The Northern Miner July 10 2023 Issue 14

TOP TEN

Alamos Gold targets low-cost crown at Island

BY COLIN MCCLELLAND

Alamos Gold (TSX: AGI; NYSE: AGI) is spending about a billion dollars to become the lowest-cost producer in Canada within three years.

The target is US$576 per oz. all-in sustaining costs at the Island underground mine northeast of Lake Superior in Ontario. As part of a US$756-million phase 3+ expansion, crews are sinking a shaft nearly 1,400 metres deep to slash the time it takes to get to the rock face from nearly an hour and a half to seven minutes. That aims to help double milling capacity to 2,400 tonnes per day.

“It’s the efficiency of being able to get our workforce to the workplace and back on the tools faster,” Luc Guimond, chief operating officer of Alamos, said in an interview at Island, about 80 km north of Wawa. “You centralize your infrastructure, which is your shaft, to your orebody.”

Alamos is investing to take advantage of almost tripling Island’s reserves and resources to 5.3 million oz. since acquiring the site for

US$600 million in 2017. It’s part of a larger plan to more than double the company’s annual gold production at Island to 287,000 oz. in 2026 after the expansion. Total output, including the Young-Davidson underground mine in northeast Ontario and the Mulatos mine in Mexico, is forecast at about 600,000 oz. per year after Island’s upgrade.

Free cash flow will rise “significantly” more than the current $150 million a year, chief financial officer Greg Fisher said. Net present value is forecast to jump nearly a third to $2 billion at a 5% discount rate, he said.

The Toronto-based company is also drilling 26,100 metres this year to expand Young-Davidson near Kirkland Lake, Ont., and 35,000 metres at Mulatos in Sonora state.

Area targets

At Island, the company is pivoting to drilling regional targets on the 550-sq.-km property and shallower depths near the mine after highgrade success in different geology deeper in the mine, Scott Parsons, vice-president of exploration, said at a site briefing. Alamos is budgeting US$14 million for 45,000 metres of exploration drilling at Island this year.

“The deposit is completely open at depth and we’re going to get back to underground drilling at depth down plunge once we have the underground infrastructure in place,” Parsons said. “As we shifted away from the deep drilling, we’ve been focusing on these near-mine opportunities and these sub-parallel zones.”

In June, Alamos reported hole 580-473-22 in the Island West zone

outside of the mine’s reserves and resources area cut 2.2 metres grading 146.3 grams gold per tonne. In the newly defined sub-parallel NS-1 zone of the Island West hanging wall, hole 770-466-03 cut 2.4 metres grading 89.3 grams gold.

SITE VISIT | Billion-dollar upgrade to double throughput at Ontario underground mine PM40069240

Doug Groh, who manages and co-manages more than US$1 billion for Sprott Asset Management in New York including a stake in Alamos, said he was impressed with the site visit after concerns that the stock’s almost one-third gain this year to May 3 wouldn’t be backed up on the ground.

“The exploration activity of the Island mine is really promising as well as the regional district they’re mining in and they are quite ambitious in terms of their objectives,” Groh said as a twin-propellor Dash 8 plane idled nearby. “I really kind of question their objective as far as getting the operating costs to about US$576 an ounce and we’ll see if that works out. But if they have the high grades that they think they have, and it does look that way, it’s likely they’re going to have good operating costs.”

Worker costs

Labour accounts for more than a third of costs at Island and YoungDavidson, following an industry trend to replace oil-based products as mining’s largest expense.

“The biggest challenge that we do certainly have is making sure we maintain a strong labour force to be able to deliver and execute on those

plans,” Guimond said. “We consult with our employees to understand their needs and some of the wants they have from the point of view of where they’re operating and working for us in those regions. We’re looking to address those so we can be the employer of choice over the long term.”

Kerry Smith, a mining analyst at Toronto-based Haywood Securities, likewise sees inflation as a bit of a challenge for Alamos but he’s bullish on the company and says Island is on its way to becoming a 10 million oz. deposit while Young-Davidson has greatly improved efficiency with its US$80-million lower mine expansion completed in 2020.

“They’ve got two great mines in Canada and a third good asset in Mexico,” Smith said in an interview after the Dash 8 landed. “The company is in great shape, no debt, lots of cash, self-funding for the expansion, so I think it’s a great story.”

Alamos wants the post-expansion Island, which has a 17-year mine life, to rank as third most profitable mine in Canada behind Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Detour Lake and

Tour members explore Alamos Gold’s underground Island mine in northern Ontario. ALAMOS GOLD

Our annual ranking of homegrown miners by market cap / 8-16

Patriot Battery Metals rebuffs company sale report

M&A | Explorer to deliver initial resource for Corvette project in July

Endeavour sells non-core Burkina Faso mines as it reportedly hunts for other assets

M&A | Gold miner’s overtures to Kinross Gold rejected, Bloomberg says

BY CECILIA JAMASMIE

Endeavour Mining (TSX: EDV; LSE: EDV) has sold its 90% interests in the Boungou and Wahgnion gold mines in Burkina Faso for about US$300 million, as part of its strategy to focus on higher quality assets.

The buyer, Lilium Capital’s subsidiary Lilium Mining, is an African and frontier markets focused investment vehicle led by West African entrepreneurs, the company said.

The total consideration for the mines, deemed non-core to Endeavour, comprises of upfront and deferred cash instalments. Endeavour will also earn 4% net smelter return royalties (NSR) of gold sold at both mines, with Bougnou expected to generate US$52 million over its productive life and Wahgnion US$41 million, it said.

The move, announced on June 29, helps Endeavour reduce its exposure to conflict-ridden Burkina Faso, as a planned expansion starts at its Sabodala-Massawa mine complex in Senegal, and a project in Cote d’Ivoire enters production.

Bloomberg also reported in late June that Endeavour recently made a takeover approach to rival

BY CECILIA JAMASMIE

Canadian lithium explorer Patriot Battery Metals (TSXV: PMET; ASX: PMT) has refuted a media report suggesting that it had appointed Macquarie Capital to seek out potential buyers for the company.

The Australian newspaper reported on June 25 that Patriot had tapped the investment bank with the intention of putting itself up for sale.

The Vancouver-based junior said it had not started any process that could result in the sale of the company or any of its assets. It did, however, note that it has appointed a “range of advisers” and “key personnel” to support the continued development of its flagship Corvette lithium spodumene asset in Quebec.

Patriot, which had to suspend operations in early June due to wildfires in the area, is working on the resource estimate for the project, scheduled to be published in late July.

While the Quebec wildfires have affected some of the related work, Patriot said it did not expect them to have a significant impact on the resource release.

Patriot plans to convert a winter snow road to an all-weather exploration road, allowing drilling through October, November and December, when fog in the region negatively impacts transportation by helicopters.

The company is also advancing its new exploration camp to further enable a more efficient drilling program by cutting travel time and reducing dependency on helicopters.

In January, Macquarie Capital said drilling results showed Corvette held similar high-grade lithium resources to those of the world-leading Greenbushes mine in Western Australia, jointly owned by IGO Ltd. (ASX: IGO), Albemarle (NYSE: ALB) and Chi-

nese investors.

The 156.9 metres grading 2.12% lithium oxide (Li2O) that Patriot reported in January is currently sitting in seventh place on Opaxe’s list of this year’s top drilling results.

Canaccord Genuity analysts have forecast a resource at Corvette of 148.8 million tonnes grading 1.14% Li2O.

“If successful in defining a resource of this scale, Patriot would rank as the largest hard rock lithium project in North America, and as a top 10 global deposit,” Canaccord mining analyst Katie Lachapelle said earlier this month.

Rumours of Australian players eyeing Patriot as a potential acquisition target have been in Australian media on and off this year. In February, it was said that Mineral Resources (ASX: MIN), Pilbara Minerals (ASX: PLS) and Wesfarmers (ASX: WES) were all interested in buying the Canadian miner or, at least, a stake in it.

Australian lithium miners, such as Pilbara Minerals, Orocobre (TSX: ORL; ASX: ORE) and Galaxy Resources (ASX: GXY), are all looking to expand their global footprint and diversify their supply sources amid rising demand for battery metals. Analysts say they see Patriot as an attractive opportunity to gain access to the North American market and secure longterm supply contracts with leading battery manufacturers.

Quebec has become a hard rock lithium hotspot as companies vie to supply the surging electric vehicle market. The federal government approved the James Bay open-pit project by Galaxy Resources, a part of Allkem (TSX: AKE; ASX: AKE), in January.

Azimut Exploration (TSXV: AZM) has its own project in James Bay and Sayona Mining (ASX: SYA) expects the first spodumene shipment from its North American Lithium (NAL) operation to take place in July. TNM

Kinross Gold (TSX: K; NYSE: KGC) that was rejected and didn’t proceed beyond initial talks.

As a result of the sale, the bullion miner expects full-year gold production guidance to fall around 1.1 million oz. from a previous outlook of 1.3-1.4 million ounces. All-in sustaining costs have also been adjusted and are seen improving by US$45 per oz. to US$895-US$950 per ounce.

Endeavour’s mines in Burkina Faso have been subject to a number of terrorist attacks over the past three years.

Conflict has reduced gold pro-

duction in Burkina and made it more difficult — and costly — for miners to transport staff and supplies to and from its operations. The West Africa-focused bullion producer is keeping its Houndé mine in Burkina, as the operation is one of its cornerstone assets. Endeavour intends to sustain production at Houndé, which open in 2017, above 250,000 oz. per year over a +10-year life.

The company announced in November a major greenfield gold discovery in Côte d’Ivoire, which it said has the potential to become one of its flagship assets. TNM

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A drill rig at Patriot Battery Metals’ Corvette project in Quebec. PATRIOT BATTERY

Endeavour Mining’s CIL plant at the Wahgnion mine in Burkina Faso. ENDEAVOUR MINING

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Investors feast on Apple while juniors wait for their turn at the buffet

While tech giant Apple scaled new heights to reach over US$194 per share in late June, putting its market cap at an astonishing US$3 trillion, investors are finding junior miners less appetizing.

