RGN Vol 8 Iss 5

RESOURCE Volume 8, Issue 5

GLOBAL NETWORK

Mining, renewable energy and oil & gas worldwide

CANADA

THE CENTRE OF THE MINING UNIVERSE How Canada’s comprehensive mineral resources sector can propel the global economy into a new cleantech era

FEATURING BERTRAND RAOULT CANADA TRADE COMMISSIONER SERVICE

14 MINERS MAKE THE 2021 LIST OF TOP PERFORMING TSX COMPANIES

UNDER THE PATRONAGE OF THE CUSTODIAN OF THE TWO HOLY MOSQUES KING SALMAN BIN ABDULAZIZ AL SAUD

An international initiative convened by Saudi Arabia and dedicated to advancing mining and unlocking opportunity across the Middle East, Central Asia, and North and East Africa 11-13 January 2022, Riyadh, Saudi Arabia King Abdulaziz International Conference Center

Founding Partner

Endorsed By

HEAR FROM 100+ GLOBAL MINING EXPERTS

H.H. Faisal bin Farhan Al-Saud

H.E. Yasir, Al-Rumayyan

H.E. Bandar Al-Khorayef

H.E. Khalid Al-Falih

Minister of Foreign Affairs Saudi Arabia

Governor Public Investment Fund Saudi Arabia

Minister of Industry and Mineral Resources, Saudi Arabia

Minister of Investment Saudi Arabia

H.E. Eng. Hala Adel Al-Zawati

Zayed Bin Rashid Al Zayani

Beibut Atamkulov

H.E. Honourable Yonis Ali Guedi

Minister of Energy and Mineral Resources, Jordan

Minister of Industry and Commerce Bahrain

Minister of Industry and Infrastructural Development, Kazakhstan

Minister of Energy & Natural Resources Djibouti

Mosaed Al-Ohali

Mark bristow

Robert Friedland

Joc O’Rourke

Chief Executive Officer Maáden

President & Chief Executive Officer Barrick Gold

Founder and Co-Chairman Ivanhoe Mines

President & Chief Executive Officer The Mosaic Company

Matt Fifield

Owen Hegarty OAM

Jeffrey Dawes

Rohitesh Dhawan

Managing Partner Pacific Road Capital

Executive Chariman EMR Capital

President & Chief Executive Officer Komatsu Mining Corp

President & Chief Executive Officer International Council on Mining and Metals

Explore Partnerships And Emerging Opportunities Register your interest here www.FutureMineralsSummit.com #FMS #FMS2022

#FutureMineralsSummit

EDITORIAL

The global mining industry – and the global economy – naturally gravitates towards Canada

T

he imagery we have selected for the cover and main story in this issue of RGN depict our view that Canada provides a critical mass to the global mining universe and - in turn - the global economy, particularly considering its current cleantech trajectory.

Jacob Ambrose Willson Editor

Executive Team Editor Jacob Ambrose Willson Content Director (APAC and Americas) David Hunter ICT Director Stuart Clark Managing Director Simon Curran Contributors Bertrand Raoult (Canada Trade Commissioner Service) Chris Berry (House Mountain Partners) RGN is published by Anderson Murray Media: a diverse media and information services company focused on creating and distributing engaging content to business leaders across the globe. Disclaimer: The opinions expressed in this publication are not necessarily those of the publishers. Whilst every effort is made to ensure accuracy the publisher and editor cannot be held responsible for any inaccurate information supplied and/or published. Copyright: The copyright for all material published in this magazine is strictly reserved.

Anderson Murray Media Fulham Green, 69-79 Fulham High Street, Main Reception, Bedford House, London SW6 3JW | Tel. +44 (0)207 148 5630

The numbers back up our humble opinion; Canada’s 200 active mines produce over 60 minerals and metals that provide the raw materials for huge global industries from construction to agriculture, clean energy and the automotive sector, which is rapidly experiencing an electric revolution - in one example of the current economic decarbonising mission at hand.

In addition, nearly half of all listed exploration and mining companies conduct their financings on Toronto Stock Exchange (TSX) and Venture Exchange (TSXV), giving further credence to our view of Canada – and specifically Toronto – as the centre of the mining universe.

The cover story provides a telescopic view of Canada’s comprehensive mineral resources sector, delving into some of the key trends shaping its development. We hear from TMX Group’s head of business development, global mining Dean McPherson on a bumper first half for Toronto’s exchanges, as well as from the natural resources minister for one of the Canada’s busiest mining regions – Northern Ontario.

It’s also a pleasure to present an article written by Canada’s trade commissioner in Australia Bertrand Raoult. In the piece, Bertrand describes a rising wave of Australian investment in Canada, which is now being viewed as a key ticket to growing a global mining business from those Down Under.

Our annual TSX issue wouldn’t be complete without a world-class roster of featured TSX and TSXV companies. This year, we profile two TSX30 entrants with Canadian assets: Wesdome Gold Mines (in Ontario and Québec) and Marathon Gold (in Newfoundland). You can read the full TSX30 list of best performing mining stocks in 2021 on pages 10-13.

The most notable feature in this issue must be Kirkland Lake Gold, after the recent announcement of its US$10.7 billion mega-merger with fellow Canadian underground gold miner Agnico Eagle Mines. There’s also room for diversified North American producer Argonaut Gold, Sudbury-focused base metals developer Magna Mining and African drilling services provider Geodrill.

I’ll end this note by reiterating a statement delivered by Anglo American boss Mark Cutifani at the CIM convention earlier this year. He told the virtual audience that 45% of the world’s economic activity is driven by mining.

With Canada at the very core of this vital lever of the global economy, the nation arguably holds the keys to the future cleantech world we are all striving for.

Jacob Ambrose Willson jacob@resourceglobalnetwork.com

a j r

CONTENTS NEWS 6 Global resources news Our selection of mining, oil & gas and renewable energy stories from the last month CANADA - THE CENTRE OF THE MINING UNIVERSE

10 TSX30 2021 Mining sector once again dominates the latest annual list of best performing stocks on the Toronto Stock Exchange

16

COVER STORY 16 Canada: The centre of the mining universe Canada’s comprehensive mineral resources sector holds the keys to the future of the cleantech economy KIRKLAND LAKE GOLD

54

COLUMNS 32 Bertrand Raoult (Canada Trade Commissioner Service) Canada’s trade commissioner in Australia discusses the strengthening ties between Canada and Australia’s mining sectors 42 Chris Berry (House Mountain Partners) A call for Canadian society to play an increasingly active role in the global decarbonisation mission

M A R AT H O N GOLD

70

MINING

54 Kirkland Lake Gold (TSX) Mega-merger of equals with Agnico Eagle Mines set to create world’s third largest gold company

WESDOME GOLD MINES

70 Marathon Gold (TSX) Approaching the finishing line at what will be Atlantic Canada’s largest gold mine

84

84 Wesdome Gold Mines (TSX) The only mining company to feature in the TSX30 for the third consecutive year 98 Argonaut Gold (TSX) Diverse North American gold intermediate continues to exceed expectations 112 Geodrill (TSX) Global drilling firm with ESG at the core of its business proposal 126 Magna Mining (TSXV) Reigniting the past producing Shakespeare nickel-copperPGM mine in the world-class Sudbury Basin 140 Fortitude Gold (OTCQB) An unrivalled portfolio of gold assets in the Walker Lane Belt of Nevada

ARGONAUT GOLD

98

EVENTS 120 Events Our pick of the top mining, oil & gas and renewable energy events happening around the world in the months to come GEODRILL

112

NEWS

PURE GOLD MINING REACHES COMMERCIAL PRODUCTION AT FLAGSHIP ONTARIO MINE

Canada’s Pure Gold Mining has achieved commercial production at its PureGold Mine near Red Lake in Ontario.

Following a successful commissioning period, the PureGold mine, milling facilities and other critical systems are now all operating in line with or rapidly approaching design capacity of 800 tonnes of ore per day on a sustainable basis, the TSX and LSE-listed company said.

In July, Pure Gold reported on a ‘milestone’ second quarter, which saw an uplift in gold production and increased ramp-up rates at its flagship development mine as it neared commercial production.

The PureGold mine is slated to be the fourth highest grade gold mine in Canada at 9 g/t Au

and the 16th highest globally, with Pure Gold following a phased development strategy.

Phase 1 is set to produce 1 million ounces over a 12-year mine life.

“Commercial production is a significant milestone and marks the beginning of a very exciting growth phase for the company,” said the company’s president and CEO Darin Labrenz.

“By combining stable gold production with the high-grade exploration potential that makes the PureGold Mine so unique, we are making significant progress toward our goal of unlocking the full potential of the PureGold Mine and becoming Canada’s next iconic gold producer.”

6

NEWS

Mining, oil & gas and renewable energy news from around the world SOKOMAN MINERALS MAKES MAIDEN LITHIUM DISCOVERY IN NEWFOUNDLAND

TSXV-listed Sokoman Minerals Corp and its 50:50 JV partner Benton Resources have unearthed a swarm of lithium-bearing pegmatite dykes, which are believed to be the first discovery of significant lithium mineralisation on the island of Newfoundland in Canada.

Sokoman’s president and CEO Timothy Froude, consultant Sean O’Briena, Benton’s president and CEO Stephen Stares and director Michael Stares identified the pegmatites on a recent field visit to the Golden Hope JV Project.

The group collected three grab samples over a 110 metres width across the dykes, with two of the samples returning 1.95% Li2O and 0.49% Li2O. The samples have been submitted to Actlabs in Ontario for analysis.

“The discovery of what we believe to be the first lithium-rich pegmatites in Newfoundland could be very significant for shareholders of both Sokoman and Benton,” said Froude.

“A crew will be dispatched to the discovery site for detailed sampling and documentation of the dykes. This is a prime example of the enormous untapped resource potential that the island has to offer.”

The JV alliance will continue to focus on the potential for gold discovery across the Golden Hope project, although Froude said the company will also pursue the opportunities associated with the discovery of lithium pegmatites on the property.

7

NEWS

BHP GREENLIGHTS $5.7 BILLION MEGA-POTASH PROJECT IN SASKATCHEWAN, CANADA

BHP has given the green light for the development of the Jansen Stage 1 potash project in the Canadian province of Saskatchewan, in a move that it says will align the company with ‘future facing commodities in world class assets’.

The long-awaited decision paves the way for a US$5.7 billion investment in the project, which is expected to produce approximately 4.35 million tonnes of potash per annum with potential for further expansion.

First ore is targeted in the 2027 calendar year, with construction expected to take approximately six years, followed by a ramp up period of two years.

“This is an important milestone for BHP and an investment in a new commodity that we believe will create value for shareholders for generations,” said BHP CEO Mike Henry.

Potash is a natural mineral fertiliser that is set to be required in vastly greater quantities in line with growing global population estimations. The Jansen project is located in the world’s best potash basin and is expected to operate for up to 100 years.

As part of its 2021 financial results, BHP took a pre-tax impairment charge of US$1.3 billion covering existing infrastructure spending at the Jansen project. In the market update, the world’s largest mining firm reported its best annual profit in nearly a decade.

8

NEWS

Mining, oil & gas and renewable energy news from around the world AGNICO EAGLE TO BUY KIRKLAND LAKE GOLD IN $10.7 BILLION MEGA-MERGER

Canada’s Agnico Eagle Mines and Kirkland Lake Gold have announced a US$10.68 billion merger of equals, creating a company with a reserve base of 48 million ounces of gold and an extensive pipeline of development and exploration projects around the world.

The companies said the deal will establish the new Agnico Eagle as the gold industry’s highest-quality senior producer, with the lowest unit costs, highest margins, most favourable risk profile and industry-leading ESG practices.

“The merger will create a best-in-class gold mining company operating in one of the world’s leading gold regions; the AbitibiGreenstone Belt of Northeastern Ontario and

Northwestern Québec, with superior financial and operating metrics,” the joint statement read.

“Consolidation within the Abitibi will also provide the new Agnico Eagle with significant value creation opportunities through synergies and other business improvement initiatives,” it continued.

The new company is also uniquely positioned as the only gold producer in the Canadian territory of Nunavut and has profitable and prospective assets in Australia, Finland and Mexico.

Kirkland Lake’s Tony Makuch will be the chief executive of the combined company, while Agnico’s vice-chair and CEO Sean Boyd will become the executive chair.

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TSX30 2021 In mid-September, TMX Group – the company that operates both Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) – announced its third annual list of top performing companies on the main board, based on dividend-adjusted share price appreciation over a three-year period. For the second year in a row, the TSX30 ranking included 14 companies from the mining sector, in a sign of the sector’s strong resilience in the face of the COVID-19 pandemic over the last 18 months. The cherry on the cake of this year’s TSX30 is Aura Minerals – a Latin America-focused gold and copper miner with astounding average share price growth of 1,125% since 2018. The company has benefited from an influx of investors in its primary mining jurisdiction of Brazil in recent years, which demonstrates the global reach of Canada’s primary exchange. In fact, Latin America is the largest region outside of North America in terms of TSX-listed companies with mineral properties within this emerging continental market. Toronto’s geographic diversity becomes evident further down the TSX30, with mining companies achieving great results from projects in the US, Mexico, Australia, Panama, Morocco, DRC and Argentina, in addition to a smattering of projects across Canada.

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AURA MINERALS

CAPSTONE MINING

Gold and copper exposure skyrockets Brazil-focused Aura to top of TSX30

Focusing on cash flow generating assets in mining-friendly regions across the Americas

Three-year average share price growth: 1,125% Overall TSX30 position: 1st TSX30 position in mining sector: 1st

Three-year average share price growth: 433% Overall TSX30 position: 5th TSX30 position in mining sector: 2nd

NEWS | TSX30 2021

Mining sector dominates the latest annual list of best performing stocks on TSX

CHAMPION IRON

ORLA MINING

SILVERCREST METALS

Re-entry into the TSX30 for this Australia-focused iron ore producer

Developing an advanced gold and silver open-pit and heap leach project in Mexico

The first company to drill test the historic Las Chispas Silver-Gold project in Mexico

Three-year average share price growth: 313%

Three-year average share price growth: 286%

Overall TSX30 position: 8th

Overall TSX30 position: 9th

TSX30 position in mining sector: 4th

TSX30 position in mining sector: 5th

Three-year average share price growth: 365% Overall TSX30 position: 6th TSX30 position in mining sector: 3rd

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ADAPT | FOCUS | GROW

What does it take to navigate the path forward and create the best 3-year returns for investors?

