia-based mineral exploration company. The Company focuses on cobalt, nickel, and manganese deposits. They have deposits in Greenland and Australia.
Ryberg, their flagship project in Greenland, is a multi-element project spanning across a 4,500 km2 area on the east coast of Greenland, 430km NW of Iceland. The area consists of two granted mineral exploration licenses and contains surface samples grading up to 2.2% Cu, 0.8% Ni, 0.1% Co, 3.3g/t Pd & 0.2g/t Au.
While Mestersvig, also in Greenland, is located on the east coast of Greenland and only 5km from the Mestersvig military base. The license area contains the historic Blyklippen Mine that produced 545,000 tonnes of ore @ 9.9% Zn & 9.3% Pb.
The Company holds an interest in the Mt Thirsty Cobalt-Nickel oxide deposit located approximately 20km northwest of Norseman in Western Australia. Along with cobalt-nickel oxide deposit, the Mt Thirsty project also hosts nickel sulfide mineralization
QC Copper is focused on acquiring and developing copper projects in the Chibougamau region that share synergies with its past-producing Opemiska Copper Mine Complex. Through acquisitions, QC Copper has been able to expand its Opemiska property to over 13,000 hectares in the heart of Quebec–with significant infrastructure, including direct rail and road access, already in place.
Minnova Corp. is principally engaged in the acquisition and exploration of mineral properties. The Company's exploration activities are at an early-stage. The Company focuses on near-term re-start of gold production at its PL Gold Mine and acquisition of other development-stage projects. The Company owns PL Gold Mine and holds interests in the adjacent Nokomis Property. The PL Gold Mine, Nokomis Property and the staked properties are collectively termed as the PL Gold Project (PLP), and are located over 50km northeast of the town of Flin Flon, Manitoba.
K2 Gold Corp, is a Canada-based exploration-stage company. The Company is engaged in the business of acquiring and exploring mineral properties with a focus on locating and developing economic deposits of minerals. The Company operates in the segment of the acquisition, exploration and development of mineral properties. The Company is evaluating the economic potential of a deposit of iron, titanium and vanadium in Greenland. The Company is in search of a new property or project. All of the Company's assets are held within Canada. The Company has operations in Canada and Greenland. The Company does not have any producing resource properties. The Company has no revenues from its operations.
Lucara Diamond Corp. is a Canadian diamond mining company with producing mine and exploration licenses in Botswana. Its 100% owned Karowe mine is one of the world’s foremost producers of large, high quality, Type IIA diamonds in excess of 10.8 carats. Lucara also owns Clara Diamond Solutions, a secure, digital sales platform positioned to modernize the existing diamond supply chain and ensure diamond provenance from mine to finger.
Cartier Resources is an exploration company focused on discovery in the prolific Abitibi Gold Belt in Quebec. The Company operates a process that allows to develop and maintain a balanced portfolio of mining projects ranging from exploration to resource definition, development, and production.
Meridian Mining is focused on becoming the next mid-tier Copper-Gold developer with a focus on Brazil. The Company’s priority is on the Cabaçal project, an advanced VMS district scale Cu-Au project located in the state of Mato Grosso. Discovered in 1983 by BP Minerals, the main zone of massive to stockwork, stringer and disseminated Copper-Gold sulphide mineralisation at Cabaçal was never mined. Cabaçal’s Cu-Au mineralisation remains open beyond ~175 meters below surface and extends 1,800 meters along strike. Meridian’s Board and Management team has a track record of development, financing and operating natural resource projects in Brazil and internationally.
Galane gold acquired Galaxy Gold in November 2015. Galaxy gold is situated 8 km west of the town of Barberton and 45 km west of the provincial capital of Nelspruit in the Mpumalanga Province of South Africa. The property covers 58.6 km2 is part of the prolific Barberton Greenstone Belt.
Allegiant Gold Ltd., a former subsidiary of Columbus Gold Corp. (CGT: TSX), was spun-out to form an independent company focused exclusively on precious metals exploration in the western United States. Allegiant holds a 100% interest in 10 projects in the southwestern United States with 7 being located in the mining-friendly jurisdiction of Nevada. The majority of the projects were discovered and developed by Andy Wallace, former Head of Cordex. Cordex is considered by many in the mining industry to be one of the most successful gold exploration groups in the United States.
Peninsula Energy Limited is an ASX listed company that owns the Lance Uranium Projects in Wyoming, USA which are in transition from an alkaline to a low pH in-situ recovery operation, with the aim of achieving the operating performance and cost profile of the industry-leading uranium projects.
Matador Mining Limited is a mineral exploration company. The Company owns interest in over four exploration licenses and three prospecting licenses, including over five projects across Western Australia. The Oriental Project is located over 40 kilometers to the north of Kalgoorlie and eight kilometers to the east of the Broad Arrow township in Western Australia.
Energy Fuels is the leading U.S. producer of uranium – the fuel for carbon- and emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the world work to provide plentiful and affordable energy, while combating climate change and air pollution.
Energy Fuels is also a major U.S. producer of vanadium and an emerging player in the commercial rare earth business where its work is helping to reestablish a fully integrated U.S. supply chain.
With a truly unique portfolio, Energy Fuels has more production capacity, licensed mines and processing facilities, and in-ground uranium resources than any other U.S. producer. It boasts diverse cashflow-generating opportunities, including vanadium production, uranium recycling and rare earth processing.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. Troilus holds a strategic land position of 142,000 ha (1,420 km²) northeast of the Val-d’Or district, within the Frôtet-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open-pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
Capitan Mining Inc. is a Canadian gold-silver mining exploration company engaged in exploring the Peñoles project in Durango Mexico. Capitan is composed of a group of highly experienced professionals with a proven track record on exploration, development and operation of similar mining assets in Mexico. Capitan will work on expanding the mineralization at the Peñoles project.
Cassiar Gold is focused on gold exploration within British Columbia. The company has 2 important assets, the Cassiar Gold Project and the Sheep Creek Gold District. Both are orogenic gold projects, similar to the Barkerville District of central British Columbia.
The Cassiar Gold Project is a large, advanced stage, road-accessible gold property. A NI 43-101-compliant resource estimate of 1M oz at 1.43 g/t Au for the Taurus bulk-tonnage gold deposit was completed in September 2019. The Property hosts several past-producing high-grade gold mines. There is upside potential for both bulk-tonnage and high-grade gold targets at the Property.
Western Copper and Gold Corporation is developing the Casino project into Canada’s Premier Copper-Gold Mine.
The company holds significant gold, copper and molybdenum resources and reserves in its Casino Project located in the Yukon, Canada. Casino contains 14.5 million ounces of gold, 7.6 billion pounds of copper, and 113.5 million ounces of silver in proven & probable reserves.
Company page: https://www.westerncopperandgold.com/
Interview with Keith Coughlan, Exec. Chairman of European Metals (ASX/AIM:EMH)
European Metals Holdings Limited is a mineral exploration and development company engaged in the exploration of tin and base metals. The Company is primarily involved in the development of a lithium and tin project in the Czech Republic. The Company's segments include Australia, Congo and Czech. The Company's project includes Cinovec Lithium/Tin Project. The Cinovec project is located approximately 100 kilometers north west from Prague on the border with Germany.
Company Page: https://www.europeanmet.com/
Interview with Garrett Ainsworth, President & CEO of District Metals (TSX-V: DMX)
District Metals Corp., formerly MK2 Ventures Ltd., is a Canada-based company. The Company holds interests in the Bakar copper property. The Bakar Property includes 15,687 hectares of mineral claims located on Northern Vancouver Island, British Columbia.
Company page: https://www.districtmetals.com/
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Interview with Rana Vig, CEO, & Bill Cronk, Chief Geologist of Blue Lagoon Resources (CSE:BLLG)
Blue Lagoon Resources is a mineral exploration company focused on its high-grade gold project – the past-producing Dome Mountain Mine. The drive to the mine site can be accessed all year and is just a short 50 minutes drive from the town of Smithers, located in northwestern British Columbia.
Company page: https://bluelagoonresources.com/
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NewPeak has established strong Gold exploration assets in 3 of the top mining jurisdictions globally – Argentina, New Zealand, Finland. Each project has the potential to realise tremendous untapped value. NewPeak strategically holds a 30% stake in Oil and Gas company, Lakes Blue Energy NL. NewPeak’s aggressive strategy drives the company towards resource definition and is moving quickly towards discovery of a multi-million-ounce Gold resource.
Company page: https://newpeak.com.au/
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Nova Minerals Limited, formerly Quantum Resources Limited, is engaged in the mineral exploration. The Company is an Australian explorer with projects in Western Australia and the Northern Territory. Its projects are prospective for gold and base metals. Its projects include Telfer Project and Tanami (Officer Hill JV) Project. The Company owns approximately 100% interest in Telfer Project, which consists of a single exploration license in an area of over six kilometers from the Telfer Gold mine.
Company Page: https://novaminerals.com.au/
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Yamana Gold is a Canadian-based precious metals producer with a high quality, diversified portfolio, including significant gold and silver production; long-life production assets – including development stage properties and exploration properties – located throughout mining-friendly jurisdictions across the Americas, in Canada, Brazil, Chile and Argentina. Yamana plans to build on this base through sustainable expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
Company Page: https://www.yamana.com
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Cabral Gold is a Gold exploration company that has an advanced Gold district scale project in Brazil. The company’s key asset is the Cuiú Cuiú project in which it has 100% interest and is located approximately 20km NW of Eldorado Gold's Tocantinzinho project
Cabral Gold has already defined two Gold deposits that have a million ounces. Both deposits are open at depth and within an 8km radius of the two deposits, which are 5km apart, there are 43 other targets. The company has just identified a very large oxide blanket on one of these two deposits and thinks there may be others in the vicinity.
This is a district scale project located in the Tapajos region, which is the site of the world’s largest Gold rush in history and this region produced 20-30 millions ounces during the 1980s. The Cabral Gold project area is the site of the largest historic Gold camp.
Eldorado Gold has constructed a new 70km road to their flagship project from BR-163 highway, (paved in the last 5 years by the federal government), Cuiú Cuiú is easily accessible through a spur road from there. Cabral Gold’s neighbour has recently been granted the construction license and tailings permits. In addition, new hydroelectric power plants are planned for the region, so more growth is expected in the Tapajos area.
Cabral Gold raised some capital and had a spectacular year last year alongside the increase in the Gold price and became the second best performing mining stock on the TSX-V exchange in terms of liquidity, growth in market cap and share price.
Cabral Gold has $3.5m cash at the moment but will need to raise some more capital at some point this year when the timing is right to further progress their discovery. The company has 3 drilling rigs running now so plans to have a lot of news flow coming out over the next few months.
Company page: https://cabralgold.com/
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Deep-South Resources is a mineral exploration and development company. Deep-South is actively involved in the acquisition, exploration and development of major mineral properties in Africa.
Deep-South is a TSX-V listed company and owns 100% of the Haib Copper deposit in the south of Namibia. Haib is the oldest porphyry deposit in the world and one of the largest in Africa. Deep-South recently disclosed a PEA over the deposit and at a price of copper of $3.00 / lb, it generates an after-tax NPV of $950 million and an after-tax IRR of 30%.
The Haib project is a large, low grade project which produced a robust PEA in December and Deep-South is now drilling the high grade section of the deposit. They have found high grade zones which will go towards a PFS in 2022 and a new resource estimate in October ‘21. Deep-South is also resuming heap leach testing which has been very successful so far.
The Deep-South share price has increased recently which has been helped by the rise in Copper prices. The company produced some good drill results in May and have completed 66,000m of drilling with another 10,000m of further in-fill drilling needed for the PFS.
Between now and the PFS coming out in early 2022, the company is fully funded, after which they will need to raise C$5-7m to fund a further 20-25,000m drill programme. The first goal for Deep-South is to improve the grade and the second goal is to improve the tonnage of the deposit with extra drilling to add value and transform the deposit into a serious Copper project for the future.
With the current electrification and Copper thematic, it is good timing for Copper companies and Deep-South is busy drilling now until mid-July and will have results coming out until mid-August. The company is also undertaking a scoping study at the project which is looking at alternative power, water usage, future impact study and assess the leach pad.
Deep-South has a busy result driven 9 month period ahead and will be releasing news and results from their activities between now and the end of the year.
Company page: https://www.deepsouthresources.com/
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Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market. The Company possesses industry-leading nickel expertise and is focused on low-risk well-established mining jurisdictions.
Company page: https://canadanickel.com
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G2 Goldfields, formerly Sandy Lake Gold, is a Canada-based company engaged in exploration of its projects. The Company owns projects in Canada and Guyana. Its projects consist of The Sandy Lake Gold Project in Northern Ontario, Canada; The Aremu/Oko Gold Project in Guyana, and The Peters Mine Project. Sandy Lake Gold Project is approximately 230km north of Red Lake, Ontario; located within the traditional territories of the Oji-Cree First Nation Communities of Keewaywin and Sandy Lake. The Aremu/Oko Gold Project consist of gold deposits. The Peters Mine Project is located in Guyana.
Company Page: https://g2goldfields.com/
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Generation Mining is developing the Marathon Palladium project in Northwestern Ontario. A 2021 Feasibility Study shows a 30% Internal Rate of Return and an All-In Sustaining Cost of US$809.
Marathon is the largest undeveloped palladium project in North America. Most palladium demand is for autocatalysts in cars, which scrub toxic emissions from the exhaust and therefore make our air much cleaner.
Company page: https://www.genmining.com/
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Mammoth Resources (TSX-V: MTH) is a precious metal mineral exploration Company focused on acquiring and defining precious metal resources in Mexico and other attractive mining friendly jurisdictions in the Americas. The Company holds a 100% interest in the 5,333 hectare Tenoriba gold property located in the Sierra Madre Precious Metal Belt in southwestern Chihuahua State, Mexico.
Mammoth Resources are preparing to initiate a drill programme at the Tenoriba property. In the Sierra Madre region of Mexico the property is surrounded by multi million ounce deposits owned by multi million dollar companies and Mammoth Resources believes that their project could be another one of these lucrative deposits.
Mammoth Resources acquired the asset in 2012 from another Canadian junior company which had produced some good data from their first few drill holes at the property. Mammoth didn’t do any further work in the first couple of years but has now completed extensive sampling over a 7km trend with 1000 samples, soil geo-chemistry and some drilling.
The previous partner, Centerra Gold has pulled out of Mexico completely as of September 2020, having spent $1.2m on this project. Mammoth Resources has raised and spent $4m and the predecessors spent about $1.5m on the project. Mammoth Resources has a market cap of $6.5m and have spent the last 5-6 years working on this project.
After Centerra left in September, Mammoth has advanced the work on the permit process. They have the drill permit in place, and have surface agreements with two local communities to enable them to drill. They have extended the geo-chemistry for another kilometre and have advanced the infill geo-physics survey leading to the drill targets and have a 50 hole drill programme forthcoming.
They now need to raise some capital to fund the drill programme and are interested in potential mergers with other junior companies or involvement with a major company like Centerra Gold.
Company Page: http://www.mammothresources.ca/s/Home.asp
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Altius Minerals Corporation is a mining royalty and mineral project generation company. The Company is engaged in the generation and acquisition of mineral resource projects, royalties and investments. The royalty interests cover mining operations producing copper, zinc, nickel, cobalt, precious metals, potash, and thermal (electrical) and metallurgical coal.
Overall, the exposure of Altius Minerals is related to a number of broader thematics that are actively related to electrification and transportation. Altius Minerals is also a majority shareholder in a new company called Altius Renewable Royalties which invests directly in renewable energy projects. Underpinning the mineral side of the business, Altius has the Project Generation Group which identifies mineral prospects in exchange for equity positions and royalties.
A key differentiator for Altius is their exposure to industrial metals more than the precious metals sector. Altius Minerals is the original business and the parent company which started life as a project generation business and then set up Altius Resources as a route to deploy capital effectively by purchasing advanced stage mineral resources. Altius Renewable Royalties is a separate company and the basic thematic is set up for the green future which is now very popular and a macro trend with growing sustainability.
Altius has developed their business and they are now looking forward to the rewards of their organic growth as they benefit from the higher prices from their assets during this upcycle.
Altius holds royalty interests in approximately 10 producing assets in Canada that include over 4% net smelter return (NSR) royalty on 777 copper-zinc mine in Manitoba, approximately six potash mines and over five coal mines located in western Canada, and a royalty on the Bay nickel-copper-cobalt mine in Labrador, as well as interests in the Chapada Mine in Brazil. It also holds equity interests in non-precious metals royalty companies, as well as various junior mineral exploration companies.
Company page: http://altiusminerals.com/
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Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the production stage Florida Canyon mine in Nevada, United States. Advanced exploration projects include the Cerro del Gallo project in Guanajuato, Mexico, the Magino project in Ontario, Canada and the Ana Paula project in Guerrero, Mexico. The Company continues to hold the San Antonio advanced exploration project in Baja California Sur, Mexico and several other exploration stage projects, all of which are located in North America.
Company Page: https://www.argonautgold.com/English/home/default.aspx
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Superior Gold Inc. is a Canadian based gold producer that owns and operates 100% of the Plutonic Gold operations located in the world-class goldfields of Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine and central mill, numerous open-pit projects including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture. The Plutonic mine has been in continuous production since 1990 and, having produced ~6 million ounces of gold, is one of Western Australia's largest historic gold producers.
Superior Gold bought the Plutonic asset in 2017 from Northern Star and are conducting a turnaround, with respect to getting the operation going again. They are focused on several different areas including an underground operation producing Gold, new open pits and an opportunity for a second mill and then on to finding the next big discovery.
Superior Gold has gone back to basics with respect to the geology and the mine, and they have had quarter-on-quarter improvements but in Q1 had a jump in production level which shows that the asset can produce a significant amount of free cashflow going forward. Production in Q1 was just over 17,600oz which is the best it has been for quite a while at Platonic.
There is a drill rig dedicated to exploration underground and by mid-year a second drill rig is coming in for infill drilling at surface. There is opportunity to uncover both an excellent underground operation with exploration upside and also a brand-new open-pit surface plan which has the ability to turn this story very quickly.
Company page: https://www.superior-gold.com/
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Windfall Geotek (formerly Albert Mining) is a Canadian company offering a proven and industry-leading digital platform leveraging Artificial Intelligence (AI) technologies to significantly improve outcomes in the exploration, development, operations and financing of geologically focused projects.
Principal markets encompass the global resource mining industry including virtually all forms of mineralization including oil and gas exploration. Recent advances have led to the detection of water sources and aquifers especially in drought regions, and of anti-personnel landmines and related deadly legacy hazards in conflict zones.
Windfall Geotech as a technology company has spent the last 15-years in the base metals exploration sector, using a combination of data science and machine learning to try to extract drill targets based on public and proprietary data. The business was formed from over 100 projects and over 30 bonafide discoveries validated in the market, and that was as a geotechnical services company. Windfall independently produces resource targets to de-risked a drill programme and aims to identify targets to add value to existing projects and locate new projects.
Windfall Geotek now also has a landmine detection component to their company and have partnered with a company called Dragonfly, which is a drone provider that is servicing the US Military. They are working with them to develop an operational product that can take their algorithm with their autonomous drones and deploy them into operation or in theatre operations in the Middle East, Eastern Europe, Ukraine, and other locations. They are working with NATO and the Canadian government to try to secure project funding to do a field trial.
Windfall aims to generate returns rather than revenue and the key thing is that Windfall is getting involved in companies pre- RTO, pre-IPO and when they go public, Windfall will generate the projects, raise the cash and funnel that cash into new projects.
Company Page: https://windfallgeotek.com/
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Golden Minerals Company is a Colorado-based precious metals producer with a pipeline of exploration projects in Mexico, Argentina and Nevada. With the commencement of gold and silver production at our Rodeo project (Durango State, Mexico) in January 2021, the company has successfully transitioned from exploration firm to gold-silver producer. Additionally, we intend to restart production at our silver-gold Velardeña Properties, potentially in 2021-2022, where the use of bio-oxidation processing of sulfide concentrates is expected to result in a dramatic increase in overall gold recovery that will give rise to longer term profitable operations.
Company page: https://www.goldenminerals.com/
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Deep Yellow is aspiring to become a tier-one uranium producer. Since the appointment of John Borshoff as CEO and Managing Director in October 2016, the Company has set a new direction built around a unique, counter-cyclical strategy focused on organic and inorganic growth to deliver a 5-10Mlb, Tier 1 uranium producer with a low cost, multi-project global uranium platform.
Company page: https://deepyellow.com.au/
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Jervois Mining is focused on becoming a global supplier in the energy battery metals market.
As part of its global strategy, the Company has secured geographic and asset diversification by combining construction-stage Idaho Cobalt Operations and development stage Nico young Deposit in Idaho and Australia, respectively, with the largest Nickel Cobalt refinery in Latin America, the Sao Miguel Paulista refinery in Sao Paul, Brazil.
The company is primarily focused on cobalt but maintains significant nickel and copper exposure through its development and refinery asset portfolio.
Company page: https://jervoismining.com.au/
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Global Atomic aims to start Uranium production at the Tier 1 Dasa deposit, in Niger. In addition, Global Atomic has a 49% stake in the BST steel dust recycling operation in Turkey that produces zinc concentrate and provides financial leverage to minimise equity dilution.
Global Atomic owns 100% of the Dasa project in Niger, a major uranium deposit first discovered by Company geologists in 2010. A new PEA announced in April 2020 comprises an optimized Phase 1 of a larger mine development at the Dasa project. The Phase 1 plan is a low Capex development targeting profitable production over a twelve year mine life. During Phase 1 implementation, Global Atomic will aim to upgrade the substantial mineral resources outside of the Phase 1 mine plan to feed the larger Dasa Project future mine plan. Dasa is a graben-hosted sandstone deposit of world class size and grade.
Global Atomic has recently reached a C$3 share price which doesn’t come as a surprise as the company has made tremendous progress both on the Zinc side with the new plant and now with the Dasa Uranium project. They have the largest, highest grade Uranium project in Africa and have moved through the permitting process in a record 3 month timescale.
Niger has extensive experience in mining Uranium and has opened up its doors to new investment opportunities. There is a good knowledge base of Uranium mining and it is a big source of revenue for the country. The older projects which have been in operation for 50 years are now reaching the end of mine life and as they close their doors, the Dasa project can benefit as it has access to the experienced workforce on their doorstep.
Global Atomic will save time, money and training by employing this available workforce and there is also equipment available too. The Feasibility study will be released at the end Q3, 2021 to include final engineering and will show improvements in capex and opex due to the use of equipment, workforce and expertise from existing projects in Niger. A big drill programme is planned to start in September 2021 and they aim to be ready to go in Q1, 2022 with the most advanced Uranium story in Africa.
The Zinc element of Global Atomic is said to be potentially worth $200M of the $500M market cap and the new plant which was built in 2019 is now running at full capacity. The Zinc price is good and Global Atomic aims to have the project paid out this year, after which the cash flow from the Zinc project can be employed at the Dasa project.
Global Atomic is good for cash at the moment and their big focus now is to get the Feasibility study completed, start building the project and move towards production.
Company page: https://www.globalatomiccorp.com/
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Snowline Gold is a Gold exploration company focused on the Yukon and started trading on March 1st. Since then, they have staked an additional 25,000hectares, announced 5 projects, and are all set for summer exploration. They are fully funded, have the permits lined up, contractors lined up, and are ready to go.
Since we last spoke in March, the company has been busy planning their exploration programmes. They are planning on focusing on 2 projects as flagship projects where the exploration thesis is very compelling and there is near-term discovery with drill-ready targets and very intriguing discoveries. The 2 projects are Rogue and Einarson in the Selwyn Basin, about 85km northwest of Macmillan Pass.
There is a lot of baseline data for these two projects and Snowline Gold will be quickly assessing these targets and readying them for drilling in the early to mid-season. They have one drill ready to get started on the planned C$4.5M drill programme.
Snowline Gold wants to build a leading exploration company that delivers value and prosperity to shareholders, employees, indigenous partners, and to the communities in which they operate. They are in the right part of the world with an experienced technical team who have the knowledge and expertise to execute on these projects for the company.
Company page: https://snowlinegold.com/
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Serabi Gold is a Gold exploration and production company involved in the evaluation and development of Gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the recently acquired Coringa Gold Project both located in the Tapajos region of northern Brazil. Combined gold production from the Palito Mining Complex is currently approximately 40,000 ounces per annum, whilst the Coringa Project, when in production, is forecast to produce an average of 38,000 ounces per annum.
Serabi Gold has recently put out a press release regarding their audit which found several unauthorised cash withdrawals over the last few years. There is an ongoing legal process and two members of staff have been suspended whilst the company understands exactly what has happened. The audit process is due to be completed by the end of June 2021.
There have also been some interesting press releases regarding the exploration work at Sao Domingos that runs into the western part of Sao Chico, where they have found a 600m trend with a series of high grade vein structures along the strike length. They have focused on a central area which is 20m wide, grading at about 12g which is very exciting for the company. There has been some drilling at depth which has also returned similar numbers and step out drilling has confirmed even more structures.
Serabi Gold has identified about 4 high grade structures at Sao Domingos inside a 40m wide lower grade mineralised halo and they are now targeting that envelope that contains these high grade structures to ascertain the size of the area. There will be more drilling with one drill at Sao Domingos for the foreseeable future and more press releases to come out shortly.
Despite issues with Covid in Brazil, it is business as usual for the Serabi Gold team which have had no interruptions since September last year and have produced 8,000oz in Q1 this year. However, initial Covid interruptions in 2020 meant that planned development to ramp up to 45,000 oz production in 2021 has been deferred to 2022. Guidance for 2021 is now 33-35,000oz but the company is currently ahead of production guidance and development work is going well too with planned exploration on track for 30,000m drilling this year.
Company page: https://www.serabigold.com/
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AfriTin Mining was established in 2017 to acquire the tin assets of Bushveld Minerals Limited. The company was listed on AIM in November of the same year and is focussed on creating a portfolio of conflict-free, tin producing assets. The company owns two tin projects: the Uis brownfield mine in Namibia and the Mokopane project in South Africa.
Company page: http://afritinmining.com/
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A ‘NEW’ Goldfield in South Africa with resources from surface is awakening.
Theta Gold Mines controls the Eastern Transvaal Gold Fields, where South Africa’s gold mining industry began almost 130 years ago. And they're bringing open pit mining to this large and Historical shallow underground mining goldfield.
Company page: http://thetagoldmines.com/
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Capella Minerals Ltd is a Canadian gold and copper exploration and development company with highly prospective properties located in the favourable jurisdictions of Canada and Scandinavia.
Capella’s portfolio includes three high-grade gold projects in Canada (Domain, Manitoba and Savant Lake, NW Ontario) and Sweden (Southern Gold Line), and two high-grade copper projects located in the past-producing Løkken and Kjøli mining districts of central Norway. In addition, the Company currently retains a residual interest in the Sierra Blanca gold-silver project divestiture in Argentina.
Company page: https://capellaminerals.com/
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ASX-listed Core Lithium is Australia’s most advanced new Lithium producer, developing one of Australia’s most capital efficient and lowest cost spodumene Lithium projects located near Darwin Port in the Northern Territory, Australia which is near construction ready.
Core Lithium is aiming to complete project finance in the next few months and be in construction by Q3 of 2021 which means production of high quality Lithium products is planned to commence at the Finniss Lithium project by the end of 2022.
The project DFS shows production of 175,000tpa of high-quality Lithium concentrate which is a large spodumene project. Core Lithium has 40% off-take agreements in place and is in the process of negotiating further agreements within the Lithium battery supply chain and electric vehicle industry. As spodumene prices continue to rise Core Lithium and their customers are keen to get this project into construction as soon as possible.
Core Lithium raised A$40M earlier this year which means the company is in a good position to ensure the project is ready to go once finance is agreed with key contracts, systems, orders and human resources already in place.
The Finniss Lithium Project has great infrastructure and a logistics chain to Asia and is within 25km of port, power station, gas, rail and 1 hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port - Australia’s nearest port to Asia.
Core Lithium also has significant Uranium assets within their portfolio and the company plans to find a corporate or separate pathway to advance these projects as interest in the Uranium sector is returning from generalist investors. In addition, their Gold project is progressing with the appointment of an exploration manager and drilling is planned to commence in the next few weeks.
Company page: https://corelithium.com.au/
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Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy revolves around de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.
Neometals has 4 core projects with unparalleled exposure to commodities most positively impacted by the current EV and energy storage megatrend.
Neometals has a Lithium battery recycling project, and are building a demo plant in Germany. They also have a high grade Vanadium slag project in Scandinavia plus a number of other residual mining assets in Australia.
The Lithium Recycling project has recently updated it’s opex and capex cost estimate as the company has relocated the plant from Western Australia to Germany and the year long pilot plant has formed the basis of these cost estimates.
PFS numbers have just been announced for the Vanadium project in Scandinavia and they are a good set of numbers for a project producing zero carbon, high purity Vanadium inside the EU. It is a 10 year operation producing about 13.5Mlb/year of V2O5. The Vanadium project is moving forward quickly but robustly with the aim to reach DFS stage by June 2022.
Neometals’ core business in sustainability is sequestering carbon, recycling of finite materials and the reduction of hazardous materials heading to landfill. The 2 projects in Europe are projects which complement the mining business which continues to be important to provide the volume of materials required for worldwide EV and battery growth. Mining is always under the spotlight as people question how green extraction processes are but Neometals are the real deal with their green initiatives as the market needs to look at companies with solid ESG fundamentals.
Company page: https://www.neometals.com.au/
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Callinex Mines is advancing its portfolio of Copper, Zinc, Gold and Silver rich deposits located in the Flin Flon, Bathurst and Buchans mining districts, where nearby operations are actively mining for Copper, Zinc, Gold and Silver.
Callinex Mines is busy exploring Canada’s most prolific mining jurisdiction and has emerging discoveries across its portfolio. They have a 30,000m drilling programme at their high grade Copper-Zinc-Gold-SIlver discovery called the Rainbow deposit which is just outside Flin Flon, Manitoba where there is good infrastructure and direct road access to processing facilities.
In addition Callinex has emerging Silver discoveries in the Bathurst Mining District of New Brunswick which is in close proximity to the PEA stage portfolio led by the Nash Creek Zinc-Lead deposit.
In Newfoundland Callinex has an updated resource on their Point Leamington deposit which is a historic Gold-Copper-Zinc open-pitable resource which they are looking to bring up to 43-101 compliant this year.
Callinex Resources has recently announced a headline of 7.55m over 5% Copper which is a great result in the current Copper environment but the market is yet to react.
Callinex now needs to educate new investors and current shareholders and get the message out to the market that the company is fully funded for drilling in Manitoba and are consistently drilling high grades. Callinex believes that there is an excellent buying opportunity with the current company valuation and as they are fully funded, there is a lot of value to add for their shareholders.
Company page: https://callinex.ca/
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Vimy Resources Limited is a Perth-based resource development company. Vimy’s flagship project is the Mulga Rock Project, one of Australia's largest undeveloped uranium resources, which is located 290km ENE of Kalgoorlie in the Great Victoria Desert of Western Australia.
Vimy also owns (79%) and operates the largest granted uranium exploration package in the world-class Alligator River uranium district, located in the Northern Territory. Vimy is exploring for large high-grade uranium unconformity deposits identical to those found in the Athabasca Basin in Canada.
Company page: https://www.vimyresources.com.au/
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American Lithium Corp. is actively engaged in the acquisition, exploration and development of Lithium resources within mining-friendly jurisdictions throughout the Americas. The company currently holds a significant land position of over 4,000 acres at the TLC Lithium project near Tonopah, NV.
Plateau Energy Metals is a Canadian based company involved in the exploration and development of its Falchani Lithium project and its Macusani Uranium project in southeastern Peru. The company has 100% control of mineral concessions covering over 93,000 hectares, with significant and growing Lithium resources and all reported Uranium resources known in Peru, all of which are situated near infrastructure.
American Lithium has completed the merger with Plateau Energy Metals to consolidate their development-stage Lithium assets. Lithium demand is rapidly growing due to the increasing focus on electric vehicles, energy storage and renewable energy generation. Each holder of Plateau Shares is entitled to receive 0.29 of a common share of American Lithium and 0.145 of a common share purchase warrant of American Lithium.
The short term plan is to move both the Lithium projects forwards with 60-70% allocation to the project in Peru and the rest on the project in Tonopah. They plan to start drilling at Falchani in a couple of months and to start work on feasibility in both places. The two Lithium assets together will provide a great portfolio for the future.
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Company page: https://www.americanlithiumcorp.com/
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Jervois Mining is focused on becoming a global supplier in the energy battery metals market.
As part of its global strategy, the Company has secured geographic and asset diversification by combining construction-stage Idaho Cobalt Operations and development stage Nico young Deposit in Idaho and Australia, respectively, with the largest Nickel Cobalt refinery in Latin America, the Sao Miguel Paulista refinery in Sao Paul, Brazil.
The company is primarily focused on cobalt but maintains significant nickel and copper exposure through its development and refinery asset portfolio.
Company page: https://jervoismining.com.au/
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GoGold Resources Inc is a Canadian-based mining company. It engages in the business of exploration, development, and production of gold and silver. These processes are primarily carried in Mexico by the company. The mining project owned by the company includes the Parral mine project which is in commercial production. The company generates revenues from the sale of gold, silver, and the other by-products and uses the cashflow to fund exploration at its Los Ricos project.
Company page: https://gogoldresources.com/
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Conversation with Rick Rule & David Cole, President & CEO of EMX Royalty. So turns out Rick and Dave meet 20 years ago when Rick offered Dave a job, only for him to turn Rick down. We talk about what it takes to be a good investor and what good companies need to succeed. If you are a retail investor looking for ways to increase your odds and reduce the amount of times you call it wrong, listening to this conversation is a good place to start.
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Mariusz Skonieczny is the founder of Classic Value Investors and Microcap Explosions which is also a newsletter service. He is also the author of several books on the subject of investing. Several Crux Investor club members asked that we talk with Mariusz and we were delighted to. He positions himself and firmly against mining investing (except for one company) as he believes that the cards are stacked against retail investors. In this conversation he lays out his rationale for saying that. An energetic and lively set of views from Mariusz.
Company page: https://microcapexplosions.com
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Vox Royalty is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning nine jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector.
Vox Royalty has recently announced a record quarterly revenue for Q1 of this year of C$669,000. This revenue was fully anticipated by the company who provided revenue guidance for 2021 of between C$1.7-2.5M so this record quarterly revenue is in line with this guidance.
Vox Royalty went public in May 2020 with one producing asset and the company is on track to finish 2021 with 7 producing assets without any further acquisition which is a natural maturing of their royalty portfolio.
The company has 50 royalties in total and 30 of those are exploration royalties. The expectation of brokers is that Vox will reach C$2M in 2021, increasing to C$6M in 2022 and C$8M in 2023 in topline revenue.
Based on the existing portfolio of 50 royalties, investors in Vox Royalty can continue to expect organic growth of their producing assets, development of key assets towards construction decisions and a huge volume of monthly news flow from the drill bit through exploration.
From the 10 potential LOIs, Vox has so far received 3 gold royalties and investors can expect more completed deals to be announced in the coming months. Vox Royalty concentrates on value rather than volume for the company and potential deals will meet very rigorous technical and financial conditions before capital is allocated.
The current share price is disappointing but as cash flow continues to grow and royalties continue to deliver upside, the market will start to reflect that fundamental value for the company.
Vox Royalty is well financed today and with growing cash flow they are in a good position in terms of the balance sheet so will not need to tap the market again from an equity perspective in the near future.
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Banyan Gold Corp. is a Canadian exploration and development company focused on Gold and is advancing two Yukon Gold properties, the Hyland Gold Project and the Aurex-McQuesten Gold Project.
Banyan Gold had a good year in 2020 when they focused on the AurMac project and put out a resource in May 2020 of 900,000oz there. Since then they have drilled another 10,000m and are on track to drill another 15,000m.
The AurMac project is the priority for Banyan Gold at this stage as it provides huge value for shareholders. The company found that during Covid, it was sensible to focus the team on one project and keep the team all in one place. One drill worked continuously from June- December 2020, completing 10,000m of drilling to build on the geological model, extend the strip and add valuable ounces at AurMac. Banyan Gold plan to start work on the Hyland project in 2022 but for now the main focus is AurMac.
At AurMac, the Powerline discovery has exceeded all expectations with mineralisation over 2.5km and every single drill hole hitting anomalous mineralisation. Powerline is a horizontal model which is open to the South, the East and at depth. The 2021 drill programme started there in Feb 2021 in very cold conditions and Banyan Gold is already 6,000m into the planned 15,000m drill programme. The company is confident that the resource will reach the 2Moz target which is considered a critical number in the Yukon to be an economic, standalone resource.
Banyan Gold has started work on the PEA and the baseline environmental and water quality work required for permitting and there will be news flow planned for every couple of weeks going forward. The updated resource will be out in the autumn of this year for this open-pit heap leach mine project which is low strip ratio and has excellent local infrastructure.
The company is well positioned for 2021 having recently raised another C$2.5M and are fully funded going forward. They started the year with C$5.8M and spent C$4.5M on exploration and have some left for further exploration and for the Hyland project.
Banyan Gold will continue to promote their company by telling the story to the right people in the marketplace. There will be ongoing drill results published every 2-3 weeks and the neighboring Victoria Gold story will help gain momentum for the Banyan Gold story.
Company page: https://www.banyangold.com/
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Akora Resources Limited ("AKO") is a Melbourne based mineral exploration company which was incorporated in October 2009. AKO has three prospective exploration target areas comprising some 308 km2 of iron ore tenements.
Bekisopa is the flagship project with its high grade ~65% lump iron ore suitable for Direct Ship Ore (DSO). Our focus post the successful capital raising on the Australian Securities Exchange (ASX) is to build on the quality historical geological knowledge and drill to define a +100 million tonne JORC CODE 2012 compliant high-grade lump direct ship iron ore maiden resource.
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American Eagle Gold is focused on exploring for a world-class gold deposit on its flagship property, Golden Trend. The property is located on the Cortez Trend, next door to Barrick Gold and Newmont Mining’s Gold Rush and Cortez Mine, which host over 27 million ounces of gold. The company plans to drill and advance its relatively unexplored property and continue to focus on acquiring and advancing gold projects in the area.
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Marimaca Copper is a Canadian-based copper company. Its vision is to explore and develop new sources of copper to supply an increasing global demand for this essential commodity. The Company’s flagship asset is the Marimaca project in Chile’s Antofagasta Region.
Marimaca is fast becoming recognised as one of the most significant copper discoveries in Chile in recent years. It represents a new type of deposit which challenges accepted exploration wisdom and may open up new frontiers for discoveries elsewhere in the country. Marimaca is hosted by intrusive rocks while the numerous manto deposits in the same region are hosted by volcanics.
Company page: https://www.marimaca.com/
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Kainantu Resources is an Asia-Pacific focused gold mining company with two prospective gold projects, KRL South and KRL North, in a premier mining region, the high-grade Kainantu gold district of PNG. Both projects show potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the district. Kainantu Resources has an experienced board and management team with a proven track record of working together in the region; and an established in-country partner.
Kainantu Resources’ aim was to identify high quality assets in close proximity to other existing producers and the company settled on two assets which are in close proximity to K92 Mining’s high-grade, producing gold mine.
This is a rich mineral area and as well as high-grade regional geology, Kainantu Resources has local and national support from the government and the Mineral and Resource Authority in PNG.
Both the KRL South and KRL North projects have had legacy social licensing issues in the past. These issues have been resolved as old clan leaders have gone and the projects now have the support of the local community which is fundamental to the future.
Kainantu Resources has identified prospects and they are in the process of trenching at these prospects with the intention to delineate some drilling targets moving forward. The company has published some samples which show a high grade system and there are more samples being processed, coming out in a couple of months.
Targets and goals for 2021 for the company are to move towards a defined mineral resource for the projects and also to provide an opportunity for accretive regional collaboration in PNG. Kainantu Resources aims to build a successful junior mining company in Asia-Pacific and plans to build the company taking it to the next level step by step.
Kainantu Resources raised C$4.1m at the end of 2020 and they are now fully funded for the next year.
Company Page: https://www.kainanturesources.com/
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Ionic Rare Earths is focused on developing its flagship Makuutu Rare Earths project in Uganda into a significant, low-cost, supplier of high-value critical and heavy rare earth.
Makuutu is an advanced-stage, clay-hosted project highlighted by near-surface mineralization, significant exploration upside, excellent metallurgical characteristics, and access to tier-one infrastructure.
Company page: https://ionicre.com.au/
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Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is developing its high-grade San Albino gold project in Nueva Segovia, Nicaragua. Mako’s primary objective is to bring San Albino into production quickly and efficiently, while continuing exploration of prospective targets in Nicaragua.
Company page: https://makominingcorp.com/
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UEX Corp is a Canada-based uranium exploration and development company engaged in the acquisition, exploration and development of uranium properties. The Company's uranium exploration properties are located in the Athabasca Basin of northern Saskatchewan. It also has ownership in the following properties: Hidden Bay Project in the eastern Athabasca Basin, which includes approximately three deposits with indicated and inferred mineral resources; Western Athabasca Projects in the western Athabasca Basin, which consists of over nine projects, including the Shea Creek Project (Shea Creek), as well as the Christie Lake Project in the eastern Athabasca Basin.
Company page: https://www.uexcorp.com
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Tesoro Resources Limited (ASX: TSO) is an Australian public company with exploration stage gold assets in Chile. Founded in 2017 by the members of the Board, Tesoro is focused on acquiring and developing high grade gold assets that have potential to be district scale mining projects.
As the Gold price has recently started to come off a little, the Tesoro share price has also reduced but Tesoro is a well funded company with the ability to ride the bumps in the market. The company has the next 12-18 months well planned out in growing the El Zorro project going forward.
The El Zorro Gold Project is Tesoro’s main focus and covers over 500km2 and is located 140km by road from the city Copiapo in Region III, northern Chile. El Zorro is 100km north of Santiago in one of the best mining regions of Chile. El Zorro is situated on the coast, 15km from the Pan-American highway, 20km from grid power and 20km from the detail plant so has good infrastructure, is not at altitude and is near to a port.
Chile is a great mining jurisdiction and has a long history of mining investment. The country is well supported by excellent infrastructure and it is comparatively easy to complete the permitting process and there is a cost advantage of mining in Chile too.
Geologically, El Zorro is an intrusive, related Gold system and Tesoro is focused on drilling out the Ternera deposit. They have 5 rigs turning 24/7 and are shortly looking to increase that to 6. They have gone from a 30,000m drill programme to now budgeting for a further 35-40,000m drill programme for infill drilling and resource definition. The step out holes are well mineralised and the aim is to get as many holes into the ground as possible to form the basis of a scoping study and get the maiden resource out by mid-year 2021.
Tesoro will deliver the resource and start the permitting process for El Zorro and then the market will start to take note and provide a realistic valuation for the company. El Zorro is a new project in a world class destination, located next to a port with good infrastructure and this will be a medium to long term project for Tesoro.
The fundamentals which underpin this project of scale, grade, operating costs and capex, all together ultimately build a robust project for the company which is planning to build a mine and are not looking for strategic partners at this point.
Company page: https://www.tesororesources.com.au/
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Orefinders is a Gold exploration and development company focused on making a World-Class Gold Discovery in the Kirkland Lake District of Ontario's Abitibi Greenstone Belt. Orefinders’ properties have the advantage of being located in known gold systems with access to infrastructure in a world-class mining jurisdiction. The company plans to leverage its high potential assets, strong team, proven track record and healthy balance sheet to maximize shareholder return.
Company page: http://www.orefinders.ca/
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i-80 Gold Corp. is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. In addition to its producing mine, El Nino at South Arturo, i-80 is beginning to plan for future production growth through the potential addition of the Phases 1 & 3 projects at South Arturo and advancing an underground development program for the 100%-owned McCoy-Cove Property. i-80 is also completing the acquisition of the Getchell Project and will aggressively pursue the development of the Pinson underground and open pit opportunities.
Company Page: https://i80gold.com/
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Aldebaran Resources is a mineral exploration company that was spun out of Regulus Resources in 2018, and has the same core management team. Aldebaran acquired the Rio Grande copper-gold project located in Salta Province, Argentina from Regulus along with several other early-stage projects in Argentina. Aldebaran also has the right to earn up to an 80% interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater. Altar is the flagship project for the company and hosts a large porphyry copper-gold system with mineralization currently defined in 3 distinct zones.
Company page: https://www.aldebaranresources.com/
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Brixton is a Canadian exploration and development company focused on the advancement of its gold, copper and silver projects toward feasibility. Brixton wholly owns four exploration projects: the Thorn copper-gold-silver and the Atlin Goldfields Projects located in NWBC, the Langis-HudBay silver-cobalt Projects in Ontario and the Hog Heaven silver-gold-copper Project in NW Montana, USA.
Company page: http://brixtonmetals.com/
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Chakana Copper Corp. is a Canadian based minerals exploration company and through its wholly-owned Peruvian subsidiary, Chakana Resources S.A.C., is currently advancing the Soledad project near Aija, in the Ancash region of the highly prolific Miocene mineral belt of Peru.
Company page: https://www.chakanacopper.com/
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Asiamet Resources Limited is listed on the AIM market of the London Stock Exchange. The Company is an emerging copper producer focused on the development of a portfolio of large copper, copper-gold and polymetallic deposits in Indonesia, adjacent to the key growth markets in Asia.
Company Page: https://asiametresources.com/
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Adventus is a public company focused on copper-gold exploration and development in Ecuador. Adventus also owns a portfolio of exploration projects and equity investments in Ireland and Canada that are funded by commercial partners.
Adventus chose to go to Ecuador three years ago as they were excited about the geological potential of the country and believe that it is the best place to look for copper in the world. The company has a platform of Copper-Gold projects including their most economic Copper development project, the El Domo deposit which is advancing towards production.
The Curipamba Project is a volcanic massive sulphide (VMS) district. VMS deposits tend to occur in clusters and Adventus has discovered 15 new targets in the district through their airborne geophysics programme. The feasibility study for the development of the high grade copper-gold El Domo VMS is expected in the fourth quarter of 2021. The main focus for the company is to get construction started at El Domo by October 2022.
Adventus has a local Ecuadorian partner in Salazar Resources which is committed to the advancement of the Curipamba - El Domo project. In addition, Adventus and Salazar are partners in a country-wide Exploration Alliance which targets new discoveries and greenfield projects - two projects (Pijili and Santiago) in southern Ecuador have been incorporated in the Exploration Alliance to date, where exploration drilling started in 2020.
The company raised $38M last August, the bulk of which was destined for El Domo. They have enough money for this year and the aim is to get the El Domo project into production as soon as possible to provide the necessary cash flow for further exploration going forward.
Company Page: https://www.adventusmining.com/
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Sailfish Royalty Corp is a British Virgin Island-based precious metals royalty and streaming company. The Company Gavilanes Property is located in San Dimas mining district, Durango State, Mexico. Its portfolio of precious metals streams and royalties on mines, projects and exploration properties in the Americas includes Tocantinzinho Royalty, San Albino Gold Stream, La Cigarra royalty and El Compas Royalty.
Company page: https://sailfishroyalty.com/
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Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. There is evidence of a significant mineralized alteration system within the property.
Company page: https://www.westhavengold.com/
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NorthIsle Copper and Gold Inc. is a Canada-based mineral exploration company. The Company is engaged in the exploration and development of its North Island Project on Vancouver Island. The North Island Project claims are located on northern Vancouver Island from 15 to 40 kilometers southwest of Port Hardy. This project contains various copper-gold porphyry systems. The primary metals in the North Island Project are gold, copper, molybdenum and rhenium.
Company Page: https://www.northisle.ca/
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CopperBank was founded in 2014 during the commodity bear market by a group of well-respected entrepreneurs, geologists and engineers. The business model is to consolidate world-class copper properties and offer investors maximum optionality to higher copper prices. The established reserves and resources of our 100% controlled projects act as the asset base in this low-overhead “pounds in the ground” strategy. The Company controls two advanced projects that are located in the United States. Contact Copper that is at the pre-feasibility stage in Elko County, Nevada and Copper Creek located in Pinal County, Arizona. It would take in excess of $120 Million to duplicate the work programs completed on these projects.
CopperBank aims to strategically advance each of their projects by way of accretive exploration and development, or, partnership, joint venture and monetization to provide a return to our shareholders outside of share appreciation.
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VanGold Mining is an exploration and development company engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico. The Company's El Pinguico project is a significant past producer of both silver and gold located just 7 kilometers south of the city. Upon closing of the El Cubo acquisition, the Company will focus on the refurbishment of the El Cubo mill, and swift commencement of production from the El Cubo and El Pinguico Combined Operation, as well as delineating additional silver and gold resources through underground and surface drilling on its projects located in this 480-year-old mining camp.
Company page: https://vangoldmining.com/
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Roscan Gold Corporation is a Canadian public company listed on the TSX Venture Exchange, which is focused on the acquisition and evaluation of gold properties in West Africa. Roscan’s initial prospective gold exploration project is the Kandiole Project located in West Mali. The Company has assembled a significant land position in the prolific gold prospective Birimian rocks of west Mali and continues its efforts to acquire further permits in this region with the goal to expand its existing land package in West Africa.
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Neometals is an innovative project developer based in Western Australia looking to develop projects for commodities that are exposed to the EV thematic and the energy storage megatrend. The company is developing a Lithium-Ion battery recycling business in Europe which aims to be the largest in Europe. They are developing a Vanadium recovery project and have interests in Lithium, Titanium, Vanadium and Nickel. The provision of these materials to the market will help to speed up the decarbonisation of the supply chain.
Neometals develops opportunities in minerals and advanced materials essential for a sustainable future. The strategy revolves around de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.
Irrespective of the project, Neometals adopts a consistent approach to making the complex simple by developing an ecosystem of expertise to deliver cash flow. Neometals has three core projects at advanced stages of evaluation, plus a mineral exploration portfolio and a range of longer-term opportunities.
Their core, wholly-owned projects include the Lithium-Ion Battery Recycling Project, the Lithium Refinery Project and their Barrambie Titanium and Vanadium Project (WA). Exploration and long-term projects include Mt Edwards lithium and nickel exploration project (WA) and a number of mineral/material related technology developments.
The Neometals share price has increased recently as the story starts to get recognised like a lot of other EV themed companies. It is starting to get really interesting for Neometals shareholders as they can now see the commercialisation of the projects. Moving forward, there will be lots of feasibility studies which will act as a catalyst for further increase in the share price and add value to the company. Out of the 5 projects, 4 of them will reach investment decisions within the next 18-24 months.
Neometals has shown they are able to move the projects forward at a pace, commercialise them and then get some revenue flowing. The share price is moving as people start to understand the Neometals story. The company wants to identify the trends and build the value with the drill bit commercially and then plans to bring in strategic partners to commercialise the projects they are unable to achieve on their own.
Company page: https://www.neometals.com.au/
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Arafura Resources Limited is a rare earths producer. The Company's principal activities consist of Nolans Project Environmental Impact Statement; mining and associated infrastructure, social and environmental feasibility evaluations, and mineral exploration, definition and development. Its segments include Project evaluation and development segment; Exploration segment, and Corporate segment.
Company page: https://www.arultd.com/
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Victoria Gold Corp's Eagle Gold Mine poured its first gold in Q3, 2019 and achieved commercial production on July 1, 2020. In full production, the mine will produce 210,000 ounces of Au per year. The Reserve is 3.3 million ounces of gold and the mine life is +11 years. The deposit is open at depth and along strike. Exploration potential of the greater Dublin Gulch property is good and includes priority targets Olive-Shamrock, Bluto and Nugget-Raven.
Company page: https://www.vgcx.com/
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Maritime Resources is a precious metals focused exploration company with assets located near Springdale, Newfoundland and Labrador, Canada. The company holds a 100% interest in the Green Bay property which includes the past producing Hammerdown gold mine and the Orion gold deposit. Maritime also owns a large land position around its Whisker Valley project, a new exploration project located 6 km north of Hammerdown.
Company page: https://www.maritimeresourcescorp.com/
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AbraSilver Resource Corp is a silver, gold, and copper exploration company with projects in Argentina and Chile. The Company has projects at various stages of exploration, from drill-ready to PEA stage. The company is focused on further advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which contains a large resource base of 80.9Moz of silver and over 730,000 ounces of gold in the Indicated category.
Company Page: https://www.abrasilver.com/
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E2Gold Inc. is a publicly traded Canadian junior exploration company committed to unlocking gold potential and growth through exceptional management and technical expertise. Founded in 2020 by father-daughter duo Dr. Eric Owens and Ellie Owens, E2Gold completed an oversubscribed Initial Public Offering in 2020 after a successful initial exploration campaign. Dr. Owens is a seasoned professional with over thirty years’ experience in mineral resource exploration. Ms. Owens (B.Sc., M.Sc. geology) is a geologist-turned-lawyer with over 7 years’ experience in the industry.
Company page: https://www.e2gold.ca/
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Sipa Resources Limited is an Australian minerals exploration company with a portfolio of gold and base metals projects primarily located in Western Australia. With a track record of successful project generation and discovery, Sipa focuses on carrying out the early-stage systematic testing of projects to add value and bring to a decision point, with further work carried out either internally or via Joint Ventures where applicable.
Company Page: https://sipa.com.au/
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Alligator Energy is focused on the discovery of world-class high grade, uranium deposits in the Alligator Rivers Uranium Province (ARUP) in the Northern Territory. Through focused exploration programs of high technical standard, while building strong and accountable relationships with stakeholders. The ARUP is a uniquely under-explored, high-grade uranium province. The province hosts several world-class, high-grade uranium deposits, including the Ranger No 1 and No 3 deposits which have to date produced over 300Mlb of U3O8 for export and the Jabiluka deposit, which is one of the world’s largest uranium deposits, having a resource in excess of 300Mlb U3O8 at grades of 0.5% U3O8.
Company Page: http://www.alligatorenergy.com.au/
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Gold Mountain Mining Corp. is a BC based exploration and development company focused on the Elk Gold Project, a past-producing mine located approximately 57 km from Merritt, BC. The claims and leases comprising the Elk Gold Project cover over 16,000 hectares offering both exploration upside and a clear path to near term production. The proposed multi-phase production plan will see a Phase 1 – 19,000 Oz. production profile beginning in Q4 2021, which will fund our proposed ramp-up to 50,000 Oz. by 2025. Concurrently with developing the mine, Management plans to continue drilling the nine known high grade mineralized zones, while continuing to explore other areas showing exciting potential.
Company Page: https://gold-mountain.ca/
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It was a close run thing, as there were 5 contenders from all of the royalties companies we interviewed, but we look at this from the point of view of someone new royalty investing, AND we've plumped for Vox Royalty. The management team showed control and understanding of their numbers and a focus on cash on cash returns. Direct answers to simple questions which some struggled with genuine alignment with shareholders. VOX Royalty, on a fundamentals basis, came out on top. There may be promotional and marketing lead companies that work for a while but at some point market fundamentals will create a dramatic reset moment for them. So be clear about how you play those types of investments.
And an honourable mention must go to Maverix Metals and EMX Royalty. Both solid teams and strategies.
The key phrase above is 'as a new comer to royalties'. We all have our own strategy for investing, and our will be different from yours. We're looking for torque and leverage from today. Some of you will have place bets months or years ago with other royalty companies and done well in the last 12 months. Your starting point is different and you will have seen meaningful gains when PM prices were high last year. We wanted something that has the ability from now to give us good returns. ie: measured against peers setting today pricing at zero, who do we think will do best.
Our opinion and investing strategy does not affect yours, and yours does not affect ours, so no need go on the attack. It's ok to disagree and still be friends. That said we'd love to hear who you think is the best royalty company /s and why.
Company page: https://www.voxroyalty.com/
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Euro Sun Mining is a Canadian-based development-stage mining company focused on generating value for its shareholders by advancing its 100%-owned Rovina Valley Project, located in west-central Romania. This property hosts the second largest gold deposit in Europe. In May 2016, the Company strengthened its management team and board of directors with the addition of a technical team with extensive mine development and operations experience in preparation for the advancement of the Rovina Valley Project.
Company page: http://eurosunmining.com/
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Kodiak Copper Corp. is focused on its portfolio of 100% owned copper porphyry projects in Canada and the USA. The Company’s most advanced asset is the MPD copper-gold porphyry project in the prolific Quesnel Trough in southern British Columbia, Canada, where the Company made a discovery of high-grade mineralization in 2020. Kodiak also holds the Mohave copper-molybdenum-silver porphyry project in Arizona, USA, near the world-class Bagdad mine. Both of Kodiak’s porphyry projects have been historically drilled and present known mineral discoveries with the potential to hold large-scale deposits.
Company page: https://www.kodiakcoppercorp.com/
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Cobalt Blue Holdings Ltd is an exploration and project development company focusing on advancing the Broken Hill Cobalt Project in New South Wales. The company’s commercial aim is to make battery-ready Cobalt sulphate from the pilot facility on a scale sufficient to provide test samples for global commercial partners. The pilot plant allows COB to produce varying specifications of Cobalt products, which are in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
Cobalt Blue Holdings has an opportunity in Broken Hill where there is unique ore containing large amounts of Cobalt in the pyrite. The Broken Hill mine will be a large scale and long dated project, once in production, producing 17,000 tonnes of battery ready cobalt sulphate which makes it a world top 10 mine. The mine itself will provide sufficient Cobalt to enable over 5 million electric vehicles going forward. Cobalt Blue will be the first company to put all the processes together to produce battery ready Cobalt on a commercial scale.
The pilot plant at Broken Hill is a replication of a commercial scale operation. It is an open cut mining operation which produces Cobalt which is processed into battery ready Cobalt. The plant has been designed to run the process which was successfully modelled at laboratory scale at 90%+ Cobalt recovery and will now optimise and prove the processing economics and efficiency of the process at pilot scale.
The pilot plant aims to extract every last percentage of Cobalt on a cost comparative basis with any mine in the world. Cobalt Blue will optimise the process at the pilot plant for commercial scale before they step up to the demonstration scale which is due to be commissioned to start in Q1 2022. The demonstration plant will then produce the Cobalt on a larger scale to show repeatability, proof and confidence for investors and partners getting involved in the pilot plant going forward.
Cobalt Blue Holdings has 32 partners involved in the battery industry who are interested in Cobalt samples from the pilot plant. These partners intend to supply batteries for electric vehicles and energy storage systems. The Broken Hill project has a flexible production strategy to enable production of an intermediate product or a final battery ready Cobalt sulphate product so can provide different specifications for different markets.
Broken Hill has the benefit of being an established mining town and so has the people and the infrastructure to support the mine. The project is standout in terms of ethical jurisdiction and is a low cost project in comparison to other mines.
Company page: https://www.cobaltblueholdings.com/
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Peninsula Energy Limited is an ASX listed company that owns the Lance Uranium Projects in Wyoming, USA which are in transition from an alkaline to a low pH in-situ recovery operation, with the aim of achieving the operating performance and cost profile of the industry-leading uranium projects.
Company page: http://www.pel.net.au
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Rick Rule rejoins us for a conversation about investing and some of the things he has learnt along the way. Rick is semi retiring, and he is kind enough to share some of the things he thinks were important and now will become important to him. After all, we all want to achieve the same things and perhaps we can each learn something from the great man himself about what life may be about. There are a few belly laughs along the way.
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Baselode Energy Corp is a fully-funded Uranium exploration company looking for the next world-class deposit in the Athabasca Basin area of northern Saskatchewan, Canada. The company is focused on discovering near-surface, basement-hosted, high-grade Uranium orebodies outside of the Athabasca Basin. Baselode plans to utilize a combination of innovative technology, well-understood geophysical methods, and thoughtful geological interpretations to map deep structural controls to identify shallow targets for diamond-drilling. By doing so, the company can make a discovery that could go into production at an expedited rate.
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Meridian Mining is focused on becoming the next mid-tier Copper-Gold developer with a focus on Brazil. The Company’s priority is on the Cabaçal project, an advanced VMS district-scale Cu-Au project located in the state of Mato Grosso. Discovered in 1983 by BP Minerals, the main zone of massive stockwork, stringer and disseminated Copper-Gold sulphide mineralisation at Cabaçal was never mined. Cabaçal’s Cu-Au mineralisation remains open beyond ~175 meters below the surface and extends 1,800 meters along strike. Meridian’s Board and Management team has a track record of developing, financing and operating natural resource projects in Brazil and internationally.
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Energy Fuels is the leading US producer of Uranium, the fuel for carbon and emission free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the world work to provide plentiful and affordable energy, while combating climate change and air pollution. Energy Fuels is also a major US producer of vanadium and an emerging player in the commercial rare earth business where its work is helping to establish a fully integrated US supply chain.
Energy Fuels is delighted to have recently reached the USD$1B market cap milestone. This market valuation increase tracks valuations of Uranium peers in the space which means there is also potential for further increase once their rare earths business has increased recognition in the marketplace.
With a unique portfolio, Energy Fuels has more production capacity, licensed mines and processing facilities, and in-ground Uranium resources than any other US producer. Energy Fuels has diverse cash flow generating opportunities, including Vanadium production, Uranium recycling and rare earth processing. The addition of the rare earths business is really exciting for the company as they become a diversified, green energy company that can reduce carbon emissions and increase electrification of the world.
Energy Fuels need Uranium prices to increase substantially to put their Uranium projects back into production to produce Uranium cost effectively but the rare earths business is moving forward as the company has their first Monazite contract signed. Energy Fuels are now processing Monazite and aims to increase the scale of production for economies of scale and believe that the rare earths business has potential for higher margins than Uranium in the long-term.
It is early days for the rare earths business as Energy Fuels is currently making the carbonate and shipping to Estonia for separation. They plan to become fully integrated in the rare earths space and within a couple of years, the separation will also take place at White Mesa Mill as Energy Fuels becomes as independent as possible to become cost competitive with China.
Energy Fuels is in a strong position with more than USD$80M in cash or working capital and they are debt free. Uranium equities are starting to move and it is a busy time for the company as the emphasis on clean energy, carbon free energy and electrification continues.
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Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company's flagship project is the 90% owned Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake joint venture ("MLJV"), which includes several uranium deposits and the McClean Lake uranium mill, contracted to process the ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest and Midwest A deposits, and a 66.90% interest in the Tthe Heldeth Túé ("THT," formerly J Zone) and Huskie deposits on the Waterbury Lake property. Each of Midwest, Midwest A, THT and Huskie are located within 20 kilometres of the McClean Lake mill.
Company page: https://www.denisonmines.com/
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Bannerman Resources Limited is an exploration and development company focused on uranium resources in southern Africa. The Company holds uranium interests in Namibia. The Company's principal asset is its 100%-owned Etango Project situated near Rio Tinto's Rossing uranium mine. Etango is an undeveloped uranium deposit. The Company is focused on the development of a large open-pit uranium operation at Etango. The Etango Project is located in the Erongo uranium mining region of Namibia.
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Stuhini Exploration Ltd is a Canada-based company engaged in mineral exploration business sector. The Company is focused on the acquisition and exploration of its mineral property located in the Atlin Mining division in Northwestern British Columbia. Its Metla Property is comprised of seven mining claims covering approximately 6457 hectares in the Northwestern portion of British Columbia approximately 150 kilometres south of the town of Atlin and 150 kilometers west of the town of Dease Lake.
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Ur-Energy is a dynamic junior mining company operating the Lost Creek in-situ recovery (ISR) uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year physical design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are complete, the WDEQ application for permit to mine has been submitted, and work on other permits is underway. Ur-Energy engages in uranium mining and recovery operations, with activities including acquisition, exploration, development, and operation of uranium mineral properties.
Company page: http://www.ur-energy.com/
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QuestEx Gold & Copper Ltd., formerly Colorado Resources Ltd., is a Canada-based mineral exploration company. The Company is engaged in exploring gold and copper with a focus on the Golden Triangle and Toodoggone areas of British Columbia. The property portfolio includes the Castle property, a porphyry copper-gold project located in the Red Chris mining district of the Golden Triangle neighbouring GT Gold's Tatogga property, and Newcrest Mining's GJ property. Other properties include KSP, North ROK, Coyote, and Kingpin in the Golden Triangle, Sofia in the Toodoggone district, and Heart Peaks and Hit in other strategic districts within British Columbia.
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CanAlaska Uranium Ltd. is an exploration stage company primarily engaged in the acquisition and exploration of mineral properties in Canada. The Company focuses on the exploration of uranium deposits in the Athabasca Basin area of Saskatchewan. The Company operates approximately 20 projects within the Athabasca basin area.
Company Page: https://canalaska.com/
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Purepoint Uranium Group Inc. is a uranium exploration company focused on the precision exploration of its projects in the Canadian Athabasca Basin (the “Basin”), the world’s richest uranium region. With solid indicators and historic significance in the Basin, our objective is to enhance stakeholder value through the advancement of properties with well-defined targets of strong, high-grade uranium potential. Established in the Basin in 2002, Purepoint’s leadership team comprises of an independent, highly qualified group of experts with deep provincial and regulatory ties, as well as decades of experience in the Athabasca Basin.
Company page: https://purepoint.ca/
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1911 Gold Corporation is a junior gold producer that is leading the next generation of precious metals exploration and development. By design, our processing capabilities, site infrastructure and focused corporate strategy sets us apart from our industry peers. Our significant land position is located in Canada, a top-tier mining jurisdiction with vast mineral potential.
Company Page: https://www.1911gold.com/
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Allegiance Coal Limited is listed on the Australian Securities Exchange (ASX:AHQ). Its investment focus is advanced, near production, or producing steelmaking coal projects in countries with low political risk. Allegiance is also committed to the development of sustainable working relationships with indigenous peoples and the wider community with whom the company is engaged in relation to its projects.
Company page: https://www.allegiancecoal.com.au
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Josemaria Resources Inc. is a Canadian natural resources company focused on developing its 100% owned Josemaria Copper-Gold Project. A recently published Feasibility Study (see "NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina" dated November 5, 2020) demonstrates a simple and conventional open-pit copper-gold project with robust economics and a rapid payback period. Josemaria is a Lundin Group company and works in partnership with the Lundin Foundation to lay the groundwork for best practice in responsible mineral development in Argentina.
Company Page: https://josemariaresources.com/
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Freeman Gold is a company based in Idaho, USA which has secured a fully-owned 7,500-acre land package as part of their flagship Lemhi Gold Project. The Fraser Institute Mining Survey 2019 ranks Idaho in the top 3 in the United States and top 8 worldwide on the mining attractiveness index.
The Lemhi Gold Project features a 7,500-acre land package that is undergoing exploration and is 100% owned by Freeman Gold.
The company is currently executing a 7,000m program, which is targeted towards validating 70,000m of historical core data to proceed towards phase 2 of drilling later this year. The results are promising as the company achieved high-grade 2.5g/t samples over 151m, which is a lot higher than the historical data suggested, potentially opening doors for significantly larger yields.
They are currently collaborating with a consulting firm (what company name?) based out of (town name) Canada for this project. Freeman is currently concluding phase 1 of its flagship project and heading into phase 2 drilling. Given the rich availability of historical data and their own phase 1 data, phase 2 will be strategic and it is hoped will result in savings in overall cost and time.
The Lemhi Gold exploration project also provides an opportunity for the discovery of high-grade feeder zones as the land package is previously unexplored. The deposits are part of a larger mineralized system, with oxidation that extends 30m-50m below the surface.
As per the historical reports, the resource estimates are around 800,000Moz to 1.2Moz Gold reserves at c.1g/t from the surface heap leachable oxidized, making it one of the highest-grade oxide deposits worldwide. Freeman Gold is planning deliverables over 1.5Moz from this project. The company plans to go into phase 3 and deliver between 1.5Moz 2Moz in a 3-year timeframe.
The Freeman Gold team consists of highly skilled individuals with decades of prior experience in exploring, building, and delivering mines.
Company page: https://freemangoldcorp.com/
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Fortune Bay Corp. is a gold-focused exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company has a goal of building a mid-tier gold exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. Fortune Bay's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.
Company Page: https://www.fortunebaycorp.com/
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K2 is a North American mineral exploration company exploring for gold deposits in California and the Yukon. K2 continues to review other prospective gold properties.
K2 currently holds three precious metal projects in California, and the Yukon: Mojave, Wels, and GDR projects.
Company Page: http://www.k2gold.com/
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Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable Canadian mining jurisdictions at or near past-producing properties. Braveheart's main asset is the 100% owned Bull River Mine project near Cranbrook, British Columbia which has a current Mineral Resource containing copper, gold and silver. Braveheart’s newest acquisition is the 100% owned Thierry Mine project near Pickle Lake, Ontario containing copper, nickel, palladium, platinum, gold and silver.
Company Page: https://braveheartresources.com/
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Superior Gold Inc. is a Canadian based gold producer that owns and operates 100% of the Plutonic Gold operations located in the world-class goldfields of Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine and central mill, numerous open-pit projects including the Plutonic Main Pit push-back project, the Hermes open pit projects and an interest in the Bryah Basin joint venture. The Plutonic mine has been in continuous production since 1990 and, having produced ~6.0 million ounces of gold, is one of Western Australia's largest historic gold producers.
Company Page: https://www.superior-gold.com/
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The Company’s focus is to explore, develop, and ultimately become a producer of high-grade helium for the international market, a critical material essential in modern technologies. Helium One is the only listed company in the UK that enables investors to participate in the helium market.
Company page: http://www.helium-one.com/
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Australis Oil & Gas Ltd. is a listed company which was formed in 2014 and listed in 2016. The company is the sole owner of the largest delineated, appraised but undeveloped unconventional oil development in the USA.
Australis was formed by the founders and management team of Aurora Oil & Gas Limited (Aurora), an oil and gas company focused on unconventional onshore oil & gas exploration, development and production in the USA. Aurora went public with an initial market cap of ~A$30 million and was sold in June 2014 for a value of A$2.6 billion, with market cap at the time of A$1.8 billion.
The management team at Australis learnt a huge amount from their time in Aurora Oil & Gas and spent time looking for the right opportunity which they acquired for a low price in 2014. Now the company plans to ride the cycle and they have recently raised A$10 million earlier this month which suggests that the market is recovering and the oil industry is generating interest. The management team has put in A$11-12 million of their own money and holds 10% of the company in equity.
Australis has accumulated a large strategic position in the USA, becoming the largest acreage holder in the production-defined core area of the Tuscaloosa Marine Shale (TMS). The company sits on over 170 million barrels of oil which is recoverable, in the ground, awaiting development as a mid case estimate. Australis operates 38 wells in the TMS core with non-operated interests in a further 17 wells.
Australis Oil & Gas is looking for strategic partners going forward to invest in their asset which has solid returns and proven economics. Capital is incremental in this business as money can be raised during the programme which gives flexibility to deployment of capital which is attractive to potential investors as it gives them the ability to control their capital spend profile. The entry cost doesn’t necessarily need to be high and strategic partners could be a range of types and sizes and the company is currently in discussions with potential investors.
The oil market in the US is showing recovery as demand post-Covid is anticipated to increase and the price of oil has changed over the past few months to reflect this. The market sentiment in the US is changing which is what Australis Oil & Gas has been waiting for to achieve the strategic objectives for their company going forward.
Company Page: https://www.australisoil.com
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Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of advanced exploration assets in known gold districts in the Americas. The Company will acquire advanced exploration projects for advanced exploration and development. The Company will, through evaluating historical data and utilizing modern exploration techniques and geological concepts to enhance resources. The management team and board of directors of the Company have an established track record of creating significant returns for investors and demonstrated access to capital to advance the development of assets.
Company Page: https://www.baldeaglegold.com/
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Golden Valley Mines is focused on project generation and continues to evaluate opportunities to enhance its mining exploration property portfolio. The Company is able to grow its current assets by way of partner-funded option/joint ventures and through its shareholdings in related entities.
Company Page: https://goldenvalleymines.com/
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Osisko is an intermediate precious metal royalty company focused on the Americas that commenced activities in June 2014. Osisko holds a North American focused portfolio of over 140 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada.
Company Page: https://osiskogr.com/en/
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Cartier Resources is an exploration company focused on discovery in the prolific Abitibi Gold Belt in Quebec. The Company operates a process that allows to develop and maintain a balanced portfolio of mining projects ranging from exploration to resource definition, development, and production.
Company page: https://ressourcescartier.com/
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American Pacific Mining is a gold exploration company focused on precious metal opportunities in the Western United States. The Company entered into a definitive agreement with Madison Metals to acquire the Madison Copper-Gold Project near Silver Star Montana, USA. The Madison Project is currently under an earn-in, joint venture agreement, whereby Kennecott Exploration Company, part of the Rio Tinto Group (ASX, LON: RIO) may spend $30 million USD to earn up to 70% of the Madison Project. The Gooseberry Gold + Silver Project and the Tuscarora Gold Project are two high-grade prospects located in prime districts of world-renowned Nevada. American Pacific is Eyeing a Gold Discovery amidst gold’s next bull market.
Company Page: https://americanpacific.ca/
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Evergold Corp. TSXV: EVER is a British Columbia-focused mineral exploration company that was founded in late 2015. The company consists of four fully-owned properties from C.J. (Charlie) Greig, a renowned geologist based out of British Columbia. Evergold Corp. is primarily a Gold and Silver exploration company and they have also found reserves of Copper during their exploration at the Saddle Gold site.
The company was established by Mr Charlie Greig and the exploration is being led by Mr Kevin Keough. The team has is responsible for discover-ing major discoveries including the 16 million ounces 'Saddle' gold-cop-per discovery in northwest B.C. The company went public in late 2019 and its flagship assets include the SnoBall and Golden Lion. Their GT Gold Saddle discovery began in 2017, which was recently acquired by Newmont.
The SnoBall project is located in British Columbia's Golden Triangle region, while the Golden Lion is situated in the Toodoggone region of British Columbia. The Snoball project is a challenging terrain as it's located on a mountain top. The weather conditions are adverse, which leads to a drop in levels of productivity, however, the company's track record has been strong with challenging mining operations.
During their Saddle GT project, the company delivered promising results during phase 1 and this resulted in healthy financing options for phase 2.
The Golden Lion property has shown the prevalence of 100 meters broad and 500 meters long gold-silver bearing epithermal vein zone which features bulk tonnage-style grades near the surface. The company has allocated $1.5 million each to their flagship projects which are expected for a 2,500m drill.
They also started operations in Nevada called Rockland. this property features strong reserves of Arsenic and Antimony along with trace elements of Gold, Silver, and Halo. The company has allocated $400,000 funding for this exploration project as the early analysis has shown promising samples below the surface.
These three properties primarily feature epithermal systems which feature high-grade Gold and Silver.
They are currently equipped with a 33% institutional ownership, which is rare for a micro-cap company in its early stages. The company has successfully executed phase 1 of its flagship projects and is currently looking to jumpstart phase 2.
Evergold Corp. plans to start drilling on the Golden Lion project by June 15th, 2021. The next step would be to drill and explore the Snoball site by 25th July 2021.
Company page: https://www.evergoldcorp.ca/
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enCore Energy Corp. is U.S. domestic uranium developer focused on becoming a leading in-situ recovery (ISR) uranium producer. The Company is led by a team of industry experts with extensive knowledge and experience in the development and operations of in situ recovery uranium operations. enCore Energy’s opportunities are created from the Company’s transformational acquisition of its two South Texas production facilities, the changing global uranium supply/demand outlook and opportunities for industry consolidation. These short-term opportunities are augmented by our strong long term commitment to working with local indigenous communities in New Mexico where the company holds significant uranium resources.
Company Page: https://www.encoreenergycorp.com/
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GoldSpot Discoveries uses artificial intelligence and traditional domain expertise to fully utilize all exploration data available. The company began more as a service company and has already worked with the likes of Sprott Mining, Hochschild Mining, McEwen Mining and Yamana Gold. GoldSpot still work with producers because cash flow covers all operating costs and research and development, but the mandate now includes explorers.
Company Page: https://goldspot.ca/
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Vox is a growth precious metals royalty and streaming company with a portfolio of over 45 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest-growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 15 separate transactions to acquire over 40 royalties.
Company Page: https://www.voxroyalty.com/
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Global Atomic is a Canadian resource company advancing the large, high-grade Dasa uranium deposit in the Republic of Niger. In addition, Global Atomic benefits from the dividend stream generated by its share in the Befesa Silver-met zinc concentrate production facility in Turkey.
Company page: https://www.globalatomiccorp.com/
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TriStar Gold Inc is a gold exploration and development company listed on the TSX Venture Exchange. Our 100% owned flagship property, Castelo de Sonhos gold project, is located in Pará State, Brazil. The Company is currently completing a pre-feasibility study on the Esperança South target and has recently commenced drilling on additional high priority targets within the project area.
Company page: https://tristargold.com/
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Newly listed Kingfisher Metals is an exploration company focused on 100% owned Copper and Gold in British Columbia. The company was founded in 2019 and has 3 high prospectivity projects focused on orogenic Gold and volcanic massive sulphide deposits on Copper and Gold. These are large projects which have the potential for multiple discoveries.
The Ecstall Project is located at tidewater and 60km from the resource town of Kitimat. This project covers the majority of the highly prospective and underexplored Ecstall Greenstone Belt. Historic data compilation and a property-wide VTEM survey have outlined over 40 Cu-Au VMS targets.
The Goldrange Project is located along the same crustal-scale fault network as the Bralorne Mine (Talisker/Osisko). The project covers a significant deformation zone with highly anomalous Au-As signatures in historic rock, stream, and soil sampling. The project contains numerous zones of high-grade gold mineralization.
The Thibert Project straddles the crustal-scale Thibert fault for 25km. The project covers a significant deformation zone with widespread silica-fuchsite alteration, common to orogenic systems. The project is located adjacent to Highway 37 and covers a past and currently producing placer camp with historic production of ~200,000 oz Au.
Kingfisher Metals has extensive experience in early-stage exploration in British Columbia which is a safe and predictable jurisdiction for exploration and mining. The company has $6M in the bank and with exploration at the Goldrange property being the main priority, plans to spend about $4M on a substantial drilling programme at the project. Kingfisher Metals carried out extensive field work at the Goldrange project last summer and this is where they will spend the bulk of their capital. They are also moving forward with the Ecstall project but will take things slower there and they need to start their first programme to collect baseline data at The Thibert project.
The Goldrange project is in a good jurisdiction, close to infrastructure and has historical data, but is underexplored due to limited work programmes in the past and hasn’t had any drilling. Kingfisher Metals has found Gold anomalies on the property and now need to produce some good results to show to the market. The field programme at Goldrange will start in early May with drilling planned to start on July 1st. They have the contractors lined up ready to go and are in the final stages of permitting now.
Drill results should be coming out from Goldrange in early September but there will be plenty of data and news flow coming from the field before then as they need to show some success and get the story out to the market.
Company Page: https://kingfishermetals.com/
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Electric Royalties Inc. is a royalty company set to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel & copper) that will benefit from the drive to electrification (cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications).
Company Page: electricroyalties.com
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EMX leverages strategic equity investments to complement the royalty and prospect generation business model. EMX Royalty’s diverse in-region exploration expertise provides global business connections to identify undervalued investment opportunities. One of EMX’s earliest strategic investments was in Standard Uranium Inc., which resulted in a $4.7 million realized gain after a successful buy-out of URN in 2006 by Energy Metals Corp.
Company page: https://www.emxroyalty.com/
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Filo Mining Corp. is a Canadian mining company focused on advancing the Company's key project, Filo del Sol. Filo del Sol hosts a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system. Filo Mining is part of the Lundin Group of Companies
Company Page: https://filo-mining.com/
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Empress is focused on building a strong portfolio of global investment opportunities in precious metals mining companies, concentrating on finding industry partners with development and production stage projects who require additional non-dilutive capital. Empress applies a financially disciplined approach to investing in these cost-effective operations with strong experienced management teams and excellent exploration potential.
Company page: https://empressroyalty.com/
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Steppe Gold is a Mongolia focused precious metals company projected to produce between 50,000 - 60,000 ounces of Gold annually, from its ATO Gold Mine. The company is also completing a feasibility study into the expansion of the ATO Gold Mine to approximately 150,000 ounces of gold per annum from the development of underlying fresh rock ores.
The initial Phase 1 at the ATO mine is now fully commissioned, permitted and in production. The company brought the oxide heap leach production online in April 2020 and produced 35,000 oz in the 9 months before year end. Production started in the midst of the Covid pandemic which meant the team at the mine were 100% Mongolian as no expats were allowed into the country.
Steppe Gold became a public company in May 2018 when they raised CAD$25M. The company has a proven track record, a strong social license to operate and strong support from Mongolian investors.
Cash Flow from 2020 production will be reinvested in Phase 2 of the ATO mine which is a much larger project with construction expected to start in the second half of 2021. They are currently doing a revised bankable feasibility study which should be completed by end Q2 and has doubled the resource from 1.2 million oz to 2.45 million oz for the Phase 2 operation.
2021 is going to be action packed for Steppe Gold as they are now established as a producer and will become more aggressive in terms of growth going forward. The Phase 1 operation will generate cash for much larger production at the Phase 2 CIL plant. The new resource will continue to grow with further resource expansion and exploration potential. They are starting exploration drilling and construction will start at Phase 2 all within 3-6 months this year. There is also potential for Steppe Gold to make further acquisitions in country.
Company Page: https://steppegold.com/
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GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.
Company page: https://www.goviex.com/
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Maverix provides upfront payments to mine operators in need of capital in return for a percentage of the future revenue generated from the mine, or the right to either purchase all, or a fixed percentage of, future precious metal production for a pre-determined price. These royalty and streaming agreements provide exposure to precious metals price appreciation, fixed operating costs and exploration and expansion upside without the associated capital, operating and environmental costs.
Company page: https://maverixmetals.com/
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Canstar Resources is a Canadian based Gold exploration company focused on the discovery of economic mineral deposits in southern Newfoundland, Canada. Canstar Resources acquired the Golden Baie Project, a 62,275 hectare claim package along a major gold bearing structure.
The Project is located in one of the hottest exploration areas as people have realised the potential for high grade orogenic style mineralisation in the region. Canstar has the biggest Gold exploration land package in Newfoundland which has had a little past exploration in the 1980s showing Gold at the surface.
Golden Baie is highly prospective, with recent, new discoveries of visible gold in outcrop at surface and over 20 Gold occurrences spanning a distance of 30 km. Canstar’s exploration programme is the first systematic exploration programme on the claims in decades. Canstar has a strong technical team and board and believes that there is a high probability of new gold discoveries on the Golden Baie Project.
Canstar also holds the Buchans-Mary March project and Daniel’s Harbour Project, both of which are located in the vicinity of formerly producing mines.
Canstar Resources has a budget of $1.5M for exploration in 2021 which will be spent on soil sampling, prospecting and geophysics to determine the targets for the drill programme which will prioritise the Gold occurrences to date. They have some impressive numbers so far and have the technical team in place to help execute their plan going forward.
Company page: https://www.canstarresources.com/
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A newly listed gold-focussed royalty company providing investors with lower risk precious metals exposure, benefiting from ongoing royalty revenue, future exploration upside and low operating costs. Elemental's focus remains on securing royalties over advanced assets with established operators from a robust pipeline of potential royalty acquisitions across geographies.
Company page: http://www.elementalroyalties.com/
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DRDGOLD Limited is a South African gold producer and a world leader in the recovery of the metal from the retreatment of surface tailings. DRDGOLD has a network of assets that is unrivalled in South Africa and, with its consolidated businesses operating as a single entity, is focused on optimising these assets in order to increase gold production.
Company page: https://www.drdgold.com/
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Ely Gold Royalties is a Nevada-focused royalty investment company. We generate revenue by selling mineral properties to mining companies while retaining a long-term royalty that pays us for the life of the mine. Our business model includes the purchase of existing royalties from third parties as well as optioned sales of properties that provide ongoing revenue and eventual royalties.
Company page: https://elygoldinc.com/
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Bluestone Resources is a single asset junior Gold developer with their flagship project Cerro Blanco in Southern Guatemala. They are a Canadian listed company with their focus on Cerro Blanco, a near-surface high-grade Gold deposit that was always considered an underground resource until recently.
Interpretation of the Cerro Blanco deposit has improved considerably with an additional 112,000 m of drilling. The Bluestone Resources management team has decided to change direction at Cerro Blanco and triple the value of the resource by changing the mining method from an underground mine into a surface mining operation. This is due to the near surface mineralisation at the resource and greater understanding of the project.
The strategic change will maximise the value of the deposit and Bluestone Resources is now focused on the new development going forward with the surface operation.
Bluestone Resources is focused on the ESG component which is critical to success of the project. A surface mine is less technically challenging for the company but could provide greater environmental concerns due to the enlarged footprint and greater disturbance during mine life. Bluestone has committed to mitigating and minimising negative impacts of the mine during its operation and at closure.
The company raised CAD$92M in May for the underground development which will now be redirected to the surface operation. They still have US$45M in the bank which they will spend on in-fill drilling at the top of the resource, updating it for the feasibility study. Production has been delayed by 2 years to 2024 as the date for commissioning for first Gold production but the resource has been expanded from about 1M oz to 2.5M oz of recoverable Gold in the surface operation.
Bluestone Resources will continue to promote their story and their brand and are confident that this will start to resonate with the market and be reflected in their share price. Once the feasibility study is completed, they get permitted and can show their commitment to ESG as a company, the market will see that Bluestone Resources is serious and have the team and the right approach to advance Cerro Blanco as a surface operation going forward.
Company Page: https://bluestoneresources.ca/
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West Vault Mining Inc., formerly West Kirkland Mining Inc., is a Canada-based company engaged in mineral exploration and development. The Company is focused on the acquisition, exploration and development of gold projects in Nevada and Utah with its asset being the Hasbrouck project, which is located between Reno and Las Vegas, near the town of Tonopah, Nevada.
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Star Royalties Ltd. is a precious metals royalty and streaming investment company. The company’s objective is to provide wealth creation through accretive transaction structuring and asset life extension with superior alignment to both counterparties and shareholders. With a strategy to also invest in green opportunities, Star Royalties pioneered the first forest carbon credit royalty and is pursuing a pipeline of additional green investments.
Company Page: https://starroyalties.com/
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Tirupati Graphite PLC is the benchmark in flake graphite industry worldwide being fully integrated from mine to graphene, with global multi-location resource and operation, setting up state of art facilities to make products for conventional and new applications, developing technologies and expertise through design, engineering, research and development.
Company Page: https://tirupatigraphite.co.uk/
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Minera Alamos is a gold development company aiming to become a producer in 2021. The Company has three high-quality Mexican assets, including the 100%-owned Santana open-pit, heap-leach development project that is currently under construction. They also have the newly acquired 100%-owned Cerro de Oro oxide gold project that has considerable past drilling and metallurgical work completed and could enter the permitting process rapidly. The La Fortuna open pit gold project (100%-owned) has an extremely robust and positive preliminary economic assessment (PEA) completed and the main Federal permits in hand.
Minera Alamos is built around its operating team that has brought 3 mines into production in Mexico over the last 13 years.
The Santana project is a fully-funded CAD$12m operation and started construction in June, post-Covid delays, aiming to have the heap-leach carbon plant completed by the end of March. Materials will go onto the pad in early April and first Gold production is expected by the end of Q2, ramping up during the first 6 months of production towards 2022 when they will be at formal production guidance.
The No 2 project at Cerro de Oro has published a conservative resource estimate as a starting point for the resource which will get bigger with further expansion drilling and metallurgical work as they head towards production. The plan is to get Santana into production and then to start on the construction of Cerro de Oro, hoping to be in production there in 2022.
Minera Alamos started the year with CAD$18m in cash with zero debt. They have enough capital to get Santana completed and into production and also to start construction at Cerro de Oro. Once Santana is producing Gold, this cash flow will be aimed at completing Cerro de Oro ready for production. There will be no need to go back to the market for additional capital fundraising.
The project at Fortuna might well be pushed back a little as Minera Alamos concentrates on Santana and then Cerro de Oro to get production up and running but work will continue there adding value to the project, aiming for production in 2024.
The strategy for Minera Alamos is to develop very low capex, heap leach assets, all of which can be profitable even in a low Gold environment. We look forward to lots of news flow from Minera Alamos this year on Santana as it heads towards production and Cerro de Oro as the expansion of the resource continues.
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Pacific Ridge's goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge’s flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold’s Kemess project. Historic drilling at Kliyul encountered significant porphyry copper-gold mineralization, drill hole KL-15-34 returned 245 metres of 0.62% CuEQ. The Company plans to launch a drill program at Kliyul in 2021.
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Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. Sandstorm has acquired a portfolio of 187 royalties, of which 20 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties.
Company Page: https://www.sandstormgold.com/
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Vital Metals is an explorer and developer with highly prospective mineral projects, focusing on the world-class rare earth Nechalacho project in Canada. It plans to commence production at Nechalacho in 2021 and aims to produce a minimum of 5,000 tonnes of contained REO by 2025.
Mining at Nechalacho’s North T Zone will commence in March 2021 as part of its Stage 1 production strategy, and Vital has commenced drilling to define a mine plan for Stage 2 as it works to develop a larger scale, longer life rare earth project.
Company Page: https://vitalmetals.com.au/
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Ion Energy is Mongolia’s first Lithium brine explorer and developer. Ion Energy is an early stage Lithium brine exploration company, formed in 2017 and in 2019 they were granted a 81,000 ha exploration license close to the Chinese border which is the largest land package ever given to a public or private company by the Mongolian government.
The company went public in August and is trading on the TSX venture on the back of the renewed interest in battery metals which is mostly prompted by government spending.
The Baavhavi Uul 80,000 ha project is highly prospective for Lithium brine with low potassium and Magnesium levels. Ion Energy started the exploration at Baahavi in October with significant levels of Lithium revealed to date. This included a geophysics programme and will move onto a microseismic shortly with the prospect of licensing looking promising.
Ion Energy has an experienced team in Mongolia which as a country is very underexplored. The company plans to acquire assets where work has already been carried out and to de-risk them further at which point they will bring in a strategic company as a JV or exit entirely rather than to bring the projects into production themselves.
Ion Energy is fully funded for their 2021 exploration programme and results will be released to the market as an early resource estimate. The company also has announcements to make regarding additional licenses for acquisition in country which could be hard rock, spodumene acquisitions.
Ion Energy will continue to de-risk the Baahavi project and aims to start conversations with strategic companies by the end of the year. As one of the younger stories in the Lithium space, Ion Energy is poised to become a significant player in the Lithium market and they are hopefully timing their entry just right.
Company Page: https://www.ionenergy.ca/
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ValOre Metals Corp is a Canada-based company that is focused on the exploration and advancement of metals and mining projects. The Company’s assets include Pedra Branca, Angilak, Baffin Gold, Genesis and Hatchet Lake. The Pedra Branca Project is a Platinum Group Metals District located in northeastern Brazil that comprises approximately 38 exploration licenses covering a total area of 38,940 hectares.
Company page: http://valoremetals.com/
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Callinex Mines is busy advancing its portfolio of zinc rich deposits located in the Bathurst Mining District and the Flin Flon Mining District in Canada, where nearby operations are actively mining for zinc, copper, gold and silver.
The company has recently raised $8.88M of which $6M is allocated for flow-through in Manitoba where they have the rapidly emerging Rainbow discovery which has high-grade Copper, precious metals, Gold, Silver and Zinc by-products. They have recently produced some good results which show the potential size of the project there. The objective of the 30,000m drill programme is to outline a 20-30 million tonne resource and to build the Rainbow project as an anchor mine for the Flin Flon area.
The timeline for 2021 is to continue the Rainbow drill programme with initial results out in April. In the meantime, they are also in the early stages of drilling at the Nash Street project in New Brunswick where the 2018 PEA outlined a 10 year, 3,900 tpd open-pit mining operation. They are excited to be able to extend the life of the mine beyond 10 years. The story there is Silver and it is ideally located in proximity to infrastructure, the highway, power station, rail line and the port. They are advancing the near-surface silver discoveries in New Brunswick which have the potential to be significant in size, tonnage and are near-surface discoveries.
The market has reacted to the Callinex story so far and we’ve seen their share price go from C$2.85 to C$3.70 since we last spoke to the company in December. Everyone is interested in Copper and Silver commodities at the moment which is what the company is interested in. As the drill programme continues we will watch with interest as news of those come onto the market very shortly.
Company page: https://callinex.ca/
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Lake Resources is a Lithium developer utilising direct extraction technology (DLE) for the development of sustainable, high purity Lithium from its flagship Kachi Project, as well as three other Lithium brine projects in Argentina. The four projects cover 220,000 hectares in a prime location within the Lithium Triangle, where 40% of the world’s Lithium is produced at the lowest cost.
Lake Resources was established 5 years ago when they put the assets together in Argentina. The team had experience of working in South America and their approach was to develop one main project in a prominent location next to other well-known producers. Then 3 years ago they developed DLE at Kachi as the battery/cathode market was pushing for more consistency with low-level impurities in the product.
Buyers and manufacturers of battery quality Lithium want more sustainable products going forward. The DLE method has a smaller physical footprint than the saltwater brine technique. There is reduced energy consumption and smaller usage of water with DLE which is better environmentally. The Lithium produced is a consistent, high-quality product that meets the demands of the Tier 1 EV and battery makers.
The last 2 years have been difficult for the company, but now, in 2021, the Lithium market has turned and the EV market has realised the need for a greater supply of battery quality materials and Lake Resources has its PFS completed, ready to go. They have recently raised $20M. The DFS will be out by Q1 of next year and by the middle of next year, all the studies will be completed with the final approvals ready for construction finance agreements.
Lake Resources can demonstrate that they can produce a high-quality product that the market wants at scale and can do this in a sustainable and environmentally sensitive way which very few companies can do. Their projects are large and are in the process of scaling up Kachi from 25,000-50,000 tons and they are in the process of developing the next projects too.
There will be a lot of news coming out from Lake Resources in the next 12-18 months so watch this space.
Company Page: https://lakeresources.com.au/
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Conico Limited is an Australia-based mineral exploration company. The Company focuses on cobalt, nickel and manganese deposits. The Company holds an interest in the Mt Thirsty Cobalt-Nickel oxide deposit located approximately 20 kilometres north-west of Norseman in Western Australia. Along with cobalt-nickel oxide deposit, the Mt Thirsty project also hosts nickel sulfide mineralization.
Company Page: https://www.conico.com.au/
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NewPeak aims to discover a multimillion ounce supply of the worlds most in-demand resource—Gold. NewPeak has established strong Gold exploration assets in 3 of the top mining jurisdictions globally – Argentina, New Zealand, Finland. Two have commenced drilling, and all are drilling in 2021. Each project has exceptional potential to realise tremendous untapped value. NewPeak strategically holds a 30% stake in Oil and Gas company, Lakes Oil NL.
Company Page: https://newpeak.com.au/
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Predictive Discovery Limited is engaged in mineral exploration with the objective of identifying and developing economic reserves in West Africa and Australia. The Company's segments include Corporate, Gold Aust, Gold Burkina Faso and Cote d'Ivoire. The Company focuses principally on exploration for gold in West Africa with a additional project for gold in Australia.
Company page: https://www.predictivediscovery.com/
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O3 Mining Inc. an Osisko Group company, is a gold explorer and mine developer ready to produce from its highly prospective gold camps in Québec, Canada. It is well-capitalized and owns a 100% interest in all its properties (137,000 hectares) in Québec. The company is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.
Company Page: https://o3mining.com/
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Laramide Resources Ltd. is a Canadian-based company with large mineral resource projects strategically positioned to deliver uranium for clean nuclear power to meet the accelerating rise in world electricity needs. Laramide’s portfolio of advanced uranium projects has been chosen for its low-cost production potential. Major U.S. assets include the Churchrock and Crownpoint In Situ Recovery (ISR) projects and La Jara Mesa in Grants, New Mexico, as well as La Sal in the Lisbon Valley district of Utah.
Company page: https://laramide.com/
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Heatherdale Resources Ltd. is a mineral exploration and development company. The Company's mineral property is its Niblack copper-gold-zinc-silver project in southeast Alaska, the United States. It operates through the Niblack Project, which consists of over 6,200 acres of federal and state mineral claims, approximately 250 acres of lands, and related mineral exploration permits, equipment and infrastructure on Prince of Wales Island in southeast Alaska.
Company Page: https://heatherdaleresources.com/
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Snowline Gold’s wants to build a leading exploration company that delivers value and prosperity to shareholders, employees, Indigenous partners, and to the communities in which they operate. They are committed to working with Indigenous peoples to responsibly develop the Yukon’s natural resources.
Company Page: https://snowlinegold.com/
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Serabi Gold plc is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the recently acquired Coringa Gold Project both located in the Tapajos region of northern Brazil. Combined gold production from the Palito Mining Complex is currently approximately 40,000 ounces per annum, whilst the Coringa Project, when in production, is forecast to produce an average of 38,000 ounces per annum.
Company page: https://www.serabigold.com/
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Discussion with Howard Klein & Rodney Hooper of RK Equity. RK Equity is a consultancy firm focused on the lithium sector and provides services to major lithium companies.
Today they discuss recent advances in lithium equities over the last year and point to some of the success stories. They also provide a ranking and analysis of lithium companies and discuss which companies are likely to do well in 2021.
Company Page: https://www.libull.com/
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TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons in a variety of form factors to suit. TraceSafe’s leading cloud management solution ensures both user privacy and user-friendly comprehensive administrative control.
Company Page: https://www.tracesafe.io/
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Founded in 2006, Premier is a company that has successfully transitioned from explorer to gold producer. Premier is a North American focused company that holds a portfolio of projects, ranging from early exploration to production, located in the heart of several of the world’s most sought-after mining districts.
Company page: https://www.premiergoldmines.com
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Lotus Resources Limited is an Australian-based minerals exploration and development company. The Company’s key asset is a 65% ownership of the Kayelekera Uranium Project located in northern Malawi, Africa.
Kayelekera Uranium Project is a large 157km2 tenement package with excellent exploration potential and hosts a high-grade resource with an existing open pit mine and demonstrated excellent metallurgical recoveries. The remaining 35% is held by Lotus’s joint venture partner Kayelekera Resources Pty Ltd (20%) and the Government of Malawi (15%).
Company Page: https://lotusresources.com.au/
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Minbos Resources is an exploration and development company, with interests in phosphate ore within the Cabinda Province of Angola and Rare Earth Elements in Madagascar. The company has an option to acquire 90% of MRE Mining which holds two Rare Earth Minerals exploration permits in central Madagascar covering 440km2. The company has a 50% joint venture interest in Mongo Tando which recently had 2 phosphate licenses revoked in Angola. The company is exploring options to re-enter the projects in its own right.
Company Page: https://minbos.com/
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Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market. The Company possesses industry-leading nickel expertise and is focused on low-risk well-established mining jurisdictions.
Company page: https://canadanickel.com
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Energy Fuels is a leading U.S.-based uranium mining company, supplying Uranium to major nuclear utilities. Energy Fuels also produces vanadium, as market conditions warrant, and expects to commence commercial production of Rare Earth's carbonate in 2021.
Company page: http://www.energyfuels.com/
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Anaconda is a gold mining, development, and exploration company focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past-producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.
Company page: https://www.anacondamining.com/
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Orford Mining Corp is a Canada-based mineral resource company, which is primarily focused on the acquisition, exploration and evaluation of base and precious metal assets. It is a gold exploration company focused on prospective and underexplored areas of Northern Quebec. The Company’s principal assets are the Qiqavik and West Raglan projects comprising a land package totalling over 80,000 hectares in the Cape Smith Belt of Northern Quebec.
Company Page: https://orfordmining.com/
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Standard Lithium is an innovative technology and lithium development company. The company’s flagship project is located in southern Arkansas, where it is engaged in the testing and proving of the commercial viability of lithium extraction from over 150,000 acres of permitted brine operations. The Company has commissioned its first-of-a-kind industrial-scale Direct Lithium Extraction Demonstration Plant at LANXESS’ South Plant facility in southern Arkansas.
Company Page: https://www.standardlithium.com/
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Aldebaran Resources Inc. is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team. Aldebaran acquired the Rio Grande copper-gold project located in Salta Province, Argentina from Regulus along with several other early-stage projects in Argentina. Aldebaran also has the right to earn up to an 80% interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater. Altar hosts a large porphyry copper-gold system with mineralization currently defined in three distinct zones.
Company page: https://www.aldebaranresources.com/
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Bacanora Lithium is a company focused on building, in collaboration with its major shareholder and offtake partner, Ganfeng Lithium, a 35,000 tonne per annum open-pit battery-grade lithium operation at its flagship asset, the Sonora Lithium Project in Mexico. To capitalise on the fast-growing lithium market, our main focus is to monetise the resources and reserves held in the Sonora Project, which benefits from a large, scalable and high-grade lithium resource with a Measured and Indicated Resource of over 5 million tonnes Lithium Carbonate Equivalent.
Company page: https://www.bacanoralithium.com/
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GoGold Resources Inc is a Canadian-based mining company. It engages in the business of exploration, development, and production of gold and silver. These processes are primarily carried in Mexico by the company. The mining project owned by the company includes the Parral mine project which is in commercial production. The company generates revenues from the sale of gold, silver, and the other by-products and uses the cashflow to fund exploration at its Los Ricos project.
Company page: https://gogoldresources.com/
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Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market. The Company possesses industry-leading nickel expertise and is focused on low-risk well-established mining jurisdictions.
Company page: https://canadanickel.com
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American Lithium Corp. is actively engaged in the acquisition, exploration and development of lithium resources within mining-friendly jurisdictions throughout the Americas. American Lithium currently holds a significant land position within 3-4 hours drive of the Tesla Gigafactory consisting of over 4,000 acres at their TLC project near Tonopah, NV, one of the most promising and underdeveloped lithium sedimentary basins in North America today.
Company Page: https://www.americanlithiumcorp.com/ , https://plateauenergymetals.com/
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European Metals Holdings Limited is a mineral exploration and development company engaged in the exploration of tin and base metals. The Company is primarily involved in the development of a lithium and tin project in the Czech Republic. The Company's segments include Australia, Congo and Czech. The Company's project includes Cinovec Lithium/Tin Project. The Cinovec project is located approximately 100 kilometres north-west of Prague on the border with Germany.
Company Page: https://www.europeanmet.com/
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Forum Energy Metals Corp. is a Canadian-based mineral resource company focused on the acquisition, exploration and development of energy metals: copper, nickel, cobalt, uranium, and palladium. The Company operates mostly in Saskatchewan, Canada’s #1 rated mining jurisdiction. The Company’s technical team are experienced and committed exploration professionals with an established track record of mine discoveries.
Company page: https://forumenergymetals.com/
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Ionic Rare Earths (IXR) has begun a resource update at its Makuutu Rare Earths Project in Uganda. Located 120 kilometres east of Kampala, the Makuutu deposit extends 37 kilometres in length and has so far shown substantial potential for a long life, low-cost capital intensity source of critical and heavy rare earths.
Company Page: https://ionicre.com.au/
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Galan Lithium is an ASX listed, Australian based, international mining company developing lithium brine projects within South America’s Lithium Triangle on the Hombre Muerto Salar in Argentina. We wanted to catch up with the company to discuss the recent PEA at Hombre Muerto and to discuss the recent raise.
With close to $15M in the bank, the company plans to initiate a Feasibility Study at Hombre Muerto, dependent on the results of the brine samples. This will cost AUD$8M and take around 12 months to complete. Once the FS has been delivered, they will look for funding to cover the project Capex and head into production.
Galan Lithium's three projects:
Hombre Muerto West is a 14km by 1-5km wide section of the west coast of Hombre Muerto Salar. Hombre Muerto is proven to host the highest grade and lowest impurity levels within Argentina and is home to Livent Corporation’s El Fenix operation and Galaxy Resources and POSCO’s Sal de Vida projects. Geophysics and drilling at Hombre Muerto have demonstrated the significant potential of a deep basin.
Candelas is a 15km long by 3-5km wide valley filled channel which project geophysics and drilling have indicated the potential to host a substantial volume of brine and over which a maiden resource estimated 685kt LCE (Oct 2019).
The Greenbushes South Lithium Project - Galan Lithium has an Exploration License application covering a total area of approximately 43km2 which is approximately 15kms to the south of the Greenbushes mine.
Company page: https://galanlithium.com.au/
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Base Resources is an Australian-based, African-focused, mineral sands producer and developer with a track record of project delivery and operational performance. They operate on the established Kwale Operation in Kenya which produces a suite of mineral sands products, namely ilmenite, rutile and zircon. They are also developing the Toliara Project in Madagascar. Base Resources is headquartered in Perth, Western Australia.
Company page: https://baseresources.com.au/
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Infinity Lithium is an Australian listed minerals company that is seeking to develop its 75% owned San Jose Industrial Lithium Project located in Spain. The project will be developed by open-pit methods with the ore treated and refined onsite to produce high quality, battery-grade lithium hydroxide.
Company Page: https://www.infinitylithium.com/
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UEX Corporation has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in the Athabasca Basin. The company has 4 flagship projects.
The West Bear Cobalt-Nickel project is a shallow, open-pit amenable and very high-grade cobalt-nickel deposit in the eastern Athabasca Basin that remains open in all directions for expansion. It ranges from 15 – 55 m in vertical depth and is hosted in clay-altered rocks that extend into the basement below the unconformity.
Company page: https://www.uexcorp.com
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Critical Elements Lithium Corporation is a junior mining company in the advance exploration stage. The company’s flagship project is the Rose Lithium-Tantalum project located in James-Bay, Quebec with a good geographic location, on-site access to infrastructures like powerline, roads, airport, railway access and camp.
The company vision is to become a large responsible supplier of Lithium to the flourishing energy storage and electric vehicle industry. They are keen to advance the high-purity Rose project as their first project but they also have 700km2 of highly prospective ground in an area that already has demonstrable Lithium mineralisation.
In 2017, they completed a robust feasibility study for the Rose project, specifically for Phase 1, the concentrator and mine and had those Capex and operating numbers confirmed in 2019. Phase 2 is the conversion plant that will convert the spodumene concentrate from the Rose project into Lithium hydroxide.
The company has a very experienced management team and an excellent ESG track record with a strong relationship with first nations groups which was formalised in an agreement signed in 2019. They are looking for a strategic partner with experience and now the company has reached a market cap of over CAD$200M, they will have more options available to them. Decisions will be based on which is best to maximise shareholder value.
The focus now for Critical Elements Lithium is to get permitted. Once permitted and they finalise the valuation on Phase 2 and the detailed engineering of the project, they hope to start to see recognition from the market in a valuation re-rate as they achieve those catalysts. They aim to be in production in 2023 following a final investment decision during 2021 and allowing 2 years for project construction.
Company page: cecorp.ca/en/
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E3 Metals Corp is a lithium company. Their goal is to produce battery quality lithium products to power the growing electrical revolution. Based in Alberta, they are developing a project on the backbone of the mature and sophisticated oil industry that will allow E3 to catapult its development.
Company Page: https://www.e3metalscorp.com/
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Noram Ventures Inc. is a Canadian based junior exploration company, with the goal of becoming a force in the Green Energy Revolution through the development of lithium deposit and becoming a low - cost supplier for the burgeoning lithium battery industry. The Company’s primary business focus since its formation has been the exploration of mineral projects that include lithium projects in the Clayton Valley in Nevada. Noram’s long term strategy is to build a multi-national lithium dominant industrial minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
Company page: https://www.noramventures.com/
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Interview with Waldo Perez, President & CEO of Neo Lithium (TSX-V:NLC)
Neo Lithium has positioned itself to become one of the world’s most sustainable lithium producers. As transportation becomes increasingly electric, the lithium industry is expected to face a significant surge in demand. Neo Lithium expects to meet this demand with energy-efficient facilities that minimize freshwater consumption and carbon dioxide production, promoting a sustainable future for both surrounding communities and the industry at large.
Company page: https://www.neolithium.ca/
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Interview with Trevor Walker, President & CEO of Frontier Lithium (TSX-V:FL)
Frontier Lithium is an emerging lithium mineral and chemicals company focused on the development of its 100%-owned PAK Lithium Project in Ontario. With increased ‘local’ supply chain desires around the world the Company's objective is to become a strategic domestic supplier. The company is aiming to produce battery-grade lithium hydroxide and other chemicals to the growing electric vehicle and energy storage markets in North America as well as premium mineral concentrates supplier for high-quality glass manufacturers.
Company page: https://www.frontierlithium.com/
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ASX-listed Core Lithium Ltd is well-positioned to be Australia’s next lithium producer, developing one of Australia’s most capital efficient and lowest cost spodumene lithium projects located near Darwin Port in the Northern Territory, Australia.
Core’s 2019 Definitive Feasibility Study (DFS) highlights the production of 175,000tpa of high-quality lithium concentrate at a C1 Opex of US$300/t and US$50M Capex through simple and efficient DMS (gravity) processing of some of Australia’s highest-grade lithium Mineral Resources.
