The Northern Miner October 2025 Vol 111 Issue 10

Barrick Mining and Newmont CEOs

Gold majors vow discipline

BY HENRY LAZENBY COLORADO SPRINGS , COLO.

Ayear of record bullion prices has the gold sector talking less about buying ounces in takeovers and more about finding them in their midst.

At the Mining Forum Americas last month in Colorado Springs, the industry’s biggest producers, streamers and would-be builders struck a rare consensus: stick to tier-one assets, keep balance sheets clean and let grade, margins and jurisdiction do the heavy lifting.

Franco-Nevada (TSX, NYSE: FNV) set the tone. CEO Paul Brink framed gold’s long run – about 9% a year against the U.S. dollar – as the backdrop for selective growth and shareholder returns. Wheaton Precious Metals (TSX, NYSE: WPM) echoed the message, citing how early-stage streaming can de-risk transactions without bloating operators’ capital plans.

Barrick Mining (TSX: ABX; NYSE: B), Agnico Eagle Mines (TSX, NYSE: AEM) and Newmont (NYSE: NEM; TSX: NGT) each pressed the case that the next leg of production will come from a smaller set of better mines.

“We’re not interested in growing for the sake of growing,” Brink said. “Our mantra is to grow profitably... and we’re just as happy to return cash to shareholders.”

Franco sold 463,000 gold-equivalent oz. last year and sees “plenty of gas in the tank” from non-producing assets even though they have no output forecasts yet. He joked that a restart at Cobre Panamá would have the team “drinking champagne for a month” because the company invested nearly US$1.4 billion (C$1.94 billion) before the mine’s sudden closure nearly two years ago.

Another cycle

However, even with gold setting a new record above $3,780 near press time, miners face a range of obstacles, from permitting delays and rising construction costs to

unpredictable politics in host countries. Gold majors have made similar vows to be disciplined in past bull markets, only to chase growth through costly deals such as Barrick’s 2011 acquisition of Equinox Minerals at the height of the copper boom, or Newmont’s $10-billion purchase of Goldcorp in 2019, which left investors underwhelmed by the returns.

Some see partnerships and creative financing as ways for developments to succeed. Wheaton CEO Randy Smallwood described the company’s $300-$400 million (C$413 million – C$550 million) stream tied to Barrick’s pending Hemlo sale in Ontario as both validation capital and due-diligence ballast.

“Having a streamer come in and support the M&A side should help give confidence,” he said, calling Hemlo a “top notch asset” with room to run. Wheaton’s outlook calls for output to hit about 800,000

gold-equivalent oz. by 2027 and, by its internal profile, 1 million by 2031. “I’m confident we get there before then,” Smallwood said.

Former Barrick CEO Mark Bristow leaned into discovery, calling Nevada’s Fourmile “quite simply, the greatest gold discovery of this century” and a “generational” project.

An updated study released Sept. 16 points to a 25-year mine producing 600,000-750,000 oz. gold a year at all-in sustaining costs of roughly $650-750 per oz., using a $2,500 per oz. gold price base case. Capital costs would range from $1.5-1.7 billion.

“Think about what that means for the upside,” Bristow said. “Results are pointing to a doubling of ounces by the end of this year.”

The growing copper contribution from Reko Diq in Pakistan and the Lumwana super-pit expansion in Zambia may see Barrick grow gold-equivalent output about 30% by 2029, he said.

Agnico stays the course

Agnico Eagle Mines’ CEO Ammar Al-Joundi distilled his message to four points: the business is performing, five major projects should add 1.3-1.5 million oz. of annual production starting in 2030, exploration is “exceptional” with 121 rigs currently turning and focus beats fads.

“We’re not going to do anything crazy,” he said, adding the company is not considering a competing

Participants at the Mining Forum Americas seemed to say gold is like golf –a good drive feels great, but disciplined follow-through wins the round. Some attendees tested the conference course in Colorado Springs, Colo. DENVER GOLD GROUP

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DEPARTMENTS

SPECIAL SECTIONS » Mining Exploration in Quebec 31

TOP NEWS

n Canada fast-tracks

Canadian Prime Minister Mark Carney named Newmont’s Red Chris copper-gold mine expansion in British Columbia and Foran Mining’s McIlvenna Bay copper project in Saskatchewan to a federal fast-track list.

The initiative is part of a new Major Projects Office intended to cut the permitting timelines that often delay mines, pipelines and energy projects for more than a decade. Carney said that streamlined approvals will help spur investment and jobs while bolstering supply chains for critical minerals. The prime minister didn’t state dollar amounts of potential government investment in the projects.

Red Chris, which Newmont operates in joint venture with Imperial Metals, has an estimated capital cost of about $2 billion (C$2.77 billion) for its underground block cave expansion. Foran’s McIlvenna Bay project may cost C$368 million to build. It could average the equivalent of 65 million lb. of copper annually over an 18-year operation.

n NFG buys Maritime

New Found Gold is acquiring Maritime Resources in a deal valued at about $292 million (US$212 million) that would create a multi-asset gold producer in central Newfoundland.

The combined company would bring together New Found’s Queensway project, due to start production in 2027, with Maritime’s Hammerdown project, which aims to begin output this year, the companies said. The two projects, 180 km apart, are expected to benefit from shared

n Barrick’s Bristow quits

Barrick Mining shocked markets on Sept. 29 with the abrupt resignation of president and CEO Mark Bristow, who departs without explanation after nearly seven years at the helm.

Bristow, who steered Barrick since its 2019 merger with Randgold will be replaced on an interim basis by Mark Hill, a veteran executive overseeing the miner’s Latin American and Asia Pacific regions. Hill took charge immediately as the board launches a global search for a permanent successor with the help of an external firm.

Bristow’s tenure included the integration of Randgold, $6.7 billion in shareholder returns and a $4-billion cut in net debt. But his record was overshadowed by a drawn-out dispute with Mali over the Loulo-Gounkoto gold complex, once Barrick’s largest African mine.

The leadership shake-up drew surprise on Bay Street. TD Securities analyst Steven Green called the news “unexpected”, adding that investors will view Bristow’s exit with mixed emotions.

infrastructure including Maritime’s Pine Cove mill and the Nugget Pond hydrometallurgical plant.

The deal comes at nearly a one-third premium to Maritime’s recent share price and 56% more than its July 30 close, the day before the companies signed a letter of intent,

n Newmont CEO retires

Newmont, the world’s largest gold miner, said Sept. 29 that CEO Tom Palmer will retire later this year, with chief operating officer Natascha Viljoen set to take over on Jan. 1, 2026.

Palmer, who took the top job in October 2019, said it was the right time to step aside after nearly 40 years in the mining industry, including 12 with Newmont.

Under Palmer, Newmont completed a string of transformative deals, including the takeover of Canada’s Goldcorp, the creation of the Nevada Gold Mines joint venture with Barrick, and the $17-billion acquisition of Australian miner Newcrest, which cemented Newmont’s global dominance.

BMO analyst Matthew Murphy said in a note that he doesn’t view the leadership change as especially surprising given Viljoen’s recent promotion to president. The timing with Bristow’s departure from Barrick on the same day is also “entirely coincidental,” he added.

BY MINING.COM STAFF

New Found CEO Keith Boyle said on a conference call. Once the deal is complete, New Found shareholders will own about 69% of the combined company, while Maritime holders will have about 31%.

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EDITORIAL

opinion

Quebec’s mining crossroads

BY COLIN McCLELLAND

Quebec’s mining sector is at once thriving and uncertain, a duality that reflects the global forces reshaping commodities and the local policies that aim to manage them.

The province has long prided itself on being one of Canada’s mining powerhouses, with deep roots in gold, iron and base metals. Today it is attempting to rebrand itself as a hub for critical minerals that feed the auto sector’s push toward electrification. But the province faces a harder road than anticipated.

The most glaring setback has been the collapse this year of Northvolt’s plans for a multi-billion-dollar battery plant near Montreal. The company was held up as a crown jewel of Quebec’s battery supply chain strategy, promising to connect local lithium and graphite output with downstream processing and assembly.

Its failure underscores how difficult it is to lock in industrial users when the economics of EVs remain fluid and when government subsidies alone cannot sustain projects in the face of global competition.

Even Quebec’s aluminum industry, long a pillar of its resource economy, faces uncertainty as American tariffs threaten to undercut the advantage of cheap hydropower. See the impact on page 6.

Critical mineral currents

Still, the shift toward lithium and graphite is real, and it has diversified a mining economy long synonymous with gold and iron ore. Companies are drilling across the Abitibi for spodumene and developing graphite deposits along the North Shore. The provincial government has rolled out incentives and funding to attract downstream processing, hoping to create a vertically integrated sector that appeals to automakers.

The logic is clear: Quebec has abundant hydropower, a skilled workforce, and proximity to the U.S. market. Yet the volatility of these commodities raises a caution flag. Lithium prices soared during the early stages of the EV boom, only to collapse as new supply met a slower-than-expected take-up in sales. Read how the province plans to cope on page 34.

Graphite has seen similar swings, with Chinese producers dominating exports and manipulating flows through quotas and tariffs. For miners in Quebec, the promise of critical minerals is undeniable, but so too are the risks of being whipsawed by geopolitics and Chinese policy.

Good as gold?

Gold, by contrast, remains Quebec’s stalwart. With prices setting records above $3,700 per oz., producers in the Abitibi and James Bay regions are enjoying windfalls. Agnico Eagle’s Canadian Malartic, Eldorado’s Lamaque, and a host of juniors drilling new zones show that Quebec remains one of the world’s great gold camps.

But the question lingers: how long can the boom last? Gold’s surge is being driven by extraordinary factors — geopolitical instability, central bank buying, and investor demand amid doubts about fiat currencies. These are powerful forces, but they are also unpredictable. If interest rates shift or global tensions ease, the metal could just as easily lose its lustre.

Quebec’s miners know this history well, having seen cycles of prosperity and collapse before. The challenge is to seize today’s high prices to strengthen balance sheets and advance projects, while avoiding the overreach that so often follows a bull market. That’s the thrust in our page one story by Henry Lazenby, gauging the mood among majors at conferences in Colorado.

Policy proving ground

On the policy front, Quebec has distinguished itself as one of Canada’s more efficient jurisdictions for permitting. The province has a long mining history and a regulatory framework that is comparatively clearer than those in Ontario or British Columbia, where projects have languished. Yet even here, companies complain of delays, particularly in securing environmental approvals.

That frustration may be easing somewhat judging by how the CEOs of Osisko Metals and Troilus Gold are greeting federal help on their large projects. See pages 31 and 33 in our special section on the province this month. And see some of its past 100 years ago on page 42 with our Blast from the Past feature pulled from the archives of The Northern Miner in its 110th year.

Looking forward, read our Montreal-based Senior Writer Frédéric Tomesco’s excellent backgrounder on Quebec’s new Minister of Natural Resources, Jean-François Simard, on page 35.

Mining politics

Simard faces a few challenges beyond the Northvolt vacancy. There’s the province’s fall in a global ranking and a premier accused of being out of touch with mining regions by the outgoing minister who promptly resigned from the ruling party. But the premier has pledged to cut environmental red tape as he tries to boost flagging support for elections due within exactly a year from now.

Quebec’s mining sector today is emblematic of the wider industry’s paradoxes. It offers promise as a North American alternative to Chinese-dominated supply chains, but faces the reality that markets for lithium and graphite are not nearly as stable as for gold or copper.

Gold may carry the province through the current cycle, but the real test

will be whether Quebec can translate its critical minerals ambitions into a durable, competitive industry. TNM

COMMENTARY

Tokenizing pounds in the ground

BY JAMES COOPER

Areader recently introduced me to an interesting idea: a firm in the United States is looking to “tokenize” unmined gold resources.

Here’s the pitch from the company ‘NatGold’ (emphasis added):

“The junior mining sector –once the speculative engine of the gold industry – has lost its fuel. Permitting is a brick wall. Capital has moved on. And promising projects are turning into stranded assets before they ever get a chance to deliver.

“Even for those who succeed, the value often arrives too late – or at too high a cost. For most? The path ends before it ever truly begins. That’s why we created NatGold. It’s a rigorously structured model –built with legal, engineering, and blockchain-grade security at every layer.”

First of all, I have no affiliation with this outfit. I just thought their pitch reflects the common catchcry from the junior mining sector: “The model that once funded discovery is dead.”

Amid bullish conditions in the precious metals market, gold juniors aren’t gaining traction or investor interest. That’s effectively starving them of the capital needed to continue exploration or develop new deposits.

Filling the

void

With its tokenizing strategy, Natgold is perhaps filling the longlost void for the junior miners, pioneering a new funding model outside the traditional stock market.

Many blame the lack of interest in junior mining stocks on the overwhelming focus on new-age investment themes like crypto, meta, and AI. According to them, the tech sector has sucked speculative capital away from the junior miners.

But NatGold has perhaps hit on something important here. It’s finding common ground between crypto speculators and explorers needing capital.

In the token space, NatGold joins a few other companies like Madison Metals which has proposed a token system for future uranium production, and the Frank Giustra-backed Streamex that aims to turn gold assets into tradable tokens.

How it works

The process of creating a digital token on a blockchain to represent the value of a real-world asset, in this case unmined gold, sounds straightforward. But here, we are not dealing with an easily measurable asset. Deposits are hidden below the surface.

The dilemma is that measuring mineral resources is an arcane discipline. It’s also hidden behind a curtain of industry jargon. No two deposits are alike, so how do you value that as a token?

For example, resources fall into

different categories depending on how well geologists perceive the deposit. We call it resource estimation, a geological model that moves through different levels of confidence that’s built around the number of drill holes.

Imagine an early discovery made by an exploration company: There might be five or six drill holes spaced over two or three hundred metres, leaving a lot of unknowns in the model.

At this early stage, geologists can only make vague guesses as to how many ounces might sit below the surface. They sketch in the gold from one drill hole to the next drill hole and assume that it runs evenly from one point to the next.

But that involves huge assumptions. A drill hole might be 5-10 cm wide. In addition, gold deposits rarely ‘drift’ evenly from one spot to the next. Nature is inherently unpredictable. Faults, pinching and swelling, shear zones, or any number of geological variations often trash any early assumptions made by an exploration company.

Boiling it down

More drilling means fewer gaps, which means less room for optimistic, sometimes creative assumptions on a resource’s size.

That’s why the industry has designed standards, like the JORC code in Australia that classifies a deposit into categories. That way, investors can at least gain some confidence in how many ounces, pounds or tonnes a company has guessed it owns.

But it’s still tenuous. Even when a company claims it has “de-risked” its project through extensive infill drilling it’s still a long way from a certain outcome. This is why financial analysts have such a dilemma in valuing junior mining stocks.

Resources are difficult to define. Even with extensive amounts of infill drilling, there’s no guarantee that what geologists have measured reflects the reality of what the miners actually find. Gold, especially, is inherently unpredictable.

Is tokenizing the answer?

In terms of introducing a new crowd of investors to the opaque world of exploration, then certainly. That could unleash a wave of fresh capital for cash-starved juniors.

But for investors, the ultimate prize remains just as allusive, valuing a junior mining stock won’t become any easier. Speculating on a token or buying a share in an explorer won’t make an ounce of difference.

The only way you can bend the odds in your favour is to get a handle on geology so you can at least exercise some due diligence over company reports. The stuff that matters, not what they teach you at uni! TNM

James Cooper is a geologist based in Australia who runs the commodities investment service Diggers and Drillers. You can also follow him on X @JCooperGeo.

Skilled workers, tech fuel tomorrow’s mines, energy projects

BY NORTHERN MINER STAFF

Canada’s mining, metals, oil and gas industries remain pillars of the national economy, but the workforce behind them is aging fast. Years of bust cycles and waning interest in the trades have left the sector short of talent, a gap now colliding with surging demand and the so-called “grey tsunami.”

“We lost a lot of the labour force 10 years ago and there hadn’t been jobs to replace them,” said Heather Exner-Pirot, director of the Natural Resources, Energy and Environment program at the Macdonald-Laurier Institute, an Ottawa-based public policy think tank.

However, the resource industry is entering a period of growth, fuelled by increased demand for critical minerals and governmentbacked investments in the sector.

In the first quarter of 2025, nominal GDP from natural resources climbed to $358 billion (US$259 billion), equal to 12% of Canada’s economy. That same quarter, real GDP for the extractive industries grew 2% compared to the overall economy, which rose just 0.2% in the quarter — underscoring the sector’s outsized role in exports, jobs, and regional investment.

More than 100,000 new workers will be needed by 2035 to replace retirees and sustain growth, the Mining Association of Canada projects.

The industries underpin exports, anchor regional employment, and offer some of Canada’s top-paying jobs. Rising global demand for critical minerals and an aging workforce are creating both pressure and opportunity, while scholarships and Canadian training programs are opening doors for the next cohort of resource workers.

“These are foundational sectors that support so many other parts of the economy,” Exner-Pirot said. “The Canadian economy could not sustain itself without exporting resources.”

The footprint of mining, metals, and energy extends far beyond the mines and rigs. Communities, trade networks, and innovation hubs all depend on the activity generated by these sectors, underscoring why Canada’s resources remain critical to the country’s economic future, ExnerPirot said.

Economic cornerstone

Canada’s resource sector has long powered the national economy. Mining and metals built export markets through the 20th century, fueling industrial growth and the expansion of rail, road, and port networks. Oil and gas discoveries in Alberta and Saskatchewan in the 1940s and 1950s transformed local economies, creating high-wage jobs and funding infrastructure and public services.

The industry’s reach and output remain substantial. According to Statistics Canada’s most recent data, natural resources contributed $464 billion to Canada’s GDP in 2023 – roughly 21% of the economy – and supported more than 3 million

jobs, or 15% of the workforce. Resource exports generated $377 billion, nearly half of the country’s merchandise trade.

According to the Mining Association of Canada, more than 200 mines operate across Canada, yielding over 60 minerals and metals, including Saskatchewan potash and uranium, Northwest Territories diamonds, and Manitoba cobalt, nickel, and zinc, not to mention gold and copper from Ontario, Quebec and British Columbia.

Positioned for growth

Global demand for low-carbon technologies and renewable energy is set to send critical mineral production soaring. The International Energy Agency (IEA) projects demand for minerals in energy technologies will top 40 million tonnes annually by 2030, up from just 7 million tonnes in 2020.

Canada is poised to grab a larger share of that market. More than 130 mining and processing projects are planned or under construction across the country over the next five years, with a combined value exceeding $117 billion, according to Natural Resources Canada.

Government support, including $700 million in investments, has boosted key critical mineral output 15%, with a 20% target set for 2030.

Oil and gas remain a

“There’s this cultural notion that mining’s this very antiquated dirty, profession.”

cornerstone of domestic and export markets. Canada’s oil sands output is expected to hit 3.5 million barrels per day this year, supported by capital investment climbing to $39.7 billion.

Expansions in infrastructure, including the Trans Mountain pipeline, are boosting export capacity and accelerating development across the Western Canadian Sedimentary Basin.

The stage is set for Canada to expand both its resource output and its economic footprint, creating jobs, supporting regional economies and cementing the country’s role in supplying the global energy transition.

Job demand

With production and investment on the rise, the resource sector is generating not just economic output but also career opportunities. Analysts say demand for skilled workers will grow alongside exploration, processing and critical mineral projects, creating openings across mining, metals, and oil and gas. Canada’s aging workforce adds urgency to hiring. As veteran workers retire, companies are actively seeking engineers, geologists, technicians, and operators, along with specialists in emerging areas like automation, digital mining and sustainable energy integration.

These sectors are evolving rapidly, and the demand for skilled,

and geologists Canada’s resource economy requires.

Feroz Shah was the first recipient of Franco-Nevada Corporation’s Diversity Scholarship in 2021, which supported his fouryear bachelor’s degree in mineral engineering at the Lassonde Institute of Mining, University of Toronto.

“The series of opportunities I’ve had since then is just remarkable,” Shah said. “My first summer, I got to go to Alberta and work out West. My second summer, I was out in northern Labrador working for Rio Tinto at their iron ore operation. That third summer, I was down south working with Freeport-McMoran in Arizona.”

Shah, who won first place at the 2024 Canadian Mining Games in Sudbury for his speech on how to attract top talent to mining, said the industry is dogged by an outdated reputation. He argues the roles are as diverse and technologically innovative as those in other industries.

“There’s this cultural notion that like mining’s this very antiquated, dirty profession,” Shah said. “But people who have already worked in it know it’s not.”

Advanced learning

Canada’s mining, oil and gas education pipeline continues to feed the sector with engineers, geologists, technicians and skilled operators. Programs combine classroom learning with hands-on fieldwork, co-op placements and industry partnerships, increasingly focusing on digital mining, automation and sustainable resource practices.

trained workers is only going to accelerate, Exner-Pirot said.

“It is becoming more attractive for young people that people aren’t as naive or ideological about resource extraction.”

Growth and impact

For young Canadians entering the workforce, the resource industry offers not just jobs, but long-term careers with opportunities for growth and impact.

“Oil and gas and mining are very high-paying sectors,” she said. “The wages will often be triple the median Canadian wage.”

According to data compiled by The Northern Miner, median wages in mining outpace most skilled trades. Miners earn roughly $40 an hour, ahead of electricians, plumbers, and millwrights, while mining engineers command a median $52.88 per hour – on par with software engineers and higher than their electrical, civil, and mechanical counterparts.

“You are making good money and can afford to have your own house and a family,” Exner-Pirot said. “Those are fundamental things in human society, and it seems like the trades and resource extraction are becoming more attractive for that route.”

Key opportunity

To meet the looming workforce needs, the industry is investing in programs that turn students into the skilled operators, engineers,

The University of British Columbia, Queen’s University, Laurentian University, McGill University, the University of Toronto, the University of Calgary and the British Columbia Institute of Technology host some of the country’s top mine engineering and mineral processing programs.

New roles are emerging as both mining and petroleum operations modernize. At UBC, the Data Sciences Institute is digitizing geological data to optimize mineral processing, showing how analytics and automation are becoming core to resource extraction across mines and oilfields alike.

Meanwhile, roles such as remote operations specialists and mine robotics engineers are on the rise, reflecting the sector’s pivot toward tech-driven, more efficient and safer operations.