A bold new approach.

The companies featured on this year's TSX30™, a ranking of the top 30 performers on Toronto Stock Exchange, have demonstrated their ability to do just that by adapting to uncertainty, focusing on future readiness and capturing growth for their business.

Average 3-year Market Cap Growth

302%

Average 3-year adjusted price performance

TECHNOLOGY & CLEAN TECHNOLOGY

37%

TSX30 companies are graduates from TSXV

$248B

2018

$3.3B

395%

2021

$29.3B

FINANCIAL SERVICES

3-year market capitalization increase

2018

$630M

Total Market Capitalization

446%

INDUSTRIAL PRODUCTS & SERVICES

2018

$1.5B

2021

250%

$4.8B

MINING

2021

$2.2B

2018

$459M

2021

429%

$2.2B

CONSUMER PRODUCTS & SERVICES Average 3-year Market Cap Increase

$234.1B

$30.3B

$14.5B

TECHNOLOGY & CLEAN TECHNOLOGY

MINING

INDUSTRIAL PRODUCTS & SERVICES

$6.6B

$1.9B

FINANCIAL SERVICES

CONSUMER PRODUCTS & SERVICES

2018

$299M

264%

2021

$968M

Average Market Cap at June 30, 2021 Average Market Cap at June 30, 2018

Average Share Price Performance

FINANCIAL SERVICES

MINING

TECHNOLOGY & CLEAN TECHNOLOGY

CONSUMER PRODUCTS & SERVICES

12 COMPANIES

9 COMPANIES

5 COMPANIES

4 COMPANIES

WESTERN CANADA

ONTARIO

QUEBEC

INTERNATIONAL (3 USA | 1 AUSTRALIA)

INDUSTRIAL PRODUCTS & SERVICES

343% 322% 312% 209%

199%

RANKING METHODOLOGY • Corporate operating business listed on TSX on June 30, 2021.

• Listed on TSX for a minimum of 3 years or, if a TSXV graduate, a combination of TSX and TSXV for a minimum of 3 years with at least 1 year on TSX. • Closing dividend-adjusted share price of at least $0.50 on June 30, 2018.

• Minimum market cap of $75 million on June 30, 2018.

This left 538 companies that qualified for the 2021 TSX30 ranking.

These companies were ranked based on a 3-year dividend-adjusted share price performance.

Historical share prices have been adjusted for dividends and/or stock consolidations. TSX considered companies’ compliance with Exchange requirements and exercised discretion when determining qualified candidates.

Source: TSX/TSXV Market Intelligence Group. Share prices and historical dividend-adjusted share prices from Bloomberg and S&P Capital IQ.

tmx.com | #TSX30

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Copyright © 2021 TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this publication without TSX Inc.’s prior written consent. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this publication, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. This publication is not intended to provide legal, accounting, tax,

NEWS | TSX30 2021

WESDOME GOLD MINES

MARATHON GOLD CORP

AYA GOLD AND SILVER

Another TSX30 re-entry, Wesdome’s high grade gold assets lie in in Val d’Or, Québec and Wawa, Ontario

A high quality, growth oriented gold development company focused on Newfoundland and Labrador

A portfolio of precious metals exploration and operational assets in Morocco

Three-year average share price growth: 283%

Three-year average share price growth: 258%

Overall TSX30 position: 10th

Overall TSX30 position: 11th

TSX30 position in mining sector: 6th

TSX30 position in mining sector: 7th

VICTORIA GOLD CORP

IVANHOE MINES

COPPER MOUNTAIN MINING

The Eagle Gold Mine is the newest and largest gold mine in Yukon history

Giant of the mining space begins producing copper from the globally significant Kamoa-Kakula project in the DRC

The company’s flagship asset in British Columbia produces around 100 million copperequivalent pounds per annum

Overall TSX30 position: 13th

Three-year average share price growth: 231%

Three-year average share price growth: 194%

TSX30 position in mining sector: 9th

Overall TSX30 position: 15th

Overall TSX30 position: 21st

TSX30 position in mining sector: 10th

TSX30 position in mining sector: 11th

NIOCORP DEVELOPMENTS

ERO COPPER CORP

LITHIUM AMERICAS CORP

Developing North America’s only niobium-scandiumtitanium project in Nebraska, US

Base metals mining company with a 99.6% interest in a leading Brazilian copper miner

Three-year average share price growth: 188%

Three-year average share price growth: 165%

Focused on advancing the Cauchari-Olaroz lithium project in Argentina and the Thacker Pass project in Nevada, US

Overall TSX30 position: 22nd

Overall TSX30 position: 29th

TSX30 position in mining sector: 12th

TSX30 position in mining sector: 13th

Three-year average share price growth: 251%

Three-year average share price growth: 253% Overall TSX30 position: 12th TSX30 position in mining sector: 8th

Three-year average share price growth: 162% Overall TSX30 position: 30th TSX30 position in mining sector: 14th

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TORONTO STOCK EXCHANGE AND TSX VENTURE EXCHANGE

GLOBAL LEADERS #1 #1 IN MINING in Listed Mining Companies Globally

in Mining Capital Raised Globally

To learn more about listing on our markets, visit mining.tsx.com or contact mining@tmx.com or call +1 416 947-4477.

mining.tsx.com Data as at September 30, 2020. Mining capital raised from 2016-Q3 2020. Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. ©2020 TSX Inc. All rights reserved. The information in this ad is provided for informational purposes only. Neither TMX Group Limited or any of its affiliated companies guarantees the completeness of the information contained in this ad and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. The Future is Yours to See., TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, TSX Venture Exchange, TSXV and Voir le futur. Réaliser l’avenir. are trademarks of TSX Inc.

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THE CENTR MINING U 16

Canada’s comprehensive mineral resources sector h Written by Jacob Ambr

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

RE OF THE UNIVERSE

holds the keys to the future of the cleantech economy rose Willson, RGN editor

17

It is no secret that Canada’s mineral resources industry is one of the biggest and best in the world, and a vital lever in the national economy. The sector is not just integral for the smooth functioning of Canadian society, in that it provides billions of dollars’ worth of export revenues, reliable energy supply and broad-based employment opportunities in a future facing industry, it also sits at the very centre of the international mining industry. What’s more, Canada’s resources space is set to play a leading role in the global decarbonisation process, as humankind faces up to the existential threat of climate change. The Toronto Stock Exchange (TSX) and Venture Exchange (TSXV) provide a home to nearly half of the world’s publicly listed mining and exploration companies, and a first port of call for issuers with regards to guidance on key issues ranging from listing requirements to ESG best practices, reporting and disclosure standards.

Recent years have shown that the modern day TSX investor is no longer solely focused on a return on capital from investments in the natural resources space, but also increasingly on responsibly sourced commodities with a low impact on the environment and communities in which they are extracted from.

There also continues to be growing clamour for battery metals as the global electric

18

vehicle (EV) industry moves up the gears, while the need to secure materials deemed ‘critical’ to the Canadian economy becomes ever greater in a polarising global market. However, the strength and diversity of Canada’s mineral resources industry – underpinned by over 150 years of extractive experience and the world’s biggest concentration of listed miners – positions the North American nation at the forefront of the global mining business as it transitions into a sustainable, cleantech industry that could well save the planet.

A domestic behemoth Canada’s domestic mining industry was comprised of over 200 active mines in 2019, producing more than 60 minerals and metals. Globally

INFOGRAPHIC TAKEN FROM: EXPLORING TH ECONOMIC ANALYSIS DIVISION, NATURAL R

Canada is ranked 1st for potash production, 2nd in uranium

19% of Canada’s total exports

and niobium, 3rd for nickel,

- to global markets. Mining

aluminium, diamonds and

also supported 719,000

platinum group elements

direct and indirect jobs,

(PGEs), 4th in cobalt and 5th in

with employment primed to

gold output.

grow further in line with the estimated $82 billion set aside

The sector generated C$109

for mining projects over the

billion – 5% of Canada’s total

next decade.

GDP – in the year before last, with $106 billion exported –

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

HE CANADIAN WAY: MARK BOYLAND - DIRECTOR, INDUSTRY AND RESOURCES CANADA. FOR IMARC 2020 EVENT, MELBOURNE

A vast majority of the

In 2020, $7.5 billion of mining

Mining financing activity

exploration and mining

equity capital was raised

was up 27% compared to H1

companies working within

through Toronto and 57 new

2020 and total capital raise

the domestic sector are listed

mining issuers came to market, grew by 146% to $6 billion –

on TSX and TSXV, where

contributing to a total mining

a remarkable 80% increase

they benefit from greater

market capitalisation of $521

on the entire 2020 period.

access to capital, visibility of

billion. This was achieved after

In terms of listings, TSX and

transactions, analyst coverage,

a rapid bounce back from the

TSXV welcomed 50 new issuers

specialised indices and

COVID-19 crisis across the

in the first six months of

tailored listing requirements

commodities space, which

2021, compared with 16 in the

for junior explorers right

continued into the first half of

COVID-impacted first half of

through to the major

2021.

2020.

producers.

19

“It was an extremely good first half for us, and when we put that into context compared to our competitors globally as a stock exchange for mining companies, we continue to be the number one publicly listed venue for mining companies,” TMX Group’s head of business development, global mining Dean McPherson tells RGN. “We also lead in terms of number of new listings.

Companies that are attracted to our markets are recognising that this is the place to be if you’re a mining company.”

Global clamour for Canada In his role as head of global mining business for Toronto’s two exchanges, McPherson is quick to highlight that the reach of Canada’s premier market goes way beyond exploration and mining firms in the domestic space. Latin America represents the largest pool of properties represented outside of North America, however you will find myriad TSX and TSXV issuers with

20

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

projects in Europe, the Middle

citing a growth strategy in the

the Anglo-Australian company

East, Asia and Australia.

Americas.

to be ‘closer to the action’.

In fact, recent months and

“We’re happy to have Newcrest

In August, the world’s biggest

years have seen a growing

and think this is where they

mining company confirmed

trend involving Australia-

should be, considering their

it would be going ahead with

domiciled mining companies

global strategy,” McPherson

the development of the US$5.7

investing in North and Latin

says. “I think that strategy

billion Jansen potash project

American projects. This

points to why you are seeing

in the Canadian province of

development is an antithesis

this trend. Companies are

Saskatchewan. The company

to the traditional view of

responding to the scarcity

is also currently locked in

Australia as a rival sphere to

of quality assets with a will

a bidding tug-of-war with

the Canadian mining market,

to expand their operations

Andrew Forrest’s Wyloo Metals

and comes at a time when the

globally.

for TSXV-listed nickel explorer

largest players in the space

Noront Resources.

are looking to diversify and

“I feel it’s only natural that

expand their global portfolios.

companies will look to join our

BHP’s move for Ontario-based

exchange to raise their profile

Noront - coupled with the

ASX-listed Evolution Mining

as they find assets and execute

major potash investment in

got the ball rolling in late

on their strategies. Companies

Saskatchewan – demonstrates

2019 with a US$375 million

in Australia are looking for

a growing belief within

investment in the Red Lake

assets, particularly in Latin

the company that the best

gold complex in Ontario.

America, but also in Canada.”

opportunities to develop

The major also pledged

future-facing commodities and

on existing operations at

Exploration opportunities aplenty

the underground complex.

Perhaps most interestingly,

Huge swathes of Canada

Meanwhile, Australia’s largest

BHP moved its exploration

remain fertile ground for

gold producer Newcrest

headquarters to Toronto in

mineral discovery, not least in

Mining made a secondary

March of this year, in a move

the Province of Ontario, which

listing on TSX last year, with

that chief technical officer

is ranked among the top 10

MD and CEO Sandeep Biswas

Laura Tyler said would allow

to spend $50 million on exploration and $100 million

world-class assets are available within Canada.

21

22

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

BHP’S JANSEN POTASH MINE SHAFT

jurisdictions in the world for

rates and attract investment –

“We have modernised our

mineral exploration spending,

and the Ontario Flow Through

mining legislation, the Mining

and is one of the leading

Shares Tax Credit, which

Act and have reduced red tape

regional producers of gold,

stimulates exploration and

for industry. We have created

nickel and PGEs globally, along

improves access to capital.

and invested in programmes

with cobalt, copper, silver and zinc.

such as the OJEP and started “To date, we have

working on a Critical Minerals

implemented several

Strategy for Ontario—a first for

The Ontario Government is

initiatives to relieve regulatory

our province.”

also investing in initiatives to

burden and streamline

keep the mineral exploration

administrative processes,”

Critical minerals

and development sector

says Ontario’s Northern

A loose definition of critical

competitive. Two examples are

Development, Mines, Natural

minerals would be those that

the Ontario Junior Exploration

Resources and Forestry and

are essential to the economy

Program (OJEP) - a catalyst to

Minister of Indigenous Affairs

of a country or critical for

increase mineral discovery

Greg Rickford.

23

HON. GREG RICKFORD, ONTARIO NORTHERN DEVELOPMENT MINISTER

“We have modernised our mining legislation, the Mining Act and have reduced red tape for industry. We have created and invested in programmes such as the Ontario Junior Exploration Program and started working on a Critical Minerals Strategy for Ontario—a first for our province” – Hon. Greg Rickford, Ontario Northern Development, Mines, Natural Resources and Forestry and Minister of Indigenous Affairs

24

defence applications, or

Ontario’s varied geology

those in which supply could

include barite, chromite,

be disrupted from various

fluorspar, graphite,

factors including global

magnesium, niobium,

demand, geographic, import

phosphate and uranium.

or geopolitical risks.