China lights a fuse under the copper producers

Stimulus push to counter deflationary pressures a sharp change in tactic for China

BY JAMES COOPER

BY ALISHA HIYATE

To be fair, exploration companies have seen far worse periods — the 2012-2016 bear market, for example.

But given the metals crunch that we all know is coming, raising money should be a piece of cake for juniors, especially those looking for buzzy critical minerals.

Mining exploration financing has actually been strong since 2020, says Richard Carleton CEO of the Canadian Securities Exchange.

“Mining is really leading the way in terms of both new companies that are listing on the exchange and as far as capital formation goes,” Carleton said in late June.

Junior mining stocks make up about 40% of CSE’s listings, and now that the tide has gone out on cannabis, which peaked in 2021 with $5.6 billion raised on the exchange, mining has become the star sector. Junior miners, which saw peak financing in 2021 at $723.2 million on the CSE, have raised $244.2 million year-to-date. (That handily beats the ‘bud’ sector’s total of $99.4 million.)

“There are a lot of companies getting financed and they are generating very positive results from their drilling programs,” Carleton says. “The challenge is that there’s just not been much reaction from the marketplace.”

The missing ingredient is retail shareholders. Low levels of retail participation translate to a lack of liquidity and languishing share prices – even for companies with great projects.

For CSE and the TSX Venture, Carleton says most of the daily turnover in trades — “probably well over 90%” — comes from retail accounts.

Rising interest rates have been a particular “punch in the gut” for retail trading activity, he says, driving volumes back down to 2017 levels. “Considering we have 35-40% more companies now, that means that the per capita turnover picture is even slower than back then,” he said.

With retail investors flocking to soaring U.S. equities like Apple, the lack of interest in mining means there are a lot of great juniors that are currently “uninvestable,” says Cam Currie, a Vancouver-based investment adviser specializing in mining stocks at Canaccord Genuity.

“When I’m buying companies that have $100 million in the bank, are debt free, and producing 275,000 ounces of gold and they’re not getting recognized in value, why would I speculate in the junior stuff?”

For now, copper’s being hurt by recession fears and precious metals aren’t getting any attention in the West, despite the ongoing decline of the U.S. dollar as the world’s reserve currency and Eastern Central banks buying up gold at a record pace.

Currie says investors will need to see performance in the seniors first before money can flow into intermediates, developers and finally, explorers.

“The junior exploration companies I think are going to be stuck for a while,” he said, adding that the current market is similar to the period just before the last “unbelievable” commodity cycle uptrend.

The lithium story

For John Kaiser, an independent analyst focused on junior miners who runs www.kaiserresearch.com, lithium is the best hope to get retail investors back in mining, rather than copper, which requires higher prices to incentive new production.

“As recently as 2005, the entire global lithium market was worth only $200 million,” he said. “Last year, it was roughly worth US$20 billion — 100 times bigger.” By 2030, the market could be worth an “incredible” US$100 to US$200 billion, Kaiser says. “That puts it in the league with copper and gold.”

So far, however, it’s Australians rather than Canadian retail investors who are driving lithium exploration plays like Patriot Battery Metals from 50¢ in early 2022 to a recent June high of $17.53.

Australian investors, who participated in the 2015-2021 lithium boom, understand the coming demand, hard rock lithium deposits and the potential returns.

“They’ve been through this major cycle,” Kaiser said. “When the Canadian market opens in the morning, (Patriot’s stock) merely reflects what happened yesterday on the ASX.”

Kaiser recalls how Canadians went “all in” on diamond exploration in the 1990s, despite its novelty for investors.

“The lithium story is much bigger, and it’s much easier to understand in terms of quantifying, what does this intersection mean?” he says. “But they’re not going for it. And the Bay Street crowd seem to be paralyzed.”

Kaiser says Patriot’s first resource estimate, expected in July, “will be a “watershed moment for the sector because within two years or so, they will have demonstrated something between 50 to 100 million tonnes grading somewhere between 1% and 2% lithium oxide,” he said. “And depending what price you use, this will be to a large degree an open pittable resource that was sticking out of the ground.”

With Patriot already rumoured to be considering a sale of the company, and Kaiser rhyming off a long list of potential buyers (most of them Australian), perhaps this will be the story that finally gets Canadian retail investors off the sidelines.

TNM

ducers, the ‘bounce’ has been far stronger.

Turn your mind back six months ago to January 2023. Markets were in a frenzy predicting enormous growth in Asia as China emerged from its three-year lockdown.

Commodity stocks were pounding into new highs. Lithium had just soared to an all-time high.

The sleeping tiger was awakening and global markets were ready to embrace it after a year of pain on U.S. and European markets.

But the outlook was quickly deflated.

Rather than explode back to life, this sleeping tiger continues to stumble its way out of a threeyear coma, failing to meet the high expectations from abroad.

In April, Chinese industrial production rose by 5.6% year-onyear. That fell well short of economists’ expectations of 10.9%.

But is that really a surprise?

We’re talking here about a $16-trillion economy, the second largest in the world. You could say these strong expectations were a little overzealous. Giants take time to move and this is what’s happening in the Chinese economy.

Yet, despite that, the People’s Bank of China (PBOC) seems ready to push growth up a notch.

In June, authorities made sweeping announcements that could breathe new life into the 2023 China reopening story.

The first of those was a cut in the central banks seven-day reverse repurchase (repo) rate by 10 basis points from 2% to 1.9%.

Effectively, a cut will filter down to commercial and private borrowers helping to prop up the weakened property sector.

This was the first time in 10 months the PBOC cut rates.

China’s central bank also lowered the interest rate on its standing lending facility (SLF) cutting the overnight rate by 10 basis points to 2.75% while injecting 2 billion yuan (US$280 million) through its short-term bond instrument.

So far, the market has fallen flat on the news. Not surprising.

After a false start earlier in the year, investors have lost their patience. But that could be a lost opportunity — potentially missing out on the REAL reopening of the Chinese economy.

As Bloomberg highlighted in mid-June, these latest stimulus announcements could mark a new beginning for the Chinese economy. The stage is now set for much broader stimulus as the government looks set to tackle deflationary fears with new vigour.

That’s certainly sparking interest in one area of the economy: copper.

Having bounced to the upside by around 7.5% in the last two weeks, copper futures continue to consolidate above their May low.

But for certain copper pro-

Is copper staging a comeback?

Focusing on the majors, there’s good reason to believe a recovery in the copper sector is already underway.

The London-listed US$60-billion Swiss giant Glencore (LSE: GLEN), accelerated 15% in early June, while the Northern American-owned pure copper miners Ivanhoe Mines (TSX: IVN) and Southern Copper (NYSE: SCCO), jumped 26% and 11%, respectively, from their May lows.

The recent activity among these producers aligns with projections from the International Copper Study Group (ICSG), which predicted copper supply deficits BEFORE the end of 2023.

According to the research group, a supply deficit of around 114,000 million tonnes is expected later this year. That compares to a surplus of about 155,000 million tonnes forecast in October last year.

The reason for this surprise deficit? Higher than expected consumption in China. Again, not something most analysts would expect given the lacklustre growth in 2023.

Yet with the latest stimulus announcements deficits look much more likely.

Given that copper prices were deteriorating all through April and May, the ICSG’s forecasts were highly contrarian going against the grain of mainstream sentiment.

That’s because the ICSG is one of the few firms closely monitoring Chinese demand for copper. Again, demand here continues to beat expectations.

Adding large-cap copper producers on the back of ICSG’s analysis would have seen investors pick up some tidy gains. So, is it too late to capitalize on the emerging recovery?

Given we’ve already seen strong double-digit gains amongst some of the world’s largest copper producers I expect this trend to move quickly.

For the most part, explorers and developers have moved little. Right now, that’s where I see the value. TNM

This column was previously published in Livewiremarkets.com.

James Cooper is a former exploration geologist turned mining analyst. He’s worked for major and junior companies throughout Australia and Africa, including Barrick Gold, Equinox Minerals, Crosslands Resources, and Northern Star and has been involved with all phases of exploration across a host of different commodities. Based in Melbourne, he’s now the resident commodities analyst at Fat Tail Investment Research and editor for the Diggers & Drillers Publication.

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TNM DRILL DOWN:

Ora tops weeks gold assays at Garden Gully

BY BLAIR MCBRIDE

Our TNM Drill Down features highlights of the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our data provider Mining Intelligence (www.miningintelligence.com)

Ora Gold (ASX: OAU) reported last week’s top gold assay from the highgrade Crown Prince prospect at its Garden Gully project in Western Australia. On June 28, Ora reported that drill hole OGGAC488 returned 40 metres grading 17.53 grams gold per tonne, from a depth of 30 metres for grade x width value of 701.2. The result was from the South-Eastern Ore Body (SEB), a key growth area at Crown Prince. The company has now received one-third of assays from its 44-hole, 3,213-metre program that was drilled in June. “These results will be used in an upcoming resource estimation,” said Ora Gold CEO Alex Passmore. “All data received so far suggests the SEB zone mineralisation commences at surface, is high-grade over good widths and hence is likely to show robust economic outcomes in any conceptual mining scenario.” Garden Gully sits on a 217-sq.-km tenure package of gold prospects in the Abbots Greenstone Belt. Among other sites of historical production in the belt, Crown Prince (formerly known as Kyarra), produced about 21,000 oz. of gold grading 21 grams gold. The prospect hosts indicated resources of 218,000 tonnes grading 4.3 grams gold for 30,000 oz. and inferred resources of 261,000 tonnes at 3.1 grams gold for 26,000 ounces, according to a 2019 estimate.

The week’s second-best assay came from western Colombia.

On June 27, Collective Mining (TSXV: CNL) reported that hole APC-55 at its Guayabales project returned 792.2 metres grading 0.88 gram gold per tonne, for a width x grade value of 697.2. The hole extended the strike length of the Apollo copper-silver-gold porphyry system to the northeast, with dimensions now measuring

455 metres by 395 metres by 915 metres. This year’s phase 2 program at Guayabales has consisted of 24 holes. The drilling is aimed at defining highgrade mineralization, Apollo’s dimensions and expanding its size with step-out and directional drilling. Since the discovery hole was made at Apollo in June 2022, about 23,907 metres across 55 holes have been drilled. “I am excited about the prospect of what the Guayabales project will deliver in the second half of 2023 as we embark on the aggressive growth phase of our 2023 drilling program where expansion of the Apollo porphyry system and making a new discovery are our top priorities,” said Collective CEO Ari Sussman.