As Canada’s resource sectors expand, the spotlight is on the people who will drive the next wave of growth. Scholarships, hands-on programs and techforward training are shaping a generation of engineers and specialists ready to meet the sector’s evolving challenges. They’re illustrating what’s possible for young Canadians entering mining and oil and gas.

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Franco-Nevada and produced in co-operation with The Northern Miner.

Visit: https://www.franco-nevada.com for more information.

Below: Feroz Shah with Franco-Nevada CEO Paul Brink. FRANCO-NEVADA

Feroz Shah won Franco-Nevada’s first diversity scholarship in 2021, supporting his four-year bachelor’s degree in mineral engineering at U of T. FRANCO-NEVADA

US TARIFFS STEER QUEBEC ALUMINUM TO EUROPE

By Blair McBride

Quebec is the heart of Canada's aluminum industry, hosting eight of the country's nine smelters. The industry exports $10.8 billion worth of the metal annually. After producers such as Rio Tinto, Alcoa and Alouette import bauxite from Jamaica, Brazil and Guinea they process the ore into aluminum. The United States has been the top purchaser of almost all of Canada's aluminum production, and about 75% of its imported aluminum comes from Canada. But with U.S. tariffs on Canadian aluminum rising from 10% to 25% and then to 50% in June, producers last spring began shipping more of the metal to Europe to avoid financial losses. Those shipments jumped to about 50,000 tonnes from April to June, more than half of last year's total in just three months. The Northern Miner takes a peek at how much aluminum has been diverted to European markets and how that compares with pre-tariff-period sales.

IMPORTS OF CANADIAN ALUMINUM (TONNES)

Mining Hall of Fame announces 2026 inductees

AWARDS | Harquail, Lindsay, McLeod-Seltzer, Morrison to be enshrined in January

BY NORTHERN MINER STAFF

The Canadian Mining Hall of Fame is excited to welcome four new members who will be celebrated at the annual gala dinner and induction ceremony on Jan. 8, 2026, at the Metro Toronto Convention Centre. The Northern Miner is a proud co-founding member of the Hall of Fame along with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), The Mining Association of Canada, and The Prospectors & Developers Association of Canada (PDAC). Details about the event, along with tables and tickets available for purchase, can be found at: www.mininghalloffame.ca.

David Harquail (b.1956)

David Harquail is widely recognized for his clear strategic thinking, steady leadership and commitment to principled business practices. Throughout his distinguished career in mining finance, he has earned a reputation for combining technical expertise with a vision grounded in ethics, transparency and value creation. His approach to leadership has elevated the organizations he has led and

Catherine McLeod-Seltzer (b.1960)

Catherine McLeod-Seltzer is one of Canada’s most influential figures in the international mining and exploration industry, having built a remarkable career defined by vision, leadership and results. McLeod-Seltzer was born in 1960 in Vancouver into a multi-generational mining family where she was immersed in the industry from an early age, living in mining communities such as Stewart, B.C., and Pine Point, N.W.T. After completing high school in West Vancouver, she earned a bachelor of business administration from Trinity Western University in 1984, setting the foundation for what would become a pioneering path in mining finance, making her mark in what was a male-dominated industry. She began her career at Yorkton Securities, quickly establishing herself as a standout in capital markets. In 1991, she took an open-

shaped the culture and direction of global mining itself.

As CEO from 2007 to 2020, and current Franco-Nevada board chair, Harquail has overseen substantive value creation for shareholders. In 2007, he led Franco-Nevada in its initial public offering, raising $1.2 billion in what was the largest mining IPO in Canadian history. With a business model focused on royalties and streams on properties with strong exploration optionality, the company’s value appreciated to a market capitalization of more than $50 billion with 18 consecutive years of dividend increases paying out almost $4 billion to shareholders.

David was born in Toronto into the mining exploration business. His father, James, worked directly for one of the world’s greatest mineral explorers, Thayer Lindsley, founding multiple exploration companies on the Toronto and Vancouver stock exchanges.

Harquail’s early summers were spent on sites across Canada, and he would go on to earn a degree in geological engineering specialized in exploration from the University of Toronto, followed by an MBA from McGill University.

Harquail began his career with stints in mining consulting, bank-

ing at Yorkton’s office in Santiago, Chile – the start of her long-standing involvement in South American mining. It was there she met geologist David Lowell, and together they founded Arequipa Resources, with McLeod-Seltzer as CEO at age 32. Under her leadership, it was publicly listed and went on to discover the Pierina gold deposit in Peru,

ing and corporate development. In 1987, he joined Seymour Schulich and Pierre Lassonde at Beutel, Goodman and Co. where he managed the precious metals funds. In parallel, from 1988 to 1996 Harquail was CEO of Redstone Resources, a public subsidiary of Franco-Nevada. In 2002, Franco-Nevada merged with Newmont Mining and Normandy to form the world’s largest gold company. Harquail relocated to Denver as head of Newmont Capital, later serving as executive vice-president. In 2007, Newmont sold its royalty assets and Harquail returned to Toronto to relaunch the new Franco-Nevada.

Throughout his career, Harquail has given back to the industry. He was an active volunteer for CIM, serving as chair of the 1994 CIM Convention and the Management and Economics Society, and has been a director at PDAC. Post BreX, he was a member of the 19982000 OSC-TSX Mining Standards Task Force that called for the creation of the 43-101 standards. He served as chair of the World Gold Council from 2017 to 2020 when the new GLDM ETF was launched and the Responsible Gold Mining Principles were adopted.

Equally significant is Harquail’s philanthropic legacy. He has served on many non-profit boards and his family foundation has committed more than $30 million to charitable causes. Major gifts include the Harquail Centre for Neuromodulation at Sunnybrook Health Sciences in Toronto, advancing cutting-edge treatments for brain-related conditions, along with a landmark gift to the Harquail School of Earth Sciences and its Mineral Exploration Research Centre (MERC) at Laurentian University in Sudbury.

David Harquail has redefined what it means to lead in mining –proving that innovation, integrity and generosity can shape a lasting and responsible legacy.

later sold to Barrick Gold (now Barrick Mining) for $1.1 billion in 1996.

Over the course of her career, Catherine has raised more than $750 million in exploration capital and played key roles in building and selling companies valued at over $4 billion. Her influence can be seen in the success of Francisco Gold, Peru Copper, and Miramar Mining. With partner Eira Thomas she moved on to diamonds, creating Stornoway Diamond, which developed Quebec’s first diamond mine. Catherine and Eira went on to start Lucara Diamond with Lukas Lundin. Lucara’s Karowe Mine in Botswana has produced some of the world’s largest diamonds.

Since 1999, McLeod-Seltzer has held several board positions and served as chair of Bear Creek Mining, leading community-forward projects in Peru and Mexico. She joined the board of Kinross Gold in 2005, becoming independent chair in 2019. She went on to become a director of Teck Resources.

McLeod-Seltzer’s commitment to philanthropy is evident in her sup-

Don Lindsay (b.1958)

Don Lindsay is one of Canada’s most respected and impactful business leaders, known for shaping the mining industry through a rare combination of strategic vision, operational excellence, and a deep commitment to social and environmental responsibility. Over the course of an exceptional 17-year tenure as president and CEO of Teck Resources, he transformed the company into a global force in copper and coal, guiding it through major economic cycles while keeping sustainability and community at the heart of its growth.

Born in Toronto in 1958, Don holds an honours bachelor of science in mining engineering from Queen’s University and an MBA from Harvard Business School. His early career in banking was equally impactful. As president of CIBC World Markets, he pioneered Canada’s first mining-focused investment banking group, revolutionizing how the financial sector supported the resource industry and positioning CIBC as a global leader in mining finance.

When Lindsay took the helm at Teck in 2005, the company was valued at $8 billion. Under his leadership, Teck grew to a market capi-

port and participation on boards for organizations like the Union Gospel Mission, The Fraser Institute, and BC Children’s Hospital.

She has consistently combined strong business acumen with a deep commitment to sustainability, governance and social impact. Her leadership has championed local community partnerships and Indigenous engagement and created empowerment initiatives for women in mining.

A recipient of numerous accolades, including being named one of Canada’s Most Powerful Women by the Women’s Executive Network, Mining Person of the Year by The Northern Miner, one of the 100 Global Inspirational Women in Mining, and the Award for Significant Board Contribution by the Association of Women in Finance, McLeod-Seltzer remains a role model and mentor for future generations. Her legacy is defined not only by financial success but by raising the standard for leadership in mining – a standard built on integrity and inclusion.

talization of $22 billion, returned nearly $9 billion to shareholders, and increased its copper reserves from 2.5 million to 19 million tonnes – ensuring a 70-year reserve life based on 2022 production levels. Key acquisitions like Aur Resources and Fording Canadian Coal made Teck a leader in critical minerals, and one of the world’s largest exporters of metallurgical coal. Equally transformative was his work on environmental, social and governance (ESG) performance. Long before ESG became a mainstream focus, Lindsay embedded sustainability and social responsibility into Teck’s operations. Teck initiatives, such as The Zinc Alliance for Child Health and programs like Copper and Health, have reached more than 140 million people globally and influenced international policy on public health and infrastructure. Under his guidance, Teck earned recognition as one of the most sustainable mining companies in the world. As chair of the International Council of Mining and Metals (ICMM), Lindsay spearheaded the development of the Global Industry Standard on Tailings Management, a standard that changed the safety and quality of tailings management in the industry.

Lindsay has chaired many industry organizations, such as the International Zinc Association, Business Council of Canada, and board of governors for the World Economic Forum’s mining and metals subgroup. He remains active as chair of Manulife Financial and sits on the board of directors at BHP. He also served as chair for the 2025 Invictus Games in Whistler and has led major philanthropic efforts, including a $200 million campaign for BC Children’s Hospital.

Lindsay has been recognized with numerous honours, including the Order of British Columbia, multiple honorary doctorates and lifetime achievement awards from the mining and business communities. His career stands as a testament to the power of combining business excellence with social responsibility.

Gordon Garfield Morrison (b.1948)

Gordon Garfield Morrison is one of Canada’s most accomplished and respected mining exploration

coloradoconferences

Outgoing Barrick CEO elevates Fourmile in Nevada plan

BY HENRY LAZENBY Colorado Springs, Colo.

Barrick Mining (TSX: ABX; NYSE: B) says its new Fourmile project in Nevada can be developed without new processing plants while the company keeps returning cash to shareholders.

Fourmile could become one of the largest new gold mines in the Americas, with potential annual output of 600,000–750,000 oz., according to a preliminary economic assessment issued last month. It would be perhaps second only to the nearby Carlin–Cortez complex, also part of the Nevada Gold Mines (NGM) joint venture with Newmont (NYSE: NEM), where Barrick is operator.

Initial capital is pegged at about $1.5–1.7 billion (about C$2-C$2.3 billion), with a cost of sales of about $850–$900 per oz. and a life-ofmine all-in sustaining cost (AISC) of about $650–$750 per oz., Barrick said.

“Fourmile is the generational discovery of the last 100 years,” Barrick’s outgoing president and CEO Mark Bristow told The Northern Miner last month on the sidelines of the Mining Forum Americas. The location beside the Carlin–Cortez complex means Barrick “doesn’t have to build a whole mine” because “the infrastructure is already there.”

The proximity of the complex’s roasters and autoclaves is part of how Fourmile’s economics could improve over time, Raymond James mining analyst Brian MacArthur said in a note in September. Ground conditions, metallurgy and the potential for resource increases also add to the appeal, MacArthur said.

Cash-positive

The updated case “has gone down very well,” said Bristow. He’s positioning the deposit to anchor Barrick’s next leg of growth while keeping the balance sheet in a net-cash

stance. The company plans to complete a feasibility study around 2029.

The company is also spending $1 billion to finish the Goldrush project at NGM to deliver about 400,000–450,000 oz. annually from 2028.

Fourmile keeps getting better with every update, according to BMO Capital Markets analyst Matthew Murphy, who sees significant net asset value upside.

“Barrick continues to grow the exploration target and outline a major gold asset with very robust economics,” Murphy said in a Sept. 17 note. “Extensive drilling is still required; however, every update on this asset gets better and current indications present significant upside potential.”

Barrick shares in Toronto rose about 13% to C$48.94 apiece in the four days after the Fourmile study was released before easing to C$47.12 near press time, for a market capitalization of C$80 billion. Like many gold majors, they’ve been in 13-year-high territory for most of September as bullion prices set records.

Double-digit grade

As of Dec. 31, Fourmile resources were 3.6 million indicated tonnes at 11.76 grams gold for 1.4 million oz. of the yellow metal, and 14 million inferred tonnes at 14.1 grams gold for 6.4 million ounces. The resource covers only one-third of the known extent of the orebody, Bristow said.

Bristow linked Fourmile to a larger “growth wedge” that includes the company’s Pueblo Viejo in the Dominican Republic, Goldrush, the Lumwana copper Super Pit in Zambia and the Reko Diq project in Pakistan.

In Africa, Barrick has been trying to negotiate with the Mail junta for months after talks about the Loulo-Gounkoto operation following a new mining code broke down. The regime detained employees, seized

|

tonnes of gold and appointed an administrator to run the mine. Barrick started international arbitration through the World Bank, shuttered operations and dropped the mine from its outlook until at least 2028.

“Our focus is on the release of the people that have been held hostage in country and a resolution to

the conflict,” Bristow said in the interview. Near-weekly discussions with the authorities are continuing, but the impasse has “cost the country north of $600 million,” he said. It’s “way north of what they tried to shake us down for. So it doesn’t make sense to continue.”

In Zambia, the Lumwana Super Pit build is “ahead of schedule,”

and at about today’s copper price “is self-funding out to the end of next year,” Bristow said. The most recent quarterly results report reiterates a step-up to about 240,000 tonnes of copper a year from 2028.

Non-core assets

In North America, the recent sales of the Hemlo mine in northern Ontario and Barrick’s Donlin interest in Alaska, both for more than $1 billion, reflect a focus on tier-one scale and cost structure, Bristow said.

Hemlo “was never going to be a core asset,” he said, describing it as complex and high cost, and arguing it needed a more entrepreneurial, geology-led niche owner.

Barrick has done well on asset disposals to-date, BMO’s Murphy says. “We expect sequential improvement in operating results in the second half,” he said in a Sept. 18 note. He lifted the company’s share price target to C$38. Other asset sales – such as the Tongon mine in Côte d’lvoire – are possible. Reuters in July reported China’s Zijin Mining as a front-runner in the sale process at a price of “up to $500 million.”

“Tongon is non-core and for sale,” Bristow said. The process remains open, he added.

Copper heart

Barrick is also active on the fundraising front.

Financing for the $6.6-billion Reko Diq project in Pakistan is “very close,” with a target of finalizing a deal in “the next month or two,” the CEO said.

Barrick is working with 11 multilaterals development banks and export-credit agencies. This group includes the International Finance Corp., the Asian Development Bank, the U.S. Export-Import Bank, Export Development Canada and Japan’s Bank for International Cooperation. Strong demand could increase the debt size, the executive said.

District-scale copper-gold skarn-porphyry system in Southern Peru

Target-rich land package with full infrastructure and growth potential

9+ years of trusted community partnerships supporting long-term progress

Management has a track record of discoveries and monetization

Upcoming catalysts aligned with strong metals demand outlook

The goal is a 50/50 debt-equity structure, Bristow said. While acknowledging a vocal local anti-mining community, he said the company is focused on local hiring and suppliers. Both leading political parties in Pakistan support the project agreements, he said. These were first negotiated during a previous administration and signed under the current government of Prime Minister Shehbaz Sharif.

Major discipline

Barrick’s growth pitch leans on discipline – a philosophy that Bristow implemented while running a tight ship at Randgold.

“We’re running this business like a business,” he said, arguing Barrick has offset divestments with organic adds and avoided dilutive equity all while returning $6.7 billion to shareholders since the merger six years ago.

“We’ve paid dividends all the way through from 2019, we’ve invested in capital programs, and our balance sheet is still net positive cash,” Bristow said. “We’re not just feeding the quacking ducks, which is often what the mining industry does.” TNM

Former Barrick CEO Mark Bristow speaks at Mining Forum Americas in September in Colorado Springs, Colo. DENVER GOLD GROUP

Barrick’s Fourmile project in western Nevada.

BARRICK MINING

Q&A with SRK

An independent lens on smarter ore processing

BY NORTHERN MINER STAFF

Around the world, mining companies are under growing pressure to use resources more efficiently and reduce waste.

Every truckload of ore that doesn’t end up as tailings means less impact on the environment, lower costs and better returns for investors.

That’s where the idea of pre-concentration comes in –separating what’s valuable earlier in the process, before it even reaches the plant.

Mining.com’s Devan Murugan sat down with Adrian Dance, principal metallurgist at SRK Consulting, to help us understand how this works, and why independent assessment matters.

Devan Murugan: Mining companies everywhere are talking about pre-concentration. For those outside the industry, what does that actually mean –and why does it matter for miners?

Adrian Dance: As a mineral processor who’s been in the industry for 30-odd years, I’m very aware of how things can be improved and how we need to change our mindset. For those who aren’t familiar with typical mineral processing, the first stage normally involves grinding material to a very fine size, which consumes a lot of power and water. Consequently, once the material is ground fine, any portion not recovered goes to a tailings storage area –the large tailings ponds we typically see.

The idea behind preconcentration, or coarse beneficiation, is to separate some of the waste before applying all that energy, power and water to slurry it. We aim to increase the grade of the material and reject waste, which reduces the size of the plant needed to produce the same amount of metal. What excites me is this is one of the few tools available to reverse the growing trend of lower grades being processed, as well as the more challenging metal recoveries that projects –and the wider industry –are facing.

DM: Right now, how are most companies handling ore material, and where do you see the gaps or inefficiencies in those approaches?

AD: The normal response from the industry to lower grades and perhaps lower metal recoveries is to increase the size of the plant, processing more material to achieve economies of scale. But this doesn’t really take advantage of the recent growth in ore body knowledge that we now have.

We’re getting more and more measurements and data, potentially applied through AI, along with other detailed methods to better understand our ore bodies. Should we be processing these materials through a single flow sheet, through a single plant, or should we in fact be doing it differently? We now have the high density of data we need.

In fact, when we call material “ore” –which is sent to the plant and defined as any material that can be processed economically –it is not all created equal. It is a mixture of high-value material

with a portion of dilution or waste that has made its way into the process. What we’re doing with pre-concentration is segregating and isolating these different value streams before we process them. By knowing the material more precisely, we are adding to the knowledge of the ore body itself. It’s about exploiting the information we have and creating a more nuanced, sophisticated way of processing – not simply sending everything to one plant and ultimately ending up in the tailings pond.

DM: SRK emphasizes its independence in evaluating preconcentration opportunities. Why is it so important for miners to have an unbiased assessment rather than relying solely on equipment vendors?

AD: SRK Consulting prides itself on being independent – a group of consultants with deep expertise across a wide range of disciplines. This independence is particularly valuable for clients exploring pre-concentration, bulk sorting or particle sorting. At present, most of the expertise sits with equipment manufacturers. They have long experience in knowing what works and what doesn’t, but their background is not always rooted in mining. Much of their expertise comes from recycling or other sectors where similar sensors have been applied. That’s why we see real value in offering mining projects and operating mines an independent perspective – experience and knowledge that puts the client’s interests first. Our approach is to assess whether there is any economic opportunity before moving to testing. Preconcentration does not always add value, and in many cases it simply isn’t the right fit. So, the first step is to ask: is there a chance to add value here? Only once that’s clear do we recommend testing. We call this “sizing the prize.” With that understanding, mining companies can then move forward confidently to work with equipment manufacturers –now with the context and insight that allows the technology to be applied far more effectively.

DM: Ore grades are falling and metallurgical recovery is getting harder. From your perspective, what are the biggest challenges

“We aim to increase the grade of the material and reject waste, which reduces the size of the plant needed to produce the same amount of metal. ”

— ADRIAN DANCE , PRINCIPAL METALLURGIST AT SRK CONSULTING,

miners face when upgrading ore, and how does pre-concentration help address them?

AD: It’s something I’ve been very passionate about through my involvement in past mine-to-mill projects and looking at how feed to the plant can be improved. Traditionally, that has focused on the size of the material. Now we’re approaching it from a different perspective –the grade of the material by size.

What we don’t have much information on as processors, despite doing this for hundreds if not thousands of years, is where the metal of interest actually occurs at a coarse size, say two inches or larger. At that scale, is the metal present in only some of the particles, or is it in all of them? We usually don’t know, because to determine grade we pulverize the sample –and in doing so, we destroy that information.

That’s why we are now focusing on how the material presents itself right after it’s crushed to the coarsest size possible. Is the gold concentrated in the fines? Is it associated mainly with the softer material? Truly understanding how the material presents itself at a coarse fraction is new territory. And with advances in sensors such as X-ray Transmissive technology, we can now see inside particles to determine where the metal is.

DM: How is SRK incorporating less-intrusive sensor-based testing into its toolkit, and what are trade-offs?

AD: What we’ve done is look at the types of samples typically available to the industry — and in early-stage projects, that’s often very limited. Usually, only half drill-core samples are on hand. The question is: how can we work within those constraints to deliver reliable information on ore characteristics in the most economic way possible?

We’ve developed a lab technology that can take relatively small samples and still reveal a great deal — how hard the ore is, how it will break, where the metal goes, and whether it’s amenable to sensor sorting. Importantly, this approach is not disruptive to the normal metallurgical evaluations or how companies currently study their ore bodies. By removing hurdles, we make this type of evaluation practical and accessible.

Traditionally, sensor-sorting tests require anywhere from 500 kilos to two tonnes of material. While this produces excellent technical results, it often adds little value for companies because the sample is too large and composite to provide meaningful insight. Our focus is different: instead of one massive test, we run dozens of smaller-mass samples. This approach highlights variability

within the deposit and gives companies a much clearer picture of their ore body.

DM: There’s often a perception that new metallurgical methods are expensive. How does SRK’s approach to testing — smaller, more targeted samples — make the process more cost-effective for miners?

AD: We’ve now gone as far as purchasing our own sensor unit so that we can carry out this work independently and as costeffectively as possible. But nothing we’re doing is unique — any commercial lab could apply the same process. We’re also happy to share the protocol, which is fairly novel in this industry. We’re not hiding behind licensing costs. Instead, our goal is to reduce the cost of each test so that companies can run tens, even dozens upon dozens of samples, and truly understand how things vary.

DM: Adrian, that’s where we’ll leave it. Thanks for your time.