The concept of a critical Ontario is a producer of

minerals sub-sector in mining

several critical minerals

has further solidified in the

including the commonly

post-pandemic era, which has

recognised battery metals,

been characterised by a ‘build

as well as lesser known

back better’ mindset among

selenium, tellurium and

major governments aiming to

indium. Other critical

kickstart the ‘green industrial

minerals present across

revolution’. This global clean

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

energy push will require vastly

America, particularly after

manufacturing ecosystem and

greater quantities of critical

the US and Canada signed a

expertise in battery recycling.

materials that are to be found

joint action plan for critical

in Ontario and other Canadian

minerals collaboration last

Canada is the only country

provinces.

year.

in the Western Hemisphere able to tick all these boxes and

Building an EV supply chain

The main components needed

manufacture EVs in-country

for a jurisdiction to build a

from start to finish, according

There have been concerted

fully integrated EV supply

to business analyst Philippe

efforts on a Provincial and

chain include rich critical

Ferland from Invest in Canada.

Federal level to begin building

mineral deposits, strong

vertically integrated supply

environmental and regulatory

In a piece for the 2021 PDAC

chains in several future-facing

frameworks, widespread

Convention in March, Ferland

industries, not least the EV

use of renewable energies,

said: “Canada’s battery supply

market in Canada and – more

battery metals processing

chain advantage begins with

broadly speaking – North

infrastructure, a major auto

what comes from the ground…

25

As a supplier, Canada ranks 4th

rare earth element processing,

automotive market with a vital

in the world for cobalt, 3rd for

with plants being developed

component for its all-electric

nickel and 3rd for graphite.”

across the country.

fleet.

nascent lithium projects

These facilities will be able

ESG excellence

currently under development

to directly supply cathode

However, as TSX’s McPherson

in the provinces of Québec,

and anode manufacturers

points out, proponents of the

Alberta and Ontario.

as the next value-added

global clean energy push are

stage of the battery supply

not just fixated on the end uses

The next step in the chain

chain. In particular, cathode

of today’s commodities and

requires mineral processing

manufacturing, which

whether they can power the

capabilities. Canada is among

accounts for around 55%

green industrial revolution.

the top countries for refined

of the total cost of an EV

They are also concerned with

nickel production and is

battery, presents a lucrative

the environmental and ethical

increasing its capacity for

opportunity for Canada to

footprint associated with any

cobalt, graphite, lithium and

supply the North American

mined product, whatever it

In addition, there are several

may be.

26

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

“This new class of investors

standards flooding the market

The collaboration will allow

are asking questions like

of late, TSX last year created

all TSX and TSXV-listed firms

‘how does mining impact the

ESG 101 – an educational

to input their ESG data into

communities in which they

hub aimed at providing

the IHS global repository free

are sourced?’ This is why we

issuers with a comprehensive

of charge, affording them

think it’s important for us as

guide to the process of ESG

an opportunity to compare

the home of the most mining

reporting. The exchange has

themselves against peers

companies in the world to

since built on this foundation

and evaluate different ESG

step in and provide education

with a primer document in

approaches in order to gain

and the tools for our issuers to

partnership with Chartered

insights into what investors

meet these new challenges and

Professional Accounting

are looking for. The repository

ESG questions that are asked

Association Canada, and

currently incorporates 17

by investors.”

recently struck another

leading ESG standards and

agreement with London-based

provides a useful framework

In response to the ever-

information provider IHS

convertor service for all

increasing plethora of ESG

Markit.

participants.

27

DEAN MCPHERSON, TMX GROUP GLOBAL HEAD OF BUSINESS DEVELOPMENT, GLOBAL MINING

“This distribution network

In the last decade, the mining

This is evidenced by a recent

provides huge benefits for

industry has gone a long

top 50 ranking of Canada’s best

our issuers. I’m really excited

way to restoring a reputation

corporate citizens by clean

about this partnership and

damaged by years of local and

capitalism magazine Corporate

we’ve got great responses

global environmental damage

Knights. Five mining

from our issuers already,”

and other various CSR mishaps

companies made the June

McPherson proclaims. “The

in mining regions around the

2021 list, with Yamana Gold

IHS joint venture is not the

world and across Canada.

the highest ranked outfit from

end either. We have a team

However, in a microcosm

the sector. Teck Resources,

that’s focused on different

of the sector’s improving

Royal Canadian Mint, Agnico

innovations and products

credentials, many Canadian

Eagle Mines and IAMGOLD

that we can use to create and

resources companies are now

Corp were also included in the

help our clients meet the new

leading by example in the ESG

annual chart, which evaluates

expectations that ESG has

arena.

Canada’s largest corporates

brought to the mining sector.”

28

using performance indicators

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

such as ‘clean’ revenue and investment, board/executive gender and racial diversity and supplier score sustainability.

Indigenous participation The rise and rise of ESG rhetoric and reporting in Canadian business has also shone a brighter light on the rights of indigenous groups across the country, which may previously have been a mere afterthought for mining companies advancing mineral projects on lands held by First Nations peoples.

Nowadays, companies are encouraged to engage indigenous groups at the early stages of project development, as well as make agreements with groups to protect local environments and - in many cases – ensure indigenous communities share in the long-term economic benefits of a mining project.

In Ontario, it’s estimated that 11% of the direct mining

29

30

COVER STORY | CANADA: THE CENTRE OF THE MINING UNIVERSE

workforce is indigenous,

between indigenous

space within the world’s

with jobs ranging from early

communities, government

leading exchange for mining

exploration through to mine

and industry. APF supports

companies, plus business-

closure. Furthermore, many

education and relationship-

friendly Federal and Provincial

indigenous businesses provide

building activities related

governments that understand

various services to Ontario’s

to mineral exploration

the relationship between

mining sector, including

and development within

natural resources and clean

environmental consulting,

indigenous groups in Ontario.

technologies.

And as the recent trend of

“We know that responsible

The complete package

stewardship in partnership

The Canadian mining

into the Canadian mining

with stakeholders and

industry’s growing awareness

sector demonstrates, major,

indigenous communities

of indigenous perspectives

mid-tier and minor players

creates more jobs and

and participation within the

from around the world are

economic opportunity,” says

wide-ranging ESG thematic

identifying Canada as the

Minister Rickford. “Since

is just one part of the

number one place to list,

taking office in 2018, under

parcel that amounts to the

invest and develop projects

the leadership of Premier

most comprehensive and

in, as part of a global strategy.

Doug Ford, our government

progressive resources sector

This incoming traffic only

has strengthened our mining

on the planet.

underscores Canada’s position

camp services and logistics.

industry and our relationships

growing foreign investment

at the very centre of the

with indigenous partners

There remains a rich

across the North.”

abundance of minerals and

mining universe.

metals in the ground sought Government schemes like

after by a thriving junior

the $4.7 million Aboriginal

exploration sector, along with

Participation Fund (APF)

world-class equipment and

are also creating new

mining services, cutting-edge

opportunities to build and

technological advancements,

strengthen relationships

a sophisticated financing

31

Canada is increasingly a Mining & MET

Canada’s trade commissioner in Australia discusses the stren 32

By Bertrand Raoult (Canada T

MINING | BERTRAND RAOULT (CANADA TRADE COMMISSIONER SERVICE)

attractive to Australian TS companies

ngthening ties between Canada and Australia’s mining sectors

Trade Commissioner Service)

33

Like Australia, Canada is a global mining Leader. The country hosts a diverse and rich endowment of mineral resources, a favourable tax regime for the mining sector, and public support to encourage exploration and mining activity.

This is attracting worldclass mine operators and suppliers of equipment, professional services and expertise in mine financing. The country remains the undisputed leader in responsible business practices and responsible sourcing and this will attract more and more foreign investment, which will contribute to growing a world-leading mining supply and service sector.

The interest of international companies in Canada is

34

increasing. Not only does

publicly listed mining and

Canada and Australia are

Canada produce over 60

exploration companies. The

frequently compared in the

minerals and metals worth

Canadian government also

mining business due to their

nearly C$48 billion, the

recognises the importance

similarities. Both countries

country is a leading global

of the relationship between

have open economies with

producer of many minerals

natural resources and clean

abundant natural resources,

including those used in

tech to the country’s economy,

robust public geoscience

advanced battery technologies,

and is supporting investments

programmes and minerals

such as graphite (5th) and

in the cleantech sector.

and metals companies that

nickel (5th) and is home to

continue to be a major source

almost half of the world’s

of revenue. Both have a

MINING | BERTRAND RAOULT (CANADA TRADE COMMISSIONER SERVICE)

Bertrand Raoult Bertrand is an MBA qualified senior accounts and sales professional with over 25 years international experience. Originally from France, Bertrand moved to Australia in 2007 and previously worked in Ireland, Latin America, France and Spain.

In his current role, Bertrand plays a critical role as a trusted advisor to Australian and New Zealand companies willing to set up or expand their operations in Canada.

Australian miners migrating

Some examples of recent

over to Canada is growing,

developments in Canada from

whether that be through a

Australian companies include

dual listing on TSX or through

Newcrest Mining, who in 2019

investments in Canadian

acquired 70% of the Red Chris

His responsibilities include: Investment support (investment business case, information and advice on doing business in Canada, strategic market intelligence, regulatory environment, incentive programmes, site visits) and introductions (promotion agencies, key contacts in private industry, academia and government, industry events and international activities, investment support professionals).

projects, and this in turn is

gold and copper operation in

ajb

thriving junior mining sector,

driving the interest of the

big mining corporations,

Australian Mining, Equipment,

and a strong mining services

Technology and Services

sector, all of which have a

(METS) sector.

global footprint. The trend of

35

Canada Trade Commissioner Service The role of the Canadian Trade Commissioner Service is to assist Australian companies in setting up and expanding their operations in Canada. We can assist mining companies in areas such as: •

provide introductions (provincial, territorial and local investment promotion agencies who can help you access local opportunities, networks and programmes, key contacts in private industry, academia and government, referrals to investment support professionals, such as lenders, lawyers, accounting firms, information specialists and private-sector industry associations, etc)

•

provide industry-specific regulatory environment information as well as insights on government programmes that can help you set up a business in Canada, access tax and R&D credits as well as other incentives

•

Provide cost benchmarks between different jurisdictions, help in site selection and organise site visits

aj@

36

a joint venture with Imperial

Battle North Gold Corporation

Metals, and listed on TSX in

acquisition in May 2021.

October 2020, and Evolution Mining who acquired the Red

BHP has also been very active

Lake complex in 2020. The

in Canada. In March 2021,

operation consists of the Red

BHP announced moving its

Lake, Campbell, Cochenour

exploration headquarters

and the recently acquired

to Toronto. The company

Bateman mine following the

is also strongly pursuing

MINING | BERTRAND RAOULT (CANADA TRADE COMMISSIONER SERVICE)

in the Northwest Territories in June this year. Another Australian firm - St. Barbara - launched its Atlantic gold operation in Nova Scotia in 2017, and now has three additional projects planned nearby at Beaver Dam, Fifteen Mile Stream and Cochrane Hill. Rafaella Resources has recently agreed to acquire high-grade nickel-copper sulphide projects, and owns the McCleery cobalt and copper exploration project in Canada.

ASX-listed Sayona Mining has also been very dynamic.

It is developing the Authier Lithium project in Québec, undertook studies for a processing plant, developed a partnership with Piedmont an investment in Ontario-

battery materials in Ontario.

based Noront Resources,

Wyloo is also showing a strong

the US electric vehicle supply

and announced a few weeks

interest in Noront.

chain and won a bid for the

ago that the Jansen potash

Lithium to gain access to

North American Lithium mine

project in Saskatchewan was

We can also mention Vital

and processing facility in

going ahead. Wyloo Metals’

Metals, North America’s

Québec.

Dr. Andrew Forrest recently

second rare earths producer,

announced his interest in

who announced the launch

Autenco Minerals (Pickle

developing a future-metals

of production at Nechalacho

Crow gold mine in Northern

hub with capacity to produce

37

Ontario), Galaxy Resources

seen moves to Canada by

Orica, present in Québec and

(lithium operations in James

METS companies, such as

Alberta, specialises in blasting,

Bay in Northern Québec),

contractors, engineering

tunnelling, and automation

Indiana Resources (St.

services or technology or

and works with Newmont on

Stephen nickel-copper-cobalt

hardware providers. Byrnecut,

three underground mines in

property in New Brunswick)

a specialist underground

Canada. Perenti, specialising

and Austral Gold (Clapperton

mining contractor, is

in productivity solutions

copper-molybdenum property

increasing its Canadian

for mining operators, has a

in British Columbia) are

presence to support some of

subsidiary in Ontario. We can

other examples of Australian

its fellow Australian customers

also mention Micromine (Fleet

companies pursuing interests

and Barminco, a hard rock

management and mining

in Canada.

underground mining services

control solutions) and Auteco

company, commenced projects (Consulting, engineering,

38

On top of these mining

in Ontario and in British

projects, we have also

Columbia in 2020.

MINING | BERTRAND RAOULT (CANADA TRADE COMMISSIONER SERVICE)

project delivery, and asset

professional services, and

The total spent on exploration

operations).

mine financing expertise

reached $2.1 billion in 2019.

are all strengths of Canada’s

Juniors play an important

mineral sector. These key

part in the discovery and

capabilities are increasingly

advancement of mineral

attracting Australian

projects in Canada, which are

companies from the whole

the next generation of mines.

Abundant mineral and metal

mining ecosystem to explore

Junior mining companies

resources, sustainable mineral

Canada’s potential, either for

invested $998 million the same

development, sophisticated

those interested in exploring

year in exploration and deposit

financial institutions, broad

greenfield opportunities, as

evaluation. Environmental

geoscience expertise, an

well as those that already have

consultants, community

extensive science and

a presence in the nation and

consultation advisers and

technology network, as well

want to expand their current

drilling contractors are all

as world-class equipment,

operations or research new

part of Canada’s vast pool of

Canada’s capabilities in the Mining Sector

initiatives.