The pre-resource Guayabales is located in Colombia’s Middle Cauca mineral belt and adjacent to Aris Mining’s (TSX: ARIS) Marmato mine.

The third best assay of the week came from New Found Gold’s (TSXV: NFG) Queensway project in Newfoundland. On June 28, New Found reported that hole NFGC-231279 returned 8 metres grading 30.8 grams gold from 87.2

metres depth, for a width x grade value of 244.8. The result expands the high-grade segment of the Keats-Baseline Fault zone at the Iceberg zone, which was discovered in March and lies about 300 metres northeast of the Keats

Main zone. Chief operating officer Greg Matheson said encouraging results keep coming from Iceberg and Iceberg East, expanding their highgrade envelope along strike and down-dip. “With exploration largely focused in the top

150 metres of vertical depth, we believe there is a lot more to uncover about this developing zone,” he said. The latest drill holes are part of a 500,000metre program at Queensway, with about 61,000 metres of core awaiting assay results. TNM

ISLAND MINE from 1 tion,” he said. “A lot of companies don’t want to pay a premium to a premium and I don’t think Alamos wants to sell. Why would they?”

Canadian Malartic. Their respective margins between all-in sustaining costs and a US$1,750 per oz. gold price would be US$506, US$471 and US$337 per oz., Alamos says. It predicts Island will be the largest producer in Canada not held by a major.

M&A?

If Alamos is ticking along so well, why isn’t it a takeover target? Precisely because of that, Smith says.

“It’s always been an expensive stock partly because they’ve got good assets, they’re a low-cost producer, they’ve got a good balance sheet, they’re mostly in Canada, it’s always traded at a good valua-

Island has 4.2 million proven and probable tonnes grading 10.8 grams gold per tonne for 1.5 million oz. contained metal, according to a February update. It also has 1.3 million measured and indicated tonnes grading 7.1 grams gold for 291,000 oz. metal. The grade of its 8.1 million inferred tonnes increased to 13.6 grams gold for 3.5 million ounces.

The mine’s phase 3+ expansion will incorporate technological upgrades such as more electric vehicles, centralized control and optimizations to the hoisting cycle, Island general manager Austin Hemphill said in an interview in

front of construction cranes.

“We purposely went by design with proven technology, reliable technologies,” Hemphill said. “We are trying to be as future focused as we can be, but by the same token, we want to be not on the cutting edge, but we want to be first to be second.”

Down in the depths of YoungDavidson, the warm moist air wrinkles the nose with ammonia, a common in mining by-product of water, tailings and paste cement used to replace ore that’s been mined. It gives way to the beef teriyaki aroma of a dust-suppressing application. Shaft operators communicate in a Morse code-style language of buzzes up and down hundreds of metres, drivers tap horns on their spiralling ramp journeys into the earth and Italian ambulance-like sirens guard giant doors aiding ventilation. Watch the video on Northernminer.com.

Young-Davidson was discovered in 1916 and mined from about 1934 to 1957 before AuRico Gold began production again in 2013. Alamos bought it for US$750 million in 2015. It has 44.2 million proven and probable tonnes grading 2.4 grams gold per tonne for 3.3 million oz. gold, according to a resource update this year.

“There’s 1.2 km below the previous production boundary to the bottom of our shaft and that’s a pretty significant opportunity in different geology,” exploration vice-president Parsons said before extolling other targets on the property such as the area named after the site’s first miner, Matachewan Consolidated Mining.

“This just shows two things. One, there is high grade near surface here at the MCM area and the second is that how little exploration has actually happened to centre it. It’s completely wide open and that will represent the nearterm opportunity as we continue to drill.” TNM

Mitsubishi invests $20M in Marimaca Copper for 5% stake

CHILE | Funding to help company complete feasibility study, permitting

BY JACKSON CHEN

period is estimated at 2.4 years.

Glencore grabs 10% of Stillwater Critical Minerals

MONTANA | Swiss miner buys more than $4.9M of Stillwater units

BY JACKSON CHEN

Marimaca

Copper (TSX:

MARI) has secured a $20-million investment from Mitsubishi that will give the Japanese firm a 5% stake in the junior. Proceeds of the investment, which comes via a private placement, will be used to accelerate the development of Marimaca’s flagship copper project located in the Antofagasta region of Chile.

Shares of Marimaca Copper rose 3.8% on June 21 on the news to $4.15 each. The company has a market capitalization of $356.4 million.

“We are pleased that Mitsubishi shares our view that the Marimaca copper project is a unique, very high-quality, development-stage project,” said Hayden Locke, CEO of Marimaca in a release. “Its location affords it several advantages including an expectation that it will be among the lowest carbon intensity copper producers in the industry.”

Locke added the investment will help the company accelerate progress towards a feasibility study and permitting.

Since its discovery in 2016, Marimaca has more than doubled the deposit’s resource, most recently estimated at 200 million tonnes grading 0.45% copper for 900,000 tonnes of metal in the measured and indicated category. It also contains an inferred resource of 37 million tonnes grading 0.38% copper for 141,000 tonnes.

A preliminary economic assessment published in 2020 gave Marimaca a posttax net present value (at an 8% discount) of US$640 million and a 38% internal rate of return, assuming a US$3.45 per lb. flat long-term copper price. The payback

During the first six years of mining the high-grade core, the open-pit, heap-leach project is expected to deliver 40,000 tonnes of copper cathodes annually. Total recovered copper over the entire 12-year mine life is about 430,000 tonnes.

In a note to clients, BMO Capital Markets mining analyst Rene Cartier said the positive development could help open up financing opportunities down the road.

“In our view, a financing does not come as much of a surprise,” he wrote. “Indeed, we flagged our expectations that Marimaca would likely look to raise funds by the middle of the year. Positively, the investment comes at a premium, as compared to the discount we assumed, resulting in a slight uplift to our NAVPS estimate,”

“The strategic investment is seen as a positive endorsement of the project with the prospects of collaboration for further enhancements. Bigger picture, the strategic investment could open additional opportunities come time for project financing and development.”

Mitsubishi is a major investor in Latin America’s copper industry with holdings in Escondida, Los Pelambres, Antamina, Los Bronces and Quellaveco.

“We look forward to working together with the Marimaca team as it moves into the next phase of studies and permitting with the hope we can fully utilize our deep experience in the Chilean copper industry to further enhance this project,” Taro Abe, general manager of Mitsubishi’s base metals department, said in the release.

Marimaca shares sat at $4.04 at press time, in a 52-week window of $2.45 and $4.50. TNM

Stillwater Critical Minerals (TSXV: PGE; US-OTC:

PGEZF) has welcomed Glencore Canada as a major investor to help advance its portfolio of nickel exploration and development projects in North America.

Under a definitive agreement between the companies, Glencore will purchase more than $4.9-million worth of Stillwater units, each priced at 25¢, via a private placement. Each unit will consist of one common share and one share purchase warrant (the common share is priced at 20¢ at time of announcement).

Upon completion, Glencore will hold a 9.99% interest in Stillwater (on a non-diluted basis).

If it exercises all of its warrants, Glencore’s stake would rise to 15.9%, giving Stillwater about $5.2 million in additional funding. The global miner also has the right to participate in future financings to maintain its pro-rata position in Stillwater.

The company’s Stillwater West project is located in Montana’s Stillwater district, considered one of the world’s largest and highest-grade PGE (platinum group elements)-nickel-copper regions. It is adjacent to the high-grade PGE mines held by South Africa’s Sibanye-Stillwater (NYSE: SBSW; JSE: SSW) with over 14 million oz. of past production.

The news propelled Stillwater shares 24% higher on June 23 in Toronto, to 22¢ apiece.

“This represents a major step forward for Stillwater as we advance our flagship Stillwater West project with the vision of becoming a large-scale source of battery

and precious minerals that are now listed as critical in the U.S., and elsewhere,.” said Stillwater CEO Michael Rowley in a news release.

A resource update for Stillwater West earlier this year defined 1.6 billion lb. of nickel, copper and cobalt and 3.8 million oz. of palladium, platinum, rhodium and gold within a constrained model totalling 255 million tonnes at an average grade of 0.39% nickel equivalent.

The 2023 resource, which represents a 62% increase over the project’s inaugural estimate, is contained within five deposits inside the 9-km central area of the project, all of which are open along strike and at depth.

Stillwater says there are multi-kilometre-scale geophysical targets and metal-in-soil anomalies indicating excellent expansion potential at Stillwater West. Untested anomalies and earlier stage targets extend across much of the 32-km-long property.

“There are very few projects globally, and especially located within the United States, that offer the combination of grade and scale in a producing district that we see at Stillwater West,” Rowley said.

“We are now booking drills and crews for our 2023 drill campaign with a focus on expansion of the high-grade nickel-copper sulphides identified in our past campaigns. We look forward to announcing further details in the coming weeks, along with the start of drilling,”

The Vancouver-based miner has a market capitalization of $33.5 million. Its shares have traded in a 52-week window of 15¢ and 28¢. TNM

Delivering Sustainability Worldwide

Barrick Gold Corporation’s sustainability vision is to create long-term value for all our stakeholders. We contribute to the social and economic development of our host countries and communities. We protect the safety and health of our workforce. We respect human rights. And we manage our impact on the natural environment, both today and with future generations in mind.

CANADA’S TOP TEN

Barrick leads Top Ten Canadian mining companies by market value

RANKED | Barrick, Nutrien and Agnico maintain top spots this year

BY COLIN MCCLELLAND

The Northern Miner presents its annual list of the top ten Canadianheadquartered mining companies, ranked according to market capitalization as of June 1, and compiled by Mining Intelligence, a division of The Northern Miner Group.