Company page: https://corelithium.com.au/
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Deep Yellow Limited is an advanced-stage uranium exploration and development company. The Company's principal activities include the core Namibian projects, which include pre-development activities to progress the Tumas Project and reassessment of the Omahola Project, and Other, which includes uranium mineral exploration in Namibia and activities associated with the divestment of non-core projects in Namibia and Australia.
Company page: https://deepyellow.com.au/
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Giga Metals Corporation are currently focused on two of the key metals used in the batteries of electric vehicles: Nickel and Cobalt. Their Turnagain Project is among the largest undeveloped nickel-cobalt sulphide deposits in the world in terms of total contained nickel. The NI 43-101 compliant resource contains 5.2 billion pounds of nickel and 312 million pounds of cobalt in the measured and indicated categories, plus a further 5.5 billion pounds of nickel and 327 million pounds of cobalt in the inferred resource category.
Company page: https://www.gigametals.com/
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Interview with Eric Desaulniers, President and CEO of Nouveau Monde Graphite (TSX:NOU)
Nouveau Monde Graphite engages in the acquisition, exploration, evaluation, and development of mineral properties in Quebec, Canada. The company primarily explores graphite and is ready to become a key player in the sustainable energy revolution. They are developing the only fully integrated source of green anode battery material in North America and are targeting full-scale commercial operations by early 2023.
Nouveau Monde had a very busy year in 2020 and their share price has gone up 10x since we last spoke in November '19. The company has had an amazing few months and have put a lot of work into their two projects which will be fully vertically integrated production from the rock to the finished product, the Lithium-ion battery for their customers.
Nouveau Monde has a 100% interest in the Matawinie graphite mine which will produce high-purity, battery-grade graphite to supply the lithium-ion industry. They have recently received their full permit for Matawinie and are just starting construction at the site.
Bécancour, Québec, is the advanced materials plant for Nouveau Monde’s value-added operations where the graphite flake is transformed into anode material. The company is now in construction phase for first capacity which will be ready this summer.
Nouveau Monde is fully financed and supported by Pallinghurst which has allowed them to advance the milestones on the mine and concentrator during 2020. They are operating phase 1 capacity with the demonstration plant which has led to a good customer sales book for the graphite flake. They have developed the engineering for phase 2 and all the permitting is completed for the mine. Nouveau Monde has signed agreements at the Bécancour plant which means the project is advancing towards the aim of the fully integrated business model.
The company will provide advanced carbon-neutral graphite-based material solutions to the growing lithium-ion and fuel cell markets. Nouveau Monde has low-cost operations and the highest of ESG standards, aiming to be carbon neutral, they are fully traceable and are based in a safe jurisdiction in North America.
It has been a fantastic year for the company, where their plans and marketing came together to advance their business model forward. Nouveau Monde Graphite will become a strategic supplier to the world’s leading electric vehicle and energy storage manufacturers, ensuring high-quality and reliable advanced materials while guaranteeing supply chain traceability. The business growth is there for Nouveau Monde to capture and they aim to be realistic and aggressive to take the opportunities that are ahead of them.
Company Page: https://nouveaumonde.group/
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Montage Gold Corp. is a Côte d’Ivoire focused, precious metals exploration and development company. Led by key former executives of Red Back Mining, along with strong shareholder backing, Montage is well-equipped to deliver shareholder value from its 3,750km2 property portfolio in Côte d’Ivoire. The Morondo Gold Project is our flagship asset, which was originally assembled by Red Back Mining back in 2008 under the direction and leadership of Hugh Stuart.
Company Page: https://www.montagegoldcorp.com/
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Montero Mining & Exploration is a mineral exploration and development company focused primarily on the exploration, discovery, and development of gold properties in Chile. Montero’s Management team and Board of Directors are experienced in gold and precious metals and have made discoveries.
Company Page: https://monteromining.com/
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Pasofino Gold Limited is earning a 50% interest in the advanced-stage Roger Gold-Copper Project located in Quebec’s prolific Abitibi Greenstone Belt. Pasofino Gold has an agreement to earn a 49% interest in the Dugbe Gold Project in Liberia. A 2020 In-Pit Mineral Resource Estimate for the Dugbe Project totals 2.3Moz of contained gold Indicated and 1.3Moz of contained gold Inferred.
Company Page: https://pasofinogold.com/
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Environment, Social & Governance (ESG) is an acronym that is sometimes used by companies looking to check off an investment requirement by big funds and investors. However, some take it very seriously indeed and it is an integral part of the business activities. In this interview with John Lewins, CEO of K92 Mining we discuss exactly what ESG means to them and he talks us through their extremely comprehensive ESG programme. He believes that giving ESG the attention it deserves is what all good citizens should do and what shareholders should demand.
Company page: https://k92mining.com/
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Conversation with Kyle Floyd, CEO of Vox Royalty (TSX-V: VOX)
Kyle joins us to help demystify the Royalty & Streaming sector. What are the different business models? Are they all failure-proof? And what sets Vox apart?
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 40 royalties and streams spanning nine jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest-growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 15 separate transactions to acquire over 40 royalties.
Company page: https://www.voxroyalty.com/
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Newcore Gold offers investors a unique combination of top-tier leadership and prime exploration opportunities in one of the world’s most attractive gold jurisdictions. The Newcore team is focused on advancing its 100%-owned Enchi Gold Project in Ghana. Enchi, with over a million ounces of inferred resources lies along one of West Africa’s most prolific and developed gold trends.
Company Page: https://newcoregold.com/
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Enduro Metals holds one of the largest junior land positions in the heart of British Columbia’s Golden Triangle, a world-class mineral district hosting multiple successful mines. Enduro’s 648km2 Newmont Lake Property contains at least four large, distinct mineralized systems with district-scale potential—all starting from surface. The project’s geology, mineralization, exploration results and proximity align with some of the Golden Triangle’s richest known deposits.
Company page: https://endurometals.com/
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Montem Resources Limited is an Australia-based coal mine development company, with metallurgical coal properties in Canada, known as the Chinook Properties. The Chinook Properties are located in the Crowsnest Pass, south-western Alberta, Canada. The Company is focused on re-establishing mining at the Tent Mountain Mine to produce steelmaking coal. The Chinook Project combines Chinook South and Chinook Vicary.
Company page: http://montem-resources.com/
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We speak to market commentator Joe Kaderavek about the state of the market and we answer the big question, “Does cobalt still have a role in the lithium-ion battery and what should equity investors be doing?’.
What pricing should investors use – you have warned us about LME pricing in the past.
Long Term cobalt supply (company to company) deals keep surfacing – how to read this.
Cobalt futures – how is the market evolving?
Are industry demand expectations changing?
Is cobalt under real threat from substitution? What we are seeing.
Is ethical sourcing for battery metals occurring, or just an aspiration?
Company page: https://www.cobaltblueholdings.com/
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Golden Minerals Company is a Colorado-based precious metals producer with a pipeline of exploration projects in Mexico, Argentina and Nevada. With the commencement of gold and silver production at our Rodeo project (Durango State, Mexico) in January 2021, the company has successfully transitioned from exploration firm to gold-silver producer. Additionally, we intend to restart production at our silver-gold Velardeña Properties, potentially in 2021-2022, where the use of bio-oxidation processing of sulfide concentrates is expected to result in a dramatic increase in overall gold recovery that will give rise to longer term profitable operations.
Company page: https://www.goldenminerals.com/
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Renforth Resources, holds an open-pit gold deposit in Parbec and a district-scale battery metals discovery in Surimeau, both located near Malartic, Quebec, along with several other mineralized properties.
Company page: https://renforthresources.com/
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Wallbridge Mining is focused on advancing the exploration and development of its high-grade Fenelon Gold Project in northern Québec. Wallbridge acquired the Fenelon Gold Project from Balmoral Resources in 2016 for about C$3.5M in cash and has since demonstrated the project’s potential to host a multi-million-ounce gold deposit. The company thinks the Fenelon Gold system has the potential to be a Tier 1 Gold asset.
Exploration at the Fenelon Gold system shows a multiple mineralised system with 4 mineralised zones identified to date. There is a 1.8km known strike length and Wallbridge has made new discoveries since 2019 of the Tabasco-Cayenne zones, Area 51 zones and the Ripley-Reaper zones to add to the previously identified Gabbro zones. There is strong potential to further expand the Fenelon Gold System and all zones remain open with the surrounding area virtually
unexplored.
The company has completed 102,000m of drilling in 2020 and has a large exploration programme planned for 2021 with a 170,000m drill programme. This programme will cost C$75M and will be fully funded as the company has C$85M in cash. The company's first mineral resource estimate is expected by Q3/21.
Wallbridge is looking for fast-track exploration and development at Fenelon Gold to further expand the extended Fenelon system. They have the money ready for their drill programme and have seen success to date with previous exploration. Numbers from the 2021 exploration will go towards the Maiden Resource which will include an underground and open pit component. The company will also continue to expand the footprint with an underground development programme and aim to communicate their news and drill results regularly to the market throughout.
Wallbridge expanded its Fenelon Gold project with the acquisition of Balmoral Resources who were the previous owner of Fenelon. The company now controls a district-scale land position along the Detour-Fenelon Gold Trend and has a pipeline of exploration projects for long-term organic growth for Wallbridge to meet its objective of becoming a gold producer.
And in a frothy EV investment market, Wallbridge is also keen to develop their large portfolio of nickel-copper-PGM projects in Ontario's Sudbury Basin, mainly through their joint ventures. Exciting times for Wallbridge Mining it seems.
Company Page: https://wallbridgemining.com/
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Adriatic Metals Plc is a precious and base metals explorer and developer that owns the world-class Vares silver project in Bosnia & Herzegovina and the Raska zinc deposit in Serbia.
The Vares silver project consists of two polymetallic deposits, located at Rupice and Veovaca. Located within the Raska Zinc deposit are Kizevak and Sastavci, two past-producing zinc, lead and silver open-pit mines.
Both Bosnia & Herzegovina and Serbia are well-positioned in central Europe and boast a strong mining history, pro-mining environment, highly-skilled workforce as well as extensive existing infrastructure and logistics.
Company page: https://www.adriaticmetals.com/
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Allegiance Coal Limited is listed on the Australian Securities Exchange (ASX:AHQ). Its investment focus is advanced, near production, or producing steelmaking coal projects in countries with low political risk. Allegiance is also committed to the development of sustainable working relationships with indigenous peoples and the wider community with whom the company is engaged in relation to its projects.
Chesapeake is focused on the exploration and development of precious metals projects in the Americas. Chesapeake owns the Metates project located in Durango state, Mexico. Metates is one of the largest undeveloped gold, silver and zinc deposits in the world.
Few world-class open-pit mines have low cost, scalable development options. Metates benefit from its highest ore grade early in the mine life, a low strip ratio and close proximity to key existing infrastructure. Chesapeake has access to a proven and innovative precious metal processing technology that can develop Metates as a sulphide heap leach operation.
Company Page: http://www.chesapeakegold.com/
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Sailfish is a precious metals royalty and streaming company. Within Sailfish’s portfolio are two cornerstone assets on advanced-stage projects in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold project (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; and an up to 3.5% NSR on the Tocantinzinho gold project in the prolific Tapajos district of northern Brazil. The acquisition of Terraco Gold Corp. adds a potential cornerstone asset: an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada.
Company Page: https://sailfishroyalty.com/
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Orezone Gold Corporation is a Canadian development company which owns a 90% interest in Bomboré, one of the largest undeveloped gold deposits in Burkina Faso. Bomboré hosts a large oxide resource underlain by a larger, open sulphide resource, and will be developed in two stages.
Company page: https://www.orezone.com/
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Bannerman Resources Limited is an exploration and development company focused on uranium resources in southern Africa. The Company holds uranium interests in Namibia. The Company's principal asset is its 100%-owned Etango Project situated near Rio Tinto's Rossing uranium mine. Etango is an undeveloped uranium deposit. The Company is focused on the development of a large open-pit uranium operation at Etango. The Etango Project is located in the Erongo uranium mining region of Namibia.
Company page: https://www.bannermanresources.com.au/
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Excellon Resources, Inc. is a mineral resource company located in Mexico. The Company produces silver, lead and zinc from its mining operations. Excellon is advancing a compelling precious metals pipeline. As well as geographic diversification, direct exposure to silver production and exploration, a gold development pipeline with robust economics in a stable jurisdiction, it provides discovery potential at multiple assets globally.
Company page: http://www.excellonresources.com/
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Western Copper and Gold Corporation are focused on developing the Casino project, Canada’s premier copper-gold project. In July 2020 Western Copper and Gold updated the resource estimate at the Casino deposit based on its 2019 drilling results. The updated estimate includes 14.5 million ounces of gold in the measured and indicated category and 6.6 million ounces of gold in the inferred category in addition to 7.6 billion pounds of copper in the measured and indicated category and 3.3 billion pounds of copper in the inferred category.
Company page: https://www.westerncopperandgold.com/
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Karora Resources is a multi-asset mineral resource company focused primarily on the acquisition, exploration, evaluation and development of precious metal properties. It is Karora’s vision to become the next sustainable high-quality mid-tier producer.
After the transformational acquisition of the Higginsville Gold Operations, Karora’s primary operations are the Beta Hunt Underground Mine and the Higginsville Gold Operations including the Higginsville Open Pit mines and 1.4Mtpa Higginsville mill.
Company page: https://www.karoraresources.com/
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Oro X Mining Corp. engages in the exploration and development of mineral properties in the United States. It focuses on base metal properties that are either producing assets or to production relatively quickly. The company was founded on June 4, 2009, and is headquartered in Vancouver, Canada.
Company Page: https://oroxmining.com/
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Troilus Gold Corp. is a Gold exploration and development stage mining company. Their project offers a unique opportunity for a mine restart in Quebec, Canada - one of the world’s most attractive mining jurisdictions - with significant existing infrastructure worth an estimated US$350 million. Over 80,500 metres of drilling over the last two years has resulted in a 142% increase to estimated indicated mineral resources and a 350% increase to estimated inferred resources.
Company Page: https://www.troilusgold.com/
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Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru & Quebec. Eloro has an option to earn a 99% interest in the Iska Iska property in Bolivia which has never been drilled prior to the Eloro drill program. The Iska Iska concession is a road accessible, royalty-free property, and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi.
Company page: https://www.elororesources.com/
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Silver Tiger Metals Inc., formerly Oceanus Resources Corp, is a Canada-based company focused on gold and silver exploration in Sonora, Mexico. The Company’s El Tigre Project is located in Sonora, Mexico in the Sierra Madre Occidental. The El Tigre Project is located approximately 90 kilometres south-southeast of Agua Prieta in northern Sonora, Mexico. The Project covers a distance from north to south of approximately 35 kilometres.
Company page: https://silvertigermetals.com/
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Canex Metals Inc. is a Canadian Junior Exploration Company with an experienced exploration team focussed on identifying, acquiring and developing high potential exploration projects. Canex is focused on a new gold discovery at the Gold Range Project in Arizona where ongoing work has identified a 5km long fault zone containing numerous mineralized zones and exploration targets.
Company page: https://www.canexmetals.ca/
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Wolfden Resources Corporation is a Canadian exploration and development company with a track record of polymetallic deposits discoveries and mine development experience. The Company owns a 100% interest in the Pickett Mountain Project in Maine, USA, one of the highest grade undeveloped VMS deposits in North America. The deposit is situated 85 km west of the Canadian border proximal to excellent infrastructure that includes a state highway, power line and railway siding.
Company Page: https://www.wolfdenresources.com
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Tesoro Resources Limited is an Australian public company with exploration stage gold assets in Chile. Founded in 2017 by the members of the Board and Tesoro is focused on acquiring developing high-grade gold assets that have the potential to be district scale mining projects.
Tesoro is managed by experienced mining professionals with strong geological and finance backgrounds as well as significant in-country expertise. Tesoro executed an earn-in agreement over the El Zorro Gold Project in 2017 from a local Chilean vendor and is currently undertaking exploration programs.
Company page: https://www.tesororesources.com.au/
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Freeman Gold Corp. is a well funded mineral exploration and development company led by a management team with an unparalleled track record of success in the mining industry. Freeman is focused on the development of its 100% owned 30 square kilometres Lemhi Gold property strategically located in mining-friendly Idaho, USA. The shallow gold mineralization appears well oxidized and potentially amenable to open pit, heap leach mining. The Company currently has two diamond drill rigs turning at the project and is working towards a maiden NI 43-101 resource estimate, ultimately targeting a 1.5 to 2 million ounce gold deposit.
Company page: https://freemangoldcorp.com/
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Peninsula Energy Limited is an ASX listed company that owns the Lance Uranium Projects in Wyoming, the USA which is in the transition from an alkaline to a low pH in-situ recovery operation, with the aim of achieving the operating performance and cost profile of the industry-leading uranium projects.
Company page: http://www.pel.net.au
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Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko Mine Complex located on the Houndé greenstone belt in western Burkina Faso and is also advancing the development and exploration of the Séguéla Gold Project located in Côte d'Ivoire.
The Yaramoko gold mine consists of two high-grade underground gold mines: the 55 Zone and Bagassi South. Annual gold production in 2020 is expected to be between 120,000 and 130,000 ounces.
Company page: https://www.roxgold.com/
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Salazar Resources is Ecuador’s proven and trusted exploration company, focused on creating value and positive change through discovery, exploration and development. Its carried and wholly-owned work programs present multiple significant growth catalysts.
Company page: https://www.salazarresources.com/
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Bonterra is a Canadian gold exploration company with a large balanced portfolio of exploration and mining assets including the Gladiator, Barry and Moroy deposits, Urban-Barry Mill and multiple highly prospective exploration prospects. Bonterra controls the only permitted gold mill in the region with a large land position of over 38,000 hectares in the Urban Barry Camp. Bonterra is located in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt.
Company Page: https://btrgold.com
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Generation Mining is developing the Marathon Palladium project in Northwestern Ontario. After the release of a very robust Preliminary Economic Assessment in January 2020, the Company has begun a Feasibility Study which is expected to be completed in early 2021. Marathon is the largest undeveloped palladium project in North America. Most palladium demand is for autocatalysts in cars, which scrub toxic emissions from the exhaust and therefore make our air much cleaner.
Company page: https://www.genmining.com/
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Maritime Resources Corp. is a precious metal focused exploration company with assets located near Springdale, Newfoundland and Labrador, Canada. The company holds a 100% interest in the Green Bay property which includes the past producing Hammerdown gold mine and the Orion gold deposit. Maritime also owns a large land position around its Whisker Valley project, a new exploration project located 6 km north of Hammerdown.
Company page: https://www.maritimeresourcescorp.com/
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Meridian Mining is focused on becoming the next mid-tier Copper-Gold developer with a focus on Brazil. The Company’s priority is on the Cabaçal project, an advanced VMS district-scale Cu-Au project located in the state of Mato Grosso. Meridian’s Board and Management team has a track record of development, financing and operating natural resource projects in Brazil and internationally.
Company Page: https://meridianmining.co/
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Interview with Hayden Locke, President of Marimaca Copper (TSX: MARI)
Marimaca is a TSX-listed copper company. The Company’s flagship asset is the Marimaca Copper Project in Chile’s Antofagasta region. It is the only copper discovery globally of the last five years and is a low-risk project, with substantial exploration potential.
Company page: https://www.marimaca.com/
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Victoria Gold Corp's Eagle Gold Mine poured its first gold in Q3, 2019 and achieved commercial production on July 1, 2020. In full production, the mine will produce 210,000 ounces of Au per year. The Reserve is 3.3 million ounces of gold and the mine life is +11 years. The deposit is open at depth and along strike. Exploration potential of the greater Dublin Gulch property is good and includes priority targets Olive-Shamrock, Bluto and Nugget-Raven.
Company page: https://www.vgcx.com/
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First Cobalt is a North American cobalt company and owner of the only permitted primary cobalt refinery in North America. The Company is exploring a restart of the First Cobalt Refinery in Ontario, Canada, which could produce over 25,000 tonnes of cobalt sulfate per year from third party feed. First Cobalt’s main cobalt exploration project is the Iron Creek Cobalt Project in Idaho, USA, which has an Indicated Resource of 2.2 million tonnes.
Company Page: https://www.firstcobalt.com/
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GoGold Resources Inc. is a Canada-based mining company. The Company is engaged in the exploration, development and production of gold, silver and copper. The Company owns two properties: the Parral mine located in the State of Chihuahua, Mexico (the Parral Project), and the Santa Gertrudis project located in the State of Sonora, Mexico (the Santa Gertrudis Project). In addition to its material projects, GoGold holds the Rambler property in Newfoundland and Labrador and the San Diego property in Durango, Mexico.
Company page: https://gogoldresources.com/
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Silver Tiger Metals Inc., formerly Oceanus Resources Corp, is a Canada-based company focused on gold and silver exploration in Sonora, Mexico. The Company’s El Tigre Project is located in Sonora, Mexico in the Sierra Madre Occidental. The El Tigre Project is located approximately 90 kilometres south-southeast of Agua Prieta in northern Sonora, Mexico.
Company page: https://silvertigermetals.com/
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Manhattan Corporation Limited is an explorer with its head office based in Perth, West Australia. Manhattan announced on the 2 December 2019 that it had signed an agreement to acquire 100% of Awati Resources Limited and its flagship Tibooburra Gold Project located in north-western NSW, Australia.
This acquisition delivers MHC early-mover advantage in an emerging high-grade gold district that holds multi-million-ounce gold discovery potential. The structure, age of mineralisation (440Ma) and tectonic features of the Tibooburra Goldfields has similarities to the Victorian Goldfields where large orogenic gold deposits continue to be discovered (e.g. Fosterville).
Company Page: https://manhattcorp.com.au/
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Investigator Resources Limited is a metals explorer focused on the Gawler Craton of South Australia and the West Coast of Tasmania, which offers discovery opportunities in a data-rich and supportive jurisdiction. This has been demonstrated by the Investigator’s discovery of the Paris silver deposit.
Company page: https://investres.com.au/
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Nomad Royalty Company, a new global acquisition-driven precious metals royalty company. With assets located around the world. Significant cash flow. Precious Metal Focused. Nomad owns 12 royalty, stream, and gold loan assets, of which 6 are currently producing. Listed under NSR on TSX Gold Stocks.
Company page: https://nomadroyalty.com/
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Cabral Gold is focused on advancing the flagship, district-scale Cuiú Cuiú gold project in Brazil. The company's strategy is to focus on growing the existing resource by updating the 2011 resource estimate, trenching, sampling and consequently drilling. In addition to Cuiú Cuiú, Cabral Gold has three other projects in the Tapajos region of Para, Brazil.
Company page: https://cabralgold.com/
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Canada Nickel is advancing the next generation of high quality, high potential nickel-cobalt projects to deliver the metals needed to power the electric vehicle revolution and feed the high growth stainless steel market.
Company page: https://canadanickel.com
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Interview with straight-talking Dan Wilton, CEO of First Mining Gold Corp. (TSX: FF)
First Mining is a Canadian gold developer focused on the development and permitting of the Springpole Gold Project in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in Canada. A Pre-Feasibility Study was recently completed on the Project and permitting is on-going with the submission of the Environmental Impact Statement targeted for 2021. The Company also holds a large equity position in Treasury Metals Inc. who are advancing the Goliath-Goldlund gold projects towards construction.
Interview timestamps:
1:54 - 2020 Review & Progress Made
3:46 - Company Overview
5:03 - PFS Highlights for Springpole Gold Project
6:51 - Going Forward: Financing it All & Preparation for FS
8:25 - EIS Component: Advances & Timing
12:05 - The End Goal: Market Expectations, Deliverables & Timing
18:12 - Means for De-Risking & Speeding Up the Process
26:44 - Deals & Relationships with Auteco Minerals & Treasury Metals
32:55 - Cameron Gold Project: Consolidation of Land, Plans, & Goals
35:00 - Update on Hope Brook
37:06 - Burn Rate: Will They Have Enough to Complete the FS?
37:38 - Exploration in 2021: Budget & Plans
39:51 - Opportunities for the Portfolio & Royalties
Salazar Resources is Ecuador’s proven and trusted exploration company, focused on creating value and positive change through discovery, exploration and development. Its carried and wholly-owned work programs present multiple significant growth catalysts.
Company page: https://www.salazarresources.com/
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The Company’s focus is to explore, develop, and ultimately become a producer of high-grade helium for the international market, a critical material essential in modern technologies. Helium One holds 4,512km2 of exploration licences in highly prospective helium provinces in Tanzania. The Company holds 100% of these licences and has exclusive rights to develop the assets.
Company Page: http://www.helium-one.com/
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Superior Gold Inc. is a Canadian based gold producer that owns and operates 100% of the Plutonic Gold operations located in the world-class goldfields of Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine, the Hermes open pit projects and an interest in the Bryah Basin joint venture. The Plutonic mine has been in continuous production since 1990 and, having produced ~6.0 million ounces of gold, is one of Western Australia's largest historic gold producers.
Company Page: https://www.superior-gold.com/
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Neo Lithium has positioned itself to become one of the world’s most sustainable lithium producers. As transportation becomes increasingly electric, the lithium industry is expected to face a significant surge in demand. Neo Lithium expects to meet this demand with energy-efficient facilities that minimize freshwater consumption and carbon dioxide production, promoting a sustainable future for both surrounding communities and the industry at large.
Company page: https://www.neolithium.ca/
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Battle North Gold Corporation is a Canadian gold mine developer that owns the Bateman Gold Project, located in the prolific Red Lake gold district in northwestern Ontario, Canada.
Company page: https://battlenorthgold.com/
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Cobalt Blue Holdings Limited is a cobalt exploration and development company. The Company is focused on developing the Thackaringa Cobalt Project in New South Wales. The Company focuses on achieving commercial production of cobalt and commercializing technical advances in the use of cobalt. The Thackaringa Cobalt Project covers an area of approximately 60 square kilometres and is located in western New South Wales.
Company page: https://www.cobaltblueholdings.com/
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Global Atomic is a Canadian resource company advancing the large, high-grade Dasa uranium deposit in the Republic of Niger. In addition, Global Atomic benefits from the dividend stream generated by its share in the Befesa Silver-met zinc concentrate production facility in Turkey.
Company page: https://www.globalatomiccorp.com/
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VanGold Mining is an exploration company engaged in silver and gold mineral projects in the Guanajuato region of central Mexico – an area with over 500-years of mining history. The Company’s flagship El Pinguico project is a significant past producer of high-grade silver and gold and is located 7 km south of Guanajuato City, Mexico.
Company page: https://vangoldmining.com/
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CEO Mike Hodgson talks us through their Q4 2020 operational update.
Company page: https://www.serabigold.com/
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Energy Fuels is the leading U.S. producer of uranium – the fuel for carbon- and emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the world work to provide plentiful and affordable energy while combating climate change and air pollution.
Company page: http://www.energyfuels.com/
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Canada Nickel has entered into a non-binding MOU with Glencore in order to examine the potential use of Glencore's Kidd concentrator and metallurgical site in Timmins, Ontario for the treatment and processing of material mined from the Crawford Nickel-Cobalt Sulphide project. Crawford is located 40 km north of Glencore’s operations.
Mark tells us they have completed an initial assessment and is now proceeding with a detailed study on the potential for upgrading excess capacity at the Kidd Concentrator.
Company page: https://canadanickel.com
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Kuya Silver Corporation is a Canadian-based silver-focused mining company that owns the Bethania mine and holds the concession, permits and other rights of the property located in Central Peru. Privately owned for the past forty years, the mine produces a high-grade sulphide ore from several veins in a structurally controlled swarm.
Company Page: https://kuyasilver.com/
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Cartier Resources is an exploration company focused on discovery in the prolific Abitibi Gold Belt in Quebec. The Company operates a process which allows to develop and maintain a balanced portfolio of mining projects ranging from exploration to resource definition, development, and production.
Company page: https://ressourcescartier.com/
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Interview with Paul Huet, CEO of gold producer Karora Resources (TSX: KRR)
Company page: https://www.karoraresources.com/
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Interview with John Lewins, CEO of K92 Mining Inc. (TSX-V:KNT)
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Interview with Bradley Langille, President & CEO of GoGold Resources (TSX: GGD)
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Mawson Gold Limited is a gold exploration company in two safe, Tier 1 mining-friendly jurisdictions: Finland and Australia. Expanding the most advanced gold-cobalt resource in Finland. An inferred resource estimate recently doubled to 9.0 million tonnes @ 2.1 g/t gold, 570 ppm cobalt, 2.5 g/t gold equivalent for 716,000 ounces gold equivalent. Five diamond drill rigs are planned to drill 20 kilometres from December 2020.
Company page: https://www.mawsongold.com/
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District Metals Corp. is lead by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.
Company page: https://www.districtmetals.com/
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Rio2 Ltd is a Canada-based multi-asset, multi-jurisdiction, precious metals company focused in the Americas. The Company's main project is the Cerro Maricunga Gold Project located in the Atacama Region (III) in Chile and it is an undeveloped pre-feasibility level gold oxide project in the Americas.
Company page: https://www.rio2.com/
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Millennial is focused on the development of its flagship lithium brine project, Pastos Grandes, situated in the province of Salta in the Lithium Triangle of Argentina. Lithium producers in the Triangle include SQM, Albemarle, Livent Corp. and Orocobre. Millennial has recently completed a Feasibility Study (FS) on its Pastos Grandes Project which yielded Proven Reserves of 179,000 tonnes of Lithium Carbonate Equivalent (LCE) and Probable Reserves of 764,000 tonnes of LCE.
Company page: http://www.millenniallithium.com
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Neometals Ltd is a mineral project developer. The Company’s segments include Lithium, Titanium and Vanadium, and Others. The Company’s projects include Mount Marion Lithium Project, Lithium Hydroxide Project (ELi Process), Alphamet, Barrambie Titanium Vanadium Iron Project (Barrambie Titanium) and Forrestania Nickel Project. The Company's Mount Marion Lithium Project is located approximately 40km southwest of Kalgoorlie, Western Australia.
Company page: https://www.neometals.com.au/
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Energy Fuels is the leading US producer of uranium – the fuel for carbon-free, emission-free nuclear energy. Nuclear energy is expected to see strong growth in the coming years, as nations around the World work to provide plentiful and affordable energy while combating global climate change and air pollution.
Company page: http://www.energyfuels.com/
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Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Gold Mine and expanding gold resources on its PL and Nokomis gold deposits. The Company has completed a Positive Feasibility Study (using a base case gold price of US$1,250 per ounce and a CAD: USD foreign exchange rate of 0.77) in support of re-starting the PL Mine at an average annual production rate of 46,493 ounces over minimum 5-year mine life.
Company page: http://www.minnovacorp.ca/
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Impact Minerals is an Australian Exploration Company listed on the Australian Stock Exchange (ASX-IPT). The company is a project generator and developer and explores a portfolio of tenement holdings within major mining regions of Australia.
Company Page: https://www.impactminerals.com.au/
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Vox is a growth precious metals royalty and streaming company with a portfolio of over 45 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest-growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 15 separate transactions to acquire over 40 royalties.
Company page: https://www.voxroyalty.com/
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KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia. KORE has two robust preliminary economic assessments published on its Long Valley gold project and on its Imperial gold project, which is actively being permitted into development. KORE is also aggressively exploring across its portfolio of district-scale gold projects. Management and Board (38% ownership), along with strategic investor, Eric Sprott (26% owner), are aligned with shareholders to create per-share value.
Company page: https://www.koremining.com/
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Interview with Stephen Roman, Chairman, President & CEO of Global Atomic Corp. (TSE: GLO)
Company page: https://www.globalatomiccorp.com/
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Interview with Stephen Biggins, MD of Core Lithium (ASX:CXO)
Company page: https://corelithium.com.au/
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Cassiar Gold is focused on gold exploration within British Columbia. The Flagship Cassiar Gold Project is a large, advanced stage, road-accessible gold property. A NI 43-101-compliant resource estimate of 1M oz at 1.43 g/t Au for the Taurus bulk-tonnage gold deposit was completed in September 2019.
Company page: https://cassiargold.com/
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Champion Iron is an iron ore exploration and development company with major projects in the southern Labrador Trough, Canada’s largest iron ore producing region.
Champion Iron, through its wholly-owned subsidiary Champion Iron Mines Limited, is developing eight iron-rich projects in a 707 km2 area. Each project is strategically located close to the electrical grid, all-season roads and railway lines. This infrastructure connects the projects to a terminal located in water that does not freeze, on the north shore of the Gulf of St. Lawrence.
Company Page: https://www.championiron.com/
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Anaconda is a TSX and OTCQX-listed gold mining, development, and exploration company focused in Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~11,000 hectares of highly prospective mineral lands including those adjacent to the past-producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project. Anaconda is also developing the Goldboro Gold Project in Nova Scotia, a high-grade resource and the subject of an on-going feasibility study.
Company page: https://www.anacondamining.com/
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Renforth Resources Inc. is an active exploration company with gold resources on the Cadillac Break in Quebec, currently drilling the Parbec Property, contiguous to Canadian Malartic, to continue to define the total amount of gold present.
Company Page: https://renforthresources.com/
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Interview with Jim Rogers, Investor & Market Commentator
Company Page: https://www.jimrogers.com/
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Winston Gold Corp. is a junior mining company focused on generating cash flow by advancing high-grade, low-cost mining opportunities into production. Our management and operations team have considerable experience identifying and developing high-grade underground mines that exhibit excellent potential for success.
Company Page: https://winstongoldmining.com/
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Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in the favourable and proven mining jurisdictions of the East and West Kootenays of British Columbia. Braveheart’s main asset is the newly acquired Bull River Mine, an advanced stage copper, gold and silver mine. The mine is fully developed with 21,000 metres of underground developments in terms of ramps, raises and drifting on mineralized structures on seven levels. The surface infrastructure includes a 750 tonne per day conventional mill with adjoining crushing facilities as well as offices and mine maintenance facilities. The property is connected to grid power and there is year-round access to the site by paved and all-weather roads.
Company Page: https://braveheartresources.com/
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Nubian Resources Ltd. is a Canada-based precious and base metals exploration company. The Company's projects include Esquilache Polymetallic Project, Yandoit Project, Fosterville East Project, Mathinna and Lefroy Project and Dunfee Project.
Company Page: https://www.nubianr.com/
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E2Gold Inc. is an IPO-stage private junior exploration company founded by Eric Owens in January 2020. The company’s seasoned management is committed to delivering shareholder value through growth of gold resources on its Northern Ontario properties. Focusing on E2Gold’s flagship Hawkins project, the company has re-invested shareholder funds back into the ground by completing geophysical surveys, trenching, and commencing local and regional mapping campaigns. The company’s May 2020 seed financing (at $0.05) raised $500k for exploration activities.
Company Page: https://www.e2gold.ca/
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Ceylon Graphite is a public company listed on the TSX Venture Exchange involved in the exploration and production of graphite in historic resource jurisdictions in Sri Lanka. It holds a land package constituting 121 km² grids containing historic vein graphite deposits. These unique and comparatively higher margin vein (lump) deposits currently make up less than 1% of the world graphite production. These exploration grids represent the majority of known historic graphite resources in Sri Lanka. The relevant areas in which these grids reside have previously had historical production dating back to the 1920s and 1930s.
Company Page: https://www.ceylongraphite.com/
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Salazar Resources is Ecuador’s proven and trusted exploration company, focused on creating value and positive change through discovery, exploration and development. Its carried and wholly-owned work programs present multiple significant growth catalysts.
The experienced team has a proven track record and an unrivalled understanding of the geology in-country, having played an integral role in the discovery of most of the major projects in Ecuador, including the two newest operating gold and copper mines.
Company page: https://www.salazarresources.com/
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Blackstone Minerals Limited operates as an explorer and developer with an international portfolio of battery and precious metals exploration projects. The Company offers gold and silver exploration services. Blackstone Minerals serves Asia's growing lithium-ion battery industry.
Company page: http://blackstoneminerals.com.au/
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Standard Lithium is an innovative technology and lithium development company. The company’s flagship project is located in southern Arkansas, where it is engaged in the testing and proving of the commercial viability of lithium extraction from over 150,000 acres of permitted brine operations.
Company Page: https://www.standardlithium.com/
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Excellon Resources is a TSX-listed company that is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality gold development in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750-years of mining history and no modern exploration. The company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.
Company page: http://www.excellonresources.com/
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Interview with David Hunter, a Contrarian Macro Strategist
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Interview with Craig Parry, CEO of uranium explorer, IsoEnergy (TSX-V: ISO)
Company page: http://isoenergy.ca/
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Interview with Shaun Verner, MD & CEO of Syrah Resources (ASX:SYR)
Company Page: http://www.syrahresources.com.au/
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Interview with Neil Young, MD & CEO of Elixir Energy (ASX:EXR). Joining him are Richard Cottee, Non-Exec. Chairman, Stephen Kelemen, Non-Exec. Director, & Anna Sloboda, Non-Exec. Director.
Company page: https://www.elixirenergy.com.au/
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Interview with Max Porterfield, President & CEO of Callinex Mines (TSX-V:CNX)
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Interview with Patrick McGrath, CEO of Blue Moon Mining (TSX-V:MOON)
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Interview with Bruce McLeod, President & CEO of Sabina Gold & Silver Corp. (TSX:SBB)
Company page: www.sabinagoldsilver.com
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Interview with Gerard Barron, CEO, & Anthony O’Sullivan, Chief Development Officer of DeepGreen Metals.
Company Page: https://deep.green/
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Cobalt company First Cobalt has been treading water in terms of the market, but far from treading water with regard to M&A. The market conditions have meant that the company has had to be agile and adaptive. Gone are the days of proving up 'pounds in the ground'. Four companies have been merged, and a couple of pivots have happened, during what has been a difficult time, has kept the show on the road. The main focus now is on the refinery in Ontario. The Idaho project, Iron Creek, has been parked up. Cash it tight and the company needs to be clear about the focus and plan for delivering it with limited cash. We ask if there have been discussions with other cobalt operators in Idaho. Cobalt price is still to recover, but Mell seems confident in their approach. He is looking to processing cobalt out of the DRC. We discuss the ethical landscape and emulating the playbook of the Chinese and Europeans. We also discuss their changing relationships with Glencore.
Company Page: https://www.firstcobalt.com/
Company Page: https://www.firstcobalt.com/
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Calidus Resources is developing a new Gold mine in the Pilbara district in Australia. Targeting 90,000oz at AISC of A$1,290/oz. They are moving to a construction decision and to do that they need capital. They have just agreed a $110M debt package with Macquarrie Bank in Perth. They will need equity to cover financing fees, cost overrun facilities... Reeves is pleased with a size of the cash on offer and talks us through the terms agreed, including why the hedging was put in place.
We also try to understand the delay to the Blue Spec acquisition from Novo Resources. Reeves explains that it was the only factor of the management team being focused on getting the debt package in place. Still, work to do on that front before they can draw down on the facility in Q1/21. Calidus will need to raise a little more capital to top up the coffers. Reeves says watch this space as to how they choose to do that.
Company page: https://www.calidus.com.au/
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A spectacular announcement from K2 Gold this week. Three holes announced, one of them at 87m at 4g/t. Core from a further 14 holes is due over the next few weeks. Even if we treat the 4g/t hole as an outlier, the average of 1g/t to 2g/t average, operators in the district are able to get into production. Equinox has an average of 0.6g/t with an open-pit heap leach project Castle mountain. We discuss California as a mining jurisdiction and Swatton talks about the other operators and producers in the area. He outlines his plans for next year, and, with about $2M in the bank, Swatton talks about the need to go to the market to raise more money for the drill programme next year.
At $26M market cap, it is early days, and the drill bit will have to do the talking next year. But as one of the Discovery group of companies, this one has the back and access to cash to deliver on a clear and simple plan.
Company page: http://www.k2gold.com/
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Profitable Mexican gold developer using low-cost heap leach on low-grade ore to generate profit. They've done it before at Castle Gold. This is a smart management team (Doug Ramshaw and Darren Koningen) who focused on getting to first gold pour in 2021. We talk through their strategy to get Santana, and new asset, Cerro De Oro into production. Their 3rd asset La Fortuna has a slightly different profile and will be brought into production later. We like the low-cost approach (buying 2nd hand mill from the US; using heap leach; low G&A realistic M&A). They have a Resource which they can talk to the market about. And for anyone who remembers Chester Miller and his approach to spending, this is right up your street.
Company page: https://www.mineraalamos.com/
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So what's it like to do business in Argentina at the moment? Salta Province is one of the best areas. They are chasing Gold-Silver having acquired the project in 2016 from SSR. Results recently have been good and they plan to continue to drill into 2021 to finish a 13,000m programme to demonstrate the scale of the opportunity. With that they hope to deliver a PEA. The management team have been there just over a year and have changed the focus and emphasis having raised the capital required to prove the potential with a small drill programme at the beginning of the year. This was enough to get Eric Sprott interested in not one, but 2 fund raises. As an exploration team, with $25M, they feel they can deliver an interesting story and then have conversations with partners. There are 3 other targets in the portfolio which have potential but the Diablillos project is well-advanced, with more than US$35 million spent historically.
Company Page: https://www.abraplata.com/
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McDonald talks us through his ISR and conventional copper mine projects. Canadian copper miner with assets in BC (Gibraltar) and Arizona (Florence). Gibraltar has been producing cash from a low-grade, low-cost process. However, we were keen to understand the ISR copper recovery technology being mooted at Florence. The company recently raised some capital to advance Florence.
Company Page: https://www.tasekomines.com/
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Vig is an entrepreneur who made money in Cannabis. They have 3 projects; Pellaire, Dome Mountain, Big Onion (copper Porphyry). Blue Lagoon IPO'd is July 2019 and Vig explains how he financed the projects. We try to understand the payment schedules in the MD&A against what Vig tell us. A lot of moving parts! He explains how he is approaching to costs and process. Vig is keen to show us that he has an unconventional approach to process and planning, and does not feel it is necessary to pay for professional services companies to tell him what he already knows. We are keen to understand the sequence of the projects and how he intends to spend his money. Dome Mountain, near Big Onion, seems to be the want to be flagship project. It has shown some good drill results recently and the market has reacted positively. It's early days and a small mine but can be very profitable as the Capex is very small, about $1.5M. This is because it benefits from an expenditure of $28M on infrastructure by the previous owners. Vig expects to take advantage of the high gold price environment.
Company Page: https://bluelagoonresources.com/
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Paladin Energy was the darling of the last boom & bust uranium cycle. Many promoters and brokers point back to the highs that Paladin achieved as example of where their uranium stories will go. Purdy reminds us that only 2 companies actually got in to production in that cycle, despite there being c.500 'uranium' companies. We hope investors do their homework and look at the uranium macro and the business fundamentals for their uranium investments.
Purdy joined Paladin in Feb 2020, and has been focused on getting Paladin ready to bring Langer Heinrich back into production, having gone into care & maintenance in 2018 when prices fell to unsustainable prices. We discuss the price that they need to make the decision to bring back into production. Purdy seems to agree with most CEO that contracts need to be +$50, ideally +$60. Paladin is focused on Langer Heinrich and engaging with utility market. It will produce 6Mlbs during its mining phase of 7yrs, and then working their way through the lower-grade lower-volumes stockpile. We talk about exploration and also the other assets in Australia and Canada. The indication is that these are not core and no money will be spent developing these. The CNNC relationship comes into scrutiny in the market so we look at the implications of how this 25% shareholder actions affect future decisions.
Company page: https://www.paladinenergy.com.au/
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Mojapelo is a sharp individual and knows that he can’t afford to drink his own Coolaid. He tells us that they have been careful to test their own thesis regularly to ensure that not only are they watching costs but that their expenditure is firmly focused on being an effective integrated Vanadium company. Now whether that means distancing itself from being a mine operator (in name) and migrating its positioning further downstream, waits to be seen.
A Production Finance Agreement and Convertible Notes gives them access to $65M. So now what. We discuss his approach to Bushveld Vanadium and Bushveld Energy and what the money has been allocated to. Both are in different stages of market growth. Problems with UET and ESKOM are explained. And technology adoption, take up and timing are debated.
Company page: https://www.bushveldminerals.com/
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A private company chasing gold in Argentina and Brazil. Looking to go public in soon. We talk through the management teams relevant experience and successes of the past. So what's it like doing business in Argentina and how do they expect to grow that asset. Same questions asked for Brazil. Brennan runs through their business plan and maps out the sequence of spend and production and where they expect to spend their time and money. It's an ambitious plan, but they have delivered and monetised successive so they are confident in their abilities.
Take a look at their presentation https://www.cerradogold.com/investors and look out for the imminent IPO. The suggestion from Brennan is that the company will list at $140M and at around $2.
Company Page: https://www.cerradogold.com/
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Royalty companies are all the rage at the moment, and this unconventional royalty play likes to think of itself as ahead of the pack when it comes to being ‘value guys’. They do not overpay for anything says Cole. It’s a get rich slow scheme, but you will get rich he says. Their model is to convert geological ideas from all over the world into royalties or other revenues streams. We’ve interviewed several companies that have picked up EMX properties and who seem very content. EMX though is waiting for the big one. Zijin Mining Group is investing over $500M into the Timok project in Serbia and expects to be in production in Q4/22. EMX has a 0.5% royalty over this large copper project and expects a meaningful contribution from it. With over 250 properties globally. EMX is starting to look after 20 years in the business.
Company page: https://www.emxroyalty.com/
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Gilman used to manage money for Li Ka-shing. There were some simple rules for accessing his money. 1. Don’t lose my money 2. Getting an income from that money. On top of that came some simple investment tips, 1. Ensure the right corporate and financial structures 2. Invest in the right jurisdictions 3. Make sure the assets had a great ore body that could become a mine. Gilman is taking that model into this public vehicle and carrying on where he left off, except the time with the backing of a handful of Australian Billionaires. Gilman addresses the issue of liquidity and Dividends, and share how they intend to target their next investments. Current they have 2 terms sheet out, on top of their 3 investments in NexGen, ISO Energy and Adriatic Minerals, and he believes that his current investors will follow their money on the next raise.
The part of this story we like most is that when Gilman says he is aligned with shareholders, he means it. He has invested $5M of his own money into shares at market. He takes no salary and there is only 1 other employee. A clean corporate structure and a clear business plan. I’m happy.
Company Page: https://queensrdcapital.com/
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Royalty Generator in Eastern Europe. Mundoro partners with explorers and developers chasing large scale copper and gold. Both very topical at the moment. Dechev explains what investors may be missing about their business model and the descriptor. We talk about dilution control, exploration expansion budgets, downside protection and partners plans.
Generator and royalty companies take time to get going, but Mundoro has been at this for a while and the market is perhaps tired of the story. Currently they have Vale and Jogmec as partners and perhaps a third to join them in 2021. If the plans of these partners involving focusing on these Serbian assets and they get lucky and find the next discovery then this is a company maker. So clearly Mundoro is not in control of timing. They do however collect fees and have on average been spending $4M on their own exploration programmes. Drilling: 12,441 m in 2019 drill programs and 15,972 in 2018 drill programs. Partner sole funding: $3.764 mln in 2019 and $3.407 mln in 2018.
Company Page: https://mundoro.com/
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Drill results Westhaven has recently raised $5.175M and discuss how this is being allocated and when. Westhaven is in BC. Shovelnose is the core focus with a high-grade gold discovery made in 2018 and then hit further high-grade intercept in 2020. They are drilling nearly 40,000m this year on top of the 22,000m drilled previously. The current incarnation of the company has spent about $14M on drilling. The company is trying to make a decision as to when they want to put out a resource as they claim to be in several conversations with developers (who may not need a resource). So expect more drilling for the next couple of years! The company will need to raise more money to (+$10M?) so they can carry out their plans.
Company page: https://www.westhavengold.com/
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Elemental Royalties listed at the and of July 2020, having been private for 3 years prior to that. They chose the TSX-V and became part of the Discovery Group of companies. Bell is a young, but intelligent CEO. He recognised that the 6 royalties that they had on listing would not be enough to thrill the market for long, so they have just consummated a deal with South32 for 3 very solid royalties at 1x NAV. So a good price. Total cost $55M. An acquisition of equals which is never easy to do and no small feat. Management are to be congratulated.
They raised some money with Sprott ($25M 2 yr debt facility, not cheap but easily refinanced soon and no doubt on better terms). And then a $12M private placement. Meaningful cashflow starts in 2021 and grows quickly from there. Impressively quick to focus on revenue which will make it easier and cheaper to raise funds in the future, once they remove the security on the Sprott debt.
With $8M in the kitty, Jessome says Silver Tiger Metals is well poised to follow up with their recent high-grade drill results in Mexico. He has a track record of building 3 large mines in Mexico with CEO of GoGold Resources, also doing well in Mexico. They have 3 drills turning and Jessome says that investors should be looking at the plan for the next 12-months. He is pleased with the results, the market hasn't reacted the same way and tax loss season sees some investors taking money off the table. Institutions are starting to look at this asset and Silver Tiger Metals now has 3 brokers providing coverage. If you like the GoGold story you might like this one, as it is 18-month behind. They have a very large land package and are starting to systematically plan how they approach it. Good team, good asset and they have cash. Let's see what 2021 brings them.
Company page: https://silvertigermetals.com/
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Coal investment isn't for everyone it seems, but it is nevertheless an important industrial material, not just for energy. Coking coal, met coal or steelmaking coal are all the same thing. It represents 10% of all coal sold by volume. Thermal coal has the justifiably bad reputation for polluting the air and skies in China and India.
Montem IPO'd in September following 3 years as a private company. Doyle talks us through the team (ex-Glencore - who tend to think big) and their plans to get their assets in Alberta, Canada back into production. Tent Mountain is the smaller of the two but comes with a mill and permits and can be produced in 2022. The numbers are ok, IRR 17.3% at base, pre-optimised financing and 14-year LOM extension. This will provide the cash flow for the getting the 2nd larger asset, Chinook, into production.
Company Page: http://montem-resources.com/
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This years turnaround story putting together a mining plan that accelerates high-grade projects and brings course gold to fore. Mill extensions and ore sorters to add capacity but it’s clear that a second mill is going to be needed.
Huet talks us through his thoughts for 2021.
Company page: https://www.karoraresources.com/
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Another Athabasca Basin uranium junior readying themselves for this cycle. Purepoint has been around before the last cycle and has survived the market malaise of the last 10 years. We discuss his views on the macro in that time and his hopes for 2021. There is pragmatism and caution to Frostad's approach. He is keen to talk the language of being a miner rather than a promoter. They are a $12M mkt cap, which despite being realists, means they need to start telling their story now. The competition is.
They have Orano and Cameco as partners at Hook Lake. Purepoint's has 21% of the asset but are the operator. Hook Lake has had $20M spent on it. So where are they with that project? A drill programme is starting in January. We discuss how that get funded and future capital raises. What does Frostad want to achieve this year?
Company Page: https://purepoint.ca/
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This is the ex Mariana Resources team hoping to replicate some of the success of the past. There are a lot of moving parts, but the company has spent some time finding partners. Their Argentinian projects have been sold and they have JV with Ethos Gold on their Ontario project and Yamana Gold on Domain Project in Manitoba. Focus is now on a gold project in Sweden and Copper Gold projects in Norway. Perceived jurisdictional risk of working in Argentina has gone. There are several success stories in Scandinavia and Capella will be hoping to cash in on that and get noticed. Roth talks about drill programmes, cash requirements and partnerships.
Roth tells us how they picked up assets from EMX Royalty and what their obligations are. We also discuss how they are allocating the $3.3M recently raised.
Company Page: https://capellaminerals.com/
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A uranium junior with a different outlook and thesis to uranium investing in Canada. Sykes has been on the show before but this time is even more candid than previously. They are a high-grade explorer looking for uranium in the basement rocks without the overburden of sandstone. Funded for drilling in 2021. He is responsible for finding NexGen's Arrow Project and has been working in the Athabasca Basin for over 10 years. Not everyone is going to like his take on the reality of getting into production and points directly at some of the other players in the Basin. Finding uranium is easy, getting into production or getting in the production economically is much harder.
Company page: https://baselode.com/
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Business as usual for Rupert Resources and another $100M market cap. Now lurking just below the C$1Bn mark, Rupert Resources has been one of the best performing mining stories of the year. An exploration assets in Finland, Lapland with permitted plant & mill in care & maintenance. They have 6 discoveries so far, all showing high-grades and possibility of world-class scale. It's about the sheer volume of metal in the ground, the intercept are high-grade but also over multiple metres breadth and depth.
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Forget the flashy headline of high-grades where companies are chasing veins, especially when it is less than 1m wide (because of dilution). You need to be looking at the of the ore body and the average grades. 60% of the value of this project is in Silver, the rest in Gold. The latest GoGold press releases suggest the economics of this project should be very good. With 6 drills turning, and soon to be 8 drills, expect to see many drill results coming over the next 6 months.
Peer analysis suggest this is one of the top Silver stories out there. The volume of metal per ton is hard to ignore. Open pittable, bulk tonnage with a lot of very high-grade veins too.
Company page: https://gogoldresources.com/
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Great to catch up with Paterson following a well written explanatory press release "released in our honor"... Pedra Blanca is district scale project which the company is trying figure out. Cash constrained at the moment. Understanding how PGE markets work is important especially when planning how to do financial planning. PGE development and build requires a lot of capital. ValOre is going to need to bring in a strategic partner with a large balance sheet in 2021. So they need to demonstrate what they have under the ground. Paterson is clear about how they are going to do this. He has also been lending the company money and is also a 19.9% owner of the company. He is committed. He is aligned with shareholders.
ValOre Metals is a Canadian explorer with a PGE + gold asset in Brazil, Pedra Branca, and projects in Canada. The company is focussed on exploration, discovery and project advancement in minerals and mining. ValOre is part of Discovery Group. The group has allowed ValOre to cooperate and benefit from some excellent minds and strong companies. There is leverage here is the drill results keep going their way.
Company page: http://valoremetals.com/
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An Integrated Cannabis company who doesn't grow their own. We discuss their business model and the timing of the market. Sharples has structured the business by bring on subsidiary partners and other partners. Focus is on 2 extraction companies who make products too. The company is also focused on the canadian market but is keeping the option of expand into the US & International markets. He try to understand the revenue opportunities as laid out by the company.
Sharples is a pragmatic individual who is cautious and honest about where they sit in the market currently. We look at what is possible with the cash available to them. Currently they are at C$66M, having been as high (sic) as C$300M. He assesses the highs and the lows and tells us what it is going to take to build this business back up again.
Company Page: https://heritagecann.com/
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Something new. A Base Metals & energy generation focused Royalty company. Dalton set this company up straight out of college. Fascinating story. Dalton lays out the strategy and business plan and some of the hurdles they see for 2021. It a solid and cautious plan and we like it but the share price has been pretty flat for the last 3 years. Dalton tells us that they are positioning themselves to the green energy revolution and they aim to take advantage of that. To do so they have had to partner with Apollo Infrastructure Fund and their huge balance sheet. That is an opportunity but also a big problem: how to keep up with Apollo. Dalton explains they need to come up with a solution so as to how to do that without diluting shareholders. Nice problem to have
Company Page: http://altiusminerals.com/
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Interview with Rick Rule, President & CEO of Sprott US Holdings
Rick Rule joins us to talk about the music he likes (yes music!), answers questions from the crowd, investing strategies, US elections, CBDC and investing cycles.
Company page: https://www.sprott.com/
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Roque has shaken things up at this, formerly a bulk low-grade gold explorer with no cash and Cassiar is capturing investors attention again. He has brought 2 big name to the board which has allowed them to raise the capital they need to drill. A change of plan means that targeting the high-grade gold veins is now the order of the day. So far so good. The market is listening. The company is up 5x.
We grill Roque about the new strategy and what are his options if things do not go to plan.
Company Page: https://cassiargold.com/
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Chris Reed talks to us about the quarter results, which were good but that's what we have come to expect. Steady as she goes for now. The future that we see in front of them that is getting a lot of investors of all sizes talking though.
We take the chance to speak to Mike Tamlin, joint MD of Primobius, to discuss, amongst other things the InoBat MOU at the battery recycling plant in germany. The multi billion Euro industrial giant MS Group are the partners that bring the first project of the ranks the instant credibility that we look for.
The second cab off the rank is their vanadium recovery project in Sweden will multi billion Euro industrial SSAB. Do you see the pattern forming? Reed discuss the relevance of mini pilot results for Vanadium recovery and next steps (feasibility, product evaluation opportunities with offtakers)
The Neometals Sustainability report is out and we discuss the significance of this as part of their conversations with green funds across Europe and the tailwinds that exist for sustainability and green circular economies
Company page: https://www.neometals.com.au/
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A previously complicated story which is now taking shape after a few years spent solving a bio-oxidation process on their core asset. Multiple assets in multiple countries have also taken time to value, but now the correct sequence has been deciphered. There would appear to be tenacity and technical capability in the management team to be able to deliver some value to shareholders. Golden Minerals has raised a small amount of cash to be able to move things forward. There will more interesting stories out there but this one has a steadiness to it and ability to get into cashflow relatively quickly so worth a look.
Company page: https://www.goldenminerals.com/
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Orezone Resources is multi asseted company in the Abitibi region exploring for gold. They raised $5.5M in September which gives them the money they need to continue the drill programme to prove up the scale and size of the opportunity. As one of many small gold explorers they have not caught the eye of the market, but Stewart is a driven and capable individual. And a busy programme ahead the news flow will certainly help.
If you want to understand their business plan (they wrote one), listen to the interview from May https://youtu.be/mRv-TfV95-Y where Stewart explains how they hope to approach the project. So far he seems to be doing what he said he would do.
Company page: http://www.orefinders.ca/
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Frank Holmes is as ebullient on gold as ever but also some simple investment tips, in between the selling, which are worth taking note of. How good are your instincts? We discuss the US election and its impacts on retail investors and business, how investors should sometimes stop and look around, if populism is changing the face of economics and politics and what are the investments outside of gold that Frank is looking at.
Company page: http://www.usfunds.com/
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Focused on New Mont lake project in the Golden Triangle. Seeing 4 distinct systems. This young and ambitious CEO who took over Enduro metals after seeing that the previous management team was not delivering for investors. Rob McEwan and others have backed Evans to deliver a large district wide project. Historical grades c.5g/t suggest a focus at their McLymont project is where they want to spend most of their money. It's a small c.$50M company chasing gold Copper. What does the structure look like? It has a long way to run but the plan sound intelligent, the assets are good, there are some outstanding warrants due in Feb 2021 so could be an interesting time now to look at the fundamentals and see if it is for you. Smart CEO and one to watch.
Company Page: https://endurometals.com/
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Chasing copper and gold in Chile. They have announced a large resource projecting them in to the top 10 copper explorers in the world. They will need to raise capital and suspect this may be complete by the end of the year, suggesting that the number they will be looking c$20M. Grades are good at around 0.48% which is good. No idea yet about economics obviously and the focus for 2021 will be drilling c.15,000m of diamond drilling and the same again in RC drilling. They do however have a payment due to a shareholder of $10M mid 2021 so will need to assess how they pay that given that payment date had already been extended. They have made themselves more attractive to developers and producers as this is not a team who will be building a mine. Once the company starts to look at the economics the market will react. What we can say is that timing now seems to be on their side having taken a long time to get to this point. Looking forward to seeing more of the drill results and advancement of this project.
Company page: https://www.hotchili.net.au/
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CEO, Chalmers joins us to share his thoughts about the news of the $150M US Uranium Reserve included within proposed funding measures and allocations outlined in the FY21 draft from the Senate Committee on Appropriations. Ultimately these funds are to purchase 1.7-1.9 MMlbs U3O8.
We also discuss why chose now to pay off the companies debt. And the White Mesa Mill yet again becomes a focal point as Energy Fuels announces a rather attractive by product of milling uranium from monazite ore. They are able to extract Rare Earths too. The exciting part of this conversation is the potential contribution to the bottomline and more importantly the REE team that is being assembled. In the context of conversations that the company has already had with US Dept of Energy and US Dept of Defence, the rare earth component could signify a very profitable revenue stream in the near future. We suspect long term contract on the monazite are not far away. Interesting times in Wyoming despite the lull in the uranium price!
Company page: http://www.energyfuels.com/
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Abasov is in confident mood as he updates us on their pilot plant, funding and conversations with 2 technical partners for the build of the main processing plant. Investors seem to be attracted to the low-cost brine project in Argentina due to the advanced stage. The technical team at Millennial Lithium has been busy.
Company page: http://www.millenniallithium.com
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Ecomodernist Ben Heard returns to talk to us about:
The progress in small modular reactors recently (there are lots), the potential of now thinking about nuclear power as two clear technology classes (large and small) for two different market groups, the recent zero carbon target (China, Japan, Korea) and implications for nuclear technology, the price of uranium – what to expect from all the above, and ecomodernism and indigenous Australian land management practices find common ground.
Company page: https://www.brightnewworld.org/
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As ever Carter tackles the hard questions head on. One company Director sold off his position at a recent peak, which Carter says was a mistake. Carter continues to hold over $1.5M of his own shares in the company and has not sold any shares. Brazil has been a big producer of gold and Carter is hoping to show that they have a gold district. An aggressive and ambitious exploration programme saw the first 3 holes come back as dusters, but as part of multi drill programme is not significant. They could have made easier decisions but chose to understand the target area instead. Not sure it was an auspicious start to the campaign.
Since then the drill results have been very good. And the picture has changed. They have identified 7 high-grade veins amongst their large low-grade deposit. And that changes the prospects for the company. The company has about $6M plus more warrants coming in November. What can they do with that? Do they need more money? Carter tells us. Exciting times lay ahead.
Company page: https://cabralgold.com/
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Interview with Clive Line, Finance Director of Serabi Gold following the Q3/20 Quarterly Results.
Clive Line talks through the Serabi Gold Quarterly earnings. In what has been a tough environment, they have pulled out the stops with 36% increase in EBITDA of USD$6.3M on 2019 numbers.YTD EBITDA of USD$15.7M and a post-tax profit for the year of USD$7.8M. Serabi Gold has also managed to pay down $5.5M of the $12M owed to Equinox for the Coringa asset.
Line gives us some insight about plans for Q4/20 and & Q1/21 and the recovery period required to catch up on the 2020 guidance numbers. It's clear that contingency planning in 2019 has reduced the impact of the COVID restrictions this year, and the company will need more of the same determination from employees and planning from management to get Coringa going and develop a cohesive exploration plan.
Lockyer is developing the Nolans mine in North Australia. They have NdPr used to to make magnets in car battery. The company was listed in 2003 but the DFS has been released in Feb 2019. They have spent $200M to this point and have a $120M market cap. Currently the company is trying to unlock the potential by working out how to finance the CAPEX of over A$1B. That's a lot of money and market seems unsure as to how they are going to do that. We ask Lockyer where they are in the process and indeed how he sees the process unfolding. They will need binding off take agreements, possibly a strategy partner from either China or Europe and the help of one or more Export Credit Agencies. Tough but doable. And until the let the market know the plan the share price is unlikely to move the dial much.
The project has scale and is low-cost.
Company page: https://www.arultd.com/
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Interview with Terry Papineau, Retail Investor, focused on Uranium Juniors. We get an insight as to how Terry thinks about investing and the investment resources he uses to be able to make decisions.
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In-Situ Recovery (ISR) accounts for 50% of global production of uranium and is a very low-cost environmentally friendly way to mine uranium. Peninsula CEO wayne Heli joins us to explain how they hope to be producing up to 3Mlbs pa of uranium from their Lance project in Wyoming. Whoever wins the US Election does not affect uranium projections.
We spoke with Heili previously https://www.youtube.com/watch?v=zdiGHyzc8nM where we discuss the companies finances, low Ph chemistry and history. Worth a watch. It's clear that Heili is an astute and very experienced uranium CEO who knows what he needs to do.
They can get back in production for just $6M in just 6-months. They have 53Mlbs of JORC compliant Resource and new well-fields take 6 to 9-months to start producing. There is nothing like it in North America. Perhaps much underestimated.
Company page: http://www.pel.net.au
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Perlea tells us Vast Resources is a soon to be (mid to late 2021) polymetallic mine producer in Romania. The Baita Plai was obtained in 2015. Their focus is on the copper concentrate. They also have 4 other assets in Romania 2 on appraisal, 1 in care & maintenance and 1 future development project. These are not core focus because the company has limited funds and is quite rightly focus on the nearest revenue asset.
There is also a diamond project in Zimbabwe. That has the ability to generate revenue too. We discuss how they intend to finance the development of this and why diamonds are part of the strategy.
It has been a complicated 2-3 years given market conditions and Perlea has steered the company through choppy waters. They have inherited a lot of information and spent capital. We want to see how they use this to inform how the company grows.
Company Page: https://www.vastplc.com/
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Run by an enterprising management team (Taj Singh is driven, bright and ambitious and is ably supported by geologist Gernot Wober) with an excellent share registry and market profile. They also have a strong balance sheet and abundant with cash (over $80M in cash) and strong paper.
Taj is keen to push the size of the system and explains why they are keen to re-do the previous PEA which had been commissioned by the previous management team. They want to come at this a different way and feel that it may answer a few of the technical questions about how to mine this as a low cost operation.
Company page: https://dsvmetals.com/
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A gold producer with assets in Botswana and South Africa. Currently producing c.30,000oz pa at Mupane. They are guiding that South Africa will produce at about 26,000oz with a resource of 300,000oz of mineable gold. B2Gold has decided to terminate their earn-in option on Mupane exploration. It also has c.120 targets. We discuss why. And why it could still benefit the company.
We talk frankly about the plan to move the company forward, paying down debt by end of 2021, AISC, financing for phase 1 & 2, the PEA data, share price and M&A.
Company page: http://www.galanegold.com/
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Callow joined the group in September last year and has changed the approach. He thinks the market may not understand, and is possibly discounting the company, because of the Mali factor. We talk about the companies ability to do business with Covid-19, the military coup earlier in the year, low-grade mining, operating costs and finances to advance the project in Mali.
The have completed their DFS to allow them to get in to production and start to generate cash to finance the bulk of the development and additional exploration. The basic numbers are good. They aren't showing the scale or the opportunity yet, but this plans allows for them to do that further down the track. The company itself has been going since 2005 and a lot of money has been spent with over 150,000m of drilling, 11,500m of that in 2019. They have $2.5M in cash so will need to raise some capital but it is question of how they structure that. Callow says they are conscious that they do not want dilute shareholders so have slowed the financing process down and are doing a little more drilling to expanding the size of the deposit.
The 2nd asset in Burkina Faso is on the backburner for now.
Company Page: http://www.africangoldgroup.com/
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Integra Resources has listed in the NYSE, completed a 2.5 for 1 roll back and raised USD$23M since we last spoke in mid February 2020. The PEA from last year showed some good numbers so we were keen to see how things are progressing as they are due to deliver the PFS by the end of 2021.
The answers the market want are around how Integra scales this project and enhancing Silver recovery rates. Salamis gives us clarity on the strategy as to how they plan to develop Florida Mountain asset (which not many retail investors may yet understand) the drilling up dates, discusses the new institutional share registry and how they plan to monetise the project. Integra is still waiting for a permit and there is some general market malaise currently because of the fall in gold price and uncertainty around the US election results, but we suspect the new year will see renewed interest in this aggressive and considerate management team.
Company page: https://www.integraresources.com/
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Formerly Colorado Resources. Barresi has an impressive track record but walked into a difficult situation. To his credit, he seems to be quickly molding the company in his own image by changing the name, doing a rollback, a new management team and getting the company focused on a couple of the assets. He is trying to evolve the assets to a point where other companies can come in and develop the assets using their balance sheet. A clear business model.
Company Page: https://questex.ca/
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An ASX nickel developer with an asset in Vietnam. They are after a large asset because their business partner EcoPro need scale. Williamson joins us to talk about the market reaction to the Blackstone Minerals Scoping Study, and explains why they presented the numbers as they have. He says Blackstone Minerals need to focus on exploration but getting the mine into production will be when investors start paying attention. Williamson says because they intend to focus on downstream products that they will capture more of the value. So rather than looking at the concentrates, they aim to producer precursors. Something that Williamson is keen for investors to start to understand the importance. The reality of their plan means that there will be a staged approach to the capex which perhaps is not immediately apparent. Williamson explains that the economics will improve from the numbers presented.
Company page: http://blackstoneminerals.com.au/
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Not many of you will have woken up this morning thinking about kaolin and halloysite, but perhaps you should start to listen. We liked this company back in June. Up over 3x times since then. They have one of the largest deposits in the world. The recent Pre-Feasibility Study (PFS) shows exception margins, large NPV and low capex. Main use for porcelain, paints, medical application, food... but their halloysite nanotubes are getting the market excited. The company is look at new markets including some testing with University of Newcastle, NSW, Australia on the use within the concrete being the most advanced. Other new uses are carbon capture (very topical and high-margin), water purification (anti-microbial removal) and producing new higher impact lithium-ion batteries (improved charge density). Early days and markets need to evolve and grow. But the future for nanotubes is very exciting and inevitable.
Company page: https://www.andromet.com.au/
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Copper is the metal that is getting all the analysts excited. China and European infrastructure plans have copper as central to their needs. China is already stockpiling and is current evaluating how much capital to allocate to the metals part of their 5-year Plan.
Nickel, battery metals in general, Zinc and metal of the future, Tin, gets the once over by Andy.
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The Finniss Lithium project is near Darwin in the Northern Territories in Australia The plan to deliver a DFS by the end of 2021. The FS numbers are impressive. They have binding agreement in place for +40% of the resource. And several MOUs and off-take partners in place too. All in all impressive. They have been battling against the negative sentiment about lithium in Australia. Biggins believes that the lithium story is starting to gain traction against globally though. That has restricted the recognition for the significant and critical work carried out by the management team in the last couple of years.
Core has been exploring some gold assets too as they had some time on their hands. Biggins says these are non-core though and the company is looking to keep their options open as to how the monetise those assets in the future. It does give them access to a water storage facility that Liontown Resources had built. Some stellar grades have caught the eye of retail investors and potential partners and buyers will be watching to see what they show in terms of an understanding of the ore body.
At these prices, retail investors are keen to see the company getting terms for the funding of their low capex project post the DFS. If this happens, it will signal a major move.
Company Page: https://corelithium.com.au/
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A real turn around story. Ogilvie inherit a mess, and it has taken nearly 4-years to get to this point but the latest Feasibility study shows off some very strong numbers. They will potentially be pouring goldin July 2201It is a single asset company but they has a large tax loss benefit available to it for M&A. Definitely something that makes it very attractive.
Company page: https://www.rubiconminerals.com/
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Kodiak Copper has had a strange couple of weeks. The market got very excited about their initial drill results. The share price shot up from c.C$0.50 to over $3.15 in a matter of days with interest from retail investors. The latest drill results are also good for a copper porphyry, but it seems the market wanted more so the share price has dropped back down to a still very respectable c.$1.67 ish.
Institutional investors seem pleased though, as they should be. Porphyry's tend to be very large mineralised ore bodies and need work to be understood. Tornquist is clear, it's still early days. More drill results should start to paint a picture of what they think they have. They are capitalised and have a process that they are following. Copper is getting exciting again and 2021 should see renewed interest from more retail investors. Potentially Kodiak has the leverage to get copper investors excited.
Company Page: https://www.kodiakcoppercorp.com/
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A gold producer 18,000oz-20,000oz with big ambition. They want to be a 150,000oz producer in 3 to 5-years. Bullock has a solid track record but been only been at Anaconda for a couple of years. He walked into a small producer with comfortable cash flowing business but without the ambition to do more. He lays out how he plans to deliver a growth story to the market; Exploration, Development and M&A.
The current producing asset has short Life of Mine of 2.5-Years but has been the case of several years. They continue to explore and expand that resource and continue to generate cash flow from gold sales. Currently, the cash generated from that covers their overheads and exploration on their other assets. Drill results look good. Grades are high-grade. Now they need to show where the scale comes from. If they can do that, this project looks very interesting.
M&A is always tough and in this environment can be expensive. For us, the exploration and development story at Goldboro is the main event. However, Tilt Cove is progressing too with the flow-through money provided by a Swiss fund.
Company Page: https://www.anacondamining.com/
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West African focused gold producer which is operating 2 mines currently and will be brought on a third coming online soon, since the acquisition of Exore's asset in Cote D'Ivoire. Their Quarterly Results came out recently and despite showing some good numbers the market hasn't reacted as positively as expected. Quartermaine suggests that it could be down to some uncertainty about local elections in West Africa. He has presided over a change in fortunes in the company since its early explorer days, which he refers to as the 'accidental miner'. The key challenge as he saw it was removing the single asset and single country risk associated with the company along with a few legacy issues. We discuss at the length the future growth plans, cashflow, dividends, M&A targets and exploration strategy.
They have a cautious and methodical approach which is comforting. They are not getting carried away with the current gold price and price their activities to be able to operate in a $1,350 cash environment. Costs are being cut. Cash is being spent sensibly. Very attractive gold producer.
Company Page: https://perseusmining.com/
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A small early stage spodumene development project in the Great Lakes region, Ontario. They have been through a two phase development where they believed that they would be focused on niche glass sector for 'gorilla glass', used in the manufacture of iPhone for example. The second phase was the discovery of the larger deposit which they believe will allow them to make a lithium hydroxide. They suffer from an under promotion of the story and as a consequence have low liquidity. But the recent addition of Steve Letwin (ex CEo IAMGOLD) will bring some colour to the table and wider reach in the capital markets. A lot of people are comparing this company to Piedmont, let's see if they can pick up the pace and deliver on that.
Company Page: https://www.frontierlithium.com/
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An explorer and developer with an asset with a historical resource of 1.2Moz in Idaho. Randall is hoping to build this into a 2Moz Resource. The team has a track record of finding assets that are undervalued that can be producers and have 3 projects that have got into production. Randall wants to apply a cookie-cutter approach.
Company Page: https://freemangoldcorp.com/
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Two-part strategy to deliver for shareholders. Easy and cheap to access Oxides at surface first, then go after the massive sulphide deposit. Hamilton is a rather pleasant but also a straight-talking honest geologist. Our previous interview revealed the difficulties of the past and the opportunities lying ahead of them. This interview is part of the company's commitment to talking to the market more regularly. We look forward to seeing how their drill programme goes.
Company page: http://www.unigoldinc.com/
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A gold producer in Brazil that hasn't been affected by COVID restrictions. Production could go near to 100,000oz. Jaguar has had a difficult 4-years. Their focus during this time has been to conserve costs by spending only on drilling at the expense of exploration and development. The 2 mines are deep, 1,000m stopes and small resource means that costs will rise. Baker has been onboard for only 15-months but he has started to turn the ship around. he lives in Brazil with his family. And yes, he is a mining guy and is focused on production, but he has recognised that they need to start developing more of the large land package that they have.
An Agreement with IAMGOLD to explore is encouraging. IAMGOLD also has a 900,000oz Resource near one of the 3 Jaguar Mills. IAMGOLD does not have a mill. Jaguar does not have enough ore to feed the mill. Feels like there could be a conversation to be had. The question is who does it suit more and how much does it cost in this market.
Company Page: https://www.jaguarmining.com/
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There Mineral resource numbers came out this week. The market was unsure what to make of them but we see this as a real positive step by the 'new' management team to rectify some of the misstatements of the previous management team. Leisman and the Board are to be commended. They intend to pour the first gold in early Q1/21. The resource is currently small and they are chasing high-grade veins which can be expensive, but they intend to give guidance on costs as they continue to build out their exploration programme. At a projected 40,000oz, Mako's market cap of C$185M is up there and they will need to backfill that with production and increased resource. But we are impressed with the new approach to reporting and now it is up to them to get the mill running at capacity. That will take some time but they know what they are doing, so it will come down to what they find underground.
Company page: https://makominingcorp.com/
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Chilean gold developer Rio2 CEO Alex Black gives us an update on their Fenix Gold project. They have designated civil contractors for the construction of the process plant and Scotia Capital has been appointed as a financial advisor with respect to construction financing.
Alex also discusses their recent news on expanding their Chilean footprint with a new exploration strategy and letter of intent signed with Sixth Wave Innovations Inc. for IXOS® mining technology trials - a combination of leaching and recovery tests for the Fenix Gold project.
Company page: https://www.rio2.com
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Nova Minerals is starting to focus on Estelle, which is good news. No longer the distraction of their lithium project and the project in Australia. Good news for shareholders and time money and effort going on the star attraction, Estelle. So now what? A funded drill programme.Company Page: https://novaminerals.com.au/
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Advanced lithium brine project at PFS project and working towards Feasibility Study. A solid technical team with enough cash in the bank to get to deliver the FS. They are focused on delivering lithium carbonate into the market. The scale of demand outweighs the supply forecast, so now what?
Company page: https://www.neolithium.ca/
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Pais tells us this recently listed company has 2 projects chasing VMS copper-gold. The flagship being
Pais, ex broker, and mining research analyst tells us that Arizona Metals is hunting copper-gold. their main asset is the Kay Mine. The second is the Sugarloaf project but is not for now. Money is tight. Both founders have worked together before and cut their teeth on the Telegraph Gold project, which eventually became Castle Mountain and Newcastle Mine sold to Equinox by another group. AMC is looking to explore and develop this far enough to become interesting for someone else to come in and develop and get it into production.
Company Page: https://www.arizonametalscorp.com/
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It's all go at Canada Nickel. Share price up 4x since IPO earlier this year. 11th largest nickel deposit in the world and growing giving it a multi-decade production capability. PEA done by end of 2020. Feasibility Study by end of 2021. The market and investors are really paying attention to this nickel company trying to get into production by 2025.
Company page: https://canadanickel.com
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The market seems nervous about Romania as a mining jurisdiction and this bulk mining development story says Moore. We get a historic rundown of how the company has got to where it is today and Moore tells us why he thinks the company is undervalued.
Company Page: http://eurosunmining.com/
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ADT has released a summary of its PFS report. On the surface of it the numbers support the findings of the PEA. The company says it may report some more detail in the coming weeks in its various marketing presentations and releases. We question the barite contribution and costs, and also the full value commodity prices used in the PFS. And Cronin explains why the copper concentrate plans have changed since PEA.
Company page: https://www.adriaticmetals.com/
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It's been a tough year for most gold producers in Brazil, very tough. Workforce travel restrictions, extras measures put in place to protect against COVID-19 and managements inability to but the planning and preparation from 2019 has saved the day at Serabi. They have been processing working through large stockpiles reserves and managed to organise the restricted number workforce so that work could carry on. The usual balancing of processing grades has been affected so overall grade has dropped. The ore sorter has helped to deliver 7,200oz, down from the 8,000 hoped for and down from the usual 10,000oz. Looks like this year will finish somewhere between 32,000oz and 34,000oz. Down from the guidance of 40,000oz. Hodgson says if that is the case it that will have been a fantastic result in the circumstances.
The upside to all of this is that Serabi Gold's finances have never been better. They started the quarter with $9.6M, paid $2.6M to Equinox and still managed to finish the quarter with $11M.
The LP came through for Coringa their other 40,000oz producer and work begins in earnest there. And he also seems very keen to send one of the 5 drills to some high-grade artisanal workings near to the Palito mine. Honest reporting as ever from Hodgson, with a plan to play catch up between now and the end of Q1/21
0:00 - Introduction
0:54 - Situation in Brazil & COVID-19
2:01 - Press Release; Production & Grade Numbers Down, Why?
7:33 - Playing Catch-Up & How it'll Affect the Cash Balance
10:47 - $11M Breakdown: Why Continue Spending on Exploration?
16:47 - Going Forward: 3 Options, Which One to Choose?
18:05 - How Should the Market React? Expectations for Q4
Company page: https://www.serabigold.com/
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Copper is big for 2021, and Chakana is an advanced explorer preparing to hand this over to a Developer and mine builder. The potential scale is large and this team has to money ($6.6M) to move things forward. The question is how many of the 23 known breccia pipes will they assess before handing over. We grill him on what success looks like so that investors know when they can expect to see an exit strategy.
Company page: https://www.chakanacopper.com/
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Chasing high-grade silver in Mexico, just ask MAG SIlver. That's what Monroy did. And for good measure, he asked MAG Silver founder Peter Megaw to help with the exploration planning. Reyna Silver now has a portfolio of Silver assets. The idea is to fund and develop their flagship asset GuiGui and to find partners to advance their other 5 projects. Low-cost and frugal company build. Interesting.
Company Page: https://reynasilver.com/
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Wasser explains how they have been advancing their royalty portfolio and property generation programme. The market has been paying attention and they have grown from $0.56 and is now at $1.32. Pretty much more of the same in a positive gold environment which has allowed them to increase the size of deals that they are doing. Eric Sprott has invested and is the only royalty company that Sprott is invested in says Wasser.
Company page: https://elygoldinc.com/
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Australian silver is not something we often get to talk about. McIlwain is keen to talk about the scale of their silver asset and let's us know that he is a keen gold bug too. They also have an asset in Tasmania which is polymetallic.
Company Page: https://investres.com.au/
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We catch up with Kaderavek on the macro environment for cobalt since we last spoke to him and also discuss how he hopes to advance their Broken Hill cobalt project. If you are thinking of investing in the cobalt space, it may be worth understanding the market first. Kaderavek has previously helped us in a conversation about some of the moving parts.
Interview with Joe Kaderavek, CEO of Cobalt Blue Holdings (ASX: COB).
If you want our take on this interview and Cobalt Blue, go to https://cruxinvestor.com/club
We catch up with Kaderavek on the macro environment for cobalt since we last spoke to him and also discuss how he hopes to advance their Broken Hill cobalt project. If you are thinking of investing in the cobalt space, it may be worth understanding the market first. Kaderavek has previously helped us in an conversation about some of the moving parts https://youtu.be/Abh40lA7kT8
If you want to hear what we think of the company go to cruxinvestor.com/club where you can also get summaries of all our interviews (to save you time); Company Reports, exclusive insight of various macro trends in commodities, early access to our company interviews (stay ahead of the crowd); and a thriving community of intelligent investors sharing thoughts and ideas (but without the vitriol and trolling). Think Twitter meets Netflix.
0:00 - Introduction
1:35 - Company Overview
2:39 - The Cobalt Market Today: Supply & Demand Issues
8:04 - Lithium VS Cobalt & Options for Getting Financed
19:12 - Tesla Battery Day & Impact it had on the Industry
25:54 - Timeline for Uptick
29:07 - Cobalt Blue's Broken Hill Project Update
32:04 - Financing it All: Looking for Partners
42:04 - Demo Plant, Why Such a High Scale?
44:17 - Limited Market Reaction: Expectations & Frustrations
46:04 - For Investors, How Many More Dilutionary Events to Expect?
Company page: https://www.cobaltblueholdings.com/
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Clearing up a few myths and setting investors straight are two phrases which are associated with Joe Lowry when he talks about the lithium market. A straight-talking and controversial character too. But he has the resume to back it up. Joe makes time to talk to us about the state of the lithium market and perhaps what investors should be thinking about too.
Company Page: https://www.globallithium.net/
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Can Vangold Mining re-invigorate this former producing mine and tap into one of the world s former highest-grade silver mines. Lots of data to work with. Not a lot of cash. How are they going to tackle the project and the markets.
Company Page: https://vangoldmining.com/
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Experienced Australian gas explorer hunting gas in Mongolia, near large infrastructure investment and Chinese market, and hoping to discover large basins with good permeability and flow rates. Early days and c.A$3M in cash.
Company Page: https://www.elixirenergy.com.au/
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Tsurernik has teamed up with Brett Heath of Metalla to bring this copper & nickel royalty company to investors. It's early days but with the EV thematic momentum in full swing, we were keen to understand how Nova Royalty plans to structure their company and fund a critical mass of projects to get the market excited.
Company Page: https://www.novaroyalty.com/
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An update from Appleyard as they deploy drills to the site. We are excited to learn how the AI component has allowed them to identify targets. Tristar will have 3 drills running to deliver 12,000m before end of the year.
Company page: https://tristargold.com/
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Apologies for the editing cuts on this interview, the Zoom file corrupted so have had to recover what we were capable of. If it's all too much, listen to the podcast.
Pels is a young and likeable entrepreneur running a portfolio company with 4 un-correlated companies.
1. Cannabis edibles - space ice cream
2. TalkToDoc - online and call to healthcare professional
3. NuWave - long shelf-life donuts
4. Medigen distribution partnership for a COVID testing kits
We question him as to how he is going to develop his Blackhawk Growth by driving his portfolio business.
Company Page: https://www.blackhawkgrowth.com/
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The demand for copper is increasing. The 'old ladies' aren't producing how they used to. We need new supply says Stewart. Stewart is a company builder and never one to shy away from picking up projects with a bit of hair on them. They have changed the name of the company, repositioned the company and want to let the market know what they are doing.
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Some of the best gold drill results in the market of the past couple of months. Ex Fund managers charting a course for success in Finland and the market is listening.
Company Page: https://rupertresources.com/
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West-Sells describes a junior company with big company problems. Are they a copper play or a gold play, and after 12-years what is the plan to take the company forward?
Company page: https://www.westerncopperandgold.com/
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Big company mentality is sometimes the death knell of a junior, but not in this case. Crocker is camped out in Washington DC and banging on doors to ensure that the people who need to know, are aware of the Jervois Mining and its Idaho ICO Cobalt project.
Its been a journey of discovery for Crocker, who came in the junior space from Glencore. Their Nico Young Project is a large Nickel play and the Kilembe Cobalt project are both solid projects but for a larger company. Crocker has parked them up to return when the ICO Cobalt project in Idaho is cash flowing it seems. Not bad logic. Add to that the acquisition of the SMP refinery in Brazil, and you start to see what Crocker is envisaging. Sometimes big company mentality can't be ignored.
Company page: https://jervoismining.com.au/
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This experienced team of mine builders is planning an accelerated time frame for plant build, which means that Calidus is aiming to be in production by YE/21. Hitting the cycle right? Reeves is succinct and to the point in most regards and is tight-lipped about how they are progressing with regard to the timing and costs of financing. That may well be a moment which the marker takes note.
Company page: https://www.calidus.com.au/
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For a junior miner, Brixton Metals has a lot of moving parts. They have 4 100% owned assets. They have re-focused away from Hog Heaven on are back on to Thorn and Atlin after the market decided not to reward them for the drill efforts at Hog Heaven. Recent drill results show. So how much of there recent move in share price is down to them and how much is just a strong precious metals market? Thompson gives us his view.
Company page: http://brixtonmetals.com/
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The diamond market is complicated, has many moving parts, lots of people clipping their share along the way, and it hasn't really changed in decades. Time for change. Thomas maybe just what the space needs to cut through traditional channels and behaviours in what is a closed shop industry. It's also time to smooth the revenue curves for Lucara and give control to the market by introducing new partnerships and new technology. A lot to like about the thinking.
Not one diamond relation superlative used in the headline or description. We cut those out, which adds clarity and weight to the piece.
Company Page: https://lucaradiamond.com/
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Gold and silver are both commodities in favourable bull environments right now, and gold mining and silver mining companies have been brought into focus.
GoGold is a Canadian-based producer of gold and silver with gold and silver mining assets in Mexico. Having previously constructed 3 gold-silver mines, the team at GoGold Resources is now working hard to develop a 4th. This team has an extended track record, raising over C$800M in equity and C$200M in debt historically.
Drilling at Los Rico and full operation at Parral recommenced in early June, as the company looks to bounce back from the COVID-19 lockdown. Some high-grade gold intersections have been coming through the drill bit at Los Ricos North: the company's main focus for generating value for shareholders. The first drill results from the start of August threw up numbers including 29.8m of 713g/t silver equivalent, including 4.5m of 4,251g/t silver equivalent.
Parral is churning out 504,444oz silver equivalent pq, and the remainder of GoGold's gold-silver operations appear to be developing. Having just raised C$34.5M in a bought deal financing, investors are now expecting the development of Los Ricos to accelerate. Langille was keen to explain exactly how this capital will be deployed and how it will add value for gold investors and silver investors. What did you make of Bradley Langille and GoGold Resources? Make sure you comment your thoughts below so we can respond.
Company page: https://gogoldresources.com/
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Royalty companies offer up a de-risked business model that can be attractive to mining investors who like the excitement of mining and exploration with less of the capital and geological risk. Nomad Royalty Company has a market cap that is edging towards the C$800M mark having listed on the TSX at the end of May. It has been an accretive year so far for the royalty player.
Nomad Royalty Company is headquartered in Montreat, Canada. The focus is on precious metals streams; specifically, gold and silver. Nomad Royalty Company purchases the rights to a percentage of gold and/or silver production at a gold mine or a silver mine, which lasts for the life-of-mine duration.
Nomad Royalty Company is a growing precious metals royalty company, with its current portfolio consisting of 11 royalty, stream and gold loan assets. Of these precious metals royalties, 5 are on actively producing mines. Over time, Nomad Royalty Company intends to grow and diversify its portfolio with an emphasis on a low-cost production profile. It will aim to acquire the rights to additional producing and near-term producing gold-silver streams and royalties, leveraging the current gold and silver bull markets.
Company Page: https://nomadroyalty.com/
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Trident Royalties is a growth-focused diversified mining royalty and streaming company listed on the AIM market of the London Stock Exchange. Trident is managed by an experienced team of mining finance professionals seeking to provide investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal) and battery metals in resource-friendly jurisdictions. Trident is represented in London, Perth and Denver.
Company Page: https://www.tridentresources.com/
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Wolfden Resources Corporation (WLF:TSXV) is a Canadian exploration and development company mining Zinc, Lead, Silver, Copper and Gold with a management team that has a proven track record of precious and polymetallic deposit discoveries as well as mine development and mine finance experience. The Company’s mission is to create wealth for its stakeholders through the acquisition, discovery and development of mineral deposits in an efficient and responsible manner. We talk to Ron Little about what he thinks of mining in Maine.
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DeepGreen’s purpose is to source the metals that we need for a sustainable future — with less environmental and social impact. DeepGreen is a team of scientists, environmentalists, engineers and entrepreneurs who see climate change and meeting the resource needs of nine billion people as the biggest challenges of our time.
Electric vehicles and renewable energy are part of the solution, but scaling these globally will require hundreds of millions of tons of new metals. DeepGreen believe that producing these urgently needed battery metals from polymetallic nodules from the deep ocean is society’s best option.
Company Page: https://deep.green/
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Sheriff explains why he thinks the timing is finally right to press the button. After years of inactivity and biding his time, the recent acquisition of assets from Westwater of 2x plants and 2x uranium assets, helps build enCore into a domestic uranium producer. Bill believes that a major change is coming in the uranium market in the next 12 to 24 months. This acquisition will more than double the company’s current mineral rights and holdings with historical mineral estimates, and add two already licensed uranium production facilities.
Company page: https://www.encoreenergycorp.com/
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DRDGOLD Ltd. engages in the business of retreatment of surface gold. It operates through the following segments: Ergo, FWGR, and Other Reconciling Items. The Ergo segment treats slime dams and sand dumps to the south of Johannesburg's central business district as well as the East and Central Rand goldfields. The FWGR segment focuses on the slime dams in the West Rand goldfields. The company was founded on February 16, 1895, and is headquartered in Rosebank, South Africa.
The company pioneered mining methods in South Africa. Pretorius states the company has now come full-circle and is focusing exclusively on the recycling and re-mining of tailings, both around the Johannesburg area and now, more recently, the Carletonville area. DRDGOLD attempts to provide a unique combination of processing extremely high volumes of material and nano-extraction methods.
Salazar Resources is a TSX-V listed exploration, project-generated company. It is an Ecuadorian company. Very Ecuadorian; the entire team is based in Ecuador, and Freddy Salazar is one of Ecuador’s leading geologists. They have 6 projects, 3 of which are fully carried by Adventus and 3 of which are 100% their own exploration licenses that we are drilling. They are hunting big Gold and Copper targets in Ecuador.
Investing is easy if you let it be.
You need a plan, and you need to do your homework, but you also need a set of rules. So we went and got one of the best rules in investing - Rick Rule.
We talked about his ‘mantras’ and why they are important. We also discuss philanthropic entrepreneurialism; occasional big wins versus regular small wins; backing inexperienced management teams; The Greater Fool Theory; his agenda; emotional moments; and turning anecdotes into real-life ‘stop-what-you-are-doing-and-listen-moments’.
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Company Page: https://www.sprott.com/
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Karora Resources is one of the best mining turnaround stories in recent years. In just over a year, CEO Paul Huet and his team have overseen a remarkable transformation. RNC Minerals, became the strong, consistent and commercially sensible gold producer, Karora Resources.
Today, it was the turn of Turner the impressive to sit in the Crux hot seat. Having previously interviewed Huet and the President of Karora's Dumont division, Johnna Muinonen, we have great expectations for Karora representatives. He is a well-spoken, articulate professional.
It has been 12-months of consistently hitting deliverable after deliverable for Karora Resources, and there is a reason the share price of this gold producer has only been heading North. From the transition away from Nickel to gold, to the sale of its 28% stake in Dumont, to the elimination of the Morgan Stanley NSR royalty on HGO operations, to the acquisition of Spargos Reward in Western Australia to add some higher-grade feed into Karora Resources' mill, there seems to be a rigour and thought to the planning, and management of market expectations.
The most recent corporate actions have been even more encouraging. The 1:4.5 share consolidation was done in the best interests of shareholders and tightens up the registry. Moreover, getting Maverix Metals' royalty down to 4.5% on Beta Hunt gold production was an excellent game of chess and eventual negotiation, driving millions into the company's bottom line.
What does the remainder of 2020 have to offer for gold investors? As far as we can gather, quite a lot...
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Maritime Resources is a gold explorer with gold exploration assets in Newfoundland and Labrador, Canada. This includes the Green Bay project, Whisker Valley and Orion. Maritime Resources claims that these gold properties are strategically located on the Baie Verte and Springdale Peninsulas, an allegedly 'prolific' gold/base metals mining district.
The area does appear to exhibit plenty of geological potential. It hosts as many as 15 past-producing gold and base metal mines. 2 additional mines are currently producing, with up to 371 gold and base metals prospects. Maritime Resources also makes the claim that this region is underexplored.
Maritime Resources doesn't have a large gold resource right now, but it is aiming to build one at an accelerated pace via systematic exploration and various bankable studies. Having raised $8.7M in a bought deal private placement in August, Maritime Resources is a gold explorer with sufficient cash to push through a feasibility study for the 'high-grade' gold asset, Hammerdown. The February 2019 PEA threw up some nice numbers: a LoM AISC of $939/oz and an average 57,900oz gold pa over the 9-year LoM. Expect to see a PFS further clarify this potential in the near future as Maritime Resources targets 100,000oz gold per year.
Company Page: https://www.maritimeresourcescorp.com/
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GFG Resources is a gold explorer with gold assets in the US and Canada. The gold player is headquartered in Saskatoon, Saskatchewan, Canada.
GFG Resources owns 100% of both the Pen Gold Project and Dore Gold project. GFG Resources claims that both these gold mining projects are large and 'highly prospective.' They are located in the west of the renowned Timmins gold district in Ontario, Canada.
GFG Resources believes that Pen and Dore have the same geological setting that has been proven to hold a huge amount of gold in the Timmins Gold Camp, which has produced close to 70Moz of gold.
The company has an additional district-scale gold exploration project in Wyoming, called the Rattlesnake Hills Gold Project. Once again, GFG Resources believes that Rattlesnake has the same kind of geological setting, alteration and mineralisation that is seen as numerous gold projects in the Rocky Mountain alkaline province, which has produced around 50Moz of gold. But .they need a partner with a large balance sheet. This is non-core for GFG.
Company Page: https://gfgresources.com/
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K92 Mining, founded in 2010, is a gold producer and gold developer with a flagship project in Papua New Guinea. K92 Mining's share price rise has been nothing short of meteoric, and this isn't just a demonstration of the unprecedented gold bull environment. K92 Mining's organic growth model is clearly attracting attention as it is free cash flowing and self-funding since 2018.
K92 Mining operates the high-grade, underground Kainantu Gold Mine, located in the Eastern Highlands Province. The major catalyst moment for this gold producer came in May 2017, when a near-mine discovery called Kora North transformed the gold mining value proposition on offer to gold investors. K92 Mining is now a low-cost producer and targets organic growth to continue producing accretive value for investors as well as significant high-grade gold ounces in the ground.
Will K92 Mining continue on its exceptional upwards trajectory? With the gold environment like it is right now, one wouldn't bet against it.
Company Page: https://k92mining.com/
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Uranium is still hovering around $31/lb, with uranium explorers like UEX Corporation attempting to manoeuvre smartly into a prime position ahead of the imminent next uranium cycle. So, what is the latest news around this uranium mining player with a large portfolio of uranium assets in the renowned Athabasca Basin?
UEX Corporation had announced a measly $700,000 private placement at the start of May, which eventually closed as a $2M oversubscribed private towards the end of May. Such a small quantity of capital was raised as part of a "hard-dollar financing" strategy. It was intended to be used as a small working capital boost to enable UEX Corporation to do some more work at the Christie Lake uranium project. On August 4th, UEX Corporation commenced drilling at Ōrora North within the wider Christe Lake project. The first phase of this summer drilling program will consist of three holes, resulting in 1,800m of drilling. A possible second phase will hinge on the results of the first, with anomalies being hunted enthusiastically with the potential for high-grade, low-cost uranium on the horizon.
As the most active uranium explorer in the Athabasca Basin, how will Lemaitre and his team systematically decide which average uranium assets to offload and which to develop?
Company page: https://www.uexcorp.com
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Precipitate Gold is yet another gold mining story looking to make its mark. Precipitate Gold is a gold developer that owns 3 gold assets in the Dominican Republic: the flagship Pueblo Grande gold project, the early-stage Ponton gold project and the parked up Juan de Herrera gold project.
What is the latest news? The ground magnetics geophysical survey conducted at the Copey Hill epithermal gold target of the 100%-owned Ponton Project has reported rock samples of 53g/t gold and 17g/t gold. In general, this project could have some good geological potential. Ponton's tenement measures 3,250ha and it is excitingly situated just 35km East of Barrick's 'world-class' Pueblo Viejo mine and 20km east of Pueblo Grande Project. Investors should note that Pueblo Viejo is the largest active gold mining operation in Latin America and is a top-5 global gold asset. One couldn't really wish for better company. Things appear to be lining up nicely and the share price has been on the rise impressively.
It is clear than Precipitate Gold is trying to leverage the under-explored, highly-prospective nature of Dominican geology to develop Ponton into a de-risked, district-scale gold resource before selling it to a mid-tier/major gold mining company.
Precipitate Gold has sufficient capital to continue drilling at Ponton. Work includes selective surface geochemical sampling, systematic rock-clay alteration surveying (via portable spectral mineral analysers), geological mapping and, most importantly, an initial 2,500m of exploration drilling.
Precipitate Gold has recently signed an agreement with gold giant Barrick Gold for Pueblo Grande: a $10M earn-in agreement for 70% interest if it meets certain conditions. Precipitate Gold has US$2.3M of cash to conduct its drill programme alongside Barrick at Pueblo Grande, while keeping Ponton as the second priority. Juan de Herrera still has regional licensing issues and sits on the backburner. It is probably likely to raise more capital before the end of 2020.
Company Page: https://www.precipitategold.com/
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It has been a very difficult few years for silver explorers, silver developers and silver producers. Endeavour Silver is one such silver mining company that has suffered. However, the recent buzz generated by a soaring silver price has driven value into Endeavour Silver's stock for the first time since 2017. Is this just a story that has been riding the wave of silver price discovery, or is there more to like about it?
Endeavour Silver is a mid-tier silver producer with assets in Mexico; specifically, 3 high-grade, underground silver-gold mines in Mexico: Guanacevi, Bolanitos, El Compas. Endeavour Silver also owns 2 development projects, Terronera, El Cubo, and a variety of silver exploration tenements: in Mexico, Parral, Lourdes and Guadalupe y Calvo, and in Chile, Cerro Marquez, Aida and Paloma.
Endeavour Silver wants to be a silver turnaround story. They have produced a lot of cash in the past and if they can extend life of mines for their underground projects and get lucky with the drill bit in Chile this could indeed be a story which starts to meet its promise. A long way to go between now and then, and will be interesting to following. The latest numbers to come out of Terronera in a PFS are very impressive: with a base case silver price of $15.97/oz silver and $1,419/oz gold, an 30% IRR and an NPV(5%) of $137M over an initial 10-year mine life. Could this latest potential source of silver production create even more value for shareholders?
Company Page: https://www.edrsilver.com/
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Galane Gold is a gold producer and explorer that has experienced a bit of success recently, though the share price has tailed off in the last few weeks. Galane Gold has gold mining operations and exploration tenements in Botswana and South Africa. These are two of the better gold mining jurisdictions in Africa.
Galane Gold was first listed on the CVE in September 2011, so this is a story 9 years in the making. The formation of the company was quite complicated, with Galane Gold acquiring Gallery Gold from IAMGOLD in August 2011, with Gallery Gold being the 100% owner of Botswanan gold producer, Mupane Gold Mining, which has been producing gold from the Mupane operation since back in 2005. Further acquisitions were made in 2015, as Galane Gold acquired Galaxy Gold, a South American gold player that restarted operations sometime in 2019.
The long-term aim for Sood and his experienced team is to turn Galane Gold into a meaningful gold producer that can create value across gold cycles. Mupane has produced 700,000oz of gold since 2005, and Galane will hope to continue in this vein, as the company targets exploration and development to increase the mine life and the size of the resource. Mupane looks promising and is situated within the Tati Greenstone Belt, which is part of the larger Zimbabwe Craton, a renowned and prolific area for gold production, producing in excess of 77Moz of gold historically. Over 120 exploration targets have been identified based on geochemistry and aero-magnetic work.
Back in March 2018, Galane agreed on a JV with B2Gold in the shape of an earn-in agreement. B2Gold would be enabled to acquire up to a 70% stake in the company by spending $4M over 3-years to bankroll 70% of the JV, and by targeting a 1Moz+ resource.
Company Page: http://www.galanegold.com/
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Uranium, Uranium, Uranium: the mystery that is Uranium, investors are forever trying to solve... What sort of exposure can Vimy Resources offer them?
Vimy Resources is a uranium developer that is based in Perth, Australia. Its primary focus is on the development of its flagship uranium project, the Mulga Rock Project. Mulga is situated about 290km Northeast of Kalgoorlie in Western Australia.
Why is this significant? Mulga Rock is, quite simply, Australia's largest advanced uranium project, and the DFS, released in January 2018, confirmed this. However, the refreshed DFS, released in August (uranium companies have had a lot of time on their hands), exhibits decreased cash operating costs over the life of mine of 7%. Other encouraging highlights for this uranium play include a 20% reduction in capital cost, now down to $255M, and an AISC, $31.22, an 8% decrease from original figures.
Mulga Rock is shaping up to be a low-risk, open-pit uranium mining operation that could produce 3.5Mlbs of uranium pa for 15-years. It could well be one of the few uranium projects to get financed and could well be sitting at the uranium negotiating table with the utilities once $55/lb uranium contracts finally see the light of day. However, the market hasn't responded to this refreshed DFS with any kind of excitement. We wonder why?
Company page: https://www.vimyresources.com.au/
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It's the first time we have spoken to Parry since April, and this is a really interesting conversation. If you want to hear Matt's take on this interview, head on over to the Crux Club at cruxinvestor.com/club. You will also find all manner of in-depth articles from experts around the world to give you your mining fix. Plus Company Reports, more summaries from Matt from other company interviews, a community of intelligent investors sharing ideas and thoughts and training modules on analysis topics.
So, IsoEnergy. This is a uranium explorer a well-funded uranium explorer with a fairly impressive portfolio of uranium assets. Throughout this bear market, the uranium macro story appears to have remained impenetrable, and uranium price discovery seems inevitable. Parry gives his take on how exactly the next cycle will shape up. Can IsoEnergy time its entry into this cycle correctly, or will shareholders have to wait? Parry explains.
IsoEnergy's uranium projects are situated in the renowned, high-grade Athabasca Basin in Saskatchewan, Canada. Some super high-grades. However, we have recently heard there could be major permitting barriers from James Sykes, the CEO of Baselode Energy (TSX-V: FIND). You can check that interview out here: https://youtu.be/zVA6vHiR-hc. What is your take on this issue?
In 2018, IsoEnergy announced the discovery of its flagship, high-grade pitchblende uranium deposit, the Hurricane Deposit, located on the company's Larocque East tenement. With the backing of a seasoned, experienced management team and the help of major shareholder and significant uranium player, NexGen Energy Ltd (TSX: NXE; NYSE: NXE), IsoEnergy could be a uranium investment opportunity for uranium investors to seriously consider.
Company page: http://isoenergy.ca/
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OutCrop Gold is a Canadian precious metals explorer with assets in Colombia. The company operates under a prospect generator JV business mode: a strong hybrid business model. Prospect generators are generally a lot more honest and pragmatic than conventional miners. Their sole focus is monetisation and their fundraising capacity is usually severely inhibited.
Having recently raised $5.75M, OutCrop Gold are clear where is best to put this money. The share price has struggled in recent years, but a recent uptick has got the market interested again. OutCrop Gold has a portfolio of advanced exploration gold projects called Santa Ana, Cauca and Mallama; non-developed projects in Antares, Oribella, Lyra, Argelia and Kuntur; and also a royalty in the Willow Creek project in Alaska.
There is an encouraging institutional backbone to this gold mining story, with Eric Sprott sitting on close to 20%. The management team holds 25%, so they are clearly aligned with shareholders.
So, what will the focus be for OutCrop Gold? Everything has been parked up except for Santa Ana, which is where Outcrop Gold will be spending all of its time, money and resources. The gold player will be chasing high-grade, narrow gold veins and is attempting to develop its gold asset in a methodical, logical fashion. We like what we're hearing so far, now it's time to deliver some value to the market.
Company Page: https://outcropgoldcorp.com/
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Adriatic Metals announced that it had acquired Tethyan Resource in May 2020. Baker is excited for Tethyan Resource to become a part of the Adriatic Metals story. Tethyan Resources is based in Southwestern Serbia and offers investors exposure to Gold, Zinc, Lead, Silver, and Copper via its Kizevak brownfield Zinc-Lead project and its Rudnica Copper-Gold porphyry project.
Since listing in 2017, the precious and base metals explorer had received some initial attention, but what went wrong 2-years ago? Baker thinks that by shifting the company's focus to acquiring some historical mines, this turned the company into more of a long-term value proposition. The situation in Serbia from a commercial and licencing standpoint was complex and needed clearing up, especially the old mining lease. It took time, but now it has been achieved and the district has been tied up, Adriatic clearly saw it as a great moment to get involved. Baker doesn't think the company has made any mistakes; he thinks the timeframe was simply too long to maintain interest from capital markets. The initial drill results at the porphyry exhibited promise, but logistical issues were beyond the company's control. Do you agree?
Baker thinks the Tethyan Resource and Adriatic merger "only strengthens the long-term prospects of the company." He thinks the cash will start flowing sooner rather than later. Do you trust him to help deliver things in an accelerated timeframe this time around? He will be in a more 'front of house' role now, but can he change investor opinion of their assets now under the umbrella of Adriatic Metals?
Company Page: https://www.tethyan-resources.com/
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Verran is new to Fortune Bay. He comes from the world of uranium having worked at Denison in Saskatchewan where Fortune Bay's assets are location. They have 2x 100% owned gold projects; combined they have a historic 2.1Moz of M&I, with potential exploration upside. They are hoping to advance their Goldfields as they have been under explored.
We were keen to understand if this is more than just another company hoping to take advantage of the current excitable gold market. Is there a project with solid fundamentals? Verran is equally keen to explain why he and the board are excited about what they see in front of them. They are open pit targets. And Verran says the 2011 is well written and they hope to be able to improve on it.
They raised $2.7M in May, they have $1.8M in cash today. All very tight. Hoping to drill, work on a resource estimate and high-level PFS review. They will need to raise capital soon, once they have re-look at they data they have. Is there any urgency with this team?
Verran is a decent person, but he has a lot to do. We look forward to catching up with him soon because if he gets it right it is a solid project, nothing spectacular. How will he help them stand out from the crowd in the sea of investment opportunities in Gold at the moment.
Company Page: https://www.fortunebaycorp.com/
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Golden Minerals was formed in 2009. Golden Minerals is a gold-silver exploration and development company that is based in Colorado. With gold and silver both going on remarkable bull runs at this moment, Golden Minerals hopes to give investors leverage to rising gold and silver prices.
Golden Minerals is a multinational player, with gold-silver projects in Mexico, Argentina and the US. There are 3 core projects: Velardeña, El Quevar, and Rodeo. Velardeña is definitely the flagship but bringing the small (2-year life-of-mine) but economic Rodeo into production will give the company the cash it needs to develop Velardeña. Developing Rodeo has been a rather protracted process, with issues resolving metallurgy, but now it looks like Golden Minerals could be primed to pull the trigger. The cash flow doesn't end there; the company smartly opted to lease out an oxide mill at Velardeña for the last 4-years or so, and an earn-in agreement at El Quevar with Barrick Gold was signed in April; that one will be a little longer in the making.
The share price has been quite volatile, but for the most part, it has been gradually heading North. Can this gold-silver mining story give investors returns or is it too small to capture the attention?