39

40

skilled service and equipment

of new mines. Improving

technology generation and

suppliers supporting these

water efficiency, minimising

storage solutions, alternative

exploration efforts.

and managing mine waste,

powered EVs, ore sorting,

improving energy efficiency

ventilation and waste water

The Canadian Government

and reducing greenhouse gas

management.

also strongly supports the

emissions are just a few of the

mining sector in its transition

initiatives. This creates great

Financing and funding is also

to clean and sustainable

opportunities for Australian

a key strength for Canada.

methods, to improve the

METS companies providing

With over 1,200 issuers, the

productivity of current mines

decarbonisation, smart mining

Toronto Stock Exchange (TSX)

and create technology to

and responsible mining

and TSX Venture Exchange

accelerate the development

solutions such as: clean energy

(TSXV) are the world’s leading

MINING | BERTRAND RAOULT (CANADA TRADE COMMISSIONER SERVICE)

listing venues for mining

Mining is a cyclical and

through financing or the

and mineral exploration

capital-intensive business

Mineral Exploration Tax

businesses, accounting for

with a considerable interval

Credit (METC) are the main

nearly half of all global listings

between initial investment

tax incentives that companies

in 2018. Companies listed on

and commercial production.

could avail of in the country.

these exchanges raised over

As a result, the federal and

a third ($6.5 billion) of the

provincial income tax systems,

world’s total equity capital for

as well as the provincial

these activities, accounting for

mining tax systems, favourably

49% of all mineral exploration

treat exploration and other

and mining equity financings

intangible mining expenses.

globally.

Loss carry-over rules, flow-

41

Can Canada cross the Rub supply ch

A call for Canadian society to play an increasingly active role in the glob 42

MINING | CHRIS BERRY (HOUSE MOUNTAIN PARTNERS)

bicon in the battery metals hain race?

bal decarbonisation mission, by Chris Berry (House Mountain Partners) 43

In the year 49 BC, Julius Caesar said ‘alea iacta est’ while his army was crossing the Rubicon into Northern Italy. This phrase, which translates into ‘the die is cast’, implies the beginning of a new challenge. Given recent governmental and corporate announcements to allocate billions of dollars of capital in global electrification and decarbonisation programmes, Caesar’s words spoken two millennia ago are especially pertinent today.

The global battle with COVID-19 has been a monstrous catalyst to widespread change in all facets of the economy, particularly in the technology and energy sectors. The pandemic, coupled with a renewed focus on ESG mandates, provides an opportunity for all economic stakeholders to develop a clear, coordinated, and executable strategy to decarbonise economic growth. ‘Green growth’ is all the rage in the financial markets and the need to

44

MINING | CHRIS BERRY (HOUSE MOUNTAIN PARTNERS)

Chris Berry

Based in Washington DC, Chris has been an independent analyst since 2009 with a focus on energy metals supply chains including lithium, cobalt, graphite, nickel, copper, vanadium and rare earths with a roster of global clients including investors corporates and academia.

His advisory work has a specific focus on how energy metals supply chains are evolving to create opportunities and threats during the energy transition in the coming decades.

Before shifting focus to analysis of these trends, Chris gained 12 years of capital markets experience on both the buy side and sell side.

He has visited and performed economic analysis of metals deposits on six continents and has been featured in multiple media outlets including the Financial Times, The Wall Street Journal, Bloomberg, NPR, the South China Morning Post and CNN International.

aj

45

play catch up to the Chinese

concerns aside in recent

its natural resource wealth

juggernaut is obvious.

decades. The shock that

and mining and production

COVID has provided to the

technology advantages can

The Middle Kingdom has

global economy has forced

play an important role in

quietly and successfully

the West to come to terms

this challenge. Competition

dominated critical metals

with the critical metals

for battery metals supply

supply chains through

advantage that China now

chain dominance will take

‘state supported capitalism’

commands. Canada, with

many forms, and while allies

and placed environmental

46

must cooperate, a closer

MINING | CHRIS BERRY (HOUSE MOUNTAIN PARTNERS)

a low cost of capital, and global pronouncements by governments offering incentives to co-locate pieces of the battery metals supply chain.

However, this seemingly one way push presents a paradox (and an opportunity for Canada). While decarbonisation is a worthy goal, this will require orders of magnitude more - not less - of battery raw materials, more energy needed to process materials and the resulting carbon dioxide emissions as a by-product absent a technological leap.

It is imperative that these resources are extracted and purified with a minimum (preferably net zero) carbon footprint. examination of specific

programmes. One wonders

country and company

just how these sums can

Lithium demand at a 20%

strategies around costs and

be spent efficiently and

compound annual growth

regulation can be instructive.

effectively in the timeframe

rate (CAGR) or rare earth

noted. Interestingly, this flood

elements (10 to 15% CAGR)

Recently General Motors,

of capital is accompanied

throughout the current decade

Stellantis, and Daimler have

by an accommodative

coupled with a stronger ESG

pledged over US$110 billion

financial sector offering

focus across the supply chain

to their vehicle electrification

puts a premium on where

47

materials are sourced. With

and this is where Canada can

blurred, it is more important

this backdrop, it does shine a

make an immediate impact.

than ever to find ways for the

favourable light on ‘commodity

48

public and private sector to

centric’ economies such as

Most battery metals aren’t

work together to try to build

Canada. To be fair, Canada has

rare. However, finding them

resilient and dynamic supply

a rich history of innovation

in economic quantities and

chains that achieve the goals

whether it be with the Mach 2

refining them to ‘battery grade’

relative to the greening of the

Avro Aero or CANDU nuclear

quality is a difficult and an

global economy.

reactors amongst other

expensive part of the supply

innovations. This spirit of

chain. This challenge sits at

innovation is now required for

the core of the decoupling

Canada’s role in the transition

Canada to stake its claim along

debate and the desire of

Few countries are better

the EV supply chain. While

Western governments

placed than Canada to

the downstream aspects of the

to loosen the Chinese

benefit from the enormous

electrification supply chain

grip on the supply chain.

challenges associated with

are important, none of this

Additionally, since the line

decarbonisation. Despite

is relevant without a steady

between economic security

a chequered history of

supply of battery raw materials

and national security is now

lithium project development,

MINING | CHRIS BERRY (HOUSE MOUNTAIN PARTNERS)

the potential for lithium

and demonstrate the potential

provincial governments have

and other battery metals

for Canada’s mining sector.

offered support for domestic

positions Canada as a major

EV adoption mainly through

contributor to and beneficiary

These companies must

incentives and rebates but

of the decarbonisation

manage costs while navigating

much more needs to be done.

thesis. Companies such as

a regulatory and permitting

One example is First Cobalt

Nouveau Monde, Northern

maze as well. The mining

and their plan to operate a

Graphite (both graphite),

sector is a relatively small

cobalt refinery in Ontario. The

Critical Elements, Frontier

but important piece of

company has secured a total

Lithium (both lithium), First

the Canadian economy

of C$10 million in interest

Cobalt (cobalt), Commerce

contributing $109 billion (5%

free loan and nonrepayable

Resources and Geomega

of Canada’s GDP in 2019) and

grants to accelerate the

Resources (both rare earth

was responsible for 16% of

refurbishment and operation

elements) are a few examples

exports (in 2018) according

of the facility. This is a positive

of Canadian companies not

to the Mining Industry

sign, but a drop in the bucket

yet in production but aiming

Association of Canada.

relative to the capital needs

to join the ranks of producers

The Canadian federal and

across the industry. In short,

49

Canada must do more to

this may increase the costs

of battery metals. This is an

compete for capital.

of doing business, the threat

opportunity for Canadian

of higher costs can spur just

resource projects and is

the level of innovation that

bolstered by the USMCA, the

the battery metals sector

free trade agreement between

The ESG movement has

requires to hit aggressive

Canada, the US, and Mexico

taken on an elevated level of

decarbonisation goals.

that is the successor to NAFTA.

ESG: fuel for innovation? importance in recent years

While the agreement covers

and shows no sign of slowing.

This fuel for innovation also

a multitude of sectors of the

Mining companies must

helps in cross-border supply

economy, the automotive

factor in an added layer of

chain building. In the United

sector is a focus given its

oversight from the corporate

States, President Biden made

importance for jobs and the

boardroom to the mine face

it clear that the US will rely

tax base. Under the new rules,

amid uncertain results. While

on allies in part for sources

75% of a vehicle’s content must be produced in North America

50

MINING | CHRIS BERRY (HOUSE MOUNTAIN PARTNERS)

and delivering a return for investors are some of the issues mining companies in the battery metals supply chain must reckon with.

I began this essay with Julius Caesar and his quote ‘alea iacta est’. Given the pronouncements from governments and companies worldwide, the die has been cast for the electrification thesis and now the work begins. Canadian resources and intellectual property must play an increasingly active role in accomplishing the aggressive (up from 62.5% under NAFTA).

is only beginning to be felt.

and worthy goals of global

While this may raise costs

Stakeholders across the public

decarboniasation.

at first blush, it underscores

and private sector alike in

the potential opportunity for

Canada must step up and face

innovation along a shorter and

the challenge head on. Raising

more robust localised supply

billions of dollars in capital

chain – one in which Canada

to build new mine supply and

can play a central role.

infrastructure, allocating the

Conclusion

capital in a timely and efficient manner while ensuring

Despite the optimism and

the efficient operation of a

hype surrounding the

more regionalised supply

electrification thesis, the size

chain structure, adhering to

and scope of the challenge

stringent ESG requirements which embed sustainability,

51

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- Jonathan Goodman

KIRKLAND L

Mega-merger of equals with Agnico Eagle Mines

54

MINING | KIRKLAND LAKE GOLD

LAKE GOLD

s set to create world’s third largest gold company

55

On September 28, 2021, Kirkland Lake Gold and Agnico Eagle Mines announced to the world a US$10.68 billion merger of equals, creating a Canadian gold mining giant with a reserve base of 48 million ounces of gold and an extensive pipeline of development and exploration projects around the world.

The deal, which ostensibly looks like the largest merger in the gold sector since the $10 billion Newmont-Goldcorp tie-up in January 2020, will establish the new company as the gold industry’s highest quality senior producer, with the lowest unit costs, highest margins, most favourable risk profile and industry-leading ESG practices, according to both parties. “Logically speaking, these are the only two companies that a merger of equals make sense for, from our perspective,” says Kirkland Lake’s president and CEO Tony Makuch, who has been appointed to the same position in the merged entity, which will operate under the Agnico Eagle moniker after the deal is completed, either in December or early in 2022. “Both companies have been industry leaders in growing share value,” Makuch continues.

Kirkland Lake has delivered shareholder value from rapid production growth and lower unit costs over the last four years following timely acquisitions and investments in exploration at its three gold mining operations, in Ontario, Canada (Macassa, Detour Lake) and Victoria, Australia (Fosterville).

Meanwhile, Agnico Eagle has continued to hold its position as one of Canada’s senior gold miners with a precious metals production history dating back to 1957. Today, the company’s operations can be found across Canada as well as in miningfriendly Mexico and Finland.

Merging neighbourhoods Of the many synergies between the two businesses, perhaps the most apparent – certainly from a geographical perspective – is the opportunity for the new company to establish a dominant position in one of the world’s leading gold regions; the Abitibi-Greenstone Belts

56

CANADIAN MALARTIC - AGNICO EAGLE’S

MINING | KIRKLAND LAKE GOLD

JV OPEN PIT GOLD MINE IN NORTHWESTERN QUÉBEC

57

of Northeastern Ontario and

at Kirkland Lake’s Macassa

A Kirkland Lake crew is

Northwestern Québec.

mine and its shuttered Holt

currently in the process of

mill in Ontario.

sinking the No. 4 shaft at

Combined, the company will

the Macassa mine. Makuch

produce almost 2 million

In the Kirkland Lake region

says that same crew can be

ounces (Moz) of gold per

of Ontario, the companies

readily deployed to assist in

annum from the region, with

have a unique opportunity

the development of the Agnico

over 16 Moz in reserves, along

to combine the Macassa

Eagle projects.

with a platform for exploration

and Holt operations with

and development projects

Agnico’s nearby Amalgamated

“We have also built surface

and existing infrastructure,

Kirkland, Upper Beaver and

ramps at Macassa down to 300

including mills at Agnico’s

Upper Canada gold projects,

metres, which can be used to

LaRonde and Goldex mines in

in what is one of the biggest

create exploration platforms

Québec and processing plants

single value drivers for the

at the Amalgamated Kirkland

merger.

58

MINING | KIRKLAND LAKE GOLD

property, adjacent to Macassa.

particularly with regards

provides an opportunity to

Then you have then chance

to underground mining

leverage each other’s expertise

to grow a 250-350,000 ounces

strategies.

in areas where one company is

per annum new business in

more advanced than the other.

Kirkland Lake, leveraging

“We talk about a ‘cultural fit’

the existing mills and tailings

and one example of this is that

Makuch added: “Agnico are

facilities.”

both companies have a strong

leaders in terms of innovation

focus on underground mining

at their mines, specifically in

This is a great example of the

and have been underground

relation to automation and

merger being able to create a

miners for a long time,”

digitalisation underground at

larger platform encompassing

Makuch explains. In fact, both

LaRonde. We are doing this

multiple operations in a single

companies are widely regarded

at Macassa now and we will

region and the opportunity

as world-leaders in deep

be able to implement these

to cross-pollenate ideas,

underground mining, which

changes quicker because

59

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MINING | KIRKLAND LAKE GOLD

Agnico has the technology in place and the working platform.”

Eyes on exploration Further evidence of the aforementioned cultural fit is provided by both partners’ focus on exploration as a key value driver. Investors in Kirkland Lake can attest to the company’s significant exploration success across its three cornerstone assets.

“We’ve spent almost $190 million in exploration this year, and we see the same culture and fit with Agnico in terms of their focus on exploration. I see some significant exploration upside in Agnico’s portfolio in Northwestern Québec and Northeastern Ontario, plus at other assets around the world” – Tony Makuch, Kirkland Lake Gold president and CEO 61

At Fosterville in Australia, Kirkland Lake has achieved year-on-year exploration success since acquiring the mine in 2016. In the same time frame, the company has more than doubled reserves at Macassa. Meanwhile at Detour Lake, a 10 Moz increase in measured and indicated mineral resources (exclusive of mineral reserves) was recently announced after over a year of significant exploration success.