Barrick Gold (TSX: ABX; NYSE: GOLD) returned as Canada’s largest mining company on the Toronto Stock Exchange, displacing last year’s leader Nutrien (TSX: NTR), which plummeted in market value by nearly half.

Barrick, with a market capitalization of $40.3 billion, traded places with second-position Nutrien, which dropped 46% to $36.8 billion from $67.8 billion, according to data collected as of June 1 by Mining Intelligence, part of The Northern Miner Group.

Barrick and Nutrien, the world’s largest potash-producer, also ran one-two in 2021 and 2020. Kinross Gold (TSX: K, NYSE: KGC) rose to eighth from ninth last year, Pan American Silver (TSX: PAAS; NASDAQ: PAAS) re-entered the list at ninth and Lundin Mining (TSX: LUN) slid to 10th from eighth.

There was no other movement in the top 10. Positions three to seven held steady from last year with Agnico Eagle Mines (TSX: AEM; NYSE: AEM), Teck Resources

(TSX: TECK.A, TECK.B; NYSE: TECK), First Quantum Minerals (TSX: FM), Cameco (TSX: CCO; NYSE: CCJ) and Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF).

Barrick regained the top spot even as it stayed on the sidelines of gold sector mergers and acquisitions such as the division of Yamana, and Newmont (TSX: NGT; NYSE: NEM) swallowing Newcrest Mining (TSX: NCM; ASX: NCM) years after spawning it. Barrick CEO Mark Bristow said he’s on the hunt for new mines,

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not deals. However, the company did make an informal offer to First Quantum that was rejected, according to Bloomberg News last month.

Barrick has been focusing on the US$7-billion Reko Diq copper-gold project in Pakistan. Court approval arrived in December after the project was on hold for more than a decade. An updated feasibility study is due next year, Bristow said.

The plan so far is for Reko Diq to be developed for US$4 billion to mine 40 million tonnes of ore

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

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

annually from an open pit during the first five years, then double production in a US$3 billion second phase. Barrick owns half of the project and a quarter is held by local federally-owned companies. Balochistan province holds 15% of it fully funded and 10% on a free-carried basis.

Sales hurt Nutrien Saskatoon, Sask.-based Nutrien forecast in May its adjusted earn-

ings before interest, taxes, depreciation and amortization will fall this year to a range of US$6.5 billion to US$8 billion from US$12.2 billion in 2022. That’s down from earlier guidance of reaching $8.4 billion to $10 billion this year. Net profit for the quarter to March 31 fell by more than half from a year earlier to US$576 million from $1.4 billion.

Potash demand strengthened in North America during spring planting, while offshore markets have been more variable, the company said. Last year, the war in Ukraine slashed potash exports from that country, Russia and Belarus, though inflation-hit farmers in North America and Brazil limited purchases. Nutrien said this year it would push a planned annual output increase to 18 million tonnes to 2026 from 2025.

When Pan American Silver and Agnico Eagle paid US$4.8 billion for Yamana in a deal that closed this year, Agnico Eagle took the Canadian assets. These included

Barrick Gold returns to the No.1 spot after it was second last year. BARRICK GOLD

TOP 10 MINERS BY MARKET CAP

“PAN AMERICAN WILL BE A SIGNIFICANTLY LARGER, MORE DIVERSIFIED COMPANY FOLLOWING OUR ACQUISITION OF YAMANA.”

MICHAEL STEINMANN, CEO PAN AMERICAN SILVER

the part of the Canadian Malartic gold mine it didn’t already own, the nearby Odyssey and Wasamac projects and several exploration properties in Ontario and Manitoba. Agnico is third on the Canadian market value list and third in the world by gold output.

Teck, Canada’s largest diversified miner, continues as fourth on the list at $27.3 billion. The company is assessing takeover bids from Glencore (LSE: GLEN) for the whole company, and in June for just its coal assets. Teck had wanted to separate its metals business from its coal unit, but the concept was rejected by shareholders. This latest offer could make it a reality and likely lead Glencore to do the same thing.

Teck said it’s reviewing several proposals for its coal business. Prices for thermal and steel-making coal surged last year because of the war in Ukraine and other supply chain constraints. Coal remains a lucrative but polluting business as governments, activists and companies with more progressive policies, such as Teck, seek to ease away from fossil fuels.

First Quantum loses value

First Quantum Minerals treaded water at fifth on the list although it lost 22% of its value to $19.7 billion from $25.1 billion last year. In Panama this year, tough negotiations with the government nearly repeated how the company lost the Kolwezi copper project licence in the Democratic Republic of Congo (DRC) in 2009. Production at the Cobre Panama copper mine was halted in February in a dispute with authorities over tax and royalty payments for a new contract. First Quantum reached a new deal with Panama in March.

Cameco, buoyed by the transition away from fossil fuels, efforts at Western independence from Russian energy and new uranium fuel contracts with Ukraine and Bulgaria, held down sixth spot for a second year. It increased in value to $16.4 billion from $12.8 billion.

CEO Tim Gitzel revelled in how the United States, Canada, France, Japan and the United Kingdom elevated nuclear energy collaboration

at meetings in March and April. Cameco’s first-quarter revenue rose 73% compared with a year earlier to $687 million.

Ivanhoe Mines, in seventh place with a value of $12.1 billion, is coming off record net profit last year of US$434 million, a near tenfold increase over the previous year. It’s expanding output at the Kamoa-Kakula copper joint venture with China’s Zijin Mining in the DRC as it invests in cutting edge energy wave technology to transform exploration and processing.

Ivanhoe is developing the Platreef project in South Africa for first production in 2024. It has 125.2 million probable tonnes grading 1.94 grams platinum per tonne, according to a feasibility study last year.

Kinross rises

Kinross Gold improved one spot to eighth and a value of $7.8 billion. It reported first-quarter revenue jumped a third to US$929.3 million from US$700.9 million a year earlier. Production rose 23% during the same period, primarily because of output ramping up at La Coipa in Peru. The Paracatu mine in Brazil increased production and

cut costs while output at Tasiast in Mauritania remained strong. It’s continuing to drill its Great Bear project in Ontario.

Pan American Silver’s acquisition of Yamana Gold’s mines in Latin America propelled it back into this year’s list at number nine. It last made the top 10 in 2020 when it was sixth. The company, founded by Canadian Mining Hall of Fame member Ross Beaty, increased its market value to $7.5 billion. Its value was $6.1 billion last year in 12th spot.

“Pan American will be a significantly larger, more diversified company following our acquisition of Yamana,” CEO Michael Steinmann said in May.

Lundin Mining rounded out the list with a drop to $7.3 billion from $8.2 billion. In March, the Toronto-based miner bought 51% of the Caserones copper-molybdenum mine in Chile for US$950 million. The operation suffered delays and cost overruns after it began production in 2014, only hitting twothirds of planned annual output of 150,000 tonnes. Lundin is in hot water with authorities in Chile after a sinkhole 36 metres across appeared last year close to the Alcaparrosa mine. TNM

Above: Agnico’s Canadian Malartic gold mine in Quebec. AGNICO EAGLE MINES

Heavy equipment arrives at a port at First Quantum Minerals’ Cobre Panama copper mine in Panama. FIRST QUANTUM MINERALS

Canada’s Top Ten precious metals juniors

BY SARAH HAHN

The following companies are the Top Ten Canadianheadquartered precious metal juniors that are developing projects, ranked according to market capitalization as of June 1 and compiled by Mining Intelligence. Royalty and streaming companies are not included in this list.

1 | NOVAGOLD RESOURCES Market cap: $2.3 billion NovaGold Resources (TSX: NG; NYSE-AM: NG) continues to advance its Donlin gold project, which it owns 50-50 with Barrick Gold (TSX: ABX; NYSE: GOLD). Donlin is located 16 km north of Crooked Creek village in Alaska.

The Vancouver-based company began its 2023 field program earlier this year with the goal of completing the requisite field work and geotechnical drilling for the Alaska Dam Safety certificates applications. Certificates are expected to be issued in 2026 and will allow NovaGold to begin construction. All federal permitting requirements have been met.

The open pit project is forecast to operate for 27 years with production in the early years of between 1.4 million and 1.6 million ounces. Initial capital costs are pegged at US$7.4 billion followed by sustaining costs of US$1.7 billion. More than 30 million oz. gold is forecast to be recovered. The project’s after-tax net present value (at a 5% discount) is estimated at US$3 billion and its internal rate of return at 9.2%.

NovaGold has a strong treasury of $116 million as of February 2023

and is anticipating another $25 million in July from Newmont (TSX: NGT, NYSE: NEM) per their 2018 share purchase agreement.

2 | SEABRIDGE GOLD Market Cap: $1.4 billion Seabridge Gold (TSX: SEA; NYSE: SA) is advancing multiple projects in Canada, including its KSM gold-copper project in northern B.C.

Seabridge received US$150 million from Sprott Resource Streaming and Royalty in exchange for a 1.2% net smelter royalty on KSM in June. This funding will be used to help bring the project to a “substantially started” status by July 2026, without which its environmental assessment certificate will expire.

A preliminary economic assessment (PEA) prepared last year outlined a 39-year mostly block cave underground operation, compared with a previous prefeasibility study on an open pit mine. The PEA pegged preproduction capital at US$1.5 billion. The 170,000-tonneper-day operation could produce 368,000 oz. of gold, 366 million lb. of copper, and 1.8 million oz. of silver annually.

In May, Seabridge announced the start of its 2023 drill program at its Iskut property in B.C.’s Golden Triangle. Starting at the Snip North target, the company plans to drill more than 12,000 metres across 12 to 15 holes. Work will also focus on the Bronson Slope target where Seabridge discovered copper and gold concentrations within a quartz-magnetite breccia pipe last year.

In Yukon, Seabridge is preparing to resume drilling at its 3 Aces project, located about 225 km south of Watson Lake, with 7,500 metres of drilling planned. After a delay in obtaining a Class 4 Quartz exploration permit last year, the company’s 2022 drill program was halted. Assay results from the four holes that were drilled include 3.53 grams gold per tonne over 22.5 metres, including 11.97 grams gold over 5.2 metres in hole 3A22-355.