AD: Thank you, Devan

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by SRK and produced in co-operation with The Northern Miner. Visit: www.srk.com for more information.

Above: Typical grinding mills used for mineral processing. Insets: Lab-scale XRT scanner (manufactured by Comex Group). Conveyor belt loaded with mill pebbles for recycle. SRK CONSULTING

coloradoconferences

‘Paper gold is over,’ Giustra says

BEAVER CREEK | De-dollarization favours scalable miners

BY HENRY LAZENBY Beaver Creek, Colo.

Canadian dealmaker Frank Giustra says the age of paper gold is ending as Brics nations stand up a parallel financial system that routes around the U.S. dollar and prizes deliverable metal.

“We’re now, believe it or not, in the era of hard money,” Giustra said Sept. 9 in a conversation with Alex Deluce of the Ontario-based bulletin Gold Telegraph at the Precious Metals Summit. “If you own paper gold, you do not own gold. When the crunch comes, it will not be there.”

China and partners among the Brics (Brazil, Russia, India, China and South Africa) nations are building a system to mirror Western finance. It spans payments, ratings and swap lines – all outside the dollar. It downplays paper gold, products like gold exchange-traded funds, sovereign gold bonds and gold futures that represent a stake in gold’s value without physically possessing the metal.

Giustra, a Canadian Mining Hall of Fame member, cited yuan-forgold convertibility on the Shanghai Gold Exchange, new physical-delivery vaulting in Hong Kong and more warehouses abroad.

“It basically puts (global financial messaging network) SWIFT back into the stone age,” he said.

De-dollarization

Record bullion prices in September underscored Giustra’s argument that physical gold is eclipsing paper contracts as the true measure of value. With central banks hoarding metal and governments testing non-dollar payments, the shift points to a world where gold miners with scalable ounces and low costs stand to benefit while traditional currencies and leveraged financial products come under strain.

U.S. President Donald Trump using tariffs as a political weapon has sped a global split into rival trading camps. Half the world is pushing trade and savings towards

non-dollar channels, the serial entrepreneur said.

“A lot of people think the administration is playing 3-D chess,” said Giustra, a financier known for founding Wheaton River Minerals and helping launch Goldcorp into a major producer. “I just don’t see it.”

A key Brics plank, he said, is the cross-border central bank digital currency pilot often called mBridge. It was launched by China, Hong Kong, Thailand and the United Arab Emirates with Saudi Arabia recently joining. Members settle in local currencies rather than dollars. Against that, he set out a U.S. path that leans on dollar stablecoins, digital tokens backed by short-term treasuries.

“MBridge and stablecoins are competing forces,” Giustra said. Stablecoins create “a way to stuff additional treasuries into virgin pockets that never existed before.”

In his scenario, if enough debt is inside those reserves, Washington could devalue the dollar, knocking holders of cash and dollar stablecoins while pushing hard assets like gold and metal producers higher.

Miners’ fillip

If physical delivery increasingly sets the clearing price, bullion premiums (the additional cost above benchmark spot prices that buyers must pay to secure real, deliverable

ounces) and mine supply become the real constraints. It favours producers with scalable ounces and low costs while challenging leveraged paper products, Giustra said. For investors, custody, convertibility and geopolitics matter as much as interest rates.

Heavy public debts and politics point to lower short-term rates, higher long-term yields and the return of quantitative easing or yield-curve control to cap borrowing costs – weakening fiat currencies versus physical gold, he said.

“Fiat currencies in general are in their death throes,” Giustra said. “There is a global monetary reset coming. How it manifests itself, who knows, and whether it’s done peacefully or with a war, who knows.”

‘National security’

If the dollar’s reserve role slips, he added, the U.S. could face inflation, higher rates and a lower standard of living. “It’s a national security issue.”

Giustra framed the stablecoin-and-devaluation path as a scenario, not a forecast. MBridge remains a pilot and policy choices in Washington and Beijing will determine how far and how fast any shift runs.

“Everybody’s scrambling to get physical gold onto their own territory,” he said. “This time is going to be chaotic.” TNM

Crypto joins gold windfall in M&A race

BEAVER CREEK | Retail heat hits risky juniors

BY HENRY LAZENBY Beaver Creek, Colo.

Flush crypto firms and gold miners are driving industry M&A in a competitive market where the number of discoveries has slid by more than half, this year’s Summit heard.

Hong Kong-based Tether, the company behind USDT, the world’s largest U.S.-dollar-pegged stablecoin (digital tokens backed by short-term Treasuries), is investing $100 million (C$138.5 million) in equities of streaming companies.

New York hedge funds and cryptocurrency firms are investing $30 million or $50 million into mining projects, Michael Gray, partner at Vancouver-based Agentis Capital Mining Partners, said on a panel with Peter Bell, managing director of research at Canaccord Genuity.

“We’re seeing flows of capital from big sources,” Gray said. “The velocity of capital has really changed in the last three to six months.”

In past gold bull markets, influential financiers like Eric Sprott often validated junior projects and drew in capital. Today, with producers flush from record bullion prices and crypto firms benefiting from non-dollar investors, the balance is shifting. Buyers have the cash to drive deals, paying larger premiums for world-class projects they need to replace reserves while largely ignoring weaker assets, even at discounted prices.

Fast capital

Meantime, explorers reported just three new finds in the past 12 months of more than one million oz. gold, down from an average of seven in 2013, the analysts said.

Add a market that only reliably invests in the rare projects with drill hits of more than 250 grams gold per metre and you have a bull market inflated by record bullion prices where capital can accrue fast, but ounces are scarce.

“It does feel like an exceptionally upbeat period,” Bell, a former Newmont (TSX: NGT; NYSE: NEM) geologist and hedge-fund manager, told the conference. He described new retail enthusiasm –right down to an anecdote of a Muskoka dock builder who could rattle off junior company names and drill details.

“It’s the kind of interest you wouldn’t have seen a couple of years ago,” Bell said. “People are going from not being in the sector to being right in the most-risky part.”

Complexity

Bell’s data show that drill results with more than 250 gram-metres of gold consistently spark short-term share price gains, while weaker intercepts produce random reactions. But he cautions that high-grade hits don’t guarantee a mine. Deposits that have gone into production since 2020 occupy the same grade-tonnage space as those still stranded. What separates them is complexity – whether the geology, metallurgy and geometry can be quickly drilled into a coherent resource.

For investors, Bell argues that a ≥250 gram-metre result should be seen as a trading signal rather than a mine plan. The stronger long-term indicator is when discoveries can be drilled rapidly into a resource, suggesting continuity and simplicity in the mineralization.

“The more an operation is run efficiently, like a factory, the more profitable it’s likely to be,” he said. Complexity also shows up in financing. Bell noted that projects needing layered deals like streams and often signal deeper challenges, while top-tier projects attract simpler, cheaper equity.

Bigger budgets from new investors, Gray argued, change the geology.

Companies can sustain the momentum from a big discovery with steady assay releases, clear updates and site access for investors, Gray said. His data show explorers averaged equity gains of 365% in year one and 80% in year two post-discovery, before performance tapered in later years.

Scarcity

If one theme shapes M&A, it’s scarcity. There are only a few tier-one or near-tier-one gold projects worldwide. These are the kind capable of producing roughly 300,000 oz. a year for 15 years – the lower half of the all-in sustaining cost curve of less than $1,000 per oz. where seniors focus their shopping.

Single-asset producers holding such large-scale projects have delivered outsize equity gains over the last year, outpacing junior indexes, gold and even Bitcoin. Higher gold prices could expand the list of tier-one projects by allowing miners to take in broader, lower-grade zones where ore geometry supports bulk mining, Gray said.

“We’ve seen a pretty steady pace of decent holes,” Bell said. “But it takes a lot of money to make these things happen and you want to be in the right things, not the wrong things.”

Frank Giustra, left, speaks with Alex Deluce at Beaver Creek. HENRY LAZENBY

coloradoconferences

Gold Royalty the ‘envy of our peers’

QUEBEC

| Firm sets sights on Abitibi region

BY HENRY LAZENBY

Colorado Springs, Colo.

Gold Royalty (NYSE-A: GROY) has started generating free cash flow and is focusing on Quebec’s Abitibi region for its next growth spurt, executive chairman and CEO David Garofalo says.

The company is using its cornerstone royalties at Agnico Eagle Mines’ (TSX, NYSE: AEM) Canadian Malartic Odyssey underground complex in Quebec, plus Iamgold’s (TSX: IMG; NYSE: IAG) Ontario-based Côté as well as the Ren deposit at Goldstrike held by the Barrick (TSX: ABX; NYSE: B)and Newmont joint venture Nevada Gold Mines to underpin a long runway of growth.

Meantime, Gold Royalty’s Quebec exposure highlights a focus on tier-one jurisdictions. With free cash flow now rolling in, the company is positioning itself as a consolidator in the fragmented royalty space and aims to pay down debt ahead of considering shareholder returns.

“We’re over the hump into free cash flow,” Garofalo told The Northern Miner on Sept. 16 at Mining Forum Americas. “Odyssey is a keystone for us.”

Quebec anchor Gold Royalty’s Quebec weighting is deliberate, the CEO says. The company holds a 3% net smelter return (NSR) royalty on Odyssey North, most of East Malartic and parts of Odyssey South/Norrie – plus a 1.5% NSR on the nearby Midway project to the east.

At Odyssey, Agnico is transitioning the Canadian Malartic mine from Canada’s largest gold open pit to one of the country’s most conse-

quential underground operations.

First ore via ramp from the top of the East Gouldie deposit is expected in the second half of next year, with first ore via the hoisting shaft about 12 months later. A shaft extension and a second shaft are under study to add capacity.

That Quebec backbone fits Gold Royalty’s house view: prioritize tier-one jurisdictions with rule of law and contract enforceability.

“Our business is a stack of contracts,” Garofalo said. “You want to be where paper is protected.”

Balance sheet first

That buoyant free cash flow will be earmarked first for debt reduction, the CEO said. A $40-million (C$55.7 million) unsecured convertible debenture, which matures in 2028, will become callable by Gold Royalty in late 2026.

“They’re deeply in the money, so we can effectively force conversion

at the end of next year,” he said of the bonds.

The company also expects to repay short-term borrowings – representing about one-third of its $75-million revolving credit facility – out of free cash flow by the end of next year. Garofalo calls the facility Gold Royalty’s “credit card” for quick transactions.

“We expect to be completely debt-free by the end of 2026,” Garofalo said. “At that point we’ll actively contemplate returns of capital, whether buybacks or a dividend – whatever makes most economic sense.”

Gold Royalty’s corporate costs average about $7–8 million a year, while gold-equivalent ounces are projected to grow sharply to 30,000 oz. from already-owned assets.

“Our costs are largely fixed,” the CEO said. “As volume grows – and if gold prices cooperate – every incremental dollar drops through.”

Growth drivers

Besides the big growth drivers of Odyssey, Côté and Ren, several smaller contributors are strengthening the base.

Aura Minerals’ (TSX: ORA; Nasdaq: AUGO) Borborema mine in Brazil and DPM Metals’ (TSX: DPM) Vareš mine in Bosnia and Herzegovina – where Gold Royalty holds a copper stream – have both entered production, with the operators contemplating expansions, Garofalo said.

He also pointed to Orla Mining’s (TSX: OLA) South Railroad project in Nevada, which is advancing through permitting, and to organic royalty-generation successes such as Blackrock Silver’s (TSXV: BRC; US-OTC: BKRRF) Tonopah West, which Gold Royalty staked in 2021 and farmed out last year for cash plus a royalty.

“That could be in production before the end of the decade – warp speed by mining standards,” he said.

Why royalties?

Garofalo calls the royalty model “free optionality”: top-line NSR exposure fully paid with no capital calls, direct leverage to the gold price and operator-funded growth.

He cites roughly $200 million per year of exploration on ground covered by Gold Royalty’s agreements in recent years – spending that the company doesn’t fund – alongside the model’s scalability.

Even with about 14 employees,

Gold Royalty can manage hundreds of assets across the Americas, smoothing risk without diluting upside.

“There’s no practical cap on how many royalties you can manage with a small team, as opposed to a major that can only manage effectively a set number of mines.”

Consolidation

The royalty space remains fragmented and periodically ripe for consolidation when equity markets reward scale. That’s a playbook Gold Royalty followed in 2021 by rolling up peer Ely Gold Royalties, to add the Ren royalty package and a larger U.S. pipeline.

It also merged with Abitibi Royalties and Golden Valley Mines to secure its Quebec exposure at Canadian Malartic/Odyssey – all of which bolstered near-term cash flow and scale.

While the company remains more than 90% gold-focused, it is comfortable in polymetallic systems such as gold-copper porphyries and volcanogenic massive sulphide camps, where its team has deep operating experience.

“We have royalties in three of the five biggest producing gold mines in North America,” Garofalo said. “We have a foundational, cornerstone element to our portfolio that’s really the envy of our peers in the small-cap universe and it means we’ll have an annuity from those assets for decades to come.” TNM

Above: Agnico Eagle Mines’ Canadian Malartic mine in Quebec, where Gold Royalty holds a 3% net smelter return royalty on the Odyssey North part of the site. AGNICO EAGLE MINES Left: Gold Royalty VP for Capital Markets Jackie Przybylowski (L) with Chair, President and CEO David Garofalo at the Mining Forum Americas. HENRY LAZENBY

coloradoconferences

Endeavour Mining lines up growth in West Africa

GOLD | Miner dodges regional unrest

BY HENRY LAZENBY Colorado Springs, Colo.

Endeavour Mining (TSX: EDV; LSE: EDV) is shifting from capital-intensive expansion to grow through efficiency and productivity, as CEO Ian Cockerill works to lift West African output by 30% by 2030.

Despite periodic coups and conflict flashpoints across the Sahel, West Africa’s major gold belts have stayed largely insulated from disruption at established mines. Endeavour has navigated the noise by keeping deep ties with host governments and communities, structuring negotiated exits from noncore assets and working within country “conventions” as codes evolve, Cockerill said.

At the heart of the London-based company’s growth is the Assafou gold project in Côte d’Ivoire. Endeavour aims to complete a definitive feasibility study by early next year. If approvals go through, construction may begin in the second half of 2026, and the first gold could be produced in 2028.

“From discovery to first pour will be under eight years,” Cockerill told The Northern Miner last month of the Mining Forum Americas. “West Africa’s permitting cadence and established supply chains help compress timelines.”

Endeavour’s Toronto-listed shares closed at C$56.78 near press time, off the 12-month high of C$58.44. They have gained 68% in the past year, giving the company a market capitalization of C$13.7 billion ($9.8 billion).

‘Secret sauce’

The biological oxidation (BIOX) circuit at Senegal’s Sabodala-Massawa complex is running roughly 10% above its 1.2-million-tonneper-year nameplate capacity, Cockerill said. That’s after workers rebalanced feed to about 80% fresh refractory ore and 20% transitional material, from an earlier ore mix of roughly 70%-30%, respectively. They also rerouted flotation underflow to the carbon-in-leach plant to “scavenge” additional ounces.

“That’s the secret sauce,” Cockerill said. “BIOX is now working the way it should – and we’re looking to make it sweat a bit more.”

Endeavour is set to bring in higher-grade oxides and fresh ore to the Sabodala-Massawa mill while advancing the Karakunda and Guruma underground mines. First material from these mines is expected by late 2027 and into 2028.

“We want to replace low-grade stockpiles,” Cockerill said. “The undergrounds are good grade oxides that help the whole flowsheet.”

Free cash

First-half output hit 647,000 oz. gold at an all-in sustaining cost (AISC) of $1,281 per oz. (C$1,773.90). That’s up 3.6% from $1,237 per oz. in the same period last year.

Record gold prices have helped Endeavour generate significant amounts of cash. Free cash flow reached $879 million over the past 12 months. That’s equivalent to $687 per oz. produced, a yield exceeding 17%, Cockerill said.

“We don’t want to be the biggest,” echoing recent pledges by senior producers to adhere to discipline amid record metal prices. “We want to be mid-range in volume but high value.”

IAN COCKERILL CEO, ENDEAVOUR MINING

The company declared a record dividend of $150 million for the half-year period, supplemented by $69 million in share buybacks. Total shareholder returns reached $338 per oz. of gold produced, highlighting a commitment to strong investor returns, Cockerill said.

“We run Endeavour as both a growth and yield story – funding exploration and new builds inside a conservative leverage guardrail, then handing excess back through dividends and buybacks so investors get paid while the pipeline advances,” the executive said.

Portfolio upgrade

In Côte d’Ivoire, Endeavour aims to combine several satellite pits at Ity into a “super-pit.” Cockerill believes this will allow for bigger equipment, lower mining costs and more stable output of just over 300,000 oz. per year.”

In Burkina Faso, drilling at Houndé is exploring deeper extensions of Vindaloo Main. This could

support an underground mine in a few years. Early results show promising widths of about 6 grams of gold per tonne, the executive noted.

Cockerill framed the program as the latest turn of Endeavour’s portfolio-upgrade strategy. The company’s internal “magic box” favouring long-life, low-cost mines has seen it sell shorter-life, higher-cost operations over the past decade. That includes Boungou and Wahgnion in Burkina Faso – transactions he stressed were negotiated sales, not nationalizations.

“It takes as much effort to manage a tough mine as a good one,” he said. “We focus on the good stuff.”

Part of that focus includes Mana in Burkina Faso, which has transitioned to a pure underground operation. With high costs and a short mine life compared to other company assets, Mana is an outlier in Endeavour’s portfolio – though strategically useful, the CEO said. Operating the mine helps employees gain underground expertise for

Sabodala-Massawa, Houndé and eventually, Ity.

“Even with a contractor, you need to know what good looks like,” he said. “Mana gives us that muscle.”

Organic growth

Endeavour’s exploration engine also helps the company’s cost profile – “just under 21 million oz. discovered at about $25 per oz. over nine years,” with reserve grades averaging nearly 1.8 grams per tonne, Cockerill said. Orebody quality, and not scale, is what drives value, the CEO stressed.

“We don’t want to be the biggest,” he said, echoing recent pledges by senior producers to adhere to discipline amid record metal prices.

“We want to be mid-range in volume but high value.”

Legislative environment

On the policy front, Endeavour has agreed to Burkina Faso’s move

from a 10% to 15% state free carry in its 2024 mining code update. In Côte d’Ivoire, he characterized a proposed royalty and ownership review as a “green paper” – a discussion document – with expectations that existing project conventions will be respected.

Senegal, he added, has signalled no immediate changes.

The company assigns a public-affairs lead to each country. This keeps communication open with all levels of the administration. The goal is to create good outcomes while protecting investments.

“People call it risk; I call it challenges with outsized returns if you manage them,” he said.

“We’re a rare combination in gold – we offer growth and a yield,” Cockerill said. “While we build the next leg, we’re improving the plants we have, bringing on underground ounces and keeping the dialogue tight in our countries. That’s how you protect margins and the social licence to operate.”

A fresh bar of the first gold pour from the SabodalaMassawa BIOX expansion in Senegal, with VP Operations Lawrence Manjengwa. ENDEAVOUR MINING

Above: The primary crusher at Endeavour’s Ity gold mine in western Côte d’Ivoire. ENDEAVOUR MINING

Endeavour Mining CEO Ian Cockerill.

Gunnison starts America’s newest copper mine

ARIZONA | JCM a ‘training ground’ for much larger mine

BY BLAIR MCBRIDE

Gunnison Copper’s (TSX: GCU; US-OTC: GCUMF)

namesake deposit and Johnson Camp Mine (JCM) sit at two intersections, literal and metaphorical.

Nestled among rocky, rolling hills dotted with cacti and other desert vegetation, the two sites are on either side of Interstate 10. And its Sept. 3 production start pivoted the company to its planned use of ground-breaking copper processing.

The milestone of pure copper cathode at JCM made Gunnison the United States’ newest red metal producer, and it will be the first to use the sulphide leaching technology of Rio Tinto’s (NYSE: RIO) venture partner Nuton later this year. Gunnison’s property is located about 105 km east of Tucson.

“This is the world’s first commercial scale construction of [Nuton] technology,” CEO Stephen Twyerould told The Northern Miner on a site visit last month. “It has the potential to fundamentally change sulphide processing, in the U.S. and elsewhere. I’ve got mates in Australia who are constantly saying, ‘I can’t believe you guys are building the first one.’”

Newest copper producer

Gunnison is located in the most prolific copper region of Arizona, itself churning out almost twothirds of the country’s red metal. It joins other copper producers in the state’s southeast such as Freeport McMoRan Sierrita mine, (TSX: CS; ASX: CSC) Pinto Valley

GMEXICOB) Mission Complex.

Cutting-edge tech

But one of JCM’s defining features is how much Nuton’s tech changes the landscape for copper mining, explained Robert Winton, Gunnison’s senior vice-president of operations.

“Sulphide ore is [normally] crushed, concentrated in a mill, smelted, refined, then finished copper,” Winton said, gesturing at JCM’s enormous heap leach pad as haul trucks delivered ore - in the distance.

“[In] the Nuton process it’s mined, crushed, heap leached, then solvent extraction and electrowin-

The JCM open pit and heap leach mine has annual full capacity of 25 million lb. of copper over a 15 to 20-year life, according to a 2023 preliminary economic assessment (PEA) prepared for Gunnison’s predecessor Excelsior Mining. It hosts about 108 million measured and indicated tons grading 0.31% copper and 51 million inferred tons at 0.32% copper. In a base case, JCM has a posttax internal rate of return (IRR) of 30% with a payback period of about four years, and a net present value (NPV) of $180 million, at a 7.5% discount rate. Initial capital costs are pegged at $58.9 million.

ning and then it’s finished copper. You’re taking out the mill, tailings, the smelter and refinery. In North America, a high percentage of our copper concentrates has to go to Japan and Korea to get treated in a smelter.”

Nuton has invested $100 million in technology deployment and construction at JCM, while Gunnison holds ownership and operational control. The two-stage partnership is to last for four or five years during which copper output would pay down Nuton’s investment.

In the second stage, and after full-scale commercial production

using Nuton tech is underway, the companies would form a joint venture, with Gunnison holding 51% and Nuton 49%.

In addition to the Nuton funding, the company did a C$8.66 million financing in July to support work at the Gunnison deposit.