K IR K L AND L AK E G O L D AT A G L A N C E

STOCK TICKER: TSX:KL, NYSE:KL, ASX:KLA MARKET CAPITALISATION: US$12.04 billion (as of October 20, 2021) aj

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MINING | KIRKLAND LAKE GOLD

The Company’s extensive drilling programme is continuing, and Makuch believes that there remains considerable potential for additional growth in mineral reserves and mineral resources at Detour Lake, given the project’s 1,000 km2 land position in very favourable geology in the Abitibi region.

“We’ll spent almost $190 million on exploration at our three key assets, and we see

AGN I CO EAGL E MI N ES AT A G L A N C E

STOCK TICKER: TSX:AEM, NYSE:AEM MARKET CAPITALISATION: US$13.9 billion (as of October 20, 2021) aj

63

the same culture and fit with Agnico in terms of their focus on this crucial part of the gold mining business. I see some significant exploration upside in Agnico’s portfolio in Northwestern Québec and Northeastern Ontario, plus at other assets around the world.”

For example, Agnico’s Kittilä mine in Finland is the largest primary gold producer in Europe, with a significant resource and reserve currently in place. However, Agnico has drilled holes down to 2,000 metres that are showing significantly higher grades and widths than what is currently being mined closer to surface.

“It’s an area that is wide open for exploration. There are other juniors in the region that are exploring and having success. It’s also similar geology to what we see in the Abitibi, so we’re pretty excited about what can happen there,” Makuch says.

TONY MAKUCH, KIRKLAND LAKE GOLD PRESIDENT AND CEO

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MINING | KIRKLAND LAKE GOLD

Over in Nunavut – where Agnico has the distinction of being the only gold producer in the entire territory – the companies believe that the giant Meliadine mine has significant exploration upside, while the Amaruq satellite project has the ability to replace and grow reserves from the open pit Meadowbank mine 50 km away.

Then there is the Northernmost Hope Bay project, which is in its infancy and set to become a source of new gold reserves for years to come with the right amount of investment in aggressive exploration. Finally, Agnico is working on a couple of exploration properties in Mexico – an unfamiliar jurisdiction to Kirkland Lake, but one that excites Makuch nonetheless.

“We both know that to unlock value through exploration you need to spend money on drill holes. We’ve been doing that

65

companies see themselves

areas where we can have a

Combining ESG values

significant impact in terms of

Additional synergies lie

stewards in the regions they

extensions of known systems

within Kirkland Lake and

operate, which has brought

and new discoveries that can

Agnico Eagle’s unwavering

about commitments to net

create new value, similar to

commitment to creating value

zero emissions by 2050 or

what we’ve done at Fosterville,

through responsible mining

sooner.

at Macassa and what we’re

and sustainable development,

currently doing at Detour

which are ensconced in the

“Kirkland Lake and Agnico

Lake.”

overarching ESG concept. Both

are both very focused on what

and continue to focus on key

66

as long-term environmental

MINING | KIRKLAND LAKE GOLD

needs to be done to achieve

From a social standpoint, both

A full description of both

this goal, in terms of looking

companies have developed

companies’ ESG commitments

at alternative fuels for how

strong working relations

can be found in their annual

we operate equipment at our

with local indigenous groups.

sustainability reports,

mines, alternative ways to

These relationships are built

which are becoming thicker

extract gold and better ways

on the premise of respect

documents by the year.

to treat the land and the water

and recognition of the need

Makuch recognises the

that we use.”

to partner with all regional

importance of ESG reporting

stakeholders.

and acknowledges that Kirkland Lake can learn

67

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MINING | KIRKLAND LAKE GOLD

from Agnico Eagle’s more

operational, financial and ESG

Makuch concludes: “We

comprehensive style of

point of view.

have a strong track record

sustainability disclosure.

for achieving operational As always, one of the key

excellence and delivery

On a personal note, Makuch

focus areas for Kirkland Lake

of strong financial results

cannot wait to get started

in 2021 has been improving

that create value for our

in his position at the helm

the workplace for its people,

shareholders, our people and

of the combined company,

promoting health and safety

our communities. We see

which will bring together

and reducing workplace

similar strong performance

two very talented teams. “My

injuries. According to Makuch:

and results coming out of

experience is in mining and

“As a company we aim to

Agnico.

is focused on people; you see

provide a safe workplace and

that same focus on people at

all workers are committed to

“What that demonstrates is

Agnico,” he said.

working safely for themselves

that our merger is creating

and others. We’ve made

a true industry leader in

“I’m excited to start working

significant improvements but

the gold sector, one that

with some really good people

still have a long way to go.

warrants a premium valuation

and be able to build ideas

Fundamentally we don’t want

and is well positioned to

for how we take our assets

anybody hurt on the job. That’s

generate superior long-term

to the next level, which will

a big part of what we’re trying

shareholder value. We also

definitely involve the prism of

to accomplish in 2021 and

both return significant capital

automation, digitisation and

2022.”

to shareholders through

new innovations.”

dividends - in the case of On the operational side,

Kirkland Lake, our share

Kirkland Lake expects to

repurchase programme - and

achieve the top half of its full-

with the combined company’s

While the takeover countdown

year 2021 production guidance

substantial financial strength,

has begun in earnest, it

of 1.3–1.4 Moz. The company

it will be very exciting to

remains business as usual

is also targeting the best unit

see where that goes moving

for Kirkland Lake as it moves

cost performance among

forward.”

through the final quarter

senior producers, with all-in

of what has already been

sustaining costs expected to

a successful year from an

average $790 – $810 per ounce

Business as usual

sold in 2021.

69

70

MINING | MARATHON GOLD

M A R AT H O N GOLD Approaching the finishing line at what will be Atlantic Canada’s largest gold mine

71

The Canadian Province of Newfoundland and Labrador (NL) is unquestionably a natural resource-based jurisdiction. The economy was historically built on fishing, but today major industries include logging, oil & gas and mining. The latter is one of NL’s largest and oldest trades and a major contributor to the economy, which is comprised of just half a million citizens. More than 15 mineral commodities have been produced or mined in the province, with notable projects including Vale’s Voisey’s Bay nickel operation, the iron ore projects near the towns of Wabush and Labrador City on the mainland, and the recently closed Duck Pond base metals mine on the island of Newfoundland.

There has also been a long history of high-grade, narrow vein-type gold mines on the island. The province’s newest mine is set to be Marathon Gold’s Valentine gold project, located in central NL, with the TSX-listed company closing in on the finishing line after completing a feasibility study in April. “We’re presenting a project with an open pit, large production profile and that is relatively new for NL,” Marathon’s president and CEO Matt Manson tells RGN. “We’re the largest undeveloped mineral resource in Atlantic Canada and will be the largest gold mine in Atlantic Canada.”

72

The Valentine project currently

not at the top of a mountain,

boasts 4.8 million ounces (Moz)

we’re not up in the high Arctic

of gold in the total mineral

or in a national park.

resource (measured and indicated + inferred), with an

“We’re not moving

average grade of 1.75 g/t. The

communities or diverting

feasibility estimates 2.05 Moz in

rivers or draining lakes. We’re

the initial mineral reserve at a

on Crown Land in central

grade of 1.35 g/t after dilution,

Newfoundland with a road and

over a 13-year mine life. The

a power station nearby. It has

first nine years will see the

all the makings of a successful

company producing a sizeable

project due to those elements

173,000 ounces of gold per

of simplicity.”

annum.

Manson also stressed the need While the feasibility paints

to keep the project’s capital

the picture of a low initial

expenditures to a manageable

capital, high rate of return gold

level for a company like

development, Manson believes

Marathon to reasonably

that the most important

conceive of financing and

function of the study is to

developing independently. The

depict the simplicity of the

current C$305 million capex

project.

will allow Marathon to do just that, according to its chief.

The facilities at Valentine will pit deposits (Marathon and

Marathon not a sprint

Leprechaun), a mill and tailings

Environmental Assessment

facility, and the work camp.

(EA) is arguably the most

“That’s it,” Manson proclaims.

crucial stage of a mining

“When we show stakeholders

application in NL, and

and investors the setting of the

certainly the most time-

project, we point out that we’re

consuming in terms of the

be comprised of two open

MINING | MARATHON GOLD

73

“In the pantheon of mining projects, we hope elements of simplicity, is something that regu acceptability can be built – Matt Manson, Marathon G

overall project development

including: wildlife, water, air,

of Newfoundland migrates

timeline. The filing of the

communities and social health

seasonally through the Eastern

Valentine Environmental

to name a few.

part of the property, so there

Impact Statement (EIS) in

is a mitigation strategy around

September last year was

“Every one of those VCs

about the mid-way point of

is assessed based on our

Marathon’s EA process, which

potential impact on them and

Marathon is also engaged

is governed at Federal and

then we propose mitigation

in the area of community

Provincial levels.

strategies where we see

health. There are six local

potential for impact. We

communities within the socio-

The EIS provides an all-

are currently focused on

economic catchment area

encompassing description of

minimising our impact on

of the Valentine project, as

the social and environmental

water quality and fish habitats.

well as the Qalipu Mi’kmaq

impacts of the project,

74

that.”

and Miawpukek First Nation

with 17 value components

“We’re also focused on the

groups on the island. Last year,

(VCs) under assessment,

local caribou population. One

the company signed a social

of the sub-herds on the island

economic agreement with the

MINING | MARATHON GOLD

e that Valentine is one that presents all the ulators can see and understand, and social t in a constructive way” Gold president and CEO

former and a MoU designed

However, social acceptability

in the pudding in terms

to lead to a similar agreement

is not only gained through

of how our relationships

with the latter group.

cooperation agreements,

have developed with local

or commitments to

communities and with the

local employment and

government of N&L.

Social licence to operate

procurement. Manson believes

“In the pantheon of mining

a mining company’s licence

“It’s not for me to characterise

projects, we hope that

to operate starts with the core

those relationships, but I

Valentine is one that presents

principles of the organisation,

believe they are very strong

all those elements of simplicity

from the top down.

and it’s something we do

I discussed before, is

well as a company. We’re not

something that regulators can

“As the CEO of the company,

seeking to do this project in a

see and understand, and social

am I communicating to

way that will cause stress or

acceptability can be built in a

the team the values under

discomfort for anybody,” he

constructive way.”

which we operate, and what’s

assures.

acceptable and not acceptable?

I think so far, the proof is

75

There’s a lot of expectation on

large part of Marathon’s

the shoulders of Marathon in

‘SG’ performance will come

Newfoundland. The Valentine

down to how it meets the

project will deliver 400 direct

expectations of the highly

jobs and a significant number

skilled labour market that

of ancillary jobs through local

exists within the resource-

procurement of goods and

based local economy.

services, in a region which has suffered economic and fiscal distress in recent years.

High risk high reward Typically, development stage

The company has no shortage

companies will down tools

of resumes in its bank as

on any exploration activities

the project approaches

in order to present a static

construction phase, so a

project for financing and permitting, then head back into the field once the mine is up and running. However,

MA RAT HON GOLD AT A G L A N C E

Marathon has elected to double down on exploration this year because it sees great potential to add ounces along the 20 km Valentine shear zone.

The decision to execute higher risk exploration along the

STOCK TICKER: TSX:MOZ MARKET CAPITALISATION: US$598.1 million (as of October 08, 2021)

shear zone was made when Manson joined the company as CEO in 2019. This approach quickly led to the discovery of the Berry deposit in 2020,

aj

following a successful step out drilling campaign.

76

MINING | MARATHON GOLD

77

Berry is in fact one of five

the mill. This year, it’s been

we haven’t explored,” Manson

deposits with mineral

about expanding and drilling

declares.

resources identified along

the deposit. We’re heading

the shear zone, but it remains

up towards 120,000 metres of

But in order to sustain this

the main focus of Marathon’s

drilling at Berry and believe it

high risk exploration strategy,

exploration efforts. In April,

has the potential to be another

the company needs to have the

a maiden resource estimate

Leprechaun, which is 1.3 Moz

requisite funds in the treasury

of 640,000 ounces, with an

in all resource categories.

at any given time. A series of

average grade of 1.75 g/t, was released to the market.

78

flow through financings on “I believe the resource

TSX over the last few years

inventory is still growing here,

have given Marathon that

“It’s located in between

but beyond that we’re still

licence to keep drilling, with

the existing Marathon and

carrying forward this ethos of

the treasury sitting at $107

Leprechaun orebodies, right

higher risk exploration; rolling million at the end of Q2.

beside the future location of

the dice and going to places

MINING | MARATHON GOLD

79

MATT MANSON, MARATHON GOLD PRESIDENT AND CEO

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MINING | MARATHON GOLD

“That’s a good springboard for

in Q1 2022, with first gold pour

the final debt financing effort,

slated for 2023.

then they’ll be additional equity on top of that. It also

The construction phase

gives us a lot of flexibility

will bring the first wave of

now as we look at long-lead

employment opportunities

procurement, team building

to the central Newfoundland

and doing the types of early

economy, which has been

works that are required to

crying out for a new mining

secure the overall schedule of

project since the closure of the

a project build.

Duck Pond operation, and the polymetallic Buchans mine

“I think we’ve also benefitted

before that.

from an equity market over the last couple of years that’s

“Many workers left the

been interested in investing in

province to work on natural

quality gold projects in good

resource projects elsewhere

jurisdictions and we haven’t

in Canada, but we are hoping

been shy to take advantage of

to attract those highly skilled

that.”

people back home to work on

The home stretch

our project. They will be on rotation here as well, but with

Manson believes the company

a camp closer to home. In

is on the home stretch with

terms of the social dynamic of

regards to the EA, which he

that and the economic impact

describes as ‘the schedule

of the project, I hope it’s all

driver for our overall business’.

going to be positive.”

The EA process and final project financing should be completed by year-end, giving Marathon the opportunity to commence mine construction and site infrastructure works

81

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83

WESDOME G

The only mining company to feature in t

84

MINING | WESDOME GOLD MINES

GOLD MINES

the TSX30 for the third consecutive year

85

When the latest list of the 30 top performing companies on Toronto Stock Exchange (TSX) by average three-year share price was released in the middle of September, 14 mining companies were included, matching the sector’s contribution in 2020.