Barrick Gold CEO Mark Bristow, left, with NovaGold Resources CEO Greg Lang. BARRICK GOLD

2023 TOP TEN CANADA-BASED PRECIOUS METALS DEVELOPERS  The following are the top-10, Canadian-headquartered precious metals companies that are developing projects but not yet in commercial production, ranked according to market capitalization in early June. Royalty and streaming companies are not included in the list.

3 | OSISKO MINING

Market Cap: $1.1 billion Osisko Mining (TSX: OSK) announced in May that it has entered into a 50-50 joint venture with Gold Fields (NYSE: GFI; JSE: GFI) for its high-grade Windfall gold project in James Bay, Que.

Details of the transaction include: $300 million in cash paid to Osisko upon signing; an additional $300 million after obtaining construction, operation, and mining permits; and two additional payments of $17 million each, which are scheduled for July and December 2023, to reimburse Osisko for preconstruction costs.

Gold Fields will also pay up to $75 million for regional exploration, after which funding will be divided proportionally between the two companies. The estimated $250 million in preconstruction costs and $789 million in construction costs will be divided between Osisko and Gold Fields.

A November 2022 feasibility study for Windfall outlined a 3,400 tonne-per-day milling operation that would produce an average of 306,000 oz. gold annually. Each year of production would have an average after-tax free cash flow of $257 million.

The operation is expected to generate $6.2 billion in gross revenue.

The project hosts probable reserves of 3.1 million oz. in 12.2 million tonnes grading 8.08 grams gold per tonne.

A production decision will be made in early 2024.

4 | NEW FOUND GOLD Market Cap: $1 billion

A 500,000-metre drill program is underway at New Found Gold’s (TSXV: NFG; NYSE-A: NFGC) Queensway project, located 15 km west of Gander, N.L.

New Found filed a technical report in February outlining the diamond drilling, rock and soil sampling and trenching completed at the high-grade gold project. However, it has not yet released an initial resource.

Recent drill highlights include hole NFGC023-1292 at the new Jackpot zone, 2.5 km north of its Keats zone — the first discovery at the district-scale project. New Found reported in late June that the hole cut 3.3 metres grading 95.71 grams gold per tonne from 27.4 metres.

And at the Iceberg zone, 330 metres northeast of Keats Main, hole NFGC-23-1286 cut 8.7 metres grading 40.55 grams gold starting from 77.6 metres; and hole NFGC23-1264 cut 6.7 metres at 33.28 grams gold from 20 metres.

With 12 to 14 drill rigs on site, New Found will complete 181,000 metres this year.

5 | ARTEMIS GOLD

Market Cap: $871.3 million

Artemis Gold (TSXV: ARTG) continues to develop its Blackwater project located 446 km northeast of Vancouver. Construction began in March after the company received its B.C. Mines Act permit. The first gold pour is expected in the second half of 2024.

Work completed to date includes logging and clearing 2.8 sq. km; upgrading existing roads to accommodate heavy construction equipment; building the construction camp; and delivering key equipment, such as excavators and compactors to the site.

In June, Artemis announced that Wheaton Precious Metals (TSX: WPM; NYSE: WPM) will provide an additional US$40 million in funding to support enhancements to Blackwater’s phase 1 development. Upgrading electrical components and strengthening crushing circuits will help Artemis optimize throughput and accelerate the phase 2 expansion.

As of May 31, construction at Blackwater was 20% complete.

6 | RUPERT RESOURCES

Market Cap: $698.4 million

In May, Rupert Resources (TSX: RUP) shared results from its 52,000 metre drilling program conducted in 2022-2023 at the Ikkari deposit, part of its Rupert Lapland project in northern Finland.

Highlights include hole 123019, which returned 3.1 grams gold per tonne over 145.7 metres starting from 36 metres, including 6.7 grams gold over 15 metres from 53 metres.

The Toronto-based company, which graduated to the TSX last December from the TSX Venture Exchange, released a PEA in November 2022. Rupert Lapland, which also hosts the Pahtavaara gold mine, is expected to produce 4.2 million oz. of recovered gold over its 22-year life.

The PEA outlines an initial capex of US$405 million. The after-tax net present value (NPV), at a 5% discount was pegged at US$1.6 billion and the internal rate of return (IRR) at 46%, with a 2-year payback period.

An updated resource is expected in the fourth quarter.

7 | SKEENA RESOURCES Market Cap: $562.2 million Vancouver-based Skeena Resources (TSX: SKE; US-OTC: SKREF) recently increased the resource at its Eskay Creek gold-silver project, in northwestern B.C.’s Golden Triangle.

The updated resource, which was announced in a June 20 news release, was based on 278 additional drill holes totalling 67,885 metres.

Eskay Creek now holds 50.1 million tonnes of pit-constrained

measured and indicated resources grading 2.57 grams gold per tonne and 63.63 grams silver, an 8% increase from the previous estimate. Inferred resources add 643,000 tonnes grading 1.46 grams gold and 32.33 grams silver.

Underground measured and indicated resources total 1.8 million tonnes grading 4.66 grams gold and 95.54 grams silver. Inferred resources add 272,000 tonnes grading 4.21 grams gold and 25.37 grams silver.

In September 2022, the company released a feasibility study, which outlines a nine-year mine life producing an average of 352,000 gold-equivalent oz. per year. Eskay Creek would have an after-tax NPV (5% discount) of $1.4 billion, an IRR of 50%, and a payback period of one year.

Skeena also closed a $73.5 million financing in May. The funds will be used to “complete key development milestones at the Eskay Creek project including an on-site assay lab, earthworks and detailed engineering,” said president and CEO Randy Reichert.

The company expects to release an updated feasibility study before the end of the year, and hopes to begin production at Eskay Creek in early 2026.

See TOP 10 PRECIOUS METALS / 12

JOINT VENTURE ARTICLE

Clean tech, strong resource nudges Osisko Development’s Cariboo Gold along permit path

BY NORTHERN MINER STAFF

Sean Roosen, CEO and chair of Osisko Development (TSXV: ODV;

NYSE:

ODV) isn’t one to rest on his laurels. A mining celebrity known for the discovery and development of the Canadian Malartic mine that in 2022 produced over 650,000 oz. of gold, Roosen is gearing up for a repeat performance: his new venture, Cariboo Gold. The company is advancing its 100%-owned Cariboo project in central British Columbia, with its environmental assessment certificate expected in the third quarter and its final permit in the first quarter of 2024.

A feasibility study released in January of this year outlined a phased underground development commencing with a 1,500 tonne-perday operation yielding average annual production of 72,501 oz. of gold, ramping up to 4,900 tonnes per day in 2027 to reach peak annual production of 223,000 oz. of gold. The study cites a capital outlay of $137.3 million for phase one and a further $451.1 million for the phase two expansion.

The project boasts probable reserves of 2 million oz. of gold (in 16.7 million tonnes at 3.78 grams gold per tonne), a measured and indicated resource of 1.6 million oz. (14.7 million tonnes at 3.33 grams gold) and an inferred resource of 1.7 million oz. (15.5 million tonnes at 3.44 grams gold). Those figures are based on more than 700,000 metres of diamond drilling completed by the Osisko group between 2016 and 2021.

Cariboo is anticipated to produce around 1.9 million oz. of gold over a 12-year mine life, generating an after-tax net present value of $502 million (using a 5% discount rate) and a 20.7% internal rate of return at a US$1,700 per oz. gold price.

“The average grade of the quartz veins is 11.2 grams per tonne,”

said Roosen. “However, when we calculate the grades based on bulktonnage mining, we’re somewhere between 3.7 and 4.4 grams gold per tonne for most of the resource, and an average 3.8 grams per tonne in terms of our head grade, which by today’s bulk mining underground standards is quite high.

“We have intercepted the deposit down to a vertical depth of 900 metres, while the average depth of the current resource is only about 350 metres, so there’s still significant potential upside at depth to grow the deposit. Cariboo is a significant gold asset that has the potential to be a tier 1 asset.”

Osisko Development is using several innovative technologies at the Cariboo Gold project. The company has one electric powered Sandvik Roadheader on site for underground tunneling and two more on order

to minimize blasting. It’s also using ore sorting technology to separate mineralized rock from unmineralized rock based on density of the material, reducing trucking, waste, tailings, and the consumption of chemicals, power, and water.

“Ore sorting reduces the amount of space we need because a lot of the waste can go back underground as backfill, so we’ve taken every step we can to be a demonstration mine for new technologies,” Roosen said.

The company has also contributed $4.3 million to extend the B.C. Hydro grid to the Cariboo project, ensuring a clean source of power for batteryelectric mining equipment and CO2 emission reductions of 22,700 tonnes annually.

In line with its high ESG ambitions, Osisko Development has impact benefit agreements with the Lhtako Dene Nation and the Williams Lake

band with whom it is working to restore salmon stocks and to protect and enhance caribou herds in the nearby Cariboo Mountains.

The company’s vision is to aim high to become an intermediate gold miner with multiple operations producing up to 500,000 oz. annually as it also advances its Tintic project in Utah and its San Antonio project in Mexico.

Tintic is another brownfield site, located east of Eureka and 65 km south of the prolific Bingham Canyon copper mine operated by Rio Tinto. It is the second largest metal producing district in Utah after Bingham and is hosted in a similar geological setting. The East Tintic property covers 68.8 sq. km of patented claims and mineral leases previously hosting 23 historic mines.

“All of these deposits are typical end members of a copper-gold porphyryepithermal district not eroded to the

porphyry level,” said Osisko president Chris Lodder. “This really opens up the door to a potential game-changing discovery and we are keen to start drilling the porphyry targets in Q3.” Currently focused on the pastproducing Trixie mine, the company has nearly completed a 5- by 5-metre decline to the first historic mining level, which will replace the existing shaft access and improve underground activities.