Company Page: https://www.goldenminerals.com/
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What has unfolded in the world of nickel this week? Nickel was up to $7.15/lb today. This is another milestone on this rally and is yet another ween in which nickel has headed north. We are now rapidly approaching $16/t and there is clearly some momentum driving this growth. The main catalyst of this week was created by a private industry PMI in China, which demonstrated positive results. This is just the latest piece of bullish nickel-related news to come from the Chinese relation programme. Momentum traders have been pushed into nickel and all base metals are prospering right now. Nickel ore inventories have dropped at the time of the year when they need to be building up, just before the rainy season in the Philippines. This destruction of reserves will undoubtedly bolster the value proposition of nickel investment.
Selby expects there to be some colouration from the main green-focussed nickel players when it comes to technologies like carbon capture. FPX Nickel has been working with a researcher from Washington DC to carry out additional research, and Selby already has his own company working on carbon capture solution. The sustainable nickel miners are working together for the benefit of the overall health of the nickel space. Smart.
Selby also touches on the importance of jurisdiction for nickel investing and some price predictions for the near future. Selby feels that nickel could be experiencing some kind of value discrepancy right now. It might be overpriced, and investors need to conduct plenty of research before putting their capital on the line. The key triangle to investigate is Chinese nickel demand, ore supply from the Philippines and nickel pig iron production from Indonesia. If all are these are on an upwards trajectory, investors will want to put their foot down. If any are tailing off, it might be time for nickel investors to ease off the gas. But that doesn't look like it is happening anytime soon.
Company page: https://canadanickel.com/
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Marimaca Copper, founded in 2004, is a Canadian-based copper company. Copper has been gaining a lot of traction recently, and part of this has undoubtedly been driven by reflationary spending on industry and infrastructure to kickstart economies post the COVID-19 lockdown. Consuming 51% of global copper production in 2019, China is at the forefront of this.
With copper prices rising up to $6,700/t, there has been a lot of interest in copper mining companies from the market in recent months. This is especially true of Marimaca Copper; its share price has tripled in around 4-months. Marimaca's flagship project, the Marimaca Project, is based in Chile's Antofagasta Region. Some recent drill results demonstrated the potential of the project, but now the plans have changed a little. The exploration upside has become a main priority. Could this turn the project from good to world-class?
Company Page: https://www.coromining.com/
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Galan Lithium is a lithium junior mining company. It is an Australian-based mineral explorer that is developing high-grade lithium brine projects. These projects are situated in the prospective lithium triangle region of Argentina, South America.
Everyone knows that lithium has had a torrid time of things as of late, with depressed prices and a lack of capital for new projects leading investors to place their attention elsewhere. However, the long-term macro story remains convincing, and lofty demand forecasts, courtesy of the EV revolution, emphasise the deficit between lithium supply and demand. Galan Lithium's share price has suffered as a consequence.
How does Galan Lithium plan to insert itself into the lithium supply chain? There are many more advanced lithium players that are struggling to raise capital right now, so why should investors care about Galan Lithium? Having raised $1.6M recently, and with Ganfeng Lithium involved invested into this story, there is clearly some degree of interest from the market, but what can Galan Lithium do to set itself up for growth come the start of the next lithium cycle?
Company Page: https://galanlithium.com.au/
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This is a man who provides a really actionable analysis of the lithium market with technical detail. We were glad to get him back on the show to discuss the latest happenings in the space.
The big focus today is on 'market sentiment'; it can make or break a company, and in recent years, sentiment around lithium as a whole has been negative courtesy of oversupply and consequent depressed prices. COVID-19 was another short-term kick in the teeth to the lithium demand story, with EV consumption taking a hit whilst global economies attempt to recover. However, on the supply side of things, a lack of investment into new lithium projects, combined with impaired lithium production across the globe, is emphasising the supply-demand deficit and heating things up nicely. The long-term picture for lithium demand also looks very rosy, with EV penetration set to be 25% by 2030.
On the subject of the main lithium players, the Q2/20 financial results came out a few weeks ago, and Klein was eager to deconstruct them into meaningful information for lithium investors. As just mentioned, capital for new lithium projects comes at a substantial premium, so Klein helped us understand the terms of some of the few recent financings to take place in the lithium sphere.
We also cover lithium clays and DLE: direct lithium extraction. Could these new technologies also apply to brine extraction? Is lithium production about to get a whole lot more economic? Are lithium mining companies going to grow their margins?
Company Page: https://www.libull.com/
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McCunn is a sharp operator. When a gold producer turns its focus away from searching for ounces in favour of creating cash, it allows the company to leverage the current gold bull environment rather than looking for potential that may go unfulfilled. Ounces in the ground are all well and good, but free cash flow gives a company options. This has been reflected in Galiano Gold's share price recently: it is up 50% since when we last spoke in June.
Galiano Gold used to be known as Asanko Gold. The company has established itself as a mid-tier gold producer having started production in 2016 at its Ghanaian gold mine: Asanko. The gold mine is operated in a 50:50 JV with Gold Fields (JSE, NYSE: GFI). It is throwing off around 250,000oz gold pa, solidifying the company's status as an established mid-tier gold miner.
So, this is a strong and stable gold mining operation, but where does the sex and sizzle come from in this story? The answer appears to be exploration. In fact, McCunn has just signed off an additional $10M on top of the original $10M exploration budget as the company continues its hunt for economic gold ounces. Here is the real growth story for investors. Pay attention.
Company Page: https://www.galianogold.com/home/default.aspx
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Theta Gold Mines is an Australian gold developer with assets in South Africa and over 6Moz of resources. Theta Gold Mines is an extremely methodical vessel that has moved its gold projects forward cautiously, with a 5-year ramp-up strategy taking centre stage.
Theta Gold Mines recently raised around $4M and this will be used to complete a feasibility study for Theta Gold's 74%-owned Theta (open cut) high-margin, low CAPEX gold project. Theta Gold Mines will still need around $30M-$40M to get into production but with a gold resource this large and a gold bull environment as positive as it is right now, we see no reason why the company will have any difficulties.
This is a gold mining story done sensibly and correctly. It is clear that Theta Gold Mines believes it can become a successful gold mine builder. The board is predominantly comprised of mine builders and technical experts rather than bankers. In fact, Guy would like someone to pull this gold project out of his hand for a lot of money. A lot of work has gone into this, and investors will be hoping Theta Gold Mines can monetise its hard work and gain optimal value.
Company Page: http://thetagoldmines.com/
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Canex Metals is an early-stage gold explorer with 3 gold exploration tenements in Northern Arizona: a strong mining jurisdiction. With $1.5M in the treasury, and another $500,000 available through warrants at this end of this year, Canex Metals appears to have the credentials to deliver gold in the ground. Canex Metals is a small player, but there is always room for gold exploration in your investment portfolio. The geology is good.
The team has a strong track record and Ebert, a geologist, was candid and transparent. Lots of discoveries made by the team and also a record of M&A. They are chasing high-grade gold at surface. Canex Metals' c.$13M market cap has recently seen a bump. How much of this is down to the gold bull environment and how much is down to the company itself?
Canex Metals now needs to start marketing itself effectively. The restructured the company a couple of years ago using money from Altius Resources. Talking to us is a good start, but this story needs to be heard by gold bugs. In this gold environment, anything seems possible. With $400,000 to spend on drilling over the next month, the market should have a much clearer idea of the Canex value proposition that is on offer in the near future.
Company Page: https://www.canexmetals.ca/
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A mining company with credibility at its core?
Cartier Resources is a CVE-listed gold exploration company situated in the renowned Abitibi Gold Belt. Since we last spoke to Cloutier around a month ago, the share price has doubled. A lot of sceptical investors will put that purely down to the gold bull run, but growth remains impressive. Capital is predominantly being absorbed by gold producers, with some now trickling down to the gold explorers, but the explorers need to be doing the right things in the first place in order to attract interest from the market.
The company's flagship Chimo Gold Mine is being developed meticulously, and a PEA is just around the corner. Cartier Resources has raised $9.3M of flowthrough capital since we last spoke, and now has around $14M in the treasury to put into the ground and create catalyst moments. The market cap is now around $65M, and Cloutier is pleased to see Cartier Resources finally being valued close to what he thinks it deserves.
Company page: https://ressourcescartier.com/
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Tesoro Resources is a gold explorer with assets in Chile. Gold mining stories are everywhere you look right now, so what sets this gold junior apart from the pack?
The company listed earlier this year in February, and the share price hasn't looked back, climbing ever since. The Tesoro Resources management team appears to have put the hard miles in with 3 years of private "friends & family" financing. It has been a long and difficult process to reach a point when the company can go public, but now it is here, it hopes to leverage favourable gold prices to provide returns for investors.
Tesoro Resources has one main gold project: the El Zorro Gold Project covers more than 10,000ha and has decent infrastructure, being located 140km by road from the city of Copiapo in northern Chile. The company has the right to earn up to 80% interest in El Zorro and aims to complete a positive feasibility study by 2022. It is clear that Reeves and his team are not keen to stick around; they want to get moving to capitalise on a gold price environment that is seeing financing easier to come by than we have ever seen before.
Company Page: https://www.tesororesources.com.au/
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Sierra Metals is a is a mid-tier precious and base metals producer that is based in Latin America. Marchese is a good person and only became CEO 3-months ago, so maybe we should have gone easy on him.
The Sierra Metals story is comprised of 3 producing base metal assets and numerous exploration tenements in Mexico and Peru. Sierra Metals is also something of a mining turnaround story. The share price is on its way back up after what has been a difficult decade for the company and an especially difficult recent few years.
Marchese is going to have to leverage his 25-years' experience in the mining sector, most of that spent with Anglo American, to get create meaningful value for shareholders. Lots to like, but still lots to do.
If Sierra Metals can deliver, it could well be a strong base metals proposition, but there will a lot of questions marks up until that point.
Company Page: https://www.sierrametals.com/home/default.aspx
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This is a Chinese ESG story with multiple divisions and a focus on powering Electric Vehicles. Ideanomics is headquartered in New York but primarily operates out of its offices in Qingdao and Beijing, China.
Ideanomics is an international company with a firm focus on driving commercial momentum into electric vehicle consumption whilst developing innovative, futuristic financial services and Fintech products.
Our main topic of discussion was the company's electric vehicle division, Mobile Energy Global (MEG). The company currently specialises in replacing conventional catalytic conversion engines with battery motors. Moreover, the company also enables group purchasing discounts for fleet managers to be able to carry out these operations and also provides financing and charging solutions.
Ideanomics Capital, the company's corporate division, includes DBOT ATS and Intelligenta, providing unique financial services via AI and blockchain solutions. In totality, Ideanomics provides its global customers and partners with enhanced efficiencies, cutting-edge technologies and leverage to capital from global markets.
As a US company operating in China, we were also keen to dig into how Ideanomics' dealings have been affected by COVID-19 and can they operate without hindrance in China as a US company. And in fact can they grab the attention of investors in the US whilst consorting with the enemy?
In terms of the end game, Ideanomics wants to be providing energy to EV consumers and gas stations by taking a fee on the energy provided.
Company Page: https://ideanomics.com/
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Gold has retreated a little in recent weeks, but this bull environment is still undoubtedly exciting for gold investors throughout the investment sphere.
Roscan Gold is a gold explorer and developer with assets in Mali, West Africa. Mali isn't exactly the most secure mining jurisdiction, and there have been numerous articles released on the Crux Investor regarding the potential hazards of Malian investments. Check out one such article here: https://cruxinvestor.com/opinions/the-west-africa-security-situation-an-update/
The situation in the region did appear to be improving because of cooperation between countries and the involvement of the French and British security forces, but Mali suffered a military coup last week. It clearly remains a difficult environment, and the recent tail off in Roscan Gold's share price is clearly attributable to this. Military coups tend to be reflective of the mood of the people who are tired of corruption in government. This seems to be the case. Discussions are only ongoing about the 3-year transition period and the feedback from the street is that the people welcome the change. Western investors are less sure and are playing a watching brief.
We really appreciated Sangmuah's candour on this issue. He was keen to articulate the company's path through the current geopolitical difficulties. He will be using the company's C$15M + warrants (available in December) to develop the company's gold assets with the aim of giving investors leverage to a favourable gold price.
Is this gold mining company one to watch, or does the Mali factor render it unattractive to those without a substantial appetite for risk?
Company Page: https://roscan.ca/
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Minnova is a CVE-listed gold developer that hopes to soon become a gold producer. There are no shortage of promising gold stories with the gold price hovering at around US$2,000/oz, so what sets this one apart?
On the face of things, this looks quite conventional. It all hinges on bringing a previously producing gold mine into production. The current 5-year life-of-mine will need extending imminently, otherwise, investors are unlikely to show interest. Glenn is confident this can be achieved, and he is also cheery regarding the abundance of historical, high-grade data at his disposal. The company also has an old processing plant which can be recommissioned for c.$10M, which adds some value to this small story.
It's a gold play with a market cap of c.15M. Investors are going to have to weigh up Minnova stock VS the ubiquitous gold juniors that also present compelling investment propositions. This model of restarting production at a mine previously shut down in a depressed gold bear environment has worked before but needs the fundamentals to stack up and the money to it. Will it work again?
Company Page: http://www.minnovacorp.ca/
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It's that time of the week again. It's time for another intriguing, hard-hitting review of the latest events in the nickel space.
Nickel and EV investors will be well aware that nickel prices are up across the board right now. BHP, one of the world's leading resource companies, has labelled nickel as one of its 3 future commodities (along with potash and copper). This is yet another confirmation of the vast potential of nickel demand growth that has already been underpinned by exponential predictions.
We then keen to explore an area of the nickel space that is permanently relevant: current geopolitical affairs. We talk through the macro picture, with a particular emphasis on the US/China trading war.
We also run through potential EV subsidy and state stimulus packages in relation to carbon credit. Momentum is swelling behind nickel and its market fundamentals are shaping up nicely. Nickel investors need to be paying attention to the wider macro story, the small details and the ESG thematic. Elon Musk's demand for as much green, efficient and sustainable nickel is still ringing in the ears of nickel commentators. To what extent will green mining impact investment?
Company page: https://canadanickel.com/
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Stay ahead with our weekly Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC). Stay up to date by listening to our weekly market roundup on Nickel.
Prices finally came off - consolidating the big moves of the last few weeks. Elon Musk hasn't said anything else. Will see a few more weeks of consolidation.
July numbers just out and finally seeing some fundamental follow-through: Net refined nickel imports highest since August 2019 – last choice for stainless producers (can explain choice of feed), non-stainless sectors globally weak.
Philippines 1.5% ore price highest in 2-years.
Nickel sulphate production rebounding – approaching spring 2019 peak levels. Back to premium for first time since end-2019.
Chinese stainless prices increased by 20% - watch for prices going to 15 – 16.000 RMB/tonne.
Stainless production growth now 3-months in a row with August, 10%.
For end of year, the big triangle - Indonesian NPI - Philippine ore - Chinese demand - 2/3 of pointing higher.
Ore stockpiles not growing - only 3 more months to grow before Philippines slows down - setting up for big compression by year-end. Demand seems to be pushing higher.
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Is a boutique investment management company. It specialises in actively managed equity and bond strategies, and has a longstanding history of expertise in gold and precious metals, natural resources and emerging markets.
Holmes started his career by graduating from the University of Western Ontario with a bachelor’s degree in economics, then working for some larger firms. He decided to go out on his own with a small group of "highly successful entrepreneurs," with an investment firm in the world capital of mining: Toronto (60% of global mining finance). He purchased a controlling interest in US Global Investors in 1989 and became CEO 1999. He was the 2006 Mining Journal mining fund manager of the year; he clearly knows a thing or two about investing and general market dynamics and is a gold-focussed investment mind.
Today, he regularly goes on major news broadcasters like CNBC, Bloomberg, BNN and Fox Business, and he has also been profiled by the FT.
The Red Dinosaur behind Holmes, designed by a famous Chinese sculpture artist, is a social/political statement that China is making everything for the world, and the T-Rex represents that China is "eating the world." Holmes believes the Chinese are monopolising all manner of commodities, production and industry. Whilst the dollar is weak right now, Holmes thinks America will get through this because of its unique DNA of adaptability, even though all of the G20's finance ministers and their central bankers are functioning like a currency-defacing cartel. He was one of the first fund managers to make use of digitisation, scientific processes and a systematic approach towards investment decisions rather than the historical norm of reputation and bluster. Investors could learn a thing or two from this. Homes thinks a vaccine for COVID-19 would be a game-changer for market sentiment, but he doesn't think it would change the current bull run gold is on. If Biden wins, taxes will be raised and "radical left politicians" will put Biden under immense pressure. All in all, it will be bad for the stock market. We will have to "see what happens." A lot of people won't admit they are voting for Trump, hence the polling numbers VS Clinton last time out.
Since the gold peak in 1980, the definitions of inflation and Consumer Price Index (CPI) have changed 3 times says Holmes. If one was to use the CPI number in 1980 today, gold should be US$7,000/oz. Inflation has gone up, rendering the old indicator meaningless. The algorithm for the old CPI number is no longer relevant. Driven by maths and quantum, Holmes looks at the centre deviation moves over a rolling 12-month period, going back over a decade, and he looks at 60-days going back 5-years. We are up "two standard deviations over 60-days," and we are up "one deviation over a rolling 12-months." Mathematically, this means there is an 80% probability that we will have a 10% correction over the next 60-days. It is likely to trackback to c. US$1,800/oz, but Holmes thinks the long trend will continue.
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Interview with Thomas Larsen, CEO of Eloro Resources (TSX-V: ELO).
Eloro Resources is a mineral exploration company with assets in Bolivia, Peru and Canada. ISKA ISKA, in Bolivia, is 99%-owned by Eloro and has never been drilled. It is the core focus for the company and is a gold, silver, zinc and lead prospect in the South Mineral Belt. Encouragingly, it is aligned with Cerro Rico along the same corridor structure. La Victoria, a Peruvian gold-silver project, is 82% owned by Eloro. It is in Peru’s North-Central Mineral Belt and is situated in close proximity to gold and silver majors like Pan American Silver and Barrick Gold.
La Victoria is being farmed into by an Australian mining company and a 2,000m diamond drilling program is planned with the aim of confirming high-value, high-grade gold-silver veins. Dr. Quinton Hennigh of Novo Resources recently helped the company raise capital to finance this. In terms of an exit, Larsen is pragmatic; he has a track record of taking projects through to a PFS, and he doesn't want to kid anyone into thinking he and his team are necessarily mine builders.
Company Page: https://www.elororesources.com/
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Interview with George Paspalas, President & CEO of MAG Silver Corp. (TSX, NYSE: MAG).
Who doesn't like the MAG Silver story? These guys know how to conduct and grow an exceptional silver mining operation, and the share price performance for 2020 has been outstanding. To see a major silver developer still managing to return major accretive growth to shareholders is something for all companies to look towards as a benchmark, as many become quote stagnant at this scale. The silver price has obviously helped matters, but MAG Silver is clearly a really well-run silver vessel.
The company has one of the largest, highest-grade silver projects in the world in Mexico, called the Juanicipio JV. It is 44% MAG Silver, 56% Fresnillo, with underground production earmarked for 'Mid-2020,' and the commissioning of the Juanicipio Mill targeted for Mid-2021. The silver mining company has an unconventional approach of getting into production early. Other than the 2017 PEA, MAG Silver has not followed conventions. In May, the company put out an updated silver resource/reserve to give investors insight as to how much progress has been made, but the Juanicipio system is unique: a very well defined structure and very homogenous. This means MAG Silver doesn't need to do exhaustive, expensive, and time-consuming studies. It could be timing its entry into the silver production market at the perfect moment.
Company Page: https://magsilver.com/
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Interview with Mark Santarossa, VP Corp. Development of Aurion Resources (TSX-V: AU).
Aurion Resources is a Canadian mineral exploration company listed on the CVE and the OTCQX Best Market. The central strategy is to acquire early-stage precious metals projects and advance them via 'direct exploration,' driven by its experienced management team and business/JV partnerships.
The focus for this gold explorer right now is on exploring its flagship Finland-based Risti and Launi Projects. The gold player also aims to advance JVs with Kinross Gold, B2 Gold, and Strategic Resources in Finland. It is an interesting, multifaceted gold mining story that is hoping to leverage the soaring gold price.
Company Page: https://www.aurionresources.com/
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Interview with Brad Humphrey, President & CEO of QMX Gold Corp. (TSX-V: QMX).
QMX Gold is a gold exploration & development company based in Quebec. It owns a large, under-explored land package on the Abitibi Greenstone Belt and claims to have a strong balance sheet and exploration pipeline with favourable corporate sponsorship. There is no shortage of encouraging gold mining stories right with the current gold bull market and the gold price touching US$2,000/oz. What sets QMX Gold apart? Why choose QMX Gold over other gold juniors?
QMX Gold, formerly Alexis Minerals, has been around since 1988, but Humphrey only came to the party in 2016. The market reacted positively about this gold story in 2017 and the early part of 2018, but it has been a lacklustre few years since then. The share price has started to slowly, consistently rise since the turn of the year, but this is primarily down to current gold market conditions.
QMX Gold has now started drilling. It is aiming to drill up to 80,000m with 35,000m planned before the end of this year. Now, it is Humphrey's job to market this effectively, make it look sexy and exciting, and boost that share price of long-suffering investors. Humphrey is confident that QMX Gold could be on the verge of a revaluation, and he is very happy with the work he has done since 2016. Is anyone who gets out now and cuts their losses getting out too early?
Company Page: https://www.qmxgold.ca/
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Interview with Greg Romain, President & CEO of gold developer, Gowest Gold (TSX-V: GWA)
Gowest Gold is a Canadian gold development story that is 12-years in the marking. Over the course of its 12-year life, the company has disappointed shareholders and made mistakes. Now, is Gowest Gold on the verge of making a comeback? The share price has doubled, and the early signs are positive, but there is still a long way to go.
Gowest Gold is about to begin a bulk sampling process whilst it continues to seek out the ideal gold strategic partner; hopefully, a North American institution. The company looks on course to hit its deliverable and deliver 50,000oz pa of gold to the market within 16-months. There is talk of this eventually heading up to 100,000oz, but right now there isn't enough evidence to expect this.
This is a gold mining story with a lot to prove, and whilst the share price has double recently, most, if not all, of this is attributable to the gold rush we are currently experiencing. Let's hope Romain and his team can fulfil their targets and deliver a strong gold resource to the market.
Company page: https://www.gowestgold.com/
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Interview with Christian Easterday, Managing Director of Hot Chili (ASX: HCH)
Could Hot Chili spice up your investment portfolio? I'm not sorry ;-) ...
Hot Chili is an ASX-listed copper-gold explorer, developer and producer with assets in (you guessed it) Chile. It claims to have delivered 5 of the world’s best copper-gold porphyry drill results, confirming its flagship Cortadera project as one of 'the most significant copper-gold discoveries of the past decade in Chile.' if this is the case, why are trading volumes so low and why is the share price close to a 10-year low? Chile is far from the easiest mining jurisdiction to operate and permit in, and there is quite a negative investor sentiment around it. Is there a meaningful discount being applied to Hot Chili's market cap?
Easterday now believes that Hot Chili is well-positioned and he is ready to get this copper-gold mining story off the ground and take advantage of this favourable copper-gold environment.
Can Hot Chili's advanced Chilean coastal portfolio finally deliver value to investors after 12 long years? What is the plan to turn this copper-gold miner into a profitable enterprise?
Company Page: https://www.hotchili.net.au/
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Interview with Clive Line, Finance Director of Serabi Gold following the Q2/20 Quarterly Results.
We were keen to understand how this gold producer has been resolving their balance sheet balancing act of last year. This gold bull run has helped a lot of marginal gold producers build up cash reserve and resolve balance sheet issues. Serabi Gold has cash in the bank and are making money. The Sprott debt has now been paid. The company still owes Equinox $12M but has agreed to pay this off in instalments. And it seems to be coping with the COVID restrictions admirably. Line talks us through their thinking in terms of activity and sequencing to manage expenditure whilst they prepare their new asset Coringa.
Company Page: https://www.serabigold.com/
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Interview with David Suda, President & CEO of Gold Terra Resource (TSX-V: YGT)
Gold Terra Resource, formerly TerraX, is a junior gold explorer that owns a district-scale land position next to the City of Yellowknife in the Northwest Territories, Canada.
Ex-broker, Suda joined this story a couple of years ago, and he is coming at it from a financial perspective. He used to work in financial markets in Toronto, so bringing his commercial knowledge was key to TerraX's transformation from a technically and geologically driven company on a slow decline to a gold explorer with strong credentials.
Suda has brought in several new faces and has strengthened the balance sheet, changed the share registry and significantly enhanced the general direction of this gold junior. Gold Terra Resource is now on the comeback trail, and it looks like it has the start of 2 decent gold projects, Yellowknife City Gold and Mulligan Gold. Now, it is up to Suda and his team to monetise them and return value to their patient investors.
Company Page: https://goldterracorp.com/
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Interview with Ken Berry, President & CEO of Northern Vertex Mining (TSX-V: NEE)
Northern Vertex Mining is CVE-listed gold producer with assets in Arizona. The company has been knocking around since 2007 but only recently got into production at its 100%-owned Moss Mine in NW Arizona. The resource only contains 500,000oz of gold, but it appears Northern Vertex Mining wanted to show to the market that it could indeed get into production without a hitch.
There is plenty of gold exploration on the horizon, and this brings with it the potential of numerous catalyst moments, especially considering the current gold bull market conditions. Some high-grade gold numbers that came out of Northern Vertex Mining's recent exploration programme exhibited promise, and shareholders will be hoping future results can change the fortunes of this gold mining player. The share price had been falling for most of the last 8 years, but now it is slowly but surely on the way back up.
Northern Vertex has just brought 2 new key members onto the board, and the market has clearly admired this move given recent stock market performance.
Company Page: https://www.northernvertex.com/
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Interview with Bradley Langille, President & CEO of GoGold Resources (TSX: GGD)
A quick catch up with Gogold following this week's announcements of their initial Mineral Resource Estimate for Los Ricos South (LRS) , and also the initial assay release on 3 drill holes on Los Ricos North (LRN). These are topical gold and silver projects in Mexico.
LRS represents a solid project. It's good. The numbers work and it will become a mine. They should be pleased and will investors be. What excites us more is the LRN early results. This has the potential to be much better than even LRS. It also has the potential to increase the scale of the Gogold project significantly.
Company page: https://gogoldresources.com/
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Interview with James Sykes, CEO of Baselode Energy (TSX-V: FIND)
Baselode Energy is the newest uranium story in a flood of new entrants coming unto the market with the intention of profiting off the incoming uranium bull market. It is located near to the most desirable uranium location of all, the high-grade Athabasca Basin. Several members on the Baselode Energy team have decent track records; Sykes, a structural engineer, has 10-years of Athabasca Basin uranium exploration and discovery experience and discovered the well known Arrow deposit for NexGen Energy. He's smart, young, energetic and enthusiastic to get Baselode Energy ground.
Baselode Energy has something of an unconventional thesis and strategy when it comes to uranium mining, and Sykes is looking for the types of deposits that would allow him to take his company into production.
Interestingly, despite having worked in the Athabasca Basin for so long, he has his doubts about its ability to be mined, hence choosing an asset just outside the basin. Not sure his thesis is going to make Sykes popular with investors in other uranium companies, but we have not been able to get a response from some of those uranium juniors to discuss it. Worth investigating or just another junior CEO talking his play book? Let us know what you think.
Company Page: https://baselode.com/
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Stay ahead of the pack by listening to this conversation with Rodney Hooper, Research and Corporate Advisor and Co-Host of "Lithium-ionRocks!" Podcast.
This is quite an entry-level interview that covers the basics of the lithium space and lithium investment tenets. However, it also serves as a useful reminder to established lithium investors about what they should be focussed on. It is easy to get side-tracked when investing in mining, so what components of lithium should you be focused on? We get a few clues in this conversation.
Rodney Hooper works for a consultancy firm called RK Equity. The company focussed on lithium and other battery metals with an outlook towards the exciting future growth opportunity created by the EV revolution.
Hooper chimes in on the popular debate regarding the pros and cons of lithium brine, clay, hard-rock, hydroxides, carbonates and spodumene. That is the technical side of lithium covered. Then, we move into the commercial side of lithium investment. What sort of lithium companies should investors be looking to throw their money at?
We take a good look at the fundamentals of successful lithium explorers, developers and producers. Which partnerships are key for lithium players? How can lithium players capitalise in the current depressed marketplace?
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Interview with Eldur Olafsson, CEO of AEX Gold (TSX-V: AEX)
We've spoken to Olafsson previously about this Greenland-focussed high-grade gold mining and development story, and he has impressed us with his ability to clearly communicate the AEX Gold business model. Gold is incredibly hot right now, and gold companies are raking in the capital; can AEX Gold continue to drive the share price up as it has since the turn of the year?
AEX Gold recently raised a substantial GB£42.5M, and this is perhaps indicative of the current gold rush we're experiencing. It an incredible environment for gold investors to pick undervalued gold winners. AEX Gold should now be able to get into production within the next 18-months. It is an extremely aggressive plan of accelerated development with no PEA, FS or DFS on the horizon. This play is based almost exclusively on historical gold mining data, but it should be mentioned that lots of the data is from within the last 15-years, and AEX Gold's flagship Nalunaq Project has previously produced 350,000 oz of gold between 2004 and 2009.
Will the market appreciate this unconventional approach? I understand that gold companies are having no difficulty getting financed right now, but why were institutions happy to throw their money into the ring without more solid data?
Company Page: https://www.aexgold.com/
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Interview with Farhad Abasov, CEO of Lithium Developer, Millennial Lithium (TSX-V: ML)
It's time to check in one of the most advanced lithium & EV-related stories. Millennial Lithium has all the boxes ticked except one; financing. We catch up with them as to how things are progressing on that front.
Millennial Lithium has a Feasibility Study and is one of the more advanced new lithium projects around; there aren't too many of them. Millennial Lithium recently got its EIA / DIA over the line, and this was the final major hurdle cleared before the company can gear up to get financed.
Today, we also discuss the lithium macro environment. There is an extremely promising picture for lithium demand, but lithium supply looks less rosy. There is very little capital going towards new lithium projects, which is understandable given the currently depressed lithium price, but this needs to change if the supply/demand deficit is to be resolved. Many lithium projects have been shelved, some have gone bust, and most can't get access to the capital they need. Abasov tells us why. While this is bad news for those lithium juniors, Millennial Lithium says it can take advantage of this deficiency of new lithium projects by plugging the gap with a great project.
Millennial Lithium is in advanced-stage discussions with several players regarding financing. Could this be the lithium player that can get financed and in to production. Abasov's track record suggests he can, but we will wait for more news on that front before getting too excited.
Company page: http://www.millenniallithium.com
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Stay ahead with our weekly Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC). Stay up to date by listening to our weekly market roundup on Nickel.
What has been going on this week in the world of nickel? This week, we talk to Selby about market fundamentals, both in terms of base metals and battery metals like nickel. The Chinese market is absolutely key to nickel demand and with the price of nickel creeping up with inventory reducing, what geopolitical events will unfold in the near future? China is driving most of its investment into manufacturing, infrastructure and primary industry. There has been an utter startling 17% increase in the consumption of the nickel 300 series (chromium-nickel alloys). The Philippines is currently the only source of nickel supply and Selby covers the potential ramifications of this.
In addition, we ask Selby some questions about the nickel space that have been provided by our Crux Investor viewers. We also cover Canada Nickel Company's Crawford Nickel-VMS Project in relation to Elon Musk's recent quarterly conference call. Canada Nickel is one of the few nickel players than can produce with no carbon footprint, but are nickel investors attributing value to this and do they even understand it?
Company page: https://canadanickel.com/
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Interview with Sean Roosen, CEO of Osisko Gold Royalties (TSX, NYSE: OR)
On the surface, this looks like a large conventional royalty company, but scratch away a little and one will realise this royalty story is a lot more complex than one might have realised. Osisko Gold Royalties is a precious metals-focussed royalty company but it also has a private equity component. A bold move aimed at investing their royalty level returns into a component of the market which could provide 20% returns. But it's potentially higher risk. The market has been somewhat confused by this, but it is a plan for accelerated growth, and Roosen was keen to clear things up. He also thinks he has the best royalty company in the world and what people to know it.
Osisko Gold Royalties pays out 1.5% dividend to shareholders, which is all well and good, but when can investors hope to see more of this value represented in the share price?
Company Page: https://osiskogr.com/en/
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Uranium Market Commentator & Bannerman Resources (ASX: BMN) CEO, Brandon Munro, calls in for our weekly catch up about the world of Uranium and Uranium investing.
Kazakhstan continues to be the bellwether for uranium recovery and activity in the market. We discuss the sweeping up of loose inventory in the market and the implications for investors. The longer the production supply continues the better retail investors like it. So what is causing disruption to their production numbers and when does life get back to production? And what else is happening in the supply market? And will investors like it?
Company page: https://www.bannermanresources.com.au/
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Interview with Heye Daun, CEO of Osino Resources (TSX-V: OSI)
Is this gold explorer/developer overvalued?
This was an encouraging first conversation with Heye, and he has a track record of exiting mining companies having made investors money, but investors will need to make their own minds ups. Osino Resources is a TSXv-listed gold explorer & developer with assets in Namibia.
What Osino Resources needs sooner rather than later is report numbers. A Maiden Resource has been long in the making. Highly prospective gold geology is all well and good, and the market might buy into it, but eventually, this potential has to be proven through the drill bit. Gold investors are not short of opportunities to make money right now, and Osino Resources needs to keep them interested if it wants to create interest and show a growth story.
A PEA and PFS are on the horizon, and next year has been earmarked as the start of more concrete drilling data from this gold player. Can Heye accelerate the consolidation of this gold value proposition?
Company Page: https://osinoresources.com/
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Interview with John McConnell, President & CEO of Victoria Gold Corp. (TSX: VGCX)
'Operating Canada's newest gold mine.'
Victoria Gold is a gold developer with gold and polymetallic assets in the Yukon and an asset in Nevada. Over the last 10-years, McConnell and his team have developed it into a C$1Bn company.
The gold producer battled through a decade that was often difficult to navigate, but now since the gold player financed its large Eagle Gold Project in the Yukon, the market has responded positively. Part of this excitement is down to the gold bull run we're currently experiencing, but part of it is driven by Victoria Gold's potential to be a mid-tier gold producer with a sub-US$800/oz AISC.
McConnell is targeting 2021 as a year of possible refinancing alongside getting his flagship gold project up to full capacity, rewarding shareholders with accretive growth. He tells us more about his thinking.
By instilling a cast-iron focus in the company, McConnell managed to see out the gold bear market and has created a really attractive gold mining value proposition for prospective investors, both retail and institutional.
Company Page: https://www.vgcx.com/
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Interview with Nick Appleyard, President & CEO of TriStar Gold (TSX-V: TSG)
TriStar Gold is fully-funded for its PFS and planned permitting proceedings. We grill Appleyard on his use of AI technology to interrogate his data and identify new targets.
TriStar Gold is a gold exploration & development company listed on the TSXv. Its 100%-owned flagship gold project, Castelo de Sonhos, is situated in Pará state, Brazil. In August 2019, TriStar Gold completed an US$8M financing with Royal Gold to advance Castelo de Sonhos up to a Feasibility Study this year. An AISC of US$687/oz is extremely attractive, and 130,000oz of gold pa could make TriStar gold a meaningful mid-tier producer. Appleyard talks to us about the need to demonstrate scale. Current project shows a 43% IRR.
Company Page: https://tristargold.com/
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Interview with Glenn Jessome, President & CEO of Silver Tiger Metals (TSX-V: SLVR)
Silver Tiger Metals is a CVE-listed silver explorer with assets in Northern Mexico.
Jessome is part of the GoGold team and he has been working in the region for 25-years. He has brought 3 Mexican mines into production and sold 2 to majors, so he believes he understands the precious metals and Mexican mining spaces very well.
The company has historically raised a total of US$15M, but the last 2-years has been a very quiet period for the company as it waited for Silver to make a come back. So, with silver breaking past US$25/oz, the silver bug has bitten many investors, both institutional and retail. Silver Tiger Metals' skyrocketing share price, up from C$0.08 in May to C$0.54 today, is evidence of the strength of this silver rush that we are currently experiencing.
This week, Silver Tiger Metals announced an C$11M financing, C$4M of which has come from Eric Sprott. Will 2020 offer up even more catalyst moments?
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Interview with Brandon Munro, CEO of Uranium Developer, Bannerman Resources (ASX:BMN)
Bannerman Resources is a uranium junior with a large uranium project in Namibia called Etango. The big sticking point for Etango has always been the large CAPEX: US$780M indicated in their DFS and the Africa factor.
However, today's scoping study could well go some way towards changing that sentiment. The scale of the project has been much reduced; the CAPEX is now down to just US$254M. This is now a much more manageable project and their optionality around financing has been enhanced. Bannerman Resources now has the optionality to turn this uranium project into a reality in a variety of ways.
A new PFS and DFS are now on the horizon and should follow in around 18-months. Bannerman Resources could now be primed to time its entry into the next cycle perfectly.
Company page: https://www.bannermanresources.com.au/
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Interview with Alastair Clayton, Exec. Director of Artemis Resources (ASX:ARV)
We love a good turnaround story at Crux Investor. Mining is mining, and there is only so much management teams can control. Things go wrong, but it is the actions that are taken to protect the best interests of shareholders that count in the long run.
Artemis Resources wants to be one such turnaround story. After peaking at A$0.52 in November 2017, it has been downhill ever since. In fact, many view it as a proverbial trainwreck. There's been a little bump in the last few months, but there is an awful lot of work left to do. The company has picked the "best 2" assets, and these are polymetallic projects spread across Western Australia, targeting gold, copper, zinc and cobalt.
Last October, Clayton and his team came to town. They put US$6M in immediately and another US$2.5M in January/February this year. They're clearly been cashing in on their Novo stake.
So, Artemis Resources has the cash to make things happen, but following through with accretive growth is easier said than done. Armada/Paterson Range is allegedly going to be 'the next Tier 1 copper deposit, with strong interest from Rio Tinto, FMG and Newcrest.' Over at Carlow Castle, the JORC Resource is 7.7Mt of gold-copper-cobalt, though 418,000oz gold and copper is a drop in the ocean.
This is a mining story that needs decisive leadership and catalytic excitement if it has any chance of ever making investors money.
Company Page: https://www.artemisresources.com.au/
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Our weekly Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC) will help you stay ahead. Stay up to date by listening to our weekly market roundup on Nickel.
Elon Musk impact still ripping through the nickel market - nickel at $6.25
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up 5% since his comment
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no change fundamentally
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with gold at all-time highs, if you bought CS, TKO, or a range of other liquid high torque copper stocks, you have outperformed most gold companies.
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Still not clear support for higher prices at current time
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nothing clear on inventories, supply/demand fundamentals
The Positives
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Chinese reflation still ongoing
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ore imports for June 2020 dropped year over year (YoY) as philippines couldn't make up for Indonesia. And ore stockpiles only growing slowly. Need multi-million tonne build to make up for Philippines wet season in winter when ore imports drop off.
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Stainless imports up very substantially YoY. If more than enough NPI, why bother boosting imports
Key Discussion Points
Leading analyst published view that Indonesia has all nickel covered until 2025 - if so, why is Elon Musk & Tesla talking about nickel as primary constraint and why he asked us not to wait for higher prices.
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Nickel sulphate premium doesn't exist
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trading at a discount, no sustainable premium over long-term
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Class I versus Class II - despite getting huge amount of air time from many - agree not an issue, will flow from ore source to end product.
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Amount of nickel coming from Indonesia - nearly 900ktpa more by 2025 versus 2018. But where will the next 1.6Mt that is necessary come from by 2030.
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Nickel demand forecast - needs to be 4-5% peak-to-peak + EV demand (less loss of demand in aerospace and oil & gas)
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Without any clear forecast from consumers it is hard for analysts to have agressive forecast
If automakers want lots of nickel by 2025 and 2030, they need to provide the information that will allow the industry to gear up to produce it. Realize their own estimates are proprietary, but they need to provide ranges. If they don't, investment community won't figure out, and they'll pay way more than they should to get it - is better for all of us, if no surprises
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Offsetting supply - will see high carbon, non-Chinese ferronickel producers get squeezed so will offset rest of nickel supply growth from Indones
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Western automakers will not use high carbon, high footprint nickel in their cars. They will not rely on Indonesia/China as primary source
Company page: https://canadanickel.com/
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Interview with Chris Reed, CEO of Neometals (ASX: NMT), and Accompanied by Jeremy McManus, General Manager.
Neometals is a 'Project Developer.' A technological innovator with a diverse portfolio of intelligent, economic projects, many of which position it in the incoming EV revolution. This includes a lithium refinery, a low-cost vanadium recovery from slag tailings project and their vast titanium-vanadium project. The most advanced project is a proprietary hydro-metallurgical technology that offers a much cleaner, more efficient means of recycling lithium-ion batteries than conventional pyro-metallurgical and mining methods, helping automotive manufacturers with their goal of NetZero carbon footprint.
The project has an ESG component that has become increasingly useful after Elon Musk's request for as much clean, green and sustainable nickel to be produced. It is clear, the front-end of supply chains is under more scrutiny than ever before, and Neometals has the solution to fit perfectly into the backend of this green narrative. This will help deliver a solution for full supply chain.
Today, we're talking about Neometals' JV with SMS Group, a multi-billion dollar German conglomerate (Matt mistakenly refers to SMS as SGS on 2 occasions- apologies!). It was announced today, and Neometals now has a major partner for its flagship battery recycling project. It's definitely a major milestone. We dig into the details, looking at the terms of the contract and the size of the opportunity that this could present for Neometals.
The company, as we've mentioned repeatedly, has more than enough cash, with $85M in the bank, to get this operation moving forward at an accelerated pace, and the next 12 to 18-months look like an exciting runway for catalyst moments. Expect an FID at the end of this period.
Company page: https://www.neometals.com.au/
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Interview with Garrett Ainsworth, President & CEO of District Metals Corp. (TSX-V: DMX)
District Metals is an early-stage mineral exploration play and Ainsworth has plenty of skin in the game: 1.6M shares. That is a good reason to pay attention.
District Metals has targeted a project in Sweden that is part of the EMX Royalty portfolio. It is technically a polymetallic project, but with the rising price of silver, Ainsworth pointed out it could be reclassified as a silver project. Silver is definitely gaining momentum, so can District Metals monetise this Swedish silver asset for the benefit of its shareholders?
Company Page: https://www.districtmetals.com/
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Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE:UUUU)
Energy Fuels is America's leading producer of uranium and vanadium and is venturing into the rare earths space. All critical and possibly strategic minerals in the US.
We caught up with Chalmers to get the latest on how he is re-shaping Energy Fuels into tantalising value proposition. There have been plenty of catalyst moments within the uranium space over the last few months, predominantly surrounding the destruction of inventories and tightening of supply caused by COVID-19. The US House of Appropriations Committee recent decision to block the funding of a US uranium reserve appears to be a minor setback for uranium bulls, but Chalmers doesn't see it as a definitive "no." He experts the topic will be revisited one the DoE can provide a little more clarity on how exactly the reserve would be implemented, at some point in the next 180-days.
Courtesy of its strengthened balance sheet, Energy Fuels has been able to redeem half of its C$20.86M convertible debenture loan, with the rest of it due at the end of this year. The company will avoid approximately US$350,000 in interest payments in 2020 as a consequence. Uranium juniors across the land are currently running up big debts to fund exploration programmes for assets that are as yet not proven economical. Energy Fuels seems keen to set itself apart as a logical option for new uranium speculators.
Their real key differentiator is their White Mesa Mill in Utah. The only remaining fully-operational conventional uranium mill in the US is coveted by many, but some investors have not yet recognised the full extent of its capabilities. It is able to process uranium, obviously, but it is also able to process vanadium and Rare Earths. Which, Chalmers argues will be crucial as America might see REEs as strategic commodities and is attempting to build a new global REE hub to rival the status quo of Chinese dominance. 5 companies have recently told us they will be using White Mesa Mill to process their uranium, but Chalmers says he has had no discussions and has signed no agreements with anyone. In fact he has blunt message to uranium companies claiming that they will be tolling at White Mesa: STOP. Energy Fuels is likely to enjoy a monopoly over Northern American uranium juniors who face the choice to pay a toll fee to Energy Fuels', or ship ore more expensively to South America. The competitive tension is palpable.
With consolidation in the industry becoming more likely, especially to make the utilities take producers more seriously, Energy Fuels could well be looking at M&A in the future. We challenge Chalmers on what exactly he could be looking for.
Company page: http://www.energyfuels.com/
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Interview with Ryan McIntyre, President of Maverix Metals Inc. (TSX, NYSE: MMX)
Maverix Metals is a precious-metals-focussed royalty company that we last spoke to in January. It has advanced a great deal since then and now has a market cap of over C$800M. Maverix Metals is now a mid-tier royalty company, and it could be an attractive takeout proposition for a major. The company revenue sits at around C$40M from 13 different projects with 92 projects following up behind.
The royalty portfolio has really taken shape over the last 6-months, and McIntyre was keen to tell us about Maverix Metals' business strategy going forward. Royalty investors will be hoping for more growth. We also touch on the recently renegotiated royalty package with Karora Resources at Beta Hunt, one of the company's most important royalties.
Company Page: https://maverixmetals.com/
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Uranium Market Commentator & Bannerman Resources (ASX: BMN) CEO, Brandon Munro, calls in for our weekly catch up about the world of Uranium and Uranium investing.
Cameco's quarterly call stuns market with some of its decisions. Have they lost the opportunity to drive the spot price up? We discuss the implications for investors and also for uranium juniors. We now wait for the KazAtomProm quarterly on 3rd August. We focus on the restart of Cigar Lake and reasons why they may have made those decisions and how it may affect partnerships elsewhere.
And for club.cruxinvestor.com members we also get into detail about what has been happening with utilities in the background. And how their decision making has affected the market. As ever, Brandon's insight delight and inform in equal measure. Anyone not signed up to club.cruxinvestor.com is missing out.
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Interview with Jeff Klenda, President & CEO of Ur-Energy (TSX: URE, NYSE: URG)
Klenda gives a no holes barred take on the market. We discuss games being played by utilities in the NFWG discussions and what their real intent has been. We has if that has been the real barrier to seeing action by the US govt. And why has the US House Appropriations Committee blocked funding for a US uranium reserve. Do utilities want Russian uranium? Klenda gives us his strong views of what that will do to the markets in the US.
Klenda believes that the Russian Suspension Agreement is critical and share with us his thoughts on the possible outcome. Plus his take on Cameco's decision to restart Cigar Lake in September. A missed opportunity or exactly the right thing to do?
Company Page: http://www.ur-energy.com/
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Conversation with Professor Alex Edmans, author of 'Grow the Pie: How Great Companies Deliver Both Purpose and Profit,' and Professor of Finance at London Business School.
Confirmation bias affects us every day of the week in politics, health, racism and investing. We look at how confirmation bias affects our ability to make good investment decisions. And what can we do to make better investment decisions? We learn from Alex that there are ways we can change how we approach decision making.
So when doing our due diligence what do we believe? Alex gives fascinating real life examples of how people behave under circumstances. How does social media affect us? And how can we benefit if we get it right?
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In our latest chat with Justin Huhn, the Uranium Insider, we discuss the House Appropriations Committee's decision on the Uranium Reserve Fund. What are the expectations for the Cameco and Kazatomprom quarterlies? And getting back to basics for Uranium investing - we talk about the full cycle as more investors join the Uranium thesis.
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Interview with Mark Selby, CEO of Canada Nickel (TSX-V: CNC)
Now, here's something that some nickel commentators know about, but very few of them seem to talk about.
Let's talk about 'Clean Nickel & Dirty Nickel'. Elon Musk wants nickel. he wants it efficient and clean. large funds are bound to follow this lead. As will other automotive manufacturers.
Not all nickel is equal. We've discussed at length the advantages of disadvantages of nickel sulfide and nickel laterite, with both possessing different costs: high-cost mining (sulphide), low-cost mining (laterite), high-cost processing (laterite - +US$1Bn HPAL projects) and low-cost processing (sulphide - simple smelting). https://cruxinvestor.com/opinions/class-1-class-2-why-does-it-matter-for-investors/
However, the element that many are forgetting to this story regards the environmental footprint of nickel sulphide and nickel laterite; are laterite projects dirty? Is this a complete game-changer in the wake of Elon Musk's quarterly conference call requesting that nickel investors produce as much green, efficient and sustainable nickel as possible?
Selby's company, Canada Nickel Corp, has recently applied for a trademark: NetZero. This represents the Crawford Nickel Sulfide Project. Crawford is the 11th largest nickel sulphide resource in the world after just over 6-months of development. Not only is it a low-cost, global-scale asset, but it also has the potential to be carbon neutral during production. With EV manufacturers and regulators assessing their supply chains with a great deal more scrutiny nowadays, does this put Crawford into a league of its own? How will the big funds react? Have laterite projects just gone to the back of the queue?
Company page: https://canadanickel.com
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Interview with Pierre Léveillé, President & CEO of Deep-South Resources (TSX-V: DSM)
Deep-South Resources has a large copper asset, the Haib project, in Namibia, serendipitously, in the deep South of the country.
The recent copper price revival can only be good news for Deep-South Resources, but its pockets are anything but deep right now. It needs to provide the market with some certainty that it can raise sufficient capital to get Haib into production, churning out copper.
With copper on the up, Deep-South Resources has the potential to time its entry nicely, and investors will be hoping the management team has the skillset to progress the copper project in an accelerated timeframe.
Company Page: https://www.deepsouthresources.com/
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Interview with Frederick Bell, Managing Director of Elemental Royalties
A royalty company with "good quality producing assets from day 1."
This is the latest royalty company to emerge onto the CVE. It has been trading privately for the last 3-years, and it has a portfolio of 6 royalties spanning across North America, South America, Africa and Australia. It seems to be the standard royalty story: start small, grow big.
The North American market generally values royalty companies with this conventional model highly, and Elemental Royalties' focus on precious metals is sure to add further momentum in this current gold bull run.
Bell is young and smart, but he will need to convince investors that their capital is best invested in Elemental Royalties rather than some of the other promising junior royalty companies with a precious-metals slant that are currently making waves.
Company Page: http://www.elementalroyalties.com/
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Interview with Paul Atherley, Chairman of Pensana Rare Earths (ASX: PM8)
Pensana Rare Earths is, you guessed it, a rare earths company. Its Longonjo NdPr project is situated in Angola.
Whilst the company is fairly new, founded in 2006 and listed in 2007, the market isn't attributing much value to it right now. The share price had been totally stagnant until 2018. Since 2018, the share price risen, but the company is still valued considerably less than its peers. What discount factor is in play here?
Pensana Rare Earths has recently received investment from the Angolan Sovereign Fund and has formed partnerships with some Chinese companies. Are investors concerned about the prospect of Chinese control? China controls the vast majority of the world's rare earth elements production, so considering Pensana Rare Earths had the opportunity to operate outside this monopoly, why has it opted for a Chinese partner?
Company Page: https://www.pensanametals.com/index.php/en/
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Interview with Scott Trebilcock, President & CEO of KORE Mining (TSX-V: KORE)
There is plenty to like about this story: low-cost, mid-tier gold production possibilities; Eric Sprott's involvement; possible monetisation from 3 other assets; and a strong and consistent management team who deliver on promises.
However, there are areas of concern. While the share price has seen some major momentum recently, KORE Mining is still valued much lower than its gold mining peers, despite an encouraging PEA for flagship Californian gold project, Imperial. Concerns around the Californian permitting process alongside ineffective marketing and investors' poor understanding of the story are all difficulties that KORE Mining's management team will have to tackle to creative accretive value for shareholders. They have lots of skin in the game, so one would expect them to address these issues with a sense of urgency.
What did you make of Scott Trebilcock and gold explorer, KORE Mining? How long will this gold bull market continue? Comment below and we will respond.
Company page: https://www.koremining.com/
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Interview with Scott Williamson, Managing Director of Blackstone Minerals (ASX:BSX)
We've spoken to Williamson several timers now and he is a straight-talker who answers our questions.
Blackstone Minerals is an Asian nickel explorer and developer targeting massive sulfides in Asia. The main focus right now is on the company's Vietnamese nickel project. It is low-cost, high-grade and district-scale with the potential of feeding the developing hub of battery manufacturing, Asia, with a large amount of the nickel it needs to grow. The company recently made a deal with EcoPro, a giant Korean cathode manufacturer. This has given Blackstone Minerals plenty of knowledge but also plenty of deliverables.
The company needs to have a PFS out in the next 9-months, followed by a bankable study with construction being earmarked for 2022. It's an extremely aggressive plan, and with US$7M in the bank, can Williamson and his experienced team deliver it? Is it even the right timeframe to be looking at in light of c current nickel prices? Will Blackstone Minerals hit the nickel market uptick at the right moment?
Company page: http://blackstoneminerals.com.au/
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Our weekly Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC) will help you stay ahead. Stay up to date by listening to our weekly market roundup on Nickel.
So, what events have transpired in the exciting world of nickel this week? Price movements are at the top of the list: nickel has gone from a low of c. US$11,000/t up to US$13,430/t today. It did actually hit a peak of US$13,512/t last week, but Selby attributes this to nickel trading in synergy with some momentum drivers around the Shanghai Index.
Just as the nickel price was starting to recede, Elon Musk, the figure of ultimate encouragement for nickel/battery metals investors, has told nickel miners to produce as more nickel in his quarterly call. He's clearly gearing up to go big and kickstart the EV revolution in style. After launching the mid-tier Model 3, Musk needs this to be the cash cow for his company. Many have regarded Tesla stock as immensely overvalued given sales figures, but the c. $35,000 Model 3 could be a real gamechanger, building on the success of the Model S and Model X; I'll hold off on the Cybertruck for now.
Major subsidisation packages in Europe alongside European vehicle manufacturers investing €250B in EV infrastructure, and the Chinese EV space needing to be rejuvenated are both reasons for nickel producers to be accelerating their production timeframes. After touching on some of the macro thematics beneath the surface of the nickel space, such as the immense difficulties surrounding the production of the huge amount of nickel that may be needed in the next decade, we touch on one of our favourite gold production stories, Karora Resources (TSX: KRR). Selby is already an expert on the Dumont Nickel-Cobalt Project, having developed and de-risked it substantially during his tenure of CEO of RNC Minerals. Karora Resources has sold its remaining interest in Dumont (28%) to Waterton for some cash upfront and a residual payout based on a future sale. The 3 low-grade, bulk-tonnage, advanced nickel projects have all been acquired in the last 6 weeks. BHP, OZ Minerals and Waterton have all moved to secure projects early. Is this a major sign of things to come? Time to pile into nickel?
Company page: https://canadanickel.com/
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Interview with Bill Willoughby, CEO of Cypress Development Corp. (TSX-V:CYP)
There has been talk of lithium, like uranium, being used as a strategic commodity by the US administration in recent months as the world looks towards the EV revolution. However, despite these bullish whispers within the lithium space, there is very little capital currently available for new lithium projects. Will this be to the detriment of a small lithium junior like Cypress Development?
Cypress Development is a lithium clay development company that has recently published a positive PFS. Unfortunately for the company, the CAPEX is quite large, and this is likely to increase the company's difficulties around getting financed.
The first deliverable will be to get the lithium pilot plant funded. Will Willoughby opt for a strategic partner, or is an equity raise the best way to go?
Company Page: https://www.cypressdevelopmentcorp.com/
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Uranium Market Commentator & Bannerman Resources (ASX: BMN) CEO, Brandon Munro, calls in for our weekly catch up about the world of Uranium and Uranium investing.
Based on questions that were sent in by viewers, it is clear that there are a lot of new investors coming into the uranium ecosystem. So Brandon and i cover a little bit of old ground but with new data. We start with the relationship between spot price and term-contract in today's environment. We also look at the effect of supply and the effect on Russia v US tensions. Does Russia care about the Russian Suspension Agreement. Should they?
And we get his thoughts on the timing of the US utilities coming back in to the market to help drive equities. Are US uranium juniors without a cash buffer getting nervous.
Company page: https://www.bannermanresources.com.au/
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Interview with Paul West-Sells, President & CEO of Western Copper and Gold Corp. (NYSE,TSX:WRN)
Western Copper & Gold Corporation is a copper-gold developer with a huge asset in the Yukon. 15Moz Au & 6.2bn/lbs Cu. In fact, the Casino copper-gold project is so big, it may have actually restricted the company's optionality. We discuss at length option left to company.
West-Sells needs to make a choice: reduce the scale of the project down to something it can more easily handle eg. US$1B heap-leach project, or bring in 1 or 2 strategic partners. This decision will be integral to the upside that Western Copper and Gold shareholders experience.
The focus right now is on locating mere high-grade gold zones; the project in its current form a low-grade, bulk-tonnage opportunity. Casino has a hefty US$2Bn CAPEX for an NPV (8%) US$3Bn. Do these numbers look ok to you? Is it a gold company or a copper company?
Company Page: https://www.westerncopperandgold.com/
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Interview with Michael Hodgson, CEO of Gold-Producer Serabi Gold (LSE: SRB, TSX: SBI)
Our latest update with Brazilian gold-producer, Serabi Gold. Gold has been on a bull run, but Brazil has struggled more than most to mitigate the impacts of COVID-19. Exploration has been curtailed for now, but plenty is on the horizon and it looks exciting for gold investors.
Serabi Gold should be able to finance its exploration from cash flow, and its strong cash position can be used for a variety of strategic purposes. It currently awaits its mining permit for Coringa before gold production can really get moving.
Average grade is down and total mined production is down, but only slightly, and both for logical reasons. The new ore sorter could completely alter Serabi Gold's value proposition once it is fully integrated into the entire Serabi Gold production process. Promising times are on the horizon for this gold player.
What did you make of Michael Hodgson and Serabi Gold? Comment below and we will respond.
Company page: https://www.serabigold.com/
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A conversation with Dustin Garrow, Uranium Market Commentator.
Garrow tells us why he thinks US utilities won't be making any decisions to buy uranium in 2020. He tells why he thinks this won't happen until the middle of next year. What are they focused on? And what is the DoE focused on with its Nuclear Fuel Working Group report. have they been distracted? And are they qualified to make that decision?
Old news of the week is that the US House Appropriations Committee has said that they will not approve the funding of the uranium reserve. Also the delay in the decision on the Russian Suspension Agreement seems to be holding up utilities decision making. What does this mean for relations with Russia? And does Russia care? We discuss China and Russia and how they control the market. Can the US compete and what are the barriers?
Wonderfully no holes barred conversation about the state of the market. We discuss what it means for certain companies, both positive and negative. If you are a uranium investor you will be interested about what it could be mean for your equities investments.
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Interview with Kyle Floyd, CEO of Vox Royalty (TSX-V:VOX)
We're big fans of royalty and streaming companies, but what sets this one apart? Vox Royalty recently went public in May. It had been operating as a private royalty company for several years, but now it is targeting the start of an growth phase by the end of 2021. Intriguing.
The company has leverage intellectual property to strengthen its connections in the royalty sector. Vox Royalty is churning out the transactions with no sign of slowing down, and they believe its 7,000 strong royalty database will give the company a strategic advantage over its peers.
Vox Royalty is hoping that by continuing to make transactions with a combination of shares and capital and maintaining an extremely tight G&A/share structure, it can eventually drive costs down without relying on dilutive raises. Vox Royalty's projects are mainly in Australia : 64% precious metals, with the rest featuring battery metals, base metals and bulk metals.
Company Page: https://www.voxroyalty.com/
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Interview with Matthew Gill, CEO of White Rock Minerals (ASX:WRM)
Not a lot had happened for White Rock Minerals, founded in 2010, over the last decade. It is a zinc-silver-lead-gold explorer and developer, but a recent gold anomaly at it project in Alaska has led to a big increase in the share price in the last couple of months.
White Rock owns the Red Mountain project in central Alaska, which is a high-grade zinc-silver-lead-gold project, and the advanced Mt Carrington gold-silver project in New South Wales. Gill's job to monetise Mt Carrington whilst turning Red Mountain into the new flagship. He talks to us about his plans and how he intends to deliver on them.
After 10-years of inertia, this is new territory for Gill. But they have recently taken in technical advisor and promotor Quinton Henningh to help with their $15M raise. That has got them noticed. Now they need to deliver.
It's an intriguing zinc-silver-lead-gold story with lots of moving parts.
Company Page: https://www.whiterockminerals.com.au/
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Interview with Paulo Misk, President & CEO of Largo Resources (TSX:LGO)
Largo Resources is a vanadium miner, but since Misk became CEO in 2019, the company has decided to abandon its roots and is morphing into a clean tech solution provider. Why? Because it has the potential to rerate the company. Misk explains how.
The company is ramping up V2O5 production, alongside Tio2 Titanium Oxide (ilmenite - pigments sector) and Vanadium Trioxide (aerospace and Chemical industrial), which would eventually double to company's revenue whilst maintaining a high margin. We question Misk as to how he hopes to use the catalyst of removing Glencore as their trading partners to break in to new markets and capture more of the margin. Can they do it?
With c. US$200M of cash, Largo Resources will need to continue to innovate if it hopes to drive the share price up. It's been tracking gently upwards recently after months on the downward slope from its vanadium sport price highs of 2018 & Q1/19. Let's see what the rest of 2020 has to offer for Largo Resources and vanadium investors.
Company Page: https://largoresources.com/
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Interview with Peter Secker, CEO of Bacanora Lithium (AIM:BCN)
New lithium projects are finding capital extremely hard to come by in such a depressed lithium market. This doesn't appear to be the case for Bacanora Lithium and its Sonora project. 75% of its US$400M project CAPEX looks to be covered v is a combination of debt financing and management/institutional investment says Secker. He says they have a strong project team and Asian partners. We ask what his partners have agreed to. The numbers on the Feasibility Study look good. Taking all this into account, why has the share price been on a downward slope for the last 2.5 years?
The depressed lithium market has certainly played a big part, and COVID-19 has been deleterious to the EV/battery metals thematic, but what is this story really missing? Should long-suffering retail shareholders stay quiet and wait it out?
Secker is controlling what he can control, with a 5-month of deliverables ahead of him. The permits are all in place, and an FID has been earmarked for Q1/21, with construction commencing shortly afterwards. Bacanora Lithium could be producing LCE by 2023.
Company Page: https://www.bacanoralithium.com/
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Interview with Greg Johnson, CEO of Metallic Minerals Corp. (TSX-V:MMG)
Metallic Minerals Corp is a TSX-V-listed mineral exploration company that is part of the Metallic Group.
Silver, gold and copper are the areas of focus with the potential of a porphyry system on the cards. It is led by a team with an excellent track record that has previously provided 100-fold returns for early-investors of NovaGold.
Is this just another silver-gold-copper exploration story, or is there more to this than meets the eye? Johnson is certainly a smart cookie, but the share price increase is predominantly attributable to the modest silver price renaissance that is currently occurring. What can Johnson do this year to create accretive value for patient investors?
A significant drill programme on the company's flagship silver-gold asset is planned for this year, and Johnson claims historical data and technical research, such as soil sampling, has proven there is some really promising geology within Metallic Minerals silver-gold land package.
Company Page: https://www.metallic-minerals.com/
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Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC). Stay up to date by listening to our weekly market round-up on Nickel.
If you don't understand the nickel market, don't invest in it. Our weekly round up of the nickel market aim to help you make smarter decisions around which companies and timing.
1) Nickel up another $0.05-$0.10 this morning. c.$6.00, 2 weeks in a row. What's going on. We discuss what's driving the nickel market and its not EV and battery thesis. Another macro play - copper moved from $2.80 to $2.95 - approaching critical $3/lb level - copper 5% higher than pre-COVID hasn't been c.$3/lb for more than 2-years. Again what is driving the base metals.... find out
2) Last week we discuss the Nickel market for EV and stainless steel. So this week we discuss the other uses and applications. - High nickel alloys, alloys - jet engines, gas turbines. Obviously jet engines not going to be growing again for awhile - Alloy steel - throw a little extra nickel in to get some extra strength - other properties - high pressure/high temperature applications, corrosion resistance, slightly magnetic properties - Plating - chrome plated - think big bumpers, shopping carts
3) Industry News - Centaurus, in early July announced a Brazilian sulphide project - 48.0Mt @ 1.08% Ni FOR 517,500 TONNES OF NICKEL - relatively new discovery - Carajas, Brazil - Few new sulphides - so everyone exciting news - particularly as open-pittable (1%) - Sulphide discoveries rare - if get 2-3% grade nickel intersection is exciting, often tough to get resource those grades at any scale - nature of deposit
Company page: https://canadanickel.com/
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Brandon Munro, Uranium Market Commentator and CEO of Bannerman Resources (ASX:BMN) calls in for you weekly catch up about the world of Uranium and uranium investing.
It's been a big week for uranium investors. The US House of Appropriation has blocked the idea of funding of the 'US uranium reserve.' What is the right of reply? What does this mean for US uranium equities? How should uranium investors interpret this information? We will be asking some of the main players this week how they intend to respond. Brandon gives us a precursor to what happens next.
We then take a look at the supply market in general, with news of the latest lockdown extension in Kazakhstan, with the world's largest uranium producer, KazAtomProm, extending its initial 3-month production reduction by a further month. Cameco and the other uranium majors are following suit.
Company page: https://www.bannermanresources.com.au/
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Interview with Alex Black, President and CEO of Rio2 Ltd (TSX-V:RIO)
Rio2 is a Chilean gold developer that we have always thought was undervalued, but if Black is to be believed, and he's not been wrong yet, this could be a $1Bn+ company in disguise.
The PFS numbers for the flagship Fenix Gold Project in the Maricunga Mineral Belt Atacama Region, Copiapo Province, Chile, are strong. Rio2's management team has a strong track record of delivering value to shareholders of gold companies. Can they replicate their previous successes this time around?
With the water issue appearing to be resolved, and an accelerated path to gold production being forged, Rio2 is a gold developer that you may want to keep an eye on. It appears to be in a class of 1 (and maybe Orezone).
Company page: https://www.rio2.com
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Interview with Stephen Roman, Chairman, President & CEO of Global Atomic Corp. (TSE:GLO)
Investors are looking at the macro picture for uranium and are puzzle about why the lack of movement in spot price. However, what is clear is that the Supply Demand story stacks up and smart investors looking to get in early are trying to work out which horse to bet one.
The large high-grade Athabasca uranium companies look good on paper but are not near term wins because of the +$1Bn CAPEX and long permitting times required. The smaller new entrants don't have the experience or the assets. And the other African stories don't have the grade. Global Atomic is a low CAPEX (sub $200M), early to production (less than 2-years from financing), low AISC (sub $30) and high-grade (for Africa) story, with an experienced management team. If you are consider uranium as an investment then this should be considered as one of the stand out options available to investors.
Roman gives us an update on what he plans to do with the money they raised recently. He tells us about timing of the mining licence and some of the deliverables in the next few months. he also talks to us about what is happening in the USA and his thoughts on what the utilities decision making process is going to be.
Company page: https://www.globalatomiccorp.com/
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Interview with Morgan Poliquin, President & CEO of Almaden Minerals (TSX: AMM, NYSE: AAU)
Almaden Minerals, founded in 2010, is Mexican gold-silver exploration story. A recent Feasibility Study has demonstrated solid numbers: a low AISC with solid returns and a long life-of-mine (LOM). However, this gold-silver story isn't firing on all cylinders right now.
Has the market grown tired of the Almaden Minerals story considering it has dragged out over the last decade? Companies with the same sort of gold-silver numbers in their Feasibility Study have been worth 4x as much.
Prospective investors and existing shareholders of Almaden Minerals appear to be confused by the recovery rates for gold and silver projects in this type of structure. They are wondering whether this project is high-grade or low-grade in an open-pit?
Almaden Minerals has been named in a lawsuit against the Mexican government by an NGO in a protest against a mining law. This hasn't helped investors view of the company.
Company Page: https://almadenminerals.com/
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Interview with John Black, CEO of Regulus Resources (TSX-V:REG)
Regulus Resources is a Peruvian copper explorer that is aiming to deliver a PEA next year for its flagship AntaKori project.
It's been a difficult period for Black and Regulus Resources. For the last 2.5-years, the share price has been gradually in slow decline. With the impacts of COVID-19 still resonating, Regulus Resources is still not back at full steam. But copper is becoming fashionable. prices are back at nearing $3 for the first time in a while.
Regulus Resources has enough cash to conduct a new drill programme, and the company will be hoping this will give it enough data to start being interesting to the market again. Black is trying to drive the marketing strategy more actively, and with investors interested in copper again, a turnaround story could be on the cards.
Company page: https://www.regulusresources.com/
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Interview with Stephen Swatton, President & CEO of K2 Gold Corp. (TSX-V: KTO)
K2 Gold is a junior gold explorer that is part of the impressive Discovery Group.
K2 Gold's current focus is on a Californian gold project that is focused on at-surface oxide gold. A phase 1 drill program looks likely to commence in September, with the gold mineralisation being followed up on in 2021 with a planned second phase 30-drill-hole programme. K2 Gold is fully financed for phase 1.
There's a lot to like about this explorer, and the market has recently been excited by some high-grade results at several geological targets. However, we want to see more numbers before getting too carried away.
Company Page: http://www.k2gold.com/
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Interview with George Ogilvie, President and CEO of Battle North Gold (TSE:BNAU)
Battle North Gold, formerly Rubicon Minerals, is becoming a robust gold mining story that is hoping the implementation of a clear, accelerated path to production will allow the market to forgive it for its chequered pre-Ogilvie history.
The numbers look strong for this advanced gold explorer, and it is appears in the right location: the highly-prospective Red Lake district, surrounded by significant high-grade gold players, such Great Bear Resources and Pure Gold.
Battle North Gold is something of a gold turnaround story. When Ogilvie came to the company 3-years ago, the company had committed no shortage of sins. Now, it's on the comeback trail, and the gradually increasing share price is a testament to the success of the Battle North Gold's new strategy.
Company Page: https://www.rubiconminerals.com/
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Interview with David Cole, President & CEO of EMX Royalty Corp. (TSX-V, NYSE: EMX)
EMX Royalty Corporation is a multi-commodity mining and royalty company. What sets this apart from the huge number of other royalty companies? A unique three-pronged business strategy appears to be what this is all hinging on.
The portfolio of assets looks strong, and share price performance has been reasonable, but royalty company investors are waiting to see an inflection point. Cole has indicated that it is coming sooner rather than later.
Company Page: https://www.emxroyalty.com/
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Interview with Alan Carter, President & CEO of Cabral Gold (TSX-V: CBR)
Cabral Gold is a Brazilian gold explorer with a district-scale land package in the form of the Cuiú Cuiú project. Bulk-tonnage gold was the previous area of focus, but after 8 extremely difficulty years, a shift of focus towards high-grade gold veins has been installed.
While some of the gold grades thrown up have been eye-watering, Cabral Gold will need to deliver this gold resource to the market in an appropriate timescale, while remaining pragmatic in its creation of a resource. Cabral Gold can't afford to make the all-too-common mistake of getting so lost in chasing gold ounces that it forgets the market needs to see some definitive and accretive value. There has to be a cut-off point at some stage.
Cabral Gold has just raised C$4.2M via an oversubscribed private placement and the plan is to conduct an RC drill programme with the view to completing a PEA in the next few years.
Cabral Gold is an intriguing gold mining story that gold investors will likely find themselves interested in.
Company Page: https://cabralgold.com/
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Interview with Fortune Mojapelo, CEO of Bushveld Minerals (AIM: BMN)
This is a well run company with a good business plan, however, volatility with the uranium price makes it difficult to satisfy shareholders. They met their cost guidelines and production numbers, but the 2019 numbers disappointed because the revenue numbers fell (entirely attributable to the vanadium price achieved in market).
"The performance is there....and you expect at some level the share price looks after itself".
We talk about the business plan and what needs to change. Are they being distracted? Should they protect their cash position. And when does the VRFB battery start to contribute more to the bottomline.
Company Page: https://www.bushveldminerals.com/
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Justin gives us his take on the impact of the continued KazAtomProm lockdown on global supply. And tells us why US utilities aren't buying.Explore More Here: cruxinvestor.comJoin our Club's waitlist: club.cruxinvestor.com
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Interview with Peter Grosskopf, CEO of Sprott Inc.
Investors "are definitely not OK. No-one knows where this is going". Let's talk hedging. What is it? How should investors invest? What are the common mistakes? How much of your liquid net worth should you have invested in precious metals?
The recent Quantitative Easing programme by governments globally has added to the debt pile and most commentators see another market correction coming soon. This will have huge negative impacts for most investors, unless they take measures to protect themselves. So in this interview we discuss hedging strategies for investors. What are the options available for regular investors?
Gold is one option which Sprott recommends and we discuss the various ways of adding gold to your portfolio. Most people think of physical gold and equities. What are the pros and cons of each? In fact, what are treasuries? And how can derivatives such as option and futures help. Is there such a thing as the perfect hedge?
Sprott Inc is now listed in the US on the NYSE. This is big move and important for Sprott clients and gives them access to new and cheaper capital. It gives them access to large US funds.
Company page: https://www.sprott.com/
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Uranium Market Commentator & Bannerman Resources (ASX: BMN) CEO, Brandon Munro, calls in for our weekly catch up about the world of Uranium and Uranium investing.
The extended lockdown in Kazakhstan impacts KazAtomProm's, the world's largest supplier of uranium U308 (24%), ability to get their employees back to work. This in turn means that so far as much as 8Mlbs of uranium has not been produced. However, despite this news, the company has maintained guidance with regard to being able to supply their term-contract customers. They are 6 to 7-months of inventory with which to draw on, but indicate that they will probably need to go in to the spot market to acquire uranium pounds to fulfil order (at still low prices) and maintain their stockpile position. What are the impacts for utilities and uranium investors. We discuss.
As COVID-19 continues to restrict production in Canada and impacts production in Australia and Namibia, we discuss the implications for junior uranium companies. Investors and potential investors take note.
And for Crux-Club.com members only, Brandon and I discuss why utilities remain inactive. What are they focussed on instead? And what has happened to the price momentum? We look at some of the factors. Please join the waiting list for Crux Club if you want to get more insight in to the uranium sector and other commodities from our expert contributors each week. All for less than a dollar a day.
Company page: https://www.bannermanresources.com.au/
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Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC). Stay up to date by listening to our weekly market round-up on Nickel.
Nickel is up $6/lbs, but Selby expects market to trade back down and explains why. We discuss fundamentals, technicals and Sentiment and how to interpret them for nickel. Last wees M&A seems to be getting people excited again.
Investors are excited about the potential of Nickel in automotive batteries, the 2/3rds of the market for nickel is stainless-steel. So how does that stainless-steel market integrate and work with nickel and how can that inform our decision making.
This is nickel being explained every week and in a level of detail we have not seen anywhere else. Getting to know a commodity allows us to make better decisions on where to invest and when. Let us know what you want to know. Send you questions in for next week weeks show.
Company page: https://canadanickel.com/
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Interview with Riaz Rizvi, Chief Commercial Officer of JSC NAC Kazatomprom (AIM: KAP)
Rizvi spends time talking about perception in the market and how KazAtomProm wish to be perceived and thoughts on the adversarial narrative in the market between US commentators and Russia and its nuclear uranium partners.
We discuss production issues and playing catch up, whilst dealing with the grow concerns of COVID-19 within Kazakhstan. Why have they managed to maintain guidance even with the extension to the lockdown period and when will they have to dip in to the market. We discuss partners, partnerships, dividends, target prices, term-contract market, supply demand picture in the market.
Company Page: https://www.kazatomprom.kz/en
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Interview with Bradley Langille, President & CEO of GoGold Resources (TSX:GGD)
Is the Mexican gold exploration project, Los Ricos, really the best project this CEO has seen in his entire career? He says yes.
The numbers look great, the drill programme looks structured and highly-technical, the team has an excellent track record, there is cash flow being generated by their tailings operation, and the company has sufficient cash to hit its deliverables and deliver a Maiden Resource, followed quickly by a PEA, in the near future.
This is an extremely promising gold development story with a potential catalysts to look out for the remainder of 2020. GoGold Resources is accelerating towards a really promising value proposition.
Company page: https://gogoldresources.com/
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Uranium Market Commentator & Bannerman Resources (ASX:BMN) CEO, Brandon Munro, calls in for our weekly catch up about the world of Uranium and Uranium investing.
A "fantastic week" for uranium? We run through Kazatomprom's possible shutdown extension and the huge impact this could have on the available pounds in the market.
Then, we look at the political side of things. With the Democrats no longer discriminating nuclear power from other forms of green energy, the November election no longer carries any uncertainty for uranium investors.
Company page: https://www.bannermanresources.com.au/
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Interview with Taj Singh, President & CEO of Discovery Metals (TSX-V: DSV)
Discovery Metals: a Mexican silver developer that is part of the renowned Oxygen Capital Corporation. Sprott is the largest shareholder with c. 24% of the company.
The company has reinterpreted an asset that had been designated an uneconomic bulk-tonnage operation by the previous owner because of the depressed silver price. However, by focussing on a high-grade silver drill core and a phased drill programme that includes a silver resource by this time next year, the share price has been on the rise to a record high. The project, Cordero, is one of the largest development-stage silver projects in the world.
The silver player is fully-financed through to production with $40M in the bank. Let's see if Singh can hit his deliverables. We're impressed so far.
Company Page: https://dsvmetals.com/
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Nickel Market Insight with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC). Stay up to date by listening to our weekly market round up on Nickel.
So, what should investors make of what been going on in the world of nickel this week? It's been something of a sideways week, with nickel price ticking up by c. 1%.
Big news during week was one of more followed nickel analysts lowered prices by 6-7% from 2021-2025 - LT price intact Why? 2 big drivers - current demand pullback combined with more NPI production from Indonesia
Nickel & Indonesia
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Why is Indonesia now such a big part of the market?
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why didn't it happen before? Nickel just didn't magically appear or get discovered - deposits there all known since the 1970s
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What are the implications for the overall market?
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where does it go from here What are laterites? What is HPAL and how is it different than NPI ?
The long-term projections for nickel demand are extremely exciting. A solid growth driver of demand is stainless steel. From 2006-2018, quantities of nickel use were 683,000t in stainless steel, 103,000t in batteries and 105,000t for other uses. The EV revolution looks set to transform these numbers, with 2018-2030 demand looking like 729,000t in stainless steel, a 46,000t increase; 825,000 in batteries, a massive 722,000t increase; and 119,000t for other uses, a 14,000t increase. Batteries are now a game-changing second driver for the nickel space, and nickel's status as the largest metal by mass in the cathodes of EV batteries is sure to be instrumental.
We also run through the importance of Indonesia, particularly the nickel-ore export ban. Then, it's on to general red flags that investors need to watch out for when investing in nickel. It's important viewing for EV/nickel investors/spectators.
Company page: https://canadanickel.com/
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Interview with Mark Kenwright, Associate Director of Wardell Armstrong - International Mining Consultants
Around 70% of public mining companies are destined for failure. It's an alarming figure, one that emphasises the need to carry out extensive, sensible due diligence. How certain are you that you pick the right company?
That's where Wardell Armstrong comes in. The English consultancy firm produces all manner of reports for mining companies and investors alike. We run through the most important things that investors need to pay attention to when assessing a mining company for potential investment, the impact of COVID-19 on the mining space, and some general investment advice that should stand you in good stead.
Company page: https://www.wardell-armstrong.com/
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Interview with Bert Monro, CEO of Cora Gold (AIM: CORA)
Yet another West African junior gold mining story, but this time with a twist. Cora Gold plans to get into production early at its Mali gold oxide project, aiming to complete a DFS by the end of 2021 with the project financing already in place (subject to delivering a DFS at a suitable level).
The team has regional experience. The shareholder registry is extremely tight. We're hoping that Cora Gold can leverage its US$4M cash to create some catalyst moments for the market in the near future, because the share price has been quite stagnant. It should be an exciting ride ahead between now and December 2021 for shareholders as the company has only just delivered a PEA. The numbers look ok and the business model is not a new one. It will come down to execution.
What did you make of Cora Gold? Is this a gold junior you will investigate further? Comment below and we will respond.
Company Page: https://www.coragold.com/
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Interview with Henrik Zeberg, Founder of The Zeberg Report
Zeberg has taken lots of flak from bullish gold investors recently for his suggestion that in this deflationary market, gold is on the verge of a price reset. We dig into Zeberg's understanding of the gold space, and the strong evidence behind his suspicions.
However, many investors aren't realising that Zeberg actually AGREES with the most optimistic of gold bulls in the long-term. He sees US$5,000-10,000/oz gold as eminently feasible; he just thinks there needs to be a reset down to c. US$890 first.
Feel free to check out Zeberg's website, www.thezebergreport.com, for more information on macroeconomics, be that the gold market, or another commodity.
What did you make of Henrik Zeberg's outlook for the gold market? Will the gold price go to US$10,000/oz? Will it fall to c. US$800/oz?
Company Page: https://www.thezebergreport.com/
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Interview with the Mercenary Geologist, Mickey Fulp
The US economy is built on a house of cards and headed for a reset. So, is it all doom and gloom? 'No,' is the emphatic response of the straight-talking Fulp. You can find more of his views on http://www.goldgeologist.com/.
In the case of gold, copper and uranium, there are plenty of reasons to feel optimistic. We also look at the power of jurisdiction: how can investors determine whether or not to invest in a particular country?
While COVID-19 has affected investments in all manner of ways, the key principles remain the same: buy low, sell high.
Company Page: www.themercenarygeologist.com
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Interview with David Kelley, CEO of Chakana Copper (TSX-V:PERU)
Chakana Copper Corp. is a single-asset Canadian-based copper-gold-silver advanced exploration company that excited investors at first, but a protracted Peruvian permitting process has caused a gradually declining share price and invoked frustrated investor sentiment.
Kelley says the permit will finally be over the line in 4-6 weeks, and a 15,000m drill programme on breccia pipes could be a key value-creating catalyst. A larger porphyry system may lie beneath. Investors will certainly be hoping so. The copper-gold-silver grades are highly impressive, and the company is aiming for a resource size of 10Mt.
We'll be watching closely to see if Kelley delivers on the long-awaited permits in a few weeks. He'll be hoping the stock sees an uptick in price because copper-gold-silver investors could well be bored of this story by now.
Company Page: https://www.chakanacopper.com/
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Interview with Paul Huet, CEO of gold producer Karora Resources (TSX: KRR)
Finally the news Karora investors have been waiting for, a renegotiated royalty package with Maverix Royalty. Maverix has agreed to reduce the royalty on Beta Hunt gold production from 7.5% to 4.75% from July 1, 2020. Karora will pay US$5M and issue 35.1M shares at C$0.506 to Maverix. The US$5M will be paid in two equal installments of US$2.5M million, one on closing and the second payment in January 2021.
Karora had reduced work at Beta Hunt whilst negotiations continued. The royalty to Maverix, together with the state royalty totalled 10% making it less economically attractive than their other properties. The company had paid C$30M in royalties since it owned Beta Hunt.
With the reduced burden the company can start to mine again and the market will be hoping that it can once again find these course gold pockets which brought it to prominence. The economics at its average grade of c.3g/t is attractive, but the magic of the course gold is what captures the imagination.
The management has been very discreet during negotiations, but now are revelling in the opportunity add to their large ore pile. The relatively inexpensive ore sorter testing result should be imminent and should removed 20-25% of waste which will drastically increase the feed grade to the mill. More margin. The business is already throwing off free cash flow. The company has options. The questions is what will the new sequence and focus of operations be.
Company Page: https://www.karoraresources.com/
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Interview with E.B. Tucker, Non Exec. Director of Metalla Royalty and Streaming Ltd. (TSX-V, NYSE: MTA)
Royalty companies give investors access to the thrills of mining returns with much less of the risk. Metalla Royalty is a smart precious metals royalty and streaming company that acquires royalties with majors for mostly shares. It's managed to bump its share price up by 700%. Metalla Royalty's focus is on development-stage precious metals properties, because these properties keep their ounces in the ground, thus maintaining the value of the royalty.
Metalla Royalty is making deals that larger royalty companies can't seem to pull off, and now the company appears to be reaching its inflection point when its value might be recognised.
We're fans of this story so far. The plan for the future looks like more of the same, but when the same is leading to so much success, why would investors complain?
Company page: https://www.metallaroyalty.com/
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Interview with Ben Heard, Founder of Bright New World
What should uranium investors make of the new look nuclear's role in energy provision.
An eco-modernist based in Adelaide, Australia, Heard grew up as an anti-nuclear advocate. However, as part of being a proponent for a carbon-neutral future, he quickly became aware that nuclear power is a necessity for our clean energy needs.
Head talks us through how his own identity was transformed by education, how Nuclear SMRs and smart energy mixes are currently being implemented and can be further implemented in the future in countries around the world. Lastly, he talks on how exactly these modern technological advancements will be funded. What is the incentive?
Company Page: https://www.brightnewworld.org/
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Interview with Brad Sampson, CEO of Kore Potash (AIM/ASX: KP2)
A potash developer in the Republic of Congo... it doesn't necessarily scream 'excitement,' but Kore Potash actually has some one the best potash projects in the entire world says this CEO.
It's rare to see world-class tier-1 projects in the hands of a minnow, but are investors interested in potash? Why would an investor opt for a market that is only growing by 2-3% per year ahead of gold, battery metals or even the potential 10-bagger of uranium? Sampson believes the projects speak for themselves and that the influx of majors into the potash space evidences the money to be made in the potash sector. Will long-suffering shareholders bail at the first opportunity? Sampson believes in his shareholders.
Company Page: https://korepotash.com/
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Interview with Paul Roberts, Managing Director of Predictive Discovery (ASX:PDI)
When a share price goes vertical, it's time to ask why. Predictive Discovery is an African gold explorer with projects spread across Guinea, Côte d'Ivoire and Burkina Faso. The priority is Guinea, with a recent drill programme demonstrating exceptional gold grades.
There are solid gold grades at several of the companies gold projects in Côte d'Ivoire, including the 2 JV projects the company is a part of with Resolute Mining.
In North-East Burkina Faso, the gold projects are not currently safe enough to carry out exploration work on.
Moving forward, Roberts needs to shore up the value proposition with some more strong gold drill results in Côte d'Ivoire, while bringing institutional investors into the fold. After 10-years of stagnation, long-suffering investors may have been losing faith, and patience, with this story, but it now appears to be on the up. Is Predictive Discovery a gold junior that could make you money?
Company Page: https://www.predictivediscovery.com/
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Interview with Justin Brown, Managing Director of Element 25 (ASX:E25)
Manganese isn't a commodity that most people know anything about or are that interested in it would appear, but the fundamental macro demand story is starting to be encouraging. The primary use of manganese is in steel, and it also possesses EV and energy storage applications. Both areas of demand are on the rise. Is manganese?
Element25 is aiming to deliver a highly-economic medium-grade manganese resource in an accelerated timescale: Q2/21. Phase 2 could see the manganese operation ramped up even further.
There are just a few things left to sort for this manganese player: the project financing, and numerous small engineering modifications. Expect a DFS in the near future that'll be widely reflective of the "PFS plus."
Company page: https://www.element25.com.au/
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Interview with Mark Selby, CEO of Canada Nickel (TSX-V: CNC)
Nickel expert, Mark Selby, has turned the Crawford Nickel-Cobalt-Palladium project into the 11th largest nickel sulphide resource globally in just 6-months.
And that accelerated delivery looks to continue as he wants to hit this nickel cycle and sell. He's now targeting the completion of a Scoping Study by year-end, a Feasibility Study by the end of 2021, and be production ready by 2025. This is an accelerated monetisation event that nickel/EV investors should investigate further.
Recent drill results have thrown up some higher-grade at-surface results, including some high-grade by-products. The company has recently shored up its land position, aiming to increase the already impressive potential scale of this junior.
The drill numbers are looking positive, an experienced team is in place, and the mining jurisdiction is favourable. Now, Selby needs to bring some institutional names/funds into the story as he moves towards the financing of the FS. He'll need C$10-20M and will raise it by the end of the year; he is confident he can secure it, as recent nickel market M&A suggests that the nickel market is hotting up again.
Company page: https://canadanickel.com
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Interview with Tara Christie, President & CEO of Banyan Gold (TSX-V:BYN)
This Yukon-based gold exploration story has been 10-years in the making, but it's finally delivering some value for long-time investors, with the share price edging up courtesy of a promising 43-101 resource and a stronger marketing strategy.
The 2020 gold exploration programme has been announced, with 1,500m of diamond drilling to take place; this number could be upsized should additional warrants be exercised.
Christie is bright, straight-talking and has a solid track record (from childhood). As a Yukon-based company, the strong transport and power infrastructure well established. Is this a gold junior that is finally going to deliver value for new shareholders? It is making all the right noises. Let's hope this exploration programme starts to throw up some more good gold numbers. Christie imbues confidence, we're now waiting for numbers to support that.
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A conversation with Joe Kaderavek, CEO of Cobalt Explorer and Developer, Cobalt Blue Holdings (ASX: COB)
Some EV/battery metal commentators have spoken very bearishly about crushed EV demand in recent weeks. But, has COVID-19 actually been an accidental catalyst that has sped up a transition toward an EV dominant economy with more futuristic energy storage capacity? Kaderavek argues yes.
EV subsidies had been due to be phased out but are now being revisited, and the long-term picture EV picture is really starting to take shape. Cobalt investors should look at the long-term picture rather than focussing too much on short-term cobalt supply destruction and EV demand disruption. The long-term picture for cobalt and other battery metals appears to be very positive as China production and supply chains power through. Will the demand from the West match their ambitions.
Company page: https://www.cobaltblueholdings.com/
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Interview with Darin Labrenz, President & CEO of Gold Developer, Pure Gold Mining (TSX-V: PGM)
Pure Gold Mining has immense, high-grade gold potential. The company is fully funded ($100M) for its aggressive exploration plans, alongside the CAPEX for its flagship PureGold Mine, which will be pouring gold by the end of the year.
Phase 1 is nearing completion, while phase 2 offers a significant gold exploration upside, with possible M&A some way down the road.
It's a fascinating gold mining story with extremely high-grade gold and a sensible phased business model at its core.
Company page: http://puregoldmining.ca/
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Nickel Market Insight with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC). Stay up to date by listening to our weekly market round up on Nickel.
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Market Update
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INSG data is out - Chinese demand almost fully recovered, nickel supported by COVID-19 mine closures, earthquake near Sulawesi helping support ore prices.
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Market info
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Tesla using an LFP battery in one of their Chinese models - is this sign nickel going to be substituted out like cobalt?
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Industry news
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don't look now - 2 best low-grade nickel deposits quietly acquired in Australia during past month
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BHP bought Honeymoon Well project from Norilsk - no price published - Rumour has it they were looking for $100M previously
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OZ Minerals paying $76M million for Cassini Resources for remaining 30% of Nebo-Babel project
Company page: https://canadanickel.com/
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Interview with Adam Trexler, President and Founder of Valaurum, Inc.
Valaurum is a private, gold nanotechnology company that creates 3D gold banknotes: Aurum®. The long-term goal is not just to be a collectable gimmick, but to make gold ownership and investment accessible to all while turning the notes into currency that can be used every day.
There are some big names involved in this story, many of whom used to work for the US government in various capacities. The battle going forward is to continue developing the technology and having conversations with potential major strategic partners. Valaurum wants to upgrade its processing capacity with the proceeds generated via a US$1M raise, and this potential partner. However, he is approaching things cautiously. This is a new, complex market and demand isn't soaring just yet.
Trexler needs to balance the gradual increased of processing capacity with the slowly increasing levels of Aurum® awareness and, therefore, demand.
Company Page: https://valaurum.com/Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com
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Interview with David Morgan, Founder of The Morgan Report
In the battle of the common investors vs the banks, it's clear which side David Morgan is on. He writing a free newsletter for over 20-years called the Morgan Report, in addition to providing stock picks via a subscription service.
This is a bleak, honest journey through the political and economic issues we are facing today in the wake of COVID-19 given our current system. We talk about quantitative easing, the future of globalism, potential new forms of cashless currency, and what could be done to fix the world's problems. Maybe a morally superior form of AI will have to solve things... It's a compelling watch, and we're delighted Morgan could share his insights with us. Make sure you check out his website.
Company page: https://www.themorganreport.com/
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Interview with James McDonald, President & CEO of Kootenay Silver Inc. (TSX-V: KTN)
Kootenay Silver is a complex, high-grade, Mexican silver story. The company has rare 2 high-grade silver projects that can work in this reduced silver price environment: Columba and Copalito.
The company also owns 3 other projects that will become economic once the silver price is more favourable. We discuss the silver macro story with McDonald, the timing of his drill programmes at Columba and Copalito, his prediction for the market respond to incoming drill results, and Kootenay Silver's lack of communication with the market. Also, why should investors choose silver equities over gold equities? McDonald explain two important aspects of silver demand that combine to create a commodity that can violently gain and lose value.
Company Page: https://www.kootenaysilver.com/
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Interview with John Reade, Chief Market Strategist of World Gold Council
The World Gold Council is an unbiased, objective, global authority on gold. Formed by 26 gold mining companies 34-years ago, its introduces investors to the benefits of investing in gold, including physical gold.
Gold is an especially useful investment commodity for 4 reasons:
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it is a source of portfolio performance,
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it is liquid,
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it is a source of returns and;
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it is a means of diversification like no other.
We discuss the different ways to invest in gold, the outlook for the gold market and the primary drivers and mechanism behind a most popular trading commodity behind oil.
Company Page: https://www.gold.org/
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Interview with Stephen Stewart, Director of gold-silver/VMS player, Mistango River Resources (CVE: MIS)
On the doorstep of Canada's highest-grade gold mine, Mistango River Resources is a vessel of Orefinders. The company has 3 assets, ranging from conventional gold-silver exploration plays to high-grade VMS boulders. Sprott has thrown some money into the story.
A drill programme will commence by the end of Summer, and the gold-silver/VMS samples will hopefully provide investors with the certainty they need to pile in.
Company Page: https://www.mistango.com/
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Uranium Market Commentator & Bannerman Resources (ASX:BMN) CEO, Brandon Munro gives us an exclusive run through on the World Nuclear Association (WNA) Nuclear Fuel Report - Extended Summary.
This is the first document of its kind by the WNA. The summary lays out the nuclear fuel cycle and macro thesis for the need for nuclear (and why uranium investors should feel comfortable), in easy to understand format and language. And most appealing is the plethora of charts, tables and diagrams to make the numbers easy to access and extrapolate. Good work WNA.
As ever, Munro masterfully breaks it down so that we can appreciate the moving parts and why the Extended Summary has been put together like it has. Munro was also co-Chair of the Demand Side Sub Group and contributor to the Fuel Report and Summary. Good work Brandon Munro.
Company page: https://www.bannermanresources.com.au/
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Interview with Anthony Viljoen, CEO of AfriTin Mining (LON: ATM)
The bad connection meant Anthony's computer was cutting out sound when the interviewer asked questions. So, less questions were asked with more talking from Anthony (maybe how some people would prefer it!). The interview was a bit more a company transmitting rather than conversation. Sometimes, technology doesn't quite work as it should. Apologies.
While tin isn't the most fashionable of commodities, the macro story tells a tale of potential rising industrial demand. And potential links to application within the EV revolution have added a little spice to the recipe.
AfriTin has large open-cast tin assets in Namibia and South Africa. Production costs look like they'll fall in a lower quartile. All we are waiting for is the proof of concept for tin concentrate production, which Viljoen expects to achieve in the near future, and the financing.
Company Page: http://afritinmining.com/
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Interview with Chris Reed, CEO of Neometals (ASX: NMT), and Accompanied by Darren Townsend, Chief Development Officer, and David Robinson, General Manager.
Neometals is an exciting futuristic story. In each interview that we've carried out with the company, the management team has unpacked the value proposition of exciting, forward-thinking projects that play nicely into the increasingly popular ESG thematic and the EV/battery revolution.
Today, we talk about the company's high-grade vanadium-bearing slag recovery project in Sweden. It has a JV with Scandinavian powerhouse, SSAB, which has nearly 2M tonnes of waste spread across 3 steel mills in Sweden and Finland. The average vanadium pentoxide grade in the slag ranges between 2.67% and 4.1%.
We discuss the recent scoping study results. Neometals has the methodology to effectively extract the vanadium while keeping operations in a low quartile for cost.
The project development model ensures that Neometals doesn't need to spend big wads of cash and with around A$100M in the bank, the company has more than enough cash to carry out its operations and continue to expand.
Company page: https://www.neometals.com.au/
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Interview with Farhad Abasov, CEO of Lithium Developer, Millennial Lithium (TSX-V:ML)
The last major hurdle for Millennial Lithium's flagship Pastos Grandes Lithium Project in Argentina was the Environmental Impact Assessment (EIA). Today, the company has announced that the DIA has approved its EIA, and now the company really is ready to get into production when the time is right. There are a few small functional permits to sort, but they are unlikely to pose any real issues.
The project has world-class economics; it's in the lowest quartile for cost. Now, with Argentina back open for business, the shovel-ready project could create some major growth, once the funding is all in place that is.
Company page: http://www.millenniallithium.com
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Interview with Leon Coetzer, CEO of Jubilee Metals Group (AIM:JLP)
Jubilee Metals Group is a tailings company that is listed on AIM. The company extracts minerals from tailings dumps. One of our favourites. Now they need to deliver. The major issue for Jubilee Metals has been the lack of growth with their share price, which has partly been caused by investors not quite seeing the sexiness in a small-scale tailings story. It's been as high as £0.65 in early 2017 but has been hovering around the c.£0.35 doldrums in recent months.
HOWEVER, Coetzer is changing this. The company has announced a 150Mt copper tailings processing project. Originally, Jubilee Metals was a service provider; now, it's an owner. Due to balance sheet restrictions that all startups suffer under, it had been targeting relatively small-scale tailings operations, but today, Coetzer is delighted to explain that things are going to be changing.
We run through the finances and the potential upside for investors. We're big fans of tailings stories. They might not provide the more lucrative blue sky upside of classic exploration, but they carry an enormously reduced risk profile. Rather than drilling into the ground and hoping for results, tailings companies deal with material that is already at surface, with known grades and process. In addition, tailings companies play into the ESG thematic nicely; their operations carry great benefits for the environment.
This is a nice story. We've always appreciated Coetzer's candid nature. However, the value proposition was always a sticking point. This interview made us feel a whole lot more optimistic.
Company Page: https://jubileemetalsgroup.com/
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Interview with John Proust, CEO of Japan Gold Corp. (TSX-V: JG) (OTCQB: JGLDF)
An extremely complicated Japanese gold mining story. A highly prospective excitement of the region, given there has been little mining there since WWII. Promising gold geology and geophysics in the region, as evidenced by one of the world's highest -grade producing gold mines, Sumitomo's Hishikai. 2 majors involved: Barrick Gold and Newmont Corporation, but these might merely be option plays.
With 30 different projects, and C$26M spent, the share price has done nothing for shareholders. Regardless of the promising elements of the business, this is a clear concern for gold investors and generalists alike.
The key to unlocking the value of Japan Gold will be if the company can convert its asset value into gold ounces. Barrick is taking care of the development of 28 projects for the next 2-years, investing C$5M to assess them, but Japan Gold is bankrolling their involvement with the remaining two. It's eminently feasible that the 2 majors could walk away if the opportunity doesn't match up to their expectations. We've seen it in Africa on numerous occasions. If that's the case, Japan Gold hasn't yet demonstrated that it has the adroitness to spend its own money on accretive value for shareholders. The company's marketing to gold investors has also been largely ineffectual.
It's easy to see why there are so many doubts, but there are plenty of reasons to be positive. This is a promising, vast portfolio, and if Proust can invest the company's money smartly, investors could yet be onto a real winner.
Company Page: https://japangold.com/
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Brandon Munro, Uranium Market Commentator and CEO of Bannerman Resources (ASX:BMN) calls in for our weekly catch up about the world of Uranium and Uranium investing.
Uranium Market Commentator & Bannerman Resources (ASX:BMN) CEO, Brandon Munro, calls in for our weekly catch up about the world of Uranium and Uranium investing. How do new investors in uranium play this cycle & which companies are set up to win? This week we discuss:
Company page: https://www.bannermanresources.com.au/
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Reuters Senior Metals Columnist Andy Home gives us his broad view of the Metals markets.
Home is the Senior Metals Correspondent for Reuters. He is an expert on global metals markets.
We run through nickel, lithium, cobalt, copper, zinc and aluminium. And some big clues about what is happening in each and why? What is going on in the world right now? How has the "lockdown lottery" of COVID-19 affected metals demand and production?
In addition, Home is able to convert this knowledge into practical advice for investors. The world is changing, and it is time for investors to take a look at the bigger picture.
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Interview with Alex Edmans, author of the bestseller, 'Grow the Pie: How Great Companies Deliver Both Purpose and Profit,' and Professor of Finance at London Business School.
Companies with a purpose beyond simply making money are more likely to grow and be successful. We all have a part to play, and Edmans unpacks the rationale, the evidence, and the conclusions he has drawn from an immense amount of research. An intriguing watch.
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Interview with Tim Carstens, Managing Director of Base Resources (ASX/AIM: BSE)
Producing at a Mineral Sands project in Kenya, Kwale, and developing a Mineral Sands project in Madagascar, Toliara, Base Metals is an significant minerals sands player.
Everything appears to be going well, except for the share price. It is half of what it was when we last spoke to them in Oct 2019. This has likely been caused by uncertainty over Madagascar as a mining jurisdiction, given ongoing discussions with the government over terms on the Royalty and taxes. The financing is not yet in place for new flagship asset, Toliara, and the current short mine life for current mineral sands producing asset, Kwale are also
Castens is a straight talker, and he thinks he has a clear path towards getting Toliara in to production and driving up the largely institutionally-held stock. The one thing there is clear uncertainty on is the timeline.
Company Page: https://baseresources.com.au/
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Interview with Chris Taylor, CEO of Great Bear Resources (TSX-V: GBR)
We spoke to Taylor a year ago, when his shares were at a lowly $3 (sic), and now they are in the high $14. As we said at the time it was one of our favourite stories, and nothing has changed, even at these dizzy heights, investors can still make money. Their model was interesting to us as it was unconventional, back then. They had no desire to put out a Maiden Resource. They still don't. The banks didn't get it. The banks also didn't get it when they set up a Royalty programme for the benefit of the shareholders.
With the market cap at c.C$700M and the shares on issue at c.50M, the bank now get it. And shareholders continue to enjoy the benefits of this unconventional strategy.
Company page: https://www.greatbearresources.ca
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Interview with Patrick Downey, President & CEO of Orezone Gold Corp. (TSX-V:ORE)
You might think a single-asset gold mining company in West Africa would have a pretty unpalatable risk profile. However, Orezone Gold has developed extremely nicely since we last spoke to the company in July 2019.
The company is shovel ready and the numbers look great. The AISC is $672/oz, and the organic growth phased model means Orezone Gold can finance construction and production out of cash flow and debt.
Will the market finally reward Orezone Gold once the Bomboré mine in Burkina Faso is up and running? Once that's up and running, and fully developed, Downey will be looking at M&A options as he looks to reward shareholders with accelerated growth. A smart gold story.
Company Page: https://www.orezone.com/
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A weekly catch up with Brandon Munro, Uranium Market Commentator and CEO of Bannerman Resources (ASX:BMN).
Brandon Munro is back and he's ready to share the latest and best insights into the uranium space with our Crux Investor viewers.
First, we take a look at the impact COVID-19 has had on Kazakh uranium production. We all now the pounds are down and won't be made up, but is the virus going to extend the 3 months shutdown?
Namibia is a country that has classified mining as an essential service, so the uranium sector there can continue at close to fully-optimised production.
We then talk about how well Australia has dealt with the COVID-19 crisis and the positive impact this had had on BHP's Olympic Dam: it's still open as usual.
After taking a look at Paladin Energy's fall from grace off the ASX300 and what this could spell out for all Australian uranium juniors, we talk about the need for consolidation in the uranium space. With projects, capital and expertise spread thinly, uranium companies need to band together if they hope to prosper or even survive come the turn of the uranium market.
What did you make of Brandon Munro this week? Comment below and we will respond.
Company page: https://www.bannermanresources.com.au/
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Interview with Jamie Keech, Co-Founder of "deal-flow service," 'Resource Insider.'
As a mining engineer, investor and writer, Keech has some excellent advice for retail investors. Money is pouring into the junior mining space right now, and while it's an exciting time, investors need to be cautious. They need to know what they don't know, be aware of poorly structured companies and seek out undervalued stock with reliable, well-aligned leadership at the helm.
This is easier said than done right now, but Keech gives a great insight into what retail investors CAN control and how this can positively affect their investment strategies.
Company Page: https://resource-insider.com/
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Interview with Milan Jerkovic, Exec. Chairman of Blackham Resources/Wiluna Mining (ASX:BLK)
Jerkovic inherited a gold mining mess 10-months ago. The company got itself into some financial strife, and Jerkovic got into the hot seat. Blackham Resources had previously spent A$200M, and the two previous owners had also spent A$200M. So Jerkovic has a lot infrastructure and data to work with, and it owns a portfolio of gold assets, in addition to an inflated balance sheet. Now, Jerkovic is on the comeback trail.
Blackham Resources is a Western Australian gold producer. The company is currently churning out 60,000oz gold pa, but with ambitions to ramp this up to 300,000oz pa. The real battle here is the resource itself. Jerkovic needs to figure out the right balance between high-grade sulphide and low-grade oxide.
Jerkovic's strategy for Blackham Resources falls into 5 steps:
1.) Solidify the balance sheet.
2.) Increase operational cashflow.
3.) Transform the business into a gold concentrate operation.
4.) Expand existing production.
5.) Exploration. Exploration. Exploration.
Company Page: https://blackhamresources.com.au/
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Interview with market commentator and gold expert, EB Tucker. Also Non-Exec at Metalla Royalty (MTA)
Should investors be avoiding equities right now? Should they be funnelling their money into physical gold instead? That's what Doug Casey's former newsletter writer EB Tucker thinks. In this interview, we role play and he tries to persuade me to buy physical gold.
We explore the intricacies of the gold market, against a backdrop of global economic turmoil. What do investors need to know about gold, why should investors buy gold, why should investors buy gold now, and how can investors buy gold? Tucker answer all of these questions and more.
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Interview with Fernando Ganoza, CEO of Atico Mining Corp. (TSX-V:ATY)
Atico Mining is a copper-gold developer and producer with two assets: one in Colombia, one in Ecuador. Both are VMS. The producing asset in Colombia, El Roble, is churning out c. 900tpd, but it only has a 4-year life-of-mine. However, Ganoza thinks copper-gold exploration can enhance this significantly.
It's an organic growth copper-gold business model; Ganoza intends to drill out his two resources, financing everything via cash flow from El Roble and avoiding investor dilution. M&A could also change the game for the copper-gold producer.
Ganoza has earned his stripes from the immensely successful and Ganoza-family-operated Fortuna Silver. However, investors aren't current altogether excited about the copper-gold value proposition at Atico Mining. Why, and how will he change this?
Company Page: http://aticomining.com/
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Interview with Michael Hodgson, CEO of Serabi Gold (LSE:SRB, TSX:SBI)
We last touched base with Hodgson in May. This time around, he's here to discuss the outlook for 2020. Like most gold producers, Serabi Gold is likely to miss is guidance for 2020, but not by as much as investors would expect. The company has mitigated the impacts of the market reset and COVID-19 effectively.
Sprott is out of the picture, and now the company is debt-free and cashed-up, it can proceed forward with exciting gold exploration at Sao Chico, in addition to creating operational optimisations at Palito and Coringa. This gold producer has been consistently on the up, but now Hodgson has put his foot to the floor, and Serabi Gold appears to be accelerating into top gear.
Company page: https://www.serabigold.com/
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Interview with Merlin Marr-Johnson, Director of copper-gold porphyry explorer, Salazar Resources (TSX-V:SRL)
We catch up with Marr-Johnson to discuss the latest developments in the Ecuadorian mining space, in addition to the copper-gold porphyry exploits of Salazar Resources. It's time for copper-gold investors to pay attention to Ecuador. The recent joint announcement between their JV partner Adventus Mining, suggests that things are going well. Marr-Johnson gives us an update and points to the future with some confidence.
Company page: https://www.salazarresources.com/
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A conversation with Dustin Garrow, uranium market commentator.
Garrow is an expert on all things uranium. Still heavily involved in advising uranium company Boards, he has been in the Uranium space for +40-years and worked in all aspects of it. He draws parallels in the inner workings of how successful companies are built, and how they fail. It was a pleasure to hear his thoughts on the latest technical and commercial events within the uranium space. The uranium market is finally looking up, and uranium mining companies are gearing up to make important moves. Uranium speculators need to keep their eyes peeled because things are starting to heat up in the uranium sector.
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Interview with Howard Klein, Founder & Partner of RK Equity Advisors, Writer of Lithium-ion Bull and Host of Lithium-ion Rocks!