However, only one name from the mining industry has appeared in all three editions of the TSX30 since its launch in 2019: Wesdome Gold Mines. This recognition of the company’s consistent delivery of shareholder value over the last three years is actually the culmination of over 30 years of continuous gold mining in Canada, through various guises.

The current incarnation of Wesdome is rapidly evolving into a mid-tier player in the gold space with production heading towards 200,000 ounces per annum from its assets in Val d’Or, Québec and Wawa, Ontario.

President and CEO Duncan Middlemiss salutes the ‘amazing accomplishment’ of the Wesdome team for its inclusion in the TSX30 for the third year in a row. “Operational turnaround and optimisation are what facilitates our success,” he says. “The second step is investment in exploration at what we view as high potential underground properties. We’ve had operational success and have been able to fund a robust exploration programme. The third aspect of this trifecta for inclusion in the TSX30 is our jurisdiction here in Canada.

Overall, we’ve got a team that delivers and we’re really proud of that.”

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MINING | WESDOME GOLD MINES

Since RGN last featured Wesdome in 2020, the company has continued to churn out more ounces at the Eagle River mine in Ontario, alongside brownfields exploration work across the Eagle Mine Complex and at the Kiena mine in Québec, which started producing gold again in Q3 after eight years on care and maintenance.

But at the start of the year, Wesdome announced it would be divesting the remaining asset on its portfolio – the large-scale Moss Lake gold project, located 100 km West of Thunder Bay in Ontario – to Canadian junior Goldshore Resources for a total fee of C$57 million.

“We wanted to remain focused on our core high-grade underground operations, which are best suited to this team’s DNA if you ask me. We like Moss Lake but recognise there will have to be a lot of heavy lifting in order to advance the project,” Middlemiss explains.

87

“We sold the asset but retain meaningful exposure to the Moss Lake gold deposit through our equity position in Goldshore. This is a very well respected junior company in the space; a lot of the individuals have a good track record and that’s good for our shareholders in terms of upside participation. It’s also great to see investment in the ground at Moss Lake, after Goldshore started to drill there recently.”

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MINING | WESDOME GOLD MINES

Restarting Kiena

The project’s average annual

There has also been significant

gold production is estimated

news flow coming out of

at 84,000 ounces per year with

Wesdome this year with

all-in sustaining costs at $676

regards to the Kiena mine. In

per ounce over a current seven

Q2, the company published

year mine life. However, the

a pre-feasibility study (PFS)

company expects to build

for the restart project,

significantly greater value

which headlined with an

into the Kiena mine through

IRR of 98% and an after-tax

optimisation and exploration

NPV(5%) of US$367 million at

and is already delivering on

a conservative gold price of

this after the discovery of the

$1,600 per ounce.

Footwall Zone in Q1.

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MINING | WESDOME GOLD MINES

Since the discovery of this

looking at production rates

The report also noted a

new high-grade gold zone

of around 65,000 ounces per

further alignment with the

in the footwall of the Kiena

annum until we reach 100,000

Sustainability Accounting

Deep A Zone, Wesdome

ounces after that. There’s

Standards Board reporting

has undertaken drilling in

good opportunity to grow that

standard for Metals & Mining.

order to further define the

already with the Footwall Zone

“What’s really come out of

mineralisation within the 50

discovery, which remains open

this ESG focus is the fact that

metres wide corridor. None

laterally and along plunge.”

we have to do a better job

of these potential ounces

reporting on what we do and

were baked into the Kiena

Eyes on ESG

PFS, which is why Middlemiss

Wesdome’s ESG report for

junior company and definitely

describes the study as ‘a base

2020 was published in June,

hitting above our weight

case’, with the potential for

in another important news

class, so we had to get more

expansion now in clear view.

release for the company and

technical help in.”

how we do it. We’re a fairly

its stakeholders. The second The company was able to

annual report of its kind

restart the 2,000 tonnes per

provided a comprehensive

day (tpd) mill at Kiena in July

overview of the company’s

and has been processing ore

ESG performance last year,

since then, largely thanks to

along with ongoing strategies,

the sound condition of the

policies and commitments.

mill and mine throughout the entire period of care and

During the year, Wesdome

maintenance, along with the

committed $56 million to local

preparatory work undertaken

procurement expenditures

by Wesdome since the restart

(resembling 36% of total

was approved by the board in

procurement expenditures)

Q2.

from the Eagle River and Kiena complexes, in a continuation

“We see Q3-Q4 as a ramp up

of its long-term role as a

period at Kiena,” Middlemiss

positive socio-economic actor

says. “Then I think 2022 and

in the regions close to its

2023 will be base case years

operations.

“In the next 18 months we’re going to be tracking towards a total of 200,000 ounces per annum production. We’ve certainly delivered operational improvements and that’s been beneficial for our shareholders, which goes back to our recognition on the TSX30” – Duncan Middlemiss, Wesdome Gold Mines president and CEO

91

Here, Middlemiss is referring to the appointment of Joanna Miller last year as the company’s director for sustainability and environment. In this role, she draws on her experience in stakeholder engagement and community investment campaigns across Canada to deliver positive social and environmental outcomes in Québec and Ontario.

“Last year’s report was much more polished compared to

WES D O M E G O L D M I N ES AT A G L A N C E

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MINING | WESDOME GOLD MINES

the previous year and I expect that trend to continue. I think we’re all in this together and we have to act responsibly for our employers and our communities in which we operate in globally,” says the chief executive.

Exploring Eagle River Wesdome’s Eagle River mine, located along Ontario’s Mishibishu Greenstone Belt, has been in production for well over 25 years now and remains one of the richest gold mines on the planet. In fact, the 12.8 g/t gold grade reported in Q1 makes Eagle River the 5th highest grade gold mine in the world.

However, the company’s recent brownfields exploration efforts show there is potentially decades of life left in this mature mining complex.

Eagle River is situated on a 20 km mineralised shear zone, although all of the mine’s resources to date have been extracted from just a 2.5 km diorite intrusive plug.

93

“We’re very excited about the Falcon Zone. The mineralisation and reserves and resources sitting out in the surrounding volcanics has just opened up another 18 km of strike length for us to continue exploring”

But the discovery of the

opened up another 18 km of

Falcon Zone in nearby

strike length for us to continue

volcanic rock outside of the

exploring.

diorite has transformed the company’s perception of the

“We started to mine our first

geology at Eagle River while

stope [from the Falcon Zone

providing an opportunity to

in Q3] so we’re excited about

enhance reserves and improve

that too. We think there is a

operational flexibility.

certain amount of repeatability in terms of mineralisation

“We’re very excited about

through the volcanics, which is

the Falcon Zone. The

something we will be looking

mineralisation and reserves

at in the future.”

and resources sitting out in the surrounding volcanics has just

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MINING | WESDOME GOLD MINES

In addition, Wesdome has

“Ultimately the goal would be

And while Wesdome is just

just started getting into some

- with exploration success - to

getting started at Kiena, it

surface exploration drilling

fill the mill with high-grade

has set a guidance of 15-

for parallel zones, employing

Eagle River ore, since we will

25,000 ounces of gold in 2021,

cutting-edge science and

finish mining from the lower

ahead of its first full year of

rigour to its programmes in

grade Mishi pit this year.”

production in 2022. “I think in

a comprehensive manner for

the next 18 months we’re going

the first time at Eagle River,

A golden year

according to Middlemiss.

As we enter the final quarter

of 200,000 ounces per annum

of 2021, Middlemiss casts

production.

to be tracking towards a total

“We’d love to discover

his mind towards the annual

something like the Falcon

production and cost guidance

“That’s quite a milestone as

Zone again around the existing

made by the company earlier

this company started with

mine infrastructure. That’s a

in the year. The production

just 50,000 ounces back in

win-win situation where you’re

guidance for Eagle River was

2016. Kiena was closed and

able to feed the mill with ready

92,500-105,000 ounces – a

didn’t have the best prospects

production and then have

larger range than normal due

until the discovery of the A

something in the pipeline

to ongoing uncertainty around

Zone and Eagle River wasn’t

which can be turned on later.”

the pandemic and availability

firing on all cylinders. There’s

of manpower.

been a lot of balls in the air,

Wesdome is targeting an

but we’ve certainly delivered

increased mining rate of 650

We’re sitting at 53,000 ounces

operational improvements

tpd in 2021, which is still

produced in the first half, so

and that’s been beneficial for

less than the total nameplate

I don’t see any issue hitting

our shareholders, which goes

capacity of 850 tpd at Eagle

our guidance and really over

back to our recognition on the

River’s mill, although the

100,000 ounces should be

TSX30.”

firm is looking to bridge

our goal this year. There is a

the gap with reserves from

little bit of cost pressure due

new underground zones

to the inflationary conditions

(including Falcon), as well as

in the wider market. But we

infrastructural developments

can mitigate that by becoming

such as increased ventilation

smarter and more productive.”

capacity and renewal of the fleet.

95

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ARGONA

Diverse North American gold intermed

98

MINING | ARGONAUT GOLD

UT GOLD

diate continues to exceed expectations

99

On August 10, 2021, Argonaut Gold announced record quarterly production, record quarterly revenue and a 234% year-on-year increase in cash flow, in the best operational and financial quarter the intermediate producer has delivered to date. In the second quarter, Argonaut produced 63,749 gold equivalent ounces from its operational mines in the US and Mexico, with the increased gold sales contributing to a US$120.2 million revenue return – compared with $58 million in the corresponding COVIDimpaired quarter last year.

In addition, cash costs per ounce of gold sold were 48% lower than a year ago at its La Colorada mine in Northern Mexico, and 24% down quarter-on-quarter at Florida Canyon in Nevada, where TSX-listed Argonaut is expecting further savings in conjunction with a new conveying and stacking system in the coming months. “All of the projects that we are running today are starting to hit on all cylinders,” Argonaut’s president and CEO Pete Dougherty tells RGN. “And with the nice change in the gold price environment, that’s leading to record overall cashflow from the operations as we continue to ramp up production. We’re quite excited about the second half of the year as we think that the fourth quarter will be our best yet for the company.”

100

MINING | ARGONAUT GOLD

Nowadays, a company’s sustainability performance is just as important as its operational and financial performance, and Argonaut has certainly acknowledged this with annual sustainability reporting going back to 2014.

The development of the overarching ESG concept in the last five years or so has helped the company formulate a more cogent and comprehensive sustainability strategy, which is evident in its latest report, published in April 2021.

Argonaut continued to action on ideas for reducing its overall impact on the environment, including: Installing solar panels onsite in Mexico, reducing water consumption via a new irrigation system at San Augustin in Mexico and undertaking rescue campaigns for various flora and fauna in the local vicinity of its operations in Mexico and the US.

101

The new conveyance stacks

whether this is through

system at Florida Canyon is

ensuring a majority of each

also set to significantly reduce

workforce is locally sourced,

the company’s greenhouse gas

or by playing an active role

emissions by eliminating the

in the communities and

need to run diesel haul trucks

positively contributing to the

from the crusher to the leach

unique civic culture in each

pads.

setting.

Part of the community

This was evident none more

Despite being a diverse, multi-

company demonstrated real

jurisdictional operator across

corporate leadership during

North America, Argonaut

the pandemic with community

is guided by a distinct

sanitising programmes at

community-based approach,

La Colorada and El Castillo

so than last year, when the

in Mexico, amongst other COVID-19 response initiatives.

AR G O N AU T GOLD AT A G L A N C E

“When it comes to the communities, that is the heart and blood of this company,” says Dougherty. “Because we are so ingrained in these small communities, they become part of the project. They own the project just as much as we

STOCK TICKER: TSX:AR MARKET CAPITALISATION: US$749 million as of September 17, 2021) aj

10 2

do.

initiatives that we are pressing.

We are bringing doctors in and

“So there’s an interlinking

pushing our scholarship fund

between the company and

to try and improve not only

those communities, whether

the current generation, but

it be for local celebrations or

generations to come.”

the other education and health

MINING | ARGONAUT GOLD

Speaking of interlinking,

coming out of Mexico and

Argonaut’s corporate head

Nevada, as well as its exciting

The Magino pendant

office in Reno provides a

exploration plays slightly

Dougherty and his team

centrally positioned hub

further afield in Canada and

believe the Magino project in

with good connections to the

central Mexico.

Ontario is going to eventually

company’s core production

become the ‘pendant’ in the

103

“When it comes to the communities, that is the heart and blood of this company.

Because we are so ingrained in these small communities, they become part of the project.

They own the project just as much as we do” Pete Dougherty, Argonaut Gold president and CEO

1 04

Argonaut ‘necklace of assets’,

“We think there exists

due to the long-life potential

underneath the open pit

of the mine. Already, there is

the potential to have an

about 5 million ounces (Moz)

underground resource to

of gold in the resource base,

go along with the open pit

and that’s just in the open pit.

mine, which could lead to potentially a 300,000 ounces

“We have been drilling for

per annum type producer

the last two years on the

over a 20-year mine life, as we

underground potential of

expand the process facility and

this project and been getting

hopefully bring up to 1,000

tremendous grades and nice

tonnes per day (tpd) from the

widths, just like our next door

underground, coupled with

neighbour project Island

about 19,000 tpd tonnes from

Gold,” says Argonaut’s boss.

the open pit. That could lead to a really substantial overall

MINING | ARGONAUT GOLD

105

production profile under this project.”

After securing an operating permit last year, Argonaut commenced construction of the mine site at Magino at the beginning of the year. The two-year building process is well underway ahead of that transformative first gold pour in Q1 of 2023.

“It’s heartening to see concrete going down and structures starting to be built because that’s really the formation of this mine. Next year as we start to see metal buildings go up and equipment being moulded together, that really brings it all home. But we are quite excited by what’s already been achieved at the project.”

The only minor downside of the development is the likely cost increase of around 15% that the company flagged in its recent quarterly update. Initial capex had been put at $321 million in a 2017 feasibility PETE DOUGHERTY, ARGONAUT GOLD PRESIDENT AND CEO

1 06

study, however Argonaut

MINING | ARGONAUT GOLD

secured over $400 million of finance in October after receiving total cost estimates between $360-380 million, including contingency and inflation.