Shares in Gunnison have gained 24% this year and traded at C34¢ apiece near press time in Toronto for a market capitalization of C$123.4 million. The stock has traded in a 12-month range of C13¢ to C44¢.

The Gunnison crown

But as future-facing as JCM and its Nuton partnership might be, the larger jewel in Gunnison’s crown is its namesake deposit about 2 km south of JCM.

Though less advanced than JCM, Gunnison is more than eight times larger, hosting 831.6 million measured and indicated tonnes grading 0.31% copper for 5.1 billion lb. contained metal; and 79.6 million inferred tons grading 0.2% copper for 325 million lb. of the red metal, according to the PEA from last December.

The project has a post-tax NPV of $1.3 billion and an IRR of 21% at initial capital costs of $1.3 billion.

Total copper cathode output would total about 1.35 million tons (1.22

million tonnes) over an 18-year life.

“The larger Gunnison project… can put a dent into the deficit the U.S. is facing on copper,” Twyerould said.

Production in 2030

Despite the deposit’s potential, a production start is a ways off, Winton said. Gunnison plans to release a pre-feasibility study for the project and secure the permits by the end of next year. Doing a feasibility study depends on finding a strategic partner. Production could start in 2030.

“We’re an M&A target,” Twyerould said. “Gunnison is a big project for a small company. We’d benefit from a strategic partner who would help us bring it into production. Whether that results in a joint venture or an entire transaction where somebody takes over the whole company.”

And even though JCM is a relatively small project, the company likens its long-term potential to a training ground for the larger Gunnison, Winton said.

“Once construction costs have been paid off [at JCM] it will generate dollars,” he said. “It has allowed us to build a strong team here. It gives us incredible knowledge on Nuton and its process and how they do their business.”

The sprawling heap leach pad at Gunnison Copper’s Johnson Camp Mine in Arizona. BLAIR MCBRIDE

Cochise County, Ariz.

The Burro open pit at Gunnison’s Johnson Camp Mine, where ore is mined and then transported to the heap leach pad. BLAIR MCBRIDE

Robert Winton, senior VP of operations in the extrowinning plant. BLAI R MCBRIDE

Titan starts to commission U.S. plant

GRAPHITE | Sales due in early 2026

BY FRÉDÉRIC TOMESCO

Titan Mining (TSX: TI; US-OTC: TIMCF) said it will start commissioning a new graphite demonstration facility in upstate New York – a key step towards the first integrated U.S. supply chain for the battery metal in more than 70 years.

The plant is expected to be ready in the fourth quarter, Vancouver-based Titan said Sept. 16. Product qualification and sales should start early next year.

The facility – located on Titan’s Empire State mine property about 170 km north of Syracuse in Gouverneur, N.Y., next to an operating zinc mill – is to produce 1,200 tonnes of graphite a year. A planned expansion to 40,000 tonnes would enable Titan to supply about half of the domestic natural graphite market, according to the company.

“Today marks a pivotal moment for U.S. graphite independence,” Titan CEO Rita Adiani said in a statement. “We have fast-tracked the construction of the facility which represents a critical step toward establishing a secure, domestic supply of graphite in the United States.”

All the natural graphite used in the U.S. is imported, with China accounting for about half of supply. Both the U.S. Department of Energy and the Department of

Defense have designated graphite as a critical mineral for batteries, semiconductors, and defence systems.

Natural flake

Titan’s plant is designed to process natural flake graphite from the company’s Kilbourne graphite mine. The company, the fourth-largest zinc producer in the U.S., aims to supply graphite for battery, defence and industrial applications.

Federal and state officials, including Congresswoman Elise Stefanik, State Senator Mark Walczyk and Assemblyman Ken Blankenbush, toured the site ahead of the company’s announcement.

Northern Graphite (TSXV: NGC; US-OTC: NGPHF) operates the only significant producing natural graphite mine in North America at Lac des Îles, Quebec. Nouveau Monde Graphite (TSXV: NOU; NYSE: NMG) is developing the Matawinie mine and Bécancour anode plant, also in Quebec, with offtake deals from GM and Panasonic.

Kilbourne was discovered in 2023. The deposit comprises an open pit constrained inferred resource of 22 million short tons (20 tonnes) at an average grade of 2.91% graphitic carbon for contained graphite of 653,000 tons, Titan said in its maiden resource estimate in December. TNM

Artemis soars on Blackwater plan

BC | 8M-tonne output sought

BY NORTHERN MINER STAFF

Artemis Gold (TSXV: ARTG) has announced plans to upgrade the Blackwater mine processing plant in central British Columbia to increase processing by a third.

The improvements will operate the plant at a nameplate capacity of 8 million tonnes per year, a 33% increase from 6 million tonnes now, the company said in mid-September. The upgrades may cost $100 million to $110 million. Most of the capital is expected to be spent in calendar 2026.

The announcement delivers an efficient and cost-effective optimization for the Blackwater mine by fourth quarter 2026, BMO Capital Markets mining analyst Andrew Mikitchook said in a note on Sept. 16.

“This not only brings forward cashflow to fund [stage two] but also derisks the expansion to 15 million tonnes per year,” Mikitchook said.

“Blackwater remains among the highest profile new mines globally, and we expect continued share revaluation as the company builds an operational track record and delivers the expansion plans.”

Shares of Artemis Gold hit a new

all-time high of C$33.40 apiece on the day before rising to $33.83 before press time. That took the company’s market capitalization to C$7.8 billion.

Vertical mill

Among the upgrades will be a vertical mill to provide additional primary grinding capacity and expanded leach circuit, says Artemis. Construction work for the upgraded plant (stage 1A) has already started and some of the enhancements are expected to be brought online in steps ahead of the completion date. The cost is forecast to have an industry-low capital intensity of $50-$55 per additional tonne of processing capacity.

The stage 1A project will be funded out of the company’s operating cash flows, and the payback period is expected to be less than six months, Artemis’ CEO Dale Andres said.

“We expect [stage] 1A to de-risk and enhance future free cash flows that are aimed at funding a larger [stage two] expansion,” Andres said.

Stage two

The project was identified as a

loan

| Michigan mine is fully permitted

BY MINING.COM STAFF

Highland Copper’s (TSXV: HI) Copperwood project in Michigan’s Upper Peninsula has received a significant boost, with the United States’ Export-Import

PURE SILVER SECURED IN A SAFE JURISDICTION projectupdates

Dolly Varden Silver Corporation is a mineral exploration company advancing its 100%-owned Kitsault Valley Project in British Columbia’s Golden Triangle, just 25 km from tidewater. The company holds ~100,000 ha in the region, including 5 past-producing high-grade silver mines: Dolly Varden, Torbrit, Porter Idaho, Mountain Boy, and Esperanza.

The 163 km² Kitsault Valley Project hosts high-grade silver and gold resources at Dolly Varden and Homestake Ridge, along with the historic Dolly Varden and Torbrit mines. The project sits on the same belts as other major high-grade deposits, including Eskay Creek and Brucejack, making it highly prospective for additional discoveries.

The project also includes the Big Bulk property, prospective for copper and gold in porphyry and skarn styles, similar to Red Mountain, KSM, and Red Chris.

Bank (EXIM) issuing a non-binding letter of interest for up to $250 million in debt financing.

The potential funding would cover a substantial share of the project’s estimated $400-million capital cost, moving one of the U.S.’ few fully permitted copper developments closer to construction.

CEO Barry O’Shea said the potential financing highlights Copperwood’s strategic importance for U.S. copper supply and its role in the region’s economy.

“Copperwood will provide a reliable domestic source of copper, support Michigan’s economy and operate responsibly, aligned to Michigan’s stringent environmental standards,” he said.

The proposed support comes under Washington’s Make More in America initiative, aimed at strengthening domestic critical mineral supply chains. It may also qualify under the bank’s China and Transformational Exports program.

Shares of Highland Copper were at 12¢ apiece in Toronto near press time, giving the company a market capitalization of C$84.9 million ($64.3 million). They’ve gained 4¢ this year.

Permits Copperwood is fully permitted and backed by a completed feasibility study. The underground operation is designed with a mine life of more

Titan Mining workers at the company’s Kilbourne project in New York state. TITAN MINING

projectupdates

Arizona Sonoran bumps copper at Cactus by half

RESOURCE | Study imminent

BY COLIN MCCLELLAND

Arizona Sonoran Copper (TSX: ASCU; US-OTC: ASCUF) has increased its Cactus project’s contained metal by 51% ahead of a prefeasibility study (PFS) due this year.

Cactus, 74 km south of Phoenix, now hosts 1.04 billion measured and indicated tonnes grading 0.48% total copper for 11 billion lb. contained metal, the company said on Sept. 16. It also has 211 million inferred tonnes grading 0.37% copper for 1.7 billion pounds.

That compares with a July 2024 resource showing 574.1 million measured and indicated tonnes at 0.6% copper for 7.3 billion lb. plus 430 million inferred tonnes at 0.4% total copper for 3.8 billion pounds.

The new grade fell 15% because the update included lower grade near-surface material from the Parks/Salyer South deposit. The inferred tonnage dropped because 56% of it was converted to measured and indicated status, the company said.

“We believe this work will support a final investment decision as early as fourth quarter 2026. “The path forward now is to reflect these updated mineral resource estimates into the pending 2025 PFS, anticipated in the fourth quarter of 2025, and effectively advance three key workstreams –a definitive feasibility study, permit amendments and project financing.”

‘De-risking’

Canaccord Genuity mining analyst Dalton Baretto said the mineral resource update is in line with what he had expected ahead of the PFS and “marks a de-risking event”.

“A key change to the expected mine plan in the PFS (relative to the 2024 PEA) will be deferring some of this lower grade material by moving the pit centroid in order to access the higher-grade but deeper Parks-Salyer ore earlier in the mine plan,” Baretto said in a note on Sept. 16. “This will come with a higher pre-strip [ratio], but management indicates that the net economics are expected to be better.”

The past-producing open-pit mine site would require initial capital spending of $668 million (C$918 million) over two years, according to a

Banyan’s visible gold helps define resource

BY BLAIR MCBRIDE

Drilling by Banyan Gold

(TSXV: BYN; US-OTC: BYAGF) has returned results bearing gold specks in sheeted veins, with intersections as high as 26.9 metres grading 1.85 grams gold per tonne in Yukon.

That highlight at the Powerline deposit came from 163.6 metres depth in hole AX-25-660, including 62 metres at 0.93 gram gold, Banyan reported on Sept. 15. Another highlight, in hole AX-25-664, cut 19.5 metres at 1.12 grams gold from 19.5 metres depth, including 5 metres at 3.36 grams gold and 27 metres grading 1.35 grams gold.

“These results advance our target of defining 5 million oz. of plus 1 [grams] gold per tonne,” Banyan President and CEO Tara Christie said in a release. “Specifically, these holes from the Powerline deposit are focused on converting waste blocks that fall within the footprint of the conceptual pit where the

Centerra gains on Mt Milligan study

ECONOMICS | Study boosts reserves by 52%

mineralized domains are only truncated based on a lack of drilling,”

The latest results at Powerline come amid a productive summer for the company after it posted strong assays at Powerline over the previous month and a resource update for the AurMac project in July that made it the second largest resource on the Tombstone gold belt. The report showed it holds the most contained ounces behind Snowline Gold’s (TSXV: SGD; US-OTC: SNWGF) Valley deposit.

AurMac, located 270 km northeast of Dawson City, hosts 112.5 million indicated tonnes grading 0.63 gram gold for 2.27 million oz.; and 280.6 million inferred tonnes at 0.6 gram gold for 5.45 million contained ounces.

Other highlights include AX-25667, which cut 17.9 metres grading 1.34 grams gold from 64.5 metres depth, including 5.3 metres at 0.73 gram gold; and hole AX-25-653

BY BLAIR MCBRIDE

Centerra Gold (TSX: CG; NYSE: CGAU) shares jumped to their highest level in more than three years after it released a pre-feasibility study that extended the life of its Mount Milligan open pit mine in British Columbia by about 10 years.

The study issued on Sept. 11 extends the producing mine’s life until 2045, boosts gold and copper reserves by at least 52% and production by about 12%, while estimating capital costs at $186 million. The mine is about 155 km north of Prince George in central B.C.

“Mount Milligan’s [life-ofmine] extension marks a key milestone in advancing Centerra’s organic gold growth strategy,” President and CEO Paul Tomory said in a release. “Ongoing exploration continues to highlight the potential to further expand mineral resources and extend mine life beyond the updated plan.”

The extension for Mount Milligan, which ranks as a mid-tier project by reserve size and grade compared to other sites in B.C., adds to a two-year extension for Mount Milligan last year. In a deal in February 2024, Centerra paid Royal Gold (Nasdaq: RGLD) $125 million (C$173 million) for cost support at the mine.

‘Outperform rating’

Company shares traded for $13 apiece in Toronto on Sept. 12, before rising to $13.81 near press time, their highest level since April 2022, for a market capitalization of $2.75 billion.

Raymond James analyst Brian MacArthur, in a note on Sept. 12, gave Centerra an outperform rating and a share target price of $13.50, based on the extension to mine life and increase in production.

Proven and probable gold reserves jump 56% to 483.2 million tonnes grading 0.28 gram gold per tonne for 4.4 million oz. of contained gold, compared to the estimate from last year.

Copper reserves rose by 52% for a grade of 0.16% copper for 1.7 billion pounds. The increases are driven mostly by resource conversion from increased tailings capacity and infill drilling.

12% output bump

The optimized mine plan also boosts production by about 12% starting in 2029 to around 150,000 oz. of gold and 69 million lb. of copper per year. Forecasts for Mount Milligan this year total 145,000 to 165,000 oz. of gold and 50 to 60 million lb. of copper. The production increase comes from a plant throughput rise by about 10% to

The study extends the producing mine’s life until 2045 and boosts production by about 12%.

66,300 tonnes per day, according to the study. The processing of low-grade stockpiles is to happen from 2043 to 2045.

The $186 million in non-sustaining capital costs, which Centerra said won’t be needed until the mid2030s, are fully funded from the company’s available liquidity and future cash flow.

Those costs break down into $114 million for a second tailings storage facility, which is to be spent from 2032 and 2033; $36 million for ball mill motor upgrades and flotation cells in 2028 that will raise throughput and increase recovery by around 1%; and $28 million for five new haul trucks.

The second facility could add decades of storage capacity beyond 2045, Centerra said.

The post-tax net present value (at a 5% discount) is maintained at $1.5 billion in the study, based on long-term gold and copper price assumptions of $2,600 per oz. and $4.30 per lb., respectively. The NPV rises by 40% to about $2.1 billion at spot prices of $3,500 per oz. of gold and $4.50 per lb. of copper. TNM

WWW.SANCRISTOBALMINING.COM

CONTACT@SANCRISTOBALMINING.COM

A SILVER GIANT IN THE MAKING

San Cristobal Mining holds a 100% interest in Minera San Cristóbal S.A., the operator of one of the world’s largest silver, zinc and lead mining operations, recognized for its scale, efficiency, and commitment to sustainable mining practices. In 2024, the company achieved production outputs of approximately 16.8 million ounces of silver, 175,000 tonnes of zinc, and 58,000 tonnes of lead, positioning it among the top five silver producers and top fifteen zinc producers globally.

The open pit at Arizona Sonoran’s Cactus project. ARIZONA SONORAN COPPER

YUKON | Powerline assays bolster AurMac

Banyan P40 >

A haul truck transports ore at the Mount Milligan mine. CENTERRA GOLD

Sonoran P40 >

donedeals

Alamos ends $1B fight in Turkey with $470M sale

GOLD | Better than expected, analyst says

BY CECILIA JAMASMIE

Canadian miner Alamos Gold (TSX, NYSE: AGI) is selling its Turkish subsidiary to Middle East-based Tumad Madencilik Sanayi, a unit of conglomerate Nurol Holding, ending a billion-dollar legal battle with Ankara.

The $470-million (C$648-million) deal, expected to close this year, hands over the Kirazlı, Ağı Dağı and Çamyurt projects in northwestern Turkey to Tumad. It also sets out that arbitration proceedings launched in 2021 by Alamos’ Netherlands units against Turkey will remain suspended and be permanently discontinued once contractual milestones are met.

Alamos plans to use proceeds to pay down debt and advance its key growth projects, including the stage three-plus expansion at its Island mine in Ontario, the Lynn Lake project in Manitoba, and the Puerto Del Aire project in Mexico.

“These projects could be fully funded by the free cash flow profile in the coming years, but this transaction further strengthens the balance sheet,” BMO Capital Markets mining analyst Brian Quast said in a note on Sept. 15. “We had been previously modeling the Turkish assets at an in-situ value of $54 million. Therefore, compared to our estimates, the additional proceeds from this transaction have increased our corporate net asset value from $8.1 billion to $8.3 billion.”

Free cash flow

Alamos Gold’s free cash flow may hit $584 million in 2026, $409 million in 2027 and $1 billion in 2028, BMO estimates.

Analysts at Jefferies said investing in its Canadian and Mexican projects would drive Alamos’ production growth by over 80% to 1 million oz. of gold by 2029.

Shares in Alamos Gold gained 11¢ to C$46.04 apiece in Toronto on the day of the announcement before easing to $44.29 near press time, valuing the company at C$18.6 billion.

Alamos entered Turkey in 2010 but faced persistent setbacks. Its most high-profile clash came in 2019, when mining concessions for the Kirazlı gold project, near Mount Ida, expired amid mass protests. Activists accused Alamos of excessive tree cutting and planned cyanide use. The miner clarified at the time that cyanide would be used in the final step of the extraction process and that it had taken measures to ensure there would be no impact in the forested area.

In response, Alamos filed a $1-billion arbitration claim against the Turkish government for what it called “unfair and inequitable treatment.”

The Kirazlı project was projected to produce 104,000 oz. of gold annually over five years at all-in sustaining costs of $373 per ounce. TNM

Anglo-Teck deal seen spurring rival bids

COPPER | Decade’s biggest mining M&A

BY FRÉDÉRIC TOMESCO

Anglo American’s (LSE: AAL) proposed acquisition of Teck Resources (TSX: TECK.A TECK.B, NYSE: TECK) could end up putting both companies in play as rival miners scramble to find large-scale copper assets, analysts said.

Anglo on Sept. 9 unveiled a $50-billion (C$69-billion) all-share deal for Canada’s largest diversified miner that would create the world’s fifth-largest copper producer – as long as regulators in Canada, the United States and China sign off. If that’s the case, the transaction is expected to close within 12 to 18 months.

Both Anglo and Teck have shed assets in recent years to focus on critical metals such as copper. Vancouver-based Teck sold most of its coal unit to Glencore (LSE: GLEN), while Anglo is moving to exit coal, platinum and diamonds. Both companies have also fended off unwanted approaches from rivals in recent years – with Teck rejecting an offer from Glencore in 2023 and mining behemoth BHP (ASX, LSE, NYSE: BHP) failing in a bid to buy Anglo last year.

“Due to the scarcity of available large scale copper assets, we believe that the possibility of an interloper for either company is elevated, and we would not be surprised to see a bidding war emerge,” Scotia Capital mining analyst Orest Wowkodaw said Sept. 10 in a note. “We find it difficult to see how Anglo competes for Teck if the larger miners with much stronger balance sheets get involved.”

Large-cap suitors?

Potential suitors for Teck include BHP, Glencore, Rio Tinto (LSE, ASX, NYSE: RIO) and Freeport-McMoRan (NYSE: FCX), Wowkodaw said. Brazil’s Vale (NYSE: VALE) could also be interested in the company, according to Desjardins Securities mining ana-

lyst Bryce Adams.

Anglo’s friendly bid “could spark interest from several large-cap diversified mining companies looking to secure access to Teck’s largescale copper portfolio within the Americas,” National Bank Financial mining analyst Shane Nagle said Sept. 9 in a note. He didn’t identify potential buyers.

Anglo’s at-market exchange ratio “could serve as a starting point” for other bidders keen to secure copper supply, particularly given the red metal’s designation as a global critical mineral, Desjardins’ Adams said the day after the deal announcement. He sees potential for revised bids “in the near or medium term.”

Under the terms of the proposed deal, Anglo will exchange 1.3301 shares for each Teck share, a structure it called a “zero-premium” merger. In fact, the exchange ratio represents a 17% premium on Teck’s closing price before the deal –though Anglo will offset it with a $4.5-billion special dividend to its investors, leaving the effective premium at just 1%.

An existing $330-million break-up fee included in the deal “is not a prohibitive figure to a potential interloper for either company given the size of the potential prize,” Wowkodaw stressed.

Teck shares climbed 12% from before the announcement to

C$54.42 near press time, giving the company a market value of about C$26.6 billion. Anglo American stock gained about 7% to £25.26 each during the same period for £26.9 billion in market capitalization.

Output problems

News of the Anglo deal came days after Teck deferred major expansion projects while it works to fix output problems at its main Quebrada Blanca copper mine in Chile. A major overhaul of the mine high in the Andes came in $4 billion over budget and years behind schedule.

The decision is part of a comprehensive operational review that was launched in August and is set to conclude this month, with a focus on improving performance. This review includes a detailed action plan for QB, as it’s known.

“Announcing a sale now may signal a lack of confidence from management in resolving these issues,” Nagle said.

From Teck’s perspective, the timing of a friendly transaction “is hard to understand given the shares have significantly under-performed global peers primarily due to ramp-up challenges” at QB, Wowkodaw said. Before Sept. 9, the stock had declined 17% this year.

Approval required

The proposed transaction must be approved by at least two-thirds of Teck Class A and B shareholders and more than half of Anglo shareholders. Each class of Teck shares will vote separately.

While Canada’s Keevil family and Japan’s Sumitomo control about 80% of Teck’s multiple voting Class A shares, they only have 0.02% of the Class B stock.

“Approval for the proposed transaction is not a certainty given a separate vote is required for Class B shareholders,” Wowkodaw wrote.

Regulatory approval is also no sure thing. Canada’s Industry Minister Mélanie Joly said the merger will undergo review under the Investment Canada Act to ensure it delivers a “net benefit” to the country.

“Any new investments must support our core mission of building one economy in the best interests of Canadians,” Joly wrote on X.