Klein's article: https://cruxinvestor.com/opinions/lithium-a-noble-investment-pursuit/
Lithium is a small, nuanced, complex space, but could EV penetration really be 25% by 2030? That would drive lithium demand through the roof, which would be a welcome relief for frustrated lithium investors who have seen their investments struggle in recent years.
Howard Kelin is a lithium consultant to a number of lithium companies. He joins us to talk all things lithium. He's very bullish and has a variety of metrics behind his optimism. We talk through the politics of lithium, the market numbers, the health of the lithium space, and the outlook for the future. We also touch on the technical side of the lithium space.
Company Page: https://www.libull.com/
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Interview with John Dorward, President & CEO of Roxgold (TSX:ROXG)
Roxgold (founded in 1983), is a Canadian-based gold producer with gold assets in West Africa. The two core projects are the Yaramoko Mine Complex, a high-grade gold project in Burkina Faso, the Séguéla Gold Project in Côte d'Ivoire. A PEA released for Séguéla last year threw up some exceptional numbers; gold investors and generalists alike have been paying even more attention to Roxgold stock.
The aim is to start constructing the company's second gold mine, this time at Séguéla, by the start of 2021. This will double Roxgold's production and revenue. Thereafter, the focus will turn to M&A as Dorward looks to line up a third gold mine after Séguéla.
Company Page: https://www.roxgold.com/
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Interview with Marshall Koval, President & CEO of Lumina Gold Corp. (TSX-V:LUM)
Updated PEA here: https://luminagold.com/projects/cangrejos-project/pea-summary
"The largest gold deposit in Ecuador," and the 37th largest gold deposit in the world! But does that mean growth for gold investors?
Lumina Gold released an updated PEA last week. The resource is large, and the economics are good. Why isn't the market reacting? Is it because of the reputation of Ecuador as an unfavourable mining jurisdiction? Is it the fact that Lumina Gold is a gold developer rather than a gold producer?
Since Ross Beaty became the biggest shareholder in January, he's been determined to push to company forward towards a favourable exit. Lumina Gold has cash to burn as is trying to get the story out to gold investors. They want to sell at a premium, but so far the market is not acting positively to the story. That can't help. It's an interesting one. Let us know your thoughts below.
Company Page: https://luminagold.com/
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Interview with Bradford Cooke, Chairman of Aztec Minerals Corp. (TSX-V:AZT)
Cooke is also the CEO of Endeavour Silver Corporation. He spends around 1 hour a day focussing on Aztec Minerals. He doesn't think this is an issue because of the strong corporate/management structure he's been able to put in place. The board is populated with "serial discoverers."
Aztec Minerals is a mineral explorer that went public in 2017. It is focussed on porphyry copper-gold deposits in North America. The share price shot up recently after 3 years of continual decline, and Cooke puts it down to geophysical survey results for flagship porphyry copper-gold project, Tombstone, in addition to the involvement of Simon Dyakowski, who is now marketing this copper-gold story.
Company Page: http://aztecminerals.com/
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Interview with Greg McCunn, CEO of Galiano Gold (TSX/NYSE:GAU)
Galiano Gold (formerly Asanko Gold) is a mid-tier gold producer with an operating gold mine in Ghana: Asanko. The mine is owned and operated in a 50:50 JV with Gold Fields Limited (JSE, NYSE: GFI). It is large scale and started producing in 2016, but a recent tactical shift has been something of a game changer. Galiano Gold has gone from focussing on building the resource as large as possible to now placing an emphasis on sustainable cash flow and incremental growth through rapid fully-funded exploration.
Galiano Gold is also focused on driving their free cash flow position. Shareholders will want to see how McCunn plans to add accretive value to the Galiano Gold mix.
Company Page: https://asanko.com/
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Interview with Wayne Heili, CEO of Peninsula Energy (ASX: PEN)
As usual, Heili lives up to his straight-talking reputation when asked why they chose this point to raise A$40M. A 2016 loan has been extended on many occasions but now, in light of the market conditions not reaching a critical mass, the loan is due in October 2020. Heili explains how the funds will be used.
Company page: http://www.pel.net.au
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Interview with Michael Rowley, President & CEO of Group Ten Metals (TSX-V:PGE)
Group Ten Metals (TSX.V: PGE / OTCQB: PGEZF) is a PGE-nickel-copper story that has frustrated investors for over a decade. The flagship, high-grade Stillwater mines in Montana, USA, are mightily impressive and are of a district-scale. However, the story is lacking a concrete strategy, and investors aren't biting just yet. This is likely fuelled by doubts regarding the management team's ability to monetise Stillwater, given the company previously failed to monetise its polymetallic assets in Canada that are now on the backburner.
However, the market is turning, and Rowley believes this is the time to reconstruct Group Ten's market valuation around an exciting maiden resource at Stillwater.
Company Page: https://grouptenmetals.com/
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Interview with James Marsh, Managing Director of Andromeda Metals (ASX:ADN)
Andromeda Metals used to be a copper-gold explorer in the form of Adelaide Resources. It is based in Adelaide, South Australia. The company's focus is on producing high-grade halloysite-kaolin on a global scale. Halloysite-kaolin is a small, niche space, but has important applications in medical, cosmetics, and paints industries.
Andromeda Metals is cashed up but is struggling to market itself effectively. It released a PFS last week, and the share price fell. The numbers were strong, so is this a reflection of the mostly retail shareholder registry? We talk through Marsh's plans for the rest of 2020 and beyond, as he looks towards hopeful production in early 2022.
Company Page: https://www.andromet.com.au/
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Interview with Dan Thomas, Managing Director of Hammer Metals Ltd. (ASX:HMX)
A story 6 years in the making, Hammer Metals is a copper-gold explorer with assets in Australia: the Mt Isa project, with several copper-gold deposits, and the Broznewing South Gold Project in Western Australia. Bronzewing is the priority right now after Newmont pulled out of a JV at Mt Isa and JOGMEC recently came in to plug the gap.
Hammer Metals hasn't accomplished too much yet at the market appears fatigued with the lack of progress. However, Thomas thinks he has a plan to move things forward, which involves leveraging capital more effectively for better drilling and more appealing results, and looking for JV partners. Investors are more amenable to pure gold players right now, rather than copper-gold projects, so Thomas plans to use the company's capital to grow out the Bronzewing gold resource to get gold investors and generalists excited about Hammer Metals once again. Company Page: https://www.hammermetals.com.au/
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A weekly catch up with Brandon Munro, Uranium market commentator and CEO of Bannerman Resources (ASX:BMN)
Company page: https://www.bannermanresources.com.au/
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Interview with Akiba Leisman, CEO of Mako Mining Corp. (TSX-V:MKO)
Mako Mining is a gold explorer and developer. The flagship project is its high-grade San Albino gold project in Nueva Segovia, Nicaragua.
Mako Mining was conceived via a merger of Golden Reign and Marlin Gold. Marlin Gold was an utter technical and financial disaster, but Mako Mining and Sailfish Royalty have been spun out of it. Leisman serves as the CEO for both companies.
Mako Mining Corp. is working towards a revised PEA on San Albino, in addition to orchestrating gold exploration over at the Las Conchitas area. The grades are good, as is the market cap: a whopping C$263M, which for a gold company not in production yet is astonishing. Is it set up for a big fall, or should gold investors get in while they still can? The company is targeting gold production by the end of this year or early next.
Company Page: https://makominingcorp.com/Make smarter investment decisions, subscribe here: https://www.cruxinvestor.com
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Interview with Ashish Malik, CEO of Bee Vectoring Technologies (TSX-V:BEE)
Bee Vectoring Technologies offers a unique biological solution to the world's agricultural needs. Malik intends to use commercialise bee vectoring as a means of applying natural material to crops. This material helps them fend off disease, damaging insects and increase yield. The bee vectoring could also save farmers time and huge amounts of money compared to convention applications like spraying.
It's a very niche market but worthy endeavour. This major agricultural innovation will not be profitable for several years, but Malik appears confident the demand will be there to grow Bee Vectoring Technologies' share price for investors. What do you think?
Company Page: http://www.beevt.com/
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Interview with Warren Rehn, President & CEO of Golden Minerals Co. (TSX/NYSE:AUMN)
Golden Minerals (formed in 2009): gold-silver exploration and development company that is based in Colorado. Golden Minerals aims to offer investors leverage to silver and gold prices.
The company is multinational, with projects in Mexico, Argentina and the United States. The main focus is 3 projects: Velardeña, El Quevar, and the Rodeo Project.
This is an organic growth gold story that is some time in the making, and historical shareholders might be growing a little weary. However, through moving "jigsaw pieces", Rehn feels he has created a clearer path forward. Bringing the tiny but economic Rodeo into production, an earn-in agreement with Barrick Gold, in addition to a bio-oxidation workaround at Velardeña all appear to have paved a clearer path forward for this aspiring gold producer.
Company Page: https://www.goldenminerals.com/
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Interview with Jeffrey Wilson, President & CEO of Precipitate Gold Corp. (TSX-V:PRG)
Precipitate Gold Corp. is a gold developer with 3 gold assets in the Dominican Republic: the parked Juan de Herrera Project, the flagship Pueblo Grande Project, and the early-stage Ponton Project.
Precipitate Gold is a gold miner with a plan: take advantage of the highly-prospective and underexplored nature of Dominican geology, develop resources and sell them to a mid-tier/major gold mining company.
The company has recent signed an agreement with gold giant Barrick Gold Corp. Precipitate Gold has US$2.3M of cash to conduct its drill programme alongside Barrick at Pueblo Grande, while keeping Ponton as the second priority. Juan de Herrera has some regional licencing issues for now.
It's an intriguing gold mining story.
Company Page: https://www.precipitategold.com/
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Interview with Jerry Xie, Executive Vice President and Corporate Secretary of China Gold International Resources Corp. (TSX: CGG, HKSE: 2099)
China Gold is a Chinese gold producer with two gold assets in Tibet and Inner Mongolia. We caught up with Xie after we last interviewed him in mid-February. China Gold is hitting the ball out of the park when it comes to operational numbers, and it has not been significantly hampered by COVID-19.
However, more gold and more cash has not equalled more net profit for China gold; this is a problem that Xie talks about as he seeks to rectify it.
The real issue for China Gold is the share price. While everything else seems to be performing, the share price has fallen even further to just half of its value in the space of a few months. The real uncertainty factor that is stopping the market jumping in with both feet is the precarious nature of China Gold's US$500M bond that matures this July. They are rolling that over and raising money in the market. What happens if the market says no? Xie says he has a backup plan... we suspect that may be their major shareholder and backer, China National Gold, the largest gold miner in China.
Company page: Company page: http://www.chinagoldintl.com
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Interview with Jon Bey, President & CEO of Standard Uranium (TSX-V:STND)
Standard Uranium (TSX-V: STND) is a Canadian uranium exploration company that IPO'd on the 29th of April. Standard Uranium's primary focus is on its Davidson River flagship project within the Southwest Athabasca Uranium District. The project lies just outside the Athabasca Basin, which is renowned for uranium discoveries, but can Bey and his team deliver?
The business plan is to make a promising uranium discovery, then progress it through to eventual uranium production. Bey thinks he has assembled a team that has all the skill and experience needed to become a uranium producer. Davidson River is regarded by Bey as untouched and highly-prospective.
Standard Uranium is announcing that it has signed an engagement letter with Red Cloud and Eight Capital to raise C$3M of combined hard dollars and flow-through dollars. C$2M has been assigned to drilling Davidson River. The drilling should start in mid-July. This should get Standard Uranium moving and enhance the liquidity of the stock.
Company Page: https://www.standarduranium.ca/
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Interview with Mark Santarossa, VP Corp. Development of Aurion Resources (TSX-V:AU)
Aurion Resources Ltd.: a Canadian gold prospector that has become a gold explorer. The company is listed on the TSX.
The company has JVs with some major gold mining companies and has attracted the attention of gold investors, including many big institutional names. The share price has boomed as a consequence. Is it all just hype driven by the high-grade, at-surface gold held within Aurion Resource's Norwegian gold assets, or is there more to this exciting gold mining story?
Company Page: https://www.aurionresources.com/
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Interview with Hayden Locke, CEO of Emmerson PLC (LSE:EML)
Emmerson is a potash developer based in Morocco. Emmerson's primary focus is on developing the Khemisset Potash Project in Northern Morocco. Morocco, the gateway between Europe and Africa, is a favourable jurisdiction for both mining and business.
The potash market is dominated by China and is a little saturated. Does the market need another potash story right now? Buyers would argue yes as competition is good for price. The investment market is possibly less sure, but Locke explains why he thinks being a lowest quartile cost producer removes the uncertainty for them. Gold is flourishing, and plenty of other commodities have seen exciting recent events act as catalysts to spur encouraging levels of growth. The potash market itself has a modest 2-3% growth pa and the price has been stagnant.
We are keen to see how the business plan progresses, with the next step being FS and finding a funding solution which minimises the dilution.
However, the fundamental macro story of potash combined with the low capital intensity of Khemisset paints a very positive picture for Emmerson, especially considering most potash projects are very costly. What can Locke deliver in 2020 to add further value to a share price that has been soaring recently?
What did you make of Hayden Locke?
Company Page: https://www.emmersonplc.com/
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A weekly catch up with Brandon Munro, Uranium market commentator and CEO of Bannerman Resources (ASX:BMN) on the world of Uranium.
Company page: https://www.bannermanresources.com.au/
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Interview with Sam Spring, President & CEO of Kincora Copper (TSX-V:KCC)
Kincora Copper: a copper-gold exploration company that is listed on the TSX-V. Kincora Resources has assets in both Mongolia and Australia. A typical exploration story, or something more?
Founded in 1983, Kincora Resources consolidated a district-scale land package in Mongolia at the start of the last decade. However, disappointing drill results led the company to segue towards new Australian porphyry assets along the prestigious Lachlan Fold Belt.
What is the plan for 2020? It will be delivered by a truly excellent team who are experts in copper and gold, especially within this particular district, but what can Spring do to add value for shareholders. An intriguing, encouraging copper-gold story.
Company Page: https://www.kincoracopper.com/
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Interview with Peter Grosskopf, CEO of Sprott Inc.
Investing insights and a warning. The global economy is not OK and at some point the cracks can't be plastered over. How do retail investors protect themselves? What should they be doing as cash goes negative?
We talk about digitising gold and the practicalities. Plus what is his call on physical gold price. What no screamingly alarmist headline! Sorry no. Grosskopf does not need headline grabbing statements to get noticed. He has carefully brought process and data to the way Sprott functions and is now at the helm of the 'last man standing' in the natural resources space. So when it comes to gold price, we're listening to this guy and ignoring the sensationalists.
Company Page: https://www.sprott.com/
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Interview with Gary Thompson, President & CEO of Brixton Metals (TSX-V:BBB)
Brixton Metals is a gold-silver explorer/developer that is 10 years in the making. The focus is on advancing its wholly-owned projects in the Golden Triangle of British Colombia. The two flagship projects are the Thorn Copper-Gold-Silver Project and the Hog Heaven Silver-Gold-Copper Project, acquired from Pan American Silver in 2017. Drill results are due for the latter project this week.
There's some good stuff on display here for this gold player, but this story is lacking in a lot of specifics to give a sense of true confidence.
Company Page: http://brixtonmetals.com/
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Interview with Colin Locke, Exec. Chairman of Krakatoa Resources (ASX:KTA)
Combining gold, copper, and rare earths is certainly an interesting concoction.
Krakatoa Resources: a copper-gold and rare earths exploration company that is focussing on fresh copper-gold porphyry discoveries in the Lachlan Fold Belt of New South Wales, Australia. The two core projects? The Turon Gold Project and the Belgravia Porphyry Project.
The company is on the doorstep of Australia's largest gold mine: Cadia, owned by Newcrest Mining Limited (ASX: NCM). However, does this gold explorer have anything else going for itself that would inspire investor confidence? Gold investors will need to decide for themselves.
Company Page: https://ktaresources.com/
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Interview with Blaine Monaghan, CEO of Fremont Gold (TSX-V:FRE)
Fremont Gold: a gold company that is based in Nevada. Fremont Gold is targeting fresh gold discoveries in the 'world's best' mining region.
The central focus is on advancing the Griffon gold project, which last produced in 1999. The management team looks impressive on paper. What is the next step for this gold developer?
Company Page: https://www.fremontgold.net/
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Interview with Eldur Olafsson, CEO of AEX Gold (TSX-V:AEX)
AEX Gold Inc. is a gold mining company with Greenland its sole focus. The company targets high-grade gold at its flagship Kaluna Gold Mine: 18g/t!
The key milestones for this gold explorer/developer is to finalise a possible PEA/FS, continue developing the Kaluna Gold Mine and arrange the financial side of the gold mine construction.
How will this play out? Are gold investors likely to be interested in the opportunity posed by AEX Gold?
Company Page: https://www.aexgold.com/
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Interview with Ken Bicknell, President & CEO of AdTrack Media
Something a bit different for you today: not mining or natural resources. It's outdoor digital media! AdTrack Media has proprietary hardware and software "digital out-of-home media solution," that they install in the tunnel between stations for tubes, metros and subways. The hardware allows 'captive audience' consumers to watch video content. This opportunity allows AdTrack Media to have direct concession relationships with global subway systems. The company is a private advertising sales company.
Installing advertisements is "real estate that subway systems have not monetised in the past," and this opportunity applies internationally. AdTrack Media installs hardware on the tunnel wall between station. When the train is moving through the tunnel, it is full of individuals who are receptive to the entertainment advertising can provide. AdTrack Media's content is 100% advertising. The hardware is connected to a VPN, and all of the ads around the world are loaded from the company's network operating centre in Canada. Everything installed in the tunnel is designed and manufactured by AdTrack Media. The company has a unique technology that displays what looks like an 84 inch TV screen for less than 1% of what is perceived to be viewing area by the passenger riding in the tunnel. The company installs multiple devices through the tunnel, and this creates a full-motion video as passengers travel from image to image, so the people in the first carriage and the people in the last carriage all travel past it and get a full 10-second advertisement. All along the tunnel are stirps containing LED lights that are controlled from Canada. It's incredibly smart and makes a lot of sense.
What rules and regulations stand in AdTrack Media's way? Bicknell claims the subway advertising business is very mature. Within the transit authority environment, subway networks are pitched the new idea of in-tunnel advertising by AdTrack Media and are convinced to run an RFP or other process to enter into a concession agreement with them. For example, one of the most recent contracts in Europe was agreed within 6-months, so the lead-time is clearly not problematic. The business model is to build a global footprint, to get the local, national and international media buying advertisements. Bicknell is keen to avoid entering third-party agreements in the future, other than non-exclusive arrangements with third party brokers and sales reps. This is THE business model for the primary markets. For secondary markets, with political risk or smaller markets, the company will licence the technology and enter a third-party agreement with another party to accelerated the growth of AdTrack Media's global footprint.
Do advertising Outdoor Advertising Companies see AdTrack Media as a threat, or do they want to work with them. Bicknell says it is a combination of both. He acknowledges it is difficult for a company to enter the market and compete with some of the goliath media companies. However, he claims that AdTrack Media has broken the code by creating unique technology, which enables the company to go to subways/metros directly and take the tunnel portion of their media concessions. Smart.
Phase 1 has been completed: refining the hardware, installing it into various international geographies, and ensuring it works safely. What can investors expect for phase 2? Bicknell claims they have updated all the circuitry of the technology and has licenced off and installed in a huge number of places internationally. Aside from this, there are a number of metros also in the development pipeline. AdTrack Media is now at the point it is confident in its business model and is ready to push on with 140 system installations into the marketplace in the next 4-years. This will create a company that generates around US$55M of revenue annually. He expects to be a likely target for M&A.
What did you make of Ken Bicknell?
Company Page: http://adtrackmedia.com/
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A Conversation with Brandon Munro, Uranium market commentator and CEO of Bannerman Resources (ASX:BMN)
Our weekly romp through the world of uranium with Brandon Munro, reveals that even in a relatively quiet week, there is much to discuss. Two potential large stories.
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AOC says she is open, as is Joe Biden, to looking at nuclear as part of the solution for America's energy. This calms unsettled nerves within utilities as the US elections loom at the end of this year. It gives clues about budgets and eases investment decisions, although we doubt any investment decisions will be made until after the election.
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Is America trying to build and American Rare Earths Hub? Some big clues this week as Energy Fuels engages Constantine Karayannopoulos and Brock O'Kelley, two rare earth element industry experts who each have decades of experience producing commercially viable rare earth products, to aid in the development and implementation of commercial and technical REE strategies for the new US REE program. Karayannopoulous built and sold MolyCorp for c. $1.3BN, and currently runs Neo, one the world's largest downstream rare earths businesses. Something big is happening here.
We also discuss the parallels between uranium and rare earths. The geopolitics and global weaponising of access is becoming exacerbated.
Company page: https://www.bannermanresources.com.au/
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Interview with Industry Commentator Mark Selby, CEO of Canada Nickel Company (TSX-V:CNC)
Following on from our recent interview to discuss his blossoming nickel exploration and development company, Selby is back to discuss the state of the nickel market.
First up, what is Selby's take on the global metals markets? Has the market bottomed out? He thinks in China the market has reached the bottom, based on various metrics. The latest data in China for copper, the largest metal by market volume, has seen the premium of the price in China at 18-month+ highs. Selby likes to use copper concentrate terms as a reference point for the wider market, because at these "inflexion points,". If the Chinese decide that the copper price is low and try to obtain as much as possible in any form: cathodes, concentrates, scrap etc. They just want copper on the way at today's price. Copper concentrate terms are currently at "multi-year lows." Time to get excited? Is this a sign to make metals investors feel bullish? There are significant Year-On-Year (YoY)increases in imports for a "bunch of materials."
What strategy will the Chinese government adopt? Play catch up with production or carry on as usual? Selby states that, based on several metrics, the Chinese government is trying to drive metal production via infrastructure and construction spending. 6-weeks ago, cables producers that feed this supply chain have been up over 100% of capacity. Anecdotally, he says that excavator sales are up 60% Year-On-Year. There is clearly a "big shove" happening to get the Chinese economy going again.
This is great for copper, but what about metals with different supply dynamics. He states that while speculation on a several hundred thousand tonnes of copper might be possible, it won't happen for bulk metals. Iron ore imports have been "rocketing" into China, and iron ore prices are at "very, very, very solid levels." The fact we are witnessing this sort of market behaviour in copper, bulk metals and in other economic indicators, this helps confirm that we are back on the way up. For nickel, Selby claims stainless prices are up year over year. Stainless steel inventories have come down a little bit, but they still have quite some way to go. In terms of a specific positive indicator for nickel, we are observing the price discount between nickel pig iron produced in China and nickel has closed a lot. On the supply side, all of the mines in the Philippines have been shut down, which has massively hampered nickel supply. We are seeing ore imports on the ground hitting multi-year lows in China.
Investors are now coming into the nickel space as evidenced by Canada Nickel's rising share price. Selby is hoping to capitalise on this with a U.S. listing for Canada Nickel: this is something that is definitely on the cards in the not-so-distant future.
Company Page: https://canadanickel.com/
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Interview with Sam Ataya, President & CEO of Western Magnesium Corp. (TSX-V:WMG)
A green, scaleable solution to the magnesium conundrum?
Western Magnesium is a TSX-listed aiming to drive the American magnesium manufacturing industry, The company is focussed on becoming a global-scale, low-cost producer of eco-friendly and high-quality magnesium metal. Western Magnesium views magnesium as a strategic commodity. Let's explore the business model.
The aim is to bring magnesium production back into the United States, specifically for big industries: automotive, aerospace, military, environmental etc. the company has spent the last 9 years developing new technology for the production of magnesium metal that focussed on green technology: the plant will be closed to 0 waste and zero toxicity. The company is currently constructing its pilot plant; from the data and analytics at this plant, the company will build its large commercialised plant. Western Magnesium hopes to be fully-operational by 2026/27, producing magnesium metal.
Why is the company focussed on the United States? What was the opportunity the company spotted 9 years ago? Ataya states the answer lies in fundamentally rising magnesium demand. He states that magnesium is an extremely useful lightweight metal: 75% lighter than steel, 65% lighter than titanium, 35% lighter than aluminium. The environmental regulatory committees were moving towards stricter environmental practices, and it became obvious that more lightweight material would be in demand. In addition, in 1995, the Chinese decimated the U.S. magnesium industry by selling magnesium into the country. By 1997, 6000 casting companies had closed their doors, and this killed the industry, both in terms of development and funding. This sounds similar to the narrative we're hearing for uranium. cobalt and rare earths; can 'strategic' commodities make investors money?
ESG credentials have become more of a priority for investors and consumers who are assessing supply chains. Western Magnesium claims to be at "zero emissions." Just how green is the company? Ataya claims he doesn't use the same old batch processing techniques as other producers and claims his continuous processing technique stands above the rest.
Western Magnesium currently has enough money in the bank to give the company a "good runway" into its pilot plant buildout: 12-months at the current burn rate. He doesn't state an exact figure. Thus far, the money that has been raised is internal. The company is now ready to have conversations with institutional financiers because the buildout will take more money than the company has in the bank. Ataya states it is a case of knowing when to take money. He plans to negotiate calmly.
The company has started the design process for the pilot plant and has brought some engineering firms onboard. Western Magnesium is hoping the pilot plant will be up and running before the end of 2020, or by Q1/21 at the latest. The pilot plant is all about data and analytics for big consumers. Western Magnesium will receive their feedback and tailor the commercial plant accordingly. The pilot plant will have a CAPEX of US$10M, and the commercial plant will have a CAPEX of US$300-400M as a rollout.
What does the shareholder registry look like? Ataya claims to have a very diverse share register, with strong trading volumes despite COVID-19. For a speculative company, Ataya claims Western Magnesium has held its own via constant communication with shareholders. Insiders hold less than 3%. Ataya claims to not be "one of the biggest shareholders," but claims to be a "good shareholder." No specifics.
Moving forward, Western Magnesium is focussing on choosing a plant site for the commercialised reactor while focussing on the pilot plant.
Company Page: https://westmagcorp.com/
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Interview with Terry Lynch, Co-Founder of Save Canadian Mining
We've had several companies mention naked shorting on our show in the last few months, and all of them believe they are suffering as a consequence of it. They are also at odds with the Canadian government's approach to either ignore it, or refuse to accept it is happening. Canadian mining stalwart, Eric Sprott, has also complained about the predatory practice. Rick Rule disagrees though!
SaveCanadianMining.com is a movement to return market rules to the standards it held prior to the change in 2012.
In 2012, IIROC and CSA removed a trading rule known as the “tick test.” This restricted short selling to neutral or sales to positive price changes at the time of the sale.
Moreover, these changes were applied to the main listing venue of TSX-V Exchange and are equally applied across all 14 Canadian trading venues, reducing the TSX-V's ability to effect any change.
Since the removal of the tick test, Save Canadian Mining claims that the Canadian markets have evolved: there now exists a dynamic where short selling activities, high-frequency trading, and algorithms are exploiting the lack of a tick test to the detriment of Canada’s junior markets. Save Canadian Mining is calling on the CSA and IIROC to evaluate re-instituting the tick test. Lynch attributes this as a very big component behind why many junior mining companies have struggled to get funded in recent times. He states it would be a "hell of a lot easier to raise money in junior mining if the tick test existed."
Lynch claims that it's going to be an uphill battle against the big banks and lobbyists, but he claims all that he can do is "guerilla stuff." He's compiling a group of notable supporters like Eric Sprott and conducting events to bring exposure to the problem. He thinks this problem is benefiting offshore holding companies who don't pay taxes in Canada and this will help his cause.
Who needs to be punished for frontrunning and naked shorting? In the US, it is illegal. In Canada, Lynch argues it isn't 'technically' illegal. In Canada, you have 2-days to sell your stock. However, there is a +10-day exemption, creating a provision for clerical error. He claims if the Canadian government applied the rules, the problems would resolve themselves but they aren't. Stockbrokers are supposed to buy you in if you don't deliver your stock, so you have to foot the bill no matter what happens. Therefore, how is he hoping to capture the attention of the government? There are a number of huge names in the world of junior mining who are signed up, and Save Canadian Mining is trying to continue growing the cause by reaching out to other junior mining companies. Each company has put in around C$50,000 to help further the cause. He is aiming to raise around C$200,000 as a group, which will keep the group advocating until the end of the year. He wants to get Ontario on side, and he feels optimistic about this. If Ontario comes on side, Canada "will change." The primary argument appears to be regarding job security and the growth of junior mining companies in Canada.
Is there an argument for leaving things as they are? The primary argument is to "prevent fraud," but Lynch labels this PR piece as "complete bullsh*t!" He states the current Canadian government is pro-mining, despite having the most rigid environmental policies in the world.
Company Page: https://savecanadianmining.com/
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Interview with Nick Appleyard, President & CEO of TriStar Gold (TSX-V:TSG)
TriStar Gold Inc is a gold exploration and development company listed on TSX-V. The company's 100% owned flagship project is the Castelo de Sonhos gold project, is located in Pará state, Brazil. The Company recently completed a US$8 million finance with Royal Gold Inc. TriStar Gold will use the proceeds to advance Castelo de Sonhos to completion of a feasibility study in 2020. The aim is to get into production as soon as possible; this is what Royal Gold wants too. Typically, the TriStar Gold model has been for someone else to discover the project, then the TriStar team can come in and develop it to production.
There is a PEA for Castelo de Sonhos, completed in November 2018. What are the headline stats at US$1,250/oz gold?
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AISC: US$687/oz (wow)
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CAPEX: US$184M
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Average Annual Production: 130,000oz gold
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IRR: 43% (post-tax)
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NPV 5% - US$264M (post-tax)
These are fantastic figures and this is just for "one corner of the project." The only real issue appears to be the short mine life: 8 years. However, this is only for one part of the project. What is Appleyard doing to extend longevity? The plan appears to be very smart. Appleyard aims to monetise the PEA-segment of the project as quickly as possible by getting it into production. Once the cash is flowing, he plans to raise separate capital to finance the rest of the project. He thinks the project will involve naturally in a reasonable timeframe. While Appleyard has heard some stories that might lead investors to worry about how institutional investors perceive RC drilling, he claims he is not concerned at all. He states he has had no pushback and that the results will speak for themselves.
Appleyard is current working on metallurgical work and other technical measurements as he works towards a PFS. This was originally intended to be completed this year, but COVID-19 has pushed it back a little. The second focus is on exploration upside, so when the PFS is delivered, the exploration component can be added on as a bonus to sweeten the deal for investors. Smart.
TriStar Gold currently has around US$5M in the bank.
Appleyard states that TriStar Gold is fully aware that Brazil is notoriously slow at issuing permits. He states that the company is currently on track: things are moving forward well, if not quickly. COVID-19 has been disruptive and TriStar Gold is operating a skeleton crew in the field.
What are the deliverables for TriStar Gold. For phase 1, the PFS, the aim is simply to replicate the PEA: c. 1.1Moz gold production. All the numbers will stay the same. What is the exit strategy? Before the PFS, TriStar gold wants to know a clear plan of who will bring the mine into production and how it will happen. While Appleyard states that TrioStar gold could bring it into production, there will be more able teams out there who are better equipped with a stronger skill set. He states the company will have its eyes open for opportunities that would be beneficial for shareholders over the next year. The PFS is aimed for Q2/21.
Appleyard thinks that the market has undervalued TriStar Gold. Insiders and associates hold 27% of TriStar Gold. How much skin the game does the management have? Appleyard states that management and directors probably hold around 12%. He holds just under 2M shares, all of which he bought. US Global is the biggest shareholder with c.18%, Gold 2000 (in Zurich) has c.7%, RBC Toronto holds 5%.
Company Page: https://tristargold.com/
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Interview with Pierre Léveillé, President & CEO of Deep-South Resources (TSX-V:DSM)
Deep-South Resource is a copper exploration company based in Namibia. The company is largely held by management and Namibian shareholders (24%) and by strategic partner, Teck Resources (23%). Deep-South is 'actively involved in the acquisition, exploration and development of major mineral properties in Africa.' The Deep-South growth strategy appears to be a focus on exploration and development of mineralised trends that are closer to infrastructure. Deep-South Resources claims to be 'committed to advancing its projects while operating in an environmentally responsible manner.'
Deep-South Resources holds 100% ownership of the Haib Copper deposit south Namibia (acquired in 2004). It is 'arguably' the oldest porphyry deposit in the world and one of the largest in Africa. Let's delve into this.
Deep-South Resources is down to its last C$200,000. The company needs around C$7M. What is the plan? In terms of track record, Léveillé is a stockbroker/investment banker by trade, but he has been involved in raising mineral exploration capital before. He has spent a lot of time in Namibia so knows the country well. The remainder of the team has vast mining and geological experience in Africa. What is the sort of company that Léveillé is building? He paints a favourable picture for the copper macro story. He claims copper supply is dwindling and demand is soon to grow.
The aim is to carry out some in-field drilling on the higher-grade zone of the deposit. Is Deep-South starting to get any traction in the market? Are investors interested in a low-grade bulk-tonnage copper operation? Léveillé claims the recent metallurgical test gave exciting results and the announcement of an announced PEA was creating positive share price movement before COVID-19. He claims there is interest from Europe in terms of potential financing, but these individuals are mostly on the sidelines at this moment in time.
Léveillé himself as personally invested C$200,000 before the company was listed. The total management investment before the company was listed looks like C$700,000.
What's the strategy going forward? It's to continue developing the high-grade zone at Haib while not forgetting about the potential of the scale of the copper deposit. As copper prices rise, Deep-South is hoping its path to capital becoming much clearer.
Deep-South Resources closed a private placement in April, raising c. C$600,000, and has already burnt through two-thirds of that. Deep-South has a low burn rate, but needs to go back to the market to raise at least C$2M to work on updating the PEA.
Company Page: https://www.deepsouthresources.com/
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Interview with Gianni Kovacevic, CEO of CopperBank Resources Corp. (CSE:CBK)
CopperBank is a copper optionality player. What's that mean? They are not miners. If copper price goes up, they expect buyers for their assets to acquire them. Simple plan.
It was founded in 2014 by a group of entrepreneurs, geologists and engineers. The business model is to consolidate high-potential, established copper properties and offer investors 'maximum optionality' to higher copper prices in the future.
CopperBank's 100% controlled projects act as the asset base in its 'low-overhead' “pounds in the ground” strategy. CopperBank controls 2 advanced projects, located in the United States: Contact Copper, at the Pre-Feasibility Study (PFS) stage in Elko County, Nevada, and Copper Creek located in Pinal County, Arizona. CopperBank states it would cost more than US$120M to replicate the work already done at these projects.
CopperBank aims to strategically advance each of its projects via 'accretive exploration' and development, or JVs. Let's dig a little deeper. Does the market understand the strategy? The share price has been on a sharp downward trajectory. Why? Kovacevic claims that when he launched the strategy, the company put together C$1.6M at C$0.10 per share. "At the last minute," the people who were buying the projects wanted a warrant. The warrant price was set "way out of the money" a C$0.50. The next, CopperBank issued shares, and the next day it went to C$0.03. He claims the company bought back c. 70% of the shares issued it issued after it traded sideways for 16-months. Kovacevic claims he acquired his first 15M shares from the open market. He went on the road for over a year telling the CopperBank story with an "explosive upside," and the share price started tracking up. He claims there have been several periods since where, in 2-weeks, CopperBank's share price doubles. This appears to be a case of a confused market and a lack of effective, consistent storytelling. It's clearly frustrating for Kovacevic who is heavily invested along with his team. He needs to find a way to articulate the value proposition more clearly if this is possible.
What types of deals are being considered for monetising Copper Creek? US$85M has been spent in it, and it was taken through to PEA level by the previous owners in 2013. CopperBank is looking for a partner to come in and move things forward. The company treats it like a real estate holding and admits it is not qualified to build a copper mine. With a market cap like CopperBank's, any company coming in for a JV will likely feel like it is on the front foot. However, Kovacevic believes he can find maximum value on a per-share basis. The best possible exit strategy is clearly to be taken over, but Kovacenic and his team will always be on the lookout to do something new and progressive in the copper space.
CopperBank has negligible overheads. How? Kovacevic claims he doesn't pay a single dollar in compensation to his technical group. They are all aligned with the shareholder. Kovacevic doesn't even pay rent, he just pays a few thousand dollars of property tax, and there is no company office in Vancouver. Kovacevic appears to have tight control of the pursestrings.
Kovacevic claims the copper asset will have a significantly higher price in the future than it has today because it has lots of historical data and development. He believes it is a 10-bagger (did investors' ears just prick up?). He claims that the optionality on an NPV basis, once the copper price rises above US$3, for every additional C$0.25 the copper price goes higher, the NPV of the portfolio goes up by C$300M. These are exciting numbers.
Company page: https://www.copperbankcorp.com/
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Interview with William Sheriff, Exec. Chairman of enCore Energy Corp. (TSX-V:EU)
enCore Energy Corp. (TSX-V: EU) (OTCQB: ENCUF) is a uranium developer and explorer. They have a portfolio of ISR and conventional uranium assets in the United States.
enCore Energy's management team is impressive and features an array of uranium experts with a track record of building value within the domestic uranium sector. The enCore team was instrumental in advancing Energy Metals Corp. to compile the 'largest domestic uranium base in US. history.' The company was built for US$1.7M and sold 30-months later of an astonishing US$1.8Bn to Uranium One during the last major uranium bull market. He got out of uranium after Fukushima in 2011, but got back in the saddle pretty quickly. However Sheriff that the market was not going to recover for upto 10-years and told his shareholders that they were not going to waste their money until the uranium market recovered.
enCore Energy holds a 100% interest, with no holding costs, on +115,000 acres of private mineral rights in New Mexico. The primary focusses are the Crownpoint and Hosta Butte uranium deposits. Both are large and a portion of these resources are under NRC license. In addition, enCore Energy holds the Marquez and Treeline projects in New Mexico as well as a number of other properties in Utah, Arizona and Wyoming along with a strong position in the 'high-grade' Northern Arizona Strip district. On paper, this all looks promising. But let's dig into the business model a little deeper.
Sheriff adopts a contrarian view of the uranium space. He has currently put very little effort into marketing and he doesn't value it in a down market! He claims that the company has had offers for dilutive financing. Shareholders right now appear content for Sheriff to batten down the hatches and wait for the market to turn. Is it any surprise with his track record? In terms of raising funds, and given the market cap, Sheriff is seeking solutions that shy away from stock issuance.
Sheriff appears to be a pragmatic man who doesn't overpromise, which makes this next statement all the more encouraging. He is confident that enCore Energy could be up to half as successful as the Energy Metals Corp. venture. He thinks most shareholders will be more than happy with a US$500M market cap.
What is the crux of the business model? Sweat the current assets, or drive growth through M&A? Cash flow and production is the plan, which would "separate (them) from the crowd."
IMPORTANT: The strategy is to acquire a producing uranium asset to get the ball rolling (when the time and price is right) and using the cash flow to finance the development of the larger portfolio projects. The company's larger portfolio assets once they are ready 3-5 years after they get the go-ahead.
The most important existing portfolio projects are the high-grade breccia pipes in Arizona and the large deposits in New Mexico.
Company Page: https://www.encoreenergycorp.com/
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Interview with Peter Dasler, President & CEO of CanAlaska Uranium Ltd. (TSX-V:CVV)
CanAlaska Uranium is a uranium-focussed explorer in and around the Athabasca Basin. The company also has a nickel project that it has farmed out. With C$1.5M, CanAlaska has been doing what most uranium juniors have been for the last few years: hunkering down and waiting for the market to turn. Dasler also regards CanAlaska as a project generator: what does this mean?
Dasler explains that CanAlaska has 3 uranium strategic partners: Cameco, Denison and, Northern Uranium. The company owns 500,000 acres of land across 12 projects. The most significant recent event is the discovery of high-grade uranium at the West McArthur property, in addition to the nickel JV and potential fundraising effort to drill West McArthur.
A project generator and explorer? Dasler claims he and his team have been explorers for the last 40-years. In 2004, when the team took a look at the uranium market for the first time, the team acquired some uranium projects in the basin. CanAlaska was rapidly approached by other groups to share the projects, which created the project generation description of the company. The focus has always been on finding a new uranium zone akin to McArthur River or Cigar Lake. With 2.5M acres of land, this was sufficient to bring in strategic partners from Korea, subsidies by the Korean government. Mitsubishi Corporation also funded exploration on CanAlaska's properties.
CanAlaska Uranium only has a market cap of c. C$9M, but is sat on a huge land package. Should it be worth more, especially with the kinds of partners that are involved? Dasler believes the company is significantly undervalued and the true value will be revealed when the nuclear fuel industry starts buying more uranium: "it is early days, now is a good time to get in." The company has struggled since 2016. Dasler states the key to adding value will be finding more investors in the resource industry. He claims crypto and marijuana returns in the last few years have been much larger than what natural resources can offer, but this is now changing.
CanAlaska is currently sat on C$1.5M cash and has cut back a number of costs, like most uranium juniors. How can Dasler shake up the kinds of deals CanAlaska is negotiating? Investors won't want to see more of the same. Investors will want to see bigger positions in JVs, more cash upfront and more authority across the board. Dasler states he is reaching more people than he has reached in the last 5 years because of recent promising developments in the uranium space. Will these new conversations change things? Dasler states he doesn't need to change the model "at all." He states a rising uranium market will solve CanAlaska's problems. He says COVID-19 has made the uranium waiting games a hot potato, and he thinks the utility companies will blink first, "once you get this thing rolling, it will move VERY quickly."
Dasler believes the capital will be made available to CanAlaska for exploration because the company is in a similar position to where uranium-giant NexGen was 7-years ago. Are these comparisons valid? CanAlaska has been around longer than NexGen but Dasler states the uranium mineralization ("halos of uranium" and "long intercepts") and size of the project are highly comparable. Investors will want to see CanAlaska prove the nature of this "tier-1 type" uranium target. Dasler claims it looks like McArthur River or Cigar Lake and will be hit in the first planned drill programmes this summer; there are only currently a dozen holes in the structure.
Company Page: http://www.canalaska.com/
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Interview with Mark Selby, CEO of Nickel Explorer, Canada Nickel Corp. (TSX-V:CNC)
The newest nickel story on the block, with a trebled share price since we last spoke with them around the time of their IPO. Highly impressive. EV/battery metals investors, take note.
Mark Selby is a renowned mind in the nickel space; his experience at Inco and the helm of RNC has given him plenty of experience with large nickel projects: in particular, the Dumont Nickel-Cobalt project. Can he develop the Crawford Nickel-VMS Project in a faster, more capital-efficient fashion? The aim is to complete a PEA/scoping study (C$4M) by the end of 2020, with an FS (C$20-30M) following a year later. This is an accelerated monetisation event for nickel investors.
Canada Nickel just announced some encouraging drill results with an exciting PGM upside: 2.6g/t. Canada Nickel has managed to create the 11th largest nickel sulphide resource globally in just 6-months for just C$4M, and it is little surprise the market has cottoned on to this value proposition. Selby believes we are on the verge of the start of a new nickel supercycle at the start of this new decade, and he believes having one of the world's few large nickel projects outside of Indonesia will stand Canada Nickel in good stead. The CAPEX is a whopping US$1B+, but he claims the sheer scale of Crawford will be enough to attract a major to take it out, despite it not having the "sexy high grades." In order to hit the upcycle, Selby wants to move fast. Canada Nickel has its skates on and it doesn't appear anything is going to stand in its way.
Canada Nickel recently completed a private placement of c. C$4.5M. The original aim was to raise C$2.5M, and now with the share price tripled, Selby feels this has shown the confidence of investors in the EV narrative, even if COVID-19 has distracted. It's incredibly impressive that Canada Nickel's share price is up 5X on its February IPO in a COVID-19 market scenario.
What sets Canada Nickel apart from the swathe of other nickel juniors?
A.) This is a new nickel sulfide discovery: something of a rarity right now.
B.) The potential scale of Crawford: big enough to attract a major, and Selby claims Canada Nickel has only just scratched the surface.
C.) The team's experience demonstrated at Dumont has given investors confidence, taking something from resource to fully-permitted project.
Selby reveals that from the first two step-out holes from its latest drilling operations have more than doubled the strike length already registered. Exciting. Perhaps most importantly, the first assays from the first drill hole were the highest grade nickel intersection in the main nickel dunite area: 55m at 0.42% nickel, with 0.2g/t palladium+platinum. What will capture the excitement of investors is the prospect of filling the mill with as much high-grade ore as possible, and Selby is clear reticent of this. The third highlight is that Canada Nickel has hit a PGM zone 100m outside of its main nickel resource, and the company has managed to hit it consistently, across several hundred metres down to 500m depth. It has been hit in 2 different spots a whopping 1.2km apart from each other. It is clear that Crawford is shaping up to be a really exciting nickel/PGM project.
What has the impact of COVID-19 been like for Canada Nickel, and what will it continue to be? In Ontario, mining was deemed an essential service, so there has been minimal disruption for the company. The assays have slowed down a little, but other than that, Canada Nickel has mitigated the impacts well and has kept employees safe.
Selby will put out another resource update in July, then another in October, in addition to a whole series of drilling/mineralogy results. these will be the key derisking events. We have no doubt Selby will continue to hit his deliverables. This could be exciting news for nickel investors.
Company Page: https://canadanickel.com/
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Interview with Bradley Rourke, President & CEO of Scottie Resources Corp. (TSX-V:SCOT)
Scottie Resources Corp. is an exploration stage company engaged in the acquisition, exploration and evaluation of gold and silver properties located in the “Golden Triangle” area of British Columbia, Canada. Sprott is involved, having invested C$2M. A second placement for another C$2M was announced today, which should allow the company to deliver on its drill programme for 2020.
The project is the past-producing Scottie Gold Mine. Scottie produced from 1981-1984, producing 0.5oz/t. What is the game plan for Scottie Resources going into Rourke's fifth year? In 2015, a powerline was built going right through the property. Rourke's focus, up until the last year, has been consolidating a difficult property. He now thinks he has completed this consolidation. In 2019, ideas were implemented for the first time in a small drill programme. This revealed 3 unique zones of "extraordinary" mineralisation. Going into 2020, Scottie Resources Corp. is a "pure exploration company." A lot of surface work has been conducted.
Rourke himself is a businessman and serial entrepreneur who has always worked in mining. He has plenty of experience in the mining service sector in BC and claims to have orchestrated the second-largest IPO in the history of Canada. Impressive. However, this is Rourke's first mining deal that he has had total control of. He now claims to be fully immersed in the world of junior mining.
Rourke claims to have mostly self-funded the project for the first few years. Rourke says he has C$800,000+ net investment in the company. He claims he pays his geologist more than he pays himself right now. He had a strong technical team from Equity Exploration carry out the modelling and technical work based on historical data, but in 2018, one of the consultants, Thomas Mumford, who worked on the re-logging programme, became the VP Exploration of the company.
The intention is to show a pathway to a multi-million-ounce deposit in 2020. Scottie Gold has a permit and a mill, but it's clear Rourke isn't too keen on heading into production. He has a district-scale piece of property that he thinks has exciting geology. Will it be an exciting takeout target? Rourke thinks so.
The C$2M raise will be used for carrying out the drilling programme in 2020, but what makes Scottie Resources stand out from the swathe of gold explorers out there? This year, Scottie Resources will do 5000m of drilling. 2/3 of that drilling will follow up on zones already hit last year. A third of the drilling be on the domino zone, where surface work has shown a possible connection to the Scottie Gold Mine.
Lastly, looking at the tailings situation, Rourke claims there is a large quantity of recoverable tailings that aren't currently his liability, but that he could claim, in a nearby lake. He has conducted 2 seasons of work: over 100 samples, all the way to the bottom with a volume estimate and independent benchmarks. Rourke is not in the tailings business but he'd "love to clear it up." He isn't interested in liabilities, but he has submitted applications and is working towards it. He believes the average grade is 2.2g/t and is 6g/t at the very bottom of the pile. He believes 80% is recoverable, and that there is a volume of c. 160,000t to recover. He has already been speaking to buyers in Taiwan.
Company Page: https://scottieresources.com/
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Interview with Kiril Mugerman, President & CEO of Geomega Resources (TSX-V:GMA)
Geomega Resources: 'leaders in rare earths recycling.' Is recovering rare earths from magnets a niche in the rare earths space? Mugerman claims that magnets provide the most easily available and highest grade concentrate available. He wants to demonstrate to the world that his recycling model is viable.
Geomega Resources is based in Quebec and has just completed a pilot plant. Now, the focus is on building a demonstration plant. Geomega was originally an exploration and development company but segued to rare earths recycling after struggling to raise capital to develop their large Montviel Deposit. Mugerman is candid: unfavourable market conditions would have sunk Geomega Resources if he hadn't pivoted, just as it has been the ruin of so many juniors before him.
The plan was to kick start with cash flow to capture the interest of investors, and Mugerman immediately latched onto this. He investigated a variety of possible ventures, but settled on magnet recycling as the most profitable.
Geomega Resources claims to have proprietary rare earths recycling technology that is more green than the currently most popular process. He claims his company used totally different reagents than the hydrochloric acid used in China. He doesn't want to be involved in such pollution. 70% iron has to be dumped into tailings as a consequence of the hydrochloric leaching process. Geomega Resources' proprietary process does not destroy the reagent, so the company is able to reuse 95% of it for further recycling. It has been designed in such a way that absolutely no tailings are created. Smart. Mugerman hopes the demonstration plant will show this process can be effective on a commercial scale. It will be running 8 hours a day and processing 1.5t magnet scrap per day.
Geomega Resources is fully financed "based on the model presented and developed in the last 6 months." The demonstration plant is c. C$2.7M. Geomega Resources has raised C$1.72M in debt, C$1.2M in equity, and c. C$1M in different grants. Mugerman does not have the figure sat in front of him right now, but claims he has enough for all G&A activities until the plant is built. The facility will be 14,000 square feet in total. The plant may eventually go to 24 hours per day.
Geomega Resources has signed agreements with some partners, but nobody guarantees anything in the recycling industry. Several of Geomega's partners have given positive indications, but it will be interesting to see how these develop once things are up and running. It doesn't appear Mugerman is in control of the front end cost of the battery recycling process, because there will be other parties bidding for the material. Does he have access to individuals who can guarantee Geomewga feedstock at a set price so he can control his margins? He claims he is always working on it. Will this be problematic to investors?
Geomega's targets are $10M in sales at a 20% margin. This would provide a proof of concept ahead of Geomega's step to full commercialisation.
In terms of a timeline for production, what is Mugerman looking at? There is no fixed date on when the first shovel goes in the ground at the demo plant, but the building is already built with a long-term lease, and he expects to get things started this year. He wants to deliver the construction as soon as possible and expects to be producing oxides by the end of this year if all things go well. As soon as possible, he'd like to triple the size of the plant to prove the commercial viability of Geomega's proprietary process.
Company Page: https://ressourcesgeomega.ca/
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Interview with Doug Ramshaw, President of Minera Alamos Inc. (TSX-V:MAI)
Minera Alamos is a gold development company that is aiming to become a gold producer in 2020.
The company has a portfolio of Mexican gold assets, including the 100%-owned Santana open-pit, heap-leach development project in Sonora currently under construction (expected first gold production in Q1 2021). Minera Alamos' other project, the 100%-owned La Fortuna open pit gold project in Durango, appears to have a 'robust' PEA and is nearing the end of the permitting process. A construction decision on La Fortuna could be made in late 2020 or early 2021. Minera Alamos' team have together brought 3 mines into production over the last 12-years. The aim is to get Santana into production quickly, then finance La Fortuna out of cash flow. Ramshaw claims that Mexico as a jurisdiction and the nature of the projects will Minera Alamos to maintain a very low CAPEX across its 2 projects. Clever. Let's unpack this further...
What are the numbers saying? Since bringing Santana and La Fortuna together in 2018, the company has raised some capital: C$5M at the start of 2019, a C$6 equity raise plus a royalty package at the end of 2019, and another raise in 2020. The total is around C$11M in equity over the last 15 months, plus the royalty package with Osisko Gold Royalties. This has allowed Ramshaw to avoid any warrants and options. Minera Alamos has c. C$14M cash right now, and is fully-funded to bring Santana through to production. The aim is to construct a 25,000-35,000oz gold mining operation for a CAPEX of C$10M. In year one, as Minera Alamos ramps up, the company will be looking at the "low-US$900/oz" region for AISC. Ramshaw expects the AISC to fall to the low $800s, or even the low $700s as the project is ramped up to 45,000-50,000oz per year. Very impressive economics. Santana should have a life-of-mine that stands at 6 to 7-years initially, but brownfields exploration upside could add to that. Ramshaw has no issue starting off work on a "modest asset," provided there is an eventual window towards a 1Moz - 1.5Moz resource.
Ramshaw has recently been selling bus shares ar Prime Mining because he has a clear message to the market: Santana and La Fortuna are the focus. Los Reyes had too many expenses attached to it.
What about La Fortuna? It's a higher-grade operation but is a similar kind of breccia pipe. Minera Alamos came out with a PEA in 2018 stating a 5-year mine life on a starter pit. It was based around a 3.5 to 4g open-pit with a 6:1 strip ratio. Roughly 50% of the gold is recovered by gravity, but the other 50% requires a milling operation, which is clearly different to Santana. Minera Alamos already owns a 2,000t per day mill. The PEA called for a 1,100t per day throughput, so this mill is very helpful. With the mill in place, the company is looking at a higher CAPEX than for Santana: US$26M, but it is sub-1-year payback at US$1,250/oz gold, and Minera Alamos can then look at exploration upside.
Minera Alamos is "without a doubt" looking at M&A and is constantly looking for new acquisitions. The company calls itself an "asset number: 3" company, and Ramshaw is keen to solid this statement rather than it being purely aspirational.
How much skin in the game does management have? Ramshaw says he has put his money where his mouth is, buying 3.3M shares out of the market in the last 1.5 years, which is 3.5 to 4 years of his salary into the stock. The rest of the management team appears to have done similar. Ramshaw is paid roughly US$120,000 per year, which is very reasonable.
Company Page: https://www.mineraalamos.com/
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A Conversation with Brandon Munro, CEO of Bannerman Resources (ASX:BMN)
Kazakhstan is easing emergency restrictions in some towns but what does that mean for the resumption of production of uranium at KazAtomProm. Munro explains. Also we discuss what pressure KazAtomProm may be under and from where? Plus how is Russia coping.
The US Govt is trying to get their seat back at the uranium table, after years of neglect. Will SMR technology be their saviour, and if so how long will it take. This week saw a bug announcement with regard to their ongoing Advanced Reactor Demonstration Programme. Big numbers being thrown around. Bigger the US Dept of Energy has indicated.
And what are the Chinese and Russian SMR technologies capable of. We talk about use cases and applications on land, and on sea.
Cameco has restarted their Port Hope facility, which was expected by most, but some selling in the market means that perhaps not everyone was pleased with the news.
And final a sober statement by the European Atomic group, EurAtom warns of lack of trans[port hubs to accept nuclear shipments, lack of investment in conversion facilities and a permanent reduction of uranium and withdrawal from uranium exploration. And commented on that utilities must diversify supply and continue to maintain appropriate 3-years of strategic inventory levels. We discuss what they mean.
Company page: https://www.bannermanresources.com.au/
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Interview with Darin Labrenz, President & CEO of Pure Gold Mining (TSX-V:PGM)
'32 weeks to Production. (We'll pour gold before Christmas.)'
An intriguing gold mining story. Pure Gold Mining is a Canadian gold development company that is hoping to get into production by the end of 2020. There has been a radical rise in Pure Gold Mining's share price since we last spoke to them as the market appreciates the company's path towards production. So what is the next phase of growth?
What is the asset and what are the headlines stats? The company released a feasibility study on the PureGold Red Lake Mine, Ontario in February 2019, outlining a 12-year, high-grade underground mining operation with a production rate of 800tpd per day. A construction decision was made in August 2019.
The economics around the project are outstanding. The project is fully-funded as far as its CAPEX. The AISC is a remarkably low US$787/oz. The average grade is an extremely high 9g/t. This makes the PureGold Red Lake Mine the highest-grade development stage gold deposit in Canada today. It will also place the project in the top 8 percentile globally when it enters production: 17th in the world. The NPV (5%) stands at US$390M with a 51% IRR and $1.9Bn revenue. What makes these figures all the more impressive is that they have been calculated based on a gold price of US$1,500/oz, rather than today's price of more than US$1,700/oz.
The Resource looks exceptional, and the team is experienced with good commercial and technical experience. As a company founded by Oxygen Capital, the company has a "tier-1 team" in a "tier-1 mining jurisdiction." Several members of the team have worked on gold juniors before, which is always useful. What shareholders will want to understand is the next phase of growth after the PureGold Mine enters production.
The first phase is the production phase, as Pure Gold Mining tries to lead the Red Lake camp to become 'Canada’s next large-scale, iconic gold producer.' What is the next phase? Labrenz is very confident on a technical front and doesn't forsee any issues, citing the orebody as consistent and de-risked. The body has also been proven to "persist at depth." Labrenz is coy on consolidating Pure Gold's land position, but he states the company is always looking for new ground to acquire. Pure Gold Mining has strong organic growth aspirations within its property but will continue to look outside the property for promising opportunities in the shape of land assets. He has no desire for Pure Gold Mining to be a single asset company; it is simply a case of timing.
Pure Gold Mining has listed in London; does Labrenz regret it? He states he doesn't regret it one bit. It has helped relevant the international profile of the company, and while it will take time to continue to spread awareness, this was an important first step. He is trying to drive stock liquidity and he claims this is evolving as the company grows closer to production, with some strong institutional ownership coming in over the last few years. He expects this to continue to evolve as the company targets the GDXJ.
Has COVID-19 had a negative impact on proceedings? Labrenz states that mining is an essential service in Ontario, even exploration. Thus far, there have been no impacts at the site, and there are "ZERO" new COVID-19 cases in all of north-western Ontario where Pure Gold Mining is based. It is a relatively straightforward area to build a mine.
Exciting moments for 2020 will be drilling the high-grade (20-30g/t) "8 Zone." It forms part of the company's mine plan and it is easily accessible. The company is substantially ahead of schedule, and the company will have more areas opened up to mine in addition to the startup being substantially de-risked.
Company page: http://puregoldmining.ca/
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Interview with Alex Holmes, CEO of Plateau Energy Metals (TSX-V:PLU)
Plateau Energy Metals is a TSX-listed company with two assets in Peru, one lithium (Falchani), one uranium (Macusani): both difficult commodities in recent years. The company has been operating in Peru for c.15 years. The first economic study was released on Fakchani in February, and the last economic study on Macusani was released in 2016; it has been on care and maintenance since.
Uranium: what is Holmes opinion on the recent movements in the market? He appears positive. The Macusani uranium project had been placed on the backburner because of market sentiment, but this has shifted recently. Holmes would like to see some long-term contracts before considering this as more than a short-term pandemic move. Is this possible? The other thing Plateau Energy Metals has been waiting for is the regulations from the government for export and transport. In March, at PDAC, it was announced that the ministry of mines would have them done by the end of 2020. Holmes claims this makes the company look more robust.
The Macusani uranium project is large, with M&I resources of 52.9Mlbs U3O8 and inferred resources of 72.1Mlbs U3O8. However, there is quite a lot of work to do on the property before it is ready to produce. Is anyone interested in funding this? Holmes claims the main issue at the moment is the dispute with the Peruvian government over late payments on mining concessions. The two pieces that indicate the Peruvian government will support the project moving forward are the desire to put regulations in place, and the illogical nature of breaking up and fragmenting portions of Plateau's uranium deposits. He states Peru has a stable currency and investors are comfortable with the mining jurisdiction. Because the Macusani Project is north of the 100Mlbs 'threshold,' it is appealing from a mine-life production profile perspective and stacks up well against other projects when it comes to low capital intensity and low operating costs. He hopes to improve the economics on the project in the near future. The life-of-mine is 10 years, the CAPEX is C$300M, churning out 6Mlbs of U3O8 per annum, at an AISC of C$18/lbs. It is a 40% IRR after tax, and this is only 70Mlbs of the 125Mlbs in resource.
Holmes thinks there is a path to an FS and an environmental study in 18-months at a cost of US$20M, though he thinks Plateau Energy Metas will be able to attract strategic partners before this point. The biggest bit of work that still needs to be done is in-field drilling. Plateau Energy Metals is will be sat on c. US$2.4M upon the closing of the company's second tranche of its recent financing. He will spend US$100,000 before making the decision whether or not to take the uranium project through to a PFS. He expects to bring in the strategic partner before approaching the FS.The lithium space is utterly saturated. What is the strategy to monetise this asset? Holmes states that his company can't control the pace of EV adoption or the pace of gigafactories being constructed. However, what Plateau Energy Metals can control is being extremely careful with capital until the market begins to open up in 2H/20. The lithium space is certainly a challenge right now, and with the economic setback, there is a major concern as to whether this could put a spanner in the works of the EV revolution: will consumers be able to afford new cars? It's only a 2M market anyway compared to 100M for conventional vehicles.
The recent raise was conducted under the guise of preserving both assets and keeping them in good standing while cutting costs at the corporate level. The MOU for the SOP is the "first step" of what could be a longer-term relationship. Holmes is hoping this evolves into an offtake agreement.
Company page: https://plateauenergymetals.com/
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Interview with David Cates, President and CEO of Denison Mines (TSX: DML)
We catch up with Denison Mines CEO, David Cates. So what has changed since we last spoke to him in February. Well a lot. The spot price of uranium is up about 80% to around $34/lbs; the market crashed and partially recovered and COVID-19 has dramatically reduced the world's production of uranium, with closures to most of the main production facilities.
So what does it mean for Denison. We happen to like their chosen business model of small CAPEX, early to production on their Phoenix asset. Their long pole in the tent is permitting. Can they get permitted for their ISR project. ISR is commonly used across the globe, but has not yet been used in Canada. First Nations will be concerned and need convincing. There have been long lead times associated with permitting in Canada, decades.
If they can get an indication that this project will get permitted and when, then this part of their business plan has very attractive economics. An all in cost of less than $10/lbs make it work leading. Helped entirely by the high-grade.
Let us know what you think of Denison and Cates. Do you think they will get permitted?
Company page: https://www.denisonmines.com/
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Interview with Paul Huet, CEO of gold producer, RNC Minerals (TSX: RNX)
Hot on the heal's of the announcement about the acquisition of Spargos and the proposed name change to Karora Resources.
RNC Minerals has agreed to pay $9M (30% $2.7M immediately, the remaining 70% paid over 30-months $1.26M every 6-months). The Morgan Stanley royalty elimination is a highly accretive transaction. The 2% + 1.75% NSR buyback effectively lowers the mining cut-off grade. The Morgan Stanley royalty covers ~2/3rd of the 1.22Moz historic M&I Resource (18,790 kt @ 2.0 g/t) and 0.68Moz historic Inferred Resource (10,634 kt @ 2.0 g/t) at HGO as well as large portions of our exploration targets. This is a significant move. And the resulting contribution to the bottom-line will be felt for years. We calculate it to be in the tens of million of dollars.
In addition this week RNC Minerals is proposing a share consolidation. 11:1. We discuss why and why not sooner.
And welcome to new addition, Roger Huet....
Company page: http://www.rncminerals.com
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Interview with Paul Cronin, CEO of Adriatic Metals (ASX:ADT)
We talk today about their proposed acquisition of Tethyan Resource Corp. However, for a full rundown of Adriatic Metals business plan, watch this interview with Cronin in April https://youtu.be/RJykJpDYEdY
Adriatic Metals is a UK based polymetallic exploration and development company, and owner of the Vareš Mining Concession in Bosnia and Herzegovina. We spoke with Cronin back in April. Now, just two days ago, the company announced the proposed takeover of Serbian company, Tethyan Resource Corp. (TSX-V: TETH). It could be done by August.
Cronin is confident the deal will go ahead, subject to shareholder approval, because there is a lot of value in it for Tethyan Resource Corp. 38% of Tethyan shareholders have agreed to hold Adriatic Stock for 6-months. This is "major support."
Why make the deal at all? Hasn't Cronin already got enough on his plate in Bosnia and Herzegovina? Cronin claims that assets like what Tethyan has put together become available very rarely. He thinks the portfolio has "a lot of potential for growth." Cronin's target has always been to position Adriatic Metals as a Balkan regional player. It appears this acquisition has allowed Adriatic to move towards its bigger ambitions, and while it spells dilution for shareholders, Cronin is confident his company will more than make up for it.
How will Cronin now accelerate the growth of Adriatic Metals? Will he be able to optimise Tethyan operations? He states there will be some rationalisation of costs, but he intends to keep most of the core team. The largest shareholder is Augusta Corp. Cronin has looked at what Tethyan has accomplished so far. Is he happy to continue down the same route, because the market doesn't appear to have been that happy: Tethyan's share price has fallen by two-thirds in just a year. Cronin doesn't think this is a case of Tethyan not appealing to the market, he claims it is a case of the market misunderstanding the value proposition. The vision for the combined company remains of creating a strong, regional player. CEO Fabian Baker has been integral to this and he's coming along for the ride.
COVID-19 has caused a 16-17% reduction in drill metres, but he claims that the virus has allowed them to optimise their workforce, tracking around A$2M under budget. The total budget to absorb Tethyan is A$4M.
Does this now position Adriatic Metals attractive as a takeover target? Cronin states that Adriatic Metals does not regard itself as a takeover target. The "total" business approach is a producer with a specific focus on the Balkans. It's obvious that Cronin would never say never, but his absolute focus is on bringing Adriatic Metals into production. He expects more and more opportunities to present themselves as the company spends more time in the region.
The company previously had enough capital to carry it through to a BFS on its own project. Adriatic Metals is currently sat on sufficient cash to conduct all its own operations: 20,000m drilling in Bosnia, plus the initial 3,000m confirmation drilling in Serbia, and is also receiving some "chunky VAT refunds." He claims the company will only need to raise capital if it intends to conduct additional exploration.
Company page: https://www.adriaticmetals.com/
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Interview with Jim Paterson, CEO of ValOre Metals (TSX-V:VO)
LINK TO PREVIOUS INTERVIEW: https://youtu.be/xBOhGy5l_M8
ValOre Metals is a Canadian exploration company with a PGE + gold asset in North-Eastern Brazil, Pedra Branca, and projects in Canada. Pedra Blanca has a 43-101 and now the funding is all in place for the first drill programme of 3,000m. It is part of the Discovery Group of companies, including Great Bear, Fireweed Zinc, and Bluestone. Paterson states that the companies within the group are "on fire."
Following on from our interview 3 weeks ago, we wanted to hear the latest news from ValOre. As soon as it is safe, phase one of the drill program will begin at Pedra Blanca, and this is because of a US$1.2M drawdown credit facility that was finalised in the last few weeks. ValOre Metals is now ready to roll.
What is the plan for deploying capital? Drilling, obviously, but also assaying and a few other tasks on the property. The focusses in phase 1 and 2 are resource expansion, target advancement, and greenfield discovery drilling. There will be a mix of each in both programmes, which will appeal to different kinds of investors. COVID-19 restrictions are currently all that is holding the company back, but Paterson doesn't think the company will be too delayed. Paterson believes it would be safe to move rigs in right now because the area surrounding the Pedra Branca gold + PGE project doesn't have too many issues. ValOre is currently planning to get back to work in June. The money should last for 3-4 months of drilling. Between now and then, Paterson will be hard at work seeking out additional investors. He won't need to raise any more than C$3M, including the existing credit facility.
What about the latest discovery group announcement? Bluestone has just closed a C$92M bought deal financing, which Paterson regards as "phenomenal." Great Bear has just announced a C$20M bought deal that has been upsized to at least C$33M. The Discovery Group is raising lots of capital right now and the management teams are "knocking it out of the park." Investors are fully behind them. Behind the scene at the Discovery Group, the companies are communicating a lot and are trying to take advantage of this marketplace. Paterson is particularly excited about what Bluestone could accomplish with this money.
What did you make of Jim Paterson and ValOre Resources? Are you a fan of the Discovery Group of companies? What do you want to see from Paterson and ValOre in 2020? Comment below: we respond to everyone.
Company page: http://valoremetals.com/
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Interview with Joseph Hamilton, CEO of Unigold Inc. (TSX-V:UGD)
Unigold is a Canadian gold junior, focussed on exploring & developing its gold projects in the Dominican Republic, a country it claims is highly prospective for gold and polymetallic mineralization.
Unigold has been conducting exploration in the Dominican Republic for around 18-years. The current focus is concentrated within the 75km-wide Cretaceous-age Tireo-formation volcano-sedimentary rocks, known for hosting major deposits. Sprott's investment in October 2019's public financing seems to have brought a new lease of life to this story. Old shareholders have lost a lot. New shareholders appear to be getting some solid value. Let's dive into this.
18-years in the making, Unigold has spent over C$43M, most of it on 125,000m of drilling, and most of it on one deposit: Candelones, which has a NI 43-101 2Moz gold inferred Resource. He says that the resource is at surface and has easy metallurgy to recover. Unigold would like to start production with 30,000-50,000oz gold per year for 3-4 years for the oxide component of the deposit. This is far from a large operation, but Hamilton claims it is a starter operation that will be highly economic: a 95% recovery in 24-hours at a 1g/t "dump-leach." The plan is to conduct a PEA and PFS in the near future before making a FID. Can Unigold attract relevant funding?
Unigold current has around C$250,000. A public financing is cleary on the cards because the cash reserves won't last long, though Hamilton claims the institutional base of shareholders will continue to support them. Sprott owns 20% of the company, but is this just option money for him? He states raising money has never really been an issue for Unigold, but why is the company choosing to cut it to the wire? Does this make the company's negotiating position weaker? Hamilton states that Unigold Inc. needs c. C$2.5M to complete economic studies. Most of the in-field drilling has been done, it's a case of "going through the desktop studies" and doing the engineering. Then there will be environmental work and community relations issues to solve.
How is the Dominican Republic as a mining jurisdiction? How is the mining code? He claims the mining ministry has been quite supportive. Exploration concessions are granted for a 3-year period, and there are 2 automatic 1-year renewals. At the end of the 5-years, a company has to reapply for the concession, though the existing concession holder is given preference. Then, there is an exploitation permit for 75-years, which needs to be supported by an economic study. Unigold has held the concession for over 20-years and this is their 4th renewal. He claims it is hassle-free and doesn't cost anything.
C$43M Spent, but only a C$14M Market Cap? There's lots of work to do. Hamilton is confident that putting some studies will shore up the operation, give investors confidence and help push the company forwards to a phase of growth.
Hamilton has been through 3 different management teams; why will it be any different this time around? He claims this time things will be different because he is taking total charge, and market conditions are more favourable. Why should investors opt for Unigold Inc. over other gold juniors with far better track records? Hamilton claims Unigold Inc. is miles ahead of most gold juniors, having done all the groundwork. The company has identified a resource and it is expanding and open. The capital costs will become transparent this year. Hamilton puts the company's past failings down to a sliding gold price. Is Unigold at a turning point? Will it have an economic operational mine in the next 5-years? Will the institutional shareholders follow their money?
What did you make of Hamilton? Would you opt for Unigold over other gold juniors? Comment below: we respond to everyone.
Company Page: http://www.unigoldinc.com/
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Interview with Stephen Stewart, CEO of Orefinders Resources (CVE:ORX)
Orefinders Resources (founded in 2013) is a gold developer with gold assets in Canada’s Abitibi, including its 100% owned McGarry, Knight and Mirado Projects. The company has c. US$2M cash and this should see them through a drill programme, with developing 2 of the 4 assets the focus for now. Sprott is involved, picking up around US$1M of shares in the recent private placement. The investor PPT says: 'Orefinders is not your traditional gold junior.' Orefinders Resources claims to have a unique 'value-based approach' that investors shouldn't ignore. What are the two key strategies?
'1. When the market presents an opportunity to acquire assets for less than their fair value, we look to acquire.
- When the market pays fair value for assets and rewards exploration results, then we will pivot, return to the drill bit and focus on developing our existing assets.'
Buy when the gold market is down, pivot towards exploration when the market is up: investing rather than acquiring. 'Acquisition capital is best deployed in a bear market,' exploration capital is best raised in a bull market.' It looks a sensible strategy. Is it it really that different to most gold juniors we interview though? Let's unpack this.
Orefinders Resources is a contrarian gold developer that is looking to buck the trend of drill, drill, drill. Stewart came aboard in 2015 when the company had a share price of C$0.005 with just C$200,000 in the bank. He hit the reset button and resurrected the company, moving away from the traditional simplistic mining model the company had previously adopted. It was a tough environment for gold at the time, but the idea was to buy quality assets in the ground and create a 'hub and spoke model.' Not just any old ounces: quality ounces that were strategic to the master plan.
What sort of specific criteria get employed? Potential assets must have access to infrastructure and is preferably on a road within a 20km-30km radius, and must have had sufficient work already done on them. This is how Stewart has attempted to build value for Orefinders shareholders. Several of Orefinders acquisitions were undervalued because they were problematic, some involving litigation (Stewart wanting to get rid of the board and management of a company), but by eventually solving these issues, Stewart has successfully picked up them at a discounted price.
What will Orefinders next move be with just US$2M in the bank? The focus will be drilling on the Knight project, 70km to the west of the company's other properties, with 3 styles of mineralisation to focus on. If it wasn't for COVID-19, Orefinders may well be on the ground right now. The second drill programme will be on the McGarry project. Both these drill programmes will be completed in 2020. Why these two assets? Knight is the one that got investors most excited. The mineralogy looks promising. US$500,000 should get Orefinders 4,000m of drilling in 60 to 90-days, to add to the 30,000m of drill core from previous owners. This will go into the projects 43-101 (it's the only project owned by Orefinders without a 43-101). The projects sits on top of a 4Moz asset owned by Pan American Silver (who is in the process of selling it), which should see investment for the first time in years. He thinks this makes Orefinders an attractive proposition because the two projects belong together. The chess move on McGarry is similar: McGarry is close to one of the most historically profitable mines in Canada. The geology is all similar. Stewart is attempting to connect the dots. Orefinders also owns the tailings facility.
The next potential raise doesn't appear to be on the cards anytime soon. Will investors be concerned that Orefinders will be running its capital too low? Stewart is on C$10,000 pm and owns c. 5M shares (all paid for).
Company Page: http://www.orefinders.ca/
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A Conversation with Brandon Munro, CEO of Bannerman Resources (ASX: BMN)
Munro is back. What pearls of wisdom does he have to share for uranium investors this time around?
It's been a week of calm, contemplation and reflection in the uranium space. Uranium investors have been able to take a breath after an extremely eventful period. Munro states he has a range of supply curtailments, with Kazatomprom announcing there will be at least at 10% disruption to 2020 uranium production, which is already operating at a significant deficit. As part of his work for Bannerman Resources, Munro has seen a slight relaxation in lockdown policies in Namibia. He is just starting to see the mines get back "into a semblance of normal production." He believes Namibian uranium mines will struggle to hit their optimal numbers for several months, and this punches another big hole in the supply side of things given that Namibia is the fourth-largest uranium producer in the world. Cameco's Cigar Lake is still down indefinitely.
One thing that has happened this week is Kazatomprom making a few statements. Let's dive into them.
'Kazatomprom will NOT attempt to make up the tonnage from COVID-19 production cuts once they return to full operation.'
This cements the uranium production volume decreasing by up to 4,000 tU. This is meaningful because is turns Kazatomprom's supply deficit from a worry to a definitive concern for utility companies. These pounds aren't coming back into the market. Sorry, uranium bears.
'The production impact will affect each partner in different ways, which will vary over time.'
Kazatomprom’s disrupted production has created uncertainty in three dimensions: absolute volume, the impact of time on volume, and the impact on each partner and the relationship this has with their commitments. The immediate example that springs to mind is Cameco VS Orano VS Uranium One. If this supply disruption stretches out longer than 3 months many companies will come under immense pressure.
'The disruption is a force majeure event under their sub-soil use contracts (ie Mining Licence).'
This takes away Kazatomprom's 'pinch point' when it comes to reducing its production levels below the 20% corridor detailed in its mining licence. Kazatomperom has a big strategic advantage over uranium producers who rely on Kazakh JVs rather than a portfolio of assets e.g. Inkai - Kazakhstan (40% Cameco: 60% Kazatomprom).
'KAP will honour its deliver commitments and will not use this as a force majeure event.'
This will support stability and will avoid utility companies getting caught short in the next 12 months. However, long-term it will allow pounds to continue to be depleted out of uranium inventories.
'KAP holds sufficient inventory to meet "lost tonnage in the short term" but will, if necessary, purchase material in the market to meet deliveries.'
This is the leveraged impacts of further delays, and things are going to get interesting if the delay stretches beyond the current expectation of three months.
'Production might be disrupted into 2021 as "ramping up the mines will be a well-planned process over several months."'
Connect the dots, uranium bulls. The picture should be becoming very clear now.
'Exploration and development work will be delayed for some time.'
Kazatomprom has been underinvesting in exploration for a while now. This just further paints the picture of uranium supply falling even lower.
'The carry trade is looking "increasingly obsolete."'
Cameco endorsed this comment earlier last week. It's an arrow to the heart of utility companies and their purchasing habits. Producers aren't accepting this any longer.
Company page: https://www.bannermanresources.com.au/
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Interview with Paul Huet, CEO of gold producer, RNC Minerals (TSX:RNX)
RNC Minerals is a great turnaround story in the gold space. CEO Huet returns to talk us through the latest updates for the stable gold producer with exploration potential.
After becoming a much less nickel-focused company, now RNC Minerals could have a name change to match. RNC Minerals could become Karora Resources (TSX: KRR). This is dependent on shareholder approval, but he claims that shareholders have been keen on a name change for a long time.
RNC Minerals has been suffering from some legacy issues when it comes to marketing, and this appears to have put off some of the larger funds. Huet had already wiped then strategic plate clear, but now the name change could be the final step to clearly communicate the new value proposition that RNC Minerals has to offer. RNC Minerals may be completely separated from its confused, nickel-focused heritage. This is precise, focused marketing, and Huet sees it as a long-time coming.
Away from the new name, RNC Minerals has been busy working on a new acquisition: Spargos. RNC's heightened cash flow and the Morgan Stanley renegotiation have allowed RNC Minerals to look at potential M&A much more actively. Huet sets an aggressive timescale of Q4/20, but a realistic timescale of Q1/21. The company has just signed a "definitive agreement" on Spargos, and it is just c. 45km from RNC's plant. This gives the company 90 days of exclusivity. He claims that while the company still has to conduct its final due diligence, but the veins in the resource are a higher average grade than their underground Beta Hunt mine (excluding coarse gold). There are over 130,000oz in the resource that are over 4g/t. It's looking like an average 3g/t grade in an open pit. RNC Minerals is now much less reliant on Beta Hunt, and this matters for shareholders. Huet thinks Spargos could have a transformative impact on RNC Minerals' economics. The proximity to the mill is another game-changer. Has this opened a lot of doors for RNC Minerals? Will the optionality increase the share price? Will Higginsville operations get ramped up now?
Company page: http://www.rncminerals.com
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Interview with Michael Hodgson, CEO of Serabi Gold (LSE:SRB, TSX:SBI)
Serabi Gold has been one of our favourite gold stories. Share price has treble since we started following them. The team has managed to create a strong, stable operation at the Palito and Sao Chico gold mines in Brazil, but with the debt financing agreement (convertible loan notes) for second acquisition, Coringa, looking to be settled, Serabi Gold can push the cross-mine AISC down towards the US$1,000/oz figure, and double production to c. 80,000oz+ per annum of gold. The Q1/20 production figures were released recently. There's an article on www.cruxinvestor.com, but why not hear from Hodgson himself?
What are the highlights?
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Cash position – US$14.23M at year-end
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Net cash – USD$5M
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AISC slightly up on 2018 – US$1,081/oz
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EBITDA – US$17.2M
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Average gold price received – US$1,376
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Total mined ore up 8% (at an average grade of 7%)
COVID-19 has negatively impacted most gold producers, but Serabi Gold has managed to successfully mitigate any potential ramifications. It has achieved this through sensible workplace safety practices, and the health & safety stats are also pleasing. Rotating the workforce has been very effective. Any junior gold miner would be chuffed with those numbers. Serabi Gold has now started allocating some money towards exploration for the first time in a while. With its strong cash flow, and with most of its debt finally being repaid, Serabi Gold has now freed up its capital for growth. This could get the market even more excited. The focus is currently on step-out drilling at the west of Sao Chico. Hodgson thinks the company is working its way towards a geophysical anomaly that the company has already been drilling at. There is a possibility the two could connect, resulting in some serious upside for Serabi Gold.
What about the much-discussed ore sorter, which could have a further transformative impact on Serabi Gold's economics? Serabi Gold recently conducted a preliminary test on it. What is the feedback? Hodgson claims the thing is "absolutely singing," which will be music to gold investors' ears. He doesn't have the stats for April just yet, but in March it was upgraded to pass 2,500t at a grade of c. 3g/t, and it screened out a little over 300t at a grade of 21g/t, the rest was 2,200t at a grade of 0.7g/t. Through April, the grades at Palito (50% of feed ore) went up from the usual grade of 6.5g/t to 9g/t. Overall, combined with the non-ore-sorted Sao Chico ore, it is giving the average grade a 1g/t uplift. This might not sound like a lot, but it's a big change. He expects another healthy increase in the Palito feed grade through April, which will free up space at the production plant to use for better quality material. Smart.
Will the exploration plans distract Serabi Gold from Coringa? It's certainly a nice problem to have, with organic growth in the company's "backyard." Hodgson states Coringa is still just as important. Adding ounces at a low cost gives Serabi the cash flow it needs to grow, and he is not going to forget that anytime soon. Coringa is a very advanced project that Hodgson will continue to focus on. Another focus will be on the areas surrounding Serabi Gold's producing assets because the company will eventually need to expand its processing plant somewhere. The company has been successful at chasing high-grade veins, but now Hodgson is talking the language of bulk production. However, one of the biggest problems in Brazil is power. He claims the mining infrastructure is improving in the region every day. The company is constantly assessing its cost profile, and its eventual wish is to add in some open-pit production.
Hodgson acknowledges that Brazil is struggling, especially with its lack of medical infrastructure, but states he is confident Serabi will do what it can to keep producing. He states Serabi Gold might not make the guidance numbers it predicated at the pre-COVID-19 start of the year, but if the company reaches 90% of it, nobody will complain, especially at the current gold price. The exchange rate is also on the company's side.
Company page: https://www.serabigold.com/
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Interview with Paul Huet, CEO of RNC Minerals (TSX:RNX)
Paul Huet is as excited as ever with regard to their Q1/20 Quarterly results. He talks us through the numbers. We have been impressed with the turnaround of the company since Huet came in last June. However the most impressive element is that despite fires, flooding and COVID-19 they have not only been driving their costs down and therefore reducing their AISC (down to $1,101), but also they have been producing cash.
We have been pointing this since the announcement of the Q4/19 numbers. Investors need to understand what this cash allows them to do. The options are hugely increased. They have been looking at exploring some of their land packages with good results.
Company page: http://www.rncminerals.com
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Interview with Rick Rule, President & CEO of Sprott U.S. Holdings
We go back to where it all started, and ask about what he wanted to be when he grew up. Rule talks to us about his personal and business philosophy.
We look at the end game and legacy. As Sprott's largest shareholder, what is he trying to build. And can they be considered an 800lbs gorilla yet? What does it take to move market and sentiment?
Can a company like Sprott, who has availability to cash and investors who follow their investments, afford to be less selective with the investment choices? Why does he spend so much time on marketing? We look at the different revenue and income streams and discuss perhaps why somer investors aren't equipped to invest. Rule's answer may surprise you.
Everyone has a different business model and will therefore have different outcomes even if they follow the same strategy. But we look at the importance of actually having a strategy. So how do the target investments? What about distressed companies? Who is in the driving seat.
What are the options available to retail investors. And how important are they at different times in the companies life cycle and different market conditions. And where do brokers fit in to the mix? Is the the landscape changing?
And finally what does the most recent bout of QE do for the global economy and the US?
Company Page: https://www.sprott.com/
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Interview with Jim Greig, President of Benchmark Metals Inc. (TSX-V:BNCH)
A really encouraging gold-silver story that investors should be paying attention to.
We last spoke with Benchmark Metals in September. What's changed? Benchmark Metals is a TSX-listed gold-silver advanced explorer in British Columbia, Canada. The company is looking to deliver up to 50,000m of drilling this year, a mineral Resource estimate, and a PEA. The track record of the team suggests they know what they need to do and how to do it, and the company has C$10M to ensure they do so..
What is Benchmark Metals going to drill on? The preeminent focus is the Lawyers Project in the 'Golden Horseshoe' of BC. In the heart of the property, there are 5 zones within 3km of one another. Several of these zones produced 30-years ago at a high-grade, but now Greig foresees several open pits at surface. The drilling will build upon data from 2018, 2019, and historical data over 30-years ago. These zones are being extended. Rather than hunting for high-grade veins like companies have done in the past, Benchmark Metals has focussed on mineralisation at a deeper level: up to 150m.
What is the game plan? Benchmark Metals is targeting multi-million ounces after this next round of drilling. In February, the company released an exploration target based on data from 1 of the 5 zones. The company put out a range of 1.7Moz to 1.9Moz at an average grade of 1.7g/t gold. With this next round of drilling, Greig believes he can increase the grade of the zone and bring the other 4 zones into the estimate. He thinks the company can move well beyond the potential of multi-million ounces. Benchmark Metals is fast-tracking the development of this project, so investors may be able to look forward to an accelerated value event. Because it's a brownfield type of play, there is a footprint to production that has already been mapped out, allowing Benchmark Metals to proceed faster. Like "any junior with an attractive project," Benchmark Metals would like to exit if a major comes along with an appealing offer.
Greig is building something for sale. He knows his skillset and has no intention of going into production. He wants to be taken out. Senior members of the management team have been involved in the full gold cycle, from discovery to development to production, so investors shouldn't be concerned if there is an unexpected change in plan.
What would a potential new suitor be looking into? Access to roads, a large power line, flat topography, no wildlife concerns and signed agreements with the local first nation. Benchmark Metals is fully permitted with a 5-year notice of work. Greig believes that if he manages to sit all these milestones, the company will be vaulting towards a +C$200M market cap. The major milestone events are what shareholders and investors are looking for. The management team are also big shareholders in the company, so they want to share in the success. The Senior statesmen of the company, John Williamson, was the director and founder of Kaminak Gold Corp. Back in 2016, it was sold to Gold Corp. for just over C$5M. Other members of the team have seen similar success, taking a $0.25 company to a $10 company.
Lastly, Greig touches on the increasing gold price. An increasing gold price will eventually help Benchmark Metals capture the value it has struggled to attain. Gold producers are reporting estimates over and above expectations. At some point, this will trickle down to the junior miners, such as Benchmark Metals, because producers eventually need to replace gold resources and ounces. The catalyst for a major to takeover a junior comes when the major depletes its resources in the ground.
Company Page: https://benchmarkmetals.com/
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Interview with Jerko Zuvela, MD of Argosy Minerals Ltd. (ASX:AGY)
Argosy Minerals (ASX: AGY) is an Australian lithium developer with a current 77.5% (and ultimate 90%) interest in the Rincon Lithium Project in Salta Province, Argentina, and a 100% interest in the Tonopah Lithium Project in Nevada, USA. Argentina is the core focus. The long-term goal for Argosy Minerals has always been to become a sustainable lithium production company that is highly leveraged to the potential growth of lithium demand in the lithium-ion battery sector.
How has COVID-19 affected Argentina? Zuvela says its been similar to the rest of the world, but things are now starting to get moving again. Argentina is still effectively in lockdown, but mining and production is regarded as an essential activity, so there are workarounds.
The big news? The lithium pilot plant has been approved for construction. There's only one major issue: Argosy Minerals has been unable to finance it, despite being in discussions for much of the last year. Zuvela claims Argosy was talking to end-users in Asia and European groups. Argosy Minerals is looking at a debt funding package and that the company would have been "there or thereabouts" if COVID-19 hadn't come along. However, while COVID-19 has been disruptive, plenty of companies are still having funding conversations. He states that Argosy Minerals already has its industrial-scale pilot plant in production, and this puts the company well ahead of the pack.
He then claims the fact the lithium market is in a slump is putting off potential investors. What are the investors really nervous about? Zuvela is adamant that nobody in lithium has been financed to build a new project in quite some time. How come big strategic partner, Mitsubishi, hasn't stepped in? Zuvela thinks its an inconvenient blend of the two: COVID-19 affecting corporate strategy and lithium not being the most attractive market right now.
How does the balance sheet at Argosy Minerals look? Zuvela states that as of the last quarter, the company had just over A$5.1M, which should see them through 6-7 quarters of current financing. He states he is very confident that by this time, the company will have secured the CAPEX financing for the pilot plant. Will investors be as confident? What needs to happen in the lithium space for lithium to become attractive again. Zuvela states the obvious: the price needs to go back up. Investors need to recognise that the China spot price of lithium is not the true price. To get an established customer to buy the product, Argosy Minerals needs to be an established producer. It's a bit of a chicken and the egg situation, with Argosy chasing funding to become a producer which is only readily available to those already in production. Can Zuvela pull this off? There's only so much he can do.
There are some offers on the table that Zuvela has deemed are unsuitable because they aren't at the right price. If there is a prolonged slump in the lithium price, would he be forced to go back to those offers with his tail between his legs? Zuvela is unsure, and if there's one thing putting off investors right now, it's uncertainty. Behind the scenes, Argosy Minerals is making sure that its secondary options are as palatable.
What about the lithium market dynamics? What sort of opportunity is there for a small player like Argosy Minerals? Lots of production has been removed from the lithium space recently, with big players ramping down operations. Zuvela states that everything is back running as normal, except for the Australian spodumene operators. The brine operators have remained economic in a low price environment. Will this give lithium brine developer, Argosy Minerals, a gap in the market to exploit?
Zuvela is claims Argosy Minerals is always having conversations about being taken over, but all parties appreciate the market isn't there yet. The focus is on processing technology and the expertise around it.
Company Page: https://www.argosyminerals.com.au/
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Interview with Philippe Cloutier, President & CEO of Cartier Resources Inc. (TSX-V: ECR)
Many juniors have less than Cartier Resources (TSX-V: ECR), but they are worth 3x as times as much...
Cartier Resources, listed on the TSX-V in 2007, is an exploration & development company focused on discovery in the 'prolific' Abitibi Gold Belt in Québec. Cartier Resources has 7 projects spread across Quebec that it acquired from 2012 to 2015. The flagship project, Chimo Mine, is the current focus, while the other projects have been parked for now. Cartier Resources thinks it is 6-months away from making a decision to possibly sell the mine, which could result in a big return for shareholders.
In 2012, Cartier Resources decided to go on an aggressive shopping spree to pick up high-quality, discounted assets from the many struggling mineral exploration companies in the region. In the Abitibi, from 2002-2012, there were lots of exciting, but expensive, exploration discoveries in remote areas: frontier exploration. No less than 10 deposits that were drilled, delineated, permitted and brought into production. The common denominator? None of the projects were new discoveries: all were old projects that had been shelved because of bad economic situations or corporate decisions. These things were sitting ducks, and this is what Cloutier calls renaissance exploration. The acquisition profile was to seek out struggling junior mining companies and pick up their assets. Agnico Eagle clocked onto this "signature acquisition programme" by 2016, and purchased 22,500,000 common shares for C$4.5M. Cartier decided to focus solely on projects that have previously been discovered and developed, rather than looking at more exotic exploration. Chimo is the focus because it has good existing mining infrastructure.
Cartier Resources has been drilling at Chimo since 2017. The mine has 4,000 historic drill holes: a "huge 60,000 data set of assay results." Cartier Resources likes to be held accountable to the data. He claims while retail investors aren't the biggest fans of this, institutional investors like it a lot. The company has brought all of the drill data up to date, completed 116 diamond drill holes and 54,000m of drilling within a 500m radius of the known infrastructures, at depth and laterally. Cartier Resources then published a maiden resource estimate and will produce a second resource estimate on the shallow northern and southern shears in the next few weeks.
When combined with the Central Corridor resource estimate from last November, the Chimo Mine property now hosts a total of 4Mt indicated, grading 4.53g/t gold containing 585,190oz and combined inferred resources of 4.9Mt at 3.82g/t gold for a total of 597,800 gold oz. It's clear that Cartier Resources has been undervalued by the market, but is this because of the focus on institutional investors? Short term, it seems clear that Cartier might suffer. The company is focussing on robustness, rather than "sex and sizzle." In the long-term, there could be a payoff for smart investors who spot the value discrepancy.
The end goal is to prove Cartier Resources' exploration model. The team has not "threatened" to build the mine, and will decide the most appropriate way to reward shareholders. Cloutier is pragmatic and recognises it is a giant leap to go from development/de-risking to construction and eventual production.
What is the plan for the other 3 assets? Benoist is the next priority. The team has already launched an assessment of the resources in place. If Chimo is a success, expect a rinse and repeat approach. The cash position? $6M in the bank: $5M hard cash and $1M flow-through money. The burn rate when not drilling is C$50,000 per month. Even a severe bear market/crisis wouldn't stop Cartier Resources' strategy. Cloutier himself has 191M share with 0 warrants and 13M options.
What did you make of Philippe Cloutier?
Company page: https://ressourcescartier.com/
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Interview with Bryce Crocker, CEO of Jervois Mining (ASX:JRV)
Jervois Mining is an ASX-listed mining company with a focus on cobalt, but with significant exposure to nickel and copper. Jervois Mining has assets in Uganda, Australia, and the United States (the main focus). The company is hoping to benefit from the much-discussed and much-distressed EV revolution by producing raw battery materials. COVID-19 appears to have put a real spanner in the works of the EV thematic, though Crocker suggests the US government is viewing cobalt as a strategic commodity, and Jervois Mining could benefit. Let's unpack this.
Crocker paints a "profoundly negative" picture of the impact of COVID-19 on EV global supply chains. COVID-19 hasn't just compressed cobalt demand, "it has DECIMATED it". Crocker has never seen anything like it before. China was down c. 80% in Q1/20 and all the Western players are down 40%-50% in Q2/20. Some companies are losing as much as "US$100M per day." There is no positive scenario near-term. Crocker expects a massive "dislocation" of the supply chain across 2020, and claims people aren't expecting it.
How does Jervois Mining plan on taking advantage? Do its hopes lie in the hands of the US government? Government subsidies for EV manufacturers are starting to flow back in, but they have been crushed because their export markets are off; this is particularly true of China. It's also very difficult to be bullish when it comes to aerospace right now. Who knows when the airline industry could recover? There is an awful lot of uncertainty right now. Crocker claims cobalt is a unique commodity, with 75% of cobalt coming out of the very unstable Democratic Republic of Congo. The supply chain looks incredibly fragile as it is, and COVID-19 has only worsened problems. The major mines in the DRC are still operating. Some borders are still open, but the border with South Africa is closed, and the border with Zambia is an "unmitigated disaster," with queues stretching as far as the eye can see. The cobalt mines are stockpiling aggressively, and a lot of the highly-technical major projects are being canceled because of key minds being repatriated. The outlook for cobalt is very binary as to what is going to happen in the DRC. Crocker expects to see COVID-19 peak in the region in the first few weeks of June. Cobalt investors will need to keep their eyes peeled. The impact could be "profound." COVID-19 is going nowhere in the short term, and the DRC already has numerous logistical issues: the cost of trucking copper and cobalt out of the country is US$300/t.
Crocker is actually very happy with Jervois Mining's own position in a stable jurisdiction with a "half-built" cobalt project. He has always claimed the US is the most strategic market in the world for cobalt, and claims the country is fast catching up China. The US has no domestic cobalt mine, and Crocker thinks it is timely for Jervois to be at the forefront of this. Cobalt has always been of geopolitical importance to the US, and now it is even more so. Crocker expects green mining to prevail as the US government tries to create jobs in 2020. Crocker remains coy on the government's plans for possible nationalisation, but claims cobalt is "up there" because of its importance to aerospace and critical industries.
Crocker expects to complete the BFS by the end of the year. It's nearly finished, there are just a few things to sort on the offtake side (metallurgical test work). Travel restrictions have also caused delays.
Jervois Mining has c. US$7M cash to see the company to midway through 2021. Away from Jervois Mining's core Idaho assets, Jervois has been clear it wants a partner to form a JV for the Nico Young nickel-cobalt project in Australia. The rest of the projects will have their day in the sun, but right now there is an emphasis on keeping a tight balance sheet. This seems sensible. A Tanzanian acquisition is also on the cards.
Company page: https://jervoismining.com.au/
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Interview with Kevin M. Keough, President & CEO of Evergold Corp. (TSX-V:EVER)
Evergold Corp. is a gold-silver-copper explorer and project developer with assets in British Colombia. The company has four projects: flagship projects, Snoball, and Golden Lion, and other projects, Spanish Lake and Holy Cross. The team is looking to replicate its previous success at GT Gold. Evergold was set up before GT Gold, but took a back seat while the team focussed on GT.
One thing is clear straight away: Evergold Corp. is not trying to be a producer. The company wants to locate promising gold projects, acquire them for a great price, then sell them for a significant profit. However, if the company has to, it will develop them. The company's mission is to deliver discoveries by packaging them in a de-risked, effectively marketed fashion. The team at Evergold Corp. has a track record in the gold discovery.
Why does Evergold stick to exploration rather than moving through the stages towards production? Keough states he really likes the excitement of discovery, but he states there is some science behind it; specifically, working at the "spiky" end of the business. He states most of the value gets added during the discovery phase of a project. During the more advanced phase, which involves permitting and construction, speculators get bored, and the project loses its excitement.
What will Evergold do at Snoball and Golden Lion? The company went public in October 2019, the intention was to use the c. US$3M to drill for the first time on geochemical anomaly targets identified on the two properties. Keough is confident because of previous geochemistry conducted at the site. The IPO was actually the largest in the mining space in Canada last year. The company was able to achieve this raise because of its reputation for achieving excellent results, combined with the potential of its assets.
What do the numbers look like? Evergold has c. US$2M cash having paid for the planning of a phase 1 drill program on the 2 flagship properties. This will result in around 2,400m on both projects. Keough is matter of fact. As an exploration company, the company has no cash flow, so will need to raise more capital to continue advancing the properties. The company is shooting for 10Moz.
What is the strategy? Keough is remunerated with an annual cash salary of US$150,000 with options, having previously invested US$250,000. He claims he would "do this work for nothing (equity)."
In terms of the timescale, Keough and his workforce will be on the ground setting up camp for phase one in just over a month. The initial air survey will be conducted on May 20th, while some serious elements of the drilling program will be launched on June 15th.
Company page: https://www.evergoldcorp.ca/
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Interview with David Feliba, Financial Reporter for S&P Global Market Intelligence
We interview plenty of South American mining companies at Crux Investor. It's important for investors to understand the latest developments in the region in order to carry out informed investment decisions. That's why we spoke David Feliba: an expert in South American markets.
We started by asking about Feliba's background. He is a financial market and banking reporter who works within a newsroom for S&P Global, which is a global inside information provider of investors. The newsroom is deployed around the globe, with around 500 journalists hard at work specialising in different sectors and jurisdictions.
We start with Chile: the country with the strongest credit rating in Latin America. Feliba is aware that all countries are under enormous financial pressure because of the difficulties created by COVID-19. Chile has already had some financial pressure, which was created in late 2019. The Chilean government created a social/constitutional crisis by hiking the metric ticket of Santiago (the capital of Chile). This led to a huge amount of social unrest. Chileans now have to vote if they want a new constitution from scratch to include more social issues. Last year was a wild one for Chile: the economy fell by 2.1%. Now, COVID-19 has served as the second blow. In 2019, the profits of banks receded by c. 16%, and now this second blow has created even more disruption. However, Feliba claims Chile is in a strong economic position to cope with these difficulties. Copper makes up 40% of total Chilean exports. However, demand for copper, particularly from China, is not that high nowadays.
Chile has deployed its central bank at 10% of GDP to try to cope with COVID-19. In relative terms, this is similar to the U.S and other developed countries. It is keeping the engine running and providing liquidity in an effort to try to sustain lending as best as possible. Chile looks like it'll be fine, provided the COVID-19 crisis doesn't extend too much.
What is the sentiment like in Chile, with anti-government protests happening just last month? Should investors be worried? Feliba claims the Chilean lockdown isn't as stringent as in other Latin American countries, and he also claims Chile has deeper "financial market penetration" than other countries in the region. How do the South American countries stack up against one another? While Feliba doesn't comment on specific policies, he explains that Chile has a reputation fiscal prudents and good management of its debt, with enough buffers in place to take on this new crisis. He claims analysts state Chile has adequate ammunition to cope. The countries that have avoided the strictest lockdowns appear more likely to flourish economically. Similarly, if you take a look at Peru, a country on a wave of 25-years of economic growth, they look well-positioned. What about Brazil? Brazil has weak growth and a weaker credit rating, with limits on its capacity and debt levels, having just emerged from its worst fiscal crisis in years. Argentina was struggling even before COVID-19, with significant fiscal deficits and inflation.
What's gone wrong in Brazil? President, Jair Bolsonaro, is certainly a polarising figure. He was sworn in in January 2019, and the rest of 2019 saw strong share price performance for the majority of Brazilian companies, with compression in debt spreads/borrowing costs. This helped alleviate some investor's concerns. However, this year, Brazil will not be seeing growth: projected at a fall of 5.3%. The BOVESPA index has seen a whopping 50% decline in dollar terms since February, wiping clean 4 years of returns. Worrying.
Feliba then moves into his particular area of expertise: fintechs. As many as half the people in Latin America are underbanked, and fintechs are looking to plug the gap.
Company page: https://www.spglobal.com/marketintelligence/en/
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Interview with Tim Livesey, CEO of Oriole Resources (LON:ORR)
A small company with big plans. Livesey joined the company 2-years ago as he 'likes the under-dog'. We ask if in hindsight he thinks he has taken on too much. He has inherited some issues with the legacy project sin Turkey and Senegal, and also with their shareholding with Thani Stratex. He is very candid about the state of play with these assets and what the company plans to do with these.
They have monetised Tembo Gold, albeit for less than was invested. Livesey's approach is, get what you can and reinvest the money in something he can control which in this case in their Cameroon projects. Livesey feels than Cameroon has the potential to turn around the companies fortunes. They have 2 licences and they would like to apply for more. So what's the plan?
We ask him how he is getting on with his disposal strategy. Why some shareholders have left. We ask how he monetises Turkey and Senegal and when shareholders can expect to see a monetisation event or some value created.
Company Page: https://orioleresources.com/
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Interview with Brandon Munro, CEO of Bannerman Resources (ASX:BMN)
Munro has been guiding us through the complexities of the rapidly changing uranium market. But today we talk to him about his uranium company Bannerman Resources.
Etango, their asset, is in Namibia. A country well versed in uranium mining with two of the world's largest uranium companies, Rossing and Husab, operating there. Munro talk us through optimisation of the DFS, but also explains why he is no hurry to complete it. Seems counterintuitive but his rationale is solid. We also address the most common question that detractors throw at the company, the CAPEX is just too big for them to be financed. He gives us his answer to that, and also talks about contingency planning.
So can Bannerman Resources get financed. And where do they do place themselves in this uranium cycle? They have a very experienced uranium management team which we like. They have a enough cash to last a couple of years. It's large resource. If you buy into their ability to deliver the plan and raise cash, this is worth investigating. Munro oozes control. Are you a buyer?
What do you make of Brandon Munro?
Company page: https://www.bannermanresources.com.au/
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Interview with Matthew Turner, President & CEO of Rockhaven Resources Ltd. (TSX-V:RK)
Rockhaven Resources Ltd. is an "advanced stage" gold-silver exploration company. The main focus is on advancing its 100% owned and 'road-accessible' Klaza gold-silver project in Yukon, Canada. The company has been working on the Klaza Project for over 10-years, identifying around 1.2Moz of gold and 28Moz of silver. Adding Lead and Zinc by-products into the equation, Turner claims the company is looking at 1.62Moz gold equivalent at 5g/t gold equivalent.
Rockhaven Resources claims that Klaza hosts one of the highest grade gold deposits ever discovered in Yukon. Rockhaven Resources controls a substantial 250km²+ of prospective land within the district.
What do the numbers look like? The market cap is c. C$18M. The company has raised US$40M since 2007. What has been the plan for the last 10 years? Turner says the company never expected to find a resource this big in the first place but now wants to grow it further. "It's all a matter of finding more" and hitting a "critical mass." Turner doesn't know if it's 2.5Moz, 3Moz, 4Moz or 5Moz... this is the "main path forward... to get the bigger players interested."
The management team is very good at finding gold, but they aren't gold miners, and Turner is honest about this. Has this put the market off because they are aware Turner and his team are in a cul de sac when it comes to endgame options? The aim is clearly to build up the gold-silver resource, derisk the project, and sell it for a premium. The team are not experts in gold-silver development either. Is this another concern? Turner thinks the company is close to attracting majors, but he claims the company is not there yet because of the current market situation. Does this hold true when the company has been at it for 10 years? Will investors be worried that the management team appears to be devoid of commercial expertise? Can the team make a deal, or are they too skewed towards technical knowhow? Turner claims that nobody it listening, but it is his job to make gold-silver investors listen. There are clearly some major flaws in the marketing strategy.
Rockhaveen Resources appears to believe it owns one of the few 2Moz+ gold mines in a stable jurisdiction, but this is simply not the case. There needs to be more to this story in the shape of a coherent, intelligent plan than relying on investors having blind faith.
Is having just one asset another risk for Rockhaven Resources? The market often rewards commodity diversification and risk mitigation by spreading priorities over multiple assets. Is the single asset conundrum putting a spanner in the works of growth for Rockhaven Resources? How will the company insert itself successfully into the market? Turner continues to say that he will keep moving the project forward and will continue to de-risk it. Investors will need to decide if this is a plan or not. We'd like to hear a lot more.
Turner himself has around 1 million shares of some 188M. He claims the insiders own a "fair chunk" in total: 15M shares. Is this enough skin in the game for your liking? Strategic Metals owns 34%.
All in all, Klaza could be a solid asset. The PEA in 2016 revealed an economic project in a much lower US$1200/oz gold price environment. Turner really needs to think about how he is communicating the value proposition to the market, and needs to move away from the technical prowess that has become a constant theme. Investors want to hear how this thing is going to make them money: plans, timescales, potential JVs and strategic partners, financing strategies, etc. After 10 years, Turner might have to go back to the drawing board unless the share price picks up soon and the current strategy pays dividends.
What did you make of Rockhaven Resources? Why invest in Rockhaven rather than any other gold developer?
Company page: https://www.rockhavenresources.com/
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Here is our latest weekly chat with Brandon Munro, this time about Cameco's Q1 conference call.
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Interview with Ross Beaty, Mining Investor and Legendary Entrepreneur
Which entrepreneur wouldn't want to replicate Ross beaty's business success? It wasn't always so easy for the young Beaty, who tells us about the mistakes and lessons learnt. Beaty makes time to talk us and shares some of his thoughts on a variety of topics outside of mining too. We start with his childhood and early years. What three things are important to him? What shaped his thinking and drove him into mining? We talk about his management style today and what he looks for in manager of his projects.
And let's be honest, if he puts his name to a project it has more chance of success than most as he can bring money to the table. He appreciates that but there is still a lot to do to be able to build a globally significant mines. But you have to like risk.
So when is he going to retire and what's is he going to do? And what is his take on Named Shorting?
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Interview with George Frangeskides, Executive Chairman of Alba Mineral Resources (AIM:ALBA)
We last spoke to Frangeskides in October. How have things developed since then for Alba Mineral Resources?
Alba Minerals Resources is a small but multi-faceted UK-listed company. The company's projects range from the Horse Hill and Brockham oil & gas projects in England, along with polymetallic, multi-mineral projects in Greenland (4), Wales (1), and Ireland (1). Specific commodities of focus include graphite, iron ore, copper, gold, titanium (ilemnite), zinc, and lead. Talk about commodity diversification!
Horse Hill is in production (1 & 2). The drilling was successful, bar a water issue. The vertical project is claimed to hold advantages over horizontal projects: around 2-3X. This is all on hold for the time being. The real mainstay is "HS1," which has been producing 250-300 barrels per day. Alba holds an 18% interest in Horse Hill Developments Limited, the owner of a 65% participating interest and operator of the Horse Hill oil and gas project. There is 25-years of planning permission and there is long-term consent from the Oil and Gas Authority (OGA). All of the regulatory work appears to be in place. The plans are to ramp up production to make it more profitable, but this is impossible right now because of the COVID-19-induced oil market crash. Alba Minerals hasn't been putting money into it as of late, but this could turn into a solid cash flow eventually. At the right price, Frangeskides would look to exit on favourable terms. Does the multi-asset, multi-jurisdiction model derisk things, or has Alba Minerals put its eggs in too many baskets? Frangeskides believes it is worth GB£5-5.5M.