While rising construction costs are not to be unexpected in the current economic climate, Argonaut has not changed its full-year capital guidance.

Instead it will shift $10 million of capital spending planned for the La Colorada mine over to the Magino construction project, which demonstrates another benefit in having multiple projects across a broader regional portfolio.

Exceeding expectations After a remarkable operational performance in the first half of the year, Argonaut is in a prime position to hit the top end of its annual guidance for both gold production and free cash flow. Underpinned by the imminent advancements at Florida Canyon, Dougherty expects the company to reach

1 07

the upper end of its 200-

quarter as we get this conveyed two years – adding 150,000

250,000 ounces production

stack system up and can push

ounces of gold production

target, as well as the upper

tonnage that we can bring to

per annum – and further

portion of the $100-140 million

the leach pad up one more

ounces to be added from the

free cash flow generation

step level. We think that those

current exploration activity at

guidance.

kind of items will help push

La Colorada, Argonaut could

that production profile and

easily be looking at annual

“We had a tremendous spike

we are really counting on that

production exceeding 400,000

in production in the first

fourth quarter being our best

ounces by 2023.

quarter to second quarter and

quarter of the entire year.”

we think there’s another step

10 8

In addition, there is the 4.7

change that’s going to happen

With the Magino project

Moz gold equivalent Cerro del

between the third and fourth

set to come online in under

Gallo development project

MINING | ARGONAUT GOLD

being advanced down in the

never say no to a value-

shown itself to be a flourishing

Mexican state of Guanajuato.

accretive opportunity when

gold company with a strong

With all these internal

it arises. “Right now, it’s

focus on sustainably operated

growth opportunities, one

[M&A] probably not the first

mines across Mexico and in

would forgive Argonaut

and foremost plan, but if

the US. But this really is just

for momentarily closing

something comes along that

the tip of the iceberg when

the door to any potential

is very attractive and could be

you look at the potential

merger/acquisition (M&A)

beneficial to our shareholders,

for organic growth within

propositions.

we will certainly be engaged in

the current portfolio,

that.”

matched with a keen eye for

However, Dougherty is a

developments in the North

firm believer in the notion

In the last 12 months,

that a company should

Argonaut has consistently

American gold market.

109

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GEOD Global drilling firm with ESG at

11 2

MINING SERVICES | GEODRILL

DRILL the core of its business proposal

113

“I founded Geodrill almost 25 years ago in Ghana with one rig and one contract and steadily grew the company. It was a pretty simple business model based on the careful selection of safety conscious and service-orientated personnel, a commitment to a well-maintained fleet of drills and providing the full gamut of exploration drilling services,” Geodrill’s president and CEO David Harper tells RGN. But above all else, Geodrill’s story has been defined by an unwavering commitment to customer satisfaction, no matter how major or minor the client is, he continues. Today, the multi-purpose drilling services provider focuses predominantly on the African market, having grown out of its natural home in Ghana into neighbouring Burkina Faso, Côte d’Ivoire and Mali, as well as Egypt in North Africa. More recently, Geodrill expanded into a new continent – South America – with a subsidiary company established in Peru last year. “We currently operate 70 drills. We drill about 1.5 million metres a year, making us the 7th largest driller by metreage in the world. And we provide about 1,000 career opportunities to the communities in which we operate.”

1 14

After a sustained period of rig growth and expansion into new markets in West Africa in the decade after the new millennium, Geodrill listed on the Toronto Stock Exchange (TSX) in 2010, with Harper

used by juniors

citing the size of the market and

in early stage

the appetite of its investors for

exploration), grade

the mining industry.

control, geo-tech and

in

water borehole drilling.

“TSX investors were very receptive when we were

Geodrill’s multi-purpose fleet

considering the IPO route over

provides its clients with a high

a decade ago. They’ve always

level of versatility at the mine

understood mining and they

site. For instance, the ability

understand mining derivatives

to switch between RC and

such as drilling and the services

diamond core drills midway

industry,” he says.

through a drill hole - with

Multi-purpose drill fleet

minimal effort or down time eliminates the customer’s need to have two rig types on site,

Throughout its existence,

therefore improving overall

Geodrill has consistently

efficiency and lowering the all-

invested in a vast array of

in average cost per metre.

modern equipment in order to supply its clients with a

“Our customers are major,

‘one-stop’ drilling solution.

intermediate and junior

The company’s expansive

mining companies and we

drill services include reverse

operate on the surface and

circulation (RC), diamond core,

underground [since 2017]. It’s

deep directional navi drilling,

about providing the full gamut

air core ((AC) a popular method

and being able to get it all

MINING SERVICES | GEODRILL

115

under one roof in the Geodrill

developing our young talent.”

brand,” Harper explains.

The hub and spoke model

Harper is told by Geodrill’s suppliers and industry peers that the facility is the largest

In Africa, Geodrill follows a

and most comprehensive

‘hub and spoke’ operational

operations base of any drilling

model, with Ghana operating

company in the world. “I have

as the hub. “Here in Ghana,

visited most of our competitors

we operate a 35 acre facility.

and I would say this is a

Within that facility, there is

correct statement,” he says.

a world-class workshop for

1 16

maintaining the drills. We also

The Kumasi operating hub

have a HSE training facility

also holds a US$25 million

and drill training academy for

inventory of critical spare

MINING SERVICES | GEODRILL

parts and consumables to keep

Africa; and this is what gives

the rigs ‘turning, churning

us our mechanical advantage.”

and earning’, across West and North Africa. In addition,

As a result, Geodrill’s outlier

there is a CNC engineering

operations on the continent

plant at the facility, which

simply do not need facilities

enables Geodrill to make its

of the same scale, with

own drill rods and spares.

operations in Burkina Faso, Côte d’Ivoire, Mali and

“We’ve even started making

Egypt acting as the spokes

our own drill rigs. This facility

revolving around the Ghana

is an operational centre of

hub. Nevertheless, these

excellence,” Harper exclaims.

smaller bases are still replete

“We currently operate 70 drills.

We drill about 1.5 million metres a year, making us the 7th largest driller by metreage in the world. And we provide about 1,000 career opportunities to the communities in which we operate” – David Harper, Geodrill CEO

“There’s nothing like it in West

1 17

with comprehensive support

along with a plethora of Africa-

(environmental, social and

equipment and services.

focused mid-tier producers,

corporate governance)

including: Endeavour Mining,

are by no means new to a

This interwoven model

Centamin, Golden Star

company like Geodrill, which

means Geodrill can quickly

Resources, Perseus Mining and

has been acutely conscious

mobilise the relevant

West African Resources.

of its corporate social

equipment or service to any

responsibilities from the get-

client across West and North

Not forgetting the junior

Africa, including for the

sector, Harper highlights

largest players in the gold

his company’s work with the

“ESG has gone from a situation

space. Barrick Gold, Kinross

likes of AIM-listed IronRidge

of being ‘nice to have’ to

Gold Corp, Gold Fields and

Resources, ASX firm Mako

companies being mandated

Newmont Corporation all lean

Gold and TSXV issuers Roscan

to come up with various KPIs

on Geodrill’s drilling expertise,

Gold, Newcore Gold and

to explain in an auditable and

African Gold Group.

tangible fashion what exactly

G EOD R I LL

AT A G L A N C E

Embedded ESG values

go.

they are doing about this very important subject. Whereas for us, it’s business as normal.

ESG has developed into the

We’ve always believed in doing

leading buzzword for the

what is right, not just what is

sector in recent years, as

required.

companies look to impress a

STOCK TICKER: TSX:GEO MARKET CAPITALISATION: US$77.6 million (as of August 25, 2021)

growing legion of institutional

“At the very core of our

and general investors focused

vision and values, there

on issues such as the carbon

has always been a very

footprint of the mining

strong commitment to

industry and the social

the communities and the

wellbeing of communities

environment in which we

affected by mineral extraction

operate,” Harper recounts.

around the world.

“This means operating to the highest HSEQ standards

aj

However, the core principles

with transparency and

ensconced in the ESG thematic

accountability with all of our stakeholders.”

11 8

MINING SERVICES | GEODRILL

Geodrill is also an equal

drilling upstart who joined

employee. It’s a matter of fact

opportunities employer

the company around the same

that some of our employees

and a proud advocate for

time as the current CEO.

are operating in Australia,

gender diversity inclusion

He started off working as a

teaching Australians how to

across all its business units.

‘drill helper’, but after some

drill. It’s been a success story

In addition, Harper tells

time and tuition he became

in that regard.”

RGN that providing ‘career

a driller. After 17 years in the

opportunities’ is the single

role, he became a supervisor

biggest way in which a

and then a manager.

company can positively impact

Health, safety and education This is just one example

any community it works in.

“This case shows there is a

of Geodrill’s multitude of

This is particularly the case in

clear path to success that

investments in local talent

the parts of Africa.

empowers our employees.

throughout its history. The

It enables them to go from

company’s other commitments

By way of example, Harper

a low-skilled to semi-skilled

to community engagement are

describes the story of a young

and eventually a highly-skilled

119

heavily themed towards the three pillars of health, safety and education.

In the area of community health, Geodrill has funded infant open heart surgeries for the past 15 years and often considers ad-hoc cases, such as the one of a little girl born with cancer in both eyes.

Geodrill paid for the family’s travel to India, where she was fitted with prosthetic eyes. The costs of the procedure were also covered by the company.

“In education we have made numerous donations to schools. For example, in the recent semester we donated to three major schools to refurbish their science labs and we see this as a key area where we can really make a difference.”

Elsewhere, there wouldn’t be too many communities Geodrill operates where it hasn’t provided water wells.

The firm has also built shelters DAVE HARPER, GEODRILL PRESIDENT AND CEO

for victims of domestic abuse, while supporting orphanages and rising sports starts.

120

MINING SERVICES | GEODRILL

“The Ghana boxing team

visit the ESG section of our

These sustained ESG efforts

recently won the Olympic

website to see what I’m talking

have not gone unnoticed. In

bronze medal in Japan just

about when I say we allow our

2020, the company won the

a couple weeks ago. We’ve

actions to speak louder than

Australia-Africa Minerals &

always been huge supporters

our words,” Harper declares.

Energy Group (AAMEG) ESG

of the Ghana boxing team. I

award for the best workforce

would encourage anyone to

121

1 22

MINING SERVICES | GEODRILL

commodity mix, hence the expansion into South America, where we are currently drilling for one of the EV [electric vehicle] metals.

“Mining is a cyclical business; we go from feast to famine

A sustainable future

every five years and have just come out of a very long downcycle. I think we have

As a company that believes in

four or five good years ahead

doing what is right, Geodrill

of us and Geodrill intends to

will continue to spend around

benefit in that upcycle.”

2% of its revenues on ESG initiatives. After posting and industry development.

significantly improved financial results in 2020, and

And in July

with 2021 set to be another

2021, Geodrill

‘bonanza year’ according to

won the prestigious

Harper, this commitment to

Millennium Excellence Award for Mining and

corporate care looks to be a significant one.

Exploration.

In the first two quarters of the Harper explains that

year, Geodrill has reported

Millennium Excellence is

70% and 47% year-on-year

the highest award that can

improvements in revenue,

be bestowed in Ghana. This

on the coat tails of a strong

year, Geodrill’s boss happens

commodity price run not

to be a fellow laureate with

just confined to gold. “Plans

the current President of the

are afoot to improve our

Republic of Ghana; Nana

geographical footprint and

Akufo-Addo.

123

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MAGNA

Reigniting the past producing Shakespeare nickel-c 126

MINING | MAGNA MINING

MINING

copper-PGM mine in the world-class Sudbury Basin 127

1 28

The management team of Canadian base metals exploration and development company Magna Mining has deep roots in Ontario’s famed Sudbury Basin, which is historically one of the richest nickel producing districts in the world. Co-founder and current CEO Jason Jessup has lived and worked in this world-class minerals basin for the best part of two decades, as have several of his colleagues from their time together at FNX Mining (the hugely successful Sudbury-based nickel and copper producer which was eventually bought by Quadra in 2010). Together, the group behind Magna have made significant regional discoveries and have experience of successfully building and operating mines in the Sudbury area.

The Sudbury Basin – formed

They are now aiming to replicate that success by reawakening the Shakespeare nickel-copperplatinum group metals (PGM) mine, 70 km Southwest of Sudbury. “We wanted to leverage our experience in Sudbury, which includes knowledge of the local geology, mine development, and many of the local assets which could become available and potentially fit well with a junior like Magna.” In 2017, the TSXV company’s search for an appropriate asset in the region led to the acquisition of Ursa Major Minerals, which at the time was the owner of the past producing Shakespeare Mine. Today, Magna’s leadership has set two key objectives for the project: to grow the existing resource, and to make regional discoveries across the 180 km2 contiguous land package.

mills, two smelters and a nickel

by a comet colliding with the Earth around 1.8 billion years ago - has been an active mining camp for 120 years and hosts one of the largest known concentrations of nickel globally, with 40 billion pounds of nickel produced to date, as well as 36 billion pounds of copper.

No better place Extensive magmatic nickelcopper-PGM mineralisation in the basin, plus two large refinery within the broader mining camp, make Sudbury a bustling hive of activity. Majors such as Vale and Glencore operate large assets in the area alongside only a select few exploration firms combing the region for new discoveries. In fact, Magna is the only junior in the region to own an advanced stage project.

Other factors coalesce to make Sudbury a genuine world-class mining district, including a highly supportive

MINING | MAGNA MINING

129

Ontario Government, relative

strategy, which is anchored

ease of permitting and local

around a broad commitment

communities – including First

to minimise environmental

Nations groups – that welcome

impacts, build local

new mining activity.

community relationships and govern with ethics and

“The people here understand how important mining is

transparency.

of expertise has grown in

Carbon neutrality

the Sudbury Basin,” Jessup

In May 2021, Magna

stresses. “Aside from the

announced a carbon offsetting

mining activities, service

deal for its greenhouse gas

providers and mining

emissions over the entire year,

contractors use Sudbury as

making it the first carbon

a hub and we think this is

neutral nickel exploration

great as it lowers costs during

company in the world. The

exploration as well as in

offsetting credits will support

development and production.”

the Niagara Escarpment

for the economy and a lot

Forest Carbon Project, which Another locational advantage

promotes and maintains the

for Magna is derived from the

function and diversity of

project’s close proximity to a

ecosystems along Ontario’s

hydroelectric power plant on

Niagara escarpment.

the Spanish River in Espanola.