As industry minister, Joly is “required to confirm alignment with national economic and security interests,” James Whiteside, research director at Wood Mackenzie, said in a note. “Regulatory scrutiny under Canada’s Investment Canada Act represents the most material risk.” TNM

The Kirazli gold project. CANAKKALE MUNICIPALITY COUNCILOR M IRFAN MUTLUAY

Teck’s Highland Valley Copper mine in southern British Columbia TECK RESOURCES

Ivanhoe gives 4% stake to Qatar for $500M

COPPER | Discounted shares offered

BY COLIN MCCLELLAND

Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) has agreed to a $500-million investment from Qatar that gives its sovereign wealth fund 4% of the Canadian copper miner founded by billionaire Robert Friedland.

Ivanhoe Mines plans to issue 57.5 million common shares to the Qatar Investment Authority (QIA) through a private placement at a price of C$12 per share, according to the deal announced Sept. 17. Shares in Ivanhoe were flat at C$13.19 apiece in Toronto after the announcement – about 9% more than the placement offer –and remained at that price close to press time, valuing the company at C$17.8 billion.

The investment “is a powerful endorsement of Ivanhoe Mines’ vision to be a leading supplier of critical metals that will drive the electrification of the global economy, development of new energy infrastructure, and growth of advanced technologies like largescale datacentres and AI,” Executive Co-Chair Friedland said in a release. “QIA’s forward-looking vision is fully aligned with our own.”

Ivanhoe operates the KamoaKakula copper complex and the Kipushi zinc-copper-germaniumsilver mine in the Democratic Republic of Congo and it’s preparing to start production this year from the Platreef platinum group metals project in South Africa. The company is working to overcome earthquake-induced flooding at Kamoa after setting output records.

Eastern investors

Friedland is no stranger to investors outside of North America. China’s CITIC Metal holds about a quarter of Ivanhoe Mines as its largest shareholder, and Zijin Mining, China’s top gold and copper producer, owns nearly 14%. The billionaire has been active in the Middle East in recent years, showing interest in the region’s attempt to pivot away from petroleum through exploration in the Arabian-Nubian Shield region.

“Investors might wonder why QIA got such a steep discount when it appears there is a path forward to improving production at Kamoa-Kakula post-seismicity,” Fahad Tariq, a mining analyst at Jefferies in Toronto, said in a note Sept. 17. “The discount has more to do with locking up a patient, long-term shareholder in QIA, and because there may be future ‘strategic partnerships’ between Ivanhoe and QIA.”

The QIA, which describes itself as among the largest and most active sovereign wealth funds globally, holds $557 billion in assets under management as of last month – including an 8.6% stake in global mining giant Glencore (LSE: GLEN). Most of its funds come from offshore natural gas fields, particularly the North Field, which is the world’s largest single non-associated natural gas reservoir.

“This strategic investment reflects QIA’s conviction not only

The QIA, which describes itself as among the largest and most active sovereign wealth funds globally, holds $557 billion in assets under management.

in Ivanhoe Mines’ world-class portfolio of tier-one assets,” fund

CEO Mohammed Saif Al-Sowaidi said in the same release. “But more importantly, in supporting its team in finding, developing and sustainably supplying the critical minerals essential to the global energy transition and advanced technology applications.”

Copper exploration

Ivanhoe said it intends to use the investment to advance those growth opportunities, including more collaboration with the fund, as well as for general corporate purposes. The fund may get seats on Ivanhoe’s board if its ownership rises above 10%. CITIC and Zijin have rights to acquire common shares of Ivanhoe at the same issue price as the fund to maintain their pro rata equity interest.

The miner is exploring for copper in the Western Forelands region near Kamoa-Kakula, where it’s found high-grade indicated tonnes in the Makoko district. It’s also branching out to neighbouring Angola and Zambia, as well as Kazakhstan.

“Ivanhoe’s journey is only just beginning, as we search the globe for our next discoveries and opportunities to develop new tierone mines,” Friedland said. “QIA’s investment will be instrumental in opening up new horizons.” TNM

Barrick sells Hemlo mine for $1.1B

GOLD | Last Canadian operation gone

BY MINING.COM STAFF

Barrick Mining (NYSE: B; TSX: ABX) has agreed to sell its last operating gold mine in Canada, marking a significant milestone as the company shifts its focus towards copper.

The Hemlo gold mine in Ontario will be sold to Calgary-based Carcetti Capital (TSXV/NEX: CART.H) for $875 million (C$1.21 billion) in cash and $50 million worth of Carcetti shares. An additional $165 million in contingent payments could be triggered depending on future gold prices. The sale is expected to close in this year’s fourth quarter.

The $1.1-billion transaction comes at a time when bullion prices are at all-time highs, allowing Barrick to realize substantial value from one of its legacy assets.

“This sale makes for another significant non-core asset sale this year, bringing total asset sales to over $2 billion,” BMO Capital Markets said in a note on Sept. 11. Barrick’s former CEO Mark Bristow in June discussed plans with The Northern Miner to sell Hemlo, the Zaldívar copper mine in Chile and the Tongon mine in Cote d’Ivoire as well as the $1-billion sale of its

half of Donlin in Alaska.

Carcetti said it will rename itself Hemlo Mining after the acquisition. To help finance the purchase, the company has arranged a $400-million streaming agreement with Wheaton Precious Metals (TSX, NYSE, LSE: WPM).

Streaming finance

Under the deal, Wheaton will purchase 13.5% of Hemlo’s gold production until 181,000 oz. are delivered, followed by 9% until an additional 157,330 oz. are delivered, and 6% for the life of the mine.

Barrick shares fell 0.6% in Toronto to $40.69 on the day of the announcement before climbing to C$45.59 apiece near press time, giving the company a market capitalization of C$77.7 billion.

BMO Capital Markets valued Hemlo at around $620 million under its long-term assumptions, but as much as $1.2 billion at current spot prices. The agreed deal value suggests a price of roughly $3,150 per oz. of reserves, significantly above BMO’s long-term forecast of $2,200 per ounce.

Jefferies Securities said the deal was well-timed, calling it “a good time to be selling a gold asset.”

Canada still figures

The sale underscores Bristow’s broader strategy of diversifying Barrick’s portfolio beyond gold and into copper. Since acquiring Randgold Resources in 2019, Barrick has cut back its Canadian presence by relocating head office functions outside Toronto and reducing the number of executives based in the country.

While Hemlo’s departure leaves Barrick without an operating mine in Canada, the company maintains a pipeline of early-stage projects.

“Canada remains an important jurisdiction for Barrick, with a portfolio that includes a number of prospective early-stage projects and exploration targets,” the company said in a statement. “We will continue to pursue opportunities to find and operate world-class gold and copper mines in Canada.”

Hemlo has produced more than 21 million oz. of gold since its discovery and generated 143,000 oz. in 2024, representing about 3.5% of Barrick’s total output.

Barrick is advancing major copper projects, including the $6.6-billion Reko Diq stage one in Pakistan and an expansion in Zambia that could place the company among the world’s top copper producers. TNM

Barrick Mining plans to sell its Hemlo gold mine in northern Ontario to Carcetti Capital BARRICK MINING

26.5%

5.9%

44.1%

REASONABLY ASSURED RECOVERABLE RESOURCES

Uranium is a crucial source of clean, reliable baseload power as nuclear energy, powered by uranium, generates electricity without emitting greenhouse gases during operation. When we look at resources through the lens of geopolitical Spheres of Control, the story is telling.

Thanks to Australia and Canada, the Coalition of the Willing commands a dominant 44% share of the world’s uranium resources. This strong position means the West is well endowed with the mineralization it needs to fuel nuclear power for decades to come—if it can move past public resistance that is often a result of legacy impacts from unregulated past practices than in rational assessment of nuclear energy’s current strong safety record.

treasurehunt

Agnico’s Boyd links gold’s allure with contest goals

COIN SEARCH | Chance to showcase mining’s success

BY NORTHERN MINER STAFF

Agnico Eagle Mines (TSX, NYSE: AEM) chairman and Canadian Mining Hall of Fame member Sean Boyd and Anthony Vaccaro, president of the Northern Miner Group, recently sat down with The Northern Miner podcast host Adrian Pocobelli to discuss gold’s current bull market and the Great Canadian Treasure Hunt.

Organized by The Northern Miner, the coast-to-coast contest –which began Aug. 13 – is challenging Canadians to use clues to find $1 million in gold coins minted from Agnico’s Detour Lake mine and an additional 12 monthly $25,000 rewards. Thirteen treasure chests have been hidden across Canada, each containing an alpha numeric code. Each round of clues will appear monthly, through The Northern Miner, MINING.COM or CEO.CA. All clues will be available for free.

Questions and comments in this interview were condensed and edited for clarity.

Adrian Pocobelli: Before we get started on the Great Canadian Treasure Hunt, I thought we could start with gold. Sean, how are you doing? It must be pretty good being chair of Agnico Eagle these days.

Sean Boyd: Yes, that’s an understatement. This is a long time coming in terms of gold and the gold mining industry. We all expected, as we worked through our careers, that we would see the day where we could have prices that would generate significant cash flows in our business.

It’s not an easy business, but certainly at this point in time, not only are the gold miners generating significant free cash flow, but there’s the expectation that the gold price could continue to go higher. So that generates a tremendous excitement within the industry. We’re seeing that both in the gold price and we’re seeing that in the gold equities.

This is certainly a great time, but we don’t think it’s over. We think this could easily get to US$5,000 an oz. and do that over the next 12 to 18 months. So, we’re super excited.

AP: It brings us to our topic of the day here, which is Canada and the Great Canadian Treasure Hunt. How did you get involved?

SB: The essence of this really is connected to our long history in the business, almost 70 years. We knew the contribution that The Northern Miner was making in terms of chronicling and telling the story of mining.

Anthony invited us to the 110th anniversary party of The Northern Miner during PDAC this year. Around the room, they had a number of photographs of mining history. I was going around looking at them, and I mentioned to Anthony and Denis (Laviolette, the CEO of EarthLabs, owner of the Northern Miner Group) there’s probably a way that we can work together and use the storytelling that you’ve put together over 100-plus years, the pictures, and use that as the basis to get a wider message out on mining to Canadians.

Anthony and his team went away, and they came back and they said, we got a crazy idea to use as a foundation to tell the story.

The idea was to bury $1 million worth of gold somewhere in Canada and have a contest to find it. And on the back of that, tell the story of mining and how well mining is positioned. And we’re sort of shaking our heads, going ‘Man, that’s kind of crazy,’ but that is going to work, that’s something we need. We need to sort of shake the tree and get people to pay attention. So here we are.

There’s another unique angle here. It’s not just $1 million worth of gold, it’s $1 million worth of gold in the famous Canadian 1 oz. gold Maple Leaf with all the gold in that Maple Leaf coming from one of the world’s largest

gold mines, which happens to be in Ontario and owned by Agnico Eagle.

AP: What is it that you hope to accomplish here?

SB: Part of this is really to have fun and to celebrate the success of mining and the success of Canada in a fun way. But there’s also a message here. We collectively understand that Canada is at a point in time where we have to make some important choices on how we’re going to develop our economy, how we’re going to focus on our sovereignty, and we think one of the ways to do that is focus very much on industries where we have a competitive advantage and we’re really good at and we have a strong history and we have great skills – and that’s mining. It’s also important, from an education standpoint, to reach the young people to let them understand that there is a really good industry that they should consider in terms of employment and careers. They don’t really know a lot about it.

AP: Anthony, what do you hope to see happen here with the Great Canadian Treasure Hunt?

Anthony Vaccaro: Sean captured it very well. There are so many stories there that we just feel haven’t been celebrated and really appreciated. There’s a disconnect in the general public between where things come from and how important metal is and how important the mining industry is to this incredible country around us, both in terms of what’s been built up to the present, right?

The idea that absolutely everything that you touch that isn’t just part of the natural world is related to mining. So even if it’s not metal, it was made using metal, or it was transported using metal.

If Canada is going to remain strong, if we’re going to remain sovereign, it’s not a far leap to realize how important mining is to that. Here was a chance to kind of bring that to the fore in a very fun way, in an emotionally engaging way.

We’re pulling wealth out of the ground as a sector. We’re going to see the timing was right. You know, the general Canadian public is hearing more about critical minerals. They’re seeing more important policies coming from the federal government around this file. There’s an inkling here. And this was a fun way to kind of step into that opening that’s been made to really highlight and to show people just how great the sector can be.

HUNT ATTRACTS THOUSANDS

More than 61,000 Canadians have joined The Northern Miner’s national treasure hunt, chasing around $1.3 million (US$940,000) in gold as the first regional prize has been found in Dawson City, Yukon.

Six one-oz. gold coins worth over $30,000 have been claimed. They were hidden around the Klondike capital – the first of 12 regional prizes rolling out across the country. The campaign has already racked up about 430,000 online views, with forums buzzing as adventurers plot routes from coast to coast.

The rising price of gold makes the prizes even more valuable than when the contest started in August at C$4,618 per ounce. The price was C$5,093 per oz. near press time, a gain of more than 10%.

The hunt taps Canada’s mining lore –starting in the heart of the Klondike –while turning subscribers into sleuths.

The article on Dawson and a video had clues: https://www.northernminer.com/ treasure-hunt/the-northern-miner-treasurehunt-dawson-city-gold-dust-bust-andrevival-on-the-yukon-frontier/1003882693/ For future prizes, keep your eyes (and ears) open. The clues will be tucked into content posted by the Northern Miner Group – no tricks, just pay careful attention. Each regional release adds a fresh clue and a step toward bonus prizes and the sevenfigure jackpot. The clock is ticking.

The first clue was a poem. It can be read at www.treasure.northernminer.com. The site also has more information, including full contest rules, FAQs and updates.

This campaign is proudly presented with the support of industry sponsors including Agnico Eagle Mines, Sprott Money, EarthLabs, Iamgold, Kinross Gold, The World Gold Council, Alamos Gold, Ernst & Young, MINING.COM, CEO.CA and The Canadian Mining Journal.

FOLLOW @northernminer | @thenorthernminer | @mining | @miningdotcom | @ceodotca | @ceocafilm

Sean Boyd

eye on australia

La Caisse inks $1.1B Aus renewables deal

ENERGY | Quebec fund in energy push

BY CECILIA JAMASMIE

La Caisse, Canada’s largest provincial pension fund, is acquiring Australian renewables developer Edify Energy for $1.1 billion (US$725 million), securing a foothold in a market it has long sought to enter.

Montreal-based La Caisse, which manages nearly $500 billion in net assets, will commit about $1 billion in equity. Roughly onethird will go toward the acquisition, with the rest for two integrated solar-and-battery projects.

The deal marks the first investment in Australian renewables by the fund, formerly known as La Caisse de dépôt et placement du Québec, after years of searching for an entry point. It made an unsuccessful bid for Tilt Renewables in 2021.

“We don’t have renewables in Australia, which is something I was trying to fix because I think it’s a great market…we want to be

part of that,” Emmanuel Jaclot, executive vice president and head of infrastructure and sustainability at La Caisse, said in a release. “We’re hoping we can turbocharge the development of Edify.”

Two projects

The two Edify projects are to deliver 900 megawatts of generation capacity and 3,600 megawatt-hours of storage. The funding will also support the renewables developer’s pipeline of more than 11 gigawatts, La Caisse said.

Rio Tinto (NYSE, LSE, ASX: RIO) and the Australian government have already signed offtake agreements for the projects, according to La Caisse.

The acquisition gives the fund exposure to Australia’s fast-growing clean energy sector. The federal government aims to cut emissions by 62% to 70% from 2005 levels by 2035, a target that will require massive investment in renewable generation. TNM

Friedland-backed Sunrise soars

SCANDIUM | $67M potential debt relief through loan

BY MINING.COM STAFF

Billionaire Robert Friedland-backed Sunrise Energy Metals’ (ASX: SRL) shares shot to a new high after the Export-Import Bank of the United States lined up the company’s scandium project for a potential loan.

The bank said in a letter of interest it might provide debt financing of up to $67 million, about half the cost to develop the Syerston project hosting one of the world’s largest and highest-grade deposits of scandium. The mineral is vital for semiconductors that power mobile communications, aerospace and automotive applications. The U.S. accounts for about 90% of overall demand, but rival China controls most of the supply, making the mineral easily exposed to supply chain disruptions.

“This letter of interest underscores the importance of scandium to the United States, both as a critical component in wireless communications technologies, and advanced alloys supporting the civilian and defence sectors,” Friedland said in a news release. “As a key ally of the United States, Australia’s significant endowment of strategic metals positions it to be an important supplier in the future.”

Shares in Sunrise Energy Metals rocketed about 37% to a new alltime high of A$4.65 on Sept. 16 in Sydney, before easing to A$4.45 each before press time. The company is now valued at nearly A$520.1 million. The stock has traded as low as 21¢ in the past 52 weeks.

“[This] underscores the importance of scandium to the United States.”

Feasibility

If the company proceeds with a formal loan application, the bank will conduct due diligence to determine if a final lending commitment would be made based on its criteria and the project’s eligibility. The bank’s interest may encourage offtake agreements as the company completes a feasibility study due by the end of October, Sunrise Managing Director Sam Riggall said in the same release.

Located in New South Wales, about 450 km west of Sydney, Syerston has nearly 46 million mea-

sured and indicated tonnes grading 414 parts per million scandium, according to a resource update last month. The new figures doubled the contained metal in the project’s high-grade zones to 19,000 tonnes compared with a previous estimate from February.

“The world’s largest and highest-grade primary scandium deposit is now estimated to be even bigger than previously thought following our most recent drilling,” Riggall said. “Global supply remains tight since China’s export controls were imposed in April.”

Sunrise also holds a nickel-cobalt project in New South Wales. The project, called Sunrise, hosts the largest cobalt deposit outside of world-leading supplier The Democratic Republic of Congo, with contained cobalt of 170,000 tonnes, according to the company. TNM

BHP, Anglo to axe mine jobs

COAL | Weak prices, state taxes hit profits

BY NORTHERN MINER GROUP STAFF

BHP (ASX, NYSE LSE: BHP) and Anglo American (LSE: AAL) plan to shed hundreds of coal mine jobs in Queensland amid weak coal prices and high royalties in the state.

BHP is to close its Saraji South joint venture mine in central Queensland and lay off about 750 workers, media including the Australian Broadcasting Corporation (ABC) and The Wall Street Journal reported.

Saraji is among five steelmaking coal mines operated in Queensland by BMA, a 50-50 joint venture between BHP and Mitsubishi Development Industry, Australia’s largest exporter of steelmaking coal. Saraji, located near the central Queensland town of Dysart, is to be shuttered next month.

The state government’s coal tax has seen BMA pay A67¢ for every dollar in royalties, or about eight times what the company made in profit, which is unsustainable, BMA President Adam Lancey said in a video posted Sept. 17 on The Australian’s website.

Coal down 40%

Steelmaking coal traded for $103.35 per ton before press time, according to Trading Economics. Coal has lost about 40% of its value since 2023, when the price averaged $400 per ton, amid weak demand in Europe and parts of Asia.

BHP’s Saraji Complex produced about 8.1 million metric tons of coal over the 12-month period until June, though Saraji South represents only a small part of the JV’s total output. Its closing might therefore have minimal impact on BMA’s fiscal 2026 or medium-term production, the WSJ said.

BHP shares traded for A$40.03 (C$36.49) apiece before press time in Sydney, for a market capitalization of about A$203 billion. The stock has traded in a 12-month

range of A$33.25 to A$46.23.

Spokespeople for BHP didn’t respond to a message from The Northern Miner by press time seeking comment on the mine closing.

200+ jobs

Meanwhile, Anglo American will cut more than 200 jobs from its Queensland coal division through voluntary redundancies. Production will not be affected, it said. Close to 300 roles at the Grosvenor underground mine near Moranbah, which has remained shut since a fire in June 2024, would be eliminated, the Australian Financial Review reported

The miner said it had briefed unions and local officials but declined to confirm the total number of jobs.

‘Unviable’ production

Janette Hewson, CEO of industry group the Queensland Resources Council, has urged the state to change its royalty rates, which, combined with low prices are making coal production “unviable.”

However, Queensland Deputy Premier Jerrod Bleijie said his party had pledged before it was elected last year to not change the royalty structure, the WSJ reported.

Thousands affected Anglo, which recently agreed to merge with Canada’s Teck Resources (TSX: TECK.A TECK.B, NYSE: TECK), is trying to sell the Queensland mines after a deal with Peabody Energy (NYSE: BTU) collapsed in August.

Isaac Regional Council Mayor Kelly Vea Vea told the ABC the combined impact of Anglo and BHP’s announcements affects about 1,020 jobs across the region.

Shares in Anglo American traded for £25.44 apiece in in London before press time, for a company market value of about £30 billion (US$40.6 billion). TNM

Edify Energy’s Whitsunday solar farm near in northern Queensland. EDIFY ENERGY

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*Data may not be comprehensive and is provided on a best-efforts basis as of press time. Investors are responsible for their own due diligence.

Delivering fit-for-purpose solutions across the entire project life cycle

Delivering fit-for-purpose solutions across the entire project life cycle

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Delivering fit-for-purpose solutions across the entire project life cycle

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers and inspectors brought together to provide accurate and timely mineral and process evaluation services across the entire project life cycle.

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Week of September 15-19, 2025

Stocks rise as rate cuts cheer investors

Energy Fuels soars on rare-earths breakthrough

By Frédéric Tomesco

Major North American stock indexes gained ground during the week of Sept. 15 as the U.S. Federal Reserve cut interest rates after an almost one-year hiatus and the Bank of Canada followed suit.

All three major U.S. indexes closed at record highs. The Dow Jones Industrial Average gained 481.05 points, or about 1.1%, to 46,315.27, the S&P 500 rose 80.07 points, or 1.2%, to 6,664.36 and the Nasdaq Composite Index climbed 490.38, or 2.2%, to 22,631.48. In Canada, the S&P/TSX Composite Index rose 484.54 points, or 1.7%, to 29,768.36 and the S&P/TSX Venture Composite Index rose 25.13 points, or 2.9%, to 904.80.

The S&P/TSX Global Mining Index rose 3.96 points, or 3% to 136.01 and the S&P/TSX Global Gold Index advanced 25.80 points, or 3.9%, to 695.47 as gold rose 0.5% to $3,705.80 per ounce. The

S&P/TSX Global Base Metals Index rose 1.1%, or 2.43 points, to 224.53, while copper futures fell 0.5% to $6.275 per pound.

Among NYSE-listed stocks, Harmony Gold rode strong investor appetite for miners of the yellow metal to jump 12%. It closed the week at $16.88 for a gain of $1.87.