We then wanted to talk about the 90%-owned Clogau Gold Project in Wales. Alba Mineral Resources has the right to ascend to 100% ownership. The mine closed in 1998, but historically produced 80,000oz, making it the U.K's largest-ever gold producer. Historically, it is claimed that Clogau gold has been found in exceptionally high-grade pockets, with 'bonanza grades 'running from 10-100oz/t gold. In addition, one of the big marketing strategies has been the Welsh gold thematic: Alba Minerals Resources claims that Welsh gold can attract a 'significant' premium on the gold spot price: around a 2 to 3 multiple due to scarcity value. Is this nothing more than a marketing strategy, or is this substantial? The aim is to leverage existing historical data with modern technology, creating a well-positioned, high-grade, low-cost gold mine. Clogau was purchased for c. GB£1M, mainly in shares. Frangeskides doesn't think Alba Mineral Resources needs to produce as much as 80,000oz gold pa in order to make the operation exciting and profitable. 5,000-10,000oz pa would be enough. Welsh gold was last sold at specialist auctions and fetched 8-10X spot price rates in small quantities. Frangeskides is adamant: there is a market here. There are competitors out there, but Frangeskides would be looking to produce high-end, bespoke items that would fetch a "massive premium."
What does the cash situation look like? Frangeskides claims the cash situation is sensitive, and that he can't discuss the numbers. What he can say is that in February, his company secured up to GB£1.1 million of funding from US-based institutional investment fund Bergen Global Opportunity Fund LP. Given the way the market has moved, this looks to have been a smart move.
Moving forward, it appears there is little Alba Mineral Resources can do until the market becomes more favourable.
Company page: https://www.albamineralresources.com/
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Interview with Ryan King, VP, Corporate Development of Calibre Mining Corp. (TSX:CXB)
There are plenty of exciting stories in the gold space right now, but this one is up there for us.
Calibre Mining is a TSX-listed 10-year gold explorer that has recently turned producer. The team at Calibre Mining arrived from Newmarket Gold, acquiring 2 Nicaraguan assets from gold major, B2Gold: El Limon, and La Libertad. The company has just announced its Q1/20 results and they are strong, with solid grades and plenty of cash flow.
At the beginning of 2020, Calibre Mining announced its guidance for the year was 140,000-150,000oz gold production, at an AISC US$1,000/oz figure.
Why did the company shift from long-term explorer to full-speed ahead producer? From years spent assessing and scrutinising gold assets, the management team came to a realisation: if they could obtain the right "suite" of assets, with good geological upside/potential, the right timing, and at the right price, they could make investors a lot of money.
When the gold market was in a downcycle, B2Gold moved it focus away from El Limon and La Libertad to focus on other advanced gold projects. These assets became non-core, and Calibre Mining was able to pounce on the opportunity. In 2018, after share price stagnation, the company decided to pivot away from its exploration past to replicate the management team's success at Newmont Gold. The company set about attempting to buy producing assets. It did a 10:1 consolidation, conducted a small raise of C$5M (largely from the board). Around 1-year later, Calibre Mining announced its intention to buy the duo of assets, in addition to a C$105M financing. The fact that Calibre Mining was successful, especially considering gold was in a down cycle at the time, is mightily impressive. The company paid US$40M in cash to B2Gold along with US$40M in shares. B2Gold now holds 34% of Calibre Mining. There is one remaining payment of US$15M due in April 2021. This is the only debt. Looks like a strong balance sheet. Calibre Mining has added two producing gold mines to its list of gold exploration assets. It looks like a great portfolio.
So, how is Nicaragua as a mining jurisdiction? King admits it's not well known, but he has good relationship with the Nicaraguan ministries of labour, mine and transport due to pre-existing relationships. King states that c. 98% of his workforce is comprised of locals. King speaks highly of Nicaragua's mining code. Mining is key to the country's economy.
King has managed to transform the two assets into something much more impressive than they used to be? How? King has capitalised on the excellent infrastructure (particularly roads) and power services of Nicaragua. The two processing facilities have around 250-300km between them, but there are multiple ore sources spread around Limon, Libertad and Pavon. These ore sources combine with a total of 2.7Mt of installed capacity to create a cohesive, efficient model that allows Calibre to shift and move ores to where they will be most efficiently processed. This was reflected in the Q1 results: 20% of the Libertad Processing Facility's metal production came from sources that aren't on the Libertad property. King states he is proving the concept he set out with, and this has been reflected in an exponentially rising share price. From C$0.54 in mid-march, it has shot up to C$1.09 in just over a month. The market has latched onto the value proposition King is offering.
It appears Calibre Mining has managed to piece together some quite ordinary assets and is processing them in an incredibly efficient and intelligent fashion. Equinox Gold springs to mind. King states that investors are buying into increasing grades, which could have a transformative impact on economics. The company US$43M of cash.
What did you make of Ryan King?
Company page: https://www.calibremining.com/
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Interview with Daniel Major, CEO of GoviEx Uranium (TSX-V:GXU)
It's interesting hearing the very different takes on the Nuclear Fuel Report from uranium explorers, producers and developers around the world. The US uranium companies have enthused over it, but what about GoviEx?
GoviEx is a uranium exploration and development company focussed on its African uranium properties. The aim is to become a significant uranium producer via exploration and development of its flagship permitted Madaouela Project in Niger, its permitted Mutanga Project in Zambia, and its Falea Project in Mali.
Major wasn't surprised by the report. He's conscious of the lack of detail; specifically, how will the buying be orchestrated and at what price? He also remarks it will only really benefit 2 or 3 players because of the volumes being spoken about. He believes the remainder of the document is geopolitical: America VS Russia & China. He thinks there should have been more in the report to support the US reactor fleet. 'We've ended up with some nice policies for a few uranium producers but not a lot else'. Major thinks America will need to spend much, much more money if it is to stand a chance of breaking the China/Russia uranium monopoly.
While Major thinks COVID-19-induced tightening in uranium supply has forced the utility companies to come into the market a little sooner than they have planned, he sees the big American utilities making large orders and claims they are currently the biggest buyers. Is this the beginning of normal utility buying habits making a comeback? Major appears much more pragmatic than some uranium speculators we've spoken to: he doesn't think anyone should be expecting uranium to go US$50/lb any time soon.
Major thinks that Kazatomprom didn't originally realise the scale of the coronavirus problem. Their quite initial announcement was followed by them announcing they'd be 10Mlbs down for the year, and this saw a big reaction in the uranium market. Cameco's comeback could be put on ice for even longer because of fears about the second wave of COVID-19. Cameco could still be offline for several months. That's a lot of material being taken out of the market. How will the uranium price continue to react?
Major is of the opinion that the utility company's contract books are well-covered for the rest of 2020, but become uncovered by 30-40% by 2021/2022. However, utility companies are not going to wait until then. They will be buying much sooner but nobody knows when. Major is also of the opinion that inventories have been nearly fully depleted.
GoviEx is carrying on with its revised PFS at Madaouela, having reformatted their FS because of a number of key changes. Much of this was to do with metallurgical test work in Africa. The Niger lockdown is over at the end of the week, so Major expects to complete the assay results soon after. The PFS back in 2015 was all about maximising NPV, but used US$70/lbs as the price environment. The modified PFS this year is about showing Madaouela is as cost-effective as Cameco's McArthur River uranium mine in a slightly lower price environment, sub-US$50/lbs. The project has been simplified, so it will be presented to banks as an open-pit operation.
GoviEx has been planning to utilise proprietary ablation technology, but Major is aware that the bank's technical analysis of the technical processes at Madaouela will reveal a heightened technical risk because nobody has used the technology successfully before.
After touching on the security situation in the Sahel (West Africa), Major talks numbers. In February, GoviEx raised C$2.5M, which will cover the company through to completion of the PFS at a burn rate 30% lower than usual. Major expects the new, improved PFS to be out by Q2. Then the company will look towards conducting its second raise.
Company page: https://www.goviex.com/
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Interview with Terry Filbert, CEO of East Asia Minerals (TSX-V:EAS)
East Asia Minerals is a TSX-listed gold and precious metals developer with two assets in Indonesia: Sangihe, and Miwah, the former flagship asset that gave East Asia Minerals a C$600M market cap. The market cap is C$3M today.
When it comes to East Asia Minerals' fall from grace, Filbert is pointing his finger. He blames self-interest promoters who squashed the stock by trying to take the company over. It's been a tumultuous ride for East Asia minerals over the last 5-years or so, involving multiple CEOs, deals falling through and the suspension of Miwah because of forestry licencing issues. Filbert states the company has over US$20M of drilling data. The market is giving zero credit for this.
Indonesia. As a mining jurisdiction, there is a lot of red tape. Permitting and licencing is a difficult, protracted process. What does Filbert think? He states that to be successful, you have to "be on the ground," you have to be there "all the time," and you need to have a "network" to deal with problems that, in Indonesia, come thick and fast. Filbert won't have a project in Indonesia unless he is there, because it is a "guaranteed way to lose money."
What does the team's background look like? Filbert has a track record in country, with business ventures in Hong Kong, China and Indonesia, including exporting timber. Any specific mining experience before East Asia Minerals? Filbert states he is a surfer just looking for the next wave: a "chronic entrepreneur." There is some geological expertise at East Asia Minerals, but it doesn't appear there are that many mining experts involved.
East Asia Minerals has some institutional shareholders. Sprott holds c.14% because it invested in the original deal and there are several other major legacy players involved. Filbert wants to ramp up to 2,000oz gold per month in 15-months' time and is asking for around C$5M to get into production at 1,000oz per month, on top of clearing the decks with the C$1.3M that they current owe. He is also hopeful the company can solve the issues at Miwah eventually, but the focus right now is 100% on Sangihe. The operation would require RC drilling and most of the ore body is at surface, so could it be economic? Filbert claims that East Asia Minerals is close on the licencing/permitting front, and only has 2 more to get.
Any plan to get Miwah resurrected? It's not on the books right now, and while Filbert has a plan to restructure things, there are plenty of obstacles in the way, especially surrounding unpaid taxes and fees, and a lack of reports for the last 6-years. East Asia Minerals doesn't appear to be in a strong position on this front. Right now, there are many other places Filbert would rather allocate capital too. Will getting into production at Sanighe free up some cash flow to get the company back on the right track? It remains to be seen.
How will Calibre Mining raise this capital? Filbert has assigned a new member of the team to focus on dealing with public markets. He is aware that turning back the clock to a time East Asia Minerals was private would help things, but hindsight isn't helpful right now. He admits he has made mistakes that have delayed funding, but he now believes he has the right people to get this back on track. We appreciate Filbert's honesty, but will investors have faith in his competence? He admits he "doesn't know how to do it." These are not encouraging words from gold mining CEO, even if they are candid.
What did you make of Terry Filbert? Can East Asia Minerals restore its pride and get reward investors who have seen the share price decimated? For their sake, we're hoping so.
Company page: https://eastasiaminerals.com/
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Conversation with Dustin Garrow, Managing Principal of Nuclear Fuel Associates
With a possible uranium renaissance finally on the cards, uranium investors will be clambering for all the content they can get their hands on. Well, this isn't one they can afford to miss.
It's been an extremely eventful few weeks for uranium. We had Cameco suspending its Cigar Lake uranium operation, Kazatomprom announcing impaired uranium production figures, and then the NFWG report. The report was tonally definitive: it's time to restore America's competitive nuclear advantage. However, there was a deficiency when it came to the specifics, particularly subsidisation figures and timescales, but it was just a policy document after all.
We were keen to gain some insight into the uranium space: Garrow was the man to ask. He's a uranium market commentator and sits on a number of boards for uranium junior mining companies.
First things first, what is his take on the NFWG announcement?
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Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE:UUUU)
Off the back of the promising NFWG report, Chalmers was keen to talk about what this could mean for US uranium producers and Energy Fuels. The report talks about restoring America's competitive nuclear energy advantage.
What is Chalmers' take on the report? Energy Fuels was one of the two American uranium CEOs (Ur-Energy was the other company) to petition under section 232 petition, he must be feeling quite pleased of himself. They managed to get a Nuclear Policy document out of the US Govt Department of Energy.
Chalmers states it not very often that a sector can be this impacted by something like a report from the US government, but uranium is a unique case. Was the document what Chalmers was expecting? He thinks it's the boldest position the US government has taken on the nuclear fuel cycle in decades. Many uranium investors have been concerned at the lack of detail in the document, but Chalmers is clear: this is a policy document. There are still things that need to be filled in, but the language and narrative that is being created appear to be strong: American uranium mining and operations must be supported.
For Energy Fuels, a company ready to pull the production trigger, this latest catalyst could lead to real growth. They have 500,000lbs of material in inventory at surface, and as much as 700,000 by the end of this year, waiting to be processed at the right time, in the right price environment. If the US Govt does re-energise its nuclear industry, American uranium producers who are ready to move will benefit the most. Those are the companies that will be able to sit at the table with utility companies and negotiate long-term supply contracts. The uranium juniors that are left floundering around with lengthy permitting processes and explorative drilling will be left out in the cold. Energy Fuels appears primed to move; its White Mesa Mill is capable of processing 2,000t of material per day. This is likely to be key to rebuilding the North American uranium industry: the only fully-functioning conventional mill in the entire country.
The first step will be U308 purchases, but Chalmers is observing the situation calmly. Chalmers thinks the government needs to focus on a few producers by being selective, rather than spreading uranium budget to lots of small uranium explorers and developers. Does America need to focus on the few to restore its uranium prestige? Chalmers states the regime of the government should be a buying schedule focussed on a limited number of ISR projects and the White Mesa Mill: the government should not be giving everyone a piece of the pie.
The spot price is up around c. US$33/lb, but Chalmers points to the price he feels is fair for "a pound of uranium produced in the western world:" US$60, or greater. This appears to be the "sustainable" figure that an industry can be rebuilt upon, though not all uranium companies will survive in such a price environment. Chalmers feels the US uranium space will continue to struggle until it hits long-term prices around US$60/lbs. Chalmers states that while Cameco may negotiate some contracts at US$40/lbs, the uranium giant will struggle unless prices rise much higher. The message is definitive: utility companies need to stop being used to dirt cheap uranium.
Moving onto specifics for Energy Fuels, what is the short-term focus? Cashed-up with 3 good assets, an experienced management team, and a great mill, Energy Fuels has a lot going for it, but what will it do to add value for shareholders? Chalmers will seek clarity from the DoE on the report and will advocate for themselves, being the producers of 35% of American uranium supply in the last 15 years. Selling inventories and working on alternate feed remain are other priorities; the rare earth elements play could be a real gamechanger.
Company page: http://www.energyfuels.com/
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Interview with Andrew Bowering, CEO of Prime Mining (TSX-V:PRYM)
Prime Mining is a TSX-listed gold explorer and developer with assets in Mexico. The primary focus is on the Los Reyes gold-silver project.
Prime Mining has changed it's plan a lot since we last spoke in December. The business plan was originally to start producing gold as soon as possible. The Resource was around 530Koz of economically mineable gold and 10Moz of silver, all sitting near-surface. This would have theoretically enable Prime Mining to be producing 65-70Koz annually in around 2-years' time. At the time, Bowering stated that attaining cash flow in the fastest possible time would enable his company to fund additional drilling, expand the resource and ramp up operations. This seemed prudent given a gold price rising above US$1,700/oz has led some commentators into a speculation frenzy: possible US$2,000/oz gold?
What does the plan look like now? Growing out the gold resource to 3-5Moz is the order of the day. If the exponential rise in share price is anything to go by, this looks like a good decision. Why did it change? A 500,000-600,000oz gold project was solid, but unspectacular. Once Prime Mining got "stuck into" the Resource, it became clear that is was much bigger than they first anticipated. The original plan was a low-CAPEX, heap-leach operation. For c. US$25M Prime Mining would have been in production at 60-70,0000oz pa, paying off its expenditure in 6-months, with a 3-4-year run-life before shareholder payback becomes a pressing concern. The big issue that Bowering identified with the plan was recovery rates. By implementing this strategy, Prime Mining would have only recovered c. 70% of its gold and c. 25% of its silver.
The new resource, announced April 2nd, is the catalyst behind this share price leap. After just 7 to 8-months of surface work, Prime Mining has now announced a 1Moz deposit. This would produce gold via a much more efficient CIL operation, which would allow Prime Mining to have recovery rates of 95% for gold, and 75-80% for silver. These economics are transformative, and with a new CIL plant planned, Prime Mining can avoid leaving c. US$250M on a leach pad. Now it's time to see just how big this Resource is. Bowering sees little prudence in conducting an engineering study right now when the true scale of the resource could be much larger. He'll need to keep timing in mind though because gold won't stay this hot forever.
The big institutional names that Prime Mining has managed to bring to the table have always served as a hint that the company could be on to something much bigger. With gold running up past US$1,700/oz, Bowering is confident there will be no shortage of available capital for gold exploration companies. What does this figure look like? Between US$6-10M now, and then depending on the potential scale of the project, US$20M-30M next year to conduct infill drilling. Bowering's lips are sealed on strategic partners, but he states that fundraising will occur via a simple equity financing. Bowering is being trusted to run this thing: that can only be a good sign. Some board changes are likely afoot because these new partners bring "a lot of clout" to this Mexican gold operation. Being the largest shareholder in Prime Mining, Bowering is likely to consider these decisions carefully.
Looking at the timeline for production, Bowering hasn't set anything in concrete. However, the drilling company Prime Mining would like to use has made an application to the Mexican government. most of the drilling is on existing roads, so it shouldn't require new permits. He plans to start drilling for gold and silver as soon as possible, despite COVID-19-induced disruption. Social distance drilling looks a strange, new norm. Bowering then touches on Prime Mining's extremely strong relationship with the local Mexican community.
Company page: https://primeminingcorp.ca/
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Interview with Alex Black, President and CEO of Rio2 Ltd (TSX-V:RIO)
Alex Black is back to talk about Rio2, a Chilean gold explorer and developer, and one of our favourite gold stories in quite a while. The market hasn't been kind to Black. He inherited a large feasibility study plan, which he halved in size. We appreciate the pragmatism of this move but it was always going to be unpopular with some investors. The water permit situation compounded these issues and caused investors to have concerns. While investors who crinkle their noses at anything less than a 20-bagger might want to check-out now, those who want sensible, de-risked returns should pay close attention to what Black has to say.
While the size of the resource has halved, there are plenty of promising stats. Take the CAPEX: in the updated PFS is has fallen from USD$400M to a smidgen over USD$100M. The strip ratio is lower and the IRR is marginally higher. While the AISC has increased, future optimisations could well bring it down. Rio2 is a low-grade, bulk-tonnage gold operation. Don't sniff at the grade; look at the margins, look at the management's strong track record, and look at the level of risk. Rio2 has been hard at work trying to get the gold mine constructed as quickly as possible so the company can get into production. The management intends to increase the gold production rate from an initial 100,000oz pa to a mid-tier 200,000oz pa. Can Rio2 strike while the gold iron is hot? Construction is guided for Q4/20. What Rio2 has at the Fenix Gold Project is the largest, undeveloped, gold heap-leach project in America, with 5Moz gold in M&I resource.
Black then decides to immediately tell us his share position and salary. If only more CEOs could do the same! Black has c. 15M shares (from around 181M). Black paid for all of them and has invested a total of C$2.5M. Black is paid US$300,000 pa. He doesn't sit on any other boards or advisory committees. Crux Investor is all about transparency for investors, in a game that is so often rigged out of their favour. We like Black's approach, and he has our respect for this alone.
So, what has been happening since we last spoke? Black starts by stating that, after an investigation, the board at Rio2 is confident they have been a victim of illegal naked shorting. Naked shorting involves the manufacture of shares (never giving lent shares back). Is this one of the reasons causing Rio2 to find pushing the share price up difficult? The Canadian Government currently denies it is occurring. Black, and many other Canadian companies, want to see this change ASAP.
Has the water permit situation now been solved? Black states it has been via a temporary solution until permits are sorted. Rio2 will truck water in from the nearest regional centre 140km away. Black is clear on this: it works. A 30t tanker truck leaving the centre every 20 minutes should certainly satisfy Rio2's appetite. An "elegant solution" for a "complex process?" This should see Rio2 through the start of production comfortably until full water permits can be obtained. It looks like a smart workaround. The costing in the PFS in US$14/t of water, which is baken into the US$1000/oz AISC.
Rio2 finished last year with working capital of c. C$16M; this is enough to get Rio2 through to the end of Q2/21. Rio2 just filed its EIA, which was completed from scratch. The EIA process should be concluded by Q2/21, then it's onto finalising permits. Black expects to receive the final construction permit in October, 2021, and then it will be time to get started. The financing process has started: conversations are taking place. Black is very confident Rio2 won't have a problem getting funded. The financial plan should hopefully become transparent by the end of 2020. Until then, Black's focus is on driving the share price up and getting the story out there.
What did you make of Alex Black and Rio2?
Company page: https://www.rio2.com/
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Interview with Greg Romain, President & CEO of Gowest Gold (TSX-V:GWA)
One focus: gold.
Gowest Gold is a Canadian gold developer that is 12-years in the making. The management team is honest: Gowest Gold has made a number of mistakes. The team has missed several deliverables and targets; the market is clearly nervous. The company has a 120km land package in Ontario, "the city with a heart of gold." The company primary focus is on developing the Bradshaw Gold Deposit into the next new gold mine in the North Timmins Gold Project. Gowest aims to process its bulk sample by Q3/20, heading into production by mid-2021: ambitious, but can these words be relied on?
Romain has been involved with Gowest for 12-years since he joined as president/CEO. His background is as a chemical engineer. Should he have been put at the helm? Regardless, Romain jumped in with both feet. The plan was to grow a 500,000oz indicated gold resource at 6g/t to "at least" 1Moz and take a bulk sample. "Easier said than done." His words, not ours. Romain gives the 2009 global financial crash as an excuse. The Bradshaw Deposit was originally a JV with a private company. At the end of 2009, the company raised US$6.5M and undertook a 2010 drill program. In 2011/12 the company released a PEA with the Resource at c. 1.2Moz (including Indicated and Inferred). In 2015 the company produced a PFS. What happened in the 3-4 years in between? Off the back of the PFS, in Dec 2017, the company struck a deal for US$17.6M in debt to take Gowest Gold through to bulk sampling and production.
In 2018, the company received the first tranche of US$6M to develop the greenfield Bradshaw site. In 2017, the company had signed an agreement to acquire 50% of a mill in the Timmins camp. In early-2018, the controlling Chinese shareholder of the mill had a large reorganisation and decided to pull out of the JV with Gowest. This was partly down to Gowest Gold's failure to obtain certain permits. For the next 18-months, the company has nowhere to process its bulk sample, towards the end of 2018, Gowest Gold found another mill in Quebec. Gowest ended up signing a US$12M with the mill in Quebec, but the largest shareholders (42%), a Chinese private group, were hesitant. However, after lots of floundering, Gowest Gold is now "back at the mill it should have been at originally," the Redstone Mill, courtesy of an individual "at arm's length" to Gowest's largest shareholders. That being said, permits at the mill are still being finalised. Romain claims the company will begin processing the bulk sample at the start of Q3/20. Romain claims the 100% refractory gold at Bradshaw requires a flotation mill; is this what set the company up for difficulty? Romain thinks so. Do you?
Gowest Gold is looking at a US$1.6M with an expensive loan: 10% on a 1-year term, and claims the owners of the mill are the people putting up this money.
What were the economics surrounding the 2015 PFS? The AISC is a low US$900/oz, though Romain admits it will be higher now. The company has done "a lot of work internally" but doesn't want to come out publicly to avoid having to do another 43-101 Resource. Again, investors want transparency. The NPV was 27% at US$1,200/oz gold, now at C$2,000/oz gold, the IRR looks like at least 100%. Romain claims the government is pushing Gowest Gold to get the mill permits finalised because "they want us in there." He is adamant that this mine will produce, and Gowest Gold investors will be rewarded for their patience.
We've heard this all before, but are things different this time around? What did you make of Greg Romain?
Company page: https://www.gowestgold.com/
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A conversation with Brandon Munro, CEO of uranium developer, Bannerman Resources (ASX:BMN)
Thursday saw the long awaited announcement by the US Govt's Dept of Energy Nuclear Fuel Working Group. They made a recommendation about how America can restore itself to former glory by investing in the entire Nuclear Fuel chain. The report was initially received negatively by retail investors as they were expecting it to detail how much money was being allocated and to whom. It didn't. It read more like a Framework Policy Document, which in itself is an impressive feat.
The Nuclear Fuel Industry is far reaching and complex. But as days have passed and many commentators have given their verdict the mood seem positive and refocusing on the economic drivers. Whilst not yet a seller market, it is becoming less of a buyers market.
Brandon Munro breaks down the announcement with the effortless ability of the sharp mind and intimate knowledge that only he has of the uranium and nuclear ecosystem. We run through the key policy measures and he explains what each means in quick succession. We also discuss the global implications.
Company Page: https://www.bannermanresources.com.au/
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Interview with Merlin Marr-Johnson, Director of Salazar Resources (TSX-V:SRL)
Interview with Merlin Marr-Johnson, Director of Salazar Resources (TSX-V:SRL) Salazar Resources is an Ecuadorian exploration company. In our last interview, we discussed how this gold explorer had farmed out its first copper-zinc-gold asset, the El Domo Curipamba VMS discovery. The PEA shows an economically viable resource. The company is fully carried for 25% and receives US$250,000 in advance royalty payments (to a limit of US$1.5M), additional recurring management fees standing at over US$350,000pa, and was also given the ability to lease out their 3 drills. At the time, they had c.$5M in the bank to continue exploration and consideration of M&A options. Salazar Resources has 3 additional copper-gold assets at varying degrees of licencing. Adventus has a 75% option on project, obtained by funding CAPEX of US$25M over five years. Fully carried for 25%, and receiving annual cash payments. Interesting. A Feasibility Study will be completed in 2022 for El Domo Curipamba, and lots of metallurgical work has been carried out. The aim is for production in 2024, possibly late 2023.
We really like project diversification and commodity diversification. It helps mitigate risk by removing a company's reliance on a single asset performance. So, in addition to running the copper-gold side of things smartly, Salazar Resources has a zinc-exploration JV that falls within the Adventus-Salazar Exploration Alliance that contains two projects, Pijili and Santiago. Salazar Resources has no activity-funding burden at Pijili or Santiago because Adventus must provide 100% of development and construction expenditures up to a construction decision. Exploration activities of the Alliance are carried out by Salazar on a cost +10% basis.
It's a good solid model: Salazar Resources can seek out exciting copper-gold and zinc projects, then get other companies to foot the bill. CEO, Fredy Salazar is an ex-Newmont team leader in country and Salazar Resources.
Lots of green lights here, but what about concerns and possible red flags? Ecuador a mining jurisdiction making changes to mining code. The permitting process, both water and environmental, is slow. In light of this, Salazar Resources has been quite slow to deliver on exploration ambitions in the last 18-months due to Ecuador-wide permitting issues. Like in many countries, the mining industry has some social issues in Ecuador, with the usual vocal protests and populist sentiment. However, the administration itself is very pro-mining. Another issue is that the board is a little burdensome.
Perhaps the primary reason behind Salazar Resources' share price stagnation is the issue of a lack of liquidity in the stock. Marr-Johnson and the rest of the Salazar team are clearly aware of this. Marr-Johnson was steadfast in his response: all the team can do is get out there and tell the story to prospective investors, and continue delivering results. We feel Salazar, and in particular, Marr-Johnson, have communicated the value proposition effectively. It's up to investors to listen and decide if they think Salazar Resources is an Ecuadorian winner.
Moving forward, what will Salazar Resources do with its US$3.5M cash? Exploration is planned. Potential catalysts in 2020 will be drilling on the 3x 100%-owned exploration licences: Rumiñahui, with copper-gold porphyry targets, Macara Mina, with VMS targets, and Los Osos, with copper-gold-silver targets. The big decision the Salazar face is to select which of their 3 assets they are going to select to develop; the other 2 likely then farmed on on a similar basis as El Domo. There is a lot to like about mining in Ecuador and lot to like about this business model.
Company page: https://www.salazarresources.com/
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An Interview with Farhad Abasov, CEO of Millennial Lithium (TSX-V:ML)
The EV revolution is something many investors will know lots about. Battery metals are at the heart of the EV thematic, with exponential demand projected by many qualified experts and commentators. A battery metal that will undoubtedly be important in the future production of EV batteries is lithium.
Lithium batteries are primary batteries that have metallic lithium as an anode. These types of batteries are also referred to as lithium-metal batteries, and Li-ion batteries. While there is plenty of demand for lithium in portable consumer electronics, the real promise of growth comes from the idea of Teslas and Volkswagens whirring up and down roads around the world.
The lithium market has depressed for much of the last few years, but this is because of oversupply from Chinese-grade lithium. This low-grade lithium differs from Millenial Lithium's model; the company intends to fill the high-grade battery demand gap.
So, Millenial Lithium. The company is listed on the TSX-V and is a lithium developer. Its flagship project is a lithium brine project, Pastos Grandes, located in Salta in the 'Lithium Triangle' of Argentina. An FS was recently released for Pastos Grandes:
There are proven Lithium Carbonate Equivalent (LCE) reserves of 179,000t and Probable LCE Reserves of 764,000t. The economics are robust for a 24,000t/y battery-grade LCE operation. The CAPEX is reasonable, standing at US$442M. The OPEX is US$3,388/t of LCE, with an NPV of US$1,030M and an IRR of 24.2%. Pilot plant (evaporation plant) and 'pilot pond' trials have been taking place for a while. Millenial Lithium will commission the plant in the next few weeks.
What about permits and licenses? Millennial Lithium obtained its fiscal stability program late last year. This fixes royalties and taxes as of that time and was a strategy to combat economic instability in Argentina. In terms of the mining permit, the EIA was completed and filed last year, but things have been delayed because of Argentinian political elections. However, the new administration is in support and ready to sign. COVID-19 has put a halt to things for now, but Abasov is confident it'll be done in the next few weeks. Salta looks like a good mining province, and while there are some issues in wider Argentina, this should be looked at on a provincial level. Millennial Lithium is unlikely to have any problems here.
Interestingly, there is a potash by-product as part of the Pastos Grandes lithium project. The potash to lithium ratio is 4:1, which makes the amount of potash substantial (c. 100,000t per annum). The already strong FS did not take potash into consideration. The plan originally was to stockpile potash for the first few years, then begin selling is regionally and nationally. Potash currently fetches US$200/t-US$300/t. This means around US$25M additional income for Millennial Lithium. Very smart indeed.
Abasov and his management team have an excellent track record over the last 12 years. the management team has largely stayed together. The business model is simple: find a project that can become world-class, then throw everything into it. They focus on one project at a time, and they take it from exploration through to production, or they position it for an M&A transaction. Some examples? The most recent is Allana Potash Corp., a Canadian-listed African potash project. The team took it from a US$3M initial investment to production, then sold it for US$170M. The team has replicated this success several times. These are remarkable returns. Investors need to pay attention. Abasov then touches on COVID-19's impact on global lithium demand.
Company page: http://www.millenniallithium.com
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Interview with Wayne Heili, CEO of Peninsula Energy (ASX: PEN).
Following todays announcement of the DoE's plan for Nuclear Energy in the US, we speak with Wayne Heili to hear his thoughts.
Company page: http://www.pel.net.au/
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Interview with James Campbell, Managing Director of Botswana Diamonds (AIM:BOD)
Diamonds are a girl's best friend?
Botswana Diamonds is an early-stage diamond exploration and project development company with exploration licences in Botswana, South Africa and Zimbabwe. Botswana Diamonds is listed on AIM and the Botswana Stock Exchange. Over one-third of the world's diamonds are mined in this region and Campbell regards it as highly prospective.
What does the diamond market look like? The fundamental demand comes from engagement and wedding rings. A global tradition, individuals will spend, on average, between 3 to 4-months of their gross salary on a diamond ring. Campbell says once you have bought your first diamond, you are statistically likely to buy your second diamond, and this increases upon every additional purchase.
What about industrial diamonds? From a value perspective, this sector is relatively small. The majority of industrial diamonds are produced on industrial presses, rather than out of the primary natural diamond sources: kimberlites. Other uses are beginning to creep in, such as formerly silicon computer chips. Diamonds are an excellent conductor, so could become the computer chip of choice.
What about the financial side of things? Before the global financial crash in 2009, big institutional investors used to always take 10% of every high-potential diamond explorer in the world. After the crash, this funding from big firms dried up. From a long-term perspective, there are fewer and fewer diamond mines being discovered, and the belief in the natural diamond macro story remains robust. Campbell claims diamond prices must increase over the long term, but doesn't know when. There appears to be a consensus that a supply-demand gap is growing larger and diamond producers need to fill this void.
Are diamonds a luxury that future generations will be unable to afford? What statistics are diamond demand projections based upon? Realistically, to survive and get funded, Botswana Diamonds needs to find large or coloured stones via a kimberlite project.
What are the numbers? In its 7-year lifespan, Botswana Diamonds has had a burn-rate ranging from £350,000-£1,000,000 per annum. Because of a halt to fieldwork, generated by COVID-19, Botswana Diamonds' burn-rate should go below £350,000. The company is currently focussing on compliance work to keep licenses in good order and other desktop work. The average yearly cash burn is £500,000. The company has raised c. £3.5M in the last 7-years and is "reasonably-well cashed up at the moment." Campbell is conscious going to market would be incredibly difficult in the short term, so it appears the hatches have been firmly battened down. The general trend of the share price is down, so Campbell has a task ahead to change that trend.
Campbell has a good reason for investors to believe. the track record of the management team is top-notch. In their previous form, Africa Diamonds, the company was responsible for the development of the AK6 deposit (now the Karowe Mine) and delivered 10x returns to investors who got in and out at the right time.
Why should investors look at Botswana Diamonds now rather than after its evaluation phase? Drilling on high-grade geophysical targets with kimberlite minerals over the top of it is on the cards after the lockdown. Also in Botswana, a JV with BCL (in liquidation) has turned up some high-grade kimberlite targets. The liquidator is making progress. The South Africa project has released a 100t bulk sample that will be reviewed in the near future. in Zimbabwe, a JV with Vast Resources also demonstrates potential.
Company page: http://botswanadiamonds.co.uk/
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Interview with Jeff Klenda, CEO of Ur-Energy (NYSE: URG, TSX: URE)
Jeff gives us his response to the US Department of Energy's document Resolving America's Competitive Nuclear Energy Advantage.
Company page: http://www.ur-energy.com
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Interview with Mike Rosenstreich, Managing Director of Hexagon Energy Materials (ASX:HXG)
Hexagon Energy Materials is an ASX-listed rare earth elements (REEs) developer. It is aiming to commercialise a 'revolutionary' rare earth processing technology called RapidSX™, which it claims has the potential to disrupt China's virtual monopoly over the processing of rare earth elements into rare earth oxides (REOs).
In March 2017, when Rosenstreich first joined Hexagon, he had a clear mandate: commercialize a Western Australian graphite deposit that the company held. Hexagon Energy Materials was primarily focussed on graphite for the anode of Li-ion batteries for the EV revolution. This worried Rosenstreich at the time, because China dominates the EV graphite space, and he saw little logic in David going into battle with Goliath. The McIntosh Project is a large-scale, high-quality flake graphite deposit, and Rosenstreich and his team worked hard to explore different routes the company could push its graphite down. The team began to appreciate the value in the downstream of the graphite business, rather than the upstream.
Last year, a JV with a major Australian mining company allowed Hexagon Energy Materials to finance the McIntosh graphite project through to production. However, moving through 2019, Hexagon Energy Materials began focussing much more on the downstream. Unfortunately, through 2019, declining graphite prices cause the company to come out publicly and label the project unviable in that price environment. The company ended up pulling back from its primary upstream graphite project to focus on the downstream: specialty graphite materials for special markets with a 'made in the USA focus,' because that's when the company's technical expertise is. During this transition period, Hexagon Energy Materials linked up with many great rare earth element minds, and found graphite fits neatly into the rare earth thematic. The company started to look into the rare earth supply stream, and studied Toronto-based Innovation Metals Corp; it has a downstream technological process for separating rare earths, and this was a "pinch point" in the supply chain. In October of last year, a transaction between the two parties allowed Hexagon Energy Marerials to obtain 49% interest in the project. In short, this is not a major pivot from graphite to rare earth elements; this is a major pivot from upstream to downstream.
China also dominates REE production, accounting for 80% of mine production worldwide. The country generated an estimated 132,000t of REO last year, compared to 26,000t from the US and 21,000t from Australia. Rosenstreich would like to commercialise the project over the next few years, which compares very favourably with a REE mining project. The commercial demonstration plant will cost US$2M but will become self-sustaining financially as a service to customers.
What is the plan? How can Hexagon dismantle China's REE dominance? Rosenstreich claims that being a US-based company positions the company to have conversations with many blossoming American EV producers, who are keen on domestic supply. The thematic, in essence, is that the significantly modified capital profile of a RapidSX™ will allow companies to put their rare earth concentrate into a plant when otherwise it would be uneconomic. Rosenstreich is pragmatic: Hexagon Energy Materials will not become a global REE player, but he believes one commercial RapidSX™ facility in North America that demonstrates American REE materials can be processed into oxides, some of the existing rare earth permanent magnet makers will seriously look at setting up a facility in North America. Hexagon will either sell clients a technical license or will collaborate with the producer of REE concentrates to process them together. The numbers are excellent compared to existing solutions, but nobody is listening.
Company page: https://hexagonresources.com/
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Interview with Claude Dufresne, President & CEO of Niobay Metals (TSX-V:NBY)
Niobium is a very small market (100,000t, US$3-4Bn) with very few players (2 in Brazil, 1 in Canada). Most investors have never heard of it, let alone considered investing in it. Niobium is mainly used (90%) in the production of stainless steel alloys and also in alloys with a variety of nonferrous metals, such as zirconium. Niobium is used in superalloys for jet engines and heat resistant equipment. The remaining 10% of demand comes from the intelligent technology sector.
So, onto Niobay Metals. The TSX-listed niobium explorer is aiming to be a new entrant into the niobium space. Dufresne himself has 15-years worth of niobium-specific experience. Useful. Dufresne claims to have a project similar to the successful Niobec Niobium mine in Quebec, a mine Dufresne previously worked on in the early 2000s. The appeal is clear: niobium is a high margin, unsaturated market, but does Niobay really have what it takes to add value for shareholders? If the share price is anything to go off, there are doubts.
Niobay was set up with the intention of finding an excellent niobium project. The James Bay Niobium Project was originally acquired for C$50,000 cash and C$300,000 of Niobay stock in 2016. Dufresne believes the project is worth a large multiple of that. Niobay has studied historical data, released a resource estimate, and conducted a scoping study.
Some exciting news was released a few weeks ago, with Niobay finding high-grade niobium from the first three drill holes at the James Bay project. What was the market reaction? Nothing. This appears to be a major issue for Niobay Metals: the market is not responding. Is it the obscure nature of niobium, or is there a problem with Niobay itself? Dufresne claims the first reason is that investors don't understand the value of the asset. The first hole's assays included 0.69% niobium pentoxide Nb205 over 185m in one hole including 1.02% Nb2O5 over 61.8m. Converted to gold, that is a 185m intersection at 4.3g/t Au eq: much more exciting. It is perhaps true that many investors don't understand if these numbers are impressive or not, and many will not want to go anywhere near a commodity they don't understand, especially if it's an exploration company. Aren't these problems inherent in the niobium space itself? If so, what is Dufresne going to do about it? He knew all about the niobium space beforehand, so should Niobay be experiencing these issues?
A lot of niobium-aware investors are aware of the scale of the competition. The world's largest producer of niobium, CBMM, has enough niobium to supply 100% of the world's demand profitably, and will continue to have this amount for at least 20-years. So, where is the space for Niobay? How can there be a gap in the sector when demand is already satisfied? Or can Niobay produce at a substantially lower cost to undercut the established competition? Dufresne claims in reality that niobium consumers target smaller producers before going to CBMM. Strangely, does being a smaller niobium producer help in this space? Will suppliers see Niobay as its first point of contact to avoid giving CBMM more leverage? The market doesn't appear to agree or understand at present.
Long term, Dufresne expects Niobay to be taken out once the project has been derisked. Niobay is currently sat on C$1.7M in the bank after conducting its drill program. This funds the company through to the start of 2021. This year, Dufresne wants to get the PEA out and raise more capital. Licencing and permitting with then present additional obstacles to navigate. Niobay may need to raise money in Q3/20 or Q4/20.
In terms of remuneration, Dufresne claims he and his board members are heavily invested. He claims a salary of C$200,000 per annum.
Company page: http://niobaymetals.com/
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Interview with Jeff Klenda, President & CEO of uranium producer, Ur-Energy (TSX: URE, NYSE: URG)
Klenda tells us what he knows about the US Dept of Energy announcement due this week. And what he thinks these lost pounds mean for his shareholders. Immediate winners and who is at the back of the room.
Company page: http://www.ur-energy.com/
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Interview with Craig Parry, President & CEO of IsoEnergy (TSX-V:ISO)
IsoEnergy is a uranium junior listed on the TSX-V. It is a uranium exploration and development company with a portfolio of projects that sit in the renowned Athabasca Basin in Canada. The board and management team at IsoEnergy has a track record of success in uranium exploration, development and operations. Interestingly, IsoEnergy is a spin-out; it was founded (2016) and is supported by the team at major shareholder, NexGen Energy. IsoEnergy focusses on projects that would not have been given attention at NexGen.
The focus for the last 18-months has been drilling out the company's flagship Hurricane Deposit at the Larocque East project in the Eastern Athabasca Basin.
Anyone who follows the uranium space will know what a tough decade the green energy commodity has had. In the last few weeks, in the wake of the COVID-19 international crisis, major supply disruption at the 2 largest uranium producers, KazAtomProm and Cameco, has been perceived by many investors and uranium commentators as a major catalyst moment. Parry is candid: this is a terrible time for humanity, but a good time for uranium. The 441 nuclear reactors operating around the world are hungry for uranium, and this significant disruption to the uranium supply chain has exposed the fragility of international uranium supply. The utility companies can't hold out forever and there is a sense with every passing day that uranium price discovery is growing closer. The uranium spot price has already risen quite sharply, from US$23.50/lbs to US$32/lbs, but uranium commentators are clear: this is just the beginning of a new bull cycle.
Being in the Athabasca Basin, the high-grade of IsoEnergy's portfolio is obviously key. The Hurricane Deposit is only 40km away from Orano's McClean Lake Mill: this turns a part of the uranium production process that is normally incredibly expensive and complex into something that looks much more economic and simple. The mill is currently on care & maintenance and has been underfed, so Parry is confident IsoEnergy can slot neatly into the supply side of things. IsoEnergy should now find it easier to raise capital, courtesy of the rising uranium spot price. The company has been approached by numerous brokers and bankers in the last few weeks offering significant financings. IsoEnergy is fully financed for its planned summer of drilling with C$3.5M in the bank, and with operations currently halted due to COVID-19, Parry is in no rush to raise capital.
The message from Parry is clear: stick to the plan, advance the project and deliver value for shareholders through eventual production. Ideally, by Summer, IsoEnergy will conduct an enlarged resource delineation drilling program, though there is plenty of exploration work left to do. There are several promising targets, and IsoEnergy's chances of discovery are "very, very good." The company has yet to find the boundaries of the deposit yet, so will this undoubtedly require some attention. IsoEnergy is still "1-2 drill campaigns away from knowing the full extent of the deposit." It is too early to discuss the path to development; IsoEnergy doesn't even have a Resource yet. Investors will be hoping for an impressive resource come the Summer, if this is possible. Then they'll want to see a feasible plan from Parry for how he can get this thing off the ground. Until then, this is a risky opportunity, but with big potential.
What did you make of Craig Parry? Why choose IsoEnergy over any other uranium junior? How will the uranium market develop over the remainder of 2020?
Company page: http://www.isoenergy.ca/
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Interview with Jim Paterson, CEO of ValOre Metals (TSX-V:VO)
ValOre Metals is a Canadian explorer with a PGE + gold asset in Brazil, Pedra Branca, and projects in Canada. ValOre is part of Discovery Group. The company is focussed on exploration, discovery and project advancement in minerals and mining.
We wanted to start by learning more about the Discovery Group. The purpose of the group is not to build a "power structure," but is instead intended to build a framework to attract knowledgeable individuals into the group, both technically and corporately. The group has allowed ValOre to cooperate and benefit from some excellent minds and strong companies. It has also allowed ValOre to make acquisitions that it perhaps wouldn't have been able to make alone. The Discovery Group acts as the colonel, but it does not affect the day-to-day operations of individual mining companies.
We always hear about 'strong management teams,' but how are good managers actually defined? First and foremost, absolutely "no assholes". We like the bluntness. The other criteria are slightly less hyperbolic. Paterson looks for "quality" people who are better at their jobs than he is. He also ensures not to seek too many management staff and not to allocate them excessive levels of power.
ValOre metals is a new vehicle, but not a new company. Originally a spin-out venture, founded in 2008, the company's current strategy is clear. At present, ValOre holds Uranium, precious metals, and base metals projects. The goal is to locate large scale mineralization with significant exploration upside and to make such projects relevant and meaningful to major global mining groups. ValOre focussed on projects that have benefited from substantial investments by previous owners. This appears key to minimising CAPEX and maximising margins. The share price flatlined in 2019, but Paterson is candid: this was an issue created by a stock rollback, in addition to a flawed rights offering. The share price started showing signs of life in 2020, but COVID-19 and the market reset have put a stop to that for now.
What do the numbers look like? ValOre, as it is described today, has raised C$7M including recent warrant exercises. The company paid C$3M "cold, hard cash" and will end up issuing 25 million shares for the 100% acquisition of Pedra Banca. Paterson thinks that ValOre has obtained "a lot of data," and has recently put out a 43-101 resource around this data. There are 5 zones that make up a little over 1Moz of palladium and platinum. Several of those zones have exploration potential. Palladium, in particular, is really hot right now, and modern technology had allowed ValOre to evidence the palladium potential in black and white.
ValOre has two years of exploration ahead of it. Will it need to raise capital? Paterson is clear: ValOre needs to go to market but is very used to this being a uranium explorer. The company only has several hundred thousand C$s today, so a financing looks on the cards very soon.
Does the management team have any skin in the game? Paterson has a huge 18M shares out of 90M total. The last 1M shares he bought were at 35%! He is strongly aligned with shareholders and states he will "never" ask people to put money into a company unless he has put money in himself. The threat of losing a salary is far from enough risk for a management team to be truly aligned with shareholders. We love this.
What did you make of Jim Paterson? Is ValOre resources a company you will investigate further? What did you like and, more importantly, what didn't you like about this interview?
Company page: http://valoremetals.com/
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Interview with Alex Molyneux, CEO of Galena Mining (ASX: G1A)
"Blockbuster economics?" Let's unpack this.
Galena Mining is a relatively new ASX-listed mineral developer (listed in Sep/19). The commodity focus is Lead with a small Silver by-product and Zinc. The company has several outstanding exploration permits at the base-metal-prospective Jillawarra Project, but Molyneux's message is clear: the focus is on the flagship 86%-owned Abra Base Metals Project, discovered in the early 80s.
Galena Mining completed a BFS for the development of a mine and processing facility at the Abra Base Metals project. What are the headline stats? A 16-year life producing high-grade Lead-Silver concentrate containing c.95kt of Lead and 805koz of Silver per year after ramp-up. Based on a pre-development CAPEX estimate of A$170M, the BFS modelled a pre-tax NPV8 for Abra of A$553M and an internal rate of return of 39%. Lead and Silver investors are definitely listening.
The plan when Molyneux joined was always to created blockbuster mining economics with a reduced technical risk via 10Mt at 10% pa lead, with an extended life-of-mine. This was "proven" in the scoping study. Galena appears to be decisively treading the path towards production.
Galena Mining had a great 2019: why? Is it because of silver-induced excitement? Molyneux thinks not, given that silver comprises only 10% of Galena Mining's total revenue. Investment by Japanese Zinc manufacturer, Toho Zinc, is said to have been a real catalyst moment. Galena secured US$90M to develop Abra. Toho Zinc will rise to hold 40% equity in Abra upon the conclusion of the arrangement. Molyneux is honest; up until the Toho investment Galena Mining was "just another junior." Securing such a noteworthy strategic partner appears to have greatly assisted Galena in convincing institutional investors it can get things financed. This is exactly what Molyneux was brought in for, and he has worked from day 1 to ensure the project is being developed in a way that will allow it to be attractive to the financing market.
What do the numbers say? A$27.5M with 0% debt. Impressive. The regular burn rate is A$400,000 per month; however, Galena is currently spending A$10M on a series of de-risking tasks at Abra. What is there left to do before Abra can get things rolling off the production line? The project is "approximately 10% complete" today. Galena now has a site ready for an EPC contractor and an underground mining contractor to be able to mobilise. Other necessary construction includes the construction of the tailings storage facility. These are the primary tasks that drive towards. The EPC contract has been awarded for A$74M. The contract is sitting on the table, waiting for Galena Mining to start the procurement and construction phase. However, the main thing that is missing right now is debt-financing, and this will need to be completed before Galena Mining receives the final tranche of Toho's investment. Could the deadline on debt have been negotiated better by Molyneux? Was A$90M too much, too soon? He thinks not. The Toho deal had a valuation at a high-premium, and it added vast value. The A$30M tranches allowed Galena to carry out work to massively derisk Abra, which can only have been a good thing.
Have reduced lead prices affected margins significantly? No. The cash flow margin has only reduced from 48% to 41%. The cash flow appears very robust.
What does the share register look like? The largest shareholding is 19.6%, beneficially owned by Tim Roberts, an HNWI who came in through a placement and subsequent market purchases. The board & management combined have just under 25%, institutional hold around 20-25%; the rest is retail, with a total of 900 shareholders. Is liquidity and marketing an issue?
Company page: https://www.galenamining.com.au/
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Interview with John Borshoff, CEO of uranium company Deep Yellow Ltd (ASX:DYL)
A minnow turning into a shark? Alright, you have our attention.
Deep Yellow is a uranium explorer now entering a pre-development phase, listed on the ASX. Deep Yellow was founded with a focus on growing the existing uranium resources across its uranium projects in Namibia. However, the company emphasises M&A as a means of developing a geographically diverse asset portfolio, a "global multi-asset strategy." Deep Yellow promised an announcement of an acquisition last quarter, but this never materialised.
After listening to Borshoff's contrarian take on the uranium market, we wanted to hear about the main challenges faced by uranium juniors. Long-term uranium prices need to rise from the twilight zone of mid-US$30/lb to something more substantial that an industry can be built on: US$40-50/lb.
Borshoff is widely acknowledged as being the "father" of the uranium industry. His enormous US$4Bn success at Paladin Energy collapsed just as quickly as it was built after Fukushima, but we have no doubt of his expertise and experience. However, what will happen to the inexperienced uranium juniors who are currently hunkered down? What challenges will they face? Will they be take-out targets for larger uranium producers? The main issue for juniors, as Borshoff sees it, is a lack of "swallowers." There used to be a great deal of capital in the market, and many majors circling juniors ready to pounce. This has now changed, and while there are majors like Cameco and Kazatomprom that are still positioned strongly, juniors no longer have the safety net of being a near-guaranteed takeout target, and the majors that do exist are nowhere near as aggressive. The juniors are "eternal optimists," but, realistically, some of these companies are relying on "2+2" equalling "8." Juniors must think pragmatically. Borshoff thinks the uranium sector needs some of the juniors to act aggressively and grow in order to support the industry in a new bull market.
Moving onto Deep Yellow, specifically, the company promised global acquisitions but is today sat on just one asset developed asset. It is conducting a PFS and things are going well. The resource is large and has doubled initially indicated projected production. It has a +20-year life-of-mine, and this is only using a 20km radius of the 50km orebody. Any project that is adjacent will be supplementary added pounds. Borshoff argues he doesn't need to make acquisitions right now because he has enough lbs in the ground. He comments on Marenica Energy's' property, stating Deep Yellow withdrew from it because "it didn't suit" them.
Borshoff states that Namibia has its problems as a mining jurisdiction, but he states the Namibian authorities realise they need mining to improve their economy and try to minimise taxes as much as possible. He thinks Namibia is a genuine, honest jurisdiction with sophisticated dialogue paths. Nothing happens "at the whim." It appears stable. He thinks uranium will save the Namibian economy in the next 3-years.
Borshoff expects to have a PFS completed by September/October. It will be a platform for Deep Yellow to stand on, look at the market, and plan its entry point. Then it's a case of permitting and marketing. Hypothetically, by mid-2022, it will be a good time to make a development decision.
Why has Deep Yellow changed its tune on acquisitions? Can they deliver an acquisition in Q3/20. The company's Namibian play isn't the high-grade powerhouse most would expect to propel them into the global acquisition strategy. Borshoff disagrees. He thinks the Namibian asset, the Reptile Project, has a good chance to be a tier-1 asset. It's a solid project that, at the right price, will produce.
What did you make of John Borshoff? Does Deep Yellow stand out at all from the other uranium juniors?
Company page: https://deepyellow.com.au/
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Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE: UUUU)
We like the uranium space. It's been nearly a decade of hardship, but there are now signs of life. Uranium has the potential to make investors significant multiples of their initial investments; that's if they pick a winner rather than a loser. Risk mitigation is key to this, and one of the most important components of certain uranium stories is commodity diversification. Energy Fuels, has mitigated risk with multiple cash streams: vanadium, milling and cleanup operations. Chalmers talks about another potential revenue stream: rare earths processing. This week the company announced it was entering the rare earth element (REE) space.
The first thing Chalmers makes clear is that this is a serious commercial venture. The White Mesa Mill is the ace up Energy Fuels' sleeve, and if it can process rare earths, it makes sense to monetise this ability.
Energy Fuels believes the fully licensed and constructed White Mesa Mill (the only uranium and vanadium mill in operation in the US), can play a key role in bringing the rare earth element supply chain back to the U.S. from China. Energy Fuels' primary focus remains on uranium and vanadium, but it believes it can leverage its existing licenses, infrastructure and capabilities at the mill to also produce REEs. Smart.
What exactly is then mill capable of? It is primarily licensed to treat vanadium and uranium ores, but over the past 20 years, Energy Fuels has taken a variety of other feed streams that the company has permits to receive. Most of those are low-level natural uranium streams. The company has licences for 17 other streams, and can also recover uranium from other rare earth producers. White Mesa Mill is extremely large, capable of processing 2,000t per day. The mill will be operated on a batch basis. Material from a variety of different streams will be generated, collected, stored, collated, then processed. The feed arrangements are still in their early days, but Energy Fuels is mainly looking at this from a toll processing standpoint. Energy Fuels has all the tailings storage facilities necessary to make this work. The company is ready to move.
The US government is also on board with the rare earth elements play and has encouraged Energy Fuels' venture. This is extremely positive news.
We then move to Energy Fuels' priority. Energy Fuels has plenty of material in inventory (over 500,000lbs), waiting to be processed, so has much greater control of its production timescale than other uranium producers. As the spot price increases, so does the value of the inventory. The company is constantly working on mineralogy and pilot testing to ensure that when the time is right, Energy Fuels can move swiftly to capitalise on a resurrected uranium market. Energy Fuels is clearly ahead of the curve. They know what they don't know. The company looks like it has the scale to attract strategic partners and the best minds in the uranium space to propel the company forward.
Chalmers doesn't think US$40/lb will even be enough for uranium-giant Cameco. there are some projects in Kazakhstan that could be profitable, but for the rest of the world, they need a higher uranium spot price: north of US$50/lb, closer to US$60/lb to take "full-loading on cost." Companies like Kazatomprom would like the price to stay down so they can maintain a monopoly, and their inflated currency has also given them an advantage. The spot price has risen 25% in the last month or so, and these disruptions may start to shake utility companies up. "There is less uranium out there than people think."
Company page: http://www.energyfuels.com/
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Interview with David Reeves, MD of Calidus Resources (ASX:CAI)
Calidus Resources (ASX:CAI) is an ASX-listed gold exploration and development company. Its single focus is on the 1.25Moz Warrawoona Gold Project in the East Pilbara district of the Pilbara Goldfield in Western Australia. A PFS has been completed on the project, and an FS is currently underway. Reeves hopes that next year the company will be in production with a 100,000oz gold per annum gold mine. Calidus Resources is trying to take advantage of such positive gold market conditions. To put this into perspective, since the release of the PFS, the NPV of the project has tripled because of the gold price. The big growth opportunity appears to be a potential re-rate from Calidus entering production.
Reeves himself has qualified mining engineer with 30-years of experience in the mining industry. The remainder of the team has a variety of financial, mine construction and gold mining experience. It's a small team but appears to pack a punch.
How does Calidus Resources plan to finance the Warrawoona Gold Project off the back of a PFS, and how will it manage to get into production so quickly? Reeves thinks the FS (due to be completed this year) will solve any investor confidence issues and de-risk the project. In terms of financing, Calidus Resources has "started the debt process," and is looking at conventional banking debt, private equity debt and streaming/royalty companies. 70-90% will be funded via debt. Will an FS be enough to get things over the line on favorable terms?
Moving over to permitting, Reeves states Calidus is close on its environmental work after conducting 3 years of monitoring. Calidus has been dealing with referrals with the EPA and the Federal Government of Australia to deal with. The boards of the EPA has been given full responsibility for the decision, and should get back to Calidus in the next 4-months with a decision. The next permit will go to the minister to sign off, which will take a further few months. Then, Calidus resources needs to obtain all of its safety and operating permits through the Department Of Mines. Then a water license, full water license and construction license will need to be obtained. Reeves states the permitting timescale is outside his control, but Calidus is controlling everything they can to ensure a smooth, faster process. He hopes everything will come together by the end of 2020.
Calidus Resources has plenty of cash, and further cash available from 13% institutional shareholder, Alkane Resources. The project is relatively small, so does it have the excitement to deliver growth for shareholders? Is there enough to explore and develop elsewhere, or will it be time for M&A? Calidus Resources "certainly" wants to be part of something bigger, and is putting plans in place to grow its portfolio. Dinner or diner? Reeves is coy; his main focus is on getting the Warrawoona Gold Project into production, making cash, and getting things flowing. Everything should become a little easier then, as it usually does when cash gets moving.
Reeves himself holds 7.5% of Calidus Resources and obtained his shares through heavy cash investments. He bought more shares a few weeks ago, because COVID-19 discounts were "too good" an opportunity to miss. Several members of the senior management are also invested. Is the project undervalued because it is under the radar, or does it lack the excitement needed to attract investors? Reeves states this will all change once things get up and running at the Warrawoona Gold Project.
No field work currently needs doing and desk work is the order of the day. Waterboard drilling and additional exploration will need to be conducted later this year, but Calidus should have little trouble financing these operations.
What did you make of David Reeves? Is Calidus Resources under your radar, or has it climbed up to detection altitude?
Company page: https://www.calidus.com.au/
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Our man in Havana, Brandon Munro, discusses the week's news. Cameco shutting down Port Hope - the reasons why and the implications. The latest news from Namibia - Rossing and Husab. The $30 psychological barrier and what it means or could mean. We talk equities. And a little bit about Bannerman Resources. It will be out as a Podcast within the hour. Hope you enjoy it. Do let us have your thoughts and feedback.
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A conversation with the lovely Simon Catt about the world in investing this week. We discuss the Bank of England’s unprecedented Quantative Easing (QE) this week and what is means for investors. We hear about his conversations with mining CEOs behind the scenes and the realities of what they are and can do, and of course, what it means for retail investors. Simon updates us on what is happening in Australia and how the Australian governments restrictions of foreign Investment are loosening. This is the podcast version of hanging up on someone or we'd still be talking now. You'll see what I mean if you get to the end...
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Interview with Scott Trebilcock, President & CEO of KORE Mining (TSX-V: KORE)
KORE Mining is a TSX-listed portfolio gold company with assets in California and British Colombia. A gold developing cookie-cutter? KORE Mining has four 100% owned gold projects and recently announced a promising PEA on its flagship Imperial Project; the current focus is on conducting exploration to grow its gold resource base and development. The company will develop Imperial for the next 3-years until it can enter a JV or be taken out by a mid-tier gold producer. KORE Mining has attracted notable strategic investors in the form of Macquarie Bank and Eric Sprott. The company's management owns c. 50% of outstanding shares: a really encouraging figure.
Trebilcock's background is working as a process engineer in the Canadian mining sector. He also has experienced generating shareholder value at base-metal miner Nevsun Resources, which was taken out for US$1.8B by Zijin Mining Group Company Limited on Dec 29, 2018. Trebilcock has been through the process of exploration, development and sale before. Reassuring.
The initial thought process behind Kore Mining was coined by Executive Chairman, Jim Hynes. The plan was to find a sector where assets were cheap, acquire and build up a portfolio of assets, develop and de-risk the assets to add value, then sell them to a mid-tier miner. Production isn't on the cards. This is a clear business model and we appreciate the transparency and logical approach.
The Imperial Project was acquired from Goldcorp for a surprisingly low price of US$150,000 for 2.2Moz (in an up gold market!). However, there are also a series of mandatory payments to Newmont Mining (the new owner of Goldcorp): US$1M of KORE Mining shares and US$1M cash when the mine goes into production. KORE Mining has put US$2.5M into the ground at the Imperial Project. The project has been previously carried through to a feasibility study in the 90s, so Trebilcock is confident KORE Mining can accomplish this affordably and in a reasonable timescale. While it is difficult to do much off the back of a PEA, what were the key findings? CAPEX: US$142M, 28km exploration space, a simple run-of-mine heap leach process (low-cost), 146,000oz gold per year, 1.2Moz LOM production, 44% IRR at a very pragmatic US$1450/oz gold price, and a US$343M NPV 5% after-tax at the same gold price.
Will any federal regulations be a barrier to KORE Mining? Trebilcock sees the issues as nothing more than social licensing issues that mining companies will always have to face.
Looking at the numbers, KORE Mining had US$2.6M towards the end of February, with a planned raise in 2020 provided COVID-19 becomes less disruptive. Trebilcock believes the market will wake up to the opportunity the company offers; thus, KORE's 2020 budget is higher than its current cash. Could Equinox Gold see the Imperial Project as a potential target? Trebilcock is coy on the issue, but it might make logical sense considering its proximity to Mesquite.
Is the c. 50% ownership, combined with Sprott's 12% and Macquarie's 5% a liquidity problem? Trebilcock is clear that this is one of the main problems KORE Mining faces. Retail investors have very little to play with and expect imminent dilution.
What did you make of Scott Trebilcock? Is Kore Mining's gold portfolio an investment opportunity you might consider?
Company page: https://www.koremining.com/
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Interview with Stephen Roman, Chairman, President & CEO of Global Atomic Corp. (TSE:GLO)
Roman calls us to update about the announcement of their PEA results. They plan to mine a higher grade flank zone in Phase 1 at their Dasa project in Niger, which is what this PEA relates to. The results are impressive for many reasons.
Firstly the economics an AISC of just $18.39. That is world-class. And a cash cost of just $16.72. Also world-class. The number which caught our eye though was the steady-state production of 4.4Mlbs. Global Atomic become a meaningful second tier player at that level. At $35 per pound the NPV8 is $211M with an IRR or 26.6%. However if the price of uranium goes to $50 (where most producers and developers expect and need it to go), the NPV8 leaps to $485M with a 46.3% IRR.
That in itself is a good company. But remember this is Phase 1 of the much larger, albeit lower grade, Dasa ore body.
The key to this is the speed at which Roman believes they can get into production. He says by end of 2022. What that means is they can get in to supplying U308 in to this contract cycle and start relationships with utilities for long-term contracts while other are still seeking financing.We discuss the winners and losers and the realities of the time lines involved.
We also discuss their Turkish zinc JV which gives them a 40-50 year annuity stream of cash. This could be used to finance the capex requirement for Dasa.
Interesting times ahead. Let's see if this experienced uranium team can deliver. We fully expect it to quietly go about its business. This one is leading from the front.
Company page: https://www.globalatomiccorp.com/
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Interview with Roger Lemaitre, President and CEO of Uranium Explorer, UEX Corporation (TSX:UEX).
After lying in a coma for what seems like an eternity, investors have been hoping a white swan moment could make the uranium space has show signs of life. A slightly rising spot price has been driven by perceived tightening of uranium inventories and supply. However, uranium securities still haven't been rallied by the events. Yesterday, Cameco announced its shutdown of Cigar Lake would be extended for an indeterminate period, and this still hasn't invoked any kind of significant uranium revival. This adds to the expectation that had already been built up by KazAtomProm's operational update, which stated that annual production would fall by up to 4,000t uranium from previous expectations. While UEX Corp. has no control over the market itself, how is it positioned to take advantage of a potential uranium renaissance?
UEX is the "only portfolio company... you can get in the uranium junior space right now." Lemaitre is honest; UEX probably has more assets than any junior needs, with 21 cobalt and uranium projects in the prolific Athabasca Basin. UEX has 4 flagship projects: Christie Lake, West Bear, Horseshoe-Raven and Shea Creek. The company specialises in mid-stage assets, with 5 projects with mineralised holes, and c. 15-20 targets for UEX to make its next discovery. Lemaitre claims that through uranium up cycles and down cycles the next discovery company always performs better than existing producers and developers. Confident words. He is similarly confident about the buying habits of utility companies changing in the near future. Drawing on his experience at Cameco in the last cycle, he states that historically utilities need a supply shock before modifying their purchasing behavior. Could the COVID-19 induced tightening in supply be a catalyst moment for uranium's next bull run, or will another supply shock be needed? That depends on how the next 3-4 months unfold.
So, UEX Corporation. How is the company holding up? UEX raised US$1.6M at the end of November '19, and has entered 2020 with a cautious program. Lemaitre is trying to spend money slowly and frugally. UEX is on target to satisfy its plans for 2020, which, in this environment, is no easy feat. Lemaitre has been delicately developing all the puzzle pieces of UEX's enormous portfolio, in the hope that when the bull is unleashed, UEX is primed to finance its operations and get moving. It doesn't appear there is a great deal uranium juniors can do right now other than batten down the hatches and hunker down, but we like Lemaitre's systematic plan of exploration and risk reduction. He is also aware of the possibility of conversations regarding financing, something he'd previously had to put on hold. UEX knows it can only control what it has control over, so uranium investors will need to continue to be patient for the time being.
In terms of cash position, UEX is covered until the end of 2020, but will need to come back to market in 2021. UEX has avoided any predatory deals and has avoided dilution as much as possible.
The board has not added any more stock to their portfolios, even when the share price was down at C$0.07.
Where does UEX slip into a future uranium bull cycle? Lemaitre sees UEX as in something of a "weird space" between grassroots uranium explorers and uranium developers. However, this niche could be advantageous, and the portfolio of opportunity is the real USP for UEX.
What did you make of Roger Lemaitre and UEX Corporation? Will uranium finally see the sorts of movements that investors are craving or is this a false dawn? What are your top uranium stock picks?
Company page: https://www.uexcorp.com
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Interview with Simon C. Dyakowski, President and CEO of GSP Resource Corp. (TSX-V:GSPR)
This is a classic example of an exploration play for investors. It reveals the extremely high level of risk, the many difficulties management teams face, and the possibility of big returns.
GSP Resources Corp. is a metals explorer, based in the "not top 10, but tier-1" mining jurisdiction of British Columbia, Canada. The company was focussing on its copper project, the iron, palladium and magnesium 'rich' Olivine Mountain Project, but it has since farmed it out, and optioned a past-producing copper mine, the Alwin Mine Project.
The Alwin Mine Project lies in the shadow of the vast Highland Valley Copper project, which produced 101,000t of copper in 2018. The focus moving forward is Alwin Mine. However, with capital at such a premium right now, and with GSP Resource Corp. only holding C$300,000, it remains to be seen how the company can finance Alwin without needing to raise capital soon. Pre-COVID-19, Dyakowski saw June/July as a potential start date for drilling at Alwin Mine, but market conditions have obviously rendered any copper exploration untenable for the time being.
After drilling at Olivine Mountain, GSP Resource Corp. clearly didn't get the results it wanted, or the results necessary to excite the market. Dyakowski explains what happened. It's not unusual in exploration, and a pivot in the business model is often the resolution to such difficulties. The company has farmed out Olivine Mountain to Full Metal Minerals in a 40:60 venture, should the company spend C$250,000 on the property, pay GSP C$250,000, and issue some shares. Does this modest option mean the problem is solved? Dyakowski is hoping the "well-financed" Full Metal Minerals can apply its expertise to bring potential to the surface, with a focus on palladium anomalies. Palladium is hot right now, so could this be helpful for GSP Resource Corp's financing efforts?
New focus, Alwin Mine is a copper project that is more advanced in that it has produced within the last century, with an underground mine constructed in the 1960s leading to 3-years of production. The project was shut down and then reopened in the early 1980s, then shut down, reopened and shut down again in the 1990s. Can modern technologies and favourable copper prices help buck this disappointing trend? The historical data should certainly help, but how will GSP Resource Corp. finance it? The C$300,000 isn't a lot, but Dyakowski thinks that it is sufficient relative to the size of GSP Resource Corp. The cost of core drilling is around C$175 p/m, which would likely necessitate a small equity raise. The share structure is reasonable, will only 12M outstanding, so a raise could be feasible, even if the timing is far from ideal. Dyakwoski calls Alwin Mine low-risk and low-cost, but we heard this about Olivine Mountain. He insists that scout drilling was always going to carry more risk, but was this 100% clear to investors at the time? In hindsight, Dyakowski maintains he made the right decision to go for the bullseye with Olivine rather than farming it out straight away.
What is the long term vision for creating value with Alwin Mine? Dyakowski hopes the Summer phase 1 drill program will deliver favorable results and solidify the copper potential of the resource. After this point, it comes down to the team managing finances effectively, favourable copper prices, and how well GSP Resource Corp. can position itself for a takeout. Is GSP Resource Corp. a buzzing fly in the face of surrounding majors, or can Alwin Mine provide copper investors will more growth than they might realise? As is always the case with exploration, only time will tell.
What did you make of Simon C. Dyakowski?
Company page: https://gspresource.com/
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Interview with Steve Parson, MD, Bellevue Gold (ASX:BGL)
A really great story in a gold space that is only gaining more momentum.
Bellevue Gold is an Australian gold explorer progressing towards a development phase. Bellevue Gold's primary focus is on advancing the 'historic' Bellevue Gold Mine in Western Australia, which the company 'discovered' just 2 years ago. The company states the mine was one of Australia’s highest-grade gold mines from 1986 to 1997, producing 800,000oz @ 15g/t gold. If there is still similar potential at the site, gold investors are going to be weak at the knees right now.
So, what does the resource look like. Well, Bellevue Gold has a compliant independent JORC inferred resource inventory of 2.2Moz at 11.3 g/t gold with significant exploration potential. Mining licenses have been granted. This appears to be one of the highest grade undeveloped gold discoveries in the world. We were interested to hear about Parson's plan: continue to step out the resource, look at further acquisitions, or a different strategy? Bellevue Gold is currently expanding its 2.2Moz inventory via further exploration and step-out drilling, as the Bellevue Gold Mine continues its journey.
Investors will likely wonder why such a potentially exciting gold project was left unexplored for so long. A smart trait of successful companies that we have noticed during many of our interviews is the ability to locate value where most other companies overlook. This appears central to adding significant value for shareholders. The Bellevue Gold Mine was closed and forgotten for over 20 years, and Parson wants to bring modern exploration and development techniques to a project that has not previously benefited from them.
We were keen to explore Bellevue Gold's recent raise. The company secured US$26.5M from BlackRock Group through a share placement. BlackRock now holds 68.99M shares or 10.17%. The big institutions have clearly been attracted by the exceptional gold grade. This has allowed Bellevue Gold's shareholder register to grow from "pure retail" to c. 60% institutional investors. This is perhaps a sign of the rapid progress of Bellevue Gold. Big players are standing up and taking notice. While the share price has been stagnant for much of the last 2 years (no fresh news?), any investors will be impressed by Bellevue Gold's rise from a share price of just A$0.03 to A$0.55 today. That's some margin by anyone's standards.
What is the plan going forward? The US$26.5M raise means that Bellevue Gold now has over A$30M cash, which should see Bellevue through for the next 18 months. These 18 months seem all about adding certainty to the Bellevue Gold formula. Parson wants to conduct infill drilling and increase confidence levels in the resource. He also wants to bring tried and tested gold mine builders on board. How will the money be split between resource expansion and preparing the resource for production? Parson didn't give a clear figure but appears confident in his management team's ability to split costs effectively.
A fact that will reassure investors is the management team's commitment to growing their holding of shares. Parson himself invested a "fair bit" just a few days ago, and the rest of the board is keen to act on their excitement for this uncommon ore body. Parson remains acutely aware of the importance of retail shareholders and sees them as integral to Bellevue Gold's success.
Moving on to perhaps the most relevant issue: COVID-19, how is it impacting operations? Parson states there has been a minimal impact on operations, and this is the line we're hearing from all Australian mining companies. Lower population density = fewer problems in relation to the containment of COVID-19, and Australia has the lowest population density of any major country in the world.
What did you make of Steve Parson? Is Bellevue Gold a gold miner you'll consider investing in? How will the next 2 years treat Bellevue Gold?
Company page: https://www.bellevuegold.com.au
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Matt talks to Mark Selby, former head of market research at Inco, about parallels between SARS in 2002/2003, the financial crisis in 2008 and today. How can we identify the bottom of the market in order to maximise returns?
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Interview with Michael Hodgson, CEO of Serabi Gold (LSE:SRB, TSX:SBI)
Hodgson gives us his take on the 2019 figures, the highlight being the cash position of USD$14.23M at the end of the year. Other notable numbers are Net cash USD$5M; the AISC at USD$1,081 up from 2018; EBITDA $17.2M; average gold price received of USD$1,376; total ore mined increased by 8% at average grade of 7%. The company continues to producer free cash flow and the Brazil Real exchange rate is also helping.
We also discuss the Q1/20 Operational Announcement. Feb production was impacted by an unexpected failure of a ball-mill, which was down for 2-weeks. However the new ore-sorter, allebit in a test period, is delivering astonishing results. Hodgson gives us an indication of the sorts of numbers it is delivering and can expect to continue delivering. The quarter ended up only slightly down on production forecast as a result.
Coringa is still progressing. Progress is slow as Greenstone wanted to evaluate the market to ensure that right amount of capital is available for the company. They have agreed a payment plan with Equinox and Greenstone involving a payment plan. All parties are agreed as money is being paid in a manageable way and les Serabi pay down the Sprott debt in full by the end of June. It also means that Serabi has cash on hand at all points. And what it means is that Coringa will, when mining resumes to normal levels, be able to double the production numbers as expected.
Currently it is business as usual for the moment. March figures where above forecast (best aver month on record), and expectation is that April will be similar. COVID-19 precautionary measures have been taken but the company is looking at the situation on a daily basis.
Apologies for not grilling Hodgson, but the line was quite poor, so conversation was difficult to have. They seem on top of things for now and we look forward to resuming normal conversations eventually.
Company page: https://www.serabigold.com/
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Interview with Chris Reed, CEO of Neometals (ASX:NMT), and Accompanied by Darren Townsend, Chief Development Officer, and David Robinson, General Manager.
Neometals' management team's track record of success extends to the Mt. Marion Lithium Project, where they timed their exit to a tee, selling their 13.8% stake for AU$103.8m. We've interviewed them several times. Each time, they've described a project that fits neatly into a green, profitable narrative. It's a cookie-cutter approach of finding value that's gone under the radar, acquiring it for a steal, and developing it efficiently. We're amazed the market hasn't clocked the potential of Neometals yet, with their market cap valued at less than the cash they currently hold, irrespective of their project portfolio.
We've previously questioned Neometals' marketing strategy; however, today we're questioning its latest in a long line of green projects. As of last week, Neometals has entered an agreement with unlisted (but public) Scandinavian mineral development company, Critical Metals, to consider developing a recycling facility to recover and process high- grade vanadium products from vanadium-bearing steel by-product in Scandinavia. The green component has already been ticked off! The by-product is slag, not tailings, though we'll get into that in a moment.
So, what exactly does the agreement entail? Reed states that what Neometals believes it has acquired is a "call option to acquire what is the world's largest stockpile of high-grade vanadium slags." The 27-month consideration period will allow Neometals to conduct its extensive dude diligence on the potential vanadium plant, which will result in a feasibility study to be completed by 31st December 2022. At this point, a final investment decision will be made. If Neometals agrees to go ahead, the company will enter into a 50/50 arrangement, with the certainty of a supply agreement from SSAP, the largest fuel maker in Scandinavia. Total CAPEX prior to FID will be A$5ML: a figure Neometals can easily afford, and one that fits into the project generator narrative the company has been pushing.
Slag vs tailings? Tailings is the waste rock at a mine after the raw ore has been processed to remove the metal, whereas slag is a glass-like by-product left over after a desired metal has been smelted from its raw ore. The process of dealing with the slag is not only immensely economic but is also a remediation process, as the glass itself will change colour and no longer be a sea-adjacent eyesore.
What is the upside in terms of revenue? The steel slag with vanadium content has a standard benchmark vanadium grade of 3.9% V2O5, 2-3X higher than any producer can make in a concentrate before a similar level of processing. There is no mining cost, no crushing plant, no grinding plant, no magnetic gravity separation plant, and no kilns for the traditional salt-roast-leach process. 50% of the CAPEX had been wiped out straight away. Moreover, while vanadium is a volatile commodity that hasn't had its best few years, the macro story, including fundamental demand for stainless steel, and the potential growth of VRFBs, still places vanadium as a promising commodity.
Once the process is completed, what happens to the inner pile of largely calcium/iron-bearing residues? Reed states Neometals will take ownership and either safely dispose of it, or reinsert it back into the front end of the steelmaking process. The green thematic is consistent throughout Neometals' operations.
Reed actually sees COVID-19 as the element that forced Neometals and Critical Metals to get the deal over the line when it did but also says it will have little impact on operations, especially considering mining is considered an essential service, and the population density of Australia is low.
Company page: https://www.neometals.com.au/
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Interview with Martin Turenne, President & CEO of FPX Nickel Corp. (TSX-V:FPX)
Gold is the hottest commodity at the moment, but for investors with a little more foresight and patience, the EV revolution is something that is hard to ignore. What battery metal will be central to the future of whirring cars and reduced carbon emissions? Nickel.
FPX Nickel Corp is a junior nickel miner based in Vancouver. The company's exclusive focus is on developing the large-scale Decar Nickel District in central British Columbia. The district hosts the Baptiste deposit, which is currently at a PEA stage. FPX Nickel claims it has the potential to become 'one of the largest nickel mines in Canada.' Strong stuff.
What are the key things to know about the Decar Nickel Project? Turenne refers to it as a 'tier 1 asset,' a phrase we're becoming accustomed to at Crux Investor, but what does that actually mean? Turenne points to "3 main criteria:" scale, jurisdiction, cost.
In terms of scale, Turenne claims the Decar Nickel Project has the potential to be one of 10 largest nickel mines in the world by annual output, with a 35-year life of mine.
Moving over to jurisdiction, British Colombia is undoubtedly a strong mining jurisdiction with a good mining code and superb infrastructure.
Lastly, and perhaps most importantly, Turenne the Decar Nickel Project has economics to make even the most seasoned nickel miner blush. He claims the project can deliver nickel within the lowest quartile of the cost curve. This all looks good on paper. Time to dig into FPX Nickel a bit. What is the background of the management team?
Turenne is a chartered account by background and has been with FPX since 2012 (CEO since 2016). He claims to have seen 'good time and bad times in the nickel market,'. Is there any greater technical nickel experience within the team? Turenne claims the company is "steeped in research" from major providers and independent nickel traders.
FPX Nickel is hoping to capitalise on the long-term structural deficit the nickel market has been running since 2016. This deficit is driven by stainless steel growth and limited supply growth, and the EV revolution could multiply this deficit many times over.
Looking at the Decar nickel ore body itself, it is low-grade, but Turenne was keen to point towards the virtues of his asset. The nickel project isn't conventional. The orebody is comprised of nickel AWARUITE. This is a far cry from the sulphide/laterite projects we are used to hearing about. Nickel awaruite is an alloy of nickel and iron; FPX Nickel is dealing with a ferronickel-styled deposit, where the nickel can be recovered using simple, cheap metallurgy. The grade is substantially lower, but the metallurgical ease of production makes the Decar Nickel Project competitive. The strip ratio is .17:1, and there is very little mining waste. Recoveries stand at 90-95%, as opposed to a common sulfide despite with a higher grade, but a recovery range of just 40-50%.
After touching on FPX Nickel's work with ALS and Sherritt International on metallurgy, we wanted to hear about FPX Nickel's cash position. The company has just over C$2M. The plant expenditure for the remainder of 2020 stands at C$1M. FPX Nickel has some time to wait for a recovery in the market while carrying out desk work. The big focus is updating the PEA (completed in 2013). The study suggests Decar needs a nickel price of US$9-10 to be feasible. Turenne thinks it should be much lower.
Management holds a modest but meaningful 18.9% of FPX. The management team has been principal funders in private placements over the last few years. There are 5 HNWI/family office groups that hold an additional 30% of FPX with "no warrants outstanding."
Company page: https://fpxnickel.com
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Interview with Larry Reaugh, President & CEO of American Manganese (TSX-V:AMY)
American Manganese Inc. is a critical metals company focussed on extracting cathode materials from lithium-ion batteries via recycling using its RecycLiCo™ Patented Process.
American Manganese segued away from low-grade manganese recovery to battery recycling in 2016. Reaugh claims American Manganese has proven it can get through pilot plant testing. As far as American Manganese's current situation, it has patented technology and is now looking to finance a commercial plant facility. We query him about his plans and process. What did you make of his explanation?
American Manganese has a little over C$500,000; an imminent raise is required? Reaugh says American Manganese has already completely its pilot testing, it's not just lab testing. American Manganese has received material from two "tier-1" companies for testing, and Reaugh is now having conversations about offtake agreements. The existing test facility runs at 2KG/hour, though Reaugh thinks this can feasibly be ramped up to 20KG/hour. Several hundred pounds has been through the process in order for American Manganese to with its hydrometallurgical-produced powder (available to look at on its website). The powder is a cathode material that goes back into the battery. Reaugh also claims the company is working with the DoE in the U.S, and is part of their recycling programme. They are working together on the shredding of material of its cathodes, reducing the battery down to its foils so it can be processed. Would funders be happy with results from a pilot plant this small? Reaugh also comments that American Manganese doesn't yet know where its supply will come from or the economics around the build of the commercial plan as engineer is required (costing $1M).
Reaugh claims the economics are "great," and the process provides a close-loop circuit to battery suppliers' issues. The big risk that Reaugh is clear about is in the negotiation of the deal itself. Does the management team at American Manganese have the know-how, and the funding, to play hardball in the interests of its shareholders? The success of American Manganese will be almost entirely dictated by the quality of its agreements. The business plan (and numbers) has been put together by American Manganese's CTO (Chief Technical Officer).
Reaugh states it's the "only plan you'll find out there." However, Reaugh's claim that American Manganese is the only company that can offer investors exposure to this sector is confusing. Is Reaugh unaware of the competition, or does he see American Manganese as on a different level because of its patents (which must be proved to be economic)? Reaugh claims he doesn't know what the competition is doing because the competition isn't transparent.
However, Reaugh claims Neometals didn't discuss recoveries or purities in its pilot plant result, but he claims American Manganese can present the evidence in front of investors, "what more can a man ask for?" He also claims half of the tier-1 battery manufacturers are testing material with American Manganese.
Reaugh claims American Manganese will look to raise C$15-20M for the build of the commercial plant. Maybe Will investors be willing to front this amount to a company worth C$22.6M with results from a small pilot plant and no supply contract?
Company page: https://americanmanganeseinc.com/
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Interview with Paul Cronin, CEO of Adriatic Metals (ASX:ADT)
Adriatic Metals is a UK-based exploration and development company, listed on the ASX. Adriatic Metals is the owner of the Vareš Mining Concession in Bosnia and Herzegovina.
Adriatic Metals is a brand new company, incorporated specifically to acquire the Bosnia & Herzegovina assets. The project comprises a historical open-cut mine at Veovaca in addition to Rupice, an advanced proximal deposit that exhibits very high grades of base/precious metals. Promising historical data at the polymetallic project has recently been proved, courtesy of a drilling program. Since then, exploration and resource expansion has been the order of the day. A Maiden Resource has been released, in addition to a PFS and the first phase of metallurgical work. The confirmed deposit is now strong and economic; however, the challenge for Cronin is to grow it into a Tier 1 deposit and add value for investors. The story is developing quickly, but now Cronin needs to add a sprinkle of excitement to this recipe of competence.
The grades of the project are extremely high, but does the mining jurisdiction have anything to do with the recent decline in share price, or is it purely caused by the financial reset and COVID-19? Cronin is aware that base/precious metals mines hadn't really been operated in 25 years in Bosnia and Herzegovina, but the region itself is pro-mining with a strong infrastructure and good mining minds.
Cronin has raised A$50M in total (A$45M from public financings). How has that been spent? Drilling, studies/surveys, metallurgical testwork, training and acquiring new concessions is Cronin's answer. Adriatic Metals is fully funded through to completion of a BFS.
Adriatic Metals is not fully permitted yet. Cronin claims that Adriatic Metals is working towards its "exploitation permit," and the "environmental permit" component takes the longest. However, it is still some way off, and requires some preliminary permits before moving forward, and this isn't being helped by COVID-19. What does the timescale look like? Cronin predicts that once the company is able to have a public hearing in May, Adriatic Metals can obtain ts first permit at Veovaca. Then the focus will shift onto the permit at Rupice. Cronin hopes to possess both exploitation permits by October. After that, Adriatic Metals will need to submit its feasibility work to apply for its main mining code. All in all, the timescale looks entirely reasonable, but COVID-19 could be disruptive; it could also impact the situation with additional concessions. COVID-19 is affecting the company in terms of permitting, but it isn't affecting Adriatic's general operations.
Looking at the share registry, 25% is retail, 40% is institutional, and most of the remaining 35% is held by management: a very meaningful figure. How exactly is the management team remunerated? Cronin claims he was paid purely options during the company's 2-year pre-IPO phase, but he is now paid a salary that is "reflective of a junior mining company." Cronin claims he is "thoroughly aligned," and his big payday will be from equity. Cronin then moves into the intricacies of polymetallic ore bodies.
What did you make of Paul Cronin? Are you impressed by how quickly Adriatic Metals is getting things done? What do you make of Bosnia & Herzegovina as a mining jurisdiction?
Company page: https://www.adriaticmetals.com/
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Interview with Scott Williamson, Managing Director of Blackstone Minerals (ASX:BSX)
Blackstone Minerals: a nickel-cobalt-gold (battery/precious metals) company looking to get into production within the next 3 years. Ambitious.
Blackstone Minerals is an ASX-listed junior, exploring the Ta Khoa Nickel Project in Vietnam, the BC Cobalt Project and gold and nickel projects in Western Australia. The primary focus is on Ta Khoa, which previously operated between 2013 and 2016. Williamson claims the previous owners sunk over A$130M into the project; this creates an obvious disparity with Blackstone Minerals' market cap, A$27M, which had been steadily falling away but has made a comeback in the last few weeks. The share price stands at A$0.14 today. Blackstone Minerals is looking to bring the project back into production and take advantage of the inbound EV revolution, by feeding the nickel concentrate into the nickel sulfate for the Li-ion battery industry.
What's the big news recently? A deal between EcoPro, the largest cathode manufacturer in Korea, and second-largest globally, and Blackstone Mineral was announced. The binding share purchase agreement outlines a commitment for A$6.8 million at a 62% premium to Blackstone Minerals’ 30 day VWAP. EcoPro will end up with 17% of Blackstone Minerals shares. Looks like a smart piece of negotiation.
Williamson thinks the market will take a while to process the significance of this transaction and is perhaps a little unaware of how large a player EcoPro is. Williamson sees EcoPro as the "perfect partner," and will reveal its value over time.
Blackstone Minerals is on track for its maiden resource in June/July. This will be followed by a PEA in August/September. Williamson sees this as a catalyst moment where the market will realise just how much nickel has been left behind, and how economic the first ore body will be. The money will also be used to explore other ore bodies, but the main focus is to move all the studies through to a bankable Feasibility Study. Blackstone Minerals is fully funded to this point. The cost structure at the Ta Khoa Nickel Project is impressive; to put this into context, drilling costs A$60 per metre, as opposed to A$300 in Australia and A$500 in Canada. The nickel ore body itself is twice the grade that Blackstone Minerals was expecting at 1% nickel. Williamson describes this nickel as a "significant tonnage..." that will "deliver a 20-year mine."
Williamson is currently conducting metallurgical test work in order to assess the potential monetisation of the byproducts (platinum, palladium, gold, rhodium, copper, cobalt) at Ta Khoa, but he is confident all the metals will be economic and add an extra 20% revenue on top of the nickel.
What is the CAPEX looking like at Ta Khoa? c. US$100M for a downstream processing facility, plus additional capital to upgrade the concentrator. Williamson is confident Blackstone Minerals will "land below" A$200M total. Williamson claims this is very competitive. He also insists that EcoPro will not accept anything less than achieving production within 3 years. Will this additional pressure help or hinder Blackstone Minerals?
What did you make of Scott Williamson? Is Blackstone Minerals in for 2020? When is nickel going to experience the kind of growth that EV/battery metal investors are craving?
Company page: http://blackstoneminerals.com.au/
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Interview with Marc Henderson, President and CEO of Laramide Resources (TSX:LAM)
Uranium has had a torrid time in recent years. However, uranium equities are regaining momentum. This is primarily influenced by the suspension of numerous uranium mining operations in the midst of the COVID-19 pandemic. The suspensions have helped lift the spot price near a 12-month high, concluding March at stronger, but still low, US$27.35/lb.
Laramide Resources is a Canadian-based uranium explorer/developer. Uranium companies have dropped like flies in a bear market that has lasted over 9 years, but Laramide is still alive and kicking. Laramide Resources owns several large uranium projects in both Australia and the U.S. Investors should be aware that Laramide Resources is dual-listed on the TSX and ASX, and is on the OTC (LMRXF).
While many uranium investors expected the USD$150M NFWG budget to be a catalyst for uranium price discovery, it failed to materialise. Henderson claims Laramide was never reliant on the outcome, but instead saw it as a nice bonus. However, with COVID-19 disrupting possible budget proceedings, the "significant" US$150M now sits in limbo.
Cameco and Kazatomprom are the two biggest players in the small uranium space. Henderson was able to comment on their recent decisions. Cameco's Cigar Lake has recently been put on care & maintenance; many uranium investors have perceived this as a white swan event. And today's announcement that all uranium production in Kazakhstan will cease for three months and got the market excited again as those events represent a huge production shortfall for 2020. Henderson himself is a believer too. He thinks that the buying behaviour of utility companies will have to change in the near future.
How are the U.S projects holding up? The key here appears to be timescale. Laramide Resources' USP appears to be how fast it can flip the switch at its U.S projects, get into production and possibly benefit from the NFWG outcome. Laramide’s conventional hard-rock asset La Sal in Utah, United States, has permits in hand to commence a bulk sample program. This looks like a 1-year process from decision to production. It's towards the top end of the cost curve, and will need to be milled at Energy Fuels' White Mesa Mill. The project could churn out 500,000lbs of uranium for 5-6 years. This number isn't huge, but this one of Laramide Resources' smaller projects. The CAPEX looks like US$5M.
The more exciting Churchrock/ISR project (contained resource estimate of 50.8Mlbs) could also get moving as soon as the uranium spot price rises to US$35-40/lb. As the projects aren't very capital intensive, Laramide's strategy would be to get them online first. The New Mexico-based La Jara Mesa project has received a draft Environmental Impact Statement from U.S. Forest Services. Henderson predicts Laramide Resources will need to spend US$30M of CAPEX to get the La Jara Mesa resource online at 1Mlbs of uranium per year, with the potential to eventually scale up to 3Mlbs as the uranium price rises and margins increase. Permitting is the absolute focus moving forward, and the message appears clear: things are finally moving in the uranium space.
Laramide Resources raised US$4.5M in January. This looked extremely expensive at the time, but considering current COVID-19-induced market sentiment, it looks a lot better now. Nothing has really changed at Laramide Resources' Australian Westmoreland and Murphy projects; they are still on the shelf for the time being. There is plenty of work to be done and money to be spent, and even then there may be politically-created permitting issues.
What did you make of Marc Henderson? Is uranium in for 2H/20?
Company page: https://laramide.com/
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Brandon decodes what todays announcement by KazAtomProm of a three 3-month production disruption to all Kazakh uranium mines. This could potentially decrease 2020 uranium production by up to 10.4Mlbs of U308. But what are the other impacts and implications. An insiders view.
Interview with Johnna Muinonen, President of Dumont Nickel (TSX:RNX)
RNC MInerals was originally known for it large Nickel project, Dumont, before their extraordinary gold find at Beta Hunt changed everything. As a consequence, investors have been looking towards Australian and consistent cash generative gold, and perhaps have forgotten that in Dumont they have a potentially large future value generating event.
We spoke with Muinonen in early November to find out where they are in monetising this large Nickel asset. She gives us an update about the movement in the Nickel market and the completion of their Feasibility Study. Muinonen gets in to the detail. She describes Dumont as perhaps the most advanced large Nickel development project in the world. With a Life of Mine of +30-years it is certainly large scale. That also makes it attractive and it can operate through inevitable nickel cycles.
Clearly capable and knowledgeable, Muinonen, a Nickel lifer, appears to have the same energy and drive as her CEO, Paul Huet, and is keen to ensure Dumont is ready when large strategic partners nad operators come knocking on the door. She doesn't seem to think that is too far away. They are fully funded between now and that point, because of a JV with Waterton.
What did you make of Johnna Muinonen? Is RNC Minerals a gold stock to watch? Comment below and we will respond.
Company page: http://www.rncminerals.com/
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A conversation with our pal Justin Huhn, the Uranium Insider.
We skip through the week's Uranium news and try to unravel what it means for investors. White Swan, Black Swan or just swanning off with our money.
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Interview with Brandon Macdonald, CEO of Fireweed Zinc (TSX-V: FWZ)
It's been a tough year for zinc so far. Since prices peaked in January at $2,454/tonne following the signing of the Phase one trade deal between the US and China, zinc prices have plummeted down below the $2,000/tonne mark on the LME.
Zinc has an intriguing macro story, but in a world of COVID-19-induced instability, why should investors take the punt?
Fireweed Zinc, fresh off the back of announcing a C$1M private placement, needs to clearly articulate what it can offer investors. Fireweed Zinc began trading on the TSX Venture Exchange on June 1, 2017. The company engages in the acquisition, exploration, and development of zinc-lead-silver properties in Canada. The flagship Macmillan Pass Project is a zinc-lead-silver play in the mining-friendly Yukon territory of Canada. A PEA was published on the project in 2018, detailing what Macdonald describes as one of the largest zinc-lead resources in the world held by a junior: 11Mt indicated, 9.5Mt inferred at 10% zinc equivalent with exploration potential. However, timing is just as important as the quality of assets. Is this a case of right asset, wrong time? Considering Macmillan Pass has already collectively had C$100M put into it, investors might be getting cold feet when they find out Fireweed Zinc has a market cap of C$13M.
So, what was the plan on day 1? MacDonald's made the acquisition of the core of the Macmillan Pass Project (the Tom Project & Jason Project, then owned by Hudbay). He was aware the project is remote, but thought the logistical concerns didn't outweigh the potential. What was the predicted monetisation event? The primary intention was to pick up the zinc-lead-silver asset from Hudbay at a discount price, develop it, then sell it to a major. However, MacDonald has always been realistic that Fireweed Zinc may have to go into mine construction itself.
What do the numbers say? Macmillan Pass was acquired from Hudbay for C$1M plus 15% of Fireweed Zinc, in addition to a "modest work commitment" of C$1.5M. The company then purchased a neighboring property for 5% of Fireweed Zinc. Fireweed Zinc has raised C$20M, and it has put C$14M into the ground and the remaining C$6M into G&A. The company has very little left today. The burn rate is C$120,000 pm but this could get cut in half if the economic conditions demanded it. Macdonald is again honest: the project is exciting because it is big, but the holding costs are not trivial.
What's the plan for the rest of 2020? It's clear that Fireweed Zinc will really struggle to do anything meaningful this year, but MacDonald thinks that drilling off vein-style "stuff" at boundary, or seeking out areas with baryte, would cement the project's status as major scale.
This is undoubtedly a company with big potential. However, this is perhaps a great example of how timing is everything in the cruel and unforgiving sector of mining.
What did you make of Brandon Macdonald? Does Fireweed Zinc make you feel excited, nervous or both? What will the zinc price do this year? Comment below and we will respond.
Company page: https://www.fireweedzinc.com/
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Interview with Alex Klenman, President & CEO of Nexus Gold Corp. (TSX-V: NXS)
"What makes you different?" It's the question we ask to gold exploration companies every single week, but it's a question we rarely receive a strong answer to. Was this interview any different?
Nexus Gold: a gold exploration and development company with multiple projects in Canada and West Africa. West Africa is a widely-discussed region as of late; investors can check out some articles from contributors on our website which outline the possibly elevated risk.
Nexus Gold has a market cap of C$5.4M and a share price of C$0.04. These are hardly big numbers, but can Nexus Gold offer the potential of exponential growth?
Let's start with the team itself. The management and geological team has a solid track record in gold exploration, discovery, and development through PEA to mining stage.
Moving into the numbers? Nexus Gold has C$500,000 in the bank today. Klenman is candid: exploration companies always walk a tightrope. Klenman puts the rapid decline in share price (from C$3.45 in Feb/17) down to a 10:1 consolidation.
He's been at the held of the company for just over 2-years, but involved for much longer, and Klenman is aware the company has had its problems. Q3/19 was the start of it, with "brutal tax losses" and traders driving the share price down. The primary gold assets are in Burkina Faso, but Klenman tried to diversify the portfolio by conducting some acquisitions in Canada; specifically, six 100% owned and controlled projects in three provinces. However, Klenman points to the reputation of Burkina Faso the reason the company has struggled. If this is the case, will investors be worried that Nexus Gold Corp. has very little control over this risk factor, and can do next to nothing to change the geopolitical situation? Klenman claims it is business as usual, but this is to be expected of an exploration company. Would a producer be more likely to be targeted? Klenman claims the large number of majors in the region serves as a reason for investors to feel more reassured.
Klenman claims there is a major difference to Nexus Gold Corp. Nexus Gold Corp. has no intention to bring assets into production. The management team will look for a buyer. They are explorers only.
Nexus Gold Corp. has spent around C$3M on its Burkina Faso assets, with multiple drill programmes, including at the flagship Bouboulou project, formerly of Roxgold. Klenman is committed to delivering a maiden gold resource at Bouboulou in 2020. Will producing a resource move the dial at all? Will the market care? Klenman says it will help solidify the value of the company.
What is the expectation for the gold grade and Resource size at Bouboulou? Klenman claims even bringing a Resource as small as 500,000oz at 1-3g/t will be enough to get majors paying attention for a potential takeout move. Will c. C$1,800 gold really allow Nexus Gold Corp. to succeed any more than other gold juniors?
In terms of liabilities, Klenman claims US$150,000 with no "hard obligations." US$150,000 isn't a lot, but relative to Nexus Gold Corp.'s cash of C$500,000, it is a meaningful sum. How will Nexus Gold go to market and convince investors to give them C$4-5M to get things moving in a decisive fashion?
Why would you choose to put your hard-earned cash into Nexus Gold Corp. as opposed to any other cut-price gold exploration company? What can Klenman do to ensure growth for shareholders other than producing a maiden resource in 2020? Comment below and we will respond.
Company page: https://nxs.gold/
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A conversation with Anthony Milewski, Chairman of Nickel & Cobalt Royalty & Streaming company, Conic Metals (TSX-V: NKL) about the state of the global markets, Quantitative Easing measures, impact of and life after COVID-19 and what should retail investors be looking at and doing during uncertain markets.
Company page: https://www.conicmetals.com/
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Interview with Paul Huet, CEO of RNC Minerals (TSX:RNX)
COVID-19 has affected stock markets across the land. Very few have managed to emerge unscathed, and even the historic safe haven of gold investment has been hit, though the gold price has now recovered nicely and quantitative easing should drive it even hire.
So, RNC Minerals. An amazing operational turnaround in 2019 was lacking one thing: share price growth. RNC Minerals appeared on the cusp of growth, especially given the exciting exploration and optimisation plans in its 2020 guidance, but COVID-19 has heavily impacted the share price.
Investor sentiment is low, and patient investors in RNC Minerals have been left feeling frustrated. However, in this passionate interview, Huet cuts through the COVID-19 crisis, and explains in detail why RNC Minerals could still be a fantastic bet for investors.
RNC Minerals released its Q4/19 results last week, and Huet was keen to emphasise the significance of them. What are the headlines?
• Gold Production: 26,874oz• Adjusted Earnings: C$14M• 2H/19 AISC Guidance BEATEN• NO CHANGE to 2020 Guidance
The operational figures are mightily impressive; there is no way of getting away from that. However, the most encouraging fact of all for investors is that there is NO CHANGE to the 2020 guidance, despite the coronavirus outbreak. This is the clearest indication yet that RNC Minerals currently appears to be available at a steep discount on its true value.
Huet unpacked some of the results for us to provide further reasons to believe. RNC Minerals' 2H/19 gold production figure of 51,090oz comfortably exceeds its own guidance (42,000-49,000oz). The Q4/19 AISC also defeated expectations: US$1,131, a 12% reduction of 1H/19.
The company has reiterated the position in its 2020 guidance: 90,000-95,000oz gold in 2020 at an AISC ≈US$1000/oz, provided COVID-19 has no adverse impact on the company. It will be interesting to see how an ore sorter can further transform these economics and act as a catalyst. Adjusted earnings of C$13.7M FOR Q4/19 are particularly impressive, especially when you consider the full-year earnings for 2019 are only C$15.9M.
RNC Minerals managed to reinforce its balance sheet in 2019, holding a strong cash position of US$34.7 million, net of a US$3 million debt repayment, and working capital of US$26.5 million.
The real promise of share price explosion comes from exploration at the HGO open-pit production pipeline. Recent drilling has created mine life extensions of the Baloo and Fairplay North open pits. RNC Minerals has identified a number of areas at HGO for further exploration: the Aquarius Project, a newly interpreted 5km structure north of Trident, as well as potential open-pit expansions to both the Mousehollow and Hidden Secret projects.
In addition to optimising its Higginsville Mill, RNC Minerals is considering its royalty arrangement with Maverix Metals at Beta Hunt, which stands at 6% on gold and 1.5% on nickel. We have no doubt Huet will deal with this in due course and in the right manner.
RNC Minerals also filed the technical report for the maiden gold mineral reserve at Beta Hunt of 306,000 ounces (3.4 Mt at an average grade of 2.8 g/t) and has produced a revised feasibility study on the Dumont Nickel-Cobalt Project.
RNC Minerals' corporate strategy and business model looks strong. Huet's leadership thus far has been equally strong. The company is moving into a clear growth phase, and there is very little to make us doubt they will deliver. Right now, a share price of c. C$0.30 looks like the market has lost its mind, and when that happens, its time for investors to think about acting.
What did you make of Paul Huet? Do you think he can drive the share price back up? How will the gold price perform for the rest of 2020? Comment below and we will respond.
Company page: http://www.rncminerals.com
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Interview with Peter Gianulis, CEO of Allegiant Gold (TSX-V: AUAU)
Allegiant Gold is a gold exploration play in North America; specifically, Nevada, Utah, Arizona and New Mexico. Allegiant Gold owns 100% of 10 'drill-ready' gold projects in the U.S, 7 of them in Nevada. Allegiant Gold's flagship Eastside project is the main focus. The company's Bolo project has provided it with some degree of income, leaving the company with around US$500,000. 6 other projects with discovery potential have been drilled since April 2018, and several more are planned for drilling.
What are the 5 key parts of Allegiant Gold's philosophy?
1.) Focus - If you have something promising, focus all of your energy and capital on it; farm out the rest to get cash flow coming through the door.
2.) Keep a low G&A/cash flow burn on the company. Farming out projects helps with this.
3.) Accretive dilution. Even the utterance of dilution can give gold investors nightmares, but Gianulis claims Allegiant Gold's plans minimise dilution, even if it means doing nothing in the short term.
4.) Jurisdiction. There is no doubt that North America is a superb jurisdiction for gold companies, especially in comparison to Latin America.
5.) Having skin in the game. Having management buying shares and holding a large ownership position. This is proven by large insider buying in the last few years.
Gianulis has been in the hot seat for just 6 months, but has been at Allegiant Gold for around 12 years. The rest of the management team appears to have decent gold mining credentials.
The share price has been largely stagnant, even before COVID-19 grabbed the mining sector into a stranglehold. What are the numbers saying? Cash in marketable securities? US$500,000-600,000. Allegiant Gold obviously needs to go to market before doing anything meaningful, but nearly every gold explorer we have spoken to is in the same boat. Capital is extremely expensive and hard to come by right now. How will Allegiant Gold stand out from its gold peers? Gianulis claims Allegiant Gold is positioned with a much lower risk profile than most explorers: the company has a confirmed large and open resource in a safe jurisdiction. The early-stage metallurgy is solid, and Allegiant Gold has a 1.2Moz resource base to expand. Allegiant Gold still carries exploration risk, but considerably less than other exploration companies that have no idea what they have.
Gianulis claims the resource is extremely economical, even in a lower gold price environment of US$1550/oz. However, he was unable to state a total number of ounces for the potential of Eastside. Investors will make of that what they will. The overhead, minus land holding costs, is currently US$30,000-35,000 per month. Allegiant Gold earns US$550,000 per annum on its farm-out projects. This could be critical if Allegiant Gold wants to hold off on raising expensive capital for the time being. Gianulis claims the money is currently being spent on permitting and studies. We hear this a lot but would like to know much more detail; it's investor money after all.
Gold investors will be hoping for some catalyst moments in 2020 for Allegiant Gold, but this is going to be very difficult while COVID-19 is this obstructive. It will all depend on how effectively Allegiant Gold deploys its small amount of capital, how well it can continue to develop Eastside, and how well it can market itself to investors whose sentiment has been obliterated.
In terms of remuneration, Gianulis claims a "very small" salary of US$7000/month. That's not too bad for stagnancy, but he needs to start pushing the share price up soon or investors will be restless.
Company page: https://www.allegiantgold.com/
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Matt talks to Simon Catt, Founder and Partner of London fund, Arlington Fund Management. Simon is out for a walk with his dog and the wind occasionally catches his microphone, so please excuse the sound quality in places.
Simon tells us about his investment process and rationale when investing, and it's not too dissimilar to what retail investors should be doing. A jolly chat sprinkled with a few words of investing wisdom. Looking forward to catching up with Simon this week when we are going to ask him about his biggest investing mistakes and why and where he has seen the best returns. Was it luck, planning or pure genius.
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Interview with Michael Allen, President & CEO of Eclipse Gold Mining (TSX-V: EGLD)
Not quite cookie cutting, but they're definitely baking cookies...
Eclipse Gold Mining started trading in February 2019. It is a Nevada-focussed exploration play that is hoping to extract the full potential from its "left-behind" gold-silver Hercules Project.
Perhaps the most impressive thing to consider when dissecting the Eclipse Gold Mining story is the management team. The group at Eclipse Gold is responsible for 10 successful takeovers/exits that generated a total in excess of US$4,588,000,000 as well as several growth stories such as Sandstorm Gold Royalties and Equinox Gold. In one of their most impressive recent plays, in 2018, the team sold Northern Empire Resources, the company it had founded and developed, for C$117M from a C$10M outlay. If this is indeed "part 2" of the Northern Empire story, investors might have become dewy-eyed. However, each project stands on its own merits, regardless of the prestige of the management team. So, how does this Eclipse Gold Mining stack up?
What is the risk model here? Allen was keen to stress that he is a businessman above all else. As regards whether the project will be discovered for a major, explored or developed, Allen is open to all options that will return shareholder value. Does this flexibility show a lack of clarity, or is it a smart way to approach a volatile market?
The next 3 years will be all about delineating and expanding resources as the exploration phase continues. In the last year of the phase, the project will enter the engineering phase: studies and a PEA/PFS? At any time during this cycle, and if profitable, Eclipse Gold Mining will be ready to make a swift exit.
What does the project itself look like? Scale is absolutely key, and this is the centre of Eclipse Gold Mining's marketing: scale = value. The company is looking to conduct RC drilling on 4 targets (3-4 holes per target), so it should have a resource to publish in the near future. The company has around C$5M today. Will COVID-19 affect the burn rate? Allen is acutely aware of the situation but doesn't expect a huge impact. Eclipse Gold Mining is on course to end the year with around C$1M in the treasury. By the end of the drill program, Allen hopes the full scale of the gold resource at Hercules becomes apparent. The G&A cost is around C$1M per year.
Allen himself has put C$150,000-$200,000 into Eclipse Gold Mining, a figure he says is meaningful for him. Management owns around 45% of the company: a strong figure. In terms of remuneration, Allen remarks that it is a fairly standard compensation package and that directors were paid nothing when Eclipse Gold Mining was private. Hopefully, the team isn't trying to make up for this, though we doubt it. We will look into the figures. The only 'big' shareholder is a small Canadian fund.