Trixie has a measured and indicated resource of 236,000 tonnes grading 28.08 grams gold per tonne and 50.77 grams silver per tonne for contained metal of 213,000 oz. gold and 385,000 oz. silver. There is also an inferred resource of 385,000 tonnes grading 19.64 grams per tonne and 42.82 grams per tonne silver for an additional 243,000 oz. of gold and 530,000 oz. of silver.

Drill results from 42 holes at Trixie reported on May 17 included 62.82 grams per tonne gold over 6.9 metres and 49.11 grams per tonne gold over 1.1 metres.

Osisko’s reputation for new discoveries in historic mining camps was earned at Canadian Malartic and shows no sign of flagging.

“We went to a camp that was in bankruptcy,” recalled Roosen. “Barrick sold it for $1 in 2003. We bought it for $80,000, spent $1 billion to build it and it’s now one of Canada’s largest gold mines and certainly top 10 in the world, producing between 650,000 and 700,000 oz. of gold per year. So, we’ve been around long enough to know what a good asset looks like.”

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by Osisko Development and produced in cooperation with The Northern Miner. Visit www.osiskodev.com for more information.

Osisko Development is using several innovative technologies at Cariboo , including Sandvik Roadheaders for underground tunnelling. OSISKO DEVELOPMENT

TOP 10 PRECIOUS METALS from 11

8 | NEW PACIFIC METALS

Market Cap: $505.6 million

Entering the top 10 for the first time, Vancouver-based New Pacific Metals (TSX: NUAG; NYSE: NEWP) is advancing its flagship Silver Sand project in Potosi Department, Bolivia. The company says the project has the potential to be one of the world’s largest silver mines.

A PEA released in January outlined a $327-million, open-pit mine that would produce an average of 12 million oz. of silver annually over a 14-year life. The operation

would produce roughly 171 million oz. of total payable silver at all-in sustaining costs of US$10.42 per ounce.

Silver Sand would have an aftertax NPV of $726 million at a 5% discount rate, and an IRR of 39%.

The PEA is based on a November 2022 resource estimate, which pegged measured and indicated resources at 54.3 million tonnes grading 116 grams silver per tonne for 201.8 million ounces.

New Pacific is also working towards completing a prefeasibility study and Environmental Impact Statement, an environmental license issued by the Ministry of Environment and Water of Bolivia.

New Pacific has two other precious metals projects in the South American country: Carangas, located 180 km west of the city of Oruro, and Silverstrike, which sits 140 km southwest of La Paz.

Drill highlights shared in May from Carangas include hole DCAr0171, which cut 205.6 metres grading 123 grams silver from 76.8 metres. An initial resource estimate for this project is expected in the third quarter.

9 | OSISKO DEVELOPMENT Market Cap: $468.9 million Montreal-headquartered Osisko Development (TSXV: ODV; NYSE: ODV) is focused on its 100%-owned

Cariboo gold project in central B.C. According to a 2023 feasibility study, the underground operation is expected to produce around 1.9 million oz. of gold over 12 years. The study outlines an after-tax NPV (5% discount) of $502 million and an IRR of 20.7%.

Osisko is on track to complete the provincial environmental assessment process in the third quarter and expects to receive its permits in early 2024.

The gold developer also owns the Tintic project located 95 km south of Salt Lake City, Utah.

In May, Osisko released the latest results from its 2023 diamond drilling program at the project’s Trixie test mine. Highlights include hole TRXU-DD-23-003, which cut 6.8 metres grading 62.82 grams gold per tonne and 231.46 grams silver from 38.2 metres.

What’s Next?

Q4 2023

A resource estimate for Trixie released in January pegs measured and indicated resources at 236,000 tonnes grading 28.08 grams gold. Inferred resources add 385,000 tonnes grading 19.64 grams gold. The company plans to drill about 5,000 metres this year to further define this resource.

10 | SNOWLINE GOLD Market Cap: $376.6 million

Also in the top 10 for the first time is Vancouver-headquartered Snowline Gold (TSXV: SGD; US-OTC: SNWGF). The Yukon-focused ex-

plorer expanded its flagship Rogue project by about 80% after staking 400 sq. km over the Rogue Plutonic Complex, the geological feature that hosts the project’s main Valley discovery, the company announced in June 9. The project now covers 944 sq. km in the underexplored Selwyn Basin, in eastern Yukon. Snowline is carrying out an 18,000-metre drill campaign, 15,000 of which will be completed at Rogue. Recent metallurgical testing on 10 composite drill core samples from the project’s Valley target returned gold recoveries ranging from 81% to 99%.

Highlights from the 2022 program at Valley include hole V-22029, which returned 1.26 grams gold per tonne over 558.7 metres starting from 4.4 metres, including 2.04 grams gold over 202 metres from 90 metres.

In June, the company announced its acquisition of 92 additional mineral claims, which include the Reid target that is located 8 km east of Valley. Snowline plans to explore Reid as part of its 2023 drilling campaign.

In addition, drilling will take place at Tosh, Cliff, Rainbow, and Olympus beginning in July.

Snowline’s 3,300-sq.-km land package comprises eight projects, which also include Einarson, Cynthia, and Ursa, within the prolific Tintina gold province. TNM

Underground at Osisko Mining’s Windfall gold project in Quebec’s James Bay region. The project is being developed jointly with Gold Fields. OSISKO MINING

Snowline Gold’s Rogue project in eastern Yukon. SNOWLINE GOLD

DEEPLY INVESTED IN MINING.

Canada’s Top Ten base metals and uranium companies

BY BLAIR MCBRIDE

As the push for green energy gathers more momentum, demand for the metals that go into zero-emission technologies is rising while uranium spot prices have seen a steady climb since January.

Here’s a list of the top ten Canadianheadquartered base metal and uranium juniors with no production. The ranking is based on the companies’ market capitalization as of June 1, as compiled by Mining Intelligence.

Market Cap: $2.6 billion

Filo Mining (TSXV: FIL) traded spots with NexGen Energy (TSX: NXE; NYSE: NXE) for the top spot this year even though Filo’s market cap fell by more than 11%. A member of the Lundin Group of companies, Filo’s flagship project is its Filo del Sol copper-gold property in South America. The high-sulphidation epithermal copper-gold-silver deposit is associated with a large porphyry copper-gold system.

Filo del Sol is in Argentina’s San Juan province and the adjacent Atacama region of northern Chile, straddling the border of the two countries. The project hosts proven and probable reserves of 259.6 million tonnes grading 0.39% copper, 0.34 gram gold per tonne and 16 grams silver for 2.2 billion lb. copper, 2.8 million oz. gold and 133.3 million oz. silver, according to an updated prefeasibility study in February. The study gave the project a US$1.3 billion after-tax net present value (NPV) at an 8% discount and an internal rate of return of 20%.

Initial capital costs are forecast at about US$1.8 billion, with sustaining costs of $140 million over a 13year mine life.

Filo currently has nine rigs drilling at the site, with 40,000 metres planned for the year.

2 | NEXGEN ENERGY

Market Cap: $2.52 billion

NexGen Energy fell to second place, with its market cap falling by more than 16% from last year. Meanwhile, the spot price for uranium has continued to climb this year, reaching US$57.75 per lb. U3O8 in mid-June.

NexGen is focused on the south-

AND DEVELOPERS IN CANADA

western area of the highly prospective Athabasca basin of Saskatchewan and Alberta. Its 1,900-sq.-km land package includes its Rook 1 project, the largest development-stage uranium deposit in Canada. Rook hosts the Arrow deposit and the South Arrow, Harpoon, Bow and Cannon discoveries.

Rook hosts probable reserves of 4.5 million tonnes grading 2.37% uranium oxide for 239.6 million contained lb., according to a feasibility study published in 2021. The

project would produce 29 million lb. of U3O8 annually for the first five years over a 10.7-year mine life. Its capex is estimated at $1.3 billion, with operating costs of US$5.69 per pound.

In June, NexGen began a 17,000metre summer drilling program on the SW1 and SW2 properties at Arrow. The program will bring the year’s total planned exploration metres to 22,500. The company aims to start early construction works in the first half of the

year and final licensing by the third quarter. Production is targeted to start in 2027.

3 | DENISON MINES Market Cap: $1.1 billion

Denison Mines (TSX: DML; NYSE-AM: DNN), also focused on uranium in the Athabasca basin, remains in third position for the third year in a row, though its market cap is down by 10% from 2022.

Denison recently released a feasibility study for the Phoenix deposit

at its Wheeler River project, and updated cost estimates for its prefeasibility stage Gryphon deposit.

The feasibility study outlines preproduction capital costs at Phoenix, which is planned as an in-situ recovery (ISR) operation, at just under $420 million. The study forecasts 56.7 million lb. of U3O8 will be recovered over the deposit’s 10year life, with production over the first five years averaging 8.4 million lb. annually. Phoenix has an NPV of $1.6 billion (using an 8% discount rate) and an internal rate of return (IRR) of 90%, with a payback period of 10 months.

Initial capital costs at Gryphon, which will be developed as a conventional underground mine, are pegged at $737.4 million. It should produce an average of 7.6 million lb. U3O8 per year over 6.5 years. The project’s base case after-tax NPV is $864.2 million and its IRR is 37.6%, with a payback period of 23 months.

Denison also holds the McLean Lake deposit and mill, in which the company retains a 22.5% interest. The McLean Lake mill processes ore from the Cigar Lake uranium

See TOP 10 BASE METALS & URANIUM / 16

1 | FILO MINING

NGEx Minerals’ Los Helados copper-gold project in northeast Chile, near the Argentinian border. NEXGEN ENERGY

Filo Mining’s Filo del Sol copper project sits across Argentina’s San Juan province and the adjacent Atacama region of northern Chile. FILO MINING

TOP TEN BASE METALS, URANIUM EXPLORERS

The Northern Miner has compiled a list of the top-10 base metal and uranium juniors — with no production and which are not a royalty company — headquartered in Canada, arranged by market capitalization as of early June.

mine operated by Cameco (TSX: CCO; NYSE: CCJ).

Wheeler River is a joint venture between Denison (95% and operator) and JCU (Canada) Exploration, of which Denison owns 50%.