In Toronto, Energy Fuels rose 25%, its second straight weekly gain, after the company said its U.S. mined and processed rare earth products are qualified for making permanent magnets used in electric vehicles. Energy Fuels added $4.08 to close the week at $20.62.

On the S&P/TSX Venture Exchange, Kintavar Exploration more than doubled after the company closed the purchase of the Roger copper gold project in Chibougamau, Que. Kintavar added 3¢ to close the week at 6.5¢.

capitalraisings

10/23-09/24 $

10/24-09/25

4

7

8

9

Note: Trended capital raising activity may differ from the previous months as we have switched data providers in order to expand our coverage of market activities.

miningevents

n October

October 1-3

African Mining Week — Cape Town, South Africa

VENUE: Cape Town International Convention Centre

MORE INFORMATION: african-miningweek.com

October 1-3

Mining and Energy Expo – Minneapolis, Minn.

VENUE: Radisson Blu Mall of America

MORE INFORMATION: miningandenergyexpo2025. voicehive.com/v2/page/WelcomePage

October 3-4

Munich Mining Conference — Munich, Germany

VENUE: Olympic Hall Munich

MORE INFORMATION: munich-mining-conference.com

October 13-14

Mining & Critical Minerals Europe Conference and Exhibition — London

VENUE: Hilton London Metropole

MORE INFORMATION: www.miningeuropeconvention. com

October 14-16

Saudi International Iron & Steel Conference — Riyadh

VENUE: The Arena Riyadh Venue

MORE INFORMATION: www.saudisteelconference.com

October 15

Wood Mackenzie LME Forum — London

VENUE: TBA

MORE INFORMATION: www.woodmac.com/events/lmeforum/

October 21-23

International Mining and Resources Conference and Expo — Sydney

VENUE: ICC Sydney

MORE INFORMATION: imarcglobal.com

October 27-30

Xplor 2025 – Montreal

VENUE: Le Westin Montréal

MORE INFORMATION: www.xplor.aemq.org/en/

October 28-31

China Coal & Mining Expo – Beijing

VENUE: China International Exhibition Center

MORE INFORMATION: www.chinaminingcoal.com

October 29-30

Mining & Critical Minerals Americas Conference and Exhibition — Houston, Texas

VENUE: Hilton Houston Post Oak by the Galleria

MORE INFORMATION: www.miningamericas.com

n November

November 2-5

2025 New Orleans Investment Conference

VENUE: Hilton New Orleans Riverside

MORE INFORMATION: neworleansconference.com

November 3-6

2025 Alaska Miners Association Convention and Trade Show - Anchorage

VENUE: Dena’ina Civic and Convention Center

MORE INFORMATION: alaskaminers.org/2025-amaconvention

November 4-5

Red Cloud’s Fall Mining Showcase — Toronto

VENUE: Sheraton Centre Toronto Hotel

MORE INFORMATION: www.redcloudfs.com/ fallminingshowcase2025/

November 6-7

Mining 4.0 Europe — Barcelona, Spain

VENUE: H10 Marina Barcelona Hotel

MORE INFORMATION: www.mining-events.com/8thmining-4-0-europe-roadmap-for-the-future/

November 10-11

Precious Metals Summit — Zurich, Switzerland

VENUE: Park Hyatt Zurich

MORE INFORMATION: www.precioussummit.com/ events/2025-precious-metals-summit-zurich/

November 12-13

Mining & Critical Minerals Canada Conference and Exhibition — Toronto

VENUE: DoubleTree by Hilton Downtown Toronto

MORE INFORMATION: www. miningcriticalmineralscanada.com

November 16-20

Extraction 2025 Meeting & Exhibition — Phoenix, Ariz. VENUE: Sheraton Grand at Wild Horse Pass MORE INFORMATION: www.extractionmeeting.org

November 17-18

The Mining Show — Dubai, UAE

VENUE: Za’abeel Halls, Dubai World Trade Centre MORE INFORMATION: www.terrapinn.com/exhibition/ mining-show/

November 18-19

The Ontario Critical Minerals Forum – Toronto

VENUE: Downtown Marriott at CF Toronto Eaton Centre MORE INFORMATION: toronto.energyandmines.com/ home

November 19-22

Swiss Mining Institute — Zurich

VENUE: The Dolder Grand

MORE INFORMATION: swissmininginstitute.ch

November 20-21

MiningTech North America Conference and Expo — Vancouver

VENUE: Vancouver Convention Centre

MORE INFORMATION: www. miningtechnorthamerica.com

November 24-27

Yellowknife Geoscience Forum 2025

VENUE: Explorer Hotel and Chateau Nova

MORE INFORMATION: event.fourwaves. com/2025geoscienceforum/pages

November 27-28

Asia Gold Conference and Exhibition — Singapore

VENUE: ParkRoyal Collection Marina Bay

MORE INFORMATION: www.asiagoldconference.com

n December

December 1

Resourcing Tomorrow Government Roundtable

–London

VENUE: London Stock Exchange

MORE INFORMATION: www.resourcingtomorrow.com/ government-roundtable

TOP FIVE CANADIAN GOLD AND SILVER PRODUCERS

The Northern Miner charts the share price movements of the top five Canada-domiciled gold and silver producers by market capitalization this year to date.

Gold Market Capitalization (CAD | Millions)

BARRICK GOLD (ABX) AGNICO EAGLE MINES (AEM) KINROSS GOLD CORPORATION (K) FRANCO-NEVADA CORPORATION (FNV) WHEATON PRECIOUS METALS CORP. (WPM)

Silver Market Capitalization (CAD | Millions)

evmetals

evmetals

drillresults

TNM DRILL DOWN: TOP ASSAYS OF THE MONTH

Our TNM Drill Down features the top 10 gold, copper and silver assays of the past month. Drill holes are ranked by grade x width.

August 15, 2025 — September 15, 2025

warrants&shorts

TSX WARRANTS

Name Symbol Subsciption Terms Expiry Date

Talisker Resources Ltd. SK.WT One Warrant to purchase one common 5-05-2028 share of the Issuer at $0.75 until expiry

Lion One Metals Limited LIO.WT One warrant to purchase one common 11-11-2025 share at $1.25 per share.

Vizsla Royalties Corp. VROY.WT One warrant to purchase one common 12-31-2025 share at $0.50 per share.

Silver Mountain AGMR.WT.A One warrant to purchase one common 02-09-2026

Resources Inc. share at $0.45 per share.

Osisko Development ODV.WT.B One warrant to purchase one common 03-02-2026 Corp. share at $8.55 per share.

Denarius Silver Corp. DSLV.WT One warrant to purchase one common 03-17-2026 share at $0.80 per share.

West Red Lake Gold WRLG.WT One warrant to purchase one common 05-16-2026

Mines Ltd share at $1.00 per share.

Aurania Resources Ltd. ARU.WT.B One warrant to purchase one common 10-21-2026 share at $2.20 per share.

Tuktu Resources Ltd. TUK.WT One warrant to purchase one common 11-23-2026 share at $0.13 per share.

Freeman Gold Corp FMAN.WT.U One warrant to purchase one common 11-29-2026 share at US$0.65 per share.

Palisades Goldcorp Ltd. PALI.WT One warrant to purchase 0.060538 12-06-2026 common share at $0.50 per share.

Bear Creek Mining BCM.WT One warrant to purchase one common 10-05-2028 Corporation share at $0.42 per share.

Mogotes Metals Inc MOG.WT One warrant to purchase one common 01-31-2027 share at $0.30 per share.

Osisko Development ODV.WT.A One warrant to purchase one common 03-02-2027 Corp. share at $14.75 per share.

Integra Resources Corp. ITR.WT One warrant to purchase one common 03-13-2027 share at $1.20 per share.

Elevation Gold Mining ELVT.WT.A One warrant to purchase one common 03-24-2027 Corporation share at $0.70 per share.

Osisko Development ODV.WT.U

Robex

West

Lion

West

Silver

West Red Lake Gold WRLG.WT.A One warrant to purchase one common 03-19-2029 Mines Ltd share at $0.95 per share.

Osisko Development ODV.WT.V One warrant to purchase one common 10-01-2029 Corp. share at US$3.00 per share.

(with

PRICE (US$ PER OZ.) SILVER PRICE (US$ PER OZ.)

marketdata

Commodity Prices 12-Month Trend

$3,665.17 US$/oz. (+$1082.12 vs. YA)

$42.20 US$/oz. (+$11.7464 vs. YA)

COPPER PRICE (US$ PER LB.) NICKEL PRICE (US$ PER LB.)

Aluminum: US$1.1985/lb.

COMMODITY PRICES

Cobalt: US$15.672/lb.

Gold: US$3,777.25/oz.

Iron Ore 62% Fe CFR China-S: US$106.75

Nickel: US$6.9581/lb.

Silver: US$44.214 per oz.

Zinc: US$1.3116 per lb.

$4.59 US$/Lb. (+$0.38 vs. YA)

$6.91 US$/Lb. (-$0.46 vs. YA)

Copper: US$4.5793/lb.

Iridium: US$4,625/tr oz. December 2025: US$4.8015/lb.

Lead: US$0.9107/lb.

Rhodium: US$7,125/tr. oz.

Tin: US$15.430/lb.

Lithium carbonate: US$10,384/tonne

Ruthenium: US$925 per oz.

Uranium: U3O8: US$77.90 per

MINING EXPLORATION IN QUEBEC specialfocus

Osisko Metals seeks deep-pockets partner

COPPER | Gaspé project would be one of Canada’s largest mines

BY COLIN MCCLELLAND

Osisko Metals (TSX: OM)

CEO Robert Wares is confident on expanding the largest copper project east of the Mississippi while getting the permits and partner to develop it.

The Gaspé project at a former Noranda mine in Quebec is due for an update on its 1.5-billion-lb. copper resource across indicated and inferred categories in February, Wares told The Northern Miner by phone last month. The proposed mine is due for a preliminary economic assessment by the end of next year followed by a feasibility study in 2027. It’s already on government permitting radars though it’s too early for a capital spending estimate.

“We’re hoping to get on [Prime Minister] Mark Carney’s Building Canada Act to fast-track the process, and we’re already in discussions with the federal government on that,” Wares said. “By the time we get to the final investment decision, which is now scheduled for the end of 2029 – obviously, if the share price supports it – it’d be standard financing and maybe 60% debt and 40% equity.”

Osisko’s project on the Gaspé Peninsula jutting into the Gulf of St. Lawrence aims to revive one of Canada’s historic mines into a modern large-scale operation in time for surging new-energy demand for copper. It would support throughput of 150,000 to 160,000 tonnes per day, placing it among Canada’s largest operations. Backed by federal and provincial support, discussions with the Mi’kmaq First Nations, and full offtake rights already secured by Glencore (LSE: GLEN), Gaspé might start producing roughly 500,000 tonnes a year of copper concentrate around 2032.

Partner

One of the project’s challenges is finding a copper major willing to make the mine a reality. Wares is

betting on the project’s scale and Osisko’s heritage to attract suitors. Part of the Osisko Mining team that expanded and sold Canadian Malartic to become one of the country’s biggest gold mines (now with Agnico Eagle Mines (TSX, NYSE: AEM)), and also sold Windfall to Gold Fields (NYSE, JSE: GFI) – is back together after John Burzynski joined last year as executive chairman.

Glencore might be an option, considering it holds a convertible note that could translate into an 18% equity stake next year. (FrancoNevada (TSX, NYSE: FNV) and Quebec’s largest pension fund, La Caisse, are also on the share register and 30% is held by board members and employees.)

“I’m speculating, so we haven’t discussed it, but it would be very much an interest, and in Glencore’s interest, to help us on the capex financing,” Wares said. “Glencore,

I think, would also be very open, of course, to us bringing a partner, a producing partner, to get this thing built.”

There’s also a small grinding headache among lower hurdles. Original tests suggested crushing ore to 75 microns but plans will likely have to be recalibrated to an industry standard of 150 to 300 microns, the CEO said.

Bus trip

However, challenges found in other locations such as opposition from the local town or from Indigenous groups have mostly evaporated, Wares said. Osisko plans to secure a kind of environmental stewardship deal with the Mi’kmaq First Nations this year, and a recent site visit proved a hit with residents of Murdochville. It was the first time in 50 years the site was opened to the public.

“They were very touched by the

fact that early on, we’re willing to fill up a bus full of seniors,” Wares said. “And of course, most of the seniors are people who used to work at the mine.”

The project carries the legacy of one of Canada’s great mines, which operated for decades before closing in 1999. The Copper Mountain deposit was discovered in 1921 and Noranda mined some 150 million tonnes of copper grading 0.87% from the site starting in 1955.

The mineralized system about 825 km northeast of Montreal remains open to the south and southwest. New drilling has intersected mineralization beneath the existing pit model.

Hole 30-1109 cut 134 metres grading 1.04% copper from 727 metres depth, as well as 41 metres of 1.35% copper from 543 metres downhole, Osisko said Sept. 18.

Another hole, 30-1106, returned 34 metres of 1.04% copper from 864 metres depth.

“We view these results as positive for Osisko Metals shares,” Scotia Capital mining analyst Eric Winmill said in a note. “Infill drilling returned long mineralized copper intercepts while expansion drilling encountered additional mineralized intercepts outside the current resource area.”

Resource

The project hosts 824 million indicated tonnes grading 0.27% copper, 0.015% molybdenum and 1.74 grams silver per tonne for contained metal of 2.23 million tonnes of copper, 124,000 tonnes of molybdenum and 46 million oz. of silver, according to an estimate released last November.

The inferred resource is pegged at 670 million tonnes grading 0.3% copper, 0.02% molybdenum and 1.37 grams silver for contained metal of 1.99 million tonnes of copper, 133,000 tonnes of molybdenum and 29.5 million oz. of silver.

Quebec has also signalled strong backing for the project, establishing an action committee to coordinate local economic benefits in the Gaspé Peninsula. The province this year saw 350 megawatts of hydropower freed up after Northvolt abandoned plans for a battery plant, and Osisko is already in talks with Hydro-Québec to secure an allocation. Wares said the mine could require about 200 MW, putting it in line with other large-scale industrial users.

The province and Ottawa also have potential funding in the billions of dollars for transition metals like copper.

“If you make this – and that’s our intent, politically, is to make this definitely a Canada building project in the copper space – it’s kind of hard to go wrong on that front,” Wares said. “We’ll get significant funding opportunities from both levels of government.” TNM

The Copper Mountain pit at Osisko Metals’ Gaspe project in eastern Quebec OSISKO METALS

Above: CEO Bob Wares joins a site visit to the project in September 2025. Inset: A seniors group from Murdochville visits the site in June. OSISKO METALS

Gold Fields CEO preps Windfall for output in high-value plan

QUEBEC | Mine meets longevity, cost and green profile

BY BLAIR MCBRIDE AND HENRY LAZENBY

Gold Fields (NYSE, JSE: GFI)

is approaching the production start of its Windfall underground mine in Quebec, the core of the South African miner’s strategy to focus on tier one assets.

Gold Fields, which bought Windfall in the C$2.2-billion acquisition of Osisko Mining last year, aims to bring the mine into production by the end of next year or early 2027, after permitting and about 18 months of construction. Windfall is located in the UrbanBarry Greenstone belt, about 700 km north of Montreal in the Eeyou Istchee James Bay region.

“Probably once Windfall comes into production, about 80% of our production will be in tier one jurisdictions,” Gold Fields CEO Mike Fraser told The Northern Miner on Sept. 16 at the Mining Forum Americas in Colorado. “We’ve migrated a lot of our production into high-quality jurisdictions.”

Windfall’s production start combines one of the world’s top 10 gold majors by output ounces and Canada’s second-largest undeveloped gold mine by value.

Gold Fields’ shares traded for $37.98 (C$52.31) close to press time in New York, for a market capitalization of $33.96 billion. The stock has traded in a 12-month range of $12.98 to $39.04.

Second highest NPV

The project has a post-tax net present value (at a 5% discount rate) of $1.2 billion, at a base case gold price of US$1,600 per oz., and a 34% internal rate of return at a payback period of two years, according to a 2022 feasibility study.

Windfall could produce 3.2 million oz. over a 10-year life at average annual output of 306,000 ounces. Initial capital costs are pegged at C$788.6 million and sustaining capital over the mine’s life is C$587.6 million.

The project’s NPV puts it in second place in Canada after Skeena Resources’ (TSX: SKE) Eskay Creek project in British Columbia, which has an NPV of $2 billion.

Highest reserve grade

Windfall hosts proven and probable reserves totalling 12 million tonnes at 8.1 grams gold per tonne for 3.2 million oz. of contained gold. That ranks it third in Canada by contained ounces, behind STILLR Gold’s (TSX: STLR; US-OTC: STLRF) Tower project in Ontario with 6.3 million oz. and Snowline Gold’s (TSXV: SGD; US-OTC: SNWGF) Valley in Yukon with 5.95 million ounces. By reserve grade, it’s number one in Canada, ahead of Eskay Creek with 2.6 grams gold per tonne.

Further exploration could extend the project’s life, which is why Fraser is looking at more than just Windfall’s 3.2-million-oz. potential.

“[There’s] extensive optionality on the whole land package…for other projects,” he said. “We certainly saw ourselves being able to add value to this total acquisition.”

Though Gold Fields doesn’t plan more primary exploration at Wind-

fall, greenfield drilling will happen outside the project as part of an attempt to identify further targets.

Permit work

Before construction can start, the company must complete its Environmental Impact Assessment (EIA). It has so far completed two rounds of questions with Quebec’s Comex (Comité d’examen des répercussions sur l’environnement et le milieu social) agency and Fraser hopes it will make a recommendation to approve Windfall in next year’s first quarter.

Gold Fields is also working with

the Cree First Nation of Waswanipi on an impact and benefits agreement. The aim is to align its completion with the EIA. A final investment decision would precede construction.

Tier one qualities

Even though Gold Fields also has operations in countries as varied as Ghana, Australia and Peru, its focus on “tier one” isn’t necessarily about geography, Fraser says.

“South Deep [in South Africa] fits our profile because it’s a highly mechanized, long-life high-quality asset, similarly in Ghana with

Mike Fraser

“[There’s] extensive optionality on the whole land package for other projects. We certainly saw ourselves being able to add value to this total acquisition.”

MIKE FRASER GOLD FIELDS CEO

our Tarkwa [mine],” he said. “You could argue they’re not in tier one mining jurisdictions, [but] they are still high-quality assets and they fit our profile.”

That profile is about assets with multi-decade potential, the ability to improve the cost standing as gold is mined and the option to cut carbon intensity.

Windfall meets those criteria, Fraser said, adding that the mine would be supplied by hydro power in Quebec.

“It’s going to be a very green mine,” he said. “The benefit of being in a very high-quality mining

jurisdiction certainly helps as well.”

With less than two years to go until Windfall becomes Gold Fields’ next major producing mine, Fraser said the company’s purpose of measuring itself by its positive social and environmental impact will continue to guide it.

“We’ve been around for close to 140 years,” he said. “The only way we’re going to be around for another 140 years is not just focusing on our internal business, but focusing on how we are making an impact in the communities and environment around us.”

TNM

The camp at Gold Fields’ Windfall mine in northwest Quebec. GOLD FIELDS

Underground at the Windfall mine in the Eeyou Istchee region of Quebec. GOLD FIELDS

Troilus CEO nets European funding with Carney

GOLD-COPPER | Sees

BY COLIN MCCLELLAND

Troilus Gold (TSX: TLG; US-OTC: CHXMF) has lined up hundreds of millions in European financing and offtake deals fresh from a Canadian trade mission promoting what CEO Justin Reid calls the largest undeveloped gold and copper asset in the country’s east.

The revival of the former Troilus mine in Quebec’s James Bay region could reach a fully permitted construction start by mid-2026, Reid told The Northern Miner in a September interview. Troilus Gold has secured $1.3 billion (C$1.8 billion) in financing commitments from European and Canadian export credit agencies, though it expects to draw about $700 million initially. The balance is to come from royalties and subordinated debt arranged with Quebec partners.

The company has agreed to send one-third of its proposed annual 244,000 oz. gold and 30 million lb. copper to Aurubis in Germany, Europe’s largest smelter, with another third headed to Boliden’s plant in Finland and the balance to Glencore’s (LSE: GLEN) Horne smelter in Rouyn-Noranda, Que. Prime Minister Mark Carney and Quebec Premier François Legault have pivoted Canada’s trade to Europe as relations with the United States sour.

“We spent the first day in Germany with Carney in a round table discussion focusing on critical minerals,” Reid said by phone. “It was very refreshing. He was on point. He was unscripted. You could tell he was an ex-investment banker, and he listened to us, right? It was a two-way conversation, where we were asked, ‘What can the federal government do for us?’ which was, from my perspective, exactly what we need to hear.”

Financing and permitting Troilus is also counting on the federal government’s new Office of Major Projects, based in Calgary, which aims to streamline permitting for nationally significant projects. The first stage focuses on infrastructure but a second stage is to cover resource developments.

“Nothing is guaranteed, but we certainly meet the criteria,” Reid said. “We have Cree partnership in our own side, and we have our funding in place. So, you know, our team has done a very good job de risking and checking the boxes to development.”

The Troilus project would generate an after-tax net present value (NPV) of $885 million at a 5% discount rate and an internal rate of return (IRR) of 14% using $1,975 per oz. gold and $4.05 per lb. copper, according to a 2024 feasibility study. The after-tax NPV increases to $3.6 billion and IRR to 34% at $3,500 per oz. gold.

Mining analyst Pierre Vaillancourt said investors are starting to give Troilus more credit, with shares up 265% this year to $1.13 apiece, valuing the company at $450 million.

“It’s taken a while, but the market is now recognizing that in this gold environment, Troilus is one of the most leveraged gold developers, and set to become Canada’s next major gold producer,” Vaillancourt

said in a Sept. 23 note. “Investors should take comfort in noting that the company has consistently executed and is in good position to capitalize on key financing and permitting milestones ahead.”

Asia trip

The company was also on a trade mission in August to Asia, where Senior Vice-President of Projects Daniel Bergeron held talks in Japan and South Korea about potential concentrate offtake and financing. Reid said those discussions are for future flexibility.

“We have commitments, but they’re not firm yet,” he said. “Asia is providing additional opportunities, and if they can provide cheaper financing, then obviously we have to take a strong look at that.”