In terms of potential raises, Eclipse Gold Mining is readying itself for a financing whenever the opportunity arises. Allen believes the market will give credence to RC drilling numbers, though we're not so sure.
What did you make of Michael Allen? Is Eclipse Gold Mining a gold junior you'd invest in? Are you a big fan of the Northern Empire Resources story?
Company page: https://eclipsegoldmining.com/
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Interview with Dev Randhawa, CEO of Fission Uranium (TSX:FCU)
Fission Uranium has a great project in the Athabasca Basin, Triple R is a high-grade shallow deposit.
With the aid of hindsight, he breaks down his thoughts on the Section 232 Petition and discounts the Nuclear Fuel Working Group as irrelevant with the current COVID19 focus of governments, funds and the markets. We also ask him what the implications could be to Cameco's announcement to stand down their workforce at Cigar Lake.
We are keen to discuss how he intends to finance his project in the post COVID19 world. He is coy about conversations he may or may not be having. He talks openly about some of the cuts he has made including the decisions that have been made and that need to be made to Board and the Directors salaries and fees. Let's see what happens there. Plus we ask him what role their largest shareholder will have in any future funding event and what they timing of that may be.
Company page: https://www.fissionuranium.com
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Interview with Justin Brown, Managing Director of manganese developer, Element 25 (ASX: E25)
Element 25 is an ASX-listed manganese junior focussed on the development of the 100% owned Butcherbird Manganese Project in the southern Pilbara region of Western Australia. Element 25 has the intention to produce high purity Electrolytic Manganese Metal (EMM) for steel markets and Manganese Sulphate (HPMSM) for lithium-ion batteries.
Manganese is often regarded as a forgotten battery metal. However, there is an abundance of it in global supply chains and plenty more underground. It is far from a rare element, but Element 25 believes it can offer investors access to the projected growth of manganese demand driven by the EV revolution. Element 25 has a royalty stream agreement with Silverstream Mining (subject to listing on the TSX later this year) for A$500,000. The company has around A$1.5M in the bank today, in addition to a A$2M facility with Acuity Capital, announced as of the 18th March. Based on the current burn rate, these financial metrics would see Element 25 through until the New Year, but with the promise of a PFS in June/July, which will take the company into a pilot phase, Element 25 will need to raise another A$5-10M.
So, what sort of scale are we looking at? 260Mt says Brown. 56Mt of that has recently been drilled out and brought to measured/indicated status. Brown claims the resource is enormous, but how will Element 25 monetise it? Brown claims ore body is extremely amenable to hydrometallurgical leaching, which means that Element 25 could complete a coherent green narrative with less mining pollution. In addition, this method of extraction could keep Element 25 towards the lower end of the cost curve. The company's team used to be experienced in exploration, but it has recently been bolstered to include more mining engineering and project development knowledge, as Element 25 tries to move away from its exploration roots.
Element 25 seems to have very little traction in the market, and not many investors are talking about it. Is this a case of flawed marketing, COVID-19 sentiment or something else? Brown gives his take, stating the transition from explorer to developer has gone under the radar and has happened too slowly for investors to stay interested.
Brown then moves into the manganese market in its entirety, before providing further details about potential financing and future studies to be completed this year. Element 25 appears to need to crystallise the opportunity it is presenting to investors because now more than ever, investors are extremely skeptical. Some more concrete offtake agreements would do wonders for Element 25's reputation, as the management team could show that the manganese supply chain is taking the company seriously.
What did you make of Justin Brown and Element 25?
Company page: https://www.element25.com.au/
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A conversation with Brandon Munro, CEO of uranium company, Bannerman Resources (ASX: BMN)
Munro is one of the most informed and articulate uranium influencers in the market. We ask him about in the implication of Cameco's announcement to stand down their workforce at Cigar Lake. And we meander, intelligently, into other fundamentals of the uranium cycle. His is a unique look about the workings and levers that can change the Supply Demand story and makes a prediction for us.
Company page: https://www.bannermanresources.com.au
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Interview with Wayne Heili, CEO of Uranium company, Peninsula Energy Ltd (ASX: PEN)
We catch up with Peninsula Energy CEO Wayne Heili. He tells us that their long-term uranium contracts are contributing with net cash flow of $4-$5M this year and that they have enough cash to take them through to Q1/20. Recent cost cutting involved closing the Australian office. Heili is based in Wyoming as is their project. The ASX listing may benefit from a listing on the NYSE but the current operation is only A$30M so that will not be imminent.
Peninsula Energy has changed its technical solution for their Lance Project. They are now looking at alkaline ISR to release the value. Heili explains how that decision came about and how he believes it unlocks real value for shareholders.
We discuss how COVID19 is affecting business. and also the reaction to the Nuclear Fuel Working Group and how the utilities are behaving.
What did you make of Wayne Heili? Do you think Peninsula Energy can get funded or are they more likely to be taken over? Are you a fan of uranium companies and who are you backing?
Company page: http://www.pel.net.au/
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Interview with Bradley Langille, President & CEO of Gold Producer, GoGold Resources (TSX:GGD)
This is a Mexican gold and silver play with plenty to be excited about.
GoGold Resources Inc. is a Canadian-based silver and gold producer with projects in Mexico. The management has experience building, buying and selling mines. The team has built three mines, and is developed a fourth in Mexico, over the last 24 years. GoGold Resources has one project generating cash flow, the Parral Tailings Project, in addition to its recently acquired Mexican exploration play, Los Ricos. Langille thinks the project in Mexico is one of the very best remaining undeveloped trends in the jurisdiction. Historically, the management team has raised over C$800M equity and C$200M debt for their projects. The management team appears to be decisive and does what it says it will do.
Langille starts by talking about what all investors want to know: how is COVID-19 affecting the business? It has certainly changed the way that GoGold Resources is operating though. Sanitation is the order of the day, but are these new WHO protocols anything more than a mild inconvenience? Langille says they aren't. It is business as usual. Langille thinks these current market conditions are simply a broad-based sell-off. Investors are selling anything that isn't nailed down. Langille thinks the quantitative easing that governments around the world are currently engaging in has historically always been good for gold and other precious metals companies. Parral is currently generating around US$700,000 per month, and GoGold Resources has around US$20M in the bank and is owed US$11.5M from the Mexican government. GoGold's US$25M financing at the end of February looks like a great deal given current market conditions; raising capital at today's rates would be far from ideal. The balance sheet looks strong, and Langille is confident GoGold Resources' share price will bounce back once COVID-19 comes under some sort of control. Operational figures have been impressive, and other than a delay in delivering its 43-101 (now due in May), things appear to be running smoothly.
At Los Ricos, GoGold is currently undertaking a 10,000m diamond drilling program of HQ size core in conjunction with a field program of geological mapping, sampling and trenching on the property. This has recently increased from 2 drill rigs to 6. The focus is on the southern end of the 35km trend. Work is also underway at a separate project 20km North. Deals have been sealed to secure GoGold's control of the Resource. A drill hole in the northern structure has demonstrated 24m @ 27g/t gold, and Langille claims there are plenty more. Langille believes Los Ricos South will have a Resource size of around 1Moz gold equivalent, but the earlier stage Northern project has the potential to be even larger.
In terms of timeline, Los Ricos North is about a year behind Los Ricos South. Los Ricos South should have a gold Resource delivered on it in the near future. If investors base their economic assessment around the "anchor" of 1Moz gold equivalent at Los Ricos South, without even factoring in the potential of the north and the existing cash flow at Parral, GoGold Resources is shaping up to be a strong player in the gold space.
Institutional investors have bought into the holistic business model: a solid producer at one end, with a secure, an expandable resource at Los Ricos South and cash flow from Parral, and the excitement and risk of exploration at Los Ricos North at the other end. This looks like a tempting package, but what do you think?
Company page: https://gogoldresources.com/
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A conversation with Justin Huhn, writer of the Uranium Insider newsletter and Twitter influencer.
A romp through the world of uranium with Justin Huhn, the Uranium Insider. Main point of discussion is the implications of this weeks announcement by Cameco about standing down their working force at Cigar lake for 4-weeks. Most commentators suggest that will be for longer. So what could that do for spot price and contract negotiations between Utilities and uranium producers. How are investors reacting to the news?
We also have time to discuss some of the players in the uranium equities market and what they are doing in light of this news.
Website: https://www.uraniuminsider.com/
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Interview with Chad Williams, Chairman and Founder of Red Cloud Securities Inc.
Sure he is not as good looking as Kate Hudson, but he is in as much demand. Red Cloud Securities offers capital markets services to mining companies. All the company does is "help mining companies." While there are around 100 services that Red Cloud Securities provide, they can be grouped into categories. These include: capital raising, M&A, marketing, strategic advisory work and equities research. There is no other group in Canada that does everything Red Cloud Securities does and has enabled them to grow to be one of the go to companies for junior looking for capital. But woah betide a company that doesn't match up to Williams stringent assessment criteria. We think Retail Investors will find these useful too.
Marketing is particularly difficult, given current COVID-19 restrictions, but Red Cloud Securities is pushing online webinars amongst other things as potential solutions. Its team of analysts provides expert research and advice, and Red Cloud Securities has raised hundreds of millions in capital for 500 different mining companies over the last 10 years.
Williams is a mining engineer with an MBA. He has been in mining "since he was a kid," and was a top-ranked gold mining analyst at some of the world's major banks and brokerage firms. He managed mining equities and even ran a mining company: Victoria Gold Corp. He has seen the mining space from all angles.
Marketing is crucial for mining companies. How else would they manage to raise capital and fund their projects? Williams explains just how crucial telling a compelling story to investors is for mining companies the world over. When times are tough, mining companies really struggle to raise capital, and this is where Red Cloud Securities steps in.
Williams then gives some extremely useful information to investors: what criteria does Red Cloud Securities look for before funding a mining company? Williams states that he can sometimes tell within 15 seconds (YES, ONE-FIVE) whether a company will receive his investment or not. He states that he can tell by how the person is dressed, if they show up late, who is marketing with them, their age and their demographic. Essentially, "give me as few reasons to dislike you as possible." Over 30 years of extensive experience can clearly make your gut instinct a powerful thing indeed! Investors will find the human/visual side of judging potential investments very interesting. Would you refuse to invest if the CEO hadn't polished their shoes?
Company page: https://www.redcloudfs.com/
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A conversation with Joe Kaderavek, CEO of Cobalt Blue Holdings (ASX: COB).
Following on from our conversation with Joe Kaderavek a few weeks ago, just out of surgery that morning, he tells us about Cobalt Blue Holdings and how the intend to find their place in the Cobalt market. Kaderavek is ex- Deutsche bank financier, head of resources, and is all too aware of project like this get funded and what they need in place to get it. We were impressed by his acumen, understanding of the market and the ability to articulate their business plan. And they continue to deliver on-time and on-schedule.
Cobalt Blue Holdings is a relatively advanced project. They have a pilot plant underway which is financed. Formed in 2016. Listed in 2017. Their Broken Hill project is main focus. It is a large but low-grade project. The management teams believes that if they can make this a sulphide project they can keep their capital costs low. 90% recovery and sulphur as by-product. Maybe they have something. The pilot plant is going to allow them to show the technical merit and more important that the economics of the project stand up.
Cobalt is an idiosyncratic, complex and opaque market. And it is a very small market. Most people reference DRC ethical issues which produces 70% of the volume. Kaderavek runs us through the history of how cobalt and other metals are traded in the market. It's important to understand this before considering investing in to a cobalt company. He tells us how traders make money. How will companies source ethical cobalt from going forward. We discuss why the cobalt market is volatile. What stresses the cobalt market?
Cobalt Blue Holdings still has a lot do but they are clear about the path and what they need to do to get there. They are working towards the delivery of a Feasibility Study in the next 18-months, but Kaderavek recognises the need to be an economic story that will get funded. That is what they are focused on.
Company page: https://www.cobaltblueholdings.com/
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Interview with Michael Bennett, President & CEO of Altamira Gold (TSX-V: ALTA)
Altamira Gold is aiming to be in production by the end of 2020.
Altamira Gold is a gold exploration company that holds over 200,000 hectares of mineralized projects in Central Brazil.
Founded in 1994, Altamira Gold appears to have had a tough time of things as of late, looking at the share price. The market cap is a modest C$3.5M, and the share price has been fairly volatile for much of the last 12-months, settling at C$0.04 today.
Bennett gives us the background of Altamira Gold. Bennett himself is an experienced geologist, having operated in South America for over 30-years. Between Bennett and chairman Alan Carter, they have discovered 5Moz of gold over the last 20 years, mainly in Bolivia and Brazil. Bennett claims that Altamira Gold always believed in the potential of the Alta Floresta belt to produce world-class gold resources, despite much doubt from the outside.
Altamira Gold has 8 gold projects with additional exploration. The "flagship project," Cajueiro, has a resource size of 700,000oz at 1.2g/t. Bennett says this is just the tip of the iceberg, and there is a lot more to come. Investors will hope so because the grade and resource size will not be impressive in their own right.
Altamira Gold has raised c. C$6M plus an additional internal investment of C$1M since it went public. Bennett tells us this was spent on metallurgical testing and drilling amongst other things, but investors will want to see the soon to be closing C$1.7M financing (March) spent more wisely. Bennett says it will be spent on infrastructure. Tough and expensive times to be raising capital.
After explaining the outsourcing arrangement Altamira Gold has arrived at to fast-track production (a deal with a private Brazilian group, FMS), we take a look at the business model. Bennett claims expanding its resources and exploring known areas with higher grades will enable Altamira Gold to access cheaper capital and excited the market more. Will installing and then ramping up a gravity/CIL plant up to 200,000t gross production per year, and accelerating its ownership of a full environmental permit help matters? Altamira Gold will be in production by 2H/20 says Bennett.
Will there be any permitting issues in Brazil? The first licence has been issued, with more to come in the next few weeks. He explains it is a cascade system between two state boundaries, so achieving full permitting on the two planes of land has taken longer than planned. This is clearly somewhat tricky, and there is a degree of uncertainty at play here. Will Altamira Gold obtain a bulk sampling (GU) licence?
Shareholders have been diluted so far, and Bennett is cognisant of this, but hopes that the path to growth in share price will come when they get into production. Besides, he claims Altamira Gold is now fully funded until Q1/21. So, what will the catalyst moment be? What moment will reward patient gold shareholders in the next two years? Bennett claims there is plenty to get the market excited, especially the numbers at seemingly homogeneous and "world-class" Apicias. Will the first drill holes really be a huge catalyst? The market needs to hear a lot more in our opinion, but we like that Altamira Gold is getting into production so quickly. Now is the time for gold companies to pounce.
What did you make of Michael Bennett? Is Altamira Gold a company you'll look into further?
Company page: https://altamiragold.com/
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A conversation with Justin Huhn, writer of the Uranium Insider newsletter and Twitter influencer
We have spoken to The Uranium Insider a couple of times before who has a wonderful ability to simplify the uranium story for investors new to this space. We talk about the investment thesis for uranium at the moment. The market was in a tough spot prior to the market reset and the onset of the coronavirus mania. Will the US Govt Nuclear Fuels Working Group has been slow to make decisions and announcements, which in itself it has made the market nervous as to the US Govt's true intent in what is an election year.
Some of our recent Uranium CEO interviews have revealed a slightly longer time frame being considered by them for a return of the spot market. That is telling. It is also worrying for some investors who have money tied up in uranium companies who do not have cash reserves, or indeed the ability to raise cash in the short-term. The impact could mean consolidations or acquisitions at best for those companies, or companies going bust. We discuss.
And clearly the topic of COVID19 / Coronavirus is on everyone's lips at the moment. We discuss the short-term impact on Uranium.
Website: https://www.uraniuminsider.com/
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Interview with Steven Rudofsky, Founder of Talex Commodities
You learn about investing by making mistakes. And hopefully you end up making less and less mistakes and more good decisions. We talk with family office investor Rudofsky who shares his learnings, so that maybe we can avoid some of the pitfalls. This is good ammo for retail investors who aren't necessarily full-time profession investors.
This was filmed at the beginning of February before the market reset of late February, and the recent coronavirus outbreak, but the fundamentals of investing are discussed. Things which have been true and will continue to be good investment insight going forward.
We have an enjoyable look back at Rudofsky's client-focussed background and experience in the world of investment. This includes a look at his individual investment strategies to build strong networks and relationships with investors across the globe. Times have obviously changed, but there are pearls of advice that will remain eternally valid, and investors should pay attention. The indictment of international commodities trader, Marc Rich, by Rudy Giuliani is an area of particular interest.
Rudofsky's shares his experience with tricky jurisdictions. In this instance, it was Russia. He talks us through the importance of jurisdiction for retail investors, in addition to advice on due diligence. Investors should approach decisions from a calculated, methodical standpoint, and should maintain neutrality rather than succumbing to emotion. Rudofsky also explores the importance of due diligence: if retail investors don't do their homework, they are asking for trouble. How does the risk outlined from an investor's due diligence weigh up against the potential return profile?
Rudofsky lays down a really useful blueprint of investment criteria for retail investors to follow. It starts with a crucial question: is mining right for you? Mining is high-risk, high-reward, and requires a significant degree of specific knowledge before becoming embroiled in its complexities. However, it is a field that has been well documented for generations, and there is plenty of material for investors to educate themselves with if they wish. While Rudofsky is aware that the current market conditions mean the odds are stacked against retail investors, a small amount of disposable income can still provide exciting returns, provided said income is not massively important to an individual's financial health. ETFs and similar risk mitigating systems provide opportunities to indulge in mining investment with less overall risk.
The blueprint continues with specific parameters: Business Model, Asset, Management, Corporate Structure, Promotion etc. Rudofsky provides some of the educational resources retail investors need to be aware of to stay ahead of the curve. While the odds are stacked against them, there is some information out there that can help level the playing field a little. Rudofsky is honest in that performing due diligence on a company is expensive, but the reality is that the cost of appropriate high-level diligence renders it inaccessible to most retail investors.
Rudofsky covers management behavioral red flags: generally, management teams who don't put their money where their mouths are. This includes those who are overpaid and buy an small or negligible amounts of shares. Investors want to see skin in the game. If a management team doesn't have their necks on the line, where is the incentive to make the company perform? Management must be truly aligned with its shareholders.
Talex Commodities Capital is a 'boutique' merchant bank working exclusively in the natural resource sectors, with a focus on mining and oil & gas. The principals in the business, Steven Rudofsky and Eric Kolodner, together have over 50 years’ complementary experience across a wide range of assets, transactions and jurisdictions.
Company page: http://www.talexcommodities.com/
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Interview with Trey Wasser, President and CEO of Ely Gold Royalties (TSX-V: ELY)
We love royalty companies. They provide mining returns with much less of the risk.
Ely Gold Royalties Inc. is a North American royalty company with a portfolio of producing and development assets focused in Nevada and the Western US. All portfolio properties are sold or optioned on a 100% basis.
Ely Gold Royalties has a current portfolio of over 20 available gold properties and over 30 royalty streams. Having been around for just over 3 years, the company has progressed steadily. When we last spoke to Ely Gold Royalties the portfolio was focused on exploration and development, but now it is predominantly focussed on producing/near-producing assets. This is a meaningful change in strategy and probably born from the rather attractive strategic investors now in the company, including the likes of Eric Sprott. We haven't spoken to Ely since August last year. The share price has doubled, so the team has been making the right decisions.
Wasser has been trying to push Ely Gold Royalties up the value curve. Wasser states that with the increasing value of Ely Gold Royalties has come an increased ability to look at bigger deals. Ely Gold Royalties is still a relatively small company, but it looks to be on the right trajectory. C$1-2M dollar deals have turned into C$5-10M deals, and with each larger deal, leverage is added. Two recent deals have been announced that the team is in the process of closing, and both stand at C$7-8M. Wasser remarked this would be the point a "hockey-stick" type share price trajectory would take hold. Access to money from Sprott has certainly helped matters, in addition to a small financing in November. Most of the royalties are purchased from third parties. Wasser also weighs in on whispered anticipations of possible US$2,000/oz gold.
In February, a US$5,000,000 + shares deal with private Nevada corporation VEK has given Ely Gold 100% ownership of 'five important royalties and leases' on known mineral deposits at the Goldstrike and Marigold mines. This could prove to be another astute move over the next 10 years. Wasser then sheds some light on Ely Gold Royalties' relationship with Sprott.
Ely Gold Royalties expects c.C$4M in revenue this year. It will be interesting to see how this potential figure stacks up relative to cost. Wasser does not see the recent deal with Wallbridge Mining Company as particularly impactful on Ely Gold Royalties.
Lastly, we covered the new remuneration policy. The management team has already hit its annual targets, and it's only March. How has the remuneration model been adjusted to afford for that? Wasser claims the bonus programme at Ely Gold Royalties is fair, and only impacts a small number of management members. Ely Gold Royalties looks like a safe, stable and well-managed bet for investors seeking reliable returns.
Company page: https://elygoldinc.com/
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Interview with Jeremy Wrathall, Founder & CEO of Cornish Lithium.
A gentle meander through the world of lithium. It's struggling at the moment, but is it the exciting EV commodity that can satiate our future hunger for green energy?
Cornish Lithium is a lithium junior mining company based in Cornwall. No lithium is produced in Europe whatsoever right now, but Wrathall claims we used to be able to “buy it from the supermarket.” This obscurity of supply is something Cornish Lithium is looking to capitalise on.
Wrathall is a mining engineer, trained in Cornwall with a big passion for Cornwall. He has a finance background at Deutsche Bank, but it is laden with mining knowledge. In addition, he is a partial geologist.
Wrathall identifies the main issues in the lithium market right now: namely, the supply chain and its carbon footprint. In the UK, we used to rely on international shipping; there is a big carbon footprint in shipping supply chains and lithium thousands of miles away. Is it responsible joined up mining? People are beginning to think of geothermal (ultra-green) energy, and domestic lithium supply.
However, do people care more about margins than going green? Wrathall points to the CEO/Chairman of Blackrock, the "biggest funding institution in the world," who said in January “We do care about carbon footprint now, because our investors do.” Investors will want to know Cornish Lithium can plug itself in the European battery supply chain, or will there always be companies looking to margin, regardless of green momentum?
Wrathall expects Cornish Lithium to demand a premium but claims the team is aware they need to compete on price. Wrathall claims that low carbon technology means they can still compete and be towards the bottom of the cost curve. Companies like BMW have already said we have to source our material ethically; societal pressure appears to be changing.
A big flaw in the supply chain has been the UK's disposal practices: shipping 70% of its waste to Turkish landfills. This relocation of waste solves nothing.
ESG and Greta Thunberg's impact on international markets last year could mean 2020 is the year of climate action. Investors and producers are carefully considering how they assess supply chains.
How are automotive companies engaging with mining companies to check they are mining ethically, and how can they track this? Wrathall claims the EU is putting €3Bn into the EV supply chain, but states it is national governments' responsibility to spearhead green mining and incentivise it.
Wrathall states the mining industry is responsible for c.10% of emissions globally. He claims a blizzard of change and innovation is coming into a very conservative industry.
The "biggest lithium rock body in the world" is in Cornwall, and it has higher-grade rock than in some of the places in Europe. Wrathall's eventual ambition would be to create a battery powerhouse in Cornwall, but this is incredibly early stage. Is this just wishful thinking? Cornish Lithium has the technology to extract from both hard rock and brine.
Wrathall explains that Brexit has crystalised the UK government's economic thinking, claiming they plan green investment akin to the Manhattan Project.
Cornwall is a socially deprived county, but Wrathall wants to change that. Geothermal power has allowed Cornish Lithium to recently recover lithium (high concentrate spodumene) from the layer of water that lies beneath Cornwall. However, New Zealand, a lithium extraction country, has been at it for 60-years, but they haven’t utilised this technology at full scale yet, just pilot scale.
The lithium market is depressed at the moment because of oversupply from Chinese grade lithium, but this is low-grade, and Cornish Lithium wants to fill the high-grade battery demand gap.
Company page: https://www.cornishlithium.com/
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Interview with Andrew Penkethman, CEO of Ardea Resources (ASX: ARL)
Before we get in to Ardea Resources we wanted to understand why they chose to spin out their Godolphin project. Why ask why and what it means for Ardea shareholders. Penkethman takes his time to explain the process and thinking that they went through to set that up. Penkethman chose the Godolphin management and has high hopes that they will be able to develop the project and return some value.
Ardea Resources is working on creating a very large Nickel sulphide project, the Kalgoorlie Nickel Project. The Goongarrie Nickel Cobalt project is part of this larger Kalgoorlie disctrict. It was a spin out itself from Heron Resources. Penkethman has been CEO for just over a year. A lot of money, over $50M on 400,000m of drilling, has been spent generating a lot of data. That gives the management team a lot of data to trawl through. The grade are high at 0.7% Nickel and 0.05% Cobalt with a resource of 773Mt.
Ardea has a 1Mtpa base case PFS, with a low capex start-up, with the ability expansion case to 2.25Mtpa.
Company page: https://ardearesources.com.au/
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Interview with Jeff Klenda, President & CEO of UR-Energy (TSX: URE, NYSE: URG)
Ur-Energy os one of the two companies that submitted the Section 232 Petition to the US government, Department of Energy. Klenda tells us why he felt it was the right thing to do at the time. And with an announcement expected this week, he expresses his hopes for the Nuclear Fuels Working Group decision.
Klenda is a forthright speaker and doesn't shy away from the reality of the numbers in the market and for Ur-Energy. Klenda is clear about how long Ur-Energy can run before it needs to go to market and raise more capital. We discuss the implications of cost cutting, inventories and dwindling contracts for Ur-Energy.
Klenda also opens up about his peers and some of the barriers and hurdles that they will have to overcome.
Company page: http://www.ur-energy.com/
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Candid interview with George Glasier, President & CEO of uranium developer, Western Uranium & Vanadium (CSE: WUC).
Western Uranium & Vanadium is a relatively small junior miner, even amongst the few uranium juniors it would be considered small. But it does have a very vocal and outspoken CEO at the helm in the shape of George Glasier. Glasier was one of the founders of US uranium producer Energy Fuels back in the day. His new company, WUC, is focussed mainly on getting the Sunday Mine Complex back in to production. They have 5 other project of less consequence and certainly not in focus. We discuss how he hopes to do this in the current environment. And he talks openly in places (if you listen carefully!) about some of the challenges he is facing.
We don't envy any of the uranium CEOs at the moment. It's a tough market. However, we expect them to do as they say and say as they do. All too many say what it takes. It's important for shareholders to hold them to account.
The Sunday Complex, made up of 5 underground mines, is in Colorado. Previously owned and operated by Union Carbide and Denison Mines. WUC has been engaged in discussions since sept 2019 with the Colorado Division of Reclamation, Mining and Safety (CDRMS) over the renewal of the mining permits. Currently all permits are considered inactive. WUC believes it has now met the conditions set by the CDRMS and is set to attend a hearing on the 24th April 2020 to present its case. Glasier gives us his view on how that will go.
We also discuss their proprietary ablation technology, now called Kinetic Separation Technology. A lot of supporter of WUC see this a revolutionary for the uranium space, so we dig down in the commercial reality of what it is, if and when it can contribute revenue and what it is worth on the balance sheet. Are you convinced?
We ask how he can calculate the economics with only a NI43-101, and more importantly how he hope to get funded to get the mines in to production. Glasier also gives us his view on how he thinks that works.
A big part of the economics will depend on the ability of WUC to process their ore. Glasier says that Energy Fuels White Mesa Mill is perfectly positioned to process the WUC ore and the companies have spoken. We wait to see the outcome of those discussions. And finally we ask Glasier what he meant in an interview recently about the US Govt buying uranium ore from WUC.
Company page: https://www.western-uranium.com/
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Interview with Dan Wilton, CEO of First Mining Gold Corp. (TSX: FF)
First Mining Gold Corp. (formed in 2015) is a North American gold development company with a diverse portfolio of gold projects. First Mining Gold Corp. has a large resource base of 7.4Moz gold in the Measured and Indicated categories, and 3.8Moz of gold in the Inferred category. Its assets are in 'mining-friendly' jurisdictions: Eastern Canada, Western America and Northern Mexico (one in the south). First Mining Gold Corp. is focussed on advancing its assets towards production. It holds a portfolio of 24 mineral assets. Is 24 too many? Will it look to cash in on some of these soon?
What was the business plan on day one? Wilton says it was to find value in projects that companies had given up on. By adopting a roll-up strategy, and trying to excite the market with promising, underdeveloped projects, First Mining Gold Corp. hoped to create something of a PR frenzy via aggressive promotion. How has it worked out? Investors may be worried, based on market performance. First Mining Gold Corp. had a share price of C$0.41 in March 2019, but sits at C$0.21 today; this from a company that reached C$1.18 in July 2016. The market cap stands at around C$124M today.
So, why this decline? Wilton seems to be aware that First Mining Gold Corp. has suffered from its legacy as a promotional entity. As is always the case in mining, investors have long memories, and a full transition to becoming a project development company seems to have gone unnoticed. Wilton remarks that the stock has good liquidity, but this will mean little to investors if the share price continues on its current trajectory. Wilton states that First Mining Gold Corp. needs to find a way to maintain investor enthusiasm throughout the project development phase. The story of project development seems less attractive to the market, but is this because if the way the story has been told?
One worrying stat is the CAPEX needed to get First Mining Gold in to production: c. C$800-850M. Wilton states the fundamental value of First Mining Gold Corp. will come by reaching "value milestones" and de-risking the project. Investors will wonder why Wilton is so hell-bent on starting with a portfolio of this size, but Wilton sees the opportunity as too good to pass up. Could First Mining Gold Corp. have started smaller and scaled up? Wilton states that history has shown single asset projects to be risky...
Wilton talks through their two main projects, and the plans for 2020: raising capital and getting permitted. First Mining Gold is currently finalising the second half of its private placement: c. C$5M. Wilton plans to spend the money on conducting a PFS, and edging the two main projects closer to permitting, construction, and eventual production. We think Wilton needs to give the market more detail in the meantime about what the company is doing to work towards these permits and to further develop these projects. This vacuum of information is being filled by negative sentiment at the moment. Investors need to be made comfortable that this play isn't set up to fail. Let's see how First Mining Gold proceeds in 2020. It's sure to be interesting.
What did you make of Dan Wilton? Is 24 assets too many? How can First Mining Gold Corp. get the share price moving back in the right direction?
Company page: https://firstmininggold.com/
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Interview with Stewart Dickson, Non-Executive Director of Trans-Siberian Gold (LON: TSG)
Trans-Siberian Gold is an established gold producer and has been in production for 9 years. Dickson regards Trans-Siberian Gold as a stable 40,000oz dividend-paying producer. Trans-Siberian Gold is listed on AIM with a portfolio of Russian assets. The 7-person board has direct experience with mining operations in Russia.
Is the reputation of Russia problematic? Dickson claims there are myths and misconceptions. He remarks that Russia has a low sovereign risk based on 3 keys areas of risk: security of assets, ability to repatriate capital and staff safety. Russia has no history of expropriating mining assets ever. Investors need to decide whether they feel comfortable with Russia as a gold mining jurisdiction. Dickson remarks that gold is a strategic asset for the Russian government, and the Far East of Russia is underdeveloped and prospective.
Trans-Siberian Gold has paid US$21.5M of dividends to UK and global shareholders in the last 5 years. It has a 100% indigenous workforce with no ex-pats.
Production figures stand at 38-42,000oz per year in terms of gold, which is a relatively small number, but Trans-Siberian Gold is producing cash. Why does Trans-Siberian feel obligated to pay dividends when other similar juniors don’t? Dickson claims it is his financial responsibility to reward investors. He claims Trans-Siberian offers a very high payout ratio and dividend yield, which helps mitigate people’s concerns.
The AISC is somewhere between US$900/1000/oz. It used to be US$850/oz for the first half of 2019. Why this increase? Dickson claims the AISC is up because they are reinvesting in the mine life of the current gold asset via a US$7M drilling programme. Dickson claims Trans-Siberian Gold is in the bottom third of the gold mining cost curve based on its 2020 guidance. It has been profitable for a number of years, even in lower gold price environments.
Why has the share price been in freefall since gold went up, and most gold producers performed extremely well in 2H/19? Dickson claims that the market was starting to pay attention to Trans-Siberian Gold in Summer '19, but interim results in September they stated Trans-Siberian Gold's resource had been overstated (the size of the contained ounces). The management team disclosed this and gave guidance, but this clearly put off a lot of investors. However, Dickson is confident operations can continue fully until 2024 without exploration. The dual hammer blow of a small fund wanting to exit at the same time for an unrelated reason caused the large share price tail off.
The truth is clear: the share price hasn’t recovered, despite Dickson's claims to the contrary. However, Trans-Siberian is fully funded for the US$7M drilling programme.
In reality, profitable ounces don’t give you growth. How will Trans Siberian bring the excitement back into the story? What M&A is possible in Far East Russia?
The management team thinks they can grow the gold resource base through a step-out drill programme. Trans-Siberian Gold Bought a second asset last year for US$3M, located 50KM down the road, and proved a resource of 1Moz. Was this a good deal for US$3M?
The biggest shareholders of Trans-Siberian Gold are based in Moscow, but Dickson is aware of the need to change ownership and enhance liquidity. In terms of remuneration, Dickson claims Trans-Siberian Gold operates with 'industry-standard' management fees: standard AIM market rate, £50,000 for chairman?
Company page: http://www.trans-siberiangold.com/
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Interview with Bernard Aylward, CEO of Kodal Minerals (AIM: KOD)
We meet with straight-talking former geologist Aylward to discuss his Mali projects. He gives us an honest appraisal of their finances and how they hope to approach the market with their story. Despite the current appetite for gold projects, their hard-rock lithium asset is the most advanced and is the focus, especially their Bougouni Lithium Project, as this has the best chance to move in to development.
We ask about Mali as mining jurisdiction. We discuss doing business in Mali with reports of terrorist activity. Alyward again is frank and honest in his response. Sounds like business as usual, and as an explorer and an explorer of lithium, we would expect that.
We want to get in to the Management teams thinking, and understand Alyward's plans and exactly how they hope to continue to fund this project through exploration and in to Development. With limited finances in place, the Kodal team has been very frugal with its spending and plans to produce its own Feasibility Study (having done their own Pre-Feasibility Study in 9 months).
They have raised £6.5M to date. We ask what money has been spent on. Drilling and engineering? He suggests they will produce a Feasibility Study themselves. We questioned him on the validity in the market of doing that. Let us know in the comments section what you think of his response and indeed the company.
Understandably, they will need to raise money soon and look forward to hearing from them as to what they want to do with that money. There is an off-take agreement in-place and we try to understand what the nature of the relationship and what the terms of the agree mean to the company and the investors.
The gold assets are being maintained for future, and are working with Resolute who are earning in to one of the assets. Alywards values these gold assets enough to pay to hold them. These are not being valued by the market today.
And a FREE 'Not A Mug' Crux Investor mug to the first person to guess the song name and artist featured in the title of this video! (One mug per person).
Company page: https://kodalminerals.com/
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A conversation about Titanium with Paul Wallwork, General Manager of Project Developer, Neometals (ASX: NMT), who helps us to understand the Titanium market and how it works.
So if you are thinking of investing in the a Titanium company, you need to understand supply / demand in that market. We suggest you listen to this explanation of Ti02.
We're fans of the Neometals story so far. Its patented battery recycling process looks like an intriguing way for investors to make money, and it appears to have the corporate infrastructure in place to facilitate big deals and give investors returns. The management team's track record of success extends to the Mt. Marion Lithium Project, where they timed their exit to a tee, selling their 13.8% stake for AU$103.8m. The story so far seems indicative of an encouraging idea: Neometals doesn't get involved with projects unless they are going to work.
In this interview, Wallwork was also keen to talk about yet another option at Neometals' disposal: The Barrambie Titanium And Vanadium Project (Barrambie). It has been granted a mining permit and has had exploration and evaluation expenditure totalling AU$30M (courtesy of Neometals) since 2003. But not before we had made him download what he knows how the Titanium functions.
So, all things titanium: it is found in nature as titanium dioxide; the most common mineral it is found within is ilmenite. When someone says titanium, most of us think of exotic supercars and fighter jets. However, the Titanium metal industry only accounts for around 5% of consumption. 90% of titanium dioxide supply is turned into a pigment, titanium white. It is used in paints, protective coatings, plastics, etc.
There are plenty of big players in the titanium market, including Rio Tinto, Iluka Resources and Kenmare Resources. Companies like Tronox are big producers of titanium pigment. Where does Neometals slot into all of this?
Wallwork claims the Barrambie Project has the scale, longevity and grade to stand out from the competition. Neometals also has "co-product credits." The most valuable that is found in sand deposits is zirconium. However, in the hard-rock case of Barrambie, Neometals has vanadium, which is a "valuable metal" used in the steel industry. The ore body is forecasted to produce 9,235t of FeV80 and 6,337t of V2O5 a year, with an average plant feed rate of 2.66Mtpa, over an estimated mine life of 15 years. Neometals has an additional advantage, in the form of the mining jurisdiction that Barrambie occupies, Western Australia, a safe, stable mining region. This is something that is becoming increasingly rare.
While a DFS was completed in 2009, which confirmed primary vanadium production from the conventional salt roast-leach process, the Barrambie project was temporarily suspended due to stagnant vanadium prices in the six years that followed. Investors will hope Neometals can make things happen economically this time around.
This will be aided by an MoU with the Institute of Multipurpose Utilization of Mineral Resources of the Chinese Academy of Geological Sciences, which was signed in October 2019 to develop the Barrambie vanadium-titanium mine through a 50:50 joint venture. Once again, Neometals is developing a project without the shouldering the burden of CAPEX alone. We are impressed with the business minds at Neometals, who seem to keep finding answers when it comes to making developments affordable.
With Neometals currently valued at AUS$100M, with a share price of AUS$0.18, dilution looks a very unlikely outcome for investors. Everything Neometals touches appears to be turning to gold at the moment, but investors will remain concerned the market is only valuing this company at cash. Neometals needs to up its marketing efforts.
What did you make of Paul Wallwork and the Barrambie project? Has Neometals got what it takes to push the share price up? Comment below and we will ask your questions.
And a FREE 'Not A Mug' Crux Investor mug to the first person to guess the song name and artist featured in the title of this video! (One mug per person).
Company page: https://www.neometals.com.au/
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Interview with Mark Selby, CEO of Canada Nickel (TSX-V: CNC)
Selby tell us he already has the 11th largest Nickel Sulphide deposit from less than 20% of the structure that they are exploring. 260Mt with a higher-grade core running through the middle. And he claims they have an accelerated timeframe planned to get in to production. A PEA will be out in the next 3-4 months and then a Feasibility Study by the end of 2021. Canada Nickel Corp have hopes to time this Nickel cycle right and therefore be able to fund the project in to production off the back of the Feasibility Study.
Key take-outs are
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This is a large project - elephant hunting territory - which is attractive to large Nickel Majors
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The Nickel Resource has been added for only $1 per ton. Many projects cost spend $1,000 per ton to add to their Resource.
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The PEA will be out in 3-4 months. Investor can understand the economics at this point.
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The grade is relatively good and the company hopes to be able to mine a higher-grade core first to deliver a higher return in the earlier years.
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It's a Nickel Sulphide project which is preferred because the of significantly lower capex compared to Hpal projects required for Nickel laterite.
So a few things to look for.
What did you make of what Selby had to say? Do you think they can deliver in an accelerated timeframe. And what do you think that could mean for investors if they do.
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A conversation with Joe Kederavek, CEO of Cobalt Explorer and Developer, Cobalt Blue Holdings (ASX: COB) . Do I invest in Cobalt mining companies now? Let's understand the market first, and see if I buy in to the thesis for Cobalt as part of future Battery design and the Electric Vehicle revolution.
Kaderavek, an engineer, banker and hedge fund manager by background, explains to us the make-up and construction of the Supply / Demand economics of the Cobalt market. First surprising fact is Cobalt is a small market; 125,000t - 130,000t of metal equivalent. The entire cobalt market is the size of one medium size cargo ship.
The Cobalt market is more complicated than we realised. The problem is the opaque nature of the cobalt refining process business. We learn about how data is pulled together.
This conversation gives us clues to help us make better investment decisions. Quite a few clues as it turns out. Understanding the cobalt sector's moving parts and players is always useful when piecing together your own investment thesis. We spend time talking about the Demand and Supply drivers and try to understand who controls the market. We get a take on how juniors can position themselves in the market, or not.
What is cobalt used for? Does it have a future. And where does it fit in the future of battery design? We learn a lot. Let us know what you think of Joe Kaderavek.
Company page: https://www.cobaltblueholdings.com/
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Matthew Gordon and long-time IR professional, Sean Wade, discuss how digital communication is changing the way retail investors look for and digest investment insights. They discuss the do’s and the don’t for public companies, with particular focus on the mistakes being made in the mining sector.
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Interview with Vincent Algar, Managing Director of Australian Vanadium (ASX: AVL)
Australian Vanadium is an early-stage vanadium developer with a focus on developing Vincent describes the Australian Vanadium Project as a 'globally significant deposit' with 'high-grade Measured, Indicated and Inferred Resources,' in Western Australia. The company aims to go into production within the next "two or three years." We question him on how he converts these 'hopes' in to a reality.
Since we last spoke with Algar in September, Australian Vanadium raised some capital. Australian Vanadium raised A$6.6M, at a discounted price, through a share purchase plan and placement. However, despite this raise, trading volume has been very low, and the market doesn't appear all too interested in the story. Why? Is it just a case of unattractive pricing, or is there something deeper at play here? At surface, some of the boxes look ticked, and the management appears to be effectively going about their business. The company is funded towards the end of its DFS, but not all the way through. So what's going to gets the markets attention. Algar thinks he has the answer.
The total Mineral Resource at the Australian Vanadium Project is 183Mt at 0.76% vanadium pentoxide (V2O5), with Cobalt, Nickel and Copper by-products, 14Mt at 208ppm Co, 666ppm Ni and 217ppm Cu and 0.16% Sulphur. The asset has the scale to be a significant ore body, but Algar says market sentiment isn't on the company's side right now. He does seem to have a point because most vanadium players (e.g. Largo, Bushveld) are struggling in this price environment. However, investors aren't interested in excuses. What is the management team doing to set things right?
What will Australian Vanadium do with the money it has raised to protect the interests of shareholders? Optimising the future operating cost is go to for companies treading water. Australian Vanadium wants to be competitive in all price environments, but that isn't necessarily in their hands, nor what makes investors comfortable. The other side is optimising CAPEX, which current stands around A$350M. The end game is to produce below US$4/lb and maintain a healthy margin. The flowsheet requires a huge amount of gas: 7 tera-joules per day to make vanadium. Moving it closer to source could cut gas costs by c. 62.5% says the company.
Algar then moves into talking about Australian Vanadium's offtake agreement. It signed an off-take deal for Vanadium with Chinese steel and alloy company Win-Win Development Group in 2018. It has recently signed one with Chinese group, Hebei Vanadium. A general point here: Non-binding MOUs, Working, Agreements and off-take get signed all the time. It is incumbent on the company to demonstrate how these actually convert in these 'non-binding conversations / options' in to 'value'. Does it allow them to raise capital? Does it allow them to raise capital more cheaply? This is the sort of clarity that shareholder or new investors want to hear about. How will management get the project built and operational.
Australian Vanadium would prefer to get a partner onboard in a manner that is non-dilutive, but investors might need to prepare to take the hit.
After setting out the deliverables for 2020, and discussing potential M&A. Is management currently purchasing shares on the open market?
What did you make of Vincent Algar? Are you a fan of the Vanadium macro story? What is the outlook for vanadium in 2020 and beyond? Comment below and we will respond.
Company page: https://www.australianvanadium.com.au/
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Interview with Alex Holmes, CEO of Plateau Energy Metals (TSX-V:PLU)
Holmes has been managing the finances careful and negotiating to resolve the outstanding issues with the Peruvian government with regard to the licences on 32 concessions in dispute over late on payments. 6 of these related to the uranium assets, the rest on the lithium assets. It's worth noting that these lithium concession represent 45% of the resource, so are important.
There are a number of issues that need to be dealt with by Holmes and clearly the concessions is the key issue. Shareholders recognise this and has punished the company already. We wonder if it will continue to punish the Plateau. It's junior mining type problem. Money constraints lead to different types of decision making. And sometimes that means cash affects behaviour.
There is no doubt that Holmes is a smart individual. We like him. But he needs to unravel the sequence of challenges ahead of him to regain the trust of shareholders. He has two of the toughest commodities to push right now and that is Uranium and Lithium. If you have a longer term thesis on both and a strong constitution, you will need Holmes to persuade you that he has the assets that have value. We think he does, but time, money and markets will need to navigated first. They will need to raise money soon.
We like that Holmes has decided to park the Uranium asset for now, as they are financially constrained. The uranium market in turmoil and the reality is that the project is not going to attract funding in the current market. That's not to say that it is not a good project.
Holmes tells us he is being realistic about how to tackle the Lithium projects. He talks about a 100% version and a 'constrained basis' version. Still an $840M Capex required, for a $20M market cap company that should be interesting viewing. What did you make of his explanation?
Holmes says notes is a lack of spodumene projects in the market, and companies like Plateau Energy Metals are ideally placed to take advantage of this. There is no doubt that lithium is not getting the love it once was, and also that the future macro story is well understood, but we want to know how this company plans to position itself and give current shareholders and new ones the opportunity to make a return. Holmes replies.
What did you make of Alex Holmes? Is Plateau Energy Metals worth a punt? When are uranium and lithium going to make a comeback in to fashion? Comment below and we may just ask your questions in the near future.
Company page: https://plateauenergymetals.com/
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Interview with Mark Selby, CEO of Canada Nickel (TSXv: CNC)
Mark Selby has previously weighed in with his expertise on the nickel market. His general insights have been very informative for nickel investors, but now it is time to talk about Selby's latest play in the nickel space.
Canada Nickel Corp. is a relatively small nickel play operating out of Canada.
After giving us the details on the recently conducted IPO, and all the complications of the process, Selby gives us a look at what Canada Nickel Corp. has to offer for investors. On February 21, 2020, Canada Nickel completed a private placement and issued 3,074,333 Common Shares at a price of C$0.25 for aggregate gross proceeds of C$768,583.
Canada Nickel Corp. has acquired 100% interest in the Crawford Nickel-Cobalt Project. Selby has previously doubled down on Robert Friedland's words: "nickel is the new gasoline." Nickel demand is robust in the stainless steel industry, but a projected fresh surge of demand for batteries, courtesy of the EV revolution, has got investors across the board foaming at the mouth. Sely indicates that the Crawford Ultramafic Complex (CUC) could have strong potential for developing a low-grade, large-tonnage nickel resource. In addition, the resource hosts nickel and/or cobalt bearing minerals and possesses promise for the extraction of these elements. In addition, Crawford has been assessed via magnetic, borehole geophysical, airborne helicopter magnetic and electromagnetic, and FALCON© Airborne Gravity Gradiometer surveys, and was investigated by its previous owners, Spruce Ridge, through diamond core drilling.
Now Canada Nickel has the available capital from its IPO, it will look to provide an accelerated investment opportunity for investors. Selby sees this as the start of a new nickel supercycle and states there are only a handful of close-to-production projects than can help double nickel supply by 2030. With the expertise of the management team, the existing infrastructure at Crawford, and the work Canada Nickel Corp has already done in the last 6 months or so, Selby is confident the company can surprise the market with the rate of returns and value growth, and he is likely to draw on much of the knowledge and experience acquired from RNC's Dumont Nickel Project. Investors can expect confident, decisive, technical mining. However, they will be hoping Crawford can fulfill expectations. The resource should be out soon. Will it "shock people" like Selby claims?
When will Selby look to bring in financing from institutional investors, and is there a risk he could have to give a big portion of the company away? Selby is adamant he will make the right deal at the right time and will delay if necessary. He would rather wait for a better deal than rush into dilution for shareholders. How will this play out?
Are there any issues left to resolve? An MOU needs to be arranged with a local tribal council group, and then there needs to be six impact benefit statements/agreements before full construction of the nickel project. Selby is confident that once the PEA is signed, sealed and delivered, these statements shouldn't be problematic to acquire.
Investors need to decide if this nickel sulfide story excites them. If it does, it could be worth some serious consideration.
What did you make of Mark Selby? Does Canada Nickel Corp. make the grade for your EV portfolio? Comment below and we will answer your questions.
Company page: http://www.excellonresources.com/
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Interview with Brendan Cahill, President & CEO of Excellon Resources (TSX: EXN)
We've seen some great turnaround stories in recent times; RNC Minerals springs to mind. Excellon Resources is something of a more long-winded story, with the share price falling for much of the last 5yrs, albeit in erratic fashion. Well they did chose to be Silver afterall.
Excellon Resources looks to change things around with an aggressive M&A strategy. Cahill talks to us about creating wealth. Fine words. Shareholders are in two minds though about how to respond. On one hand, perhaps Excellon Resources should focus on and fix the assets that have. On the other hand, M&A is usually a sure fire way of changing the status quo. Cahill talks us through the logic and strategic for this change.
Excellon Resources is Mexico's 'highest-grade silver producer' with a small producing mine and multiple exploration opportunities in Mexico. They have also option a Silver Exploration asset in Germany. So country diversification but not commodity diversification.
The commodity diversification comes on recently news, February 24, 2020, of the proposed acquisition of Otis Gold, a gold development project in the United States, to its portfolio. The acquisition is remarked as an 'initial step in Excellon becoming a larger multi-asset precious metals producer.' Cahill comments that we are currently at a gold:silver of 89/90:1, and the historical norm is 55-65:1. There are also some issues surrounding production; the majority of silver companies are producing a concentrate, and the lead and zinc by-products have seen a large increase in treatment charges in recent years.
The management team has a solid track record in terms of mineral exploration and M&A.
To us, the M&A feels like Excellon Resources trying to diversify, and take less of the impetus off silver, given it has let the company down. Diversity brings leverage to multiple commodities and a greater set of options; however, investors will know that focus is extremely important in the world of mining. Excellon Resources may have a "simple plan" on paper, but the reality seems more complex. A management team can only chase value through M&A for so long before they need to generate more substantive growth through profits. Spreading a team thinly across multiple jurisdictions with multiple commodities could be a concern for investors. Cahill states that evolving optimised economics at projects within Excellon Resource's portfolio could be a game changer, but will the market agree? The company has not been generating cash flow for the last few quarters, but Cahill is confident these projects will operate much more efficiently in the future.
Excellon Resources has c. C$5M left to play with because C$4M of Excellon Resources' cash is committed to exploration in Mexico and a further $1M to Germany. What does that mean for the newly-acquired project, Otis Gold? Cahill says that cash flow will help, but this is not expected until the end of 2020. Listing on the NYSE could Excellon Resources gain more investors, but will Cahill be able to communicate this complicated turnaround story effectively to prospective investors? 2020 should be a very interesting year indeed. We will keep our eyes on this story as it develops.
What did you make of Brendan Cahill? What about the business strategy of Excellon Resources? Would you do anything differently? Comment below and we will respond.
Company page: http://www.excellonresources.com/
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Interview with James Menzies, CEO of Coro Energy (LSE: CORO)
APOLOGIES, SOUND DELAYS AT CORO'S END MEANT IT WAS DIFFICULT TO HAVE A CONVERSATION WITH JAMES, MORE OF A MONOLOGUE IN PLACES. WE WILL TRY TO REARRANGE INTERVIEW AND MEET CORO IN LONDON.
Coro Energy is a Public Oil & Gas exploration junior in London. Their share price has been in freefall and we discuss with Menzies how they plan to change that with the development of a couple (indonesia and Malaysia) of shallow offshore assets. They are off-loading their Italian assets as Italy is becoming more difficult.
Menzies has a track-record building small businesses having built Salamander and sold it to Ophir in 2014, albeit it different times when capital was more readily available. However the experience was important to build contacts and knowhow of how to develop O&G businesses in SE Asia. Menzies describes his business plan and strategy for developing Coro Energy.
We discuss Menzies views on how to finance M&A activity as a £10M company.
Company page: https://www.coroenergyplc.com/
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Interview with Richard Mazur, President & CEO of Forum Energy Metals (TSX-V: FMC)
Forum Energy Metals Corp. is a Canadian-based mineral resource company focused on the acquisition, exploration and development of energy metals: copper, cobalt and palladium.
Current projects:
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Janice Lake Copper Project - 52km Wide District Partnered with Rio Tinto ($30 Million Option Agreement to explore Janice Lake) Rio Tinto spent $3 Million here on exploration in 2019. Copper mineralization confirmed and extended at primary targets.
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Fir Island Uranium Project, Athabasca Basin – Partnered with Orano Canada Inc, C$6 Million Option Agreement to explore with drilling planned in 2020 (for 70% interest).
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Love Lake Copper-Nickel Palladium Project, 100% owned, Comprehensive exploration planned in 2020.
Forum Energy Metals pivoted from a uranium play into energy metals in 2017. Why? Mazur remarks the uranium business was active from 2004 until 2011 (The Fukushima disaster), but the sector has remained largely stagnant ever since. As capital became increasingly difficult to raise, the experienced management team at Forum Energy Metals realised a segue to energy metals was needed. Shareholders aren't going to hang around forever.
We were then keen to get into the fine print of Forum Energy Metals' JVs. Where is the value coming from? Is C$6M really worth 70% interest? What potential has mining giant Rio Tinto spotted in the Janice Lake Copper Project? Mazur says 58Blbs of copper and 1Boz of silver are the sorts of numbers we're talking about...
Mazur was able to share some evidence of his own expertise. He is an executive and geoscientist with over 35 years of Canadian and international experience in mining exploration as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals, coal and industrial minerals projects and has been with Forum Energy Metals since 2004. Does he have enough EV/energy metal-specific experience? This remains to be seen.
We then move into what every Crux viewer wants to hear: the numbers. Forum Energy Metals currently has just under C$300,000. Even with a tight ship, it is inevitable Forum Energy Metals will need to go to market soon. Mazur states around C$500,000 to explore Love Lake Copper-Nickel Palladium Project this year will be ideal, plus C$1M of working capital. The monthly burn is around C$50,000 to keep the lights on and the contractors happy.
When Rio and Orano make a decision on the future of these projects, will Forum Energy Metals be able to keep up? Mazur remarks Forum Energy Metals could go to a debt financing on its 20% if a construction situation is reached. However, the more likely scenario is that Forum Energy Metals will raise equity from strategic partners. The message is clear, Forum Energy Metals has tried to avoid biting off more than it can chew, and it intends to stay in for the long run. This is why it took 20% rather than 30%.
What did you make of Richard Mazur? Are you a fan of the uranium, copper, cobalt and palladium plans? Comment below and we will answer your questions.
Company page: https://forumenergymetals.com/
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Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE: UUUU)
Energy Fuels made an announcement last week about a $16.6M Bought Deal, which closed on Thursday, some shareholders do not seem pleased. We ask Chalmers why he did it and why on those terms. Let us know in the comments section below what you think. Your comments allow us to know what you are thinking and how we should approach the company next time.
What does Chalmers know that we don't about the DOE announcement? What are his use of proceeds? And what is his strategy? Is there M&A planned, yes or no? And how does he plan to monetise the White Mesa Mill?
Insider buying in the market for UUUU has been heavy in the last couple of days.
Company page: http://www.energyfuels.com/
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Interview with Justin Huhn, writer of the Uranium Insider newsletter and Twitter influencer.
Justin is an avid reader and consumer of all things uranium and his newsletter is very popular with uranium bulls. We spoke with Justin a few weeks ago and were keen to get his take on the recent US DOE announcement with regards to a $150M x 10-year budget for acquiring domestic US uranium for the protection of US nuclear energy and security requirements. What did you make of it? Leave a comment below. What will the follow up announcement say? What should it say. What is clear is that this is better than silence, and is a step forward, but the vagueness of the political speak brings its own anxiety to the market.
Company page: https://www.uraniuminsider.com/
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Interview with Anthony Milewski, Chairman of Conic Metals (TSX-V: NKL)
Milewski gives us his insight into investing in the nickel market and builds on Mark Selby's recent nickel interviews with us. What are the red flags and what are the positive signals when thinking of investing in nickel projects? What stage projects have what what types of risk profile? What are the signals?
Can you build a Hpal project for less than $1Bn? Horizonte Minerals (AIM: HZM) says yes. What do Mark Selby and Anthony Milewski say?
What did you make of Anthony Milewski's market commentary? Comment below and we will respond to your questions.
Company page: https://www.conicmetals.com/
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Interview with George Salamis, President & CEO of Integra Resources (TSX-V: ITR)
Integra Resources is a development-stage mining company focussed on the acquisition, exploration and development of Gold-Silver properties in the Americas. The central priority of Integra Resources is the advancement of its DeLamar and Florida Mountain Gold-Silver Deposit on the DeLamar Project, Idaho. The management team is the former executive team of Integra Gold, renowned for turning a CAD$15M company into a CAD$590 million (sold to Eldorado).
2019 was a good year of Integra Resources, and it has started off 2020 on the right foot. With a market cap of CAD$146M, Integra Resources has a share price of CAD$1.25, up from CAD$0.62 in May. This rise owes a lot to a great 2H/19 for Gold, but Gold price performance does not usually positively impact juniors so much; it usually mainly affects producers. Is this a sign of the confidence of the marker in the management team? Do investors see development and potential production as assured processes in the hands of the Integra Resources team? Two pivotal events affected the share price of Integra in 2019: the release of a PEA, and a revised resource estimate, demonstrating a very low AISC of US$619/oz net of Silver by-product or USD$742/oz Gold, and a year 1-10 average annual production of 124,000oz Gold equivalent, made up of 103,000oz of gold and 1,660,000oz of silver.
The first point we wanted to cover was Integra Resources' DeLamar asset: why would a gold producing powerhouse like Kinross have given up an asset if it was so good? Integra Resources acquired the DeLamar asset in 2017 for C$7.5M in cash and the issuance of Integra shares equal to 9.9%. Salamis insists that one key component to be aware of when looking to make mine acquisitions is to look for projects that were shut down in a low commodity price environment. DeLamar was shut down by Kinross because of low gold and silver price in the 1990s/early 2000s. Therefore, Salamis is adamant that there is "still juice to be squeezed." Let's see if this holds true.
So, Integra Gold was the stuff of every investor's dreams. How does the team plan to avoid being a one company wonder? Integra Resources will be developing a large resource with a great deal of existing infrastructure in a very favourable gold mining jurisdiction. The fundamentals look strong, and it's hard to question the management team when it comes to technical proficiency or business strategy.
Approximately 90% of the DeLamar Project global Gold-Silver resources has now been upgraded to an M&I category; this is a meaningful shift. How did Integra Resources get this outcome? Was it intentional? Mining is mining and even Salamis acknowledges that you have to get lucky sometimes.
Integra Resources has a large base of institutional shareholders. The retail component is smaller. Does this impact liquidity, and does this impact Integra Resource's business decisions? Salamis explains that for the next two years, it is full speed ahead in the exploration front; exploration capital won't be available forever, especially once Integra Resources conducts a feasibility study and edges towards the realm of production.
In terms of remuneration, this time around, Salamis and his management team have deployed their own capital to the point of 10% of the company. The principles remain largely the same as at Integra Gold, but with the added benefit of a larger piece of the pie for management, come market growth.
Looking towards the rest of 2020, Salamis will look to continue with this pivot towards high-grade gold exploration and will continue the discussion with the market regarding the metallurgy at Eldorado. Maybe the market is still slightly sceptical at to why Kinross would sell an asset this promising on paper? Comment below and we will respond to your questions.
Company page: https://www.integraresources.com/
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Interview with Gorden Glenn, President and CEO of Intercontinental Gold and Metals (TSX-V: ICAU)
Intercontinental Gold and Metals is a gold trading business with an operation in Bolivia. Intercontinental Gold and Metals tried to give investors exposure to the exciting upside of gold/precious metals investment, with none of the risk associated with the typical exploration, development and operation in the mining sector. It seems to us this is a fairly smartly positioned play, albeit at a very early stage. Glenn is right in saying that capital for high-risk ventures, like explorational drilling, has become sparser in recent years. This reminds us of some of the royalties, tailings and recycling companies we have interviewed. Mining is mining, but what if investors could access most of the returns of this field with less risk?
Intercontinental Gold and Metals is a relatively small play, with a market cap of CA$5.95M and a share price of CA$0.33.
Glenn himself has extensive economic geology experience at "medium-sized" companies, in addition to vast gold market experience. The remainder of the team has a similar level of experience, with the company director, John Anderson, having over 20 years of capital markets and experience on national and international exchanges such as the TSX, NYSE, NASDAQ, London AIM and Swiss Stock Exchange.
How exactly does a trading business work? Intercontinental Gold and Metals procure and stock various commodities in a variety of forms (and grades) to provide the resource to customer specifications. Intercontinental Gold and Metals can also source stock via its global supply network. Key to the business model is Intercontinental Gold and Metals' relationship with high-quality suppliers, advisors and contacts throughout the world. Intercontinental Gold and Metals services both individuals and businesses, providing a wide range of commodities. The company currently has a gold bullion refining capacity of over 5 tonnes per annum. Intercontinental Gold and Metals takes around a 1% gross margin on trades. Glenn claims this is the industry standard.
How exactly will Intercontinental Gold and Metals scale up to boost the share price for investors? Glenn thinks the "show me, grow me" money given to Intercontinental Gold and Metals by investors proves interest, and thinks the positive financial results of the company will incentivise more investment, more growth and more mining companies coming to his door rather than the other way around. Glenn then touches on the size of the Bolivian/Latin American export market. Glenn sees the company's good legal standing and ability to get deals done as reasons to invest.
Company page: https://intercontinentalgold.com/
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Interview with David Cates, President and CEO of Denison Mines (TSX: DML).
We run through the Denison business plan and deliverables for this year with David Cates. Size isn't everything. It's about being smarter and more agile sometimes.
What did you make of David Cates? Does Denison Mines have a business plan that makes sense to you. Will they get in to production before NexGen and Fission? Comment below and we will get back to you.
Company page: https://www.denisonmines.com/
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An Interview with Julian Treger, CEO of Anglo Pacific Group (LSE: APF, TSX: APY).
We like royalties as an investment class. It can give investors access the much of the excitement of mining, with considerably less risk. Green royalties tick two of our boxes and get us rather excited. And large institutional funds like Blackrock seem to agree.
Anglo Pacific is perhaps a victim of its own pragmatism, and by focussing on de-risking royalty streams for investors, the market may have perceived the company as picky and stagnant. The reality is that Anglo Pacific has a clear, sensible, thorough criteria for royalty deals: the prospect of returns, quality of jurisdiction, position in a coherent narrative about purer and less pollutive materials, cost, and honesty/integrity of counter-parties. Because Anglo Pacific is unwilling to deviate from these criteria, the company has only made two recent deals. Two new transactions are expected by the end Q1/20, borrowing facilities have been extended to US$120M and the pace of investing has accelerated.
Anglo Pacific Group is a “unique financing vehicle for the mining sector” listed in London and Canada. Anglo Pacific's primary focus isn't on widely prevalent gold and silver royalties. Instead the company's central aim is to secure royalties on commodities that are part of the changing world; specifically, energy metals.
Anglo Pacific has a reasonable portfolio of around 15 “major” royalties. Anglo Pacific started with 1 and have been diversifying the portfolio moving away from Kestrel, an underground coking coal mine located in the Bowen Basin, Queensland, Australia. The company concentrates on safe jurisdictions. Anglo Pacific appears to be a relatively unique opportunity for investors to get access to the EV story.
By taking the focus off Kestrel, Anglo Pacific is moving away from an aura of "dirty old coal." However, Treger claims Anglo Pacific's coking coal resources are cleaner. It is used in the making of steel and is not as dirty as other coal. Kestrel has produced, and continues to produce an enormous amounts of income. This will decline in next few years. Treger was keen to stress the distinction between the coal used for energy (7% of Anglo Pacific's total income) vs coal used for steel (much more difficult to substitute).
Anglo Pacific's challenge for 2020 is to segue to greener commodities. It wants to be a large-cap royalty company. The competition in gold/silver Royalties is high, but for EV-related commodities, there is an increasing lack of capital in mining sector; therefore, the cost of capital continues to go up.
Anglo Pacific's share price has underperformed on recent months. Anglo Pacific's challenges for this year involve resolving the liquidity trap for North American investors, telling the story to more investors and developing a better portfolio of streams, with a focus on battery metals (lithium, cobalt, copper, nickel, graphite, manganese, vanadium), rare-earths, potash, phosphates, and even high-quality Labrador iron ore.
Company page: https://www.anglopacificgroup.com/
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Interview with Tim Coughlin, President and CEO of Royal Road Minerals (TSXV: RYR).
Royal Road Minerals is a Colombia/Nicaragua-based copper-gold exploration company. Coughlin claims Royal Road Minerals rarely goes beyond feasibility into the “valley of death.” Royal Road Minerals is the largest licence tenement holder in both countries, and orchestrates traditional 'boots on the ground exploration' with a twist: a focus on post-conflict environments. The management team likes to be responsible in environments, and this allows them to punch above their weight with respect to governance and regulators.
Royal Road Minerals has 3 copper-gold projects that are about to be advanced, gold and copper. Coughlin claims they form a large exploration package.
Royal Road Minerals' exploration strategy based almost entirely on discovery, rather than acquisition. The company appears to want to dedicate itself towards longer timescales and greater rewards. Coughlin claims the management team are looking for BIG ore deposits with a strong ESG component.
In terms of jurisdictions, Royal Road minerals has a focus on post-conflict environments because these are often under-explored, highly prospective regions, troubled regions. The conflict in these regions evolves out of civil unrest, e.g. Colombia, an imbalance of wealth. These are the issues that drive people to internal conflict; Colombia is second only to Syria in terms of displaced people. Rocky Road Minerals tries to employ a high-end geopolitical strategy to gain access to these resources and mitigate risk.
One of Royal Road Minerals' chief aims is to decentralise these environments. Coughlin claims mining is a “massive catalyst” to decentralise and resolve conflict and bring in infrastructure, education and health to impoverished regions. Royal Road Minerals is painting itself as an “ethical” copper-gold miner. In the district, Coughlin claims the team now knows the geology: a high-grade gold belt and porphyry copper belt. Copper is expensive to get to, which could be JV fodder, but Royal Road Minerals could follow up on the gold assets themselves.
In terms of the business model, it is to try and get off the treadmill of equity financing A new law passed in Colombia, 2017, allows Royal Road Minerals to formalise a lot of informal gold mine operations in exchange for a 3% royalty in gold. This looks like an attractive option, with 65,000oz coming from one artisanal gold mine example.
The second part of the plan involves JVs and acquisitions. Royal Road Minerals purchased AngloGold Ashanti’s exploration vessel last year; that is a big land package. Coughlin claims the management team already know where the targets are. In terms of shareholders, Coughlin explains that Rocky Road Minerals is quite institutional for a company of its size: c. 45%.
JV discussions are happening all the time, and Coughlin discussed them. Companies are waiting for proof they can gain access to a known porphyry copper region. Royal Road Minerals has spent about US1.4M in Nicaragua, with expansion drilling (50%) planned in the next year. The company sits on US$3M. Royal Road Minerals hopes to provide a resource by the end of the year, hopefully over 1 million ounces. The immediate catalyst appears to be drilling in Nicaragua and Colombia.
Most of the team are geologists. Coughlin himself claims he spends 40% of his time on this and is 100% committed. He states he has put CA$2M into this project himself. He needs this to work. The entire management team is allegedly invested.
Company page: https://www.royalroadminerals.com/
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Interview with Jerry Xie, Executive Vice President of China Gold International Resources Corp. (TSX: CGG).
China Gold is a big gold producer, with a secondary focus on Copper. The company orients itself around organic growth of its two large main gold and copper assets. It does have however very deep pockets if required for M&A. What we found particularly interesting was the companies approach to value. They can buy large-scale projects, but will not over pay. Now given the relatively cheap cost of the money available to them, paying a premium would not be out of the question, which could give them a competitive advantage.
Founded in 2000, China Gold International has 2 main assets. Its main project is the CSH gold mine, one of China's largest open-pit gold mines. And the extremely large Development play, Jiama Copper Mine. CSH is located in Inner Mongolia, China, the principal product is gold doré bars with silver as a by-product.
In terms of measured and indicated (M&I) Resources, we're looking at 262Mt, averaging 0.60g/t gold totaling 5Moz of gold at 0.28g/t cutoff gold grade, based on the most recent 2012 Feasibility Study. If fully-optimised, investors are looking at 60,000t per day of ore. The life of mine stands at 11-years (as of 2012), with an estimated LOM CAPEX of US$213M, and an impressive AISC of US$713/oz of gold.
Over at Jiama Copper Gold Polymetallic Mine, in Central Tibet, China, Phase II expansion started commercial production on July 1, 2018. Jiama Mine’s Phase II consists of two series. Each series has a mineral processing capacity of 22,000t per day. The full design capacity of ore processing at Jiama Mine will increase to 50,000t per day. Total copper production in 2019 is expected to reach c. 132lbs, and the expected life of mine is 35-years, with gold and silver credits. According to China Gold's feasibility study, production is expected to grow to 176Mlbs of copper per year at full processing capacity.
While many gold producers share prices were buoyed by rising gold prices during 2H/19, China Gold International saw a slow and steady fall, now standing at CAD$1.06. The market cap is a sizeable CA$420, with 396.41M shares outstanding.
Xie claims the share price issue has been mainly related to marketing issues. A potential easy and cheap fix? He claims marketing on the TSX vs the HKEX is very different, and retail gold investors have either not been told the story effectively, or haven't been told it at all. So now what? Time for the company to step up its efforts.
Big changes for investors to look out for in 2020 will be cost-cutting and significant development of Jiama, maybe into optimised copper-gold production? Communicating effectively with the North American market will be important too.
The management team appears very competent. The assets are large, its is producing and sitting on a lot of cash, but the business strategy and marketing needs to be better understood by the market. China Gold needs to clearly communicate its strategy and focus to potential investors, and it needs to get the word out. This has the potential to be an exciting story: let's see how this develops, but this one story we are going to follow with great interest.
Company page: http://www.chinagoldintl.com
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Interview with Cobus Loots, CEO of Pan African Resources (AIM:PAF)
These guys get things done. Mining is never easy, mining in South Africa is far from easy, but the management team at gold producer, Pan African Resources, keep finding a way to get things done and are consistently hitting targets. Pan African is well on its way to becoming a mid-tier gold producer targeting 185,000oz per annum this year. Loots ran us through the highs and lows of the last 6 months, including the recently released operational update.
Pan African Resources has a share price of GB£0.125 and a market cap of GB£278M. It is listed on the AIM.
The key highlights from the update?
-Pan African is on track to deliver the full-year production guidance of 185,000oz.
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Group gold sales increased by 14.7% to 92,941oz (2018: 81,014oz).
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The Evander 8 Shaft Pillar project development is progressing according to plan, with steady-state production planned from March 2020.
We like the tailings slant on the business. Green is very fashionable right now. Barberton Tailings Retreatment Plant produces a steady stream of gold, c. 25,000oz per annum, and the Shaft Pillar at Evander, an area of developmental focus in the near future for Pan African, could provide 20,000oz, rising to 30,000oz+ "in the years ahead." Pan African is now mining more economically due to a strategy change: mining at the shaft rather than at deeper levels. The result is an intended sub-US$1,000 AISC for the Pillar project. Solid numbers, and in line with the rest of Pan African's other operations. Elikhulu Tailings Retreatment Plant has had a mining feasibility study conducted that is now being independently vetted by a third party, with the view to expand it to a full feasibility study. Loots says it looks like c. 90,000oz per annum, with a 9-year life-of-mine, rising to 20 years with further resource modeling. By utilising existing infrastructure, Pan African can keep costs down and get things going quicker. This is still a little way off but could be a good addition to the portfolio.
In terms of dividends, Pan African recently released its first dividends for years. Loot states the company was recently one of the highest yielding gold dividend shares in the world. Loots states that he wants to get back there. Let's see how things turn out.
For now, it's full speed ahead developing the projects, overcoming issues pertaining to jurisdiction, community and environment difficulties, and getting the share price where investors will no doubt want to see it.
Company page: https://www.panafricanresources.com/
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Interview with Michael Hudson, CEO of Mawson Resources Ltd. (TSX:MAW)
Mawson Resources Limited is a 'leading Nordic exploration company,' focussed on the flagship Rajapalot and Rompas gold projects in Finland.
Finland? It's certainly not a jurisdiction that gets discussed often on our platform, but we were interested in the operational factors at play there. Hudson claims there has been an immense amount of historical drilling conducted in the Nordic region. He states that Finland itself has developed impressively since the early 2000s, and now solid infrastructure with cutting edge technology and good mineralogy. Gold mining operations in Finland have certain differences to the rest of the world, and Hudson expands on these. Permitting isn't necessarily easy.
We then took a look at the business plan and team behind Mawson Resources. The project is the lovechild of a couple geologists wanting to make an entrepreneurial play. Investors will want to know how this plan has evolved over time, and how much Hudson and his team have learned about mining gold along the way. Hudson himself spent a "decade with a major company," and this has given him some valuable experience, including commercial acumen. Hudson states the business model revolves around derisking every possible problem for investors. This involves frugal gold geology; we liked the message that Hudson has no intention of wasting a dollar of investors' money on anything that doesn't cut the geological mustard. Let's see if he delivers on it.
How will Hudson and his team add value to the gold explorer, because the company has been fairly neutral so far? The drill numbers look good right now, but the market needs more. Hudson states that it is difficult to create value at all points of the gold cycle. However, by adding asset value. Mawson Resources can be a profitable endeavour for investors. Hudson and his team need to source investors who understand this, articulate the story effectively, and seal the deal. There is a lot more drilling to be done as the resource size creeps towards 1Moz and 45km.
Hudson touches on Mawson Resources' other projects in Australia, the U.S, and another gold-cobalt project in Finland. The underlying theme throughout these projects is entrepreneurship. While this gives investors the potential of an exciting upside, this is mining, and there seems to a certain degree of risk in relation to the company. Investors should review their own risk tolerances before considering Mawson Resources.
Hudson states that the end goal for Mawson Resources will be dictated by where the market takes it. He refuses to rule out being taken out by a larger gold producer, or himself and his team taking the gold project fully through to production. This quite nebulous answer doesn't necessarily give investors the answers they will demand.
In terms of cash position, Mawson Resources currently has c. CA$5M, but this is being spent "quickly." Hudson expects cash reserves to have been depleted by the drill program to around CA$2M by May, which would be enough for operational costs. Hudson remarks the company would need another CA$15M to reach a 2Moz+, fully-permitted target in Finland. Investors will hope Hudson is keeping a keen eye on dilution.
Company page: http://mawsonresources.com/
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Interview with Tucker Barrie, President & CEO of Noram Ventures Inc. (TSX-V: NRM)
Noram Ventures Inc. is a Canada-based junior exploration company positioning itself ahead of the much anticipated Green Energy Revolution via the development of a lithium clay deposit and becoming a low-cost supplier to the Li-ion battery industry.
Noram Ventures is a relatively small company with a market cap of CAD$7.23M and a share price of CAD$0.17.
Barrie starts by talking about the management team. Barrie himself is a "very-experienced" economic geologist based in Canada. Barrie's mining experience is extensive in base/precious metals but has more recently been studying the geology, economics and chemistry of lithium clays.
Noram Ventures raised money in November: CAD$120,000 for the second drill-program at Clayton Valley, a lithium project with an Inferred Mineral Resource of 145Mt at a grade of 1,145 ppm Li, which equates to 0.88Mt Lithium Carbonate Equivalent. Barrie claims the company is covered for the next few months but will be heading back to market soon. Barrie raised CAD$750,000 over the course of 2019 for Norma Ventures.
This is a speculative play, but Barrie states the company "could be in production in 2025." The team has a lot to do if it plans on achieving that milestone, and that's if the lithium market decides to be a bit more favorable to juniors and producers alike. Barrie runs over the lithium macro story, touching on some market fundamentals and EV potential.
Noram Ventures plans on raising USD$1M - $1.5M in the near future for another drill program to expand the resource and de-risk the project: bringing resources from inferred to measured and indicated. Barrie then wants to look at mine permitting, baseline studies for environmental permitting and the chemical engineering side of things. Barrie needs to explain to investors exactly what sets Noram Ventures apart. The resource looks promising and is in a great jurisdiction, but investors need more.
Company page: https://www.noramventures.com/
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Interview with Christian Milau, CEO of Equinox Gold (TSX:EQX).
Equinox Gold, listed around 2 years ago with Ross Beaty as the main shareholder, with goals to become a multi-jurisdiction, large-cap gold mining company. It's fair to say they have done it big, ba-ba big. Currently at $1.3Bn and seemingly faultless. So what next?
Equinox has a promising portfolio of assets: Mequite Gold Mine, a Californian project producing 125,000-145,000oz gold per annum with an AISC of US$930-$980/oz and a grade of 0.46g/t gold (exclusive of reserves), Aurizona Gold Mine, a Brazilian gold mine producing 75,000-90,000oz per annum with inferred resources of 1.1Moz @ 1.98g/t gold (with an exploration upside) and an AISC of US$950-1025, Castle Mountain Gold Mine, an under-construction gold mine with a PFS and production potential of 200,000oz per annum and a 16-year life-of-mine, and a copper-focussed spin-out operation in the form of Solaris Copper Inc.
Equinox has had a quite remarkable rise over the last few years, with its share price hovering around CAD$5 at the start of 2019, now standing at CAD$10.95 today. The market cap is an impressive CA$1.24Bn.
We spoke with Milau about a variety of topics. Targets that were set have been well and truly delivered. Mequite and Aurizona are up and running, producing at a reasonable scale with a good AISC. Castle Mountain should be ready to rock by Q3/20. Equinox has kept things simple and it is reaping the rewards. The portfolio is focussed; thus, projects aren't lying around waiting to be put into production like they are for so many mining companies. Equinox's message is simple: make good acquisitions, and get that gold out of the ground! 11% insider ownership is another reassuring fact for investors, alongside a more diversified shareholder base than when we last spoke with Milau.
More of the same for 2020? The management team seem confident. The Gold price is in their favour and with the ability to access cash for more acquisitions if they want to. Milau is trying to keep the tempo up and the marketing fervour measured. We can only see this getting better.
Company page: https://www.equinoxgold.com/
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Interview with Michael Hodgson, CEO of Serabi Gold (LSE:SRB, TSX:SBI).
Off the back of yesterday's press release, Mike spoke to us to give us a bit more colour on the details about:
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The Public Hearing
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The result of the first months test on the new ore sorter.
Company page: https://www.serabigold.com/
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Interview with Greg Feller, President of Mogo Finance Technology Inc (TSX: MOGO).
Making money by educating Millennials/technically literate individuals? That's exactly what Vancouver-based digital challenger bank/neobank MOGO offers. This is an innovative company with a smart and dynamic management team. They think they can dramatically change the company's performance and valuation this year.
Great product development track record (Carbon Credit Off-set Card anyone). Now we find out how they plan to develop the share price in 2020.
In this interview with Feller, we wanted to get to the heart of MOGO's business plan and understand what sets them apart from the competition. Mogo was founded in 2003 by Feller and his brother, David Marshall Feller. MOGO offers a variety of neobanking service, such as personal loans, identity fraud protection, a cryptocurrency service, credit score facilities (via Equifax), prepaid visa cards and, as of January 2017, it now provides a mortgage brokering service.
MOGO was listed in the TSX in 2015, and is also listed in the NYSE. The team is impressive and well versed in this sphere: Feller's background is in technology banking on Wall Street.
Feller intends to target young people who lack financial awareness and education. Millennials are digitally minded, so creating a fun, unique and innovative platform, Mogo hopes to provide a better service than big institutional banks. Millennials can take control of their finances, particularly their credit scores, and avoid becoming sup-prime consumers with a mountain of interest payments of future borrowing. We have only a few worries. Is what Mogo does that unique and innovative to make it stand out? Is this all a little bit like a preachy parent telling their kids off? Will Millennials find this platform fun enough to make the effort to move from a bank they otherwise would have stayed with permanently? Is domestic Canada a big enough market, or should Mogo be looking to go international?
Mogo has almost 1 million Members, with average revenue of CAD$70 per consumer, per annum. This compares interestingly to credit unions, who make an average profit of CAD$1,300 per consumer, per annum. Mogo believes it can grow to 2-3M members and a CAD$150 average revenue in the next 5 years and is currently gaining 20,000 subscribers per month.
The share price has been largely stagnant for the last 5 years, and this might concern some investors. We need to see a catalyst for growth. Feller explains that Mogo's transition from the market perception of an on-balance sheet lender into an off-balance sheet fintech will be the spark that shareholders crave. Perhaps international strategic partners might help things, though Feller is quick to play this down.
All in all, we feel MOGO is a great service, but can it return value for shareholders? Mogo has a share price of CAD$3.49 and a market cap of CAD$95M. It's been very static for the last 4-yrs, but Feller says this could be a break-out year if they can be seen as an off-balance sheet fintech. The valuation multiples change dramatically.
Company page: https://www.mogo.ca/
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Interview with Greg Andrews, President and CEO of Rare Earths company, Search Minerals (TSXV: SMY).
Search Minerals is a Critical Rare Earth Element (CREE) company, based in SE Labrador, Canada. Search Minerals owns several assets: The FOXTROT Deposit (PEA completed in April 2016), Deep Fox and Fox Meadow. Search Minerals claims it has identified more than 20 other prospects and has developed a 'proprietary, scalable, hydro-metallurgical process to optimise every opportunity to position as a competitive low-cost supplier of CREEs well into the future.'
The share price has been low and in decline for over 10 years. It currently stands at CAD$0.04 (-25% on the year), with a market cap of CAD$8M and a large number of outstanding shares: 230M.
Andrews explains the macro story behind CREEs, especially those outside of China, which dominates the space. According to Dr. Alex King, U.S. Department of Energy, Ames Lab Director, critical refers to “the stuff you need the most but can’t get enough of.” Examples of CREEs are Neodymium (Nd), Praseodymium (Pr), Europium (Eu), Terbium (Tb), Dysprosium (Dy) and Yttrium (Y). They are used as components in high technology devices, including smartphones, digital cameras, computer hard disks, fluorescent/LED lights, flat-screen TVs etc. Search Minerals plans to produce Nd2O3 (Neodymium oxide) and Pr6O11 (Praseodymium oxide) and sell it to a metal maker.
Andrews then talks about Search Minerals' resource. He says the mining infrastructure in place is impressive. The PEA on FOXTROT claims it has a 14-year life-of-mine (8 open-pit, 6 underground), with "decent" NPV values. FOXTROT has a total indicated resource of 7.39Mt and an inferred resource of 1.98Mt, with 4.9Mt of ore grade material at an average grade of 0.98% Total Rare Earth Elements (TREE). However, Andrews claims the Deep Fox property is more "compelling" because of the "surface expression" and higher grades. The scale has been extended.
Search Minerals has raised around CAD$20M during its lifespan. However, Andrews states the company isn't sitting on much cash today. Has this money been spent wisely? Search Minerals attempted to raise CAD$500,00 November 2019. They only managed to raise CAD$70,000.
It already owns several pilot plants, but Andrews explains that Search Minerals is about to build a 1% of scale demonstration plant. We ask how will this be financed and if the management team has the operational expertise to get this working? Exploration and pilot plants have not created much value for Search Minerals so far, so are its future plans going to work? Andrews points to the Deep Fox Resource economics as a game-changer, which will allow Search Minerals to have access to a 25-year life-of-mine, which can be extended as the company drills deeper. He also states that the Canadian government is very supportive of Search Minerals, and the jurisdiction is stable and favourable. Patented technology is another alleged positive, but can this be used economically and where is the evidence it will work?
Investors will want to know about timescale. Search Minerals needs to raise around CAD$5M to get all of the necessary permits and licenses, to then build the demonstration plant, then produce the products for customers to test, then turn these short-term arrangements into long-term contracts. Andrews claims Search Minerals will be in production 4-years from now. Even if this number is to be believed, it is clear this is going to be a long wait for shareholders.
Company page: http://www.searchminerals.ca/
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Interview with Quinton Hennigh, President of Novo Resources Corp. (TSX-V:NVO).
This is an unconventional mining investment story and one which is difficult to understand using conventional measures.
Founded in 2009, Novo Resources is an Australian Gold Explorer with 3 projects: main focus is the Karratha Gold project; followed Beatons Creek Gold project and 70% interest in a number of tenements in the Marble Bar region of Western Australia. Novo Resources does not have a producing gold asset yet. But has a market cap of CAD$559M with 178M share outstanding.
After being taken through an introduction of the geology, we were keen to get to the crux of the matter. The company presentation is very technical so not easily accessible or understood by Retail investors, nor us. The company has been in existence since 2009, we want to know what is the business plan is and how they have attained a large market cap with only a 1Moz Resource. And what are the known economics or numbers that have driven such a large valuation? What does the drill data look like? Hennigh says Beaton's Creek is close to a 1Moz Resource (with additional Exploration upside) at 2.5g/t, and is fully permitted but has not indicated an AISC for the project. So could it be profitable. We don't know.
Hennigh also says there is "considerable Exploration potential." Hennigh then points towards coarse Gold and promising mineralogy at Karratha. Again no specifics, just macro at this stage. In terms of its Marble Bar Gold assets, Hennigh claims it is at a very early stage. This is a vast land package, which relies on a macro thesis about what they have in the ground? So as we said, it is an unconventional story and a little vague. Read our article on the website to get our view on their business.
When pushed, Hennigh is adamant that unusual mineralisation is what sets Novo Resources apart, and it seems some of his earlier stage investors like Newmont agreed with him back in 2013 when they invested the bulk of their money. Since 2009, Novo Resources has raised c.CAD$85M-$90M. Novo Resources currently has c. CAD$35M in cash. The burn rate is less than CAD$1M per month. So they are under no financial pressure.
Novo's plan is to put its projects into production. When will Beaton's Creek get into production? Novo is currently looking at acquiring a mill in the area around the mine. Novo expects to fund the mill through equity, keeping the cash for Exploration purposes. Hennigh hopes to lead a step-out programme to expand the gold resource and unlock value. Novo is looking at JV's with some companies.
Company page: https://www.novoresources.com/
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Interview with Paul Huet, CEO of RNC Minerals (TSX:RNX).
RNC Minerals was perhaps THE turnaround story of 2019. Huet has steadied the ship, brought about a gold focus to the company and got RNC into production. A steady 8,000oz+ per month has changed the company and de-risked the operation, as the team look to move forward, get the share price up and probably restructure the CAD$32M of remaining debt. AISC steadily heading down. We expect to see it get below $1,000 later this year.
Despite a positive year on the production/revenue front, RNC has struggled to get the share price up. It sits at CAD$0.43, with a market cap of c.CAD$260M. Huet explained the market situation clearly: RNC’s 28% “option on nickel” at Dumont has been valued at zero, and he feels the company continues to be undervalued. We were curious as to Huet’s plans would be for 2020, but before you ask, he wasn’t prepared to talk about the royalty arrangement with Maverix Metals just yet as they are mid-discussion. He’s keeping his cards close to his chest. Fair enough. We do however expect to hear something by the end of Q1/20. However, it obvious to all the chess game that is afoot. The Maverix Royalty is a large 6% on Gold and 1.5% on Nickel. Forget the Nickel for now. If we were RNC, we would do the bear minimum of mining at Beta Hunt. Why would you, the only people making money if Beta Hunt gets mined is Maverix. Beta Hunt must be 25-30% of Maverix income. But not if RNC reduces production, which, reading between the lines, seems to be what RNC is doing. The two need to agree, and agree quickly. Shareholders on both sides will benefit. Morgan Stanley, seem to have been pragmatic. Will Maverix be as pragmatic. Our interview with them, they talked that language
Huet has been on a roadshow to both institutional and retail investors. RNC recently issued 2020 guidance: 90-95,000oz per annum, excluding the and often discussed coarse gold. This figure is also without taking into account an ore sorter, and possible plant engineering modification to increase efficiency. Huet is running a tight ship, and we would expect these numbers to be almost guaranteed for 2020.
RNC will fund exploration out of cash flow. The debt is due in June, but can be delayed, or restructured on for favourable terms, given RNC’s current position in comparison to where it was 7 months ago. RNC will be looking at a c. CA$50M standby facility.
A gravity survey has revealed interesting anomalies at RNC’s two new exploration discoveries: Higginsville and Baloo. A recent high-density gravity survey has delineated a new geological structure at Higginsville: a 5km strike zone. The Paleo channel potential will be explored (these typically can result in slurry pumping to by-pass front end ore-sorting and crushing and go straight in to the back-end of the plant). Potentially an additional transformative item. Long way to go though. Permitting at Baloo is reaching a more advanced stage.
There has been discussion about an ASX listing and roll-backs in the chat rooms and on social media, but Huet remains tight-lipped. RNC is getting more and more access to institutional shareholders, and that can only be a good thing.
They did what they said. There is a clear plan. Sit tight and watch this unfold.
Company page: http://www.rncminerals.com
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Interview with Michael Konnert, President & CEO of Vizsla Resources (TSX-V: VZLA).
Vizsla Resources is a Mexico-based mineral exploration company listed on the TSX-V. It was founded in 2017, and is engaged in the discovery, development and acquisition of precious and base metal assets in what it claims to be 'safe jurisdictions.' Vizsla is focussed on the Copala-Panuco Silver-Gold district in Mexico and the fully-financed Blueberry copper project. Vizsla claims Panuco is "high grade" and "high margin."
Let's be clear. This is an early stage exploration play with a lot of hoops to get through, but with a potential big prize at the end of it. Highlights: They have raised c.$8.5M, have $4.5M left, having optioned the acquisition of a $42M mill, with permits, infrastructure and land in a highly prospective Silver region from two companies. The $4.5M with allow them to Explore, drill and figure what they have. That's phase one. If things are as the hope they will have to raise $20-$25M to expand in phase two of that Exploration phase, and should that expenditure give them and the market what it need to hear, they may choose to take up their option on the mill. Phase one and phase two have been targeted to be delivered in 2yrs. At that point they will need to raise c.$70M. SO we are now up to $100M. And we are talking about the volatile world of Silver... so now you know what you are looking at.
Vizsla Resources has a CAD$32M market cap and a share price of CAD$0.72. It has risen consistently since the company's inception. Low share count. So good corporate structure from what we can see.
Vizsla claims Mexico is a safe, favorable jurisdiction.
Konnert touches on the silver macro story: a precious metal with industrial applications. He also speaks about the silver market, and its volatility. Having an option on silver appears to give Vizsla some flexibility, and makes them a more exciting prospect for would-be investors. Gold and copper are also explained, with the latter seeing a reference to the EV revolution narrative.
Vizlsla Resources sees this as a holistic business rather than a small commodity play, with plans to become a district-scale producer that can compete. Vizsla will be going into the ground over the next 12 months for a 14,500m drill program and district sampling. Vizsla has a 2-part plan: discovery drilling and sampling followed by ranking. At the end of the 2 years, Vizsla would like to have enough information to go to market to source non-dilutive finance, courtesy of strong drill results. Is this enough certainty for investors?
Konnert touches on risk mitigation and contingency plans, especially in the case of the mill, before moving into the certainties of the projects. In terms of numbers and margins, Vizsla points to decades of previous production as a reason to believe, but he can only provide approximations: Hopwfully 500g/t silver. What sort of scale can investors expect? This does feel a little like an unquantified risk. Konnert attempts to answer these questions.
Konnert is confident the projects will become underground mines. We need to watch this space and see how Vizsla develops this year because the market clearly believes they have something. The team is confident, but it's time for them to prove what they have to us.
Company page: https://vizslaresources.com
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Interview with Fred Davidson, President & CEO of Impact Silver (TSX-V: IPT).
It's Silver week. A famously volatile commodity, but hit it right and you can make money. We talk to Davidson, a long-time Silver miner, who talks us through the basics of the macro thesis. Correlation with Gold makes it slightly easier to gauge the temperature when its coming and when you are in it. What was less clear is how low it is here to stay.
Davidson has been with Impact Silver for 13yrs and mined 9.5Moz. They are a primary Silver producer, at 95% of production skewed to Silver. Many SIlver operators have come and gone but Impact Silver remains as a small but profitable producer.
We ask about growth, the options seem to be: 1. Keep producing, 2. Farm-out of one of their licenced areas, 3. M&A. Listen which he thinks is most likely. We want to know what is going to move the dial for shareholders.
They have $4M of cash, no debt, $55M of operating profits, and a market cap of only $46M. They own 2 mills. Only one is operating. And a concentrate sales agreement with Samsung. What does all this mean.
Company page: http://www.impactsilver.com/
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Interview with Alex Black, President and CEO of Rio2 Ltd (TSXV: RIO).
We like Black's honesty. The managements track record is good. They have made investors money. They have a problem with water but has a work around. They had a large Feasibility Study plan, which has halved in size. Investors are concerned. We ask him why investors should trust him.
Rio2 is a Gold mine development company, focussed on taking its Fenix Gold Project in Chile to production, and its exploration platform in Peru.
Rio2 used to be the talk of the town, but things have changed in the last couple of years. Since hitting reaching CAD$2.85 at the end of March 2017, the share price has fallen to CAD$0.43 today. The market cap stands at c. CAD$78M. This decline will be more concerning given 2019's strong gold performance.
Why has Rio2 struggled? Black explains the primary driver behind Rio2's fall from grace is the expectations of investors. As a gold mine development company, Rio2 plans to methodically develop a fully-operational mine in the shortest possible timescale.
While Rio2's management team has an impressive track record of developing gold mines, demonstrating technical prowess and adding value, what are they doing today to get Rio2 out of this slump? Strangely, given the current gold bull market, Rio2 has decided to reduce the scale of the gold project laid out in a PFS conducted by a different company in 2014. Why reduce scale? Black acknowledges it might take some of the "sexiness" away from the opportunity Rio2 presents, but is adamant it is the right way to go. An updated PFS was concluded in August 2019. The scale is down to get cash flowing. CAPEX has reduced from USD$400M to just over USD$100M. The strip ratio is lower and the IRR is slightly higher, but the AISC has increased, for now. This is a low-grade gold bulk tonnage operation, so surely scale is the most important element of this resource? Rio2 will seek to get the gold mine constructed as quickly as possible to create value, increase the production rate from an initial 100,000oz per annum to 200,000oz of gold per annum, and reward investors with returns.
Black is keen to explain how his team is different from any other junior: diverse with a variety of specialist roles. Black also touches on the environmental and political challenges of Chile as a gold mining jurisdiction, with a particular focus on the water licence/trucking situation. Is this interim solution effective? Black is attempting to concurrently apply for a permit while generating cash. This could mean investors won't have to wait as long for value to be added. He then explains why an EIA should be very straightforward for Rio2 to complete in the next few months. Rio2 can't afford to hang around. Investors will want to see results soon.
Rio2 has about US$13M in cash currently. They've already spent c. CA$40M on the project. Rio2 is going to be telling its gold story to the markets. What is going to make them stand out? Long-term Rio2 is M&A a possibility. Rio2 will continue to pursue strategic acquisitions with the intention to build a 'multi-asset, multi-jurisdiction, precious metals company focussed in the Americas.'
Company page: https://www.rio2.com/
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Interview with Mark Heyhoe, COO of Harvest Minerals (AIM: HMI).
Harvest Minerals is an AIM-listed organic natural fertiliser producer in Brazil. Heyhoe claims Brazil is the fastest-growing fertiliser market in the world.
Harvest Minerals fertiliser brand is KPfertil. Heyhoe claims KPfertil has significant production advantages and consumer advantages over more conventional forms of fertiliser. He claims that KPfertil is cheaper to produce than more conventional fertilisers (around US$18 per ton with scaled-up reduction to US$7.50). He also claims KPfertil is much easier to produce than many other fertilisers, because it is found in heavily weathered rock/lava at surface. The only processing required is for the KPfertil to be crushed, and Heyhoe claims crushers are inexpensive. Heyhoe also explains that KPfertil is organic and natural, which feeds into the green narrative a lot of investors quite like. He also claims KPfertil has advantages for farmers; specifically, there is no leaching. KPfertil goes straight into the soil and stays there for longer than other fertilisers.
Heyhoe claims that Harvest Minerals has performed “extensive” trials in order to the get the product registered, with a focus on KPfertil’s primary markets: sugar cane, coffee and maize. Last year, Harvest Minerals produced 50,000t on KPfertil for local farmers and farming groups to test KPfertil on crops. This mean results will take a year to assess and then for orders to be placed.
Share price performance has been disappointing for investors. Starting the year over £0.14, Harvest Minerals sits at £0.03 today. The market cap is £6.6M.
Why has the share price laboured? Heyhoe explains issues with a sales partner, that didn't hit targets of KPfertil that Harvest Minerals had set, is one major problem. Harvest Minerals with a recently financed (c.£1M) a 320,000tpa processing plant is capable of producing a lot more product should sales take off. The question the market is asking is if Harvest Minerals has the ability dramatically increase sales quickly and scale-up the operation and cashflow? Harvest Minerals has consequently employed its own sales team to take control.
The worry for some investors will be that farmers will be hesitant to switch to KPfertil; the harvest season to central to the lives of the workers, and their fiscal health can hinge on it being a success or not. They will not want to risk things going wrong and may take their time to build up their orders. As a consequence of this, Harvest Minerals are currently producing stock to order. The largest current customer only accounts for around 9% of total sales. Harvest Minerals is keen to talk about the biological advantages of KPfertil which enhances the soil quality rather than targeting the plants. It is also potentially cheaper than the competition. The company has been reluctant to give financial or sales guidance at this point which is causing some frustration with shareholders. We are keen for them to show how they evolve from small agricultural player to meaningful, cashflowing, dividend paying company. margins and profitability is ok, but it's much better when done with scale.
In 2020, Harvest will seek to make more trial arrangements permanent and will upgrade their storage capacity so it is more in line with future production capacity. This is very early days, so let's take a step back and watch things unfold a little.
Company page: http://www.harvestminerals.net/
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Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE: UUUU).
It's a bloodbath for uranium equities at the moment. There is no news from Washington. Most Uranium CEOs have gone quiet. So we call Mark Chalmers to see what he knows.
Company page: http://www.energyfuels.com/
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Interview with Nicholas Bridgen, CEO of Ferro-Alloy Resources Group (LON:FAR).
The Ferro-Alloy Resources Group (FAR) is a vanadium development company. Their primary focus is the 'giant' Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of Southern Kazakhstan. The deposit is claimed by Bridgen to be amenable to a much simpler, cheaper processing treatment than other deposits. In fact, Bridgen thinks FAR can be the lowest-cost producer in the world, and could still maintain a reasonable margin even in an environment of low spot prices.
Even for the most optimistic shareholder, they will have been left disappointed by the share price performance of FAR. Starting the year at £0.56, the price has fallen to £0.15 today. FAR's market cap is £47M. Excess supply and low spot demand from the steel industry pulled down ferrovanadium alloy prices in Europe and the US to a two-year low in the first week of October 2019. This has clearly been a key factor behind this decline, but could the management team have done anything differently?
Bridgen argues the macro story of vanadium will lead to price discovery, but he is keen to dispel the common assumption that vanadium redox flow batteries (VFRBs) will be economically viable in the near future. In fact, companies with inferior Vanadium projects that base their model of primary demand for VFRBs are "deluding themselves." We appreciate Bridgen's pragmatism.
Bridgen claims to have an experienced team behind him, but the two key things here are scale and margins; this is what is supposed to make FAR stand out. +90% of the world's vanadium production and 70% of the world's supply comes from a material called magnetite. It is low-grade iron ore, so creates more cost because of additional shipping and processing expenses. Bridgen is very critical of the flowsheet followed by his vanadium juniors. They all have to go through a complex process of concentration, roasting to 1,100 degrees celsius, then a regrind before the material is ready to be leached. FAR's material is ready to be leached right from the off.
As far as a mining jurisdiction, Kazakhstan has now become a 'well-run country,' that is 'above all the other stans in terms of its government.' While Kazakhstan isn't necessarily an ideal jurisdiction, Bridgen appears confident it is an area FAR can flourish in.
There is a significant overhang at FAR, and investors will want more justification than the vanadium price. The company listed at around £0.70 after all. Bridge insists FAR is in control of progressing the project, and dilution; these are the key to driving the price back up. Investors will be sceptical and will want to see this reflected in the market before having any confidence.
The next step will be a larger Feasibility Study. How will FAR finance this? Bridgen wouldn't tell us how much cash FAR has on hand, but did say they need to raise capital this year, sooner rather than later. FAR is debt-free and option free, so it seems debt may be an area Bridgen looks at. Will they go to market?
The reality here is the quality of the asset and the vanadium macro story can only help FAR so much. Investors want to see active decision making. They want to see their money spent wisely. Bridgen and his team have an awful lot of work on their hands if they want to get FAR back on track, and back delivering for shareholders.
Company page: http://www.ferro-alloy.com/
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Interview with Justin Tremain, Managing Director of Exore Resources (ASX: ERX).
Exore Resources, formerly Oroya Mining Limited, is an Australian-based Gold exploration and development company listed on the ASX, and was founded in 1985. The company owned lithium mining projects in Portugal and Sweden.
Exore Resources recently acquired what it claims to be 'some of the most compelling Gold exploration ground in northern Cote d’Ivoire, covering 1,948km2.
Exore claims Côte d’Ivoire is an 'established and proven jurisdiction for exploration, permitting and mine development, with an attractive fiscal regime and mining code.' While the country has seen 5 gold mines developed over the past 10 years with several recent additional +1Moz gold discoveries at resource definition/feasibility stage, we were keen to ask about the current operational environment; specifically, the surge of terrorist activity regarded by the UN as 'unprecedented' in the Sahel (West Africa) in their neighbouring countries of Mali and Burkino Faso. Is this an investable jurisdiction right now? Find out what Tremain has to say.
Exore Resources' flagship asset is right on the border with Burkina Faso, a country that has descended into chaos, with hundreds dead and around 650,000 citizens displaced at the hands of ISGS, Ansar ul-Islam, Boko Haram and al Qaeda amongst others. Tremain is adamant that while this is a situation they are monitoring "very closely," it is not one that will affect their operations. Tremain points to the lack of attacks in the Côte d’Ivoire, in addition to the strong government as reasons for investors to feel reassured. He also speaks about the heavy local military presence in the area, supported by the French government. Exore Resources itself does not employ security.
Exore Resources stated it would deliver a Maiden Resource of c. 400,000oz - 500,000oz in September, 2019 to show analysts the company is progressing. We questioned the benefit of doing so at the time. It didn't in the end deliver a Maiden Resource. Tremain explains that while the company didn't deliver, plenty of work has been done, and Exore Resources intends to make its Maiden Resource larger after conducting additional drilling. Tremain claims shareholder feedback was also a big factor, with shareholders allegedly saying they were very pleased with drilling results and wanted to see continued drilling. The overall strategy is to define a +2Moz resource. Tremain claims the Maiden Resource would have been an interim step rather than a true reflection of Exore Resources' potential.
How has the market responded to this strategy? The share price was AU$0.07 this time last year, but now sits at AU$.06. Has all this drilling actually added value? The market cap stands at AU$36.84M. Tremain has work to do.
Exore Resources' recent drill results were good, but it appears there are question marks elsewhere; does the management team have what it takes to get this resource out of the ground economically? Tremain's "surprise" at the falling share price speaks volumes. We wait to see how they can change this trend.
Exore Resources recently went to market last 2019, raising AUS$10M at AUS$0.085. Around 80% of this investment came from institutional Gold investors. Exore Resources has spent AUS$8M in Côte d’Ivoire. How much has actually gone into the ground? Tremain says 90%, so why hasn't the share price gone up? He is scratching his head a little, especially given the drill results.
The new strategy is drilling, but what is the end game? Tremain states he intends Exore Resources to develop a mine and go into production on a large scale, standalone Resource.
Company page: https://www.exoreresources.com.au/
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Interview with Murray Hill, CEO of Marenica Energy Ltd. (ASX: MEY)
Marenica Energy is an ASX-listed exploration company focussed on uranium exploration and the application of its patented beneficiation process called U-pgrade™. U-pgrade™ is claimed to reduce processing capital and operating costs of uranium mining operations by c. 50%. We ask him where and what type of ores U-grade works for. It doesn't work for everyone. So is it going to generate them any cash in the short-term?
Marenica has several deposits across Namibia and recently acquired an asset Australia. All are at varying stages. Is this long list of assets more a liability than anything else right now?
Marenica, like most uranium juniors, has had a tough year in terms of market performance. Starting the year with a share price of AUS$0.08, Marenica has experienced a tumultuous year. The price today sits at AUS$0.07, with a market cap of AUS$8M and 117M shares outstanding.
Marenica has AU$1M in the bank. Its burn rate is "fairly low" compared to most companies at AU$800,000 per annum. Hill speaks about how Marenica is trying to maximise the bang for their buck, an example of which is drilling holes in Namibia at a relatively low cost, less than $50,000. However, investors will have some questions regarding the prudence of this move. is this drilling really going to add value? it hasn't thus far, and investors do not want to see their money squandered.
Investors have a lot of choice in the uranium space, so what sets Marenica apart? Hill points to the size of the Namibian resource, the Marenica Uranium Project. It has an inferred resource of 61M lbs across two deposits, the Marenica and MA7 deposits. The resource is a surficial calcrete hosted uranium deposit in the same palaeochannel system that hosts Orano’s Trekkopje Uranium Project. Marenica claims the project shares similar mineralogical characteristics to Paladin’s Langer Heinrich deposit and Deep Yellow’s Tumas deposit. Marenica also claims to have 48.5M lbs underground in Australia.
Company page: http://marenicaenergy.com.au/
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Interview with Marco Romero, President & CEO of Euro Manganese Inc. (TSXV/ASX: EMN)
Euro Manganese is a Czech Republic-based Manganese tailings/recovery story. Euro Manganese is working on a Feasibility Study. It has already done a PEA, and is in the late stages of its EIA. It is also filing for permits and preparing to build a demonstration plant.
Euro Manganese has a share price of CAD$0.15, a market cap of CAD$25M and 176M shares outstanding.
Romero regards Manganese as the forgotten battery metal. He says every Western EV brand needs Manganese. Manganese is predominantly intended for NMC cathodes in lithium-ion batteries. Euro Manganese offers investors access to Manganese, in the form of Manganese product production from tailings.
Euro Manganese has a single asset: the Chvaletice Manganese Project. Romero regards it as Europe’s largest manganese deposit by far, and a "globally significant deposit." The resource has been 95% quantified over the last 4.5 years, and this has been aided by the mineralogy of the material: very fine particles that are well homogenised and distributed throughout the deposit laterally.
A pilot plant was built as part of the PEA, bur Euro Manganese is now ready to construct its demonstration plant. It needs to source appropriate funding of US$4M, and US$1M per annum for operational purposes. The demonstration plant is designed to produce bulk, multi-ton samples of manganese products for companies to trial. This will prove Euro Manganese's processing flowsheet is effective, which Romero is confident about, given all technology is completely conventional. If they like the manganese products, a CAPEX of US$400M + operating costs has been suggested for a main plant, designed to produce 50,000t of high purity “pharmaceutical” grade manganese products for Chvaletice’s life of resource: c. 20 years.
There are some problems in the way of progress for Romero. Euro Manganese only has US$4.2M on the books as of Q3/19, and will need to raise cash soon to get things off the ground. While the company has signed some contracts an extremely large Chinese international mining company investors will have questions regarding the 'pay-as-you-go nature of Euro Manganese's supply. There is an element of uncertainty as to how much companies will buy, and if they will come back for more. Investors will want to see supply contracts soon.
Romero didn't state Euro Manganese will go to market to raise capital, but we expect this to happen, leading to dilution for shareholders. Will this be the right strategy in the long run?
In terms of timings, investors will also have some major questions. Our educated assumption is that the Demonstration Plant will take c.1 year to construct, followed by a trial period for the Manganese products. Then the Main Plant will need to be constructed and made operational. This could be 4-5 years before EMN actually starts to demonstrate its potential, and there are a huge number of obstacles in the way as far as raising capital, permitting and supply contracts. This story looks like a slow-burner, but one that could be rewarding in the long term. We will keep watch as this story progresses.
Company page: https://www.mn25.ca/
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Interview with Mark Kenwright, Associate Director of Wardell Armstrong - International Mining Consultants.
This is a first conversation with a very well respected mining consultant, with a view to open up to Retail shareholders how institutions view risk when making investments. Due Diligence is everything. Kenwright is honest and gets straight to the 'crux' on a variety of topics investors may find interesting.
Wardell Armstrong, founded in 1837, is an international consultancy firm providing engineering, environmental and mining services in the mining & minerals, infrastructure & utilities, and property & development sectors. Kenwright himself is a chartered professional FAusIMM CP(Geo), with over 24 year's experience as a geology/exploration Manager.