The company plans to power

“We fully believe that the

the future operations at

world is going to need more

Shakespeare via a direct line

nickel to feed this electric

to the hydro plant, which will

vehicle (EV) revolution that is

provide clean, 24/7 energy to

currently underway. We want

the project.

to be able to help provide that, but it has to be in a responsible

13 0

This is just one aspect of

way. Consumers will not

Magna’s long-term ESG

tolerate high carbon emitting

MINING | MAGNA MINING

1 31

132

MINING | MAGNA MINING

nickel going into EV batteries.

decades across the property

at an average grade of 0.33%

So with that in mind we

before flipping it to Ursa in

nickel, 0.38% copper and 0.9

wanted to take this first step.”

2000.

g/t PGM through an existing mill in Sudbury between 2010-

It is somewhat unusual for a

Ursa soon made a significant

mining company to achieve

discovery on the Shakespeare

carbon neutrality this early in

property at what is now called

“This gave us a lot of

the project development cycle,

the East Deposit and developed

confidence in the metallurgy,

however Jessup talks about

a significant NI 43-101

knowing the recoveries

wanting to build a culture

resource following sustained

that can be produced

based around sustainability

drilling between 2002-05. At

through a mill, as well as the

from the scoping stages

this point, Ursa decided to stop

concentrates that could be

through to mine closure.

exploration and move into

produced,” Jessup says. “As

feasibility studies in order to

well, it allowed us to have a

“It helps us to start measuring

take advantage of the climbing

positive reconciliation against

what our impact is as an

nickel price.

the block model. Those things

exploration company so we

gave us a lot of de-risking of

can start making decisions

By 2007, the company had

going forward that are going

received all major permits for

to be positive towards carbon

the construction of a 4,500

neutrality and ESG in general,”

tonnes per day (tpd) open

the CEO proclaims. Magna will

pit mine, mill and tailings

also produce an ESG scorecard

storage facility. However, the

at the end of the year to track

global financial crisis of 2008

its short-term performance.

prevented project lift-off until

A distinct past life

12.

2010, when it was only able to commence through toll milling.

The Shakespeare land package was formerly owned by the

Despite not being able to build

well-known base metals miner

the mill as planned, Ursa

Falconbridge, who undertook

started mining ore and ended

four drill campaigns over four

up processing 490,000 tonnes

the project.”

“We fully believe that the world is going to need more nickel to feed the EV revolution. We want to be able to help provide that, but it has to be in a responsible way.

Consumers will not tolerate high carbon polluting nickel going into EV batteries.” Jason Jessup, Magna Mining CEO

1 33

But the project soon fell into care and maintenance after the toll milling agreement wasn’t extended at the end of 2011. Subsequently, Ursa was acquired by another junior, but Shakespeare remained a non-core, idle project until 2017 when Magna acquired it. However, the major permits for a 4,500 tpd mining operation remain in place, with just a few minor permits and approvals remaining for Magna to obtain.

MA G N A MIN I N G

AT A G L A N C E

STOCK TICKER: TSXV:NICU MARKET CAPITALISATION: US$19.3 million (as of September 15, 2021) aj

1 34

MINING | MAGNA MINING

Restarting exploration After more than 15 years of inaction on the exploration front across the Shakespeare land package, Magna commenced a 9,000 metre near-mine drilling campaign earlier this year, with the aim of adding additional resources between the East and West deposit in an area called the Gap Zone.

At the time of writing, Magna has completed around 5,500 metres of the campaign and is awaiting assays for the majority of the holes drilled, aside from two holes which have returned significant results, including a 33 metre intersection relatively close to surface within the open pit resource shell.

The other portion of Magna’s exploration strategy is focused on testing some of the regional targets identified across the 180 km2 land package, most of which remains unexplored.

1 35

“We used airborne geophysical

into a future hub and spoke

surveys to identify 12

type model and we believe

A multi-mine hub?

electromagnetic anomalies

Shakespeare can be the hub,”

Even one additional

throughout the property

Jessup asserts.

economic deposit discovery –

that have never been drill

particularly of a higher grade

tested. Because of all the

One of the areas that

than the current Shakespeare

focus previously on getting

Magna has prioritised is the

resource – would make a

Shakespeare into production,

‘Shakespeare-like’ P4 target,

material impact on the future

the regional package has seen

located just 5 km East of the

mine plan, according to

very little exploration.

main deposit. From the limited

Jessup.

drilling that has taken place “We’re trying to prove up

along this magnetic trend to

“We believe there is definitely

the potential for additional

date, Magna has identified

potential for those types of

deposits to be discovered on

similar lithologies to what

deposits in this area. What

this property. These can feed

hosts Shakespeare, which

it could become is a real

bodes well for the target.

1 36

MINING | MAGNA MINING

extension of the Sudbury

leverage a growing battery

The company’s ESG first

Basin as a mining district.

metals supply chain geared

approach is also set to win

We’ve done a great job of

towards the production of high

over the growing number of

consolidating the area into a

performance, nickel-intensive

climate-conscious investors

regional package. With that,

EV batteries.

across today’s capital markets.

it opens up the door for us to become a multi-mine producer

And with President Biden

within the next five years.”

attempting to reduce US reliance on Asian battery

There are only a handful of

producers in favour of North

nickel projects as advanced

American battery plants,

as the Shakespeare project

Magna could not be better

in the Western hemisphere,

located to take advantage of

which presents a unique

this tsunami of investment.

opportunity for Magna to

137

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140

MINING | FORTITUDE GOLD

FORTITUDE GOLD An unrivalled portfolio of gold assets in the Walker Lane Belt of Nevada delivering substantial dividends and yield

1 41

The management team and board of US-based miner Fortitude Gold have a distinct past life under NYSE-listed Gold Resource Corp – a well established gold and silver producer with operations in Oaxaca, Mexico. This nucleus of industry veterans guided Gold Resource through a decade of production and profitability, with over US$1 billion in revenue generated even during the depths of one of the deepest bear markets the mining industry has experienced. “Early on at Gold Resource we didn’t have many capital expenditures year-overyear, we had a tight capital structure and a great margin.

What that enabled us to do is pay substantial dividends,” explains Gold Resource’s former CEO and president Jason Reid, who currently fulfils the same roles for Fortitude. In fact, Gold Resource returned over $116 million in dividends to shareholders over a 10-year period – a substantial amount for a gold miner not yet into the intermediate producer space.

“Our IPO came out at $1 per share and several years later we hit a high of $30 with our business strategy. During that time, we fielded shareholder calls that had never touched a mining company in their life; they were chasing dividends and yield. We outran our peers and created tremendous shareholder value. At that point, the lightbulb went on for us as we tapped into a successful business strategy that very few do in the mining industry.”

1 42

However, the team’s vast ambitions were soon to be bashed by a brutal bear market that tore the entire space down. Unlike many of its peers, Gold Resource survived the downturn and continued to reward its shareholders with regular monthly dividend payments. When the market returned to growth post2016, the team identified an opportunity to do it all again in a Tier 1 jurisdiction.

“We completed about a year of due diligence before we made the final decision to spin out our Nevada mining unit, which we believed would create greater shareholder value as a standalone company, along with diversification in terms of jurisdiction, as all of the other assets were in Mexico.

“In December 2020, we spun off the Nevada mining unit to shareholders. We did that with the core purpose of walking that same successful path we walked early on with Gold Resource but in a separate

MINING | FORTITUDE GOLD

1 43

company, Fortitude Gold.”

Only this time, they will be

confirmation of what Reid and

working exclusively in a

co already knew.

jurisdiction that has just been

Lane Mineral Belt. Fortitude’s

ranked as the most attractive

“Mining friendly jurisdictions

flagship project is the aptly

region in the world for mining

are becoming increasingly

named Isabella Pearl mine,

investors.

scarce around the globe,

which consists of two primary

and so having a mining

areas of mineralisation. The

unit in a premier mining

Isabella area outcrops at the

The Fraser Institute’s

jurisdiction tells investors that

surface at 1 g/t gold, but the

Annual Survey of Mining

we are in a safe place. That’s

firm is chasing gold grades

Companies is regarded as

very important nowadays,

between 3-5 g/t deep in the

the most comprehensive

with increasing talk of

Pearl.

report on government

nationalisation of mines

policies, regulations and tax

around the world.”

Simply the best

regimes that either attract or

144

mile radius in the Walker

To put this in perspective, many miners in Nevada chase

discourage mining investors,

Fortitude Gold’s Nevada

0.5 g/t gold deposits and can

so for Nevada to come out on

mining unit is comprised of

still operate mines profitably

top in 2020 was just further

a series of high-grade gold

with that grade. So, the 2 g/t

properties all within a 30-

average gold grade at Isabella

MINING | FORTITUDE GOLD

become the beating heart of Fortitude’s integrated network of deposits in the region.

This synergistic approach Pearl is really exciting and very

with near perfect precision,

will allow for equipment and

profitable, according to Reid.

we’re experiencing a grade

resource sharing between

situation that has exceeded our

the five projects, along with

The deposit has even exceeded

expectations to the upside and

individual heap leach facilities

expectations after Fortitude

has required us to increase

taking gold to carbon and

hit pockets of 10 g/t, a pocket

our production outlook [to 40-

then trucking that carbon to

of 30 g/t and a pocket of 100 g/t

45,000 ounces of gold] for the

the central process facility at

(that’s almost three ounces!)

year.”

Isabella Pearl for final gold

in the last two benches of the Phase 1 pit.

Operational synergies

dore production.

The company believes that this

“In a world awash with 0.5

In just 10 months from project

approach will substantially

grams per tonne mines, where

ground-breaking, Fortitude

decrease permit timing,

companies have to make up

built a fully operational

decrease project capital costs

for the low grade by moving

process facility at the Isabella

and decrease construction

a tremendous number of

Pearl complex and produced

timeframes on future open pit

tonnes at a significant cost and

first gold. The facility is set to

heap leach operations.

1 45

One of the most advanced

five mining companies have

projects outside of the flagship

been on a property. We get

is Golden Mile – a district

to leverage the 200+ holes

scale property with two areas

that were in the ground from

of known mineralisation and

previous activity.

drill highlights including 36.6 metres at 10.26 g/t from 15.2

“We have two rigs currently

metres downhole.

operating at Golden Mile for infill and step out drilling to

“Golden Mile has had a

come up with our maiden

history of miners working

resource. We hope to

on it, which we love, because

complete that by year-end. The

I think the average deposit

goal is to move Golden Mile

isn’t discovered until four or

forward to make a production decision ASAP.” Fortitude’s current cluster of assets were identified and

FO RT I T U DE GOLD AT A G L A N C E

collated in about a four-anda-half year spell during the depths of the previous bear market, when most groups were looking to sell, not acquire, properties. This proactive countercyclical approach allowed the company to gain a property

STOCK TICKER: OTCQB:FTCO MARKET CAPITALISATION: US$171.56 mIllion (as of August 27, 2021)

pole position in the highly prospective Walker Lane Trend, which is now a much more contested space, in line with the elevation of the gold

@

146

price over the last 18 months.

MINING | FORTITUDE GOLD

147

“It’s a totally different

sized land positions. We see

and distribute substantial

environment now

tremendous potential in our

dividends, provided that the

demonstrated by the fact

assets, for which everything

gold price remains at these

that I have other junior and

revolves around high-grade.”

healthy levels.

major mining companies

This is evident in that all five

moving into my backyard,”

Fortitude properties have

At the current gold price

Reid reveals. “We would be

surface or near surface high-

of around $1,800 per once,

hard pressed to put together a

grade gold.

the company’s margins are

property portfolio like we have

148

such that it was able to put

now if we were trying to in this

A golden future

competitive market.

Looking forward, Reid is

far in 2021 and increase its

extremely confident that

monthly dividend by 16.7%

“We stayed true to our criteria

Fortitude can continue to

to $0.035 per common share,

for acquisitions of high-grade

execute on its strategy to grow

or $0.42 annually. Today the

properties with district-

organically, remain debt-free

company’s yield on its share

$13 million in the bank thus

MINING | FORTITUDE GOLD

1 49

150

price is delivering close to 6%

a gold equity and tap into that

These shareholders are

to shareholders.

pool of capital much larger

currently invested in Fortitude

than the gold space itself. A

through the OTCQB ‘venture’

“Even if gold pulls back a bit,

pool of capital with investors

market for US stocks, on

we can continue to put cash

that chase dividends and yield.

which the company holds an

in the treasury and pay our

Those investors are driving our

incredibly tight share structure

substantial dividend. We are

stock price right now.”

of under 24 million shares

positioned to outrun all of our

outstanding. The tight capital

peers, as a function of our

structure allows Fortitude

ability to transcend being just

to leverage its margin

MINING MINING | FORTITUDE | FORTITUDE GOLD GOLD

and distribute substantial

stresses that an additional

a US-based company. Having

dividends. Dividends counter

listing would have to be in

said that, we would consider

the gold investment criticism

conjunction with a relevant

a possible dual listing if for

that gold has no yield.

deal.

some reason Fortitude needed access to capital, but it would

When quizzed on a potential

“We considered a TSX listing

have to be the right fit and

dual listing on Toronto Stock

previously but eventually

there would need to be an

Exchange (TSX) – the number

decided against it as we are

accretive reason.”

one market for mining issuers worldwide and one with strong links to US investors – Reid

151

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via the online platform. Over three packed days, the conference will cover all aspects of the mining supply chain, from exploration to investment, production, optimisation through to new technologies and global opportunities. Meanwhile, across the 13,00 m2 expo floor more than 200 leading companies will showcase the latest mining projects, equipment and innovations.

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