The project hosts 11.2 million indicated tonnes grading 1 gram gold per tonne, 0.09% copper, and 1.6 grams silver, for 370,000 oz. contained gold, 22 million lb. copper and 580,000 oz. silver, according to a resource update in July. It has 177 million inferred tonnes at 0.84 gram gold, 0.08% copper and 1 gram silver for 4.8 million oz. gold, 310 million lb. copper and 5.6 million oz. silver.

Troilus controls about 1,000 sq. km of ground in the Frotet-Evans greenstone belt and is allocating C$10 million this year for exploration to develop satellite deposits to feed the central mill.

Deposit redefined

The site carries a legacy. The original Troilus mine, operated by Inmet Mining from 1996 until 2010, produced more than 2 million oz. of gold and about 70,000 tonnes of copper before closing as reserves dwindled. Troilus Gold acquired the property in 2017 and has since redefined the deposit into a vastly larger open-pit project.

During construction, Troilus expects to employ about 1,000 people on site, with 680 in operations.

The project’s size places it in the top tier of Canadian gold operations.

The mine could generate almost C$7 billion in tax revenue for Quebec and Canada over its 22-year open-pit mine life, the CEO said.

finance, said the timing is right.

“I have never, in my experience, seen the green light like this,” he said. “It looks like Canada is saying,

‘now’s the time to get aggressive, eliminate bureaucracy, put money and people to work and generate tax revenue.’” TNM

One of the main pits at Troilus Gold’s namesake project in the James Bay region. TROILUS GOLD

Reid, a geologist and former investment banker who worked at Teck (TSX: TECK.A TECK.B, NYSE: TECK) before entering

Iamgold vies for bigger Monster

EXPLORATION | Drilling suggests 9M oz

BY COLIN MCCLELLAND

Iamgold (TSX: IMG; NYSE: IAG) says new assay results from Nelligan and Monster Lake in central Quebec deliver high-grade hits that extend mineralization.

In zone 36 at Nelligan, drill hole NE-25-239 cut 20.6 metres grading 1.93 grams gold per tonne from 330 metres depth and 13.5 metres at 2.17 grams, including 1.5 metres at 6.62 grams gold, the company said Sept. 15. The Renard zone featured hole NE-25244 with 24.5 metres at 3.24 grams gold from 851 metres downhole.

At Monster Lake’s Megane zone, drill hole ML-25-29 returned 9 metres at 23.4 grams gold, including 5 metres at 40.7 grams gold, Iamgold said in a news release.

“The results continue to expand the mineralized envelope of Nelligan and intersect high-grade veins at Monster Lake, demonstrating the potential to expand the current resource,” BMO Capital Markets mining analyst Matthew Murphy said in a note on Sept. 15. “This drill program continues to outline what could be a compelling organic growth option.’

The results underscore how Iamgold is looking beyond its primary Côté gold mine in Ontario to build a pipeline of advanced projects in Quebec. By expanding Nelligan’s broad mineralized envelope and hitting high-grade veins at Monster Lake, the company is demonstrating the potential to grow resources in a mining-friendly jurisdiction where majors are already active.

Shares gain

Shares in Iamgold rose 1.5% on release day to $15.71 apiece before easing to $15.31 near press time, valuing the company at $9.42 billion. Like many gold stocks, Iamgold has doubled this year to 13-year highs on record bullion prices.

“These results confirm our decision to continue to increase our exploration activities within this camp,” Iamgold President and CEO Renaud Adams said in a release.

“When you combine Nelligan with the high-grade satellite Monster Lake deposit, there are nearly 9 million oz. of resources in this

mining camp already, positioning Nelligan among the largest gold projects in Canada with significant potential for further growth.”

Next steps include further stepout drilling at the Nelligan and Monster Lake camps, which lie about 15 km apart and are accessed via road some 60 km southwest of Chibougamau, a region about 700 km north of Montreal.

The company also plans infill drilling where spacing is wide, and refinement of geological and structural models to guide deeper, lateral and regional targets. Vertical and down-plunge potential at both Monster Lake’s high-grade veins and Nelligan’s mineralized horizons will be a focus.

Drilling program

Between January and April, Iamgold completed 11,583 metres of drilling across 27 diamond drill holes at Nelligan, of which 24 were infill within the resource shell and three were deeper holes testing down-plunge extensions at depth. Mineralization was intersected over a strike length of about 1.8 km and from vertical depths of about 350 to over 1,000 metres.

Additional highlights at Nelligan included drill hole NE-25-244 which intersected 7.5 metres at 4.28 grams gold from 682 metres depth in zone 36. At the Renard zone, drill hole NE-25-239 cut 13.5 metres at 3.15 grams gold from 616.5 metres downhole.

At Monster Lake, 16 diamond holes totalling 10,137 metres of drilling were completed between December and early June. This comprised 12 delineation holes around the existing resource block model and four deeper holes testing plunge and lateral extensions of the Megane zone and the Lower Shear zone.

Nelligan contains 102.8 million indicated tonnes at 0.95 gram gold for 3.1 million oz. of contained gold, and 166.4 million inferred tonnes at 0.96 gram gold for 5.2 million oz, as of the end of last year.

Monster Lake’s resource, in an underground mining scenario, is reported as 239,000 indicated tonnes grading 11 grams gold for 84,200 contained oz., and 1.05 million inferred tonnes at 14.4 grams gold for 488,500 ounces. TNM

Quebec eases environmental rules

POLICY | Aims to make province ‘more agile’

BY NORTHERN MINER STAFF

Quebec, one of North America’s biggest producers of minerals such as gold, graphite and lithium, recently adopted a new law that amends most of its environmental legislation.

Colin McClelland, The Northern Miner’s Editor-in-Chief, caught up with Quebec natural resources ministry spokesperson Stéphane Desmeules via e-mail to discuss the regulatory changes as well as efforts by the government to attract new miners and develop an electric-battery industry.

Colin McClelland: How is the province striving to be a critical minerals hub for car makers and how is it coping with the failure of Northvolt?

Stéphane Desmeules: The Government of Quebec has implemented strategies and action plans to make Quebec a prime location for developing sectors related to critical and strategic minerals (CSM), from mineral exploration to processing. Quebec continues to pursue its development objectives in these areas by supporting research, innovation and investment attraction. As for the battery industry, Quebec wants to create added value. Today, many of the supply chain links in this sector are either in place or under construction. Examples include lithium mines, intermediate processing in Bécancour, cathode plants under construction and recycling plants.

CM: The shift toward lithium and graphite offers diversification, but these markets are volatile and heavily influenced by China.

SD: Quebec has significant potential for lithium and graphite, but the commercial practices of some foreign countries are indeed raising major challenges to achieving its development. They have significant control over the lithium and graphite value chains, in addition to those of several other CSMs. Thus, the trade policies they implement have a significant impact on markets and observed prices, as well as creating supply issues for value chains outside these countries.

The price volatility resulting from these policies, which affects project profitability, and the uncertainty this creates makes investors more

fearful and can slow down or even jeopardize project development.

Quebec, like many governments around the world, recognizes the importance of diversifying and securing supply chains linked to CSMs for which some countries still have market control.

In recent years, the Quebec Plan for the Development of Critical and Strategic Minerals (QPDCSM) has been the main tool to promote the development of CSMs in Quebec. Efforts under this plan are expected to continue in the years to come. However, additional innovative measures and tools will also be required to ensure the success of projects in the current economic and geopolitical environment.

When it comes to lithium and graphite projects, we can see in Quebec that vertical integration of value chains, from the mine to secondary or tertiary processing, allows us to succeed through better cost control and the securing of supplies.

Increasingly, some jurisdictions, including Quebec, recognize the need to intervene to ensure that CSM markets can operate efficiently, free from artificial manipulation caused by the intervention of certain states.

At the G7 meeting held in Kananaskis on June 17, member countries agreed to put in place an action plan on critical minerals that will include taking action to ensure markets for these minerals “reflect the real costs of responsible extraction, processing, and trade of critical minerals, while ensuring labour standards, local consultation, anti-bribery and corruption measures and addressing negative externalities, including pollution and land degradation.”

In the coming months, Quebec will collaborate with the Government of Canada to ensure that its interests are taken into account in this G7 initiative, thereby maximizing the chances of success for projects on its territory.

CM: Gold is big but how is Quebec positioned if these prices can’t be sustained?

SD: Gold prices remain difficult to predict, particularly over the long term. Several economic and geopolitical factors have contributed to the price increase over the past 24 months. Notably, an increased appetite for gold from central

banks, coupled with much less restrictive monetary policies and heightened geopolitical tensions, contributed to the rise. While it is likely that these factors will continue to maintain the price of gold at high levels in the short term, it remains risky to comment on a duration over time.

By being a major gold producer, Quebec obviously benefits from the current situation. Several gold mining operations are active in the territory and currently generate even greater benefits due to high prices. However, a possible price decline, depending on the magnitude, would not be catastrophic for Quebec, as current prices are largely above the production costs of Quebec operations. These operations should be able to continue their activities in the long term even if the current price level is not maintained.

CM: Can you explain why Quebec has one of Canada’s more efficient permitting regimes, but developers complain about long waits for environmental approvals?

SD: Quebec has a mining permit system that is recognized for its efficiency, rigour and predictability. However, major projects must also undergo a rigorous environmental assessment process, among other things. This process is led by the environment ministry, generally including a public hearing phase conducted by the Bureau d’audiences publiques sur l’environnement (BAPE), a recognized and independent organization whose role is to inform and consult the public so that projects integrate harmoniously into their communities. Similar processes under the James Bay and Northern Quebec Agreement exist in northern territories.

This process, which is essential for ensuring transparency and trust among stakeholders, can lengthen timelines. Recognizing this reality, the environment ministry intends to address the issue through the passage of Bill 81, aiming to enhance the fluidity and efficiency of the environmental assessment process from its earliest stages.

Quebec aims to be both more agile and responsible by simplifying its approaches, enabling projects to progress more effectively while maintaining the highest environmental standards. TNM

BY FRÉDÉRIC TOMESCO

Canadian miner Northern

Graphite (TSXV: NGC;

US-OTC: NGPHF) plans to raise up to C$2.2 million on the stock market as it builds on a recent federal lifeline extended to North America’s sole graphite mine.

Up to 20 million common shares will be sold at 11¢ apiece in a non-brokered private placement, Northern Graphite said Sept. 11.

Net proceeds will be used to start a feasibility study on a planned

battery anode material plant in Baie-Comeau, Que. and for working capital and corporate expenses.

News of the offering comes less than a month after the federal government provided the Ottawa-based Northern Graphite with $6.2 million to boost its main Lac des Îles mine in Quebec.

Canada’s repayable contribution is expected to finance three-quarters of the eligible costs for an extension of the mine’s pit to increase output of the critical mineral. It would help keep the mine in

operation and allow the company to continue to serve industrial customers while pursuing a goal of becoming a key supplier to growing defence and battery markets in North America, CEO Hugues Jacquemin said Aug. 26.

Work ASAP

Northern Graphite’s goal is to break ground as soon as possible to ensure a continuous flow of material. First production from the new zones could take place in six to eight months, the company said. In

the meantime, Northern Graphite plans to continue processing ore from existing pit and ore stockpiles through the third quarter and fulfilling orders from inventory thereafter.

Lac des Îles has faced operational uncertainty due to a slowdown in the global electric vehicle market, leading to falling prices in battery minerals. Earlier this year, Northern Graphite said it would close the mine by the end of 2025 unless it secures $10 million for an expansion.

Located about 150 km northwest of Montreal, the mine has been in operation for 35 years, serving mostly industrial clients such as foundries or carmakers. It supplied 12,000 tonnes of graphite concentrates last year.

2024 resource

The pit extension is based on the mine’s January 2024 resource, which outlined 3.3 million indicated tonnes at an average grade of 6.4% graphitic carbon, containing around 213,000 tonnes of the min- s

New Quebec minister urged to cut red tape

POLITICS | Simard replaces

Blanchette Vézina

BY FRÉDÉRIC TOMESCO

Quebec has a new minister responsible for mining and forestry.

Jean-François Simard, a sociologist by training who once served as the province’s junior environment minister, was appointed natural resources minister last month.

A former member of the separatist Parti Québécois, he spent 14 years teaching at the University of Quebec in Outaouais before re-entering politics by running in the 2018 election.

Simard, 58, replaced Maïté Blanchette Vézina on Sept. 10 as part of a major cabinet shuffle engineered to boost support for the increasingly unpopular government of Premier François Legault. Blanchette Vézina, who immediately quit the party to sit as an independent lawmaker, criticized her former boss for being out of touch with Quebec’s resource-rich regions and urged him to “consider his future.”

Simard takes the helm at a critical time for Quebec miners. In late July, Canada’s second most populous province plummeted to 22nd place from fifth in the Fraser Institute’s annual ranking of the world’s most attractive mining jurisdictions. Quebec had previously made the think tank’s Top 10 for four straight years.

Key factors behind the downgrade included mineral endowment, a less attractive fiscal regime, a lack of predictability in environmental regulation and a perceived lack of harmonization between provincial and federal laws, which complicates the approval of mining projects.

Industry faces ‘uncertainty’

Quebec’s drop in the Fraser Institute’s ranking “only confirmed what companies have been telling us,” Francis Bérubé, head of communications at the Quebec Mining Association, said in an interview. “There is a lot of uncertainty surrounding the industry.”

Saskatchewan is Canada’s most attractive mining jurisdiction, ranking third globally, while Newfoundland and Labrador ranks sixth.

A spokesperson for Simard didn’t respond to an interview request from The Northern Miner by press time.

eral. The site also holds 1.4 million inferred tonnes averaging 7.4% graphitic carbon containing about 106,000 tonnes of graphite.

The stock sale announced last month is subject to the receipt of all requisite approvals, including the final acceptance of the TSX Venture Exchange, Northern Graphite said. Shares sold in the private placement will be subject to a statutory hold period of four months from the date of issuance.

Northern Graphite envisions starting construction of the BaieComeau facility as soon as next year, with operations beginning in 2027. Annual capacity would initially be about 20,000 tonnes, with potential for expansion. The proposed plant is currently awaiting power allocation from Hydro-Quebec, the provincially owned electricity producer. TNM

“We’re all in favour of protecting the environment, but we can no longer block development with delays that make no sense –delays that are interminable.”

QUEBEC PREMIER FRANÇOIS LEGAULT

Slashing red tape

As he announced the cabinet shuffle, Legault said ministries will be tasked with becoming more efficient and “cleaning up the bureaucracy” over the coming months.

Streamlining environmental regulations to spur economic development will be a top priority, he stressed.

“We’re all in favour of protecting the environment, but we can no longer block development with delays that make no sense – delays that are interminable,” Legault said.

The premier’s pledge is music to the ears of the mining industry – as long as it leads to concrete improvements.

“The big priority for us is seeing

a reduction in unnecessary administrative formalities and delays associated with various mining projects,” Bérubé told The Northern Miner. “It’s a matter of competitiveness. There seems to be a clear will on the part of the government to achieve this, but we’ll see how it translates into new regulations.”

New eyes on mining

Simard’s lack of familiarity with mining won’t necessarily be a handicap because it can offer him a different perspective on issues that affect the industry, Bérubé said.

“Mr. Simard will obviously need to become acquainted with his files. We’re ready to give him time,” he said. Association officials expect to meet with the minister in the next few weeks, Bérubé added.

Still, Simard will need to show

what he’s capable of soon. Quebec’s next provincial election is scheduled for October 2026, and Legault’s Coalition Avenir Québec (CAQ) government finds itself trailing badly in voter support.

If an election had been held last month, the CAQ would have come in third with 16% support, far behind the 38% racked up by the Parti Québécois and the Quebec Liberal Party’s 27% score, polling firm Léger said. Support for the CAQ fell by 1 percentage point from a Léger poll in August. TNM

Bringing together over 130 industry and government exhibitors to discuss mining + energy.

Be part of the event! November 17 to 20, 2025, Centre des congrès de Québec

Jean-François Simard

SPOTLIGHT: Gold and critical minerals in northern Quebec

BY NORTHERN MINER STAFF

Building on the ambitious mining and infrastructure development strategy set out in Quebec’s Plan Nord policy, Quebec envisions a full-cycle domestic value chain for the battery sector, while the historic Abitibi gold belt continues to yield promising highgrade deposits. Here are eight companies exploring for critical and precious metals in Quebec.

n Amex Exploration

Amex Exploration (TSXV: AMX.V; US-OTC: AMXEF) last month released an updated preliminary economic assessment (PEA) for its Perron project, just four months after a resource update nearly tripled the highgrade gold deposit at the project in the Abitibi Greenstone belt. Perron is located about 5 km from the town of Normétal.

The updated PEA outlines a twostage production strategy, with output of 1.66 million oz. of gold over a 17.5-year life at an all-in sustaining cost (AISC) of $1,061 per ounce. It assumes a base case gold price of $2,500 (C$3,460) per ounce.

The study forecasts a post-tax net present value (NPV) of C$1.08 billion and an internal rate of return (IRR) of about 70%. Net capital costs are pegged at C$77.5 million, with a post-tax payback period of 1.4 years.

Perron hosts open pit and underground stope-constrained resources of 8.18 million measured and indicated tonnes grading 6.13 grams gold per tonne for 1.61 million oz., according to the resource update in May. Inferred resources total 5.04 million tonnes at 4.31 grams gold for 698,000 ounces.

New drilling has also identified copper-rich volcanogenic massive sulphide deposits.

Exploration is focused on the high-grade corridors around the Perron fault and a feasibility study is expected next year. The company forecasts production could start in 2032.

Amex plans to eliminate the need for a tailings management facility by back-filling the open pits with tailings.

Eldorado Gold (TSX: ELD; NYSE: EGO) owns 17% of Montreal-based Amex, while investor Eric Sprott owns an 8.8% stake.

Amex has a market capitalization of C$377.2 million.

n Azimut Exploration

Azimut Exploration (TSXV: AZM.V; US-OTC: AZMTF) is advancing its main projects Elmer and Wabamisk, where in August it discovered a new high-grade gold target called the Rosa zone. At Rosa, located in the Eeyou Istchee James Bay region, deposits in quartz veins include visible gold across a 700-metre area. Samples show grades between 1 to 5 grams per tonne.

Exploration at Wabamisk is also underway for antimony-gold in the Fortin Zone. Azimut has an option agreement with Rio Tinto (NYSE, LSE: RIO) in which the major would provide C$25 million for lithium exploration at its adjacent

Wabamisk East Property.

The Longueuil-based company is also scoping at the Elmer project. It expanded Elmer in July when Azimut acquired the K2 Property from Dios Exploration, adding 25 potential sites for gold and copper-gold-silver deposits.

The main Patwon zone at Elmer hosts 4.99 million indicated tonnes at 1.93 grams gold for 311,200 contained oz., and 8.22 million inferred tonnes grading 1.94 grams gold for 513,900 oz., according to a 2023 resource. Scoping at Patwon has also identified significant grades of copper, zinc, tellurium and bismuth.

Azimut has been working with Miikan Drilling, a joint-venture partnership between Chibougamau Drilling and the Cree First Nations of Oujé-Bougoumou and Mistissini.

Agnico Eagle Mines (TSX, NYSE: AEM) and Centerra Gold (TSX: CG; NYSE: CGAU) hold about 11% and 9.9% of Azimut, shares respectively.

Azimut Exploration has a market capitalization of C$76.4 million.

n Cartier Resources

Cartier Resources (TSXV: ECR) has embraced Quebec’s strategic focus on the circular economy at the decommissioned Chimo gold mine, which produced from 1964 to 1997.

Cartier seeks to extract gold from old tailings at Chimo, which is situated at the company’s Cadillac project, just east of Val-d’Or.

Cartier acquired Cadillac from O3 Mining in 2022, and in August it launched a 100,000-metre drilling program that is to last 18 months. Drilling last year returned results as high as 142.2 grams gold, with some deposits starting from surface.

Indicated resources at Cadillac total 7.1 million tonnes at 3.1 grams gold for 720,000 oz., and inferred resources come to 18.5 million tonnes grading 2.8 grams gold for 1.6 million ounces.

Cartier has partnered with Vancouver’s VRIFY for mineral exploration driven by artificial intelligence. Targets are both high-grade

Maple Gold’s Douay project in northwestern Quebec. MAPLE GOLD

Probe Gold’s Novador project in the Val-d’Or mining camp. PROBE GOLD

discoveries from last year and untested historical showings from drilling across 44 sites, including the Chimo mine.

In September, Cartier awarded Stantec with a contract for the first environmental baseline and geochemical studies for Cadillac, and an initial evaluation of economic assessment of tailings at Chimo.

A 2023 PEA for Chimo outlines production of 116,900 oz. annually over 9.7 years, an NPV of C$388 million, and an IRR of about 21% at $1,750 per oz. of gold.

Cartier Resources has a market capitalization of C$70.6 million.

n Critical Elements

Lithium

Critical Elements Lithium (TSXV: CRE) received key federal approvals this year for its Rose Lithium-Tantalum project in Eeyou Istchee James Bay.

Rose is an open-pit lithium and tantalum mine on the traditional lands of the Cree Eastmain Community, about 38 km north of Nemaska.

In May, Critical Elements received an amended decision statement for Rose from the Minister of Environment and Climate Change of Canada. Amendments to the 2021 agreement include the construction and development of a permanent workers’ camp and the use of two borrow pits.

The federal decision is informed by the 2019 Pikhuutau Agreement with the Cree Nation of Eastmain, the Grand Council of the Crees (Eeyou Istchee) and the Cree Nation government.

This February, Critical Elements also received environmental authorization to prepare the site for construction.

Rose is estimated to produce 203,765 tonnes of spodumene con-

centrates and 580 tonnes of tantalite concentrates over its projected 17-year life.

Indicated resources are pegged at 30.6 million tonnes grading 0.93% lithium oxide and 145 ppm tantalum oxide. Inferred resources total 2.4 million tonnes grading 0.78% lithium oxide and 129 ppm tantalum oxide.

Using conventional lithium processing technologies, grading is estimated at an average of 0.87% lithium oxide and 138 ppm tantalum oxide after dilution.

Rose has an after-tax NPV of $2.2 billion (at an 8% discount rate) and an IRR of 65.7%. Net capital costs are estimated at C$651 million with a post-tax payback period of 1.8 years, and a discount rate of 8%.