Wardell Armstrong doesn't build mines, but they provide studies and reports at various stages to help companies get mines constructed. Companies generally hire Wardell Armstrong to obtain a competent person's report, scoping studies and due diligence studies and similar before conducting an IPO listing or investing into them. These reports can cost anyway from £50,000 to £150,000. The "bread and butter" services that Wardell Armstrong provides are scoping studies, desktop studies and due diligence for mining companies at a development stage. They are providing a much more detailed version of what Family Offices and HNWIs should be doing themselves.
We were interested in asking about the transparency and integrity of Wardell Armstrong: do clients influence their reports? Kenwright insists that while Wardell Armstrong can treat certain subjects delicately, everything must be disclosed as part of their publications. Nothing is held back and they have a legal obligation to ensure this is the case. If Wardell Armstrong doesn't talk about something at the request of one of their client's, they have to disclose why. There is a table that very few investors seem to look at towards the end of these studies, that will inform them of things they need to know, yet often don't.
Kenwright then touches on the IMO3 conference in London. The title this year is 'Mining and the Electric Vehicle.' Mining companies, regulators and academics will meet on the 29th-30th January to discuss issues, ideas, and solutions to problems in the mining world.
Kenwright then talks about the Western Africa security situation. The Sahel has been suffering from increasingly widespread instances of terrorist attacks, and mining companies, such as SEMAFO, has suffered heavily at the hands of ISGS, Ansar ul-Islam, Boko Haram and al Qaeda amongst others. How has this impacted other mining companies and what is the outlook? Wardell Armstrong is well aware of this issue, courtesy of their standard practice of performing a risk assessment. Kenwright describes the deterioration of the situation in Burkina Faso as "shocking." Kenwright has discussed the situation with senior security operatives in the region and they have coined the phrase "Kabulisation", in relation to the similarities with Afghanistan, where security forces only have control of a very small area around the capital. Everything else is "bandit country." We wonder if this will expand in to other territories.
Kenwright explains there have been 650,000 Burkina Faso residents displaced; this has not received any mainstream exposure. He does, however, claim it is still possible to mine economically in the region. Kenwright takes a "life goes on" view, but can investors afford to be so confident?
Kenwright also touches on the outlook for the struggling lithium market, and provides some general investment advice, such as considering avoiding a management team that changes frequently (LinkedIn is apparently very useful)!
What did you make of Mark Kenwright? What questions would you like to ask about Wardell Armstrong or general mining topics in the future?
Company page: https://www.wardell-armstrong.com/
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Interview with Darren Klinck, President and CEO of Bluestone Resources (TSXV: BSR).
Bluestone Resources is a Guatemala based high-grade gold development company, listed on the TSXV. It is currently focussed on the Cerro Blanco gold project, which is a permitted, high-grade underground gold project located in South-Eastern Guatemala. Over CAD$200M has been invested by previous holders of the asset.
Bluestone Resources also has the potential for green energy production with the Mita Geothermal Project. A Feasibility Study has been conducted, 19 geothermal wells have been drilled, but for now Bluestone Resources is not looking at the options for commercialising the project as it focused on their Gold development.
2019 has been a tumultuous year for Bluestone Resource, ending on high. Starting the year at CAD$1.35, the price fell to a low of CAD$0.90 in May, but has climbed back to CAD$1.47 today. The market cap is CAD$100M, and there are 69.23M shares outstanding.
Bluestone Resources is currently trying to put financing in place for Cerro Blanco. Klinck claims the company has seen interest from private equity and strategic partners, in addition to commercial banks. The advanced nature of the permits, in combination with the infrastructure in place after previous expenditure at the property, has seen the interest from banks become stronger. Klinck is hoping to announce a Bluestone Resources debt package. Interest appears to have been high, so let's keep following and see what happens. Is a short life-of-mine (8yrs) and the risk of a single-asset model putting investors off?
Bluestone Resources appears to have some operational advantages compared to other gold juniors. A worldclass AISC below USD$600 is particularly noteworthy.
So, what is Bluestone Resources going to do this year to tell their story to retail investors? The big selling point is the resource itself. The Cerro Blanco project is estimated to contain 3.44Mt of proven and probable ore reserves grading 8.5g/t Au and 32.2 g/t Ag and containing 940,000oz of Gold ore and 3.5Moz of Silver. Now Bluestone Resources needs to give investors the confidence it has the know-how and financing to extract the value from this promising asset.
The next steps involve trying to push the life-of-mine up via further drilling/resource measurements, basic and detailed engineering, optimisation and flowsheet refinement. "130% of their (the company's) time is spent on Cerro Blanco at the moment." Acquisitions won't be looked at until Cerro Blanco is in production. All of their eggs appear to be in this basket.
Bluestone Resources has the Mita Geothermal Project at an advanced stage, and hope an opportunity will arise to commercialise it in the next few years. It is currently parked, though it provides solid optionality, and Klinck hopes it can be incorporated into the mine.
Strangely Klinck avoided our question regarding Bluestone Resources' cash reserves. He did, however, state that equity is an unlikely route; instead, they are looking at a debt package and should have something to tell shareholders in the next few months.
In terms of Guatemala, there has recently been a 5-month transition period, though the new government has now been sworn in, and they appear to be very pro-mining.
Company page: https://bluestoneresources.ca/
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Interview with Merlin Marr-Johnson, Director of Salazar Resources (TSX-V: SRL).
We're back with another interview with Salazar Resources, an Ecuadorian/Colombian exploration and project development company that offers investors exposure to gold, copper and silver resources, and copper-zinc VMS deposits. This years Exploration is fully financed, courtesy of a JV with Adventus Mining Corp.
Salazar Resources started the year with a share price of CAD$0.11 but has risen to CAD$0.21 today. The company has a market cap of CAD$26.56M.
A common theme amongst smaller junior mining companies is the lack of a coherent business plan; it usually goes: we're going to acquire a licence, we're going to drill it, we're going to see if it's worth drilling further, then we're going to drill again. Salazar Resources has a refreshing approach. It has a clear Business Plan, has structured a financing plan via a farm-out, consultancy fees and leasing of 3 fully owned drill rigs. They currently have c.$5M in the bank. With an additional recurring income and an extremely low G&A. Marr-Johnson says that their exploration program for this year is consequently fully funded.
The partnership with a larger mining company, Adventus Mining Corp., looks promising on paper and means Salazar Resources expects no dilution in 2020 for shareholders. Salazar Resources has just farmed out its first gold-copper asset, the El Domo Curipamba VMS (Volcanogenic Massive Sulfide) ore deposit discovery. It now looks to employ a cookie-cutter approach to continue the development of its portfolio of Ecuadorian and Colombian mining assets. The cash burn is minimal and the numbers look attractive.
Marr-Johnson himself has an impressive resume, with recent experience at Uranium producer and zinc revenue generator Global Atomic Corp. Ex-Newmont country team leader and Salazar Resources CEO, Fredy Salazar, is a vastly experienced Ecuadorian geologist. He is the go-to geologist for the many majors in Ecuador.
Marr-Johnson is keen to state the respect Salazar Resources' name holds in Ecuador, both locally and nationally. By ensuring they work with local communities to implement sustainable mining practices, and maintaining a good relationship with government officials, Salazar is a respected name in the up-and-coming mining jurisdiction of Ecuador. Investors are taking them much more seriously than most juniors; should we too?
Investors can also see growth from the seemingly reliable development of existing copper/gold/silver/zinc assets, but what about the future? Marr-Johnson states Salazar Resources always has its eyes open for potential acquisitions that could add value for shareholders.
This appears to be junior mining done right: something of a rarity in a market of big promises and disappointing delivery. However, they need to keep their feet on the ground. While the evidence appears to be positive, let's see how Salazar delivers over the coming months.
What did you make of Merlin Marr-Johnson? Has Salazar Resources impressed you with its gold/silver/copper/zinc discoveries? What about the business plan? How do you rate Ecuador and Colombia as mining constituencies?
Company page: https://www.salazarresources.com/
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Interview with Michael Hodgson, CEO of Serabi Gold (LSE:SRB, TSX:SBI).
2019 was a good year for most gold companies, including Serabi Gold, who saw its share price treble. Now Serabi is looking to push on to achieve the Gold returns shareholders will demand.
Serabi’s debt to Sprott Lending Partnership, c. US$6.5M, and Equinox Gold Corp., US$12M, has been looking. Rather than raising equity to resolve the problem, Serabi Gold has opted for US$12M of convertible notes with existing shareholder Greenstone Resources, which will enable them to pay back Equinox. The remaining debt owed to Sprott will be settled from cash reserves. This wards off dilution for now, but if Greenstone decides to convert notes into shares rather than cash that would suggest the company has delivered on its production targets and the share price has bounded on further.
Serabi Gold will now look to push forward with the development of Coringa, which is geophysically and metallurgically similar to Palito, but with a higher gold grade of 8.34g/t. They will likely use their freed-up cash flow to bring Coringa through to production by Q1/21, with the target of a combined, cross-mine AISC of c.$950. Investors will want to see eventual production double.
Serabi will use the majority of the c. US$14M in the bank to develop Coringa, introduce an ore sorter at Palito and continue exploration at San Chico. Serabi Gold appears to be well set up to build on last year's 40,000oz+ gold production figures. Let's keep watch and see if they can deliver.
What did you make of Michael Hodgson? Is this the debt solution you were expecting? Is Serabi the gold junior for you?
Company page: https://www.serabigold.com/
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Interview with Andrew Pollard, CEO of Blackrock Gold Corp. (TSX-V: BRC).
Blackrock Gold Corp. (BRC.V) is a Vancouver-based mineral exploration company focussed on exploring gold deposits in the Northern Nevada Rift. Blackrock Gold claims their Silver Cloud property hosts a low sulphidation epithermal vein system.
It was good year for gold and a good end to the year for Blackrock Gold. Starting the year at a low of CAD$0.05, Blackrock Gold rose to a peak of CAD$0.34 in September, However, today it sits at CA$0.16. Pollard says the company is just stopping for gas. The market cap is c.CA$10M.
Pollard might have stepped into his role at Blackrock Gold out of desperation in May 2019, but it has clearly had an enormous impact on the company: this was the day Blackrock Gold began its rise. The company had just blown several million dollars on soil samples and was unfinanceable. Pollard took charge and appears to have changed the company's course. He has built a solid team.
The asset itself has been around for decades. Why is Blackrock Gold going to succeed where others have failed? The Silver Cloud project hadn't been drilled since 2005 until Blackrock Gold's December drill program. Pollard claims modern geophysical advances will make a difference. Companies can now see, interpret and take action on a greater number of parameters, with a more comprehensive understanding of them. Pollard is a former recruitment consultant and claims he has found some of the best and most experienced mining minds in the business to form a technical management team. Let's see how they get on.
In terms of a business plan (initially difficult to get him to articulate it), he states that "this isn't a proximity play. It stands on its own technical merits." According to Pollard, the real key here is the location of their asset. In terms of historical mineralogy, he claims it stands head and shoulders above other juniors. In terms of mining infrastructure, it is without rival. His message is clear: the asset is right in the middle of the ultimate mining property. He claims it makes the assets of other juniors look extremely unimpressive by comparison. While exploring a target-rich property and "drill, drill, drill, gold, gold, gold" is one way of summarising the plan, institutional and retail investors alike will want to hear much more. Pollard states the drill rig is confirmed for February. We eventually found out that Pollard hopes to hit something good, but has no intention of building a mine. He wants to get bought out on the merits of an exciting asset. Blackrock Gold's status as a small junior in the midst of giants seems to force Pollard's hand in this regard, or does it?
A pending private placement for CA$1.5M will go straight into the ground, with Pollard trying to push it over the line, and get some more institutional investors onboard, in addition to some retail gold bugs. Enhancing liquidity will be key, with trading volume coming from only a small number of investors at present.
Based on our reading of Pollard's words, Blackrock Gold Corp. has spent all of its money raised from its previous financing and appears to have none left. They need to raise capital imminently to move forward.
In terms of remuneration, Pollard claims to receive CAD$10,000 per month in consultancy fees. He claims in the long run, this role has cost him money as he has stopped focusing on his private recruitment business to focus solely on Blackrock Gold. The remainder of the board is unpaid, unless they are operational staff; such members of the team are paid a modest wage Pollard says.
The last question is when? Pollard says there should be significant progress in the next 6 months. We wait to see how the story pans out.
Company page: https://blackrockgold.ca/
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Interview with Dan O’Flaherty, CEO of Maverix Metals Inc. (TSX, NYSE: MMX).
Royalties: a way to make mining-level returns without mining-level risks?
O'Flaherty certainly believes so. He is the CEO of Maverix Metals Inc., an emerging precious metals royalty and streaming company listed on the TSX and NYSE.
One of the main areas of volatility in mining is in the mining process itself: just what will come out of the ground? Gold royalties companies offer much of the leverage to precious metals prices and exposure to exploration and expansion potential, but without the risks and costs associated with mining programs.
Royalty companies are a unique category of investment and are a top-line revenue-based model. A gold royalty is a contract that gives royalty companies the right to a percentage of gold production or revenue in exchange for an upfront payment; they have the right to purchase gold at a significant discount to the current gold price and can create a deal to purchase gold at a set price regardless of gold spot price.
Maverix Metals has a wide portfolio of over 100 royalty deals. Each royalty and stream is tailored to the individual needs of each transaction. The terms and conditions are variable in the contract. Maverix tries to maximise exposure to areas of influence, by ensuring they have access to a significant landmass, because deposits may grow over time. An example of one of their royalties is on RNC's Beta Hunt mine, where they have the capacity to negotiate specific rates on individual constituent metals: they can tailor the % revenue they take from nickel and gold separately, based on their own requirements.
14 are generating revenue for Maverix right now, while some are arrangements with earlier stage ventures. This is a solid mix of immediate cash flow with long-term potential. Another reassuring fact is that not a single one of Maverix Metals' assets produces more than 15% of their cash flow.
O'Flaherty himself has vast experience in the financial sector, but what about mining experience? The remainder of the team has experience that could be considered more specific, with decades of mining experience between them. Maverix Metals has clearly impressed the institutional investor crowd, with large stakes being taken by powerhouses like Kinross Gold Corporation, Pan American Silver Corp. (a day 1 shareholder) and Newmont Corporation. A significant proportion of Maverix is owned by a few investors. Could this be a problem for liquidity? O'Flaherty insists otherwise. 2019 has seen more of a focus on retail investors after moving to the TSX. They expect liquidity to increase as additional shares get "into the flow." 10% of the company is owned by insiders: another encouraging stat.
The business strategy is to pick up below the radar assets that are too small to attract the focus of larger royalties companies. Maverix has ownership of some 50 assets: some good, some bad. There is no holding cost for royalties: they run for the life-of-mine and don’t expire.
Maverix is focusing on precious metals for now. Revenue per share has seen added value, and per-share metrics across the board have increased. Remuneration is determined by the per-share metrics, but we were unable to get a specific figure. Maverix Metals started the year with a share price of CA$4.66, but ended the year at CA$7.04. Today, they sit at CA$6.78 and a market cap of CA$732.21M.
Maverix Metals' core assets (80+%) are in safe, stable jurisdictions, thus avoiding geopolitical risks and enhancing their appeal to investors. Maverix has negligible overheads and a high margin, courtesy of no mining costs. They have significant capital reserves to make additional acquisitions and continue building up their portfolio.
The cost of sourcing capital is much lower for a royalty company than for a mining company. In terms of a time-lapse, all transactions thus far have been in production at the time of investment.
Company page: https://www.maverixmetals.com/
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Interview with Robin Goad, President & CEO of Fortune Minerals (TSX: FT).
Fortune Minerals Limited is a TSX-listed Canadian mineral development company. It is currently focussed on advancing the NICO Cobalt-Gold-Bismuth-Copper development.
Fortune Minerals started the year with a share price of CA$0.10. They finished the year at CA$0.08. This is down from peaks of CA$6.00 in 2005. Fortune Minerals has invested CA$130M to date. Fortune Minerals has a market cap of CA$28M today.
Goad founded the company in 1989. Fortune Minerals has spent 24 years on this project. Goad is quick to point to the quality of Fortune's flagship asset, an IOCG deposit in a 'prolific' region. The deposit was discovered in 1996, and Goad states it has "world-class mineral potential." However, Fortune Minerals have poured CAD$130M into this project and has a market cap of CAD$30M. Current and long-serving investors' are well under water. The company has $2M cash and will need to raise money Q2/Q3 in the region of $5M just to keep the lights on. Goad explains to us why investors should trust Fortune Minerals to deliver returns in a reasonable timeframe. Are you persuaded by what you hear? Goad states the numerous delays and huge expenditures have been caused by 7yrs stuck in an EIA phase, decades of drilling and engineering, and now Fortune Minerals is waiting for the construction of a government-sponsored road at NICO. Goad alo states that getting in to mines takes longer these days than it did previously, and says with the scarcity of some of the commodities in their portfolio they will get funded.
Fortune Minerals is still at the development stage. After several decades and a vast amount of investment, it is still some way off entering production. While Goad explains the differing commodities at the asset have caused complications, in addition to the mineralogical structure, investors need to ask themselves whether they think this is an appropriate justification. NICO's pit, mill, and campsite have still not been constructed, and that's before taking a look at the permitting situation. Goad states the company have a 2014 PFS on NICO, but this is now out of date, and the AISC quoted in the study is uneconomic. Goad lays blame at the door of the raw material procurement industry as a whole, citing increased regulatory environments and increased permitting times, but investors won't be interested in this; what is he doing right now to make them money?
There is no doubt the Cobalt price crash has put many cobalt companies underwater, but the scale of Fortune Minerals' losses may lead investors to think there is more to it. Goad does admit to some errors of judgment. Fortune Minerals recently spent a lot of time and money trying to expand the NICO project up to "6,000t per day". Production capacity figures also disrupted potential arrangements with strategic battery-related cobalt partners, like LG, which wanted to see a significantly higher production of Cobalt than Fortune Minerals could offer.
The NICO project will be mainly open-pit, with some underground mining. Goad is currently on the hunt for a strategic partner to push NICO into production. Goad says conversations are happening, but companies have conversations with each other all the time. Relying on the decisions and timings of a potential partner as the centre of your business plan is a process investors may question. A promising arrangement that nearly came to fruition in 2014 isn't going to matter to investors in the here and now.
Fortune Minerals also has the leverage to Gold exposure to offer investors, but is this just another layer of complexity to an already over-complicated story that investors don't seem to understand? Is the Gold resource economically viable in a reasonable timeframe? We could not get an answer.
Company page: https://www.fortuneminerals.com/
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Interview with Brandon Munro, CEO of Bannerman Resources (ASX:BMN).
A detailed response to the question, 'Last year was another uranium trainwreck. What is happening?'.
Company page: https://www.bannermanresources.com.au/
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Interview with Roger Lemaitre, President and CEO of Uranium Explorer, UEX Corporation (TSX:UEX).
UEX Corporation is a TSX-listed Canadian junior exploration company with a portfolio of 21 projects (yes you heard that right) in Saskatchewan’s Athabasca Basin. UEX's central focus is on opportunities that present themselves in the uranium exploration sector and the cobalt-nickel market.
Cobalt AND uranium? Most wouldn't envy the position Lemaitre finds himself in, but this is the reality of mining management. Sometimes the market just turns against you, but Lemaitre's job is to protect shareholder's interests from the bear market.
UEX's share price has remained largely stagnant during 2019. It started the year at CA$0.17, rose to a peak of CA$0.20 in June before falling to today's price of CA$0.12. UEX has a market cap of CA$47.30M. Low trading volume and this downwards trajectory can be attributed to spot price performance, but what is Lemaitre doing to get things back on track for investors?
UEX has been working on its West Bear cobalt-nickel project. Long-term the goal is to move it outside of UEX via a spin-off or a new partnership. However, until there is a degree of sustainability in the cobalt price, and it rises to an economical level, UEX has no intention of letting go of it. UEX has spent around CA$5M in the last year to build out the resources to try to add value, but we have question marks against this decision. Why not just hunker down given this dead market? Is this an instance of poor judgment, and could this money have instead been used to protect shareholders from dilution? Why aren't they just doing what most other uranium juniors are and hunkering down? Lemaitre justifies the decision given what he claims to be a cobalt 'supply shortfall.'
As usual, Lemaitre claims investors are buying into both the macro story, the quality of the portfolio and the team. However, one would have to question the prudence of maintaining 21 assets in such a tough market. Would UEX have more success streamlining, reducing overheads and obligations, and waiting it out to ensure their survival? Investors won't be happy if their sole intention is to keep going to market, causing dilution, and not using the money wisely. However, Lemaitre is adamant the diversity of the portfolio is one of UEX's preeminent strengths. Having so many projects at different stages of development and exploration gives something undoubtedly important to UEX: options. Perhaps investors are buying into UEX because surely something has to go well in this diverse portfolio? However, options are only useful if utilised wisely, and if they aren't excessive. We will continue to follow how this pans out.
UEX raised CAD$1.5M on the open market in December with flow through and had c. CA$5M in September. They now sit on CA$3.5M. UEX has been conducting drilling programs with this expenditure, and claims the money will be enough to see them through to the end of the year with some 'modest investments.' Watch this space.
Investors shouldn't expect to see price discovery until utility companies decide to replenish their reserves with new material, but when will this be? Spot price and level of reserves seemingly have an inverse relationship to one another, but some speculators state all that is really needed is a sentiment shift. The only thing that is definite is that UEX will need some fairly sizable movement soon if they want to deliver on shareholder expectations, or even survive.
Company page: https://www.uexcorp.com
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Interview with Industry Commentator Mark Selby, CEO of Canada Nickel Company
We catch up again with Mark Selby to get his take on investing in the Nickel market. Fans of investing in Electric Vehicle revolution thesis will find this interesting. Some battery metals are on the up and others are not. Why?
We discuss the Class 1 and Class 2 nickel debate. We discuss intermediate Nickel, and also the amount of Nickel units required in the market. And investors new to Nickel may find the discussion around how to identify good investment v less good investment fascinating.
Do you know the difference between laterite nickel and sulphide nickel and why some investor won't touch laterite nickel? No, then you need to watch this interview.
And just in case you missed Selby's insight into HPal plant costs and why some companies pushing that agenda may be about to fall off a cliff in terms of costs and everything that entails for investors.
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Interview with Paul Huet, CEO of gold producer RNC Minerals (TSX:RNX).
Delivers 9,620 oz for Dec 2019. 51,090oz for H2/19. Finished the year with $34M cash. And pays down $3M of debt. So basically over delivering on guidance for Q3/19 & Q4/19.
We're back again with one of our favourite turnaround stories of last year: RNC Minerals. After surpassing gold production results of 9,485oz for November, investors have been flocking to RNC. Paul Huet, the driving force behind RNC's successful turnaround since he was appointed as CEO in June, returns for an interview and investor questions are at the centre of it.
Before delving into the state of business affairs, Huet takes a moment to express his gratitude for the hard work of his Australian team, who have performed heroically despite devastating bushfires causing disruption, difficulty and worse.
Despite numerous doubters, Huet has achieved exactly what he set out to do when he was appointed as CEO last summer and is to deliver consistent production results. Every quarter RNC has hit its targets out of the park, and not only that, the company is now over-performing at well over 8,000oz gold production guidance, providing investors with even more stats to get excited about. 2019 was all about stabilising the ship after a tough few years and breathing new life and a new focus into RNC Minerals. Huet's focus on gold has been instrumental in securing RNC's future success, and the company now looks to move from strength to strength in 2020.
RNC has 2 primary focuses for 2020 and you can expect to hear some details released in the coming weeks. Exploration targets will be one key area. Additional coarse gold mining won't be mentioned as part of the upcoming guidance, but that isn't to say RNC won't be doing a lot more work to understand where the coarse gold is in the coming year. The second area will be costs. AISC and ounces are the words of the day, and despite RNC's turnaround last year, Huet will be running the company sensibly. The message is simple: solid, high-quantity production with astute financial management. RNC looks to be rewarding investors well. RNC is unlikely to need go to market to raise money in 2020. Investors will be encouraged by this potential lack of dilution.
After touching on his views on the gold market for 2020, Huet expands on the previously mentioned Australian bushfires and what they have had to contend with. They are going to go out eventually, and haven't significantly affected RNC operations, so investors should not be concerned. RNC is prepared for anything and has done everything it can to mitigate risk in light of such a tough issue.
Lastly, Huet explains that RNC will be moving to quarterly reporting rather than monthly, and touches on the nickel option that is the Dumont asset. There are no financial obligations on the asset; this is even more reason for investors to get excited!
Company page: http://www.rncminerals.com/
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Interview with Craig Parry, CEO of IsoEnergy (TSX-V:ISO).
Uranium is stagnant, we all know it, and until utility companies go to the market for new material, rather than relying on their stockpiles, so we want to know what exactly uranium companies are doing to ensure their survival until the uranium price comes back. Is IsoEnergy doing what's right and are they doing enough?
IsoEnergy is a uranium junior operating out of Vancouver. It is listed on the TSX. IsoEnergy is a uranium junior drilling in the eastern Athabasca basin.
We wanted to cut straight to the Crux here. IsoEnergy recently raised around CAD$6.7M, of which CA$3.5 was flow-through dollars to support exploration programs for the "next six months." Is that long enough for price discovery? The remaining CAD$3.2M "hard dollars" was provided mainly (CAD$2.9M) by NexGen Energy, a sizeable Uranium Development company also based in Vancouver. Both companies share some of the same board members and NexGen holds about 50% of the ISO Energy. IsoEnergy has managed to raise capital "relatively" easily which is of some comfort especially of you look at the institutional holders of the stock: something many uranium juniors struggle with, but it's now a matter of what they actually do with it.
IsoEnergy has options. We ask Parry what he is going to focus on. Parry is confident of the quality of the asset, and claims their upcoming drill program is likely to provide positive results, thus growing the company. IsoEnergy's assets are based in a prolific uranium region, in a highly stable mining constituency, but is this enough to stand out from the competition? What else does IsoEnergy have going for itself?
The reality is not a lot of people seem to be talking about IsoEnergy. It could be a case of uranium being a bit of an echo chamber space at the moment, but is it more than a solid story falling on deaf ears? Is IsoEnergy doing enough to get their story out there? Are retail investors being targeted effectively? Is it just the case that IsoEnergy's story isn't enough to get picked out from the crowd? Whatever the reason IsoEnergy will need to act quickly and decisively to protect the interests of existing shareholders.
IsoEnergy started the year with a share price of CAD$0.48, but now sits at CAD$0.43. Parry is correct in that this is a better stock price performance to many of the other struggling uranium juniors, but in comparison to the market as a whole? Parry has a lot of work to do before IsoEnergy can add value for existing shareholders, who are growing increasingly frustrated. IsoEnergy has a market cap of CAD$32M.
Company page: http://isoenergy.ca/
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Interview with Justin Huhn, the Uranium Insider.
Interview with Justin Huhn, the Uranium Insider. Uranium is a relatively small space. It is a complex, unique commodity with numerous ways to make and lose investors money.
In this introductory interview with Justin Huhn, he provides prospective uranium investors with an outline of the tropes of the uranium market.
After explaining his personal motivations for choosing uranium, Huhn looks towards 2020: a huge year for every uranium producer the world over. Price discovery is needed soon for most companies to survive. A dwindling spot price since the Fukushima disaster has left uranium with a stagnant, uneconomic low of $24.80/lb (as of 06/01/2020). American producers are waiting for the judgement of a uranium working group, but their schedule appears about as predictable as President Trump's Twitter timeline, and recurring delays have only led to more uncertainty.
Huhn succinctly explains why investors should consider putting their money into what seems like a stationary void, rather than looking at other commodity types: the fundamentals of uranium are undeniable. Both to further the global movement towards green energy, and to fulfill existing power station requirements, there will always be a demand for uranium. Once utility companies decide to replenish their seemingly bottomless stockpiles, price discovery should occur. This means that if investors can pick the right horse now, they could make some serious dough to go along with their yellowcake. The inner contrarian of every investor will be trying to break free: now could be the time to buy.
If an investor does decide uranium investment is the way to go, then how can one discern the company with the best risk to reward ratio? The answers lie in the experience of a company's management team in dealing with such a specialist commodity, the level of cash reserves to see it through until price discovery, and the quality of its asset.
Huhn then goes into the specifics of uranium assets, giving investors an inclination of what to look for. However, as every investor will know, not every boat is a luxury cruise liner: some are rust-plastered, hole-afflicted wrecks that will sink the second they leave the harbour. Huhn looks at the warning signs that investors should keep their eyes out for. Not every company will prosper, and many will find themselves at the bottom of an ocean.
Website: https://www.uraniuminsider.com/
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Interview with Bryce Crocker, CEO of Jervois Mining (ASX: JRV)
Jervois has ambitions of being a meaningful cobalt producer with nickel and copper exposure to feed in to the EV thematic - but then who doesn't. The difference is going to be the management team's ability to deliver that ambition. Step forward ex-Glencore Director Bryce Crocker.
Crocker had a busy year. Two acquisitions.
The business has been built on the Nico Young nickel and cobalt asset in Australia, but that took that back seat with the acquisition / merger with M2 Cobalt with their Ugandan cobalt assets. This is a large greenfield development project in the early stages but therein lies the problem for investors and the market. No near term revenue or sight of how they slot in to the the EV cycle. Hence the acquisition of Idaho Cobalt Operations. A pre-construction ready asset in the US and a new FS started.
Crocker comes from large corporate background, so thinks big but is pragmatic. Listen and tell us if you think his strategy and business plan make sense and if you think he is the guy to deliver shareholders the returns they want.
And a CRUXinvestor mug for the first person to guess the song with the lyrics in the Title above. Need song title, name of artist and the year.
Company page: https://jervoismining.com.au/
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Interview with Chris Reed, CEO of Neometals (ASX: NMT).
We get an update from Reed as to how Neometals portfolio of projects are progressing. They have converted from miners to project developers following the EV thematic. They are rather good at taking complex problems that are challenging and working out how to commercialise it efficiently.
Reed is a sharp and driven individual, who has built an eco-system of smart people around him to deliver financially sustainable solutions. Neometals made its money with a Lithium mining project, Mt Marion in Australia, and timed their exit beautifully. They pocketed c.AUD$130M, and has returned c. AUD$45M to shareholders in the shapeof dividends. And they have retained an option on the Lithium spodumene component which will be a revenue stream for them at the point the market comes back. A smart piece of negotiations. And that typifies their approach to business.
Reed updates us on the battery recycling business. They are at an advanced stage of proving up their MOU terms with SMS Group. Reed talks us through the deliverables for this year and how this become a significant global player in an accelerated time frame. We believe they will deliver.
McManus views Neometals as a "project development business." Neometals has a variety of assets with differing commodities, but the battery thematic is the key driver. There are 3 core projects with Neometals' focus: the Barrambie Titanium Vanadium Iron Project in Western Australia, a Lithium Refinery Project and of course it most advanced project, the battery recycling business. Neometals is valued at cash in the bank which is clearly ridiculous. They need to start telling their story and investors need to pay attention. Barring a global meltdown, the only way is up. This is one of only a handful of companies that are undervalued.
Having identified the growing demand to recycle lithium batteries as a focal point, the company is working towards commercialisation of its proprietary process for recovering cobalt, nickel, lithium and other valuable materials from spent lithium batteries. Neometals' pilot process has generated a high purity (+99%) cobalt sulphate product at a high recovery rate (+98%).
Neometals' management has created an ecosystem of experts in their field with the ability to solve complex problems currently related to lithium, titanium and vanadium.
Neometals hydro-metallurgical recycling method is unique. And with strategic partnerships, supply lines and MOU's already in the bag, the ecosystem seems to be close to delivering on its ability to move the pilot in to commercial reality at scale in Europe.
Company page: https://www.neometals.com.au/
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Interview with Stephen Roman, Chairman, President & CEO of Global Atomic Corp. (TSE:GLO).
Roman gives us an update on the Dasa mine plan and talks about cash flowing from the new zinc processing plant which will enable the development of the uranium component. In 2018 the Turkish operation was EBITDA $13M ($10M profit), this doubles under the new set up.
The exciting element for investors though is the uranium development and the economics around a potential new mine plan. The Flank Zone (not Western flank as Matthew says) is higher grade at near surface which may allow the company to get in to production economically at low spot prices. Roman talks about Global Atomic needing to advance and expanding their PEA that mentioned an alternative mining scenario that is in a persistently low uranium environment. The company looks like it is shelving the large project idea and focusing on a high margin project at realistic prices and getting in to production quicker. That model and that kind of thinking is the difference between them and some of their peers. It is of course enable by the cashflowing from the Turkish zinc project. Roman suggests that 2020 could be the year that dramatically changes the company profile.
So on the back of beer mat type numbers from the data available: Phase 1 mine plan for 3.4Mt @5,450ppm (11 U308 per tonne ore). Mine for 10yrs, producing 3.7Mlbs per annum on average so 37Mlbs in total. This also opens up the rest of the ore body. Let's use c.$200M CAPEX at $40lb flat, gives it a c.25% IRR and NPV c.$150M.
Trucking is not without its problems, but if Global Atomic trucks to Somair, reduces CAPEX to c.$100M, IRR rises to 45% and NPV goes to c.$180M. Even at $30lb, trucking still gives c.24% IRR and an NPV of $70M.
Interesting times ahead. Let's see if this experienced team can deliver or if the markets intervene.
Company page: https://www.globalatomiccorp.com/
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Interview with Merlin Marr-Johnson, Director of Salazar Resources (TSX-V: SRL).
We really like this business model and we like Marr-Johnson. Both are smart. They have farmed out the first copper-gold asset, the El Domo Curipamba VMS discovery, and received a Royalty payment, ongoing management fees and can lease out their 3 drills. Plus they are fully carried for 25%. That takes them to c.$5M in the bank to continue exploring other portfolio assets. Salazar has 4 additional copper-gold assets and other licences in the hopper.
In addition, they have a zinc-exploration JV that contains two projects, Pijili and Santiago with Adventus (80%) funding all activities in the Alliance up to a construction decision on any project.
Geologist Fredy Salazar, ex-Newmont team leader in country, has been exploring and discovering major copper-gold assets in country for 20yrs.
Listen to Marr-Johnson's numbers. He paints a very exciting picture. You have to work out if you like this model and if you think he can deliver it.
Ecuador is a country that major mining companies are rushing to because it is under explored but is already showing its potential for big, big projects. Salazar will continue to farm out some of the projects , but are very keen to 100% develop one or more of their own.
Company page: https://www.salazarresources.com/
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Interview with Alex Cheatle, Co-Founder and CEO of Ten Lifestyle Group (AIM: TENG).
Ten Lifestyle Group is a concierge service behind some of the world's best known banks and financial brands, offering travel, hotel, restaurant and concert bookings. It's free to the user, whilst Ten Lifestyle is paid by the banks themselves. The service company was founded in 1998 by Cheatle and fellow entrepreneur, Andrew Long. Ten Lifestyle Group HQ is based in London, but also has 22 offices in major cities around the world. Ten Lifestyle Group allows HNWI/mass affluent individuals and their families to make the most of dining, live entertainment (music & sport), travel and retail at cost - they don't mark up the services on offer. Specifically, the company allows these groups to discover, organise and enjoy such activities with superior, faster results and quicker than they could achieve alone.
Ten Lifestyle Group listed on AIM late 2017, after 18yrs of being private. Following the late launch of its technology platform in 2018, they started the year with a share price of just £0.46, but has returned excellent growth, rising to around £1.30 today. The company has a market cap of £104M, and investors will be encouraged by these exciting returns.
The management team's experience and priorities are clear, and Cheatle's reputation amongst investors is strong; historically, he treated his loyal private shareholders well.
The recent decision to go public was intended to raise c.£20M+ to fund the second version of the company's digital platform and open up and employ staff for their global roll out in to new territories.
Investors are buying into the global potential for Ten Lifestyle Group, especially considering the innovative business model. Bigger contracts will result in the company turning their 2019 revenue growth (23% in 2019) into profit in 2020.
The majority (88%) of the company's net revenue comes from corporate clients. Banks need to look after asset-rich individuals when times are tough, and Cheatle says that during economic downturn their business remains unaffected. Focus is key, and Cheatle has given the company a clear vision to work towards. The recent GB£39M intra-company loan was a paper exercise to clean up the balance sheet of the travel subsidiary to allow for better negotiations with suppliers.
We are encouraged by what we heard and look forward to seeing if the financials catch up to the company's potential.
Company page: https://www.tenlifestylegroup.com/
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Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE: UUUU).
Has anything changed in recent weeks? Not really, but Chalmers talks the macro factors again that all company CEO's and fund managers are obliged to talk whilst the market await price discovery.
We were interested in understanding how their White Mesa Mill actually contributes to their valuation and future fortunes. Chalmers gets in to some detail on that and gives us a some insight in to how they view the economics and how they feed the beast. It has a licenced capacity of 8Mlbs pa of uranium. The most it has operated at is 5Mlbs pa. It can also process multiple lines of ore (c.17), which are licenced too. Many investors were keen to hear solid evidence of the mill's processing capabilities, feedstock/toll situation, margins and its economic feasibility for lower-grade producers. He answers. Chalmers also touches on Energy Fuels' ISR facilities.
Energy Fuels is the leading US producer of uranium and a potential producer of vanadium. We've covered the story before and it's one we definitely have an affinity for. The strong, experienced management team, substantial capital reserves and fantastic set of assets solidify Energy Fuels' status as the go-to for American uranium investment. The bonus White Mesa Mill is the cherry on top of the tasty yellowcake.
Utility companies are currently using their uranium reserves, but how low will they be willing to allow these reserves to get before going to the market, and how long will it take to get to that stage? Nobody really knows. Energy Fuels has the cash to last longer than most, but Chalmers is insistent it is incredibly unlikely to come to that.
Chalmers then touches on the virtues of each of Energy Fuels' impressive assets and permit situations, in addition to revenue from their land cleanup project in New Mexico.
Chalmers provides an insight into the current contractual situation at the mill.
When it comes to vanadium, Chalmers is currently adding the majority into an inventory. He explains why.
Company page: http://www.energyfuels.com/
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Interview with Ivan Bebek, Exec. Chairman of Auryn Resources (TSX:AUG).
Auryn Resources is a focussed gold, silver and base metal junior exploration company. Auryn Resources has seven projects. Their two flagship projects are the Committee Bay (high-grade) gold project in Nunavut, Canada, where they have spent a lot of money drilling and exploring without getting the results the market was expecting and the share price has been punished for that. And they are being shorted. Sombrero, their copper-gold project in Southern Peru, seems to be the current focus of time and attention.
Bebek is articulate, intelligent and can tell a story. And the company is well priced currently, but they need to raise money in Q1/20, c.$15M-$24M. And then they need some solid drilling on Sombrero, once the drill permit comes in. Less talking and more doing in 2020 is the message.
The management team at Auryn Resources has a track record in finding and flipping exploration assets. They have a track record of successfully bringing assets to a profitable state for shareholders. The team strives to mine in a sustainable fashion and employ operational stability in everything they do. Auryn Resources was established in 2008.
Auryn Resources has a market cap of CAD$175M. For a junior, this is an impressive valuation, and the management deserves praise for the way in which they've achieved this figure.
Bebek explains how management have learned from their last venture. Their last enterprise followed a project of rapid drilling: around 100 holes in Mexico. The company was sold in its exploration phase for c. CA$200M. Bebek is following the same strategy here. All exploration companies have risk, but by maintaining a diverse, varied portfolio, Bebek is able to mitigate potential problems by focussing on different assets, with different metallurgies, and different commodities (copper, gold, silver, base metals) in different, stable jurisdictions. Bebek is candid regarding the risk-reward ratio that so many Chairmen are keen to push under the carpet. Their message is clear: they are going to hit something good, so get on-board now before you miss the upside. Drill away the risk, drill out the value. Got it.
Bebek explains the company is yet to drill out that "one big discovery hole." This will be a primary focus as the company moves forward, and is crucial in order to maximise the return for shareholders. Auryn Resources is using modern technology to seek out these copper-gold cash cows and bring evidence to the surface.
Auryn Resources will target marquee strategic investors in February of 2020. They are hoping for around CA$15M of investment to allow for continued drilling at their Sombrero copper-gold project. The money raised will go towards financing further preliminary copper-gold drilling at the Sombrero site, with the hope of providing the market with evidence of excellent copper-gold potential. Bebek bases the hope for the Sombrero project on solid historic data, and prolific surrounding copper mines that are possibly in the same system.
Company page: https://www.aurynresources.com/
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Interview with Jim Greig, Director of Benchmark Metals (TSX-V: BNCH).
Benchmark Metals Inc. is a gold-silver mineral exploration company focussed on developing the resource potential of the Lawyer’s Gold and Silver project, located in the prestigious Golden Horseshoe, British Columbia, Canada. Benchmark Metals has a dynamic group of specialist professionals with a strong record of success in advancing early-stage mining projects through to production. attracting capital and overcoming adversity to deliver exceptional shareholder value.
Greig explains the main plans for the future: they are fully funded into 2020, so plan to conduct up to 50,000m of drilling and a large gold-silver resource estimate.
With gold on the up and a multiplicity of stories in the space, investors will need to hear what Benchmark Metals has got that they can't get elsewhere. Benchmark Metals' USP is their status as a previous producer 30 years ago. This reduces risk immensely: Benchmark is using past data and some pre-existing infrastructure (5 levels of underground development and a small tailings facility) to build-out and work towards a mineral estimate. The existing metallurgy reduces risk by providing Benchmark Metals with a solid foundation of reliable knowledge: a far cry from the highly-speculative shots in the dark taking place throughout the gold junior sector. However, historical infrastructure might not be enough to set Benchmark Metals apart. Greig points to what they already know about the Cheni Mine asset, closed in 1992: it has the potential for high-grade, at surface mining with a pre-existing structure.
Recent November drilling results have been very promising. According to Benchmark themselves, drilling hit two zones of mineralization, including an upper zone of 1.10 grams per ton (g/t) gold and 41.62 grams per ton (g/t) silver over 42.15m of core length. There was also a high-grade lower zone of 30.2 g/t gold and 1,361 g/t silver over 2.95m. However, despite this promise, investors might wonder why Cheni became inactive in the first place, and why nobody has picked it up until now.
One their latest round of financing is complete, Benchmark Metals should have c. CA$10M ready to push the company towards successful production. The asset itself has such solid potential Eric Sprott has decided to take 19.98% of the company.
Greig explains the remuneration policy at Benchmark Metals, stating they aren't a "lifestyle company." Management owns around 20% of the company and places an emphasis on market cap growth, but this large insider ownership might lead prospective investors to worry about liquidity.
The long-term plan for Benchmark Metals is to either take the project into production, or, preferably, have a major company takeover of Benchmark.
Benchmark has an excellent, experienced management team, but there may be some question marks regarding how they are choosing to spend their money and if it will continue to push the share price up as it has done this year.
The share price today sits at CA$0.36, up from CA$0.24 at the start of the year. How much of this was down to the gold's spot price performance?
Company page: https://benchmarkmetals.com/
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Interview with Jerko Zuvela, Managing Director of Argosy Minerals (ASX:AGY).----more----
Lithium is another one of those commodities that investors are concerned about, and for good reason. Oversupply, courtesy of Argentinian, Chilean and Australian companies, has put lithium producers in a similar position to uranium producers. Both are futuristic energy sources with good macro stories and the projective data to back it up. However, companies in both spaces find themselves underwater. Investors will want to know what Argosy Minerals are doing differently to ensure success in a time of such difficulty.----more----
Argosy Minerals is a lithium player with assets in the USA and Argentina. Argosy Minerals has some clear near term targets regarding the commercialisation of the project. They have recently agreed a small MOU with automotive giant Mitsubishi, and as they move towards full-scale production of 10,000t per annum in the next few years, Argosy Minerals will be prioritising the continuation of their Stage 1 industrial-scale pilot plant lithium processing works (with the aim to produce battery-grade LCE) and will commence Stage 2 of their lithium plant construction. Argosy Minerals will hope to capitalise on the fact Europe EVs are now using 57% more LCE.----more----
Zuvela is candid regarding the lack of price discovery for lithium. Consumers currently have little difficulty sourcing product from stockpiles. The general consensus seems to be that 2021 will be the long-overdue year, but Zuvela expresses his hope for more immediate price discovery. Argosy Minerals is hoping to make use of its battery-grade material and processing expertise to take advantage of its EV arrangements and position itself as a solid, consistent lithium sponsor of the new EV age. Argosy Minerals will be shipping out their first 5t shipment of lithium to Mitsubishi in the near future.----more----
Zuvela touches on the current financials of Argosy Minerals. The company has enough cash to see it through for the next 2 years while keeping the pilot plant operational but could last longer if it really battened the hatches and cut back on lithium production and salaries.----more----
The technical competency of Argosy Minerals is without question, and the production rate and low CAPX are both positives, but investors may still be concerned about the 'what if' nature of the space and Argosy's arrangements. The next AGM isn't until May 2020, and Zuvela claims all investor concerns will be proven to be unfounded: Argosy Minerals will be there if/when the lithium price eventually turns.----more----
Argentinian President Alberto Fernández was sworn into office on 10 December 2019, and Zuvela is pleased it seems there will be no changes on a national or provincial level, and the government appears to have a very pro-mining and pro-lithium attitude.----more----
Argosy Minerals will soon go to market seeking US$15M to develop their fully-fledged plant. Their current stock price sits at AU$0.082, down from AU$0.14 at the start of the year. The market cap is AU$83.44M.----more----
What did you make of Jerko Zuvela? Can Argosy Minerals ride it out? Are they in a better position than most lithium companies? Comment below and we may ask your questions in the near future.----more----
Company page: http://www.argosyminerals.com.au
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Interview with Peter Dasler, President and CEO of CanAlaska Uranium (TSX-V: CVV).
Uranium is in a sticky spot at the moment. Right now, the business plan and management's strategy is more important than the quality of assets and the long-term macro-story for uranium. CanAlaska has an experienced, strong management team, but you need to question if their business strategy is sensible and conducive to adding shareholder value. Should they be raising capital now? Do you buy what Dasler has to say?
CanAlaska Uranium (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) is a uranium junior mining company. It holds interests in c. 1.2 million acres in Canada's Athabasca Basin region: a highly regarded region due to the area's large, high-grade uranium resources. CanAlaska Uranium has attracted major international mining companies such as Cameco, Denison, KORES, and KEPCO.
It's been a long, difficult year for uranium juniors. CanAlaska's market performance is reflective of this: starting the year with a share price of CAD$0.29 the price had fallen to CAD$0.12 in November, but has now risen back to CAD$0.18. CanAlaska has a market cap of CAD$8M. It is interesting to note that CanAlaska has less than 40M shares out.
In terms of team experience, Dasler himself has been working with uranium since the mid-90s, and has vast mining experience spanning decades before. The remainder of the team has huge mining experience and, perhaps most impressively, many of the team have specific uranium-oriented experience: crucial when dealing with such a tricky commodity.
The colossal properties across the Athabasca Basin have solid, high-grade potential: many small uranium deposits have been located, but 3 large deposits have been discovered, turning small companies into giants. Dasler is believes he is starting to build-up a geological, strategic and political picture for the future of CanAlaska. The geology is becoming increasingly predictable he says, more holes are drilled and modern airborne geophysics has been utilised. CanAlaska has been positioned as a company that can provide a huge quantity of uranium ("well over 200M lbs). CanAlaska claims to have employ proprietary geophysical techniques and 7 targets have been located. We are not sure the company clearly communicated articulated the validity or veracity of that data.
Investors might have questions regarding the c. CAD$2.5 ongoing private placement: why now? What is it for? Why dilute shareholders now with no indication from the market as to when the spot price recovers when their share price recovers? Dasler explains the money is intended to position the company more strongly: by drilling 3 or 4 more holes Dasler hopes to add money to the company, but investors might question the prudence of this move given the lack of price discovery until at least next year. Why does Dasler need to make this decision now rather than simply waiting a few months and raising money on better terms? Dasler points to the risk of a uranium interloper taking the project on, which is especially conceivable given CanAlaska's small market cap in light of the alleged size of the resource. Aggression is the order of the day: CanAlaska want to shoe the market what they've got definitively, and uranium giant Cameco will get involved and shoulder some of the financial burden.
CanAlaska is currently sat on CAD$1.4M with a burn rate of CAD$100,000 per month. Why so high? We ask about hunkering down v investing for the future. Investors need to question what they are comfortable with and if they are happy with Dasler explanation in the interview.
What did you make of Peter Dasler? Does CanAlaska have the uranium assets to make some waves? Was now the wrong time to go to the market?
Company page: http://www.canalaska.com/
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Interview with Mike Young, CEO of Uranium developer Vimy Resources (ASX:VMY).
A leverage play versus a yield play. Where are you playing?
A refreshingly honest appraisal (as always) of the trials and tribulations of a junior Uranium miner. As an investor you need to understand what decisions companies have to make just to survive, to make it through to the point at which they think the market changes. It's tiring.
Vimy Resources has just raised some money. Raising money in a tight market is impressive, but it costs more. Dilution is never popular with existing shareholders, so we ask what Young plans for 2020. Young discusses with us his strategy for Vimy Resources. Some companies are waiting around for something to happen, whilst others choose get ready for what they see as the imminent return of the uranium spot price. Listen to what Vimy Resources is going to focus on.
Refining the DFS again. Is it important or just something to do while we wait? Watch what Young has to say. And do you agree?
We get some insight of ex Utilities Buyer & Seller Scott Melbye. Young tells us what he thinks is going on with the WHWG.
Company page: https://www.vimyresources.com.au/
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Interview with Mark Selby, CEO of Canada Nickel Company. Going Public in January on TSX-V.
When Napoleon Bonaparte was criticised for winning battles because of luck, he is reported to have replied something along the lines of, ‘I’d rather have lucky Generals than good ones’. And I’m sure the mining sector can be said to have a few lucky Generals and over the past 30-40 years some have been very lucky. I think of Voises Bay. Luck in mining isn’t just about finding economic grades at scale, it is also very much about timing. If your company doesn’t hit the market at the right point in the demand curve, you’re going to be waiting and hoping you don’t run out of cash while you wait. Look at Uranium as a great case in point.
And although Nickel is hot at the moment, you still need to pick the right horse. You need economic scale; preferably 1Bn tonne type scale.
Selby thinks he has scale, timing, knowledge and access to strategic partners who want to use Nickel to enter the battery market, so this could be an interesting ride. Listen to his plan to deliver an accelerated and large return for shareholders.
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Interview with Simon C. Dyakowski, President and CEO of GSP Resource Corp. (TSX-V:GSPR).
There are some small signs of promise with this story, but the company needs to work harder to tell the story to allow investors to make investment decisions. We will watch this space.
GSP Resource Corporation is a recently listed venture-stage precious and base metals exploration vehicle. GSP Resource Corp.'s primary focus is on extracting the potential of the Olivine Mountain Massive Sulphides target in Southwestern British Columbia. The Olivine Mountain project is located in The Tulameen ultramafic complex.
GSP Resource Corp. started the year with a share price of CA$0.26 and rose to a peak of CA$0.42 in late November 2019 before settling to today's price of CA$0.24. The company has a modest market cap of CA$1.67M. The management team has a mixed bag of experience. Dyakowski Jr has over ten years of corporate finance, corporate development, and capital markets advisory experience. His professional experience is rooted in equity research and equity sales coverage roles rather geology. This lack of specific experience may be problematic for some investors, despite Chairman, and father, Christopher I. Dyakowski's over 35 years of mineral exploration experience. The remainder of the team has vast business and financial experience, but once again, over reliant on Dyakowski Sr's availability and expertise.
GSP Resource Corp. is pushing its unexplored asset as the incentive to invest. Investors have been buying into promising mineralisation results from preliminary drilling demonstrating copper and silver opportunities, but we are unsure as to the focus of the company; with the preliminary drilling programme, Asp 14, demonstrating contents of copper, gold and palladium and anomalous contents of platinum, nickel and cobalt, where does GSP's central focus lie? Investors need to see this for what it is, which is a small punt on a very early stage exploration project. Dyakowski states the company has a clear primary focus on copper, with the potential for nickel and PGMs. He pushes the quality of the asset as a unique opportunity to get involved with a rarely untapped resource: who knows what could lurk beneath in such a prestigious region? And that is what some investors will buy in to.
Dyakowski Jr pays himself around CA$3,000 worth of shares per month. All partners have invested their own money to obtain their stake, and until value has been added for investors, the salary situation will remain unchanged we are told. The burn rate is c. CA$15,000 per month, again a low number, but there is not much happening at the moment. Drilling is funded from private placements, one of which was recently completed. Dyakowski Jr plans to continue moving the asset forward towards eventual production. That is some way off and a lot of dilution, drilling and luck between now and then.
One last sign of encouragement is the hold situation for director's shares: it stands at an uncommon 36 months! The message is clear: if you climb about the GSP ship, the company directors won't have lifeboats either. They are all in.
What did you make of Simon C. Dyakowski? Is GSP Resource Corp. any different to other junior copper companies? Are they focussed enough? Do they really know what they are doing?
Company page: https://gspresource.com/
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Interview with Niël Pretorius, CEO of DRDGOLD Ltd (JSE/NYSE: DRD).
We like tailings as an investment category. It's de-risked mining. No geological risks. It's safer. You could argue it's greener. And there are hundreds of millions of tonnes at surface all over the world waiting for value to be extracted.
DRDGOLD is a South African NYSE/JSE-listed gold producer and a large player in the recovery of gold from surface tailings. They have a network of assets across South Africa, which they regard as 'unrivaled.' The company was founded in 1895 and pioneered mining methods in South Africa. Pretorius states the company has now come "full-circle," and is focusing exclusively on the recycling and re-mining of tailings, both around the Johannesburg area and now, more recently, the Carletonville area. DRDGOLD attempts to provide a unique combination of processing extremely high volumes of material and nano-extraction methods.
DRDGOLD started the year with a share price close to a 5-year low of USD$2.20. However, DRDGOLD has fully capitalised on a good second half of the year for gold, rising to an impressive peak of USD$5.01 at the end of September, before settling down at a still impressive USD$4.60 today. DRDGOLD has a market cap of US$330M.
DRDGOLD decided to transition to the tailings space around 10 years ago on recognising their own assets at the time were at the "lower-end" of the quality scale. Their conventional tailings strategy positions the company for stable growth. Pretorious is first keen to talk about the Ergo Project; DRDGOLD obtained Ergo Mining Proprietary Limited outright in 2010. Ergo’s assets include access to 750Mt to 900Mt tonnes of tailings deposited across the western, central and eastern Witwatersrand. The company’s flagship metallurgical plant, Ergo, with a 25.2Mt annual capacity, treats material from a variety of sources. DRDGOLD recently underwent a rationalisation process in order to simplify its structure and form a single retreatment business that is more synergistic with reduced costs.
Sibanye-Stilwater, a name of immense pedigree in the mining world, obtained 38.05% of DRDGOLD on 31 July 2018 in exchange for 250m tons of reserves from some of the highest grade mine dumps in Africa. By doubling DRDGOLD's reserves, Sibanye-Stilwater will be looking to DRDGOLD as the key to unlocking the potential of this resource. However, Sibanye-Stilwater has the option of taking their stake to around 51% before February next year: reassuring in the sense that Sibanye-Stilwater wouldn't seek large ownership if DRDGOLD was a Christmas turkey, but will investors worry about a reduction in liquidity? Pretorius is keen to see Sibanye-Stilwater take advantage of this option, to bring an extra US$1B of capital into the company in addition to capitalising on DRDGOLD's stellar operating performance.
Pretorius points to DRDGOLD's expertise in gold as an element that sets them apart from the significant tailings competition. In addition, the large size, vast experience and overall quality of the management team when combined with the value system Pretorius is implementing, renders DRDGOLD an intriguing proposition for any prospective investor.
DRDGOLD provided a recent three-fold increase on dividends: incredibly generous to shareholders. We were keen to find out if they were being as generous to themselves, but Pretorius is insistent salary has adjusted in line with inflation and the company's bonuses are nothing to write home about. DRDGOLD's remuneration matrix seems interesting, but not necessarily in a positive way. Being rewarded based on what could happen rather than what has happened might be a problematic system for some investors. As Pretorius elaborates, the executives at DRDGOLD are far from underpaid. Maybe investors will let them off with this one given their impressive market performance and dividends.
What did you make of Niël Pretorius? Is the Sibanye deal a game changer? Are the dividends getting you excited? Does DRDGOLD have enough going for it to separate it from the swathes of tailings competition?
Company page: https://www.drdgold.com/
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Interview with Industry Commentator Mark Selby, CEO of Canada Nickel Company.
Nickel, nickel, nickel. The new gasoline? So many questions, such little time. However, we think Selby did a great job in this interview of shining a light on both the statistical and geopolitical drivers behind the EV narrative flying out of CEO mouths across the world of mining.
After touching on his soon-to-be public project, Canada Nickel Company, Selby delves into the nitty-gritty details of the nickel market.
His nearly 20-year tenure as a nickel market commentator has enhanced his knowledge to a virtually unparalleled level. Nickel is a particularly volatile commodity in comparison to other base metals that moves in sweeping super-cycles. Traditionally, this volatility comes from the pricing model of stainless steel, the historical primary driver of nickel use. The stainless steel scrap chain.
Selby discusses issues pertaining to over-supply from low-quality Chinese pig-iron courtesy of rising nickel prices earlier this year. He predicts next year to be a tale of two halves. Prices are likely to fall further while the scrap inventory goes through the market for the first 6 months, but once it is out of the way, restocking will occur and nickel should rise again.
Selby also touches on the specific geological conditions that nickel necessitates and how Indonesia's recent halt on exports has affected the market.
He then moves into exploring the exponential nickel potential of the inevitable EV revolution and talks us through the specific structural components a junior nickel company needs to survive in a world of Norilsk Nickels (he would know, he's done it before at RNC). This ranges from the quality and experience of the management team to the potential of its asset(s).
Lastly, Selby moves into the field of mineralogy and gives us an insight into nickel types and classes. This is not an interview you can afford to miss.
What did you make of Mark Selby? Are you excited by Canada Nickel Company? Is EV all a load of hot air, or it is going to make you a fortune?
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Interview with Andrew Bowering, CEO of Gold and Silver company Prime Mining (TSX-V:PRYM) c.$700 AISC.
Prime Mining Corporation is a collection of successful capital markets mining executives and experienced local operators with specific locational knowledge. Prime Mining has built a new, near term gold producer, the Los Reyes project in Sinaloa, Mexico, which has been historically productive. Decades of detailed technical studies and fieldwork have been poured into the development of Los Reyes to position it as an advanced, cost-effective opportunity poised for rapid advancement. Los Reyes is a gold mine that Bowering hopes to have fully operational within 2 years. Prime Mining only went public on September 3rd.
Los Reyes has already had c. USD$20m spent on it over the course of the last 20 years by various companies. It has been through PFS and all the way up to a PEA before. With the sheer quantity of drilling and studying performed on the area, one might be worried why companies have shied away from advancing it to the production stage in the past. However, Bowering explains this was not down to a deficiency in the promise of Los Reyes and was instead down to general company incompetencies of the ownership at the time. Prime Mining initially put c. $1.8m into the project, so one would hope this information is solid. Bowering claims experts say it could have as much as 1.5-2Moz of gold resource.
The business plan at Prime Mining is to get things going as soon as possible. There are around 530Koz of well-established, economically mineable gold and 10Moz of silver sitting at surface. They could be producing 65-70Koz annually in just over 24-months, cost-effectively. Bowering admits Prime Mining's knowledge of the ore body still needs some work. As far as Bowering is concerned, the sooner they have cash flow from the mine, the sooner they can upgrade the project and make it bigger. Bowering also promises a new resource, on top of the 530Koz, to be revealed in the next 45 days. It will be "bigger than what the market knows," and will sit at surface.
Bowering claims the company is financed via their upcoming new resource, and by the future PEA that will add value to the company. Finance is secured until mid-2020. Prime Mining came public with an $8.7M financing; Bowering himself contributed a large sum towards the financing, in addition to previous investments of USD$2M in March/April, but is admirably yet to remunerate himself. The $8.7M is accounted for via general infrastructure transactions, including equipment, road cleaning, paying back debts, geology, drilling and engineering. Prime Mining currently has c. USD$4M in cash.
The community of Sinaloa has a good relationship with Prime Mining, courtesy of the road cleanup and Prime Mining's commitment to bring water to the location during the two dry summer months. Payments to the community are minimal and in Bowering's own words, they keep everyone happy.
The entire management team swapped out their first-year salary for equity in the company at CAD$0.30 per share. Bowering takes no salary, and money is only ever spent on marketing. This is unusual and very encouraging for prospective gold investors; they are putting their money where their mouths are and are putting all the money they can into the ground.
Bowering also touches on Prime Mining's management team, who have exceptional track records, and upcoming PEA/permitting announcements.
One issue on the horizon for Prime Mining is liquidity. With such large amounts of the company being owned by few insiders, will this detract from the companies growth moving forward? Bowering feels at such an early stage on the market, control is more important than liquidity.
Prime Mining currently sits at CAD$0.30 with a market cap of CAD$18M.
Company page: https://primeminingcorp.ca/
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Interview with Marc Henderson, President and CEO of Laramide Resources (TSX:LAM).
As an investor, let us know which parts of what you hear in this interview you believe in. Leave a comment. We will answer.
Laramide Resources is a Canadian-based company that owns large development stage uranium projects in the United States and Australia. Laramide Resources is dual-listed on the TSX and ASX, and is on the OTC (LMRXF).
Laramide Resources' share price performance is not unusual for a uranium junior in uncertain times and lack of price discovery. With uranium prices at a stagnant, uneconomic low, all uranium companies, big and small, are struggling. The utility companies hold all the cards, and the assigned working group is about as accurately scheduled as Brexit, with impeachment proceedings currently taking centre stage in the capital of the free world.
Laramide Resources started the year with a share price of CAD$0.43. By the looks of things, the share price has rolled down a mountain and currently sits at a 52-week low of CAD$0.20. In fact, the price is approaching a 5-year low, but is currently beaten by the Autumn of 2015. The market cap of Laramide Resources stands at CAD$27M.
Henderson, like all uranium CEOs, points to the inevitable tip of the supply-demand scale as an assurance of uranium prices rising, but that does not necessarily constitute a Laramide Resources share price increase; that will depend upon Laramide's business strategy, assets, cash reserves, management team and, something often that is forgotten about in projections with more graphs than words: luck.
Laramide Resources is following the uranium business strategy that has become so predictable in the description of every uranium interview: they're sitting, maintaining their projects, and waiting.
Laramide Resources claims their projects are 'ready to go.' This is not the case; their New Mexico-based La Jara Mesa project is one permit away, but Henderson claims this would be a relatively short process. The Australian projects are far from shovel-ready.
Henderson predicts Laramide Resources will need to spend $30M of CAPEX to get the La Jara Mesa resource online at 1Mlbs of uranium per year, with the potential to eventually scale up to 3 million as the uranium price rises and margins increase. Henderson sings the virtues of the asset, being a low cost, high-quality ISR.
Henderson also shines a light on the Westmoreland Uranium Project, obtained from Rio Tinto during the time uranium was on an exponential trajectory. However, there is a lot of work and money before it is anywhere near production, and even then it is reliant on the 'right politics' in Australia and, predictably, the right price.
While the management team has vast mining experience, there will be question marks around their specific knowledge and experience of uranium production from start to finish: an incredibly complex and difficult process. Henderson's dominant experience is as a chartered financial analyst. The majority of management lacks the necessary experience to inspire investor confidence, and at such a time of uncertainty, this is a major problem.
The company raised money this summer, and this was just to "keep the lights on." Further dilution will be necessary. The company has been forced to throw money at assets just to keep them alive in this deepest of bear markets. Another concern will be the remuneration policy at Laramide, which has only recently seen a reduction in management compensation: about time, though maybe a sign of how bad things are getting!
Henderson points towards Laramide Resource's asset quality as their USP to investors. However, the Australian project is on the shelf indefinitely, and one would question whether their American projects are of unique quality or not, but Henderson is adamant the production portfolio is enough to set Laramide apart.
Company page: https://laramide.com/
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Interview with Anthony Viljoen, CEO of AfriTin Mining (LON:ATM).
AfriTin Mining Ltd is the only 'pure-play' tin mining company listed on the LSX. They have a portfolio of 'near-production' tin assets in Namibia (Uis Project) and South Africa (Mokopane Tin). Their aim is to be a fully-operational, conflict-free tin producer/mining company with smelting capabilities within the next 2-5 years. AfriTin Mining sees a gap of supply against the growing industrial demand for tin. AfriTin Mining are currently focussed primarily on the Uis Project; Namibia is a 'fantastic jurisdiction' and the tin mine itself is large and open-cast. Uis used to be the largest tin mine of its kind in the world but laid dormant for many years; now, with tin prices rising, Viljoen and AfriTin want to take advantage.
In terms of the share price, AfriTin Mining has had something of a spotty year; with a market cap of GB£19.32M, the share price started the year at 3.25GBX, rising to a peak of 4.30GBX in mid-to-late-January, before the price lurched along a tumultuous trajectory, settling at today's price, near a low for the year, of 3.00GBX.
Tin isn't exactly a word that possesses clear excitement. In fact, most investors don't know quite what it is used for in today's world, short of in cans of the bean variety. It's nothing like as fashionable as battery metals, with their aura of EV potential. However, Viljoen is keen to shine a light on tin's versatility and unique physical properties. Tin is actually an EV metal too! It has a fundamental use in lithium-ion batteries and enables next-generation high energy lithium and sodium batteries. Tin is used to coat other metals to prevent corrosion, to create alloys, in superconducting magnets, in the production of window glass, as a reducing agent, and as a fire retardant.
Viljoen explains the fundamental strategy of AfriTin Mining is reducing costs: by being the lowest cost producer, it ensures AfriTin mining can be competitive against huge producers like Yunnan Tin Group (40,000 ton capacity in China) and PT Timah (30,200 ton capacity in Indonesia). With a meagre production cap of just c. 720 tonnes per year, economic efficiency will be crucial for the company's survival. A focus on tin concentrate instead of tin ore should help matters.
Bushveld Minerals is regarded as the 'sister' of AfriTin mining and owns around 8% of the company. Viljoen is still a director at Bushveld; are his priorities stretched?
After preliminary drilling, AfriTin Mining has also discovered large lithium and tantalum resources, but there will be question marks as to how they can make these economic. Lithium is currently down the tubes, and both elements are merely by-products.
There are large question marks surrounding management remuneration at AfriTin Mining. In 2018 Anthony Viljoen (CEO) was paid £46,050 + £78,000 in AfriTin Mining shares, Frans van Daalen (COO) was paid £41,445 + £78,000 in AfriTin Mining shares. This year Anthony paid himself £126,648 + £45,000 in AfriTin Mining shares, Francis paid himself £112,302 + £26546 in AfriTin Mining shares. This is highly concerning considering the company's performance relative to last year. There has been no improvement, yet capital salary has nearly tripled.
However, the overall quality of the management team is beyond question: it carries over 120 years’ experience in bringing mines into production in Africa with highly experienced geologists, engineers and metallurgists, and also carries in-depth knowledge and capability of the financial markets. There may however be concerns regarding the specific level of tin knowledge/experience.
Company page: http://afritinmining.com/
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Interview with John Welborn, CEO of Resolute Mining (ASX:RSG).
Not sure Welborn answered too many of our questions, and machine gun fired off well trodden PR messages which suits his narrative. The share price is telling a different story, one of a company struggling to balance the books, and make a step change from large Junior to Mid-tier producer. The onset of autonomous mining may allow Resolute Mining to improve margins at Sayama, if things go according to plan, but we wait to see how the rest of the portfolio develops. That said Welborn demands a lot of himself and his team and we also look forward to seeing if he can deliver his vision of being the next Rand Gold.
Resolute Mining is an ASX/LSE listed dividend-paying (cash/gold) gold mining company with over 30-years of experience exploring, developing, and operating gold mines in Africa and Australia. Resolute Mining's gold projects have produced more than 8Moz of gold. The company owns 4 gold mines, 3 of which are in production.
Resolute Mining decided to complete a dual listing on the Main Market of the London Stock Exchange. Welborn said the move was intended to enhance Resolute Mining's growth pathway, with the vision of becoming a low-cost, long-life, 500,000oz per annum gold producer. Share price performance across both markets has been stagnant and somewhat disappointing, especially considering how good a year it has been for Resolute Mining's commodity of choice, gold. Resolute Mining has a market cap of AUS$1.04B. The share price started at AUD$1.15, rose to a peak of AUD$2.06 in August, before falling back down to today's price of AUD$1.16. On the LSE the share price started towards the end of June at £0.66, rose to a peak of £1.17 in August, before falling back down to £0.61 today.
Welborn cites one reason for this performance as general mining themes rather than independent company failings. He states there has been a general liquidity flow out of mining, which has affected gold prices towards the end of this year. However, Welborn is honest enough to admit a large part of the drop-off has been caused by "operational issues" at The Syama Complex in Malia, West Africa. In September, a crack in the plant's roaster affected production. Repair work is currently ongoing and the roaster should be operational by mid-December.
Resolute Mining is in the process of developing the world’s first custom-built, fully automated underground gold mine; it will have low-cost, large-scale capabilities, a mine life beyond 2032 and life-of-mine AISC of US$747 per ounce. This is exciting news for any prospective investor. Resolute Mining is a mining company that belongs in the future and is looking for new, innovative solutions to revolutionise conventional gold-mining systems. The primary driver of this decision is the economic benefit; a previously conducted PFS on a manually operated mine generated an AISC of US$881. There will be concerns from the market regarding Resolute Mining's level of experience in dealing with automation, but Welborn is insistent the company has done its research, and all equipment being employed has been used before across the gold mining world. Resolute Mining's experienced management team is backing themselves to be the first, and they are hoping we will appreciate their bravery and ambition by investing ourselves.
Welborn says he is pleased with the listing decision Resolute Mining made. He thinks it gets more eyes on the Resolute story, and that the London market appreciates the favourable mining jurisdiction of Africa more than most. The market doesn't look like it agrees as liquidity and volume of trading has deteriorated.
Company page: https://www.rml.com.au/
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Interview with Ross McElroy, President and COO of Fission Uranium (TSX:FCU).
Fission Uranium Corporation is a uranium exploration company based in Canada. It is engaged in the exploration and development of uranium assets. Fission Uranium Corp.'s sole focus is the Patterson Lake South (PLS) project in Canada's Athabasca Basin, 'home to the world's richest uranium mines.'
Fission Uranium Corp. has a market cap of CAD$131M. It started the year with a share price of CAD$0.56 and has been on a downward trajectory to today's price of CAD$0.27, the lowest price this year. In fact, today's share price is the lowest ever since the company was formed in 2013.
The uranium market being stagnating for the last few years. McElroy points to the all too familiar adage expressed by every uranium miner: it's not a matter of if, it's a matter of when. However, even if this is the case for uranium, it doesn't guarantee success; that will depend on the quality of Fission Uranium Corp.'s business plan, assets, and management team.
Fission Uranium Corp.'s mentality has been clear throughout: keep on developing the project, even in the current uranium bear market. The project is due to come online in 2026. The market recognises that Fission Uranium will need to raise capital soon. Doing so at current prices will clearly be more expensive that it would have been 12 months ago. The Board is continuing to work on the economics, permits, and focusing on the PLS delivery. Exploration is off the table. Cost reduction is the order of the day. We ask if that extends to their salaries and remuneration.
2 Preliminary Feasibility Studies have just been concluded at the PLS site. The open pit scenario woulds cost $1.5Bn. Instead, Fission Uranium has reviewed the PFS and looked at an underground mine; the CapEx has been substantially reduced by around CAD$300M as a consequence to a still large $1.2Bn. How they plan to fund this, by when and by who are still unclear. McElroy refes to seeking another strategic partner. Again another unknown.
In terms of the asset itself, the majority of the PLS project remains unexplored. Each year since 2012, new high-grade zones have been discovered. In terms of the inferred resource, initial drilling has provided an insight into the potential of PLS: 87,760,000 pounds of U3O8 Indicated Mineral Resource based on 2,186,000 tonnes at an average grade of 1.82% U3O8. The near-surface nature of much of the resource gives the PLS an edge on its competition.
McElroy may look to CGN mining (who hold a 20% stake in Fission Uranium Corp.) for investment. They also have an off-take agreement with the Chinese state-backed group. McElroy is also looking for other strategic partners in the future but states the company is not in need of urgent funds at this moment. Considerations are at a very preliminary stage. The company will definitely need to go out to market at some point. Fission Uranium Corp. has cut back on exploration to focus on the sole asset and reduce costs.
Fission Uranium Corp is claimed to be 'the most awarded uranium explorer,' and has a 'multi-discipline team, which is headed-up by Fission President and Chief Geologist, Ross McElroy, includes geologists, geophysicists, geochemists and a variety of highly-skilled consultants and technicians.'
Lastly, McElroy also gives us a brief look at Fission 3.0., a Canadian uranium project generator and property bank company. This is the exploration arm of Fission Uranium. The news here? They are hunkering down to 'zero'.
Company page: https://www.fissionuranium.com
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Interview with Matthew Lennox-King, President and CEO of Contact Gold Corp. (TSX-V:C)
Contact Gold Corp. is a TSX-listed gold exploration company focussed on making district scale gold discoveries in Nevada. Contact Gold Corp. has extensive land holdings, predominantly on the renowned Carlin Trend, in addition to the Independence and Northern Nevada Rift gold trends, all of which host a ubiquity of gold mines and deposits. Contact Gold claims these areas offer 'world-class' access to gold. Contact Gold’s holdings are 217km2 in size. Projects range from early- to-advanced-exploration, and resource definition stage. Contact Gold Corp. is "100% focussed on Nevada and high-grade oxide gold" all at surface.
Contact Gold Corp. started the year with a share price of CAD$0.37. The market performance throughout the year has been poor, falling almost constantly (despite slight rallies in June and August) to just CAD$0.17 today. In such a good year for gold, Explorers and Developers have failed to capture this upside or indeed the imagination of prospective investors or existing shareholders. Contact Gold Corp. has a market cap of CAD$14M. Lennox-King attended the 121 conference in an attempt to "raise the awareness profile of the company;" after all, Contact Gold Corp. has only been around for 2 years and lacks exposure in Europe.
Contact Gold Corp. is at a very early stage in its development cycle. Contact Gold Corp. is looking to capitalise on a "looming lack of supply" in the gold market presumably from mid to large caps looking to building their Inferred category. Lennox-King states the company currently sits on CAD$1.2M, and has capital from institutional investors to push the project forward for the next year. Shareholders will be hoping for some kind of return soon as Contact Gold Corp. builds its knowledge of what it has.
Lennox-King states Contact Gold's USPs are the strength of its assets and the excellence of its team. The assets have a +2km of strike length with multi g/t gold at the surface. Their plan is a tried and tested formula. There is nothing revolutionary about Contact Gold Corp.; the extensively experienced management team stands out a little from the abundance of gold juniors in Canada and internationally, but there needs to be more before investors can get excited. Lennox-King pushes the favourability and stability of the mining constituency (Nevada) along with particularly prospective geology as a further reason to believe.
There is however an exciting fact about Contact Gold. In terms of remuneration, company directors receive zero cash remuneration and instead receive DSUs. This keeps more capital in the company. Management draws a salary, but Lennox-King claims to have effectively paid his own wage, as he put over CAD$1M of his own capital into the company in 2017. Lennox-King has a "way to go" before he gets close to getting his million dollars back. It's a similar story for the remainder of the management team.
Company page: http://www.contactgold.com
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Interview with Alex Holmes, CEO of Plateau Energy Metals (TSX-V:PLU).
Plateau Energy Metals is a Canadian based company with assets in South East Peru: the Falchani lithium project and the Macusani uranium project. Holmes touches on the qualities of Plateau Energy Metals' management team, but with uranium and lithium markets performing as poorly as they are, the company's share price performance is far from surprising.
Plateau Energy Metals started the year with a share price of CAD$0.72, but has travelled along an almost constant, worrying slope to the current price of CAD$0.18. This is even more concerning when you consider the company was at CAD$1.50 less than 18-months ago. The company is at its lowest share price since it was founded in 2006. What hope is there of recovery?
As far as the commodities go, Plateau's hands are somewhat tied. Uranium and lithium need to come back into fashion, but the question is when? How long can Plateau Energy Metals survive? The company has just CAD$500,000, a sum that will almost certainly not be enough: the burn rate is CAD$50,000 per month. Fundraising seems inevitable, which will lead to further dilution. And what could they hope to do in this market. What does Holmes think?
Plateau Energy Metals has been in dispute with the Peruvian government regarding late good standing payments on 32 mining concessions. Holmes is insistent they were "down to the wire" because of issues of the ministry's own making, but weren't late. My dog ate it... My mom threw it in the garbage.
Holmes did provide some reasons to be optimistic. He claims there is a lack of spodumene projects in the market, like Plateau Energy Metals is dealing with, in development today. He also points to the macro story of lithium, and the strength of the small market size with an growth forecast trajectory. It is a similar macro story building for uranium.
Plateau Energy Metals claims to be led by an 'experienced leadership team.' There is no doubt the commodities may be relevant in the future, but we ask is the company relevant now? Holmes replies.
Company page: https://plateauenergymetals.com/
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Interview with George Paspalas, President & CEO of MAG Silver Corp. (TSX:MAG)
MAG Silver Corporation is a huge player in the silver market; they are a Canadian exploration and development company with a preeminent focus of becoming a top-tier primary silver mining company. MAG Silver's central strategy is to explore and advance high-grade, district scale, silver-dominant projects in the Americas.
MAG Silver Corp. has an enormous market cap of $888.52M. Share price performance for the year is good, starting at $7.62, rising to a peak of $13.49 in September, before settling at the current value of $10.27. After a reduced level of performance in the market last year, MAG Silver Corp. is on its way back to the highs seen during 2016 and early 2017.
The massive market cap will lead many investors to the same questions: why are you attending the 121 conference, and why do you need new investors? Paspalas answers the question informatively, stating for the modest conference fee, the 121 is an incredibly efficient way to talk in-person to a multitude of shareholders. In addition, Paspalas hopes to whet the appetites of new shareholders, particularly HNWIs/smaller funds; this will enhance MAG Silver Corp.'s liquidity.
The dominant focus of MAG Silver Corp. is their asset, the Juanicipio Property (44%), which is being constructed in partnership with Fresnillo Plc (56%); Paspalas calls it "the highest grade undeveloped silver property in the world." It is located in the Fresnillo Silver Trend in Mexico: the 'world's premier silver mining camp.' Surface and underground infrastructure is being implemented to support a '4,000 tonnes per day (silver) mining operation.' In addition, MAG Silver Corp. has a large exploration program in place targeting promising targets throughout the property.
MAG Silver Corp. are hoping to encourage new investors on board by the strength of their management: in recent weeks a large scale sell-off of shares from a major shareholder could have pushed the company into deep waters, but MAG Silver Corp. has "weathered the storm" well. The management team is wonderfully experienced. They have been around for decades, and have had particularly useful experience during silver's punishing down cycle during the 90s. Paspalas is also a major shareholder: he has spent his own money on over "200,000 shares," and would love to see dividends come to fruition for all shareholders. With MAG Silver Corp., there are "only 8 people," but the "grey hair" of experience they possess is certainly unique.
Company page: http://www.magsilver.com/
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Montage Gold Corp is a private mineral exploration company with an extensive portfolio of gold projects in Côte d’Ivoire.
Montage Gold Corp formed by combining Ivory Coast projects: Orca Gold Inc.’s (TSX-V: ORG) and Avant Minerals Inc. Stuart states the Ivory Coast has a favourable mining code.
Montage Gold has multiple projects across the Ivory Coast, with the Morondo project and the Bobosso project being most significant. The outright flagship project, Morondo, possesses an Inferred Resource of 34Mt grading 1.1g/t for 1.2Moz of gold at a 0.7g/t cut-off grade. Montage Gold has 4 outstanding mining applications and numerous exploration permits. Their intention, and USP to a certain extent, is to explore the unique, untapped potential of the Ivory Coast. Stuart argues the less a constituency has been explored, the greater the technical chance of making a discovery.
Montage Gold claims to have 'notable shareholders, including Lukas Lundin;' Stuart claims most of the management team are significant shareholders: a reassuring fact. Furthermore, Montage Gold's management team is geologically sound.
Montage Gold claims to have an impressive $11M in cash, and their long term goal is to develop a sizeable gold mine. Montage Gold's immediate focus is on Morondo; it is a very early stage discovery (only around 18,000m of drilling) with a resource c. 1.2Moz. The grade is just over 1g/t. Morondo is intended to be the start of a sizeable gold mine that is amenable to open-pit mining and has a very low strip ratio with good metallurgy. Stuart believes the project has the potential to be c. 2.5Moz.
Montage Gold is currently in the process of going public, and hope to complete this process in Q2/20. Stuart's justification for this change is increasing Montage Gold's ability to procure capital investment, and to crystallise the value of the company.
What did you make of Hugh Stuart? What separates them from any other gold junior? Is the Morondo project exciting to you? Comment below and we may just ask your questions in the near future.
Company page: https://www.montagegoldcorp.com/
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Interview with Jeremy Mcmanus, General Manager of Commercial and Investor Relations for Neometals (ASX:NMT)
Mining Intelligence is phrase we like. Mining Derivatives is another. Why? Because there are some companies that can give you exposure to mining investment but without the risks and a lot of upside.
Take a look at NeoMetals. They made their money with Lithium mining project, Mt Marion in Australia, and timed their exit beautifully. They pocketed c.AUD$140M, not only that they have returned c. AUD$45M to shareholders. And they have retained an option on the Lithium spodumene. A smart piece of negotiations. And that typifies their approach to business.
Neometals has three projects, the most exciting of which is their battery recycling business. So while a lot of companies are telling us how the EV revolution because of what they will be putting in to batteries, NeoMetals is telling us what they are going to take out of batteries through their recovery process for spent or dead batteries.
McManus views Neometals as a "project development business." Neometals has a variety of assets with differing commodities, but the battery thematic is the key driver. There are 3 core projects with Neometals' focus: the Barrambie Titanium Vanadium Iron Project in Western Australia, a Lithium Refinery Project and of course it most advanced project, the battery recycling business
Neometals Ltd has a market cap of AU$111M. It started the year with a share price of AUD$0.24, reached a peak of AUD$0.26 in May, fell to a low in September of S0.17, before re-stabilising at today's price of $0.20AUD.
Having identified the growing demand to recycle lithium batteries as a focal point, the company is working towards commercialisation of its proprietary process for recovering cobalt, nickel, lithium and other valuable materials from spent lithium batteries. Neometals' pilot process has generated a high purity (+99%) cobalt sulphate product at a high recovery rate (+98%).
Neometals' management has created an ecosystem of experts in their field with the ability to solve complex problems currently related to lithium, titanium and vanadium.
Neometals hydro-metallurgical recycling method is unique. And with strategic partnerships, supply lines and MOU's already in the bag, the ecosystem seems to be close to delivering on its ability to move the pilot in to commercial reality at scale in Europe. We follow this story with great interest.
What did you make of Jeremy Mcmanus? Is Neometals the answer to our waste-related problems? Are they a better bet than a conventional junior mining company?
Company page: https://www.neometals.com.au/
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Interview with David Mason, CEO of Dark Horse Resources (ASX: DHR)
Dark Horse Resources is an Argentina-focussed mineral resource company with gold and lithium projects. Dark Horse Resources has ambitions to discover a multimillion ounce gold deposit and be a producer of high-grade lithium to help fuel the EV revolution. Dark Horse Resources intends to be a lithium hydroxide and gold bullion producer within several years.
Dark Horse Resources' share price is somewhat worrying. Starting the year at just AUS$0.008, the price has remained largely stagnant but for lows of AUS$0.003 throughout the year. It currently sits at AUS$0.003 with a market cap of AUS$6.88M; this is close to an 8-year low. The company has over 2Bn shares: a huge number that might be acceptable by Australian retail standards, but would be a major concern if listed on the TSX or AIM.
Dark Horse Resources has several projects in Argentina: Las Opeñas Gold Project, the Cachi Gold Project, the Central Argentina Lithium Spodumene Project and the San Jorge Lithium Brine Project. Dark Horse Resources is presenting various licences on these assets as an incentive to invest, but all are exploration risk stage and work has ceased due to the depressed state of the lithium price and lack of incentive for new entrants. If the company can afford to keep licences, permits and other services to maintain these properties in good standing, they may at some future date hold some value but there is none to be seen currently. There is a lot of talk of potential and hopes but nothing of substance yet: a familiar story with early stage junior exploration companies.
David Mason is keen to stress the management team is not involved with Dark Horse to make a quick buck: they are fully committed to seeing the project through to success. He explains that the management team has experience turning several small million-dollar companies into billion-dollar companies: encouraging news for any prospective investor. Non-Executive Chairman, Nicholas Mather, has been involved in the junior resource sector at all levels for 35 years. David has certainly earned his stripes too. There should not be concern as to the managements' general competency, but there are perhaps some question marks regarding their active specialised knowledge of lithium and gold mining. Dark Horse Resources is currently in the process of raising AU$1m for the purpose of beginning gold drilling at their flagship Cachi Gold Project, and Las Opeñas Gold Project. There are two ways to interpret such a raise: 1. Anti-dilutory, only raise what you need. 2. What in reality can $1M deliver before the company needs to come back to the market to raise more capital? Mason says he is 'certain,' we aren't so sure and it will be interesting to see if the market is as accommodating with this sales pitch. There is still a long way to go on the lithium front. Gold is clearly the focus here, but investors will note that few gold companies are seeing the current resurgence in gold affect their share price. Lithium exploration companies the world over are in deep waters. Research suggests that current South American producers will be able turn on the tap at will making life difficult for explorers. So Dark Horse has a lot of work to do to convince us it is the company to buck the trend.
The management team is clearly backing Dark Horse Resources; Mason claims they remunerate themselves purely via shares and have no salary whatsoever.
Company page: https://www.darkhorseresources.com.au/
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Interview with Christopher Gerteisen, General Manager of Nova Minerals Ltd (ASX:NVA)
Nova Minerals is a minerals explorer and developer, listed on the ASX, focussed on district scale gold and advanced lithium projects in North America. Nova has 2 core projects: the flagship Estelle Gold Project, Alaska (poised for growth) and the Thompson Brothers Lithium-Cesium-Tantalum Project, Canada (cash flow ready). Lastly, Nova Minerals has a bonus project in the form of the Officer Hill Gold Project in Australia. All projects are in "safe, favourable jurisdictions."
Nova Minerals has had a fairly stagnant share price this year, reflective of poor lithium market performance, and unable to take full advantage of the rise in the gold price since August; Nova Minerals started the year at $0.02AUD, rode the rising gold price to a peak of $0.07AUD in September, before falling back down to $0.036AUD today. Nova has a market cap of AU$33.55m.
Gerteisen states the management intends to take the project all the way, evidenced by the managements teams' large personal investments in the project. They intend to make it the "next world-class operation in Alaska."
Lithium has had poor spot price performance for the last couple of years, but Gerteisen is keen to emphasise Nova's unique position: dealing directly with a Chinese group and employing an offtake agreement helps avoid the unfavourable Western lithium markets in favour of a market where lithium is desperately needed to instigate the EV revolution and clean the incredibly polluted city air.
The Estelle gold project was obtained by Nova Minerals after the previous company ran into trouble courtesy of a falling zinc price. Nova Minerals began geophysics at the site in 2018. Based on their ground IP charge-ability results, they identified 4 "very strong anomalies:" Target A, B, C and D. These anomalies are consistent with historic drilling results. In June-August 2018, Nova carried out their own resource drilling programme over Target A and B. Based on these results, they defined their resource at 2.5Moz: 180M tons at 0.44g/t; this is a clear bulk play.
Nova Minerals is trying to avoid diluting as much as possible and are in conversations with potential partners across Australia and beyond. Ideally, Nova would like to obtain a strategic "cornerstone partner" in the form of a "big mining house" such as the giant Kinross Gold Corporation. Nova is confident they can operate year-round at their asset sites once the appropriate infrastructure has been put in place; one such consideration is the potential transportation of gold at the Estelle Gold site via train or truck.
Nova Minerals have a management team with vast experience in finances and construction, but there might be question marks posed regarding their experience at a mining company. However, Gerteisen is insistent Nova Minerals isn't a "lifestyle company." It is instead a "full endeavour" with an active intention to see it through to full success, "every cent" they can "put into the ground, they put into the ground."
Gerteisen concludes with Nova Mineral's USPs: a 20-30 year mine life, a district with a ubiquity of gold-filled mines, a committed management team and incredibly favourable jurisdictions.
What did you make of Christopher Gerteisen? Is Nova an exciting prospect, or is it an unrealistic proposition? Comment below and we may just ask your questions in the near future.
Company page: https://novaminerals.com.au/
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Interview with Scott Williamson, Managing Director of Blackstone Minerals (ASX:BSX).
Blackstone Minerals is an ASX-listed nickel-cobalt-gold company exploring the Ta Khoa Nickel Project in Vietnam, the BC Cobalt Project and gold and nickel projects in Western Australia. Blackstone Minerals has made their Vietnam project its flagship after plummeting cobalt prices generated, in part, by ethical mining issues in the DRC.
Blackstone Minerals has 4 assets in 3 disparate countries. There are obvious concerns regarding Blackstone's ability to operate efficiently, especially given its small size (a market cap of AU$22.05M). Williamson accepts the difficulties of such an operation, but insists having assets kept as a contingency is a necessity for juniors. Williamson is keeping the BC Cobalt project in good standing after 2 years and AU$3-5m dollars investment. He insists in the right market it has the potential to be worth as much as AU$100m, and is currently spending around AU$200,000 per year to maintain it.
Blackstone Minerals plan to ride the wave of increased nickel demand generated by the EV revolution and decreasing cobalt demand. Williamson claims the Ta Khoa mine is ready to go very quickly when the moment is right; it operated as recently as 2013-2016. Williamson sees potential investment from battery manufacturers who could be tempted to invest in mining companies at source rather than buy on the open market; they would enter at the downstream processing level and try to secure supply for the next 20-30 years.
Blackstone cites the previous production at the asset as an example of a reduced level of risk for investors. Blackstone is also working to avoid dilution as much as possible by diluting at an asset level where possible. Blackstone's Silver Swan project is another project ready to drill, once the focus has shifted from the fast-returning Ta Khoa project.
Williamson is keen to share the virtues of Blackstone's management team. Blackstone has a strong geological team that previously operated the mine and have been maintained by the previous vendor. The team has strong governmental relations and the vendor is a metallurgist. One of the team has a pHD in geology and has worked on the asset for 20 years. There are several members of the board who have experience turning small companies into AU$100M+ companies.
Blackstone Minerals started the year with a share price of 0.13AUD, reaching a peak of 0.19AUD in September, but is currently sitting at 0.12AUD.
Company page: http://blackstoneminerals.com.au/
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Interview with Derrick Weyrauch, President and CEO of Palladium One Mining (TSX.V: PDM)
Palladium One Mining Inc. is a TSX-listed PGE and Nickel-Copper exploration and development company. It possesses several assets: the flagship Läntinen Koillismaa PGE-Nickel-Copper Project in north-central Finland and the Tyko Nickel-Copper, PGE Property near Marathon, Ontario, Canada.
The key theme at play is strong fundamentals. Palladium One published their first resource for the company in September: 1.2m ounces of palladium equivalent (split 50/50 between indicated and inferred). Palladium has a strong foundation of demand and limited supply.
Palladium is an industrial metal: 86% of it is consumed in an auto-catalyst, and it is predominantly used in gas engines. Using palladium allows for cleaner air, making palladium a modern, green solution to transportation headaches. The death of the diesel engine is resulting in greater demand. There has been a structural deficit of palladium in the market in recent years, and Palladium One is hoping to fill that gap. The market is small at around 10m ounces. There are additional applications of palladium in the form of dentistry and jewelry.
Palladium One is in the process of closing a non-brokered private placement for $3.8m dollars. Renowned Candian businessman Eric Sprott is investing $1.2m, giving him a 19.9% ownership of Palladium One.
Weyrauch explains another ace up Palladium One's sleeve: Finland is an excellent jurisdiction with "first-world geological data sets." This area is heavily researched and underexplored: an exciting combination.
Palladium One has a brand new management team and board as of 2019. Dr. Peter C. Lightfoot, a 20-year nickel exploration veteran at Inco and Vale, clambered aboard in September. Neil Pettigrew, a geologist with 20 years of mineral exploration experience, serves as Palladium One's Vice President - Exploration. Weyrauch's primary experience comes in the world of finance, but he has experience restructuring mining companies and experiencing success.
Weyrauch claims the main obstacle for Palladium One is the same as for every other junior: raising capital. Weyrauch has used the accurate historical data, obtained in Finland, to successfully push the Palladium One story. He claims the reason behind the lack of exploration under previous stewardship at the property comes from economic downturns of palladium rather than a lack of promise.
Palladium One's strength comes from the fundamental promise of their flagship asset, and the fundamentally robust level of palladium demand.
Palladium One has a market cap of CA$2.94M. It started the year with a share price of just 0.04CAD, rising to a peak of 0.14CAD in April, before falling back to its current value of 0.075CAD.
There will be questions marks around the management team's experience in this particular field, and the commodity itself. The palladium market is small, and with the impending EV revolution, battery metals would demonstrate enormously greater growth potential in the automotive sector. By the time Palladium One would be ready to mine, would EV be taking hold? It is a question of whether investors buy into the macro story of palladium, and can trust the team at Palladium One to deliver on an asset that has failed to be mined under several previous companies.
What did you make of Derrick Weyrauch? Is palladium worth your time, attention and money? Do you have any idea what palladium looks like (I certainly don't)? Comment below and we may just ask your questions in the near future.
Palladium One Mining Inc. is a PGE Nickel-Copper exploration and development company. It possesses several assets: the Läntinen Koillismaa PGE-Nickel-Copper Project in north-central Finland and the Tyko Nickel-Copper, PGE Property near Marathon, Ontario, Canada.
Company page: https://www.palladiumoneinc.com/
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Interview with Juan Gavidia, CEO of Orvana Minerals Corp (TSX:ORV)
Orvana Minerals is a multi-mine gold-copper producer listed on the TSX with assets in Spain and Bolivia. Gavidia claims Orvana is a "100,000oz gold producer." In addition, Orvana Minerals has recently filed a PEA for the Taguas Mining Property golf-silver project, Argentina. There will be concerns regarding Orvana Minerals' ability to operate effectively given the disparate locations of its assets, but Gavidia insists regular flights are nothing more than a mild inconvenience.
Orvana Minerals started the year with a share price of 0.16CAD, rising to an encouraging peak of 0.40CAD in August, courtesy of a rising gold price and the announcement of Oravana's Argentinian asset, before plummeting back down to a worryingly stagnant 0.14CAD as of today. The company has a market cap of CA$19.13m and around $10m in the bank.
Gavidia alleges that market perception regarding liquidity is a large problem: Orvana Minerals has a 52% controlling shareholder. Investors may feel this perception is a reality, but Gavidia insists there is still 48% to play with, but the market simply chooses not to.
Another issue is getting the new Orvana story out to prospective investors; since the successful introduction of an operational strategy that focused on lowering unitary costs and extending life-of-mine of operations, while maximizing cash flow, Orvana has seen a reduction from a $1400 AISC to an $1100 AISC. Gavidia hopes to reach closer to $1000 next year.
Orvana Minerals are currently discussing if the TSX is a limiting factor for them, and will make a decision in the near future regarding where the place to be is. Gavidia cites the company's production performance in addition to its experienced management team as reasons to climb aboard the Orvana train.
Orvana has good assets and could be a prospect in the future. However, with gold having as good a year as it has, investors might be worried that a gold company is struggling so much.
What did you make of Juan Gavidia? Is Orvana Minerals a company of the future? Comment below, and we might just ask your questions in the near future.
Company page: https://www.orvana.com/
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Interview with Paul Huet, CEO of Gold Producer, RNC Minerals (TSX:RNX)
Company page: http://www.rncminerals.com/
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Interview with Bradley Langille, President & CEO of Gold Producer, GoGold Resources (TSX:GGD)
Gold has enjoyed a particularly successful year, with spot prices rising from £32.62/g to a peak of £41.09/g in September. Gold sits at £36.77/g today. Silver has endured, in classic fashion, a more tumultuous year rising from £0.39/g to a peak of 0.51/g in September, before plummeting back down and eventually stabilising at the current price of £0.43/g.
GoGold Resources Inc. is a Canadian-based silver and gold producer with projects in Mexico. They are builders, buyers and sellers of mines. GoGold has vast experience to inspire confidence in any prospective shareholders, building three mine and developing a fourth in Mexico within the last 23 years. They have also raised over $800m equity; these facts exemplify Lagille's statement: "we get them (our projects) done."
GoGold Resources has two assets: the recently acquired exploration property, Los Ricos, and the 141 hectare Parral Tailings Project. The tailings site is host to 21.3 million tonnes of tailings left over from 340 years of mining operations, and GoGold Resources has reported record silver production for the quarter to September 30 of 580,711 silver-equivalent ounces due to strong production levels. The tailings site provides strong cash flow and there is no sign of the need for any dilution because fundraising is unnecessary at present: the company has plenty of capital.
Los Ricos is a 35km structure, and on March 25, 2019, GoGold acquired the rights to an agreement which provides the option to acquire 100% of the concessions of the project. Langille feels the site has the potential to produce "millions of ounces," and is looking to continue developing the project keeping all future options on the table. Langille emphasises a non-linear business model, which can adapt to all manner of market activity. The project is currently at a very early stage, but Langille thinks it is "the best thing he's hit in 20 years."
The share price is pleasing investors universally, and GoGold looks an exciting prospect to be involved with.
Company page: https://gogoldresources.com/
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Interview with Nick von Schirnding, Director and Exec. Chairman of Arc Minerals (AIM:ARCM)
Arc Minerals is a junior exploration company focussed on exploring for copper, cobalt and gold projects in Africa. The Company has a large portfolio of mineral assets: gold in Slovakia and the DRC, copper-cobalt in Zambia.
Schirnding identified early on in his tenure that Arc Minerals needed to shift its focus from gold to copper: a cornerstone of the impending EV revolution. First, Arc obtained majority ownership of its DRC asset, upgrading its projection to 3 million ounces per year. Now, they have announced an agreement with Century Capital in Canada for the sale of their DRC asset; Casa Mining Ltd. has been purchased for up to $9.8m. This shift was further pursued via the sale of Arc's interest in the Šturec gold project in Slovakia to MetalsTech Limited, An Australian listed mineral exploration company for a gross consideration of up to US$8m.
Arc Minerals are in a position where they have to be especially careful of their overheads. A decentralised model allows Arc to employ a partial drill for equity arrangement and is a good deal for extracting the copper they need with minimal cash outlay.
There was a large spike in the share price of Arc in July through August courtesy of promising drill results, but the price for the year has largely flatlined. However, Schirnding has expressed his hopes the share price will be multiples of what it is today. He points to the copper macro story, and explains copper is irreplaceable. He shies away from forecasting the future spot price of copper, but remains utterly confident it is set to rise. For any investor with trust in the copper market, Arc is certainly a junior to consider.
Company page: http://www.arcminerals.com
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Interview with Nicolas Banados, Managing Director of Megeve Investments and Investor of Serabi Gold (TSX:SBI)
Megeve Investments, a non-discretionary portfolio of Fratelli Investments, is a single-family office located in Santiago, Chile. Its main asset is Chilean retail chain colossus, Farabella. The firm offers asset management and public/private equity investment services. Banados is Managing Director of Private Equity and attorney-in-fact at Megeve. He instills a focus on direct investment in Latin American companies.
Megeve first invested in Serabi 8 years ago, where Banados now serves as the Non-Executive Director. Megeve already owns a copper company and a gold company in Chile, in addition to a forestry (natural resource) company in Colombia. Therefore, Serabi sat in a familiar area of the industry and was in a prime position for Megeve to obtain c.50% (now voluntarily diluted down to 32.8% after the 25.3% investment from Greenstone Resource II LP). While the timing of Megeve's investment in Serabi was far from ideal given the plummeting gold prices at the time, Banados is still glad he made the decision to invest.
In addition to working on efficiencies at current Serabi Gold operations, Banados is open to the idea of additional acquisitions in the future, to further enhance the production capabilities of Serabi and solidify its position as a seriously profitable player. Banados spends a great deal of time working with Serabi to align their strategies, resulting in a more cogent business plan that reduces the risk and provides clarity for existing and prospective investors.
Banados' primary source of excitement comes from the opportunity for growth and exploration in a huge, gold-saturated country: while Brazil is a developed mining country, particularly of iron ore, the gold marketplace is yet to be fully mechanised. Moreover, Banados sees immense potential in organic and green-field areas to increase production towards the 'magic' 100,000oz/y number.
Lastly, Banados touches on South American operations and clearly explains the company's priorities lie in areas it has established a sense of comfort: Chile, Brazil, Peru, Colombia and Paraguay.
What did you make of Nicolas Banados? Are you intrigued by Megeve Investments' involvement in the Serabi gold story? Comment below.
Company page: https://www.serabigold.com/
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Interview with Leon Coetzer, CEO of Jubilee Metals Group (AIM:JLP)
Mining but with none of the risks of mining. Tailings is the next big thing in the mining space and Jubilee is set to take the lead.
Great set of results yesterday and the announcement of a capital raise of $6.5M to reinvest in to the deliver a raft of new project with 50-75% margins. This group of solid, technical management are starting to scale up and have the capital and people to be able to deliver continued growth for shareholders in a prudent and realistic way. Very excited to see if they can continue this momentum.
Company page: https://jubileemetalsgroup.com/
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Interview with Paul Huet, CEO of gold producer RNC Minerals (TSX:RNX)
Paul Huet gives us some quality time and answers question put to him by retail investors.
Company page: http://www.rncminerals.com/
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Interview with Stephen Jenkins, President and CEO of Link Global Technologies.
Link Global Technologies build and manage semi-portable, self-contained power solutions (containers) that can be rapidly deployed in virtually any environment. They are a low-cost energy supplier to the data-mining/data-hosting space.
Link Global started as a crypto-mining company, but recognised the opportunity of a bigger play in 2 additional sections: providing mobile date centre solutions and developing IP around energy efficiency. They have just carried out an IPO of 5,000,000 common shares at a price of $0.30 per share for total gross proceeds of $1,500,000.
This is Jenkins' first foray into the realm of public companies; all his previous experience came with private companies.
There are question marks as to whether Link Global can compete with its rivals, especially big hitters like Cisco with a market cap of $190.59B! Jenkins remains adamant that despite the massive difference in available capital, Link Global can compete in the big leagues.
What did you make of Stephen Jenkins? Are you crazy about crypto? Can Link Global prosper against the technological behemoths that surround it?
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Interview with Peter Albert, Managing Director or Highfield Resources (ASX: HFR)
Highfield Resources are an Australian potash developer with assets in Spain. They have just received an environmental permit for their flagship project, the Muga Project, with plans to produce in two phases: 500,000 tonnes of potash in the first phase, and 500,000 tonnes in the second phase.
Potash is a "commodity like no other commodity;" it is a potassium-rich salt, and is one of the three key components of fertiliser application. It is used for growing crops to improve yield. There is currently a market of almost 70 million tonnes growing at 2.5% per annum. While the end-users are always farmers, this is not the sole sale option, because cooperatives, half-takers and blenders are viable buyers.
Barriers to entry are extremely high, and 75% of the market is dominated by roughly 8 players producing huge amounts of potash. Potash demand is consistent because of the global needs of farmers.
In terms of Highfield's position in its development cycle, they are beyond feasibility studies and are focussing on detailed engineering, obtaining final permits and sourcing specialist equipment. There is still work to do before the first shovel can go into the ground; there will then need to be another 2-year build before the project is fully functional. Highfield estimates a 12-18 month timeframe to get all of the remaining permits in place.
Highfield is "reasonably well cashed up," with reserves of €30m ensuring the company's stability. Future major project commitments will require appropriate financing to be put in place.
Highfield Resources has an experienced management team located in Spain and a board with extensive mining delivery experience: pleasing news for any prospective investor. They prioritise low environmental impact operations and positive social outcomes and see themselves as a green future solution.
Highfield has a market cap of AU$240.55M and their share price has fallen considerably in the last few years down to AU$0.73, but Albert insists the market simply hasn't clocked the huge potential of the project yet, evidenced by Highfield's NPV of AU$3 billion. While this is what we hear from every CEO in the world, is it factual on this occasion?
What did you make of Peter Albert? Is potash a commodity that interests you? Comment below.
Company page: https://www.highfieldresources.com.au/
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Interview with John Black, CEO of Aldebaran Resources (TSX-V:ALDE)
The third company from Regulus Resources' management team, Aldebaran Resources is an "exciting" copper-gold play based in San Juan Province, Argentina.
Their flagship project, Altar, is a large copper-cold site obtained for a discounted value from a different mining company. Aldebaran, in conjunction with precious metals mining company, Sibanye Stilwater, are currently in the process of re-evaluating the project. Drilling began in January 2019, but time must be taken for exploration and the conduction of a logging program.
While the well-established track records of the Regulus Management team will instill confidence in many a prospective investor, the financials are slightly concerning. Share price has been as high as 90, but this year it's plummeted down to 35. The company is also sitting on significantly less cash than it was in February, which begs the question: if the value of shares has gone down, how has Regulus used its cash reserves to add value?
Another concern will be the priorities of the management team. With so much already on their plates with Regulus, is Aldebaran a fledgling project that will find itself neglected? John Black offers some reassurance; a drill program on another Aldebaran project has begun in Aguas Calientes, and the primary asset, Altar, demonstrates immense potential, with over 2.5 billion tonnes of low-grade copper-gold mineralisation, and the promise of significant zones with a much higher grade.
The Route 1 group are significant shareholders with nearly 50% ownership of Aldebaran. This can provide long-term stability but for retail investors, there will be concerns regarding such high ownership levels from a single group. Will Route 1's priorities align with the remainder of Aldebaran's shareholders?
What did you make of John Black? Is Aldebaran Resources a promising prospect, or is it more of a pipe dream? Comment below.
Company page: https://www.aldebaranresources.com/
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Interview with Jason Jessup, CEO of Magna Mining Corp.
Magna Mining Corporation is a private nickel company incorporated in Ontario, Canada in 2016. Their primary purpose is on the acquisition, exploration and development of nickel-copper deposits in the Sudbury Basin of Ontario, Canada. Magna made its first acquisition, Ursa Major Minerals in 2017; Magna became owners of the "rather advanced" and "world-class" Shakespeare Mine, Ontario, an open-pit nickel project that was in commercial production as recently as 2010/11 via toll milling, with approximately 490,000t of nickel ore tolled. The mine also possesses all the major permits, and Magna Mining sees it as central to their play. The mine was acquired by a contrarian strategy when nickel was around $4/lb and nickel projects were about as appealing as diving into the mine itself head first.
Jason is originally from Sudbury, and has vast experience as an operations manager at mines for large corporate and junior companies; this latest project is familiar territory. The president of Magna Mining is Vern Baker, an MBA holder from Stanford University with decades of mining experience, though shareholders might be concerned his priorities lie elsewhere as full-time CEO of Jaguar Mining. The remainder of Magna's team is comprised of experienced, highly-knowledgeable individuals. The team looks exciting, but there will be question marks around whether Magna is the priority, given many of them have heavy involvement with other corporate entities.
Magna has big aspirations of becoming a 50-year, +$100M company, but they have a long way to go before they can get off the ground. Magna Mining needs to raise money, locate acquisitions, make acquisitions and then go public. These are big steps that have to be implemented before they can proceed forward to even the earliest mining of nickel. For some Magna might be an intriguing long-term proposition, especially if they buy into the almost unanimously supported EV narrative, but for many investors, it might seem Magna has bitten off a little more than they can chew. Perhaps Magna might be ready to go by the time the EV revolution finally kicks off.
Magna Mining implements a roll-up strategy via opportunistic growth, where key assets are identified based on promise and past performance and then acquired. Magna is in ongoing discussions regarding non-core assets in Sudbury, but is the stage of this project all a little early for investors to consider getting involved?
Some might argue it's a great opportunity for investors to get involved at an extremely early stage while stock is cheap and potential is yet to be extracted. The team at Magna has an excellent track record in nickel, and are certified experts in the field of mining metals. Nickel itself is a commodity with great potential, so perhaps Magna is a company to explore. The Shakespeare Mine's Capex of $150M is particularly unique and the surrounding area of Sudbury is as good as it gets for facilitating mining.
What did you make of Jason Jessup? Does Magna have the potential you require as a potential shareholder, or is it more of a pipe dream?
Company page: http://magnamining.com/
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Interview with John Black, CEO of Regulus Resources (TSX-V:REG)
In the mining country of Peru, Regulus Resources specialise in identifying promising copper or copper-gold exploration projects. Large copper and gold projects are in high demand and short on the ground. This team thinks they have the perfect asset for a major mining operation to extract.