4 | NGEX MINERALS

Market Cap: $1.1 billion NGEx Minerals (TSXV: NGEX; US-OTC: NGXXF) rose five places on the list from last year, and its market cap almost tripled. The Lundin Group-copper and gold explorer holds its flagship Los Helados project in Chile, and other projects in Argentina.

On April 13, the company reported some of the highest grades it has yet seen at Helados. Highlights from Helados’ Fenix zone include hole LHDH081-2, which returned 343.8 metres at 0.9% copper-equivalent, including 63.8 metres at 1.25% copper-equivalent; and LHDH081-3 that returned 234 metres at 0.9% copper-equivalent, including 28 metres at 1.49% copper-equivalent.

Its 2022-2023 exploration program is expected to drill 15,000 metres. It is now winding down with the approach of winter in the Andes and planning for a 2023-2024 field season is underway.

An updated resource in 2019 estimated Los Helados hosts 2.1 billion indicated tonnes at 0.38% copper, 0.15 grams gold per tonne and 1.37 grams silver for 17.6 billion lb. of copper, 10.1 million oz. of gold and 92.5 million oz. of silver. Inferred resources total 827 million tonnes at 0.32% copper, 0.1 gram gold and 1.32 grams silver for 5.8 billion lb. of copper, 2.7 million oz. of gold and 35.1 million oz. of silver. A preliminary economic assessment (PEA) was completed for the project in 2014.

5 | SOLARIS RESOURCES

Market Cap: $815 million

Solaris Resources (TSX: SLS; USOTC: SLSSF) has dropped one place in the ranking as its market valuation fell by almost a third from last year.

The company has several copper prospects in Latin America, with its main focus on the 268-sq.-km Warintza project in Ecuador, which hosts a cluster of copper porphyry deposits featuring a large-scale, high-grade openpit resource inventory at Warintza Central. Warintza is located about 60 km north of Lundin Gold’s (TSX: LUG) Fruta del Norte gold mine.

On June 14, the explorer reported the discovery of a new porphyry deposit at the Patrimonio target at Warintza Central, the sixth porphyry deposit found at Warintza. Assay results were pending at press time.

Warintza Central hosts an in-pit indicated resource of 579 million

tonnes grading 0.59% copper equivalent for 2.7 million tonnes of copper, 150,000 tonnes of molybdenum and 930,000 oz. of gold at a 0.3% copper equivalent cut-off, according to an April 2022 technical report. Inferred resources come to 887 million tonnes grading 0.47% copper equivalent for 3.5 million tonnes of copper, 130,000 tonnes of molybdenum and 1.1 million oz. of gold.

That report recommended the completion of a PEA, and Solaris has a budget of $1.4 million for the study.

6 | FORAN MINING

Market Cap: $793.3 million Foran Mining (TSXV: FOM) falls one spot in the rankings despite the copper-zinc developer’s market cap rising by 26% over last year. Foran’s flagship project is the McIlvenna Bay volcanogenic-hosted massive sulphide (VMS) deposit in southeastern Saskatchewan. Its other regional assets include Bigstone, Balsam, and interests in other nearby properties.

Foran’s winter drilling program this year yielded high grade results from its new Tesla target, south of McIlvenna Bay. On May 25, the company reported assay highlights including 3.5 metres grading 6.47% copper, 1.49% zinc, 86.5 grams silver per tonne and 0.03 gram gold (6.76% copper equivalent) in hole TS-23-10; including 2.1 metres at 9.95% copper, 0.99% zinc, 127.8 grams silver and 0.04 gram gold (9.97% copper equivalent).

A February 2022 feasibility study for McIlvenna Bay forecast a mine life of about 20 years based on a throughput rate of 4,200 tonnes per day and estimated average annual production of 72.8 million lb. copper-equivalent for the first 15 years.

Probable mineral reserves total

25.7 million tonnes at 1.23% copper, 2.39% zinc, 0.47 gram gold per tonne and 15.35 grams silver for a copper-equivalent grade of 2.51%.

In December 2022, the company closed a senior secured credit facility with Sprott Resource Lending for US$150 million that will be used for construction of McIlvenna Bay.

7 | FISSION URANIUM Market Cap: $398.8 million Dropping one spot in the rankings from last year, Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) flagship project is the Patterson Lake South (PLS) asset on the southwestern edge of the Athabasca basin. The 310.4-sq.-km PLS hosts the high-grade and near-surface Triple R deposit.

The British Columbia-based company announced on June 27 that data from its completed 12hole drill program would be used for optimizing the design of the underground mine infrastructure and tailings management facility at PLS. Permitting efforts towards a construction decision are under-

way, and Fission has submitted an application to the Canadian Nuclear Safety Commission for a licence to build the uranium mine and mill at PLS.

The Triple R deposit at PLS contains probable reserves of 3 million tonnes of uranium grading 1.41% U3O8 for 93.7 million lb. of contained metal, according to a feasibility study published in January. The project has an after-tax NPV of $1.2 billion (at an 8% discount), and an IRR of 27.2%. Fission estimates a three-year construction period for the underground mine, starting in 2026, with production targeted for 2029. It will have a 10year mine life.

8 | ARIZONA METALS Market Cap: $383.9 million

Arizona Metals (TSXV: AMC; US-OTC: AZMCF) drops one place in the top 10 this year. The company holds the 5.4-sq.-km Kay project that sits on the namesake past-producing mine in Yavapai County, Ariz., about 70 km north of Phoenix.

On June 26, the explorer reported drill result highlights of 25 metres grading 2.7% copper-equivalent, including 3.2 metres at 6.3% copper-equivalent from 476.3 metres depth, in hole KM-23-106. The same hole cut 49.2 metres at 2.4% copper-equivalent (including 10.4 metres at 6.4% copper-equivalent) 17 metres further downhole.

The June results conclude the company’s 83,400 metres of drilling at Kay, completing its Phase 2 drill program that started in early 2021. Following the drilling of priority targets, the company plans to finalize an initial resource estimate. Current metallurgical testing at Kay is expected to be completed in the second half of 2023.

An historical reserve estimate for the Kay project outlined 6.4 million tonnes grading 2.2% copper, 3.03% zinc, 55 grams silver per tonne and 2.81 grams gold at the VMS deposit. The mine produced about 296,000 lb. of copper, 13,000 lb. of lead, 2,700 oz. of sil-

ver and 150 oz. gold in the 1900s.

The company also owns the Sugarloaf Peak property, about 200 km west of Phoenix.

9 | LOS ANDES COPPER Market Cap: $351.8 million Los Andes Copper (TSXV: LA) is a Vancouver-based explorer whose flagship project is the Vizcachitas copper-molybdenum project in central Chile.

Los Andes began exploring Vizcachitas in 2007, acquired 100% ownership in 2010 and started developing a new geological model of the site.

A prefeasibility study released in February showed Vizcachitas is a tier 1 asset and among the largest advanced copper deposits in the Americas. With a post-tax NPV of US$2.8 billion (at an 8% discount rate) and an IRR of 24%, the study estimates Vizcachitas will have a mine life of 26 years. Its preproduction capital costs stand at $2.4 billion. It would produce 8.7 billion lb. copper, 273.3 million lb. molybdenum, and 32.7 million oz. silver, based on updated proven and probable reserves of 1.2 billion tonnes grading 0.36% copper, 136 parts per million molybdenum and 1.1 grams silver per tonne.

In mid-June, Los Andes announced that Chile’s environmental court ruled the company could resume its 18,000-metre drill program at Vizcachitas. A previous court ruling in March 2022 had suspended drilling on concerns about its impact on the habitat of the vizcachas, a small rabbit that is the food source for the Andean cat, a protected species.

10 | MARIMACA COPPER Market Cap: $330.8 million Marimaca Copper (TSX: MARI) is a Vancouver-based company advancing its namesake flagship project in the northern Antofagasta region of Chile.

First discovered in 2016, the company published an initial resource for the project in 2019, followed by a PEA in 2020 that confirmed its potential to be a low-cost, high-margin mine.

An updated resource released in May 2023 said the Marimaca Oxide Deposit (MOD) has measured and indicated resources of 200.3 million tonnes grading 0.45% copper for 900,000 tonnes of contained metal. Inferred resources come to 37.3 million tonnes at 0.38% copper for 141,000 tonnes of metal. The update was based on 28,374 metres of drilling completed since the previous estimate of October 2022. Marimaca has completed 139,164 metres of drilling since the deposit was discovered. A feasibility study is planned for the project in late 2023.

TNM

Los Andes Copper’s Vizcachitas copper-moly project in Chile. LOS ANDES COPPER

Preparing for field testing of in-situ recovery at Denison Mines’ Phoenix uranium project in Saskatchewan. DENISON MINES

Machinery enters the exploration decline at Foran Mining’s McIlvenna Bay project in southeastern Saskatchewan. FORAN MINING

TORONTO STOCK EXCHANGE / JUNE 26—30, 2023

Over the June 26-30 trading period, the S&P/ TSX Composite Index advanced 737.06 points or 3.8% to 20,155.29. The S&P/TSX Global Mining Index rose 2.01 points or 1.93% to 106.16 and the S&P/TSX Global Base Metals Index added 4.63 points or 2.53% to 187.86. The S&P/TSX Global Gold Index rose by 4.38 points or 1.6% to 278.69 and spot gold ended the week down US$18.45 or 0.96% per oz. lower, at US$1912.25 per ounce.

Teck Resources shares saw the greatest value gain over the session, after gold royalty company Franco Nevada, which rose 5.2% to $188.81 on no news. Teck’s B class shares rose $3.60 to $55.74 while its A class shares gained $4.15 to close at $56.20. Since rejecting Glencore’s takeover approach in April, Teck has revised its restructuring plans and has been engaging with potential buyers — including Glencore — interested in its metallurgical coal business. Glencore has just made an offer to buy the rest of PolyMet Mining after acquiring an 82.2% stake in April. If it succeeds, it will be a 50-50 partner with Teck at the NewRange Copper Nickel joint venture in Minnesota.