Critical Elements has a market capitalization of $94.8 million.

n Maple Gold Mines

Maple Gold Mines (TSXV: MGM; US-OTC: MGMLF) holds the Douay and Joutel mining projects in northern Quebec. It acquired ownership of Douay, its main project, last December after restructuring a joint venture with Agnico Eagle.

The 2025 winter drilling program returned solid hits at Douay, around 55 km south of Matagami along the Casa Berardi-Douay Gold Trend. In July, step-out drilling returned high-grade results 600 metres below the initial pit shell at the 531 Zone and Nika Zone extensions. Expanded exploration is currently underway at both zones.

Drill highlights in the Nika zone include 31 metres grading 2.21 grams gold from 697 metres depth in hole DO-25-54Ext — an extension of drill hole DO-11-54 — including 20 metres at 2.93 grams gold, and 7 metres grading 5.54 grams gold.

The Douay project hosts 10 million indicated tonnes grading 1.59 grams gold for 511,000 oz. and 76.7 million inferred tonnes at 1.02 grams gold for about 253 million oz. of gold. A 10-km drilling project at Douay and Joutel is expected this fall.

Since Douay was acquired, strategic investor Michael Gentile bought a 9.9% share in Maple Gold, valued around C$5 million.

Agnico holds a 16.3% pro rata stake in Maple Gold on a partially-diluted basis.

Maple Gold Mines has a market capitalization of C$59.4 million.

n Nouveau Monde Graphite

Nouveau Monde Graphite’s (TSX: NOU; NYSE: NMG;) is nearing a final investment decision that could see its Matawinie project become Canada’s next graphite mine and advance the Bécancour Battery Materials Plant.

Nouveau Monde’s concept fol-

> Spotlight from P36

Drilling at Nouveau Monde’s Matawinie project, about 160 km north of Montreal. NOUVEAU MONDE GRAPHITE

Right: The core shack at Amex’ Perron project. Below: A core sample from Perron. AMEX EXPLORATION

lows the full cycle plan from mine to battery production, extracting graphite at Matawinie in Saint-Michel-des-Saints, 160 km north of Montreal to the Bécancour plant south of Trois-Rivières, where it’s to be produced into active anode material.

Matawinie’s West zone hosts 61.7 million proven and probable tonnes grading 4.23% graphitic carbon for 2.6 million contained tonnes of graphite, according to a 2022 resource.

The West Zone is expected to produce 105,882 tonnes of graphite concentrate annually over a 25-year life, the project’s 2025 feasibility study said. The Bécancour battery plant is in turn expected to produce about 44,000 tonnes of active anode material at 99.9% purity.

Nouveau Monde’s updated feasibility study reports an NPV of $1 billion for the two projects, with an after-tax IRR of 17.5%. Initial capital expenditures for the Matawinie mine and the Bécancour plant are

$415 million and $911 million, respectively. Commercial production is planned to start within three years.

Nouveau Monde has signed off-take agreements with Panasonic Energy and General Motors. A 2021 partnership with Caterpillar committed to developing a fleet of “zero-emission” electric machines for the mine to reduce its carbon footprint.

The full-cycle project boasts $1 billion in financing interest, including $430 million from Export Development Canada and the Canada Infrastructure Bank and $172 million from the Export-Import Bank of the United States. Nouveau Monde has signed a collaboration and benefit-sharing agreement with the nearby Municipality of Saint-Michel-des-Saints and an impact and benefit agreement with the Atikamekw First Nation of Manawan.

Nouveau Monde has a market capitalization of C$403.9 million.

Critical Elements’ Rose open pit lithium project. CRITICAL ELEMENTS LITHIUM

n Probe Gold

Probe Gold (TSX: PRB; US-OTC: PROBF) is progressing with its Novador project near Val-d’Or as it advances towards a pre-feasibility study by the end of the year.

Novador is an open-pit and underground project comprising the Monique, Pascalis and Courvan deposits.

Probe’s 50,000-metre in-fill drilling program in the Courvan trend

returned such highlight results as 5.5 metres grading 20.4 grams gold from 713.5 metres depth in hole CO-25-550W1, including 5.5 metres at 7 grams gold.

Probe Gold’s Val-d’Or properties host 6.7 million oz. of measured and indicated resources and 3.2 million inferred oz. along all trends and deposits. Novador’s mine life is expected to be 12.6 years, with an annual production of 255,000 oz. of gold.

In May, Probe Gold contracted engineering conglomerate WSP Global for an environmental impact assessment and de-risking of Novador.

Novador has an estimated NPV of C$910 million with an after-tax IRR of 24.4% and post-tax payback period of 4.4 years, based on a gold price of $1,750 per oz., according to Probe’s updated PEA from last year. Initial capital expenditures are C$602 million.

Probe Gold has a market capitalization of C$567.1 million.

n Wallbridge Mining A PEA refresh by Wallbridge Mining (TSX: WM; US-OTC: WLBMF) in March takes into account new cost scenarios for its Fenelon gold project in the northwest Abitibi region.

The Sudbury, Ont.-based company’s advanced exploration stage project sits on the Abitibi Greenstone belt, neighbouring Agnico Eagle’s Detour Lake project in Ontario.

The updated PEA lowers Fenelon’s capital costs by 10% to C$579 million over the 2023 PEA, and its sustaining capital by almost 25% to about C$450 million. It assumes a higher base case gold price of $2,200 per ounce. At 16 years, it also outlines a slightly longer operation but with a lower production profile of 107,000 oz. per year at 3.34 grams gold, instead of 212,000 oz. per year over 12.3 years at 2.73 grams gold.

The after-tax NPV is C$706 million with an IRR of 21%, at initial capital expenditures of C$579 million.

Fenelon and its combined Martiniere deposit to the west host 30.7 million indicated tonnes at 3.09 grams gold for 3 million oz. contained gold, according to a 2023 resource. Inferred resources total 24.6 million grading 2.96 grams gold for 2.3 million ounces.

Over the summer, Wallbridge also started a second stage of drilling at Martiniere, a brownfield property formerly owned by Balmoral Resources. Agnico currently holds a 9.9% share in Fenelon.

Wallbridge Mining Company has a market capitalization of C$99 million.

Drilling at Cartier Resources’ Chimo project near Val-d’Or. CARTIER RESOURCES

Left: Azimut CEO Jean-Marc Lulin at the Elmer project’s Patwon zone. Above: Spraying down rock during exploration activities at Patwon. AZIMUT EXPLORATION

bid on the back of Anglo American’s (LSE: AAL) proposed acquisition of Teck Resources (TSX: TECK.A TECK.B, NYSE: TECK).

As Canada’s largest miner, Agnico is encouraged by “a sea change in attitude” from Ottawa after the election, Al-Joundi said, while cautioning that progress will take time. Newmont President and incoming CEO Natascha Viljoen struck a sober note: lock in margin expansion rather than chase price. She said the company isn’t “turning dials” to grab shortterm ounces – no high-grading, no surge mining – while gold remains hot.

Instead, Newmont is finishing the Newcrest integration, reshaping its organization around an 11-asset, tier-one core and has finished a disposal program capped by selling the Coffee project in the Yukon for up to $150 million. The company has also announced a staff reduction.

“We have stabilized the business and our focus now is on optimization,” she said. The company aims to finish the restructuring this year.

Jurisdictions

AngloGold Ashanti CEO Alberto Calderon said three-quarters of company output already comes from tier-one assets and the aim is 85% by the mid-2030s. Arthur in Nevada is the “cornerstone” of that plan, with a prefeasibility study on the Merlin deposit due in February.

Tropicana in Australia – “a very good asset for still two or three years” – may be sold “at some point,” Calderon said, with proceeds ideally recycled into a tierone mine in a developed jurisdiction.

Meanwhile China’s Zijin Mining offered a different lens – 600 electric haul trucks across 12 mines in five countries and no sign of higher unit costs-creep versus diesel, deputy president Shaoyang Shen said.

The company is spinning out Zijin Gold International in Hong Kong, bundling eight non-Chinese producing gold mines into a 1.5-1.8-million-oz. unit in one of the year’s largest initial public offerings.

Shen closed with a plea for more

> Banyan from P15

cross-border cooperation despite “signs of anti-globalisation.”

Margin first, then ounces

Kinross Gold (TSX: K; NYSE: KGC) CEO Paul Rollinson kept to the margin script. With mills full, the lever is grade and cost discipline.

“Our margin expansion has outpaced the gold price,” he said, as Kinross returns about $650 million this year through dividends and buybacks.

He called the Great Bear project in Ontario “a cash engine” in waiting, forecasting roughly 500,000 oz. a year at about $800 all-in sustaining costs and, at today’s prices, near $1 billion of annual free cash flow once steady state is reached. In Chile, the Lobo-Marte mine is part of the second leg of growth.

Gold Fields (NYSE, JSE: GFI) CEO Mike Fraser said consolidating the Gruyere mine via the Gold Road Resources acquisition will tilt about half of group production to Western Australia next year and, with Windfall in Quebec later, move about 80% of output into Organisation for Economic Co-operation and Development countries, a group of mostly Western wealthy nations.

“We don’t have to be the biggest,” he said. “We want to be the highest-quality producer,” measured per share.

Northern Star Resources (ASX: NST) managing director Stuart Tonkin underscored the scale of the company’s A$1.5 billion KCGM mill expansion in Kalgoorlie – which will lift capacity to 27 million tonnes a year within nine months.

Output there is set to double from about 450,000 oz. to 900,000 oz. by fiscal 2029, putting KCGM in the global top five. The project also has a 3-million oz. stockpile.

“There’s A$12-13 billion ($7.958.62 billion) of cash flow just sitting in that stockpile,” Tonkin said.

If the sector holds that line, investors may finally get what they’ve asked for in every cycle: growth that adds value per share, not just ounces to the tally.

As Brink quipped while projecting where a 9% compound price takes gold in five years: “I like that number. The industry’s bet is that discipline will make the math do the work.” TNM

that returned 31.2 metres at 0.65 gram gold from 104.3 metres depth. The results highlight the improved continuity at Powerline.

More than 29,000 metres across 127 holes have been drilled this year at AurMac, which also includes the Airstrip deposit. Banyan aims to complete a preliminary economic assessment in the fourth quarter.

Banyan shares closed at 72¢ apiece before press time in Toronto for a market capitalization near $271 million. The stock has traded in a 12-month range of 18¢ to 83¢. TNM

By Order of C. Hardy, Vice Chair, Ontario Land Tribunal, dated August 13, 2025, Festus E. Fairley or his executors, heirs, successors or assigns, are ordered to pay $358.15 (Cdn.) to the applicant, Joseph Fyfe, being the mining lands taxes for all mining rights in, upon or under Parcels 1602 and 1970, bearing PIN # 65467-0043(LT) and 65467-0048(LT), respectively, situate in Langmuir Township, City of Timmins. Payment may be made to Joseph Fyfe, 45 Westend Road, Lively, ON P3Y 1H8. Failure to make payment or to request a hearing may result in an Order vesting all mining rights in, upon or under the aforementioned Mining Lands in Joseph Fyfe pursuant to s. 196 of the Mining Act, R.S.O. 1990, c. M.14, as amended.

> CMHF from P7

leaders, having shaped the modern understanding of mineral discovery in the Sudbury Basin and beyond. Over a career spanning more than five decades, Morrison has driven some of the most significant ore discoveries in Canadian mining history, revitalizing long-established camps and mentoring a new generation of geoscientists in the process.

Born in 1948 in Sturgeon Falls, Ont., Gordon graduated with a bachelor of science in geology from Queen’s University. His early career began at Inco, where he combined rigorous geological analysis with emerging technologies, including borehole electromagnetic methods and 3D-modelling tools that would later become standard in deep exploration. His innovative thinking led to a wave of discoveries in the Sudbury Basin during a period when the region was considered geologically exhausted.

Morrison’s exploration leadership has led to 17 major mineral discoveries – many under the

> Artemis from P14

“near-term, capital-efficient step change opportunity,” Andres said, while the team was reviewing stage two expansion scenarios. Stage two has the potential to increase production to over 500,000 gold-equivalent oz. per year, the CEO added.

Haywood Capital Markets ana-

> Highland from P14

than 10 years, processing about 6,800 tonnes per day. Highland Copper is advancing detailed engineering as it prepares for a construction decision.

Copperwood will be mined using the room-and-pillar underground method, with an estimated processing rate of 6,800 tonnes per day. Once in operation, the project will produce a copper concentrate for shipment to smelters, adding new domestic supply at a time when U.S. policymakers are prioritizing secure access to critical minerals.

While EXIM’s letter indicates strong interest, it is non-binding. A final commitment will depend on a full financing application, due diligence, underwriting, and board approval. The bank has outlined an initial repayment schedule of 11 years. TNM

banners of Inco and later FNX Mining. Of these, nine advanced into full production and three into partial development. Collectively, they represent nearly 3.5 billion lb. of nickel, over 5.5 billion lb. of copper, and more than 15 million oz. of platinum, palladium and gold. The sheer scale of these discoveries valued at more than $70 billion at today’s metal prices firmly cements his place among the most successful mine finders in Canadian history. Morrison’s legacy is equally defined by his contributions to building strong, diverse teams, and mentoring professionals across the mining value chain. His mantra, “learn and adjust”, is advice he has shared with colleagues and mentees alike in exploration, mine development and company building. Gordon has an excellent eye for developing talent regardless of age, gender or ethnicity. His approach to leadership grounded in respect, humility and collaboration has influenced a generation of geologists, engineers, environmental professionals and corporate

lyst Pierre Vaillancourt said that after Blackwater’s strong start, the expansion bodes well for a stage two expansion decision in this year’s fourth quarter. Stage 1A enhancements will also support the ongoing ramp-up and optimization of the plant, for which Artemis aims to achieve throughput at 10% above nameplate by the end of 2025.

> Sonoran from P15

preliminary economic assessment (PEA) issued last year.

Notably, three-quarters of the new resource total is leachable copper amenable to low-cost processing, the company said. The expanded resource base helps improve economics at Cactus to become a top 10 domestic copper producer by decade’s end, according to a rough ranking with peers.

The PEA outlined a 31-year, heap-leach mine producing an average of 105,000 tonnes of copper cathode annually in its first 20 years. At a copper price of $3.90 per lb., the PEA projected an after-tax net present value at an 8% discount rate of $2.03 billion and an internal rate of return of 24%.

Those metrics give Cactus a relatively low capital intensity – “one of the lowest capital intensity copper development projects globally,”

leaders. His ability to see beyond traditional silos has made him a sought-after adviser, strategist and mentor in an increasingly multidisciplinary industry.

At TMAC Resources, Morrison helped guide not only the technical development of the Hope Bay project in Nunavut but also the company’s landmark agreements with Inuit landowners. These negotiations established a new benchmark for industry-Indigenous partnerships, built on transparency, equity and mutual respect.

Today, he continues to support the next generation of exploration through advisory roles with companies such as Exiro Minerals, Orix Geoscience, ONGold Resources, Magna Mining and Perseverance Metals.

Throughout his career, Morrison has exemplified the values of intellectual curiosity, integrity and quiet excellence. His influence on the science, practice and culture of mineral exploration continues to shape the Canadian mining industry and inspire those who follow in his footsteps. TNM

Blackwater entered commercial production in May, becoming the province’s first new gold mine in eight years. The open-pit mine is expected to deliver 190,000 to 230,000 oz. of gold this year. But its annual production could reach 321,000 oz. during stage one, subsequently rising to 381,000 oz. in stage two and 438,000 oz. in a potential stage three. TNM

according to Haywood Securities analyst Pierre Vaillancourt.

Permits

The company already holds several major permits from a previous mine plan. It is working to amend them to cover the newly integrated Parks/ Salyer deposit which will form a second open pit. Arizona Sonoran plans to secure debt financing next year, the CEO said in September .

“We plan to open the data room in the fourth quarter, work through lenders over the next nine to 12 months and aim to announce project debt in the second half of 2026,” Ogilvie told The Northern Miner “Once debt is in place, we’ll look at the equity component.”

That timeline would keep Cactus on track to begin producing copper cathode by 2029, roughly two years after securing all permits and completing the definitive feasibility study.

In June, the company closed a C$51.8-million bought-deal financing at C$2 per share, which it says will fully fund Cactus through the potential final investment decision. Shares in Arizona Sonoran traded for C$2.62 apiece in Toronto before press time for a market value of C$469 million. The stock has traded in a 12-month range of C$1.23 to C$2.77. TNM

BLAST FROM THE PAST

RICHARD PEARCE, Editor

Northern Miner Press Limited, Publishers

Lucky Noranda Rouyn Find Makes Quebec Field Look Big

CAMP TAKES ON GREAT IMPORTANCE—NEW BURST OF ACTIVITY—ROUYN GOLD MINES FINDS FOURTEEN VEINS— NIPISSING INVESTIGATING— HORNE GETS COPPER ASSAYS.

The Noranda find in Rouyn, Quebec, is one of the very finest surface showings ever revealed in the North. If it holds to depth it will create a sensation in the mining world.

With a new burst of activity mining engineers are returning to the field and outside capital is assuming a very favorable attitude.

Claims which were allowed to lapse are being eagerly snapped up by restakers.

No less than fourteen veins have been uncovered by Rouyn Gold Mines, with as yet only about five per cent of its large acreage getting any exploration.

The first diamond drill hole on the Horne property showed 7 per cent and $6 gold to the ton across a width of 107 feet. Later holes did not get the same results but a change of drilling program is expected to duplicate the original $22—100 foot wide indication.

Nipssing Mining Co. has a party in the field investigating the Powell vein.

The sedimentaries to the south of Pelletier Lake are yielding splendid grab sample assays and with the reported discovery of no less than 15 occurrences of porphyry these sedimentaries take on an importance not given them by the geologists.

These are some of the outstanding features of the Rouyn situation, as seen by The Northern Miner on a trip into the field last week. This visit discovered a new wave of enthusiasm following on the excellent showings of the new Noranda find and the very good results secured elsewhere by careful and costly prospecting. Rouyn is not a poor man’s field, prospecting is difficult, the country tremendously big. It would take all the prospectors in Ontario two or three years to fully explore the surface of the claims staked in the township.

There is the month more real activity in the field than at any time since the outside world heard of Rouyn a year ago. This activity will increase during the winter, when the freight rate on supplies will be cut from the $125 a ton charge now prevailing, to around $40 or $50 a ton.

And a most important feature is that when the “engineers’ stampede” into Rouyn occurred last June and July the prospectors had been able to accomplish very little work. They had then had but a month or two in which to work. It was too much to expect that a half-proven camp would be revealed to the visiting technical men.

(Continued on page eight)

IT IS BIG

Noranda Mines Limited’s find on the Chadbourne claim, near Osisko Lake, Rouyn township, has been displayed on surface for a width of over 100 feet, and surface proven for a length of over 300 feet, and indicated for a length of 700 feet. An average assays of the proved area is over $5.

The best section, so The Miner learned at the property, is a 19-foot width averaging $26 gold per ton.

The whole proposition makes up one of the best surface displays ever seen in the North. If values hold at depth—and the company states officially that the deposit should be deep seated—then there is the makings of a big mine here in Rouyn.

Visible gold is quite plentiful. The strike appears to be north 40 degrees west. The claim was staked last October and not prospected until May. First results were meager and it was not until August, following a return visit that good assays were got and real work commenced.

Finding of the showing was luck, as the 100acre claim is all swamp with the exception of two small outcrops. The bit of luck stumbling on to this rich and very large deposit has put Rouyn in recent weeks, definitely on the map as a probable large gold producer.

NIPISSING IN ROUYN

INVESTIGATING POWELL AND OTHER CLAIMS EXPLORED BY NORANDA COMPANY

Cyril Knight, geologist of the Nipissing Min ing Co. is in Rouyn heading a party from that company which is investigating the three Powell and Waite claims containing the much talked of Powell vein and contiguous ground. These claims were optioned by Noranda Mines Lim ited which under the new option to Nipissing retains an interest. Noranda’s option on the three Powell claims was understood to be at $150,000 for a 90 per cent interest.

Although Noranda Mines ceased work on the Powll vein this was done in order to permit concentration of time and capital on the showier deposit on the Chadbourne claim to the south. Two ore shoots of fair length and width were disclosed in the Powell vein and general opinion is that it merits at least further exploration. The amount of the Nipissing option is not disclosed.

Mining in la belle province

Quebec’s mining roots stretch back to the 19th century with asbestos, iron and copper discoveries, but it was the Abitibi belt finds that turned the province into a global player.

The Rouyn-Noranda and Val-d’Or camps, opened in the 1920s and 1930s, became the backbone of Quebec’s gold production and drew thousands of workers during the Great Depression. Noranda’s smelter at Rouyn, built in 1927, marked the shift from frontier exploration to an integrated mining economy and anchored a company town.

Through the 1930s and 1940s, new mines sustained wartime demand, fueling Quebec’s economy and cementing Abitibi’s role in Canadian production. The province later hosted world-class operations such as the Campbell and Dome mines near the Ontario border, the Raglan nickel mine in Nunavik, and the iron ranges of the North Shore.

Quebec’s hydroelectric build-out after the 1960s further tied the industry to provincial development, powering smelters and aluminum plants that remain important to Canada’s economy.

—COLIN MCCLELLAND

Prometheus Lithium + REE Project – Key Considerations

Nevada Lithium Exploration, Inc. is advancing the Prometheus Lithium + REE Project in Esmeralda County, Nevada — a strategically positioned 6,000-acre critical minerals asset with dual lode and overlapping placer rights securing ~12,000 acres of lithium (clay and brine) and rare earth elements (REEs), including strontium, cesium, rubidium, and barium. Located between two major hydrological basins and surrounded by fully claimed or restricted ground, Prometheus offers both unique control and exceptional geological potential. Initial drilling has confirmed thick, high-grade lithium clays and valuable REEs, supported by proximity to Albemarle’s Silver Peak and Ioneer’s Rhyolite Ridge operations in one of America’s most active lithium corridors. With potential integration of geothermal energy and Direct Lithium Extraction (DLE) technology, scalable development pathways, and a recently completed NI 43-101 Technical Report, Nevada Lithium Exploration, Inc. is positioned to establish Prometheus as a dominant, multi-commodity resource opportunity with strong potential for strategic partnerships, offtake agreements, or acquisition.