Regulus has a market cap of $120M and while the share price rose in March to $1.92 after promising drill results (34 holes with 820 meters of a 0.77% copper equivalent), they've now receded down to around $1.36.
Regulus Resources is an excellent example of a copper/gold company in the evaluation period of its life cycle. There is clear potential exemplified by the level of investment by management in Regulus projects, the experience and track record of the management team, and their strong list of assets. However, Regulus Resources has work to do before investors can think about scheduling an extravagant party with no expenses spared upon the sale of their shares.
While no hitches are expected, Regulus Resources is still waiting for a permit to come through for their asset in the North of the property, which isn't the fastest process in Peru. Liquidity of their stock is an issue: a symptom of the company's position in its life cycle but also because the stock is so closely held by a just few insiders, c.70%. Regulus Resources is conscious of this as they enter their next round of fundraising. Capital is available but management must decide what type of investor they want to come in at this stage. Regulus Resources needs to convince prospective retail investors their copper/gold project has what it takes. This can take a significant amount of time and not all investors are willing to play the long game.
Regulus Resources is in a heavy drilling phase that has only just begun and there is lots of work left to do and funds to raise. The management's track record suggests that they are capable of creating real value for shareholders by developing exploration assets. While Regulus Resources looks like a safe, stable investment, with solid if unspectacular long term prospects, it looks unlikely to be making shareholders money anytime soon; that will require them reaching a point where larger mining operators come in and bring it through to production. For the patient investor, money is certainly there to be made, but just how long is the long-term?
What did you make of John Black?
Company page: https://www.regulusresources.com/
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Interview with Fortune Mojapelo, CEO of Bushveld Minerals (AIM: BMN), and Mikhail Nikomarov, CEO of Bushveld Energy.
Company page: https://www.bushveldminerals.com/
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Interview with Leon Coetzer, CEO of Jubilee Metals Group (AIM:JLP)
Jubilee Metals Group Plc is a metal recovery business focussed on the recovery and processing of a variety of metals: chrome, lead, zinc, vanadium, copper, cobalt, and PGMs. These metals are sourced from slag, slurry, mine tailings, waste, and alternative secondary materials from mining operations.
Jubilee Metals Group's management structure is impressive, to say the least. Colin Bird, a Fellow of the Institute of Materials, Minerals and Mining and a UK Chartered Engineer, serves as thenon-executive Chairman. Dr. Mathews Phosa, a renowned strategic and business leader, is Jubilee's non-executive Vice-Chairman. Seen in this interview, Leon Coetzer, an individual with 20 years of experience within the Anglo American PLC stable, is Jubilee Metals Group's CEO.
Jubilee Metals Group's central strategy revolves around tailings. Tailings are an operation where companies partner with other mining companies, and national governments, to develop and implement metal recovery projects from mine waste. This is beneficial for all parties: mining companies with economic or efficiency issues related to recovered materials no longer have to leave them lying around as giant hunks of inconvenience, and can instead utilise Jubilee's strategy to gain some degree of capital for their hard work. Jubilee focuses on mine surface waste materials that will be low risk and cheap, a better strategy than conventional mining/processing companies?
Upon recovery of the discarded materials, Jubilee Metals Group can implement cutting-edge metallurgical processing solutions. Jubilee targets tailings internationally in secure jurisdictions with a diverse array of commodities, and partners with companies internationally.
Company page: https://jubileemetalsgroup.com/
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Interview with Anthony Milewski and Martin Vydra of Conic Metals Corp.
Conic Metals Corp. is a Canadian base metals play offering access to nickel.
The company was officially formed in late October, with Anthony Milewski installed as the Chairman and Martin Vydra featuring as Conic’s head of strategy.
Conic are looking to clamber aboard the EV train, with an attempt at transitioning to battery production with vastly greater amounts of nickel and reduced cobalt/manganese. Conic’s primary excitement comes from the future nickel demand created by electric vehicles.
As many Crux Investor spectators will know, Milewski has a track-record in the base metals industry, with experience leading Cobalt 27, a royalty and streaming business. This experience will likely worry investors because Cobalt 27 saw a drastic downturn in share price after rapid initial success. While Milewski puts it down to a de-stock of cobalt inventories in China and a simultaneous spike in artisanal supply, many investors will worry another boom and bust scenario could be about to play out with Conic Metals Corp.
Cobalt 27 was extremely successful (as any solid cobalt play should have been) when cobalt prices spiked in April 2018. However, Milewski’s ambition has been viewed by some investors as cavalier; when the spot price of cobalt fell, he had no visible contingency plans in place. An abundance of royalty streaming deals did nothing to offset the company’s fall, and despite Swiss firm Pala Investments taking a 20% stake, the share price and market cap decimated to around a quarter of its peak. Pala eventually offered shareholders a reprieve and took the company over.
With an erratically priced commodity like nickel, which moves in sweeping super-cycles, investors will be keen to learn if they can expect Conic to last longer than Milewski’s previous ventures.
No structure is currently in place, but Milewski claims it will be the largest investable nickel ‘pure play’ on the TSX when it launches. He feels it is a unique opportunity for Canadian investors to gain exposure.
Conic warn the EV market move is still several years away, so any market fluctuations are not yet being driven by electric vehicle demand. Conic are keen not to go “too hard too quickly” this time around, which will be words of reassurance to prospective investors. There is a second wave of potential here once the EV economy gets into full swing and such honesty is admirable.
Key to Conic’s success will be forming a retail shareholder base. Milewski’s previous venture was a heavily institutional stock, with big hedge funds chasing the EV thematic, rather than providing a stable structure for Cobalt 27 to grow.
Conic Metals’ flagship asset is the ‘Ramu Asset’ in Papua New Guinea, one of the “best overall performing assets in the world.” Some third-party publications have placed Ramu in the bottom quartile for costs. Papua New Guinea is a good jurisdiction for nickel mining and has strong relationships with Australia and China. The asset itself has a long life with resources to take the project beyond 20 years. The company is also debt-free.
However, Conic only has $5 million in cash to play with. Will this be enough to help them take off and will it last?
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Interview with Johnna Muinonen, President of Dumont Nickel (TSX:RNX). Production ready, shovel ready, development ready. DUMONT. Large scale, long life, low cost, 1Bt reserve, 33,000t pa, to yr7 50,000t pa.
Dumont Nickel has been positioned as a free ride for shareholders, but the reality is that Dumont may hit the market at just the right point in this cycle for RNC Minerals shareholders. Completing their upgrade of the PFS means that strategic partners will look at Dumont as a shovel ready project which is fully optimised say Muinonen.
We ask what the brief is from the board. What is the timing? What do you think about what you heard? We also discuss the timing and nickel market forecasts. How relevant is the EV revolution to estimates and at what point Dumont and RNC makes decisions about the timing as to when the company monetises this asset for RNC Minerals shareholders.
Let us know what you think about Johnna Muinonen. Does she make you confident? Does RNC Minerals know what it is doing?
Company page: http://www.rncminerals.com/
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We want to understand what Canada Cobalt Works is. It used to be a Silver mine. They changed their name because the markets got excited about Cobalt, but now that Cobalt prices have fallen again they are talking the language of Silver. We get to the bottom of the actualities of the opportunity and scale of this project.
This asset is a former producer. We are trying to work out where the economics work for this company. Is this a mining company or are they hedging their bets. A lot of moving parts. What do you think of their business model? Do you believe it makes sense. Leave a comment below.
- Underground drilling at Castle Mine. No clarity about where or when the money comes in.2. Signed an LOI with Polymet. What for? Proprietary Re-2OX! And what does that actually mean? Is there any meaningful value? We get stuck in to it with Frank, leaving no stone unturned. What did you make of his explanation?3. Signing a binding agreement with Global Energy Metals. Does it equate to anything?4. Tailings programme - testing stage.
We struggled to see a coherent story or how the company funds themselves going forward. Being adaptive and giving the market what it wants is one thing. Telling the market what you are going to do, who is going to do it, by when and how that is financed is another. Frank Basa knows how to work the market and how to survive but not the same can be said about the share price. We wait to hear the result of some of the topics discussed in this conversation, none of which is our opinion currently has scale or economics.
Company page: https://www.canadacobaltworks.com/
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Interview with George Frangeskides, CEO of Alba Mineral Resources (AIM: ALBA).
The headline is a quote from a former miner at the Clogau mine: "Finding gold in most mines around the work is like finding the cream in a sponge cake. Finding Welsh gold on the other hand is like finding the sixpence in the biggest Christmas cake you could imagine. There’s no pattern, no logic, and you never know when you’re just inches away."
We try to understand the pattern and logic of this multi-asset junior AIM listed miner. Alba Mineral Resources has a gold mine in Wales, equity in an oil & gas company in the UK, and various minerals in Greenland, including Ilmenite, graphite, zinc, lead, iron and a polymetallic asset. How does a small junior, with small cash reserves, no cash generation and multiple assets fund the company going forward? How does it make decisions and what does it focus on? And how does it drive share price appreciation with all of these liabilities. We talk about their business plan is and discuss their strategy. We try to work out what Alba wants to be. Are they are an aggregator or an incubator of projects. What are the returns for those types of businesses?
We learn that Welsh gold, Clogau (Clog eye) Gold is worth more than regular gold because of the Royal heritage. It's exactly the same as regular gold but a clever market and a premium price paid by the market means that Alba Mineral Resources hopes that the normal economics of ming don't apply to them. Not much information with which to make a decision at this point and the company are vague on the details of CapEx, OpEx, size of resource, cost of production (AISC) and certainty around pricing. Under normal circumstances a red flag but we wait to see if the company can give some guidance as to the size of the market for this asset.
They have c.11% of the Horse Hill oil and gas project. Oil has flowed from one well. A second well is being tested. Not huge numbers, a lot of CapEx to come and a relatively small position. This will not generate positive cash flow for Alba until 2022 realistically and that might contribute to the cost of developing the Clogau gold mine in to production. Again any detail around the economics and timing are scarce.
And what of the Greenland assets. the two assets that the company is focussing on are the graphite at Amitsoq and the Ilmenite at Thule Back Sands. Some work is being carried out to assess booth, but the lack of funds restricts the speed at which the work is carried out. No sense of timing or cost on this yet. Frangeskides suggests a handful of options that they are considering to get these projects finance or to monetise them for shareholders. Strategic relationships, timing, markets, equity, access all playa part. Interesting discussion. Can they deliver? What do you think. Tell us in the description below.
Frangeskides eventually suggested that more money will need to be raised in the next few months - the reality is that Horse Hill and Clogau gold projects will not generate cash any time soon and despite a low burn rate, although.
Company page: https://www.albamineralresources.com
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Interview with Frank Basa, President and CEO of Granada Gold (TSX-V: GGM).
Mining is difficult and sometimes it can go wrong - Granada Gold is one such example. We try to learn from this case study. The management team acquired this asset as a halted company and then built it to $120M market cap Gold company. Basa says the market crashed and that he ruined Granada Gold Mine by not acting quickly enough. He says the asset was designed to be sold, but they weren't able to transact. Granda Gold is sitting at $10M market cap today with not a lot of cash. We try to understand what happened. How much blame can be attributed to the market conditions and how much was management?
Is there any value left? Not that it's of any comfort to the shareholders who have lost most of their money but Basa describes what he thinks they have done and what it is that they think they have today.
So what are they doing? What's it going to cost? Is it realistic? Is the market is nervous? Basa has stopped paying himself but does remunerate himself with paper. He owes shareholders an apology which he does. We try to work out what information they have and what is conventional and what is gut feel and just talk.
Company page: https://www.granadagoldmine.com
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Interview with Bert Monro, CEO Designate of Cora Gold (AIM: CORA).
We catch up with CEO designate, Bert Munro, taking over in the New Year from Jon Forster . (who will remain on the Board and advisory). He currently is the Business Development Manager at Hummingbird where he has been for 11 yrs. We were interested how he sees the development of this Mali and Senegal gold explorer. Bert does not have geological or engineering skills but believes that his Corporate experience with Hummingbird will blend well with Jon Forster's geological and exploration experience. We look forward to seeing how Bert and the Board make and implement their strategy and mitigate the risks that a junior exploration mining company faces.
Hummingbird spun out some no-core Hummingbird exploration assets in to Cora Gold. Hummingbird remains as a significant shareholder. Looking to bring it in to production but still at early stage. Cora IPO'd in 2017. They have some meaningful HNWI and family office investors (with track records in mining) and now need to start telling a better retail investor story to get the retail market interested earlier.
A nice first introduction and honest discussion around strategy for investors. We now wait for what and how they intend to drive the share price. Time to get moving.
Company page: http://www.coragold.com/
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Apologies for the sound issues, we had a technical issue on the day of recording the interview
Interview with Dan Betts, Managing Director of Gold producer, Hummingbird Resources (AIM:HUM).
An honest and candid conversation with Dan Betts about the highs and lows of mining gold in Africa. They had a tricky 18 months but they overcame and found workarounds to be able to deliver +110,000oz. Challenges with water and a legal case a distraction. All resolved and they move on, aggressively.
Hummingbird is producing more cash with improved margins and paying down debt. We like their prudent approach to mining and cash retention and their ability to solve problems when they arise. Allowing them to grow and deal with unforeseen issues. Gold grades are consistent. Q3/19 results are on schedule having played catch up for most of the year. Is it trading at a discount to free cash flow multiples? What do you make of the way the dealt with investor concerns?
We like the management team and is one we will follow with pleasure.
Company page: https://hummingbirdresources.co.uk/
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Interview with Chris Reed, Managing Director of Neometals (ASX:NMT). Making the Complex Simple.
Fascinating and rewarding approach to making money in the mining space. Neometals team invested A$3M in to their Mt Marion lithium project, brought in some partners at various stage to fund the development of the project and realised a A$200M return. A result of good timing for sure, but very much definitely a result of a good strategy which focuses on de-risking and developing long-life projects. Plus a focus on cash and picking the right partners and building a team of people who know how to integrate down the value chain. No debt, dividend paying (have returned over $45M to shareholders) and sitting on over A$110M. Lots of optionality. Lots to like.
They have three projects:
- A Lithium-Ion Battery recycling project to recover Cobalt, Nickel and other materials from spent or damaged lithium batteries. Currently working on testing a pilot plant and signing up partners across the food chain. We looking to see who they end up working with but large strategic partners bringing in money and existing infrastructure and network is an important part of the plan. This is the most advanced of their projects. The idea is to use the same business model as employed at Mt Marion. Not sure many shareholders will argue with that.
- A Lithium Refinery project - progressing plans for a lithium refinery to supply lithium hydroxide to battery cathode industry, underpinned by a binding life of mine option for 57,000 tonnes per annum of Mt Marion 6% spodumene concentrate. An MOU is in place with an Indian Group, again Neometals is employing the same business model. If it's not broke, don't fix it.
- Barrambie Titanium and Vanadium project - It is one of the worlds highest-grade hard-rock titanium-vanadium deposits. It is also a huge resource. Chinese groups all over this. Repeating the model again.
We really enjoyed hearing this business model. It's just smart. They have made money. The are focused on making money. They are technical but they have recognised the need to simplify the way they talk to investors about what they do. This is one to pay attention to.
Company page: https://www.neometals.com.au
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Interview with Tim Carstens, MD of Minerals Sands company Base Resources (AIM, ASX:BSE).
Can Base Resources build on the success of their first project in Kenya without dilution. Their 'new' project in Madagascar has a lot of similarities to the first project so a lot of learnings and complementary skill sets. Mineral Sands is little understood by investors as it is small market with few players but can have very high-margins. Rutile & Ilmenite both used in the production of pigment ie: to colour paper, plastics, make up... Plus Zircon used in ceramics & tiles.
They produced some good numbers last year. We discuss the future for the business and where the growth comes from. Carstens tell us what he thinks it's going to take for investors to see a movement in the share price. We discuss their plans for project financing at the new project. Debt free. But no movement in share price. When does the plan kick in for shareholders? Carstens also breaks down the shareholder register and what type of investor he is looking for.
Carstens say East Africa is better for business than West Africa. How is he planning to spend the money they made in Kenya. No dividends are on the horizon so where is the value being created? Carsten shares his view. Do you agree with how he is positioning the company? Carstens says that investors who don't like long-term type returns shouldn't consider Base Resources and vote with their feet.
Lot's of deliverables in the next year to build this Mineral Sands company in the hope of becoming a mid-tier company with only a few peers.
Company page: https://www.baseresources.com.au/
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Interview with William Dawes, CEO of Mkango Resources (TSX-V, LSE, AIM: MKA)
Every wondered what a light rare earth or a heavy rare earth is? Most retail investors don't. We speak to Mkango to find out and also ask how they intend to make money for shareholders. Linking the story to the EV revolution isn't enough. And trying to gauge the timing...
Mkango has a relationship with Talaxis at a project level.Talaxis has recently invested £12M in to the Songwe project in Malawi. A strategic partner to help finance the project is smart but also the Talaxis reach and distribution in to the niche rare earths market really enables Mkango. Mkango positioning itself as an incubator allows us to understand how they could grow their business, but for now they intend to focus on their current portfolio.
We are ask how much of their valuation is their own doing and how much is the recent rise in commodity prices. We discuss metallurgy and recovery rates. William Dawes also talks about the infrastructure and why they will be focussing on processing more in country to capture more of the downstream margin. We are interested in who is paying for the various infrastructure costs especially energy.
We ask if they understand how to talk to investors. What do you think? And can they deliver the upside for shareholder in Mkango or will Talaxis see all the upside. No more dilution. G&A is covered under Talaxis deal. Looking forward to DFS in Q4 2020. Getting environmental and social studies done.
Company page: https://www.mkango.ca/s/home.asp
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Interview with Steve Curtis, CEO of gold miner Caledonia Mining Corp. (TSX:CAL, NYSE:CMCL, AIM: CMCL)
Some investors are nervous about investing in mining companies in Africa and a lot more are nervous about investing in Zimbabwe. Should they be? The delightful Steve Curtis talks us through business life while Robert Mugabe was in power and life after the dictator was dethroned. How much have things changed and just what is the government doing to making sure the country delivers on its promise to be open for business. We enjoyed learning about Zimbabwe through Steve's eyes. What's clear is the opportunity for miners in country if they can find a good asset. Let's see who comes to the table in the next few years. Caledonia Mining intends to take advantage of their position in country before then.
Caledonia Mining is a very capable if cautious gold mining operation. Their 'new' mine Blanket is ramping up to be a credible producer and the free cash flow from this will give the company options. Investors will want to see what they do with that money and will probably want to see some bolder move towards growth. We appreciate that the company's sensible target profiling. Zimbabwe and Caledonia are well worth a look. It has a certain profile which investors will need to be comfortable before making any decisions but we are comfortable that the team knows how to mine.
Company page: https://www.caledoniamining.com
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Interview with Jeremy Martin, CEO of Horizonte Minerals (AIM, TSX:HZM)
The good news is that people were washing their hands and investors will be pleased that Horizonte clearly negotiated the cheapest office space in the building.... listen to interview and you'll see what we mean.
However, more excitingly, we talk to Jeremy about Horizonte's Brazilian focused Nickel play. 280Mt of Resources. 3.5M of contained Nickel. At two locations. Good infrastructure. 40,000t-60,000t a year when in production? Relatively low CapEx.
Nickel has traditionally given shareholders an exciting ride. But this could be perfect timing as we enter a robust nickel market increasingly driven by demand for electric vehicle (EV) market which will require new Nickel projects to be built. Horizonte has two projects. Their first project Araguaia will focus on production and selling in to the steel market. Their second project, Vermelho, will produce and sell in to the EV battery market. These are early stage projects. We ask Jeremy to tell us about his view on the Nickel market, and how he intends to bring Horizonte in to production.
They have recently secured some funding with Orion Royalty funding. We get into some detail about their thinking. Tell us if you think this was smart or how you would have preferred to fund themselves in the comments below.
Company page: https://horizonteminerals.com/uk/en/
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Interview with Michael Hodgson, CEO of Serabi Gold (LSE:SRB, TSX:SBI)
Having flatlined for 4 years. Looking to double their production and get to 80,000 oz by getting their recent acquisition to market. High grade selective mining. It's an old story which is looking to getting going again. Like most junior gold miners for the last 4-5 years, the only thing holding them back was access to money so they have had their head down focusing on producing at 40,000oz at a steady state fr the last several years. That is not an exciting level. Most small institutional funders are looking for 100,000oz pa. So what has Serabi done to change things are make this story relevant again for investors? We get the back story and find out how they plan to sweat their current assets and more importantly how they intend to fund it.
With Gold above $1,500 they are finally making a reasonable margin, even for an underground operator. We find out how they have structured their debt and what happens next. What do you think of their plan?
Retail investors have started to get interested again. And a couple industry strategic players involved. It feels like a new story as shares have started moving in the right direction. That said what we like is that they appear to be sticking to what they know and are targeting growth from very similar assets. Existing greenfield and brownfield also look promising.
A very open and confident pitch by the CEO. They have always had a plan, and now with the cash and cash flow and they seem to know how to deliver it. We follow with great interest.
Company page: https://www.serabigold.com/
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A conversation with Mark Chalmers, CEO of Energy Fuels (NYSE: UUUU) about what uranium investment targets are going to need to have to make it in this cycle. Without contracts in place some uranium companies will not get funded. So price discovery is important but that does not equate to immediate financial relief for some. Don't be left holding that uranium stock. And I discuss a disturbing conversation that I had.
There is lots of money to be made if investors focus on the fundamentals and are not distracted by rhetoric by uranium company's that won't make money even at $100 a pound. Pick companies with the right business model. Management teams experienced in bringing uranium companies in to production and selling in to a contract market. And which won't fall before the race starts.
We discuss our investment thesis with several Uranium CEO's. If you believe in the macro story of the Supply Demand story for Uranium then you need to know how to pick winners in this section. Not all boats will float on this high tide.
What is clear is that:1. If the management team has not worked in mining uranium before and produced and sold uranium in to the market, they don't know what they don't know. We discuss why this is important. Do you agree with the argument?2. Cash is King. In a market short on institutional funding, some companies are running on vapour and struggling to find money and if they can it is expensive and dilutory. We discuss options available to these companies. Plus can the company get funded to deliver the project? 3. Quality assets - the basics of mining are the same. Companies that can get uranium out of the ground cheaply will do better than others. Investors need to understand a company's ability to mine economically.
If you buy in to the macro story, we encourage uranium investors to start looking at which companies are most likely to make it. It is apparent to industry insiders and veterans which companies and which assets will find it more difficult than others. We are listening to them and forming our thoughts.
Company page: http://www.energyfuels.com/
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Interview with Mark Jarvis, President and CEO of Giga Metals (TSX-V:GIGA)
Does the investment market give Giga Metals a chance of getting in to production? Hunkering down vs. weathering the storm in a challenging market. We love getting into the strategy that different management team employ during the process of building an operating mine. We speak to the delightful Mark Jarvis who talks about ethical mining (we wish more people meant it like he does), financing, the world markets... He has one of the largest sulphide nickel projects in the world. Lots of companies try to attach themselves to the EV revolution and the forecasts for Nickel suggest that Giga Metals maybe in the right commodity. Data suggests that Nickel prices will be rising until the end of the year which will allow scrap nickel come in to the market which is momentarily affect prices but will recover within 6 months. SO you need to believe that we are at the beginning of a Nickel super cycle.
Giga Metals has a large deposit and has been a long-time coming. Mark Jarvis first got involved in 2003 and has seen the company through two Nickel cycles. Giga Metals market cap is only $19M today. That suggests the market does not value the story or that they are bored of it. See how Mark responds to that thought. We also ask when they plan to redo their 2011 PEA. We discuss potential recovery rates and where they see themselves in relation to their peers. Plus they have recently updated their Resource, but what are they going to do next. We ask when they next need to raise capital and how they intend to that to be able to add drilling, test work and to complete the study?
How does the local indigenous community feel about the project? Where are they with permitting?And given the remote location what financial and mining challenges do they face? Who pays?
In terms of understanding how a business survives cycles this is an interesting case study. Well worth the listen.
Company page: https://www.gigametals.com/
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Interview with Tony Sage, Non-Executive Chairman of European Lithium (ASX: EUR, FRA: PF8, VSE: ELI)Can European Lithium plug in to European EV and battery revolution? They talk about how they think they can attract EU debt funding and a strategic equity partner. Will that partner be prepared to pay more for buying local / greener? Find out. Tony talks to us about the realities of how junior miners attempt to get funding and why he believes European Lithium is in a unique position in Central Europe. We are interested in understanding the terms and conditions to their recent €10M convertible note funding facility. If you are a shareholder, do you like terms?We get his take on the lithium pricing cycle and timing for recovery. Their Feasibility numbers need the price of Lithium to rise significantly to be economic. Do you agree with him? We are also fascinated by the fact that European Lithium sits on the ASX (ASX:EUR), Frankfurt Exchange (PF8), Vienna Stock Exchange (ELI) and NEX UK (EUR). FInd out why and which exchanges work for them.
Company Page: https://europeanlithium.com/
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Interview with Mark Selby, CEO of Canada Nickel.
Mark calls us to talk about his new venture Canada Nickel Company which owns the Crawford Nickel-Cobalt sulphide project. He is excited about the scale of the opportunity but the simple corporate structure that they have been able to put together. With a c.$12M valuation and around $5M it's certainly the clean start he was hoping for. It's early days but with 4 drill holes and an electromagnetic survey he feels that there are strong parallels and technical learnings from his time at Dumont which give them a strong indication of what they may have.
Nickel forecasts make extremely good reading at the moment and with very few mines capable of coming online in the next 3 years investors are clambering for big, solid deals which can get in to production. Could this be one?
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Interview with Tyler Rice, President and CEO of Margaux Resources (TSX-V:MRL), as well as comments from Linda Caron, VP Exploration, Kaesy Gladwin, Senior Geologist and Scott Zelligan, Consultant who worked on the historic resource update. This is probably one of our favourite small mining projects. It's a gold bulk tonnage play with some high-grade upside and a lot of historic drill data. We've seen these work but the management will need to be cognisant of how to develop it without large dilatory financings. We typically don't spend much time looking at this end of the market but there is the sheer scale . The G&A is low and the team is experienced in orogenic gold systems. This opportunity is something that we are interested in. It has been described as the next Barkerville Gold and an early stage Osisko. Nice parallels, but still a lot of work to do but early signs are good. One to watch for sure as it is still cheap. Plus their tailings project (600,000t @ 1.2g/t) could potentially net them $4M-$5M cash if they outsource the processing. Tyler Rice indicates that they are evaluating this and don't expect it to happen in the next 12 months which is disappointing but at least it is coming. The recent Maiden Resource of +1Moz puts them on a firm footing but what next? have a look at their presentation as it is well laid out and keeps it simple.
Company page: https://margauxresources.com
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Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Margaux Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Interview with Cobus Loots, CEO of Pan African Resources (AIM:PAF).
We don't tend to like investing in gold producers as they rarely perform for shareholders. But we like this one, a lot. The CEO is brutally and refreshingly honest. He spends lot of time pointing out the difficulties in mining and operating in mining and mining in South Africa. See the company Presentation and he spells it out there too.
However, they make it work. They have a long track record of producing gold and paying dividends. Last year they suspended the dividend payments their debt borrowing for the new plant was the focus, however, they are planning to pay a dividend (subject to shareholder vote in November!). The Audit Results are out today. The numbers are extremely encouraging and show a tremendous growth across the company. Cobus Loots talks about how they have done it and what the growth targets are in the short term. We were impressed about the way they think about capital allocation. Investing in their assets, they want to repay the debt on balance sheet, paying a dividend and how to deliver growth.
They still have a lot to do but think this team is rigorous in its planning and methodical is how it delivers its projects.
Company page: https://www.panafricanresources.com
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Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Pan African Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Interview with Stephen Roman, Chairman, President and CEO of Global Atomic Corp. (TSE:GLO).
Global Atomic started in 2005 and focused on Niger. One the best performing regions for uranium outside Kazakhstan and Canada. By 2007 they had tied up 6 assets and have developed 4 of them before settling on their main asset. The uranium development has been supported by their share of a zinc producer in Turkey. Global Atomic has a 49% share of the c.$26M EBITDA business . Last year they rebuilt the plant to almost double the production. This has been highly attractive and has allowed Global Atomic to grow the uranium business whilst others struggled.
Global Atomic is a highly experienced uranium management team who has produced uranium, and sold uranium in to the market. We think this is critical to the success of any junior uranium company. Not many uranium juniors companies can claim to be end to end and that is why so many fell over in the last cycle.
Stephen Roman tells us about doing business in Niger. The area that they operate in has been a producing uranium for over 50yrs. They have done 140,000m of drilling so have good picture of what the deposit looks like. Stephens talks about the grades and size of deposit. It is the largest high-grade sandstone deposit in the world. 250Mlbs @ today's price of $25 is c.$6Bn. But it's under the ground. Stephen talks about the economics of how much it will cost to get it out of the ground. What do you think of what he says?
Company page: https://www.globalatomiccorp.com/
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Interview with Andre Liebenberg, CEO of uranium ETF Yellow Cake Plc (LSE:YCA).We meet him whilst the WNA symposium was on to try to understand what a uranium ETF is. And how it provides a different option for uranium investors and more recently generalist investors.
The physically store uranium in a facility in managed by Cameco. He explains their thinking about coming to market in 2016. Peter Baccus had the idea as the interest from some funds started to appear. It has remained a difficult space for them and everyone else.
We ask why they do not want to raise more money yet. We are also intrigued to understand when the think the market price discovery will occur and we manage to suck it out of him eventually... And why is NAV important for an ETF like this. And what happens if you don't know what has caused your stock to trade at a discount to NAV?
And Yellow Cake's model is not about telling investors what to do. Yellow Cake takes the approach of letting investors make their own decisions without trying to influence them. A very passive company.
Company page: https://www.yellowcakeplc.com/
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Interview with Craig Parry, CEO of IsoEnergy (TSX-V:ISO).
In town to gauge the mood and meet investors. Uranium explorer CEO Craig Parry gives us his view of the WNA Nuclear Fuel Report. He agrees the Demand story is growing and performing but that the Supply side is lagging. Cameco needs to buy 12Mlbs by the end of the year. Or if they delay, they will need to buy 22Mlbs in 2020. Expectation is that this may drive the the price discovery in the uranium space.
IsoEnergy is an Athabasca basin project. NexGen is a major shareholder as is Cameco. For NexGen, IsoEnergy is effectively an exploration arm. Whilst Cameco may just see them as optionality.
Uranium Explorer IsoEnergy has done some drilling and defined a mineralised zone with good grades. Next year they will have 2 drill rigs operating and looking at uranium exploration and also infill work. We wait to see how they tackle the work programme and what results look like. With only $2M in the back they will have to dilute shareholders some more to raise cash. NexGen will put some money which helps. But this will be an expensive dilution given the lack of movement in their share price. The money will allow them to assess results and work out what to do next. Craig says they could look to add properties to their portfolio. We aren't sure this should be core focus given capital constraints. Their share price is static. He feels he can raise money easily. They haven't got a clear plan yet but they will be working out what they want to do in the next couple of months. So far 30 holes drilled; 17 holes recently. This a very early stage project. They want to spend $5M on drilling in the next 12 months. So they will need to raise at least that. Useful data for investors to calculate dilution v upside. Craig says IsoEnergy is constantly talking to institutional investors about raising capital. Or they could sell some of their non-Athabasca Basin uranium assets for cash. This would be low cash contribution or will, dependent on structure of deal, take a while before cash comes so is not realistically going to contribute to the next raise.
Lots of Nexgen Directors on the IsoEnergy board but they operate 'independently'. They need to prove the deposit is large and get a resource defined. So as a retail investor, Family Office or HNWI investor, depending on your investment strategy this may or may not be for you. We know what we think.
Company page: http://www.isoenergy.ca/
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Interview with Mike Young, CEO of Vimy Resources (ASX:VMY). Vimy is on a non-deal roadshow in London meeting investors and potential investors. And reports back that the mood in the market is good because the macro story is well understood. What questions were investors asking about: pricing, contracting, utilities and what Vimy's expectations are...
Demand is coming. What do investors know. What do they understand? Generalist investors want to know. That in itself is very exciting move in the market. When generalist investors come back in to the market it's a good sign.
Mike Young is great value entertainment but he also knows a lot and is very well connected. And does very good job of explain the short-term micro and how the financing in the space operates. And what is happening with supply deficit. Fascinating. Do both sides of the Demand/supply equation understand each other? Mikes says no.
Vimy is doing a refresh on the cost-side. And have been talking to debt providers. How are conversations going? How are they going to market to finance their project? They are looking for strategic partners, but where? And what does that look like. This is the most complete picture Mike Young has painted to date. Listen and tell us what you think. Leave us a Comment.
Company page: https://www.vimyresources.com.au
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Interview with Roger Lemaitre, President and CEO of Athabasca Basin located uranium company UEX Corporation (TSX:UEX).
UEX say the mood is starting feel like the uranium space in 2004....it's coming. UEX formed in 2001. They have 21 projects 18 in uranium and 3 in Cobalt in the Athabasca basin. That's a lot of projects. Their strategy is the develop the resources for when the market moves. Focus is on two main projects.
Roger Lemaitre positions UEX as a uranium company. But they want to see if the can create value with the Cobalt project and had talked about a spin out last year but got hit by the significant drop in the cobalt price. So how does a CEO mitigate risk and create value in difficult markets. So why didn't they get the spin out? Roger Lemaitre explains why. And what's it worth and what can he do with the cobalt asset. He gives us his view and tells us why. How much money have they spent developing the cobalt asset? And how does UEX plan to recoup that capital.
We discuss why UEX is at the WNA symposium and what they want out of it. Roger says the uranium assets are worth $50M. But they have a lot of assets and need to work out h
Growing the resource is their strategy. They are focused on two projects which have PEA's. He is indicating $48 breakeven. So how does UEX prioritise?
Company page: https://www.uex-corporation.com/
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Chief Nuclear Officer and economist Julian Tapp of Uranium company Vimy Resources (ASX: VMY) did his own research in to the nuclear market and his findings told him that the WNA Report was inaccurate. So he got involved in putting this new and improved version out. So does he like it?
As an economist Julian loves getting in to the detail. He helps us understand what investors should be focused on. And who are the winners and potential losers? Can the 3 biggest players control pricing and effect the chances of juniors getting in to production? Julian gives us his opinion. The pricing matrix is very delegate. Manipulation or markets? Discuss.
If you believe the WNA Nuclear Fuel Report is an important catalyst you need to understand what's in this report. Julian tells us why the report is more commercial and has more rigour in the process of putting the information together.
Company page: https://www.vimyresources.com.au
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Interview with Dustin Garrow, former Paladin Director, and industry advisor to Uranium companies, Uranium ETFs and Uranium Funds.
Dustin Garrow was involved in writing the WNA Nuclear Fuel report , especially the Uranium chapter. A lot of investors on social media are seeing the findings of the report as a signal for a recovery in the Uranium price. We ask Dustin Garrow if this a realistic assumption.
Analysts say there needs to be production at higher price. This report says 'yes there needs to be more investment in the fuel cycle and particularly Uranium. So everyone is saying the same thing. The Demand forecast marginally positive. Dustin tell some of the factors for altering the data from companies to show a more realistic outlook.
Will some of the junior Uranium companies fall off the cliff if the price discovery takes longer than hoped. How will their strategies need to change?
Cartain is still not here, but the mood is more positive. Dustin Garrow saw 10-12 investment groups which is more than have attended more many years. Not a lot of the US utilities. He talks about conversations with generalist investors. And also an update about the 90 Day Working Group.
The report has previously had a reputation of being vague. But a lot of hard work has gone in to making it a little bit more commercial. But it still avoids talking about the economics! It doesn't talk price. Surprised, we were. But it does now discuss long-term contracts and term market.
Did you know that the EU and US represents over 50% of the Uranium requirements. 1.9Bn lbs of Uranium, and 90% was on long-term contracts.
Did you know it used to be an internal document at the WNA.
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Interview with Daniel Major, CEO of GoviEx Uranium (TSXv: GXU).
Daniel Major tells us he is seeing a lot of optimism at the WNA from big suppliers because they sense the market is turning. How quickly is to be discussed? And why he has been looking forward to the WNA symposium. Is it another benchmark? We discuss KazAtomProm and Camecos' messages into the market. Some huge contracts need to be delivered in the market. the macro story is generally accepted as being very positive. But when does it move. Nothing is happening..... so Daniel argues the case for slow and steady growth.
Sure we discuss Section 232 and the 90 Day Working Group. Tariffs, quotas and subsidies off the table? Is it all a great unknown or do some people know who ends up paying for it. And are utilities much calmer about it. Let's see what happens October 10th 2019.
We discuss doing business in Niger. Uranium mining has been happening for 50yrs with the French. Now also Chinese and Russian operators. However Orano is closing their two large operations down. Listen to the impact and opportunities as explain by GoviEx Uranium. The Niger government is keen to replace these taxes and royalty revenues, not to mention jobs. Morocco is investing in to the country. They have built and opened a new airport. The infrastructure is strong because of the existing mining operations.
How can GoviEx Uranium prove to the Niger government that they can get funded and get into production. What are the problems that are encountered? And how much evidence needs to be presented? Is it just a case of the paperwork or introducing the financiers? Different countries require different levels of certainty. And lots of Western companies don't always know and fudge the issue. We were keen to discuss the evidence required.
The most recent revised and optimised DFS suggests that GoviEx can get in to production in 3yrs...subject to financing being in place. Those discussions have been happening on a casual basis but GoviEx is waiting to the uranium price to get to a point that is economic before firming up on those conversations. And also strategic partners. Are there any? Daniel lets us take a peek into their thinking and conversations around raising capital.
Lots learnt from this conversation and lots to think about for investors.
Company page: https://www.goviex.com/index.php
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Interview with Mark Chalmers, CEO of Energy Fuels (NYSE: UUUU).
We meet Mark Chalmers for the first time as he comes to London as part of his European Roadshow before he heads to New York to talk to more investors and potential investors.
Top Three decision making criteria when investing:1. My big takeaway from this discussion, and one I would encourage retail investors to look at and do their homework on, is that uranium mining is not easy. It is complicated.So if management teams have not been through a cycle before, have not produced uranium and sold uranium into the market before that would make me extremely nervous. Those management teams, to use I phrase I heard in this interview, do not know what they do not know.2. The other element that is really important is that uranium companies now more than ever, before the market turns, need cash. Cash is king. Those without cash will struggle. There is only so much waiting and cost cutting that can be done. Energy Fuels has +$40M.3. The asset or assets need to be good. Grade and technically. What infrastructure do they have in place. The big win for Energy Fuels is their mill .functioning and operating. the only one in the US. It can process either Uranium and Vanadium.
mark Chalmers has had a lot of criticism for submitting the Section 232 Petition but he argues it was necessary but reluctantly done. He is honest and open. What do you make of his positioning in the market. And do you think Energy Fuels has what it takes to get a seat back at the table?
Company page: http://www.energyfuels.com/
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Interview with John Borshoff, CEO of uranium company Deep Yellow Ltd (ASX:DYL).
Second, John Borshoff tell us his plans to move Deep Yellow forward. He raised $15M 3yrs ago and bought their asset. He also raise $11M three months ago. He is now targeting available assets and building an asset pipeline to deliver a global portfolio. Originally Deep Yellow was a develop arm of Paladin Energy but it didn't do much. Didn't venture. It is a contrarian on a supply dynamic. It's not complicated share register which John Borshoff consolidated the shares down in number.
It currently has a Namibian asset. He says that it is a good jurisdiction for mining and the assets had been under-explored. But they driver for him is to build a multi-project platform in multiple jurisdiction. He has a team who have delivered and built uranium projects and more importantly sold product into market. He has brought some of the band back together to see if they can take advantage of the low prices to pick projects up cheaply.
His thesis relies on the uranium price remaining low for the next 12-18 months and getting funds to back his thesis now. He feels he has access to institutional capital and is being approached by other juniors uranium companies to partner. That is an interesting statement for several reasons. It suggests that some of the c.40 juniors are struggling to raise cash or don't know what they need to do next.
My take-away from the past few days of interviewing uranium company CEO's and the last few months is that if the management team doesn't have a track record in uranium it is going to be tough. Running a Uranium company is harder than conventional mining operation. And they need cash. Listen to this video to understand why.
- Namibia - they have built mines, new processing in place, patents2. Developed a tier 2 project and created a tier 1 project. All driven by efficiencies3. Track record of the management team4. Increased resource base by x3. Built on the previously spent $50M by spending an additional $5M smarter.5. $17M in cash
John Borshoff feels that because there has been a shift in attitude about the green revolution. Nuclear energy is a part of the solution and is being talked about in a way it wasn't before.
Company page: https://deepyellow.com.au/
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Interview with Brandon Munro, CEO of uranium company Bannerman Resources.
Brandon Munro was on the team who put the WNA Fuel Report together. The Nuclear Fuel Report looks at the entire nuclear fuel cycle. It starts with uranium, through conversion, enrichment and fuel fabrication and secondary supply. But it also needs a demand picture. Brandon was the co-Chair of the Demand committee. The nuclear industry uses the report, policy makers and reference tool for the financial sector.
The feedback is largely very positive about the changes that have been made to the report. It had lost its credibility. There was a lot of economic data missing and miners perspective was missing. So a lot of work has gone in to the new format report. It does not include uranium pricing data because of anti-competitive concerns. So why is the WNA Nuclear Fuel Report important? What does the report tell the market? How influential is it? It's been put together by industry players. So not entirely independent but probably more realistic. We discuss the tussle between the buyers and sellers in the uranium market. HEAR Brandon Munro explain why it is important to investors, the market and how it impacts uranium companies.
Brandon also gives us a unique insight in to the Japanese inventory story that surfaced recently. Worth a listen on its own as to how stories percolate. Heard of perfumed uranium? And of course, defabrication?
Bannerman Resources is a very large Namibian uranium asset.The largest undeveloped DFS project in the world. Pilot plant programme has been run. they understand how to build and produce the project. The DFS was completed in 2012. It says they can produce +7Mlbs pa. Can they raise the capital to build the project at the point when the make the decision to get into production. They have environmental and social approvals. They need c.$700M and will take 3yrs to get in to production from confirmation of financing. Brandon says his only concern is uranium price as that allows them to show the economic viability as part of the mining permit process. they have not started any conversations with financiers. What do you think of his explanation? Leave your comments.
We ask him what the end game is? He talks about how he thinks this project gets financed. Can they mitigate dilution. He paints a picture of how they potentially exit. Have a listen and let us know if that makes sense to you. So much learning in this. A smart individual with a frightening understanding and interpretation of the uranium market. We could listen all day to him. You'll enjoy the next 38 mins.
Company page: https://www.bannermanresources.com.au
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Interview with graphite company Director Eric Desaulniers, President and CEO of Nouveau Monde Graphite (TSX:NOU). Listen to why graphite is finally getting noticed.
Nouveau Monde Graphite (NMG) found their discovery in 2015. They set out to build a large graphite business at the time when graphite was fashionable in 2012. And by fashionable we mean fundable. Initially identifying 20 anomalies before finally settling on the Tony Block.
NVG is an advanced stage project. now moving in to the phase of building pilot plants and they built a team who have the experience in building a mining business. Nouveau Monde Graphite hired a lot of the Imerys staff when Imerys Graphite & Carbon shut down their North American operation to focus on the Namibian asset, including Carl Trudeau is the COO (nicknamed the Sheriff). A highly experienced operating team who have experience is running a successful graphite and carbon business. It is a Switzerland based operator. Plus a a large team of people with construction experience in building the plant.
Nouveau Monde Graphite has an off-take agreement with Traxys, a large logistics, finance and trader business in the commodity space. They are worth several billion dollars. Traxys is interested in the graphite refractory market as they have a strong sales channel. This is just a joint marketing agreement; it is not a pay & play agreement yet. NMG hopes for a take & pay agreement once they are looking at putting financing in place.
NMG has a number of products based on the 'Mesh' size , all of which have different applications. Foil, Refractory, Battery markets. This mean thinking about what type of output you need to produce, which means what type of plant do you need to build. NMG have a very diversified size of flake.+50 mesh $2,000 Large flake mesh $1,500Medium mesh $,1000 Fine flake $800
Spherical graphite is required for battery manufacture. So NMG is building a spherical graphite demonstration plant to prove they have the right source of graphite. As well as Flake Demonstrating plant which is producing materials for potential customers to test. NMG says it is an important process for graphite manufacturers to prove the processes work before spending hundreds of millions of dollars. They have been able change their flowsheet from the BFS because of testing but also because it helps alleviate customer concerns. The key for Eric Desaulniers is the ability to be able to train people at the right pace.
There is lots to like about how NMG has put this project together. It's intelligent and thoughtful. Next stage for them is prove that they can get this project funded. Having Pallinghurst as a major investor is important. How exposed Pallinghurst is willing to be or how much control they will demand are potential concerns. They have recently come in on the private placement. Our only negative is that they do not seem to understand how to work the market. We didn't understand what the plans are to promote the business and how they intend to drive liquidity and volume of trading. It's a weak link and probably the only thing that would stop us investing. The shares have suffered and we didn't hear anything as to how they know how to affect change.Great conversation. We will continue to watch.
Find the Company Presentation Here: http://nouveaumonde.ca/wp-content/uploads/2019/08/2019-08_Nouveau-Monde-Investor-Presentation-August-2019.pdf
Company page: https://www.nouveaumonde.ca/en/
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Interview with Mark Smith, CEO of Largo Resources (TSX: LGO).
Vanadium producer Largo Resources has a large market cap c.$730M (today) producing the highest-grade Vanadium in the world. It's also the lowest-cost producer. They are targeting sales to the high-purity Vanadium market. This smells like shareholder value in all but share price. We find out what they are going to do about share price. We ask Mark Smith about his plan and how he is going to deliver it.
Largo Resources focuses on hiring the right people to make the right decisions to continue to build and grow Largo Resources. We can't argue with that logic. The genesis of this business was taking publicly available data and re-interpreting the iron resource and focusing on the Vanadium potential. The metallurgical work proved the hypothesis right. However, since then, they have got in to production quickly (testament to the management team). They have also increased the production levels by 25% with the new plant expansion project.
Largo Resources is coming to the end of their off-take contract with Glencore. This is a huge opportunity to improve their margins by targeting the high-purity market. Largo has understood the need to recruit the right people to be able to sell in to these markets. High-purity equates to premiums and high-margins. This is good for the bottom line.
It is clear that Mark is focused on shaving costs off the bottom line and increasing the price achieved for its sales. In other words maximising profits. This commercial attitude to achieving margin means that Largo Resources is not talking the well worn distraction technique employed by other Vanadium companies of talking about VRFB. Vanadium Redox Flow batteries will be brought back to the table when it makes economic sense for the immediate term but it is not a focus. Is this the right strategy or should they be investing in the future? Mark responds.
Mark talks about his view on Vanadium pricing in the market and what the future looks like for Largo Resources. He feels the production will be inelastic. China has changed and is delivering on its environmental claims and enforcing the rebar standards.
The drilling programme suggests that Largo may be able to extend their life of mine for another 12 years. Let's see how this develops and how it models out. Mark outlines their strategy on how they develop the satellite. Plus the move to a 100% local workforce coincides with an increase in productivity.
Largo Resources is now debt free but the market has not rewarded them for it. We ask why? This is a company that feels like it knows what is doing. Not only terms of developing the assets but also in terms of how it sells in the market. The price of Vanadium is way off its peak but those were extraordinary days. Mark feels that the future price of Vanadium will settle to around $15-$17, which is twice todays price. The Chinese reinforcement of the rebar standards will drive this, then Vanadium producers will obviously benefit. What is interesting to us is Largo Resources ability to tap in to the high-purity market. Watch this space.
Company page: https://www.largoresources.com
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Interview with Trey Wasser, President and CEO of Ely Gold Royalties (TSXv: ELY)
Ely Gold Royalties is a young company. They have been around for 3 years and are focused on Gold properties in Nevada. They have a portfolio of 33 gold royalties and sold 20 gold properties sold on an option programme and retained the gold royalties. There is an additional 25 gold properties which are available for sale.
A gold royalty is a share of the gross revenue off the top line of a mining operation. The most common being the Net Smelter Revenue (NSR).
For us to invest in a gold royalty company, we need to believe that a royalty company can identify good project and can write proper contracts. Trey Wasser and his team have come from a traditional gold exploration background and have a track-record of identifying gold properties. And have sold projects to Newmont and Osisko. This track-record should lend comfort that they understand the technical aspect of mining properties. Trey talks us through the process they go through.
They employ a cookie cutter approach. Gold. Nevada. Small royalties. So they have learnt ropes with small exposure and risk. It has allowed them to be very niche and free of competition as the bigger Royalty companies don't play in this area. However, now the business is starting to grow and the royalty amounts are growing and the returns are increasing. They will look to raise money as they feel they have the ability to deploy the capital. And they need smooth and consistent revenue. This is going to be driven by the strategy and focus going forward so find out what say they are going to do.
They have a blended approach to the types of properties that they have. Exploration, development and now producing properties. The Board is full of experienced... Bill Sheriff has a long database of properties. Will this allow them to complete at the lower end but we want to see how they intend to deliver growth. At $40M it is a small company. Shares are up 160% over the last 3 years. How do they continue to grow? What are their plans? At what point do they start to see increased competition. Trey tells us. Tell us what you think in the comments.
There are some meaningful investors involved. Eric Sprott. Rick Rule. Money is available. Does Ely Gold Royalty have the potential to re-rate soon? And when do they start to pay a dividend? We like Royalty companies but is this one of them? Find out by watching this interview.
Company page: https://elygoldinc.com
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Interview with Igor Gonzales, President and CEO of Sierra Metals (TSX:SMT). Tell us what you think in the comments below.
The fundamentals of Sierra Metals are good and the company is effective, safe and robust. However their share price has been negatively affected by the need of a significant shareholder, Arias Resources Capital, needing to off-load up to 30% of the shares. Arias control s 52% of the shares so liquidity was an issue previously. The market knows this and despite successful operations on the ground, the price is being held back. We try to find out how the company is resolving this issue. Let us know what you think about their response to this in the comments below.
Sierra Metals is a South America brownfield and greenfield focussed Silver, Copper, Lead and Zinc miner. $290M, NPV c. $500M. They have paid back a $34M of debt and $15M revolving credit back by restructuring their debt, currently at $59M. Revenues are $52M with $13M of operating cashflow, to fund their capital requirements and operating costs. 2019 is a year of heavily capital costs as they will be investing $83M.
Sierra metals is one for new investors. Existing long-term shareholders may also feel that the share price will eventually be resolved. Short-term holders and traders will be less satisfied.
Two new 43-101 due by end of the year and and other in Q2/20. Lots of infill drilling. Brownfield and greenfield exploration is foundation for their strategy going forward. And producing. And open to JV's and partnering. A good track record of delivering improvements in operations. They are generating cash. Operating in two countries with good mining codes and taxes. Good infrastructure and in the right mining jurisdiction. Lots to like on the mining side.
Company page: www.sierrametals.com/home/default.aspx
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Interview with Jerko Zuvela, Managing Director of lithium explorer and developer Argosy Minerals (ASX:AGY).
Argosy Lithium has recently made a lithium brine acquisition in Nevada USA. We ask why, and if this could be a distraction to their core lithium business in Argentina. We appreciate the mitigation of country risk especially considering recent political and exchange rate turmoil in Argentina.
Jerko gives us an update on the PEA (they have not updated the numbers since the drop in lithium price) and talks to us about Argosy's hopes to convert the Mitsubishi relationship from an off-taker to a being a strategic partner. And we discuss the timing of that. Argosy Lithium has raised AUS$9M in April and have AUD$7.5M at the time of this call. They also tell us about the need to raise an additional AUS$14.3M to finance their interim 2,000t plant and their hopes to get in to small but economic production. How will retail investors react to this dilution and what precisely does this prove and to what end? What do you think? Leave us a comment.
Their main asset is in the Salta Province in Argentina which is a prolific low-cost brine lithium region. Argosy Lithium has a team of chemical processing experts which was a key deciding factor as to why they took up the option to buy the Nevada project. It was a cheap option but possibly a distraction and a cost. They need to decide where they are going to spend their time. Jerko says it is low risk, low cost to move it to the next stage. At that point they will decide how to develop this option.
Jerko feels that new entrants don't have chemical processing expertise and will stop new entrants getting in to the market. Morgan Stanley suggest that Argentina, Australia and Chile will contribute to an additional 500,000t of lithium in to the market by 2025 which is twice the current levels. The question then is, will demand outstrip supply or will this new tonnage drive the price down. Again Morgan Stanley is suggesting that the price will go to c. UAD$7,300 by 2021 (almost half the current rate).
Argosy Lithium has the usual small company problems in a challenging lithium price market. Lithium is a dirty word in Australia and ASX lithium companies are struggling with liquidity and to raise finance. Argosy is no different. Existing shareholders need to believe it will work but the share price has been dropping for over a year. Management hope that the upcoming milestones and deliverables will make a difference. That is the hope of many companies in the market. That is why we are interested in understanding their business plan, their strategy and who and how they intend to deliver it. Let us know in the comments section whether you think they clear articulated this and if you would invest based on what you heard.
Investors need to make decisions based on cold hard logic. We ask difficult questions so you get answers to be able to make intelligent investment decisions.
Company page: http://www.argosyminerals.com.au
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Interview with Dustin Garrow, former Paladin Director, and industry advisor to Uranium companies, Uranium ETFs and Uranium Funds.
He explains why the Section 232 Petition was an unfortunate but essential and necessary step to get noticed. The new 90 Day Working Group has the remit and remedy to make sure US Uranium companies He discusses term contracting, upset Uranium investors, new Uranium, enrichment and investors utility companies.
Are Ur-Energy and Energy Fuels are being engaged by the Working Group? Do they get a seat at the table? What do US Uranium producers need? What are they hoping for? Who will be the winners and losers.
The World Nuclear Symposium in London in September is pretty thinly attended by the US utilities. Where are they going instead? What is being discussed?
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Interview with Darin Labrenz, President & CEO of Gold Developer Pure Gold Mining (TSX-V:PGM). If you want to invest in mining or invest in Gold, you need to be sure about the company's strategy and the management team's ability to deliver. Pure Gold recently closed a debt financing agreement with Sprott for $90M. This follows closely on from an equity raise in July for $47.5M. This means that they are fully financed through to production by the end of 2020. The company is hoping that their story will mean investors invest in Gold in Canada.
Investing in mining has slowed down in Canada in the last two years. Investing in stocks such as PGM has been slow too, especially compared to its peers. Darin Labrenz explains why now is a good time to look at Pure Gold Mining and mining stocks in general. He tells us why investors should not be nervous about their mine plan following the Feasibility Study. This is a large area play which needs planning and investing in Gold mines is expensive so investors need confidence.
Company page: http://puregoldmining.ca/
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Interview with Peter Canterbury, Managing Director of Graphite developer Triton Minerals (ASX:TON) - Focusing on large flake Graphite. The company is realistically looking to supply the fire retardant market. And eventually the EV growth market. Fully financed?
Two things drive the value of Graphite.1.High purity2. Flake size - important for expandable Graphite
Peter talks to us about the investment by Jinan Hi-Tech which gives them a 34% equity stake in the business. But what does it means for the company? He starts to tells us more about the financing and what the impact will be. Does this allow the company to be non-dilutive going forward? Two new binding contracts account for 50% of the output. Who are the off-takers? And what exactly does Jinan Hi-tech get out of this?
Developing a Graphite mine in Mozambique East Africa, near Pemba port.
Company page: https://www.tritonminerals.com/
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Interview with Justin Tremain, Managing Director of Gold explorer Exore Resources (ASX: ERX)How does Exore Resources stand out in a busy field of gold Explorers? The Birimian Greenstone Belt has over 60 +1Moz gold Resource companies. Which one should investors choose? Exore is in the right region but also leads to a challenge about how to get investors to notice them. We listen to what Justin Tramain has to say on the matter. One of the big plus points is that they have $10M in cash to be able to choose what to do next. We find out how Exore intends to spend their money to create actual shareholder value. What's the exit?
They are looking to deliver a maiden Resource in the next few weeks. Hoping to deliver 400,000-5000,000 oz. Hear about that. Also we talk about their strategy. What is Exore doing about promoting their company to retails and what are they saying? We want to find out how they are differentiating themselves in front of institutional shareholders. All licences and permits in place for now and hitting comparable grades for the region if not slightly higher.
See what you think. And let us know what you think about their positioning and ability to deliver.
Company page: http://www.exoreresources.com.au
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Interview with Darren Klinck, President and CEO of Gold Developer, Bluestone Resources (TSXV: BSR)Cerro Blanco was originally developed by Gold Corp and had $170M of underground spent to date + $60 on a geothermal project. Acquired in 2017. Currently putting project finance together. Feasibility Study shows 34% IRR. Producing 146,0000z a year for first three years driving early cashflow.
Cerro Blanco will generate more cashflow than its current enterprise value in the first year of production. It's fully permitted. So now they are focused on identifying the best finance solution for this project.
Low market cap. Not being given value. We trying and work out why. How are they telling this story in the market? Bluestone has a strong institutional investor base, including the Lundin Family.
Company page: https://bluestoneresources.ca/
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An Interview with Julian Treger, CEO of Royalty & Streaming company Anglo Pacific Group (LSE: APF, TSX: APY). Understand the difference between a Royalty and Streaming finance. Also understanding that Royalty and Streaming companies are finance companies, not in this case a mining company. It is however a good way for investors to get de-risked exposure to the mining sector and pick up a dividend too.
A Royalty is where the company take cash in exchange for a share of the company or a percentage of of the revenues. So a combination of production and the price that they get for the commodity. Streaming is more like a contract around a specific amount of the commodity at a fixed price. What both have in common is that they are structure finance, where the deal are wrapped in complex financial and legal terms which protect the Royalty and Streaming company.
The terms offered need to better than what else is being offered in the market.
Company page: https://www.anglopacificgroup.com/
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Interview with the Mercenary Geologist, Mickey Fulp. He doesn't think Battery Metals companies will struggle. Battery Metals prices spike and fall as they have small volumes and also have no Futures market or no Options markets. Specifically Cobalt, Vanadium and Lithium. The EV market isn't ready yet.
The Uranium story runs and runs. If the 90 Day Working Group don't issue some form of quota, how will the US Uranium Producers and Developers fare? We discuss Gold, Copper and Uranium. We talk about Energy Fuels. What would you do with White Messa? Mickey Fulp talks about America. President Trump's ups and downs in the market. Will the tariff war with China be ultimately bad for business?
He gives us his investment hacks for identifying the right commodities and the right companies. Gold miners are doing well because the 6yr high in gold spot price. What are the cyclical events to look for? What is the timing? What do the companies need to have? What does the mining asset need to look like and what are the characteristics? Every considered Royalty companies? This is a particularly interesting section for investors.
Rare Earth companies will also struggle. Invest in the processing businesses... Hope you enjoyed this 'Letter From America'.
www.themercenarygeologist.com
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Interview with Mike Alkin of Sachem Cove Partners. Uranium investors are a very passionate crowd but sometimes focus too much on outcomes and not fundamentals. The Uranium price needs to go to $70. Can Uranium go higher? Sure. Does it need to? No.
Something here for new investors to uranium as Mike explains the back story to Uranium. But also for uranium investors who have been in this story for the last two years, Mike explains why and where the fundamentals have got better. If you hold uranium stocks this is a very comforting conversation.
We also discuss whether Energy Fuels and UR Energy should have submitted the Section 232 Petition. Would 'price discovery' have occurred? Where would the uranium market be now without it? He tells us about his discussions with the US Department of Commerce. We ask him where he sits on the issue of subsidies for US nuclear reactors. Will there be relief? What is going to happen with the Presidential 90 Day Working Group? Are the utilities conflicted and are there too many issues to resolve in such a short space of time?
Investment hacks - You need to buy a 'Bullshit-ometer'. Desperate companies need to survive. They play the pound in the ground game. And that sometimes make the numbers change. How important is the jurisdiction? And you have to ask how this uranium cycle plays out. How important is the US? How much of your portfolio would you bet on one company?
We discuss:Section 232 decision90 Day Working Group and their RemitCameco's Conference CallSupply and Demand Gap Investment Hacks
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Interview with Peter Reeve, Executive Chairman of Uranium Explorer, Aura Energy (ASX:AEE) and on (AIM: AURA). Peter Reeve worked with Robert Friedland at Ivanhoe. He explains the thinking behind their uranium and vanadium strategy and how they intend to deliver growth for shareholders. They have a team with big company experience but now find themselves starting up a junior miner, specialising in uranium and vanadium. We ask Peter Reeve if he and his team have the relevant experience to do so. Have they got the ability to raise capital in this market. Do they have knowledge of how to market themselves to enhance the liquidity and volume of trading? Do they have specific uranium and vanadium mining experience? And how are they remunerated? This is a tough environment for both these commodities, so what does this management team think they need to do to circumvent the obstacles in their way? Find out in this hard hitting interview.
Aura Energy has three assets in two countries. Tiris is a uranium play in Mauritania. Aura energy has just released a DFS which suggests that this is low capex low opex project capable of generating nearly £1M pa of free cashflow, assuming licences & permits are granted and no holdups. Potential for a farm in? It is currently a small project as Aura Energy has decided to get in to production early rather than develop out the Resource. They believe that the cashflow from this asset will allow them to fund most of the exploration for their second asset in Sweden which is a Vanadium project. The third asset is a very early stage Gold & Battery Metals project.
Haggen Project in Sweden has the potential to be large but as yet not a lot of drilling has occurred. Previous owners had spent £20M but unsure as to what it was spent on. Aura Energy is talking the usual vanadium explorer/developer game of Vanadium Redox Flow Batteries (VRFB) but that is far from reality. They indicated that they are in discussion with a battery manufacturer. We don't know the nature of this conversation given this is an exploration play. A scoping study is due in late August.
One large concern is the CEO's remuneration which is out of kilter with a junior miner of this size and stage. In our opinion this should be target driven and rewarded against set deliverables.
They have appointed SP Angel who will be providing a coverage note soon. We wait to see what this Paid for Research looks like and what they choose focus on. Truly independent research does not exist for retail and brokers cannot afford to provide it.
Being able to producing Yellowcake is a great academic exercise. But what we want to understand is at what point are you able to do so economically? Too many factors that are not in this companies control to be able to answer. We find out what they have to say though.
Company page: http://www.auraenergy.com.au/
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Interview with Mark Chalmers, CEO of Energy Fuels UUUU
Mark discusses Section 232 and how the Presidential Memorandum has been received the Uranium Market. Speculation is abound as to what the The 90 day Working Group has been asked to do and what all the possible outcomes will be. Some say Section 232 is not dead for the US Uranium companies. Others say that this has led to a much bigger discussion for Nuclear Fuel Industry as a whole. The Memorandum says it is to look at Nuclear Fuel Production. What is clear is that despite the continued uncertainty for fuel buyers and uranium companies, everyone is claiming it as a win, albeit one which leaves sour taste in the mouth. Mark Chalmers has no regrets.
And what exactly will be decided in 90 days? It took over 12 months to respond to the Section 232 petition. Will US uranium production be used only for Department of Defence needs? And what does "domestic uranium production concerns to be addressed" mean?
Just how annoyed are the utility companies with Energy Fuels. Will they be punished? Plus just how many friends do Mark and Amir have left in the Uranium community for submitting the Section 232 petition and paralysing the contract market?Is Energy Fuels prepared? Does it have enough cash? And will it use the White Mesa Mill to bend others to its will?
The good news is that the macro story is strong. And perhaps the outcome of 232 and the 90 Day Working Group don't matter. Let's see what Mark Chalmers has to say.
Company page: http://www.energyfuels.com/
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Interview with Daniel Major, CEO of GoviEx Uranium (TSXv: GXU) - In the aftermath of the Trump Section 232 Petition announcement, the Uranium market continues to be in a period of uncertainty. Utilities still cannot plan for Uranium contracts. In the meantime Uranium stocks dwindle to previously unseen levels. Cameco has broken ranks with their press release last week to say that they would start to buy Uranium in the market later this year but it has not set off any additional buying. We talk to Daniel Major about his thoughts on the 90 day Working Group put together by Donald Trump. Is it just kicking the can down the road? Will the US Uranium companies benefit from this review. It is hard to tell as the remit of the 90 Working Group is unclear and if this review process will be extended. SO the uncertainty continues.
Have the experts been calling this wrong for 3yrs of have they just got in early? Could investors have been investing in other things for the last 3yrs and walked back into the Uranium market today? Maybe.
The macroeconomics of the Uranium investment story get stronger by the day. But for most public stocks and most exchanges about 70% of companies will be over valued. Investors will invest in companies that are doomed to fail. So we discuss the fact that the basic rules of mining still apply to uranium companies as they do for other commodities. Investors need to understand the fundamentals, low AISC, grades, management track record of making investors money, jurisdiction, cost and availability of funding, mineable ore, time to production...
Company page: https://www.goviex.com
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Interview with Marshall Koval, CEO of Luminex Resources (TSX-V: LR), a Gold Explorer and Developer in Ecuador. Part of Ross Beaty's Lumina Group. A very experienced management team with a track record of delivering returns to shareholders on Copper and Gold projects in South America.They have earn in deals with BHP, Anglo American and First Quantum in place.
We discuss these topics and more:Lumina Group Structure and Track Record: Raising $175M & Giving Back $1.5B to Shareholders Mining in Equador Shareholders and Breakdown of the Corporate Structure JV's with BHP, Anglo American and First Quantum
Company page: https://luminexresources.com/
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Interview with John Dorward, CEO of Roxgold (TSX: ROXG). Really digs in to the strategy and thinking behind the companies approach to Gold mining and operating Gold mines in West Africa. A PEA is due end of 2019 for their recent acquisition of the Séguéla Gold project in Côte D'Ivoire.
Their share price has recovered since the selling by M&G and Wellington mid 2018. Historically Roxgold has been a low traded company because it is held by Institutions but Roxgold is now seeing large volumes trading and volume. And now they are close to being listed in the GDXJ (market cap of +$150M and trading over 1M per day) for investors looking for ETF trading as an option. Roxgold can build the company and grow it without raising any more capital, unless they find a large producing Gold asset. The goal is to acquire a 3rd asset similar to Yaramoko and Séguéla. They are more like a real business as opposed to a mining company which tells us they understand the needs of investors. Different ways of rewarding investors - dividends, buybacks, cost cutting, investing in infrastructure, investing in future growth.
So how do investors make money? If they are to look at an exit it's a necessity to work within mining cycles. Roxgold management want to have 3 projects plus one world class asset, a game changer. Compounding earnings and keeping share count low is a priority for them. Can investors get cash in hand or do prefer having cash reinvested by company at higher and higher rates.
The gold price is moving and the market is changing but it is unpredictable. Precious metals is looking good. Achieving $1,800 Gold again is easy. Liquidity is coming back in to the market.
We discuss these topics and more:Drill AnnouncementPiecing together the Company StrategyFundamentals of Mining in Africa and the Competition in the CountryPossible Gold Market Prediction
Company page: http://www.roxgold.com
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Interview with Corey Dias, CEO Anfield Energy (TSX-V:AEC). Corey opens up about the detail of what his strategy is and how they plan to deliver it.
How do junior Uranium explorers survive in this environment and what do the spend their money on? Anfield Energy believes it is near production than any of the currently non-producing uranium companies so ready to take advantage when the market turns. The majority of its Uranium assets are in the USA. Both ISR and conventional hard rock Uranium assets. Initial focus is on Wyoming ISR asset. The nearest term asset which is the Charlie asset. Long term focus in Utah and Colorado and conventional Uranium assets.
Corey Dias has a finance background. He positions Anfield Energy as an M&A company. Market cap is $14M today and have recently closed a small raise of $3.6M. $2.5M to be spent on reclamation bonds and G&A. $500,000 to use on Charlie in the near term including PEA and well field work and permitting and licensing. They will not move the PEA to a PFS. Does Anfield Energy have the ability to work out what it needs to focus on and then raise enough capital to be able to deliver value or even a commercially viable business.
With c.35 assets Anfield Energy does not have enough cash to conventionally take these projects forward, so they do not focus on exploration. Anfield's strategy is to look for historic resource and get the report updated by an engineering firm. Anfield has completed three 43-101 to date and will try to identify the next best 10-12 assets and complete a 43-101 on those. This would cost c.$1M to do. The ideal is top be able to 10-15Mlbs on top of the 4Mlbs from Charlie for 20-30yrs.
Charlie is a State lease in between 2 Uranium One mines, who they will be partnering. Uranium One will be process.
Anfield Energy has acquired a mill, one of three operable, in the US. The mill was built in 1982 and ran for 4 months!!! And has been in care and maintenance ever since. There will need to be some money spent to update certain components, $25M-$30M. They paid $7.5M for it and some associated Uranium assets.
There is a Vanadium component but is not as yet economic as it would need to be at $10 for it to be economic enough to put a circuit in.
Corey Dias wanted a quota outcome from Section 232 with a setup for US Uranium miners.
Company page: https://anfieldenergy.com/
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Interview with Ross McElroy, Uranium COO and Chief Geologist of Fission 3.0 Corp. (TSX-V:FUU). Another small Uranium explorer speaks to us and tells us how they think they can make it. Fission 3.0 are in the Athabasca basin and believe they have picked up some quality assets.
We interrogate them about how long it has taken to get to where they are today and why they think that investors should think about investing on this Uranium exploration play.
We talk about these topics and more:1. Relevant team experience with Uranium exploration2. M&A and their financing options3. Their strategy for growth and their model to make it attractive to shareholder4. Targeting projects: uranium winners vs picking up scraps in the Athabasca basin
Company page: https://www.fission3corp.com/
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Patrick Downey, President and CEO of Orezone Gold Corp (TSX-V: ORE) is very optimistic about what they have and how they can drive this business going forward. The technical aspect has been de-risked significantly, they have lots of drill data, a much more simplified mine plan from the one they inherited, good jurisdiction to work in, a small CapEx, short time to production, and possible about to re-rate when the imminent debt component is finalised. One we have a lot of comfort with and take great interest in Orezone Gold.
A great West African gold story, with a very simple and effective approach to mining. The management team has a long track record of making shareholders money by creating meaningful mining businesses. They have increased their NPV by $140M since we last spoke to $360M.
Their project in Burkina Faso is surrounded by large Gold companies such as B2 Gold, West African Resources, Endeavour, Semafo. They also have large gold investment funds such as RCF, VanEck, Equinox and Sun Valley invested.
Company page: https://www.orezone.com/
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Interview with Bradley Langille, President & CEO of GoGold Resources (TSX:GGD). Gold producer who has created $Billion gold mines thinks this could be the best project he has ever worked on.
This gold company has all the cash it needs and is now starting to focus on retail investors and helping them understand the story. Brad believes this is the best asset he has ever worked on by increasing the amount of media and stories in to the market.
Operating mine is delivering better and better gold producing quarters. A big inventory of copper and cyanide will pay back in 6 months. Los Ricos has 2 drills turning now for discovery holes trying to identify a new ore shoot. Q1 2020 to publish a Resource and continue to assess drill data and metallurgical data. From here they will do testing and they have a picture which they are trying to prove.
Lots drilling done so far and lots data. This is going to be a multi-million ounces resources and the creation of a world-class deposit. This is a high-grade ore zone which needs to be developed. This can be a top 5%-10% deposit. No need to do any M&A. The sheer scale of this district wide Gold mine gives them enough to build a real business delivering real investor returns.
Company page: https://gogoldresources.com/
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Interview with Tim George, CEO of Pensana Metals (ASX:PM8).
China controls 87% of the rare earths market which is making Electric Vehicle (EV) Brands nervous. They have asked Chinese EV manufacturers to diversify the supply chain and source some of the rare earths required from outside China, says Pensana. No-one is clear about the precise nature of the demands or conversations and timing, volumes and details are not known at this point. The rare earth market is fragmented so it will be interesting to see how the demands by the EV Brands will be met.
What is not in doubt is the scale of the Pensna asset in Angola. They benefit from the an existing railway and port (built by Chinese EPC contractors) which are run by the Angolan govt but yet to be paid off.
The importance of NdPr to make strong magnets for EV batteries is also not in doubt. They own the asset 100% and have contracted Wood to deliver a PFS due later this year.
The company is currently a AUS$30M market cap and has AUS$5M in cash. Clearly this is not enough to move things forward for very long so more money will have to be raise and soon. The Tim George talks about a potential roll back on the number of share now at 1.4Bn. And he also discusses Director & Management remuneration.
Have they timed this just right? Find out.
Company page: https://www.pensanametals.com/
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Interview with Dev Randhawa, CEO of Fission Uranium (TSX:FCU)
We discuss these topics and more:Update on the Company and Studies being carried outUR-Energy and Energy Fuels - Section 232 has backfired Lobbyists & East vs West GeopoliticsMoney, Company Financials and the Future of Fission
Company page: https://www.fissionuranium.com/
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Interview with Anthony Milewski, CEO of Cobalt 27 (TSX-V: KBLT) Nickel 28.
Pala Investments buys Cobalt 27 and creates Nickel 28. It's been a bad year for Cobalt and we ask Anthony what he has learnt over the last 2yrs. He tells us that demand outstripped their forecasts from the IPO but that the supply-side was unpredictable. He explains why.
As ever an intelligent discussion about artisanal miners, small metal smarket and pricing mechanisms, the need to educate analysts better so that buyers can make more intelligent investment decisions and the importance of liquidity.
Nickel prices have displayed considerable volatility over the past 15 years. Historically nickel has been a boom/bust metal and since 2003, the market has seen one of the most incredible booms in this metal followed by a prolonged bust. Potentially Nickel will boomsoon mainly because of the move from combustion engines to electric vehicles. These vehicles will be powered by high-nickel lithium-ion batteries and will add 500,000t to nickel consumption pa over the next 10 years and possible more if EV vehicles take off.
As one of the main beneficiaries of the take-off in Chinese demand in the 2000s, nickel become a victim of its own success. After peaking at an all-time high of over $54,000/t in May 2007, prices fell to below $10,000/t by late-2008. High prices led to Chinese substitution away from the standard 300-series stainless steel, which contains 8% nickel, to 200-series stainless steel, containing only 1-2% nickel.
On the supply side, high nickel prices led to the development of a new source of nickel in the form of nickel pig iron. Nickel pig iron is an energy intensive method of making nickel-iron units for the stainless steel industry, using low-grade laterite nickel ores mainly from the Philippines and Indonesia. Nickel pig iron accounts for 35% of global nickel supply mostly from Indonesia.
Most supply growth in recent years has come from Indonesia, where, following a ban on exports of nickel ore in 2014, there was significant Chinese-led investment in the production of nickel pig iron. The recent major Greenfield projects globally had major cost over-runs and new investments will not be contemplated by non-Chinese investors until prices rise to and stay in the $20-25,000/t range for some time.
Chinese building of nickel plants in Indonesia can be justified at prices in the $10,000-18,000/t range. The wide range reflects investment in nickel pig iron at the lower end and investment in high-pressure acid leach plants at the upper end (car batteries).
Company page: https://www.cobalt27.com
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Interview with Linda Caron, VP Exploration, and Tyler Rice, President and CEO of Margaux Resources (TSX-V:MRL).
IAMGOLD's CEO Steve Letwin is very excited about this project. Lots of near term deliverables and a huge project.
Linda Caron is on the line and in the field and seems very excited about what they are seeing.
"Everyday we are coming back with new finds. We could be working on this for 10yrs and we'd still be making new discoveries. This is a very big project... "
"We are interested and focussed on the bulk tonnage mineralisation...".
"There is high-grade mineralisation but that isn't the focus.".
It is pretty much what Steve Letwin, IAMGOLD, said in a recent interview with CRUXinvestor. This is Osisko in the early days, it's that good. He is excited too.
Company page: www.margauxresources.com
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Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Margaux Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Interview with Vincent Algar, Managing Director, Australian Vanadium (ASX:AVL)
Company page: https://www.australianvanadium.com.au/
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Interview with Craig Parry, CEO of IsoEnergy (TSX-V:ISO). The team has the reputation built up by creating Uranium giant, NexGen. At $30M this is very early stage opportunity to add Uranium to your portfolio. They are in the right postcode of The Athabasca basin with its world class grades but you need to pay attention the mining risks too. Chances are the grades mitigate a lot of the risk, so you have to believe that this team have the skills and experience necessary to deliver economically. Ex-NexGen, ex-Denison. NexGen hold over 50% of this company so having an investor with big pockets is a plus but are they just NexGen's exploration team and when do they pull the trigger?
Have they missed this cycle. Well that depends on your view of where you think Uranium is going and the thesis that the Uranium only Fund Managers are espousing. He says they have bought this at the right price and have the money they need to move this along. Craig tells us how he got the asset and how he is going to, yes you guessed it, create shareholder value. We think he will...
Company page: http://www.isoenergy.ca/
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Interview with Geoff Hampson, CEO of Para Resources (TSX-V:PBR)
We ask him about getting in to production and making money and creating value.
Current assets will be in production by end of the year and producing Gold. High-margin and Focused on stabilising cash flow.
In conversation with targeted assets which fit the profile of companies they like to acquire, small undervalued, near term producing Gold assets, probably South American. Building a mid-tier gold producer.
They are in a show me stage.
Company page: http://pararesourcesinc.com/
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Interview with economist and statistician Julian Tapp of Vimy Resources. He discusses with us the importance of the World Nuclear Association WNA Fuel Report which comes out in September at their London Symposium. Julian worked on the report. And what is in it that the market doesn't already know? So why do companies and equity analysts see it as a catalyst moment for Uranium and Nuclear. The answer lies in the difference between the Demand side figures and the Supply side figures.
He also explains the politics of Uranium in Australia and the reasons why the market must and might be opening up to a nuclear future. And how he is navigated the Appraisal process in a seemingly anti-nuclear environment. And why the geo-politics of the Uranium market so difficult to predict. He also explains his reasoning behind his view of the US Section 232 positioning of Uranium as a Security issue. Many Fund Manager and Shareholder of Uranium equities will find what he has to say interesting from and economic point of view.
A different view on the market for sure.
Company page: https://www.vimyresources.com.au
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Interview with Ewan Downie, President and CEO of Premier Gold Mines (TSX:PG).
This team are capable of making deals, partnering with big companies and getting access to non-dilutory cash. Despite giving guidance to the market about depleting production at South Arturo mine, their share price has been punished. They need to focus on delivering +100,000oz. Lots of Exploration assets at different stages.
Where did it start.
Company page: https://www.premiergoldmines.com
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Interview with Brandon Munro, CEO of Bannerman Resources the Namibian Uranium explorer. He joins us to talk us through his recent article about the implication of Section 232. And also tells us how the WNA Fuel Report is put together and why he thinks this year is a better format that the last edition.
"More than 60% of newly-mined Uranium around the world now comes from state-owned enterprises that unfriendly nations control. The once robust American Uranium mining industry is disappearing because of a flood of state-subsidised imports has made that competition impossible." UR Energy & Energy Fuels.
If you are reviewing Uranium strategies and wonder if you should invest in Uranium, the 5 points made by Brandon Munro are worth understanding. He gives an in-depth explanation in this interview. Here are the 5 points:
- Likely Outcomes. There ain't none - It's all up in the air and it's a big geopolitical topic 2. Investors must have a balanced perspective - commercial realities and natural bias come to play.3. There are several plausible scenarios, not just quotas - domestic quotas, Quota with allies, Tariffs, No Trade Action, Department of Defence Procurement, Quota for US-controlled Uranium. Or all of the above.4. All outcomes lead to a strengthening of the Uranium market - but pick wisely, because mining is still mining, even when it is Uranium5. The enduring legacy of Section 232 petition - Geopolitics has come under the spot light and whatever the short-term gain in the Uranium industry the implications of which sides countries picked with linger.
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Interview with Canada's No.1 ranked Cannabis analyst. This is a great introduction into the rise and fall of Cannabis in the Canadian market. And also the hopes and problems of cross-border trading for the expansion in the US market. Russell Stanley discusses the current legal barriers at State and Federal level and how companies are overcoming these. There is a gradual acceptance of the benefits of medicinal Cannabis and even Adult Use is less demonised. We wonder about the lessons learnt there to open up the next big growth area, Europe. There are clear parallels between the US and Europe with regard to developing a market.
Please join us for this fascinating conversation in what could be the next big investment class to come to Europe.
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No such thing as a free spot market. 232 is not a matter of National Security. Cost cutting measures. And a strategy to assure they don't miss this selling window.
Interview with Mike Young, CEO of Vimy Resources (ASX: VMY), talks on these subjects in an in-depth conversation. We learn about their two projects, Alligator River and Mulga Rock, the plans of renewing the DFS on the latter, whilst also moving Alligator River forward. This is no mean feat, and Mike discusses how it will be possible financially, what they've done to keep the costs down. Is this a project you want to invest in? Listen in and decide.
Company page: https://www.vimyresources.com.au
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Interview with Mark Selby, President and CEO of RNC Minerals (TSX-V:RNX).
We ask Mark Selby about Drill Results, Zone A, Exploration, Mining plans, Resource Update timing, Higginsville Mill plans, GDXJ Index, Dumont conversations, share price and the Cobalt 27 acquisition by Pala Investments.
RNC Minerals Announces 390% Increase In Measured And Indicated Gold Mineral Resource For The Western Flanks Zone At Beta Hunt To 710 Koz
- 5-fold increase in Measured & Indicated resource to 710 koz- 3-fold increase in Inferred resource to 250 koz
Western Flanks structure remains open to the north and at depth with good grade and thicknesses of mineralization at the margins of the resource including the deepest and northernmost hole from the current campaign (WFN-083) that yielded 6.3 g/t over 13.9 metres (estimated true width)
Company page: https://www.rncminerals.com
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Interview with Paul Begin, CFO of Continental Gold (TSX: CNL)
Continental Gold is a Colombian based company, Gold mining company and we focus on high grade assets. We're focusing on building our flagship asset called Buritica which is located about a two hour drive from Medellín. It's a high-grade multi-million ounce deposit that's on the verge of nearing commercial production.
We have three very strong and supportive partners. 1. First and foremost, is Newmont Mining. Newmont initially came in 2017, when they paid $109M for 19.9% equity stake in Continental. Newmont has been a great partner. I like to say they've got the greatest mining tool box in the world, that has been at our disposal since their investment in 2017. And they've been a big help in pressure testing various technical issues to make sure that we're going down the right path. They topped up their investment. They participated, and I would like to call them the anchor investment, in the deal that we announced in March of 2019. Where they took $50M OF A $175M deal, which was in the form of a convertible. 2. The next partner we have is Red Kite Mine Finance, which is our senior secured debt lender. They've provided $275M debt principal to us. They've been a great partner to work with. They're flexible. They think a little bit... a little out of the box. What we loved about Red Kite was we got flexible terms, very covenant light. But most importantly they were very quick to fund us. So if you go back again in our history, we received our environmental in 2016, late 2016. It was in everybody's interest that we get started on building the Buriticá project as soon as possible. And we were able to close the Red Kite Mine Finance secured debt in January 2017. And we had access to the funds immediately. So that allowed us to get going immediately and get local people to work.
Company page: https://www.continentalgold.com/en/
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Interview with Jon Bey, CEO and Director of Standard Uranium (TSX-V: STND)
A Canadian junior Exploration company, focused on the Athabasca Basin, and in particular the Southwest corner of the Athabasca Basin.
They are private. They started the company about a year and a half ago with the intention of taking it public. Standard Uranium is on schedule for an August listing on the TSX-v. They started the company with some seed money about a year and a half ago. Since then Standard Uranium continued to explore the project getting themselves ready for an initial drill program. They continued to raise capital. Last year they raised $800,000. Right now they are doing another capital raise of about $1M for which they are oversubscribed.Standard Uranium has a summer Exploration program which is going to lead them to drill targets, which they plan to have fully identified and fully permitted for a winter drill program starting in the winter February of 2020.
Company page: https://standarduranium.ca/
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Interview with Christian Milau, CEO and Director of Equinox Gold.
Really robust conversation and an insight as to some of their problems and challenges. This is the coming together of 3 Gold assets, 2 in California and 1 in Brazil, and 3 big names in the shape of Ross Beaty, Richard Wark and Lucus Lundin. A strong management team, who has investing a significant proportion of their own wealth, and is incentivised on deliverables and share price and pride themselves on being lowest quartile salary for Gold companies. This is low-grade bulk tonnage business - so it's about move dirt effectively and extracting Gold efficiently. Achieving a market cap of $725M in 18 months is no mean feat.
Christian Milau, CEO, talks through their strategy, business model and their 5yr plan. Long-term planning is the game, not short-term decision making. They have access to cash if they need it. Aurizona Gold mine getting in to production is important to the market and they feel they will do this follow some delays caused by heavy rains.
Company page: https://www.equinoxgold.com/
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Interview with CEO John Dorward. The freedom of cashflow. The top five reasons to buy Roxgold (TSX: ROXG):1. A business model geared towards growth.2. An advanced project at Séguéla Gold Project.3. More drilling confirmed and Resource drill out targets. Séguéla should offer investors a steady stream of drill results. 4. An increasing Resource base. 5. A Preliminary Economic Assessment (PEA) is due in the 4th quarter of this year. 6. Permitting due early next year, with construction in 2020 and production in 2020. Aiming for a quick timeline without issuing new shares.8. With the Yaramoko Gold Mine, a continuation of very strong operating metrics and margins. They continue to focus on costs, to make sure that they future proof that business. 9. Strong drill results for the underground drilling at Yaramoko Gold Mine.10. Potential to make another acquisition, in a similar vein to Séguéla. 11.John sees in 12 months them finishing with a very different company. They've got a very strong balance sheet and a lot of runway in terms of cash flow ahead. They are building a new African mine with a proven development team.
Company page: http://www.roxgold.com
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Bushveld wannabe. Experienced Vanadium mgt team. And VRFB knowhow and reach to hedge Vanadium steel swings. A lot to like.
Interview with Vincent Algar, Managing Director of Australian Vanadium (ASX: AVL). He said all the right things. Now we need to see him deliver on those within the tight strictures of tight treasury, swinging Vanadium prices, and a market still not back and focused on mining.
Vincent scans well and knows what he is doing. Working towards the DFS and optimising his options as he goes. A good strategic partner with cash would be welcome signal. We feel he will get there with the vertical integration he strives for but quite small at the moment (with some the concerns that brings). Could however be a very cheap addition to ones portfolio especially when the market sees Chinese rebar regulations kick in and the right type of strategic partner step up. We see some discomfort and uncertainty from retail investors but institutions seem more confident on Vanadium.
Company page: https://www.australianvanadium.com.au/
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Interview with CEO Jeff Pontius at the 121 London Mining conference.
Company page: http://www.corvusgold.com/
Company page: http://www.grancolombiagold.com/Home/default.aspx
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Interview with Patrick Downey, CEO of Orezone.
Company page: http://orezone.com/
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Everything you want in a Gold Explorer. High-grade. Open. Opportunity to build a large Resource quickly.
5 Reasons to invest:1. High-grade ounces2. 1.5Moz Resource in 18 months3. Have cash and good institutional backers.4. Adding holes and ounces.5. Great mining jurisdiction of Western Australia.6. Australian Gold price at all time high
Company page: https://www.bellevuegold.com.au
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Take advantage, hear it here first: https://www.youtube.com/CRUXinvestorCompany page: https://www.margauxresources.com
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CEO calls bullshit. 232 Exempt. $40 by YE. Bigger. Better. High-grade. Lower costs. $20M cash. But they have to wait for price change like everyone else. Dev Randhawa discusses the issues in the market. 232 petition killed momentum and it isn't a security issue.' Fission Uranium Corp. (TSX: FCU) attends the 121 London Mining Conference.
Company page: https://www.fissionuranium.com
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Would he do it again? How do the Utilities make decisions. And do Utilities hold the key to unlocking the spot market and how will sovereigns take control. Who survives, who dies? And how do you build a Uranium business today? We talk to Dustin Garrow about the issues in the market today. He answers some tough questions openly, mostly. Why he is strong on US Uranium companies even though the US does not hold sway at the table any more.
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Mark Selby Explains the Credit Facility terms. Interview with Mark Selby, President and CEO of RNC Minerals.
Company page: https://www.rncminerals.com
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Interview with President Chris Ritchie of SilverCrest Metals (TSX-V: SIL) at the 121 London Mining Conference.
Company page: https://www.silvercrestmetals.com
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IAMGOLD's Steve Letwin, Advisor & Shareholder of Margaux Resources, discusses Margaux Resources assets, his team and their new look strategy. short-cycle events for investors. This is Osisko when they started out. "The Resource is worth Hundreds of $MIllions.", says Steve Letwin. And tells us why?1) Short-cycle focused - no wasting money on elephant hunts, just steady returns after 2-3 years2) Concentrated, shallow deposit - No over burden, practically zero strip ratio 3) Immediate Resource +1Moz Gold 43-1014) Close to all infrastructure required5) Own Gold processing Mill6) All permits in place on 60,000 hectares7) No First Nations issues8) Pre-Feasibility can start by end of year9) Minimal risk, short-payback, small capital10) Will get the Canadian valuation premium
Company page: https://margauxresources.com
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Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Margaux Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Interview with Fortune Mojapelo, CEO of Bushveld Minerals (AIM:BMN)
Company page: http://www.bushveldminerals.com
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Interview with CEO Igor Gonzales at the 121 London Mining Conference.
Company page: https://www.sierrametals.com/Home/default.aspx
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To us this confirms strategy and model is working. RNC Minerals' (TSX: RNX) CEO, Mark Selby, is keen to add a note of caution saying this may not happen again imminently (but it might), however this is the third time they've hit +1,000 ounce. And (laughably) it happen just 40m in to the current mining programme while they were on their way to the 'more high probability area' that they are targeting. This is happening in and around the area that they found the Father Day Vein, which presumably means that at some point RNC just blast through to connect the dots.
We interviewed Mark Selby a short while ago. Beta Hunt just keeps giving.
An interview with Mark Selby, CEO of RNC Minerals
Company page: http://www.rncminerals.com/
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Take advantage, hear it here first: https://www.youtube.com/CRUXinvestorCompany page: https://www.margauxresources.com
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Short-cycle wins, acting quickly, cost cutting, listening to investors, learning from your mistakes, $1,500 Gold.
Interview with IAMGOLD (NYSE:IAG), (TSX:IMG), President and CEO Steve Letwin. Gold Producer IAMGOLD has four producing gold mines, on three continents delivering an average annual production rate of 800,000 attributable ounces of gold. Over 13Moz of Reserve...
Company page: https://www.IAMGOLD.com
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Interview with Serafino Iacono, Executive Chairman of Gran Colombia Gold.
Company page: http://www.grancolombiagold.com
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Interview with Chris Taylor, CEO of Great Bear Resources.
Company page: https://www.greatbearresources.ca
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De-risked capital and operating costs, technically, updated mine design, engineering on tailing management and storage.1. Increased electrification of trolly assist on main ramps.2. Inclusion of concentrate roasting and conversion to FerroNickel analysis.3. Mining footprint and production rates significantly reduced.4. Mining rates maintained at double mill capacity.5. Tailing Storage Facility improved
And some future upside (+$300M NAV) with:1. Autonomous Fleet Operation (NPV8 - $75M-$115M)2. Alternative Development Scenario - (NPV8 - $155M-$210M)3. Iron Ore (Magnetite) Concentrate (NPV8 - $95M-$140M)
Mark Selby, President & CEO, RNC Minerals talks about the
Company page: http://www.rncminerals.com/
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How much Cobalt, Nickel and Copper does the world need?
Jervois Mining (ASX: JRV) CEO Bryce Crocker explains.
Company page: https://www.jervoismining.com.au
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Smooth Operators, as Sade once said. (TSX-V: LUM). Not quite Coast to Coast, but near the Coast at Cangrejos in Ecuador. This team is replicating its success of Lumina Copper,. 1. It's backed by Ross Beatty and several long term investors that have been with us through the Lumina Copper story. 2. Amazing assets in Cangrejos, Ecuador. Still has the potential to grow significantly.3. Mader returns for investors in the past with Lumina Copper story, which raised about $175M to return $1.5Bn to shareholders. We think that the opportunity for large returns to shareholders still exist in this story.
Company page: https://www.luminagold.com
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Own mill, smart choice? Dilution? Liabilities? How much Gold? Mark Selby tackles these questions and more investor questions head on. RNC Minerals (TSX: RNX). Putting together a global project one piece at a time and making sure shareholders understand the strategy and the logic is a key focus. More news, more of the time is the message from RNC.
Company page: https://www.rncminerals.com
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Russian & China lead the world. How have they've done it?
Brandon Munro, CEO, Bannerman Resources (ASX:BMN)
Company page: https://www.bannermanresources.com.au
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High-margin niche player in Electric Vehicle Mkt. One of two Rare Earth producers outside China.
Company page: https://www.pensanametals.com
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Collusion, national security, Russia, crack cocaine, Nuclear power games, geopolitics, pollution, Section 232, Uncovered demand, the uranium thesis, 700lbs gorillas, the US Navy, investing strategies, spot prices, fundamentals, .... NO, not a Tom Clancy novel, just a chat with one of the world's leading Uranium experts and gurus, Mike Alkin. Clever man.
There is something for all levels of investor, as we take a walk around the world of Uranium. Breathtakingly simple when you listen to the guy who cracked the code....
Company page: https://www.sachemcovepartners.com
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Buying Toll Mill for $50M will reduce AISC (TSXv: RNX)
Q1/19 Highlights
Quarterly gold production: Gold mined production for the first quarter totalled 3,716oz compared to 13,780oz in the first quarter of 2018. Production was lower due to the planned temporary ramp down of bulk mining during the first phase of the ongoing 40,000 meter drilling program. The Gold mined grade in the first quarter was 3.36 g/t, 32% higher than in the first quarter of 2018.
Restart of Gold and Nickel production: Limited restart of bulk Gold mining is well underway at Beta Hunt. By the end of April 2019, the restart had already achieved a 40,000oz annualized run rate. Nickel production has also resumed and will contribute cash flow going forward.
Father's Day Vein: Development is now sufficiently advanced to allow mining activities to begin underneath the Father's Day Vein Discovery on 16 Level. This development will target a 1,406 g/t intersection sitting just 7 metres below the Father's Day Vein area.
Exceptional exploration results: Results from the 40,000 metre drill program that was initiated in the fourth quarter of 2018 have been positive. RNC is on track to complete a resource update by the end of the second quarter of 2019 and will shift its drilling focus from resource definition to a broader exploration campaign to test the substantial exploration potential of each of the four shears on the property. Highlights from assays received to-date include (all drill intervals quoted are true thicknesses):
1,017 g/t over 2.00 m, including 7,621 g/t over 0.27 m in hole WFN-029395.9 g/t over 4.75 m, including 2,210 g/t over 0.85 m in hole WFN-063468 g/t over 0.21 m in hole AZ13-156119 g/t over 6.40 m, including 1,406 g/t over 0.50 m in hole AZ15-01316.8 g/t over 27.8 m, including 748 g/t over 0.53 m in hole WFN-071Financing: Subsequent to the end of the first quarter, RNC closed a $12.0 million bought deal financing to assist in funding exploration activities, the proposed acquisition of the Higginsville Gold Operations from Westgold Resources Limited and general corporate purposes. Cash and cash equivalents including specimens at March 31, 2019 was $2.1 million.
Higginsville Acquisition – On May 13, RNC announced that it had exercised the previously-announced purchase option to acquire Higginsville from Westgold. On closing, RNC will pay Westgold A$25 million in cash and A$21 million in RNC shares (satisfied by the issuance of 49.8 million RNC shares), for total consideration of A$50 million (including the A$4 million deposit previously satisfied in RNC shares). RNC expects to finance the cash component of the purchase price with cash on hand and additional non-dilutive capital. The acquisition is expected to close on or about June 10, 2019.
Company page: https://www.rncminerals.com
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Interview with CEO, Jason Simpson (TVE:OLA)
Building to produce cash. CEO Jason Simpson says that investors who are looking for an early entry point should be looking at Orla. Creating value through Exploration Resources, feeding a sequence of developments which result in a portfolio of cash producing assets.
Company page: https://www.orlamining.com
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Interview with CEO, Anthony Milewski. (TSX: KBLT)
Is ethically sourced Cobalt & Nickel important? Does China care? And they also focus on Lithium? The battery market and stainless steel is driving recent growth in Nickel so how can Cobalt27 take advantage of that? And will copying Franco Nevada and Wheatons business model work for them? More deals than anyone else in the space over the last two years, now it's time to give something back to the shareholders by focusing on cashflows. Hear Anthony's insight on all of this and more.
Company page: https://www.cobalt27.com
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Interview with CEO, Cal Everett.
They have plans for M&A to finance the company through to post-DFS. How are they going to do it?CEO says top 5 reasons to invest are:1. Better than its peers.2. They are now in a great jurisdiction. Selling Turkey.3. Says they are liquid and have institutional support.4. Fully permitted.5. Great comps on strip ratio and economics.
Company page: https://www.libertygold.ca
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May 2019 Interview with CEO, Mike Young. (ASX: VMY)
Vimy Resources, CEO says he feels in control because of what the Utilities told him. Investors can find out what they said in this interview. He talks about his view on what Section.232 will do for the contract market and his views on US energy security and Russia. Plus what Cameco is going to do about Energy Fuels and UR Energy. And so much more insight and honest opinion. One of the best yet.
Company page: https://www.vimyresources.com.au
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Interview with Aldebaran CEO, John Black.
Large Copper / Gold project in Argentina Spun out from Regulus Resources.1. Not many more large-scale projects left. Initially raised $30M primarily by Route One. 2. Route One want management team to be involved but are building up a management3. Currently has $12M in cash. 4. Exploring higher grade zones to support the lower-grade bulk play.
Company page: https://www.aldebaranresources.com
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Interview with Regulus Resources CEO, John Black.
Regulus’ focus is on their Gold / Copper AntaKori project in Northern Peru. 1. Experienced and successful Exploration team of geologists.2. They have $10M of cash and will continue to drill in 2019.3. They will look to raise cash again end of 2019 from a strategic investor.4. Have overcome three obstacles to mining this their assets.
Company page: https://www.regulusresources.com
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April 23rd Interview with CEO, Mark Chalmers.
Recent Insider Selling explained and More Colour on Section 232 for the USA Uranium sector and pricing. Listen out in particular in the section about S.232. Mark reveals a few things we had not previously considered about how long it will take for S.232 to have an impact on the Uranium companies.
Cameco, KazAtomProm, Russia, China. Grudging partners or geopolitical enemies of the USA energy sector? What part will the US Utilities companies play in the S.232 decision? And where does this leave Uranium Explorers?
With Vanadium prices fluctuating wildly, can Energy Fuels count on Vanadium to contribute their revenue. See how Mark Chalmers handles this dilemma and covers off investors questions about the Uranium market. Let us know what you think.
Company page: https://www.energyfuels.com
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TSX-V: SGI Chris Bradcook, CEO, says that getting back to basics will help them deliver lower AISC, identify new system and make Superior Gold cash positive again.
Company page: https://www.superior-gold.com
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Interview with CEO, Bradley Langille
An introduction to GoGold Resources. 1. The importance of a team who have a long track record of building and selling companies cannot be understated. GoGold has this. They are company builders. 2. At bottom of cycle, strong balance sheet, 3. Generating cash and ramping up production growth4. Drilling high-grade ore shoot for resource + 35km of structure for new structure for Exploration development5. A large asset with newflow for 20196. Insider & Management 30% + Bradley 10%Company page: https://gogoldresources.com/
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Interview with Nikolaos Cacos, CEO of Blue Sky Uranium, TSX-V: BSK. It's a Uranium / Vanadium Explorer in Argentina.
- Management has been working and operating there for 25yrs. Part of the Grosso Group of companies.2. PEA says $138M, also have resource.3. No permit but Argentine govt supportive as it wants the Uranium (3 reactors plus 1 on the way)4. Will get in to production within 2 yrs5. District wide deposit6. potentially very low cost production project6. Issues to be addressed - BSK relatively unknown, low commodity price, no permit, 65% Board and Insider ownership, Explorer, low on cash
Company page: https://www.blueskyuranium.com
About CRUX Investor:CRUX Investor is a new market insight channel for those interested in understanding the junior mining world and opportunities to invest. Its purpose is to cut through a lot of the jargon, bias and bluster that is prevalent in this sector and hone-in on the most important factors that can indicate whether a company has a strong footing for growth and success.
Our site: http://www.cruxinvestor.com/Follow CRUX on Twitter: https://twitter.com/CruxInvestorConnect with CRUX on LinkedIn: https://www.linkedin.com/company/crux...
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Goviex Uranium CEO Daniel Major deals with investor concerns about:1. "The Niger govt deal to acquire 10%" - actually a debt reduction calculation2. The recent PP - the need to raise money to deliver shareholder value by developing assets rather than hunkering down3. The bond settlement with Toshiba and Linkwood loan. No concerns over repayment4. Any further dilution this year? Why should investors should be confident on his ability to deliver shareholder appreciation. And they will be around when the market turns, others won't.
Company page: https://www.goviex.com/
About CRUX Investor:CRUX Investor is a new market insight channel for those interested in understanding the junior mining world and opportunities to invest. Its purpose is to cut through a lot of the jargon, bias and bluster that is prevalent in this sector and hone-in on the most important factors that can indicate whether a company has a strong footing for growth and success.
Our site: http://www.cruxinvestor.com/Follow CRUX on Twitter: https://twitter.com/CruxInvestorConnect with CRUX on LinkedIn: https://www.linkedin.com/company/crux...
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Pure Gold Mining (TSX-V: PGM) President & CEO, Darin Labrenz acknowledges frustration of static share price but believes their underlying fundamentals and ability to add more ounces to their Resource will be recognised.
Inevitable, yes. Imminent? We will be winners. Goviex Uranium CEO Daniel Major talks about the timing of this Uranium bull market and why Goviex will be a winner. We grill him on what 'precisely' he is doing to ensure that and why investors should be confident on his ability to deliver shareholder appreciation.
Our opinion is that junior explorers will need to re-finance, but not all will be able to until spot price hits $50.
MiningBookGuy Nick Germain on how to get younger investors interested in the sector. He also discusses his own natural resource investment strategies and what he is looking for in a mining company.
With shareholder returns of c.1,300% last year, Great Bear Resources (TSX:GBR), CEO, Chris Taylor sits down with CRUX to discuss the successes of 2018 and how they are going to continue to drive shareholder value in 2019.
IMHO - one of our favourites1. Impressive and clear plans about how to develop asset2. Very intelligent, driven and active management team3. Potentially one of the most exciting Gold plays in a districts littered with giants4. Tight share structure, means more upside for share holders inc the management, with any future successes.5. Track record of creating big share holder returns6. Have no issues with raising capital
A new vision, a new strategy, a new and responsible Chaarat (AIM: CGH). Artem Volynets, CEO, explains why their M&A activity is driving growth and maximising shareholder returns and why he felt the need to make significant changes as to how the company was operating.
Eric Coffin of HRA Advisors joins CRUX for a chat on the natural resources space. He explains why he focuses on the Exploration and Development phase and what his investment strategies are for those companies, as well as his predictions for 2019.
"Been distracted by actually making money". Now they need scale. This gold ore processor wants to replicate its model in Peru across South America. Is self-funded for its Exploration play. Is buying shares in the market. Should investors start getting excited about this small TSX company?
Jean Martineau, CEO of Gold Ore producer Dynacor (TSX:DNG) talks us through the company, how they fared in 2018 and what 2019 looks like.
The Mercenary Geologist talks to CRUX Investor. Mickey Fulp (geologist, analyst, economist, fundamentalist, strategist and publicist) is hot on Gold, Copper and Uranium for 2019 and we get an insight in to his investment strategies and why he doesn't invest in (Producing) mining companies!
A Uranium and Vanadium producer. Energy Fuels (NYSE: UUUU), CEO, Mark Chalmers gives himself high-marks for their performance in 2018 and is bullish about their prospects in 2019.
CRUX sits down with Sabina Gold & Silver (TSX:SBB) CEO Bruce McLeod to discuss their activities of 2018 and what their plans are for 2019.
- Robust economics - IRR +24% @$1,150. NPV$760M, mkt cap of c.$300M2. Scale - District wide project. Initial Resource 7.2Moz @6g/t3. Has $50M4. Has low risk conversion opportunities in green and brown field5. Fully permitted & most licences in place
Margaux Resources (TSX-V: MRL) VP of Exploration Linda Caron runs us through the latest Investor Presentation. With the news of the recent change in focus to Orogenic Gold, see what she has to say about the company and their plans for 2019.
Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Margaux Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Following the news of the merger between Australian based Cobalt developer Jervois Mining (ASX: JRV) and M2 Cobalt (TSX-V: MC), the Canadian Cobalt explorer with operations in Uganda, Matthew Gordon sits down with the two CEO's to get the reasons behind the planned union and what this means for both companies.
Barry Harris, Chief Operating Officer for Australian Zinc producer New Century Resources (ASX: NCZ) sits down with Matthew Gordon of CRUX to discuss his role within the company. They also touch on the rest of the management team, their asset, how they think 2018 went and what 2019 holds in store.
Matthew Gordon sits down with GoviEx Uranium (TSX-V: GXU) CEO Daniel Major to discuss their January 2019 Investor Presentation. They run through the team, the financials and also their current catalogue of projects in Africa.
M2 Cobalt (TSX-V: MC) CEO Simon Clarke joins Matthew Gordon, a family office investor, for a discussion on the company, his team and their current Ugandan Cobalt projects.
Amanda van Dyke of South River Asset Management sits down with Farhad Abasov, CEO of Millennial Lithium (TSX-V : ML), for an introduction to the company, where they are currently and what 2019 holds in store. To finish, she is joined by Matthew Gordon for some post-interview analysis on Millennial Lithium.
Sector Investment Managers’ Chief Executive Officer Angelos Damaskos give us the criteria they follow for investing in the mining space.
Angelos Damaskos of Sector Investment Managers shares his thoughts and insight into what you, as an investor, need to consider before investing in the mining sector.
Join Angelos Damaskos, Chief Executive Officer of Sector Investment Managers, as he shares his reasons why he thinks mining is still a relevant investment class.
Hugo Schumann of Apollo Minerals gives us his views on what he looks for when investing in mining companies.
Hugo Schumann, Executive Director of Apollo Minerals (ASX: AON) and Head of London Business Development for the Apollo Group, gives us his insight into why mining is still a relevant investment class.
Join Matthew Gordon, a family office investor, as he interviews Equinox Gold’s (TSX-V: EQX) CEO and Director Christian Milau for a run-through of their January 2019 Corporate Presentation, giving us his report card on 2018, the current position of the company and the goals to achieve in 2019.
Amanda van Dyke of South River Asset Management sits down with John Carr, Chief Business Development Officer for New Century Resources (ASX: NCZ) for an introduction to the company, where they are currently and what 2019 holds in store. To finish she is joined by Matthew Gordon, a family office investor, for some post-interview analysis on New Century Resources.
Matthew Gordon, a family office investor, is joined by Michael Billing, CEO of Thor Mining (AIM/ASX: THR) for a run-through of the company and their current projects located in Australia and the USA.
Amanda van Dyke, a mining focused Fund Manager of South River Asset Management gives us her take on the mining industry and why she thinks it is still a relevant investment class everyone should consider.
Gold and Strategic Metal Fund Manager, Amanda van Dyke of South River Asset Management gives us her take on what she looks out for when investing in the mining space.
Amanda van Dyke, Fund Manager for South River Asset Management, along with Matthew Gordon, a family office investor, discuss her top tips for investing in the mining sector.
Matthew Gordon is joined by Kevin Tomlinson, Non-Executive Director for Cardinal Resources (ASX/TSX: CDV) who gives a run down on his career, his role at Cardinal and what 2019 looks like for the company.
Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Cardinal Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Matthew Gordon, a family office investor, interviews Cardinal Resources (ASX/TSX: CDV) CEO Archie Koimtsidis along with his newly appointed Non-Executive Directors - Trevor Shultz and Ken Thomas, inquiring about the work program for 2019, and the relevant skills of the team that will help get Cardinal into the production stage. We also hear from Amanda van Dyke of South River Asset Management to get her thoughts on Cardinal Resources and the new team.
Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Cardinal Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Cardinal Resources’ (ASX/TSX: CDV) CEO Archie Koimtsidis sits down with Matthew Gordon, a family office investor, to run-through their October 2018 Corporate Presentation. Following the interview, Matthew is joined by Amanda van Dyke of South River Asset Management, who gives us some of her thoughts and insight into Cardinal Resources.
Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situations or needs. You should not rely on any advice and / or information contained in this website or via any digital Crux Investor communications. We provide paid for consultancy services for Cardinal Resources. Before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
Originally recorded January 10th. Pure Gold Mining (TSX-V: PGM) President & CEO, Darin Labrenz joins Matthew Gordon for a run-through of their January 2019 Investor Presentation. He goes through the team, the financials and also goes into detail about the assets.