Barrick Gold saw the highest share volume of the week after oil and gas producer Suncor. Despite a mostly downward trend for gold prices in June, Barrick shares rose 72¢ apiece on trading volume of 17.2 million shares, closing at $22.41. Company CEO

Mark Bristow recently said Barrick would continue to invest in Mali, where its Loulo-Gounkoto mining complex has become one of the world’s top 10 gold producers.

Mali has been ruled by the military since coups in 2020 and 2021. Its leader, Colonel Assimi Goita, has pledged polls will be held in February 2024. In a June ballot, voters approved constitutional changes that would give more power to the president. Turnout was just under 40% of registered voters.

Avalon Advanced Materials lost 16.7%, shedding 3¢ to end the week at 16¢. In midJune the company announced plans to partner with Antwerp-based SCR-Sibelco NV to advance its lithium exploration projects in Ontario and build a lithium-hydroxide processing facility in Thunder Bay. The company

TSX VENTURE EXCHANGE / JUNE 26—30, 2023

The S&P/TSX Venture Composite Index gained 19.34 points or 3.2% over the June 26-30 trading session to end at 621.33.

Sigma Lithium led the week’s value gainers, adding $4.81 to close at $53.28 per share. The company’s stock is riding high, having gained 166% in the past 12 months on positive lithium sentiment for the battery-making ingredient. Most recently, Sigma reported in late May it had received payment on its first shipment under a three-year environmental offtake agreement on what it calls “green tailings” to China’s Yahua International Investment and Development. The company says the high-purity tailings, generated by its Greentech processing plant at its Grota do Cirilo mine in Brazil, have 1.3% lithium oxide content, with zero chemical byproducts, and an ultra-fine consistency g. Sigma began production of spodumene concentrate in April and is ramping up to full capacity in July. The company uses 100% renewable energy, 100% recycled water and at the plant and dry stacks its tailings.

Staying with the battery metals producers, Power Metals was this week’s top-trading issue, seeing 9.9 million shares change hands to close 10¢ higher at 42¢ per share. The company has also had a strong run in the year, doubling in the past 12 months

despite coming off a recent high at 51¢ per share. The company is active at its Case Lake project in northeastern Ontario this summer, having mobilized a team early in June. Activities planned include a high-resolution airborne magnetic survey to locate structural corridors that host lithium-cesium-tantalum pegmatites. A detailed remote sensing survey will involve the acquisition of high-resolution aerial imagery, and LiDAR data will be completed by KBM Resources Group later this month and prospecting and geological mapping in June. The company is fully budgeted for a 15,000-meter drill program expected to start late in the summer.

New Found Gold was the week’s sec-

U.S. MARKETS / JUNE 26—30, 2023

The Dow Jones Industrial Average rose 692.9 points or 2% to 34,407.6 and the S&P 500 gained 121.6 points or 2.8% to 4,450.4 during the June 26-30 trading week.

Franco-Nevada led the mining sector’s top value gainers this week, closing US$3.45 higher on Friday at US$142.60 per share. Franco-Nevada secured a further 1.5% net smelter return royalty (NSR) on Marathon Gold’s Valentine project for $45 million in early June. The acquisition lifts its NSR in the project to 3%. The Toronto-based firm has also offered to purchase Marathon’s common shares comprising the entire back end of a $6.9-million non-brokered flow-through offering. A feasibility study on Valentine in December outlined an open pit mining and conventional milling operation with annual production of 195,000 oz. of gold for 12 years. The total mine life for the project, located in Newfoundland, is 14.3 years.

Intrepid Potash was the week’s top percentage gainer, adding 7.9% to close Friday at US$22.69 per share. On June 21, Intrepid announced the completion of the US$16-million first phase of its HB injection pipeline project near Carlsbad, N.M. The company mines potash from idled original mine work-

ings by injecting brine underground, then pumping the ore to surface. With the first phase now complete, injection rates can theoretically reach up to 7,570.8 litres of brine per minute, a nearly threefold increase compared to the average injection rate of approximately 2,650 litres per minute observed in the previous five years. The project team is now ready for phase two, where they anticipate maintaining an average injection rate of about 4,164 litres per minute. This rate is estimated to be about 55% higher than the injection rates recorded before the start of the project.

Vale remained one of the top traded issues

completed the purchase of the site on June 19.

“In addition to accelerating onshore EV production capacity, our plan will help achieve a geostrategic priority for Canada and other G7 nations to establish stable, secure access to refined raw material,” said Avalon president Zeeshan Syed in a release.

“While there is more work to do with our government and community partnerships, we are confident we will help close the gap

between increasing demand and domestic supply of this key resource and help fortify North American energy security.”

Cameco shares rose $2.04 to $41.49. While the Saskatchewan-based uranium miner did not release any news during the period, it has benefited from uranium prices that have rallied since mid-March, gaining more than 13% to US$56.20 per lb. in late June, according to Trading Economics. TNM

ond-best value gainer, adding 37¢ to close at $6.59 per share. The company has been making strides at its flagship Queensway project in Newfoundland, where it outlined an extension of the Iceberg zone with highgrade intercepts late in May. Following further extensions at Iceberg and the Keats West zone, most significantly, New Found announced a new high-grade surface dis-

covery at the new Jackpot zone on June 22. The company reported that hole NFGC-231292 cut 95.7 grams gold per tonne over 3.25 metres from 20 metres depth. The discovery sits along the northern segment of the highly prospective Appleton Fault Zone. The company is conducting a follow-up program, with assay results already pending for several intervals. TNM

on the NYSE, seeing more than 87 million shares change hands during the week. The company’s shares lost US28¢ to close at US$13.42 each. Bloomberg reported on June 20 that Saudi Arabia’s Public Investment Fund (PIF) was leading a bid to acquire a US$2.5-billion stake in Vale’s nickel and copper operations. The report said PIF

might strike the deal for a roughly 10% stake through a joint venture it set up in January with state miner Ma’aden. The wealth fund is poised to beat out rival bidders, including Japanese trading house Mitsui & Co. and the Qatar Investment Authority, but it may take at least several weeks to hash out a formal agreement, Bloomberg’s sources said. TNM

METALS, MINING AND MONEY MARKETS

TSX WARRANTS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on June 1, 2023 (change from May 24, 2023 in brackets):

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry

Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry.

Aris Gold Corporation (ARIS.WT.A) - One

Warrant to purchase 0.5 of one Common Share of the Issuer at $2.75 until expiry

Aris Gold Corporation (ARIS.WT.B) - One Warrant to purchase of one Common Share of the Issuer at $2.21 until expiry

eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry

Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry

Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry.

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.

Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share. American Cumo Mining Corp. (MLY.RT)2 rights and $0.07 are required to purchase one share

American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share.

Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) -

Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

Cascadero Copper Corporation (CCD. RT) - One right and $0.015 are required to purchase one Share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp. (CDB.RT) - One (1)

Right exercisable for One (1) Rights Share at $0.05 per Share.

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one common share at $4.80 per share.

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

Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share.

Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Gran Colombia Gold (GCM.WT.B) - One

warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One

Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One

Warrant to purchase one common share of the Issuer at $0.90 until expiry.

Lithium Americas Corp (LAC.WT) - One

Warrant to purchase one common share of the Issuer at $0.90 until expiry

Lydian International Limited (LYD.WT) -

One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry

Nevada Copper Corp. (NCU.WT) - One

Warrant to purchase one common share of the Issuer at $0.20 until expiry

Nevada Copper Corp. (NCU.WT.A) - One

Warrant to purchase one common share of the Issuer at $0.22 until expiry

Nomad Royalty Company Ltd. (NSR.WT) -

One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of

TSX VENTURE WARRANTS

Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

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

Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share.

Giga Metals Corporation (GIGA.WT.A)One warrant to purchase one common share at $0.45 per share.

Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

Hot Chili Limited (HCH.WT) - One warrant to purchase one common share at $2.50 per share.

Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.

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

LithiumBank Resources Corp. (LBNK.WT)One warrant to purchase one common share at $2.00 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.

Manganese X Energy Corp. (MN.WT) - One warrant to purchase one common share at $0.15 per share.

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.

the Issuer at $3.00 until expiry.

Novo Resources Corp. (NVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry.

Platinum Group Metals Ltd. (PTM.WT.U) -

One Warrant to purchase one common share of the Issuer at US$0.17 until expiry

Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) -

Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

Millennial Precious Metals Corp. (MPM. WT) - One warrant to purchase one common share at $0.50 per share.

Mineworx Technologies Ltd. (MWX.RT)For every one (1) Share held, Shareholders will receive one (1) Right exercisable for One (1) Share at $0.015 per Share.

Mineworx Technologies Ltd. (MWX.RT) -

One right to purchase one common share at $0.015 per share.

Northern Vertex Mining Corp. (NEE.WT)One warrant to purchase one common share at $0.80 per share.

Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.

Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.

Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.

Osisko Development Corp. (ODV.WT.A)One warrant to purchase one common share at $14.75 per share.

Osisko Development Corp. (ODV.WT.B)One warrant to purchase one common share at $8.55 per share.

Osisko Development Corp. (ODV.WT.U)One warrant to purchase one common share at US$10.70 per share.

Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share.

Rock Tech Lithium Inc. (RCK.WT) - One warrant to purchase one common share at $4.50 per share.

Sandfire Resources America Inc. (SFR.RT) -

Forty one (41) Rights exercisable for One (1)

Share at $0.15 per Share.

Sandfire Resources America Inc. (SFR.

RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Silver Mountain Resources Inc. (AGMR. WT) - One warrant to purchase one common share at $0.70 per share.

Silver Mountain Resources Inc. (AGMR. WT.A) - One warrant to purchase one common share at $0.45 per share.

Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.

Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share.

Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

David Garofalo Chief Executive Officer, President, Chairman and Director GOLD ROYALTY

Frank Giustra Strategic Advisor ARIS MINING

John McCluskey President, Chief Executive Officer & Director ALAMOS GOLD

Randy Smallwood President & Chief Executive Officer WHEATON PRECIOUS METALS

Don Lindsay Executive Vice Chair TECK RESOURCES LTD

Robert Friedland Founder and Executive Co-Chair IVANHOE